Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry.

PartnerRe shareholders will own 51.6 percent of the new company after the “merger of equals,” while Axis investors hold 48.4 percent, the firms said late Sunday in New York. The new company will be among the world’s five largest reinsurers, with more than $10 billion in combined policy sales. Invested assets and cash will be more than $33 billion.

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