The Maven plugin goal cobertura:cobertura supports an aggregate parameter that would work for all the projects in the reactor I suppose.
But you seem to suggest the projects might not be in the same structure/reactor, and i wouldn't know how to do it with maven per-se. However, you can easily do it with a little ant script that can be integrated in your maven structure.
The Cobertura Ant library has a merge task that can merge a number of .ser files (generated by the runtime execution of your instrumented code). This will generate a combined .ser file for which you can generate a xml or html report from.
Let me know if you need more pointers.