OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent)
and the issuer credit rating (ICR) of "a-" of PARIS RE (France) and the other
rated operating subsidiaries of PARIS RE Holdings Limited (PRH) (Switzerland),
the ultimate parent company of the group, under review with positive
implications. At the same time, A.M. Best has also placed the ICR of "bbb-" of
PRH under review with positive implications.
These rating actions follow the agreement signed between PartnerRe Ltd (Bermuda)
and PRH to sell a majority stake of PRH to PartnerRe Ltd in a multi-step
acquisition. The transaction is subject to shareholders` approval from both
companies and to regulatory approval. The first step of the transaction,
expected in the fourth quarter of 2009, will be a block purchase by PartnerRe
Ltd of approximately 57% of PRH`s common shares.
The FSRs of A- (Excellent) and the ICRs of "a-"of the following subsidiaries of
PARIS RE Holdings Limited have been placed under review with positive
implications:
* PARIS RE
* PARIS RE Switzerland A.G.
* PARIS RE America Insurance Company
* PARIS RE Asia Pacific Pte. Ltd.
* CGRM (Compagnie Generale de Reassurance de Monte Carlo)
For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts:
Fabien Duprez, +(44) 20 7626 6264
fabien.duprez@ambest.com
or
David Drummond, +(44) 20 7626 6264
david.drummond@ambest.com
or
Public Relations:
Jim Peavy, +(1) 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
Copyright Business Wire 2009
