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A.M. BEST PLACES RATINGS OF PARIS RE UNDER REVIEW WITH POSITIVE IMPLICATIONS FOLLOWING AGREEMENT TO SELL MAJORITY STAKE TO PARTNERRE LTD
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) [NYSE: PRE] 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.
SOURCE: A.M. Best Co.
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
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