AM Best commented on the financial strength rating. [FSR] of [Excellent] And long-term issuer credit ratings [Long-Term ICR] “A +” [Excellent] Covéa Coopérations [Covéa Coop] [France] There are no changes after the announcement that the acquisition of PartnerRe Ltd has been completed. [PartnerRe] These credit ratings from Exor NV [ratings] It remains under review with positive implications. Covéa Coop is an intermediate holding company of Société de Groupe d’Assurance Mutuelle Covéa. [Covéa]..
In addition, AM Best commented on A +’s FSR. [Superior] And “aa-” long-term ICR [Superior] For members of Partner Re Ltd. [PartnerRe] [Bermuda] No changes have been made since Covéa Coop announced the completion of the acquisition. The outlook for these ratings is stable.
According to a rating agency statement, “On July 12, 2022, Covéa Coop completed the acquisition of PartnerRe from Exor NV and received a total cash consideration of € 7.9 billion. PartnerRe’s Issued Class A for this transaction. All common stock is included. Preferred stock issued by PartnerRe and listed on the New York Stock Exchange was not part of the transaction.
“AMBest hopes that this acquisition will lead to a significant improvement in Covéa’s business profile by significantly diversifying its products on a product and region basis. It will continue to be positively reviewed while completing the assessment of the impact of the acquisition on Fundamentals.
“AMBest does not anticipate that PartnerRe’s credit profile will be affected at this time as a result of the purchase. Covéa’s size and capital quality are substantial in PartnerRe’s already favorable stand-alone balance sheet strength position. Financial flexibility can be provided. Current expectations are that PartnerRe will operate as it does today, and AM Best will operate PartnerRe as an important part of Covéa. We will continue to monitor our capitalization and business strategy. “
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