S&P Takes Action on PartnerRe and Subs

Standard & Poor’s affirmed its single-‘A’-plus counterparty credit rating on PartnerRe Ltd. and its double-‘A’ counterparty credit and FSR on Partner Reinsurance Co. Ltd. and PartnerRe SA, which are PartnerRe Ltd.’s core insurance subsidiaries. In addition, S&P’s raised its counterparty credit and FSR on Partner Reinsurance Co. of U.S. to double-‘A’ from single-‘A’-plus because of its status as core to PartnerRe Ltd. The outlook is negative.

The affirmations are based on the improved operating performance of the group of companies (collectively referred to as Partner Re), their rapid rebound in capital adequacy following significant losses in 1999, and the good prospects for the franchise, with hardening markets in most of the segments in which the group is active. Offsetting these positive factors are the weak operating
performance of the growing U.S. franchise and the lower base levels of operating performance as a multi-line reinsurer relative to past periods.