A.M. Best Places Credit Ratings of PartnerRe Insurance Company of New York Under Review With Negative Implications
August 22 2017 - 9:33AM
Business Wire
A.M. Best has placed under review with negative
implications the Financial Strength Rating of A (Excellent) and the
Long-Term Issuer Credit Rating of “a+” of PartnerRe Insurance
Company of New York (PRNY) (New York, NY).
The rating action follows the announcement that PartnerRe
Ltd (PRE) has entered into a stock purchase agreement with
Employers Group, Inc. (Employers) to sell all the outstanding
shares of capital of PRNY to Employers. The sale price will be
equal to the sum of remaining statutory capital and surplus at PRNY
plus an additional consideration of $5.8 million.
The transaction is pending regulatory approval and if completed,
another PRE subsidiary will assume all existing liabilities and
obligations of PRNY. The Credit Ratings (ratings) of PRE and its
other operating subsidiaries are unaffected by the transaction.
PRNY’s ratings will remain under review until the close of the
transaction, and until A.M. Best completes its analysis of the
transaction and Employers’ plans for the company going forward.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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A.M. BestScott Mangan, +1-908-439-2200, ext.
5593Senior Financial
Analystscott.mangan@ambest.comorSteven Chirico,
+1-908-439-2200, ext.
5087Directorsteven.chirico@ambest.comorChristopher
Sharkey, +1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com