A.M. Best Maintains Under Review with Negative Implications Status for Credit Ratings of PartnerRe Insurance Company of New York
OLDWICK, N.J.--(BUSINESS WIRE)--Nov 13, 2018--A.M. Best has maintained the under review with negative implications status for 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).
These Credit Ratings (ratings) were placed under review on Aug. 22, 2017 following 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 still pending regulatory approval and if completed, another PRE subsidiary will assume all existing liabilities and obligations of PRNY. The 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 web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181113006171/en/
CONTACT: For A.M. Best
Scott Mangan, +1-908-439-2200, ext. 5593
Steven Chirico, +1-908-439-2200, ext. 5087
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 11/13/2018 03:59 PM/DISC: 11/13/2018 03:59 PM