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OLDWICK, N.J.—A.M. Best Co. has assigned a negative outlook to the financial strength and issuer credit ratings of Hamilton, Bermuda-based Partner Reinsurance Company Ltd. and its affiliates, citing the reinsurer’s 2011 financial results.
“While one year’s operating performance does not indicate a trend, the accumulation of catastrophe losses experienced by PartnerRe in 2011 has strained average historical profitability measures,” Best said in a statement.
In addition to the catastrophe losses, Best said the portfolio of risks PartnerRe assumed with its 2009 acquisition of PARIS RE Holdings Ltd. led to greater earnings volatility. But Best credited the group’s “strong risk-adjusted capitalization, solid long-term track record and the company’s strong business profile” and said it expects the company to perform well in the future.
“A.M. Best believes that PartnerRe has a solid risk management framework that identifies and measures risks to its organization,” the statement reads. “PartnerRe has made meaningful changes to its catastrophe risk profile, and going forward the anticipation is that operating results will be consistent with this adjusted profile and not outsized compared to other peer companies.”