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Rating agencies downgraded the rating of PartnerRe Ltd. due to its lack of diversification and seesaw talks with potential suitors, reported Artemis.
The reinsurance firm has been given a negative outlook by Standard & Poor’s Corp., which wrote: "The negative outlook reflects our uncertainty about whether PRE will maintain its overall strategy. The change in ownership could weaken PRE’s business or financial risk profiles during the next 12 months." The firm has also been downgraded by A.M. Best Co. Inc. as well
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms