S&P gives Paris RE A-

Standard & Poor's said it assigned its A- long-term insurer financial strength rating to Paris RE America Insurance Co.

The outlook is stable.

The agency said that the rating is based on a guarantee provided to Paris RE America by its parent Paris RE (France) (A-/stable).

The ratings on the Paris RE group reflect its clearly articulated strategy and track record of successful execution since 2003, when the current management team assumed leadership, the agency said.

The ratings also reflect the group's strong capitalization and strong financial flexibility, S&P noted, adding that the ratings are constrained, however, by the vulnerability of Paris RE's competitive position to the recent discontinuation of its fronting agreement with AXA Re, which is guaranteed by AXA France IARD (AA/stable) and its continuing, albeit diminished, earnings volatility.

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