Fitch removes PartnerRe from positive watch

Fitch Ratings said it affirmed and removed PartnerRe Ltd.’s ratings from rating watch positive, including its A- rating.

The positive watch removal follows announcements by EXOR NV and Covea the $9 billion cash deal for Covea to acquire PartnerRe from EXOR under the terms of the memorandum of understanding announced on March 3 will not be completed.

Fitch said it sees EXOR’s ownership as neutral to the company’s ratings, whereas Covea provided the opportunity for higher ratings under a group approach.

The outlook is negative.

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