S&P changes PartnerRe view to negative

S&P said it revised the outlook for PartnerRe Ltd. to negative from stable and affirmed its A- long-term issuer credit rating. The agency also affirmed the company’s core operating subsidiaries’ issuer ratings.

“The negative outlook reflects the possibility we could lower the ratings if PartnerRe’s underwriting initiatives do not translate into meaningful improvement in the company’s property-casualty (P/C) underwriting performance during the next two years, thereby weakening its competitive position,” S&P said in a press release.

PartnerRe reported a $181 million loss for the first six months of 2020 hurt by $338 million of Covid-19-related losses, S&P said.

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