Fitch puts PartnerRe on positive watch

Fitch Ratings said it placed PartnerRe Ltd.'s ratings on rating watch positive, including its A- issuer default rating.

Fitch's rating action follows the announcement that Covea, a French mutual insurer, signed a memorandum of understanding to acquire PRE from EXOR NV for $9 billion.

“The rating watch positive reflects the potential for ownership by Covea, a larger property/casualty (P/C), health and life insurance organization, to benefit PRE's ratings under a group credit approach,” the agency said in a press release.

Fitch does not rate Covea.

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