Fitch rates PartnerRe preferreds A

Fitch Ratings said it assigned an A rating to the $200 million of series D cumulative redeemable preferred securities that PartnerRe Ltd. expects to issue under its current shelf registration statement.

Additionally, Fitch affirmed the A ratings of PartnerRe's existing series C cumulative redeemable preferred securities and the trust preferred securities of PartnerRe Capital Trust I. The outlook is stable.

PartnerRe has indicated that it intends to use the proceeds of the offering for general corporate purposes, including the repurchase of common shares.

Fitch said its rating reflects PartnerRe's conservative investment strategy, reserve strength, low level of reinsurance recoverables and low reliance on retrocessional reinsurance.

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