S&P affirms PartnerRe

Standard & Poor's said it affirmed the A counterparty credit and senior debt ratings on PartnerRe Ltd. and the AA- counterparty credit and financial strength ratings on PartnerRe's operating subsidiaries.

The outlooks are negative.

The affirmation reflects the group's very strong competitive position, with the group ranking among the largest global reinsurers with gross premium writings of $4.9 billion at year-end 2010, the agency said.

The ratings take into account the group's very strong capital adequacy and quality of capital, and its conservative reserving practices as well as its excellent enterprise-risk management capabilities, the agency added.

The ratings are constrained by the group's exposure to moderate earnings and balance sheet volatility on a year-over-year basis, given its significant writings in property/catastrophe and other severity-driven lines, as well as its low retrocessional use, S&P said.

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