Fitch affirms PartnerRe

Fitch Ratings said it affirmed PartnerRe Ltd.'s A+ issuer default rating, along with its $290 million 6.75% series C cumulative redeemable perpetual preferred securities at BBB+, $230 million 6.5% series D cumulative redeemable perpetual preferred securities at BBB+, $374 million 7.25% series E cumulative redeemable perpetual preferred securities at BBB+, $63 million junior subordinated notes due Dec. 1, 2066 at BBB+, $250 million 6.875% senior unsecured notes due June 1, 2018 at A and $500 million 5.5% senior unsecured notes due June 1, 2020 at A.

The agency also affirmed the AA- insurer financial strength rating of Partner Reinsurance Co. Ltd., the company's principal insurance operating subsidiary.

The outlook is stable.

The affirmation follows the agency's normal periodic review of PartnerRe's financial profile and recent performance.

The ratings reflect PartnerRe's continued strong competitive position, solid balance sheet and good long-term track record of earnings and capital generation, Fitch said.

The ratings also consider a belief that the company's risk management capabilities will enable it to maintain its strong and liquid balance sheet during periods that experience heightened underwriting losses and/or capital market volatility, the agency said.

Partially offsetting these favorable factors is PartnerRe's relatively higher exposure to low-frequency, but high-severity events, Fitch added.

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