Fitch might lift AXIS Capital, PartnerRe

Fitch Ratings said it placed the A+ insurer financial strength ratings of AXIS Capital Holdings Ltd. and its operating subsidiaries on Rating Watch Positive following its announced merger with PartnerRe Ltd.

The agency also placed PartnerRe Ltd.'s ratings on Rating Watch Negative, including its A+ issuer default rating and the AA- insurer financial strength rating of Partner Reinsurance Co. Ltd., the company's principal reinsurance operating subsidiary.

Fitch said the action follows the announcement today that PartnerRe and AXIS Capital entered into a definitive agreement to combine. The transaction is structured as a 100% stock merger of equals with no new debt issued. The closing is expected in the second half of 2015, subject to regulatory approval and shareholder approval of both companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.