S&P lifts PartnerRe view to stable

S&P said it revised the outlook on PartnerRe Ltd. and its operating companies to stable from negative.

The agency also said it affirmed the company’s A- long-term counterparty credit rating and A+ long-term counterparty credit and financial strength ratings on its core operating subsidiaries.

The outlook revision reflects a view that PartnerRe will preserve its very strong business risk profile and strong financial risk profile, S&P said.

The ratings are consider the company’s extremely strong capital and earnings, which are offset by its high-risk position due to its substantial exposure to severity risk such as property catastrophe, the agency said.

S&P said it de-linked the ratings on PartnerRe from those on Exor.

The agency said that despite its 100% ownership, Exor doesn't exert full control due to the existence of substantial creditor protections.

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