Fitch affirms Partner Re

Fitch Ratings said it affirmed the AA insurer financial strength rating of Partner Reinsurance Co. and affirmed the various ratings of Partner Reinsurance's parent company, PartnerRe Ltd., including the AA- issuer default rating (IDR) as well as A ratings assigned to PartnerRe's cumulative redeemable preferred securities and the trust preferred securities of PartnerRe Capital Trust I.

The outlook is stable.

Fitch's very strong IDR and IFS ratings for Partner Reinsurance reflect the company's conservative investment strategy, reserve strength, low level of reinsurance recoverables and low reliance on retrocessional reinsurance, the agency said.

Fitch affirmed PartnerRe's IDR at AA-, $290 million 6.75% series C cumulative redeemable perpetual preferred securities at A and $230 million 6.5% series D cumulative redeemable perpetual preferred securities at A.

Fitch affirmed PartnerRe Capital Trust I's $200 million 7.9% trust preferred securities due Dec. 31, 2031 at A.

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