S&P revises RenaissanceRe view to negative

S&P said it revised its outlook on RenaissanceRe Holdings Ltd. and on its operating subsidiaries to negative from stable.

At the same time, S&P affirmed its A- long-term issuer credit and senior debt ratings on the company, and its A+ long-term counterparty credit ratings on its core operating subsidiaries.

“The outlook revision follows RenRe's announced acquisition of Tokio Marine Holdings' reinsurance platform, which includes Tokio Millennium Re AG and Tokio Millennium Re (UK) Ltd.,” the agency said in a news release.

“The negative outlook reflects our concerns about the prospective level of capitalization after the transaction closes, as well as the inherent integration risks arising from the announced acquisition.”

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