A.M. Best Affirms Partner Reinsurance U.S. "A" — Excellent — Rating

Business Wire, Dec 24, 1998

OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 24, 1998--A.M. Best Co. today affirmed its "A" (Excellent) rating on Partner Reinsurance Company of the U.S., following the completion of its ultimate parent's acquisition of Winterthur, Switzerland's worldwide reinsurance operations.

The businesses acquired by PartnerRe Ltd. (Bermuda) include Winterthur's Swiss reinsurance business, Winterthur Reinsurance Corporation of America (N.Y.) and Winterthur Life Re Insurance Company.

As for PartnerRe U.S., the affirmation reflects the company's increased presence in the U.S. reinsurance market. This presence is further solidified by the Winterthur Re acquisition, which provides access to a complementary reinsurance franchise, intellectual resources, supported by well-established broker and client relationships. Aside from this transaction, the company's stand-alone rating is supported by its very strong capitalization, solid operating results and modest catastrophe exposure, while acknowledging the financial flexibility and implicit support of its parent. Lastly, the rating recognizes management's corporate initiatives in recent years, which have improved the company's market profile by expanding its product offerings and strengthening its underwriting resources.

A.M. Best also affirmed the "A" (Excellent) rating of U.S.-based Winterthur Reinsurance Corporation of America, which is reinsured by PartnerRe U.S. Plans are underway to integrate Winterthur Re's U.S. operations into PartnerRe U.S.

A.M. Best Co. also affirmed the "A" (Excellent) ratings of U.S.- based Winterthur Life Re Insurance Co. and its subsidiary, Republic-Vanguard Life Insurance Co.

A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com.