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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 13, 2018 03:35 PM (EST)
A.M. Best has maintained the under review with negative implications status for the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of PartnerRe Insurance Company of New York (PRNY) (New York, NY).
These Credit Ratings (ratings) were placed under review on Aug. 22, 2017 following the announcement that PartnerRe Ltd (PRE) has entered into a stock purchase agreement with Employers Group, Inc. (Employers) to sell all the outstanding shares of capital of PRNY to Employers. The sale price will be equal to the sum of remaining statutory capital and surplus at PRNY, plus an additional consideration of $5.8 million.
The transaction is still pending regulatory approval and if completed, another PRE subsidiary will assume all existing liabilities and obligations of PRNY. The ratings of PRE and its other operating subsidiaries are unaffected by the transaction. PRNY’s ratings will remain under review until the close of the transaction, and until A.M. Best completes its analysis of the transaction and Employers’ plans for the company going forward.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.