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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 06, 2019 08:42 AM (EDT)
AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a+” of PartnerRe Insurance Company of New York (PRNY) (New York, NY). In addition, AM Best also has maintained the under review status, while revising the implications to developing from negative.
The ratings reflect PRNY’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited profile and appropriate enterprise risk management.
AM Best originally placed the ratings under review on Aug. 22, 2017, following the announcement that PartnerRe Ltd. 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 under review status was maintained on Nov. 13, 2018, during AM Best’s period of review as the transaction still was pending regulatory approval at that time.
Although the transaction has closed, effective July 31, 2019, PRNY’s ratings will remain under review until AM Best completes its analysis of the transaction and Employers’ plans for the company.
This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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