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FOR IMMEDIATE RELEASE
AMSTERDAM - DECEMBER 22, 2021 11:30 AM (EST)
AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Covéa Coopérations (Covéa Coop) (France). Covéa Coop is an intermediate operating holding company for Société de Groupe d’Assurance Mutuelle Covéa (Covéa).
This Credit Rating (rating) action follows the announcement on Dec. 16, 2021 that Covéa Coop and EXOR N.V. have signed a definitive agreement for the sale of PartnerRe Ltd. (PartnerRe). Under the terms of the agreement, Covéa Coop will acquire all ordinary shares of PartnerRe for a total cash consideration of USD 9 billion. Preferred shares issued by PartnerRe and listed on the New York Stock Exchange are not included in the agreement.
The transaction is expected to close mid-2022, subject to approvals from applicable regulatory and competition authorities.
The ratings have been placed under review with positive implications as AM Best expects the acquisition to lead to an improvement in Covéa’s business profile by significantly diversifying, both on a product and geographic basis, its offering. The ratings are expected to remain under review until the transaction closes and AM Best completes its evaluation of the impact of the acquisition on Covéa Coop’s rating fundamentals. The under review status may be updated in the interim period if new facts and circumstances present themselves.
For more information regarding the potential impact of the sale in regards to PartnerRe, please see the associated AM Best press release.
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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.