Bermuda-based PartnerRe Ltd. announced that “Partner Reinsurance Europe Limited, a wholly- owned subsidiary of PartnerRe Ltd., based in Dublin, will, from January 1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.”
Rating agencies A.M. Best and Standard & Poor’s reacted positively to the news (See following article).
Partner Re had already established its Dublin-based subsidiary soon after the European Union Reinsurance Directive came into force. The Directive, which will eventually become part of the Solvency II regulations governing all EU insurers, is the first time the EU established rules for its substantial reinsurance industry.
By setting up Partner Re Europe, the Group “will be able to operate in all EU member states under a single regulatory framework,” said the bulletin. “PartnerRe’s clients will continue to benefit from the company’s financial strength, underwriting capabilities, and business unit structure.” Its initial capitalization is $ 1 billion.
Source: PartnerRe – http://www.partnerre.com
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