PartnerRe consolidates in Dublin under the Reinsurance Directive
PartnerRe has today announced that Partner Reinsurance Europe Limited, a wholly- owned subsidiary of PartnerRe Ltd., based in Dublin, will, from 1 January 2008, be the principal reinsurance carrier for PartnerRe's business underwritten in France, Ireland, Switzerland and Canada.
Under the new European Union Reinsurance Directive, Partner Reinsurance Europe will be able to operate in all EU member states under a single regulatory framework. PartnerRe's clients will continue to benefit from the company's financial strength, underwriting capabilities, and business unit structure.
Partner Reinsurance Europe Limited, to be capitalised in excess of $1bn, has received provisional ratings that are in line with those of the rest of PartnerRe's operating subsidiaries: A+ from AM Best and AA- from Standard & Poor's.