A.M. Best Places Ratings of PARIS RE under Review with Positive Implications Following Agreement to Sell Majority Stake to PartnerRe Ltd.OLDWICK, N.J. -- Reissuing release to add ticker symbol for searching purposes. A.M. BEST PLACES RATINGS OF PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. RE UNDER REVIEW WITH POSITIVE IMPLICATIONS FOLLOWING AGREEMENT TO SELL MAJORITY STAKE TO PARTNERRE LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability A.M. Best Co. has placed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of PARIS RE (France) and the other rated operating subsidiaries of PARIS RE Holdings Limited (PRH PRH Prolactin-Releasing Hormone (also seen as PRLH) PRH Personnalité et Relations Humaines (Edmonton, Alberta, Canada) PRH Pacific Region Headquarters PRH People's Republic of Haven ) (Switzerland), the ultimate parent company of the group, under review with positive implications. At the same time, A.M. Best has also placed the ICR of "bbb-" of PRH under review with positive implications. These rating actions follow the agreement signed between PartnerRe Ltd (Bermuda) [NYSE NYSE See: New York Stock Exchange : PRE] and PRH to sell a majority stake of PRH to PartnerRe Ltd in a multi-step acquisition. The transaction is subject to shareholders' approval from both companies and to regulatory approval. The first step of the transaction, expected in the fourth quarter of 2009, will be a block purchase by PartnerRe Ltd of approximately 57% of PRH's common shares. The FSRs of A- (Excellent) and the ICRs of "a-"of the following subsidiaries of PARIS RE Holdings Limited have been placed under review with positive implications: * PARIS RE * PARIS RE Switzerland A.G. * PARIS RE America Insurance Company * PARIS RE Asia Pacific Pte. Ltd. * CGRM CGRM Computer Graphics Reference Model (ISO) (Compagnie Generale de Reassurance de Monte Carlo) For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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