A.M. Best Upgrades SAFR to "A+" -Superior- From "A" -Excellent-.OLDWICK, N.J.--(BUSINESS WIRE)--July 2, 1998--A.M. Best Co. has upgraded SAFR SAFR San Francisco Maritime National Historic Park (US National Park Service) SAFR Small Arms Firing Range SAFR Sodium Advanced Fast Reactor SAFR Shooter's Alliance for Firearm Rights SAFR Security Assistance Foreign Representative , Paris, and its Canadian branch to "A+" (Superior) from "A" (Excellent). The upgrade reflects the company's acquisition by Partner Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Co. Ltd. in 1997 and its integration into the PartnerRe Group. In addition, the "A-" (Excellent) rating of SAFR-U.S. was raised to "A", reflecting PartnerRe's commitment to increasing its presence in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . SAFR is a well-established global reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. of mainly short-tail proportional property business. PartnerRe writes property catastrophe reinsurance, with more than half of its business derived from the U.S. Accordingly, the acquisition provides both reinsurers with significant product and geographic diversification, as well as the ability to increase client penetration through cross-selling. Further, PartnerRe's financial strength provides SAFR with substantially increased capacity and the ability to increase its treaty participations. Lastly, SAFR benefits from PartnerRe's client and broker relationships, particularly in the United States. By leveraging these relationships, PartnerRe intends to significantly strengthen the group's position in the United States by enhancing the SAFR-U.S. management team, increasing the company's capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. , expanding its product offering into the alternative risk transfer market and changing its name to PartnerRe-U.S. The "Superior" rating of SAFR, Paris reflects the company's strong capitalization, solid operating results, and long-standing market presence in Europe. These strengths are derived from the company's strong loss reserves, controlled catastrophe exposure and solid investment results. SAFR maintains a disciplined underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. approach and long-term client relationships in Europe. Offsetting these strengths are SAFR's lack of growth in recent years and the difficulty management may face in attempting to increase its U.S. presence given current market conditions. The rating outlook for SAFR is stable. A.M. Best also affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the "A+" (Superior) rating of Partner Reinsurance Co. Ltd. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com.
CONTACT: Jeffrey Dunsavage
908/439-2200, ext. 5618
dunsavj@ambest.com
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