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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 20, 2016 04:51 PM (EDT)
A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Aurigen Reinsurance Company (Toronto, Ontario), Aurigen Reinsurance Company of America (Little Rock, AR) and Aurigen Reinsurance Limited (Bermuda). The under review status follows the announcement that Aurigen Capital Limited (Aurigen), the parent company of these operating Aurigen companies, has entered into a definitive agreement to be acquired by PartnerRe Ltd. (PartnerRe), subject to regulatory approval.
The under review with positive implications status reflects the potential financial and operational benefits that will be derived from Aurigen being a significant operation within a larger, higher-rated organization. The Credit Ratings (ratings) will remain under review pending the completion of this transaction, and all regulatory filings have been completed. A.M. Best will continue to monitor the progress of the transaction until the final close. The ratings of PartnerRe and its subsidiaries remain unchanged.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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