Insurance Journal - Jan 22, 2009RenaissanceRe Holdings Ltd. (RNR)
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Taoufik Gharib
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S&P Credit ResearchStandard & Poor's Ratings Services has assigned its 'AA-' counterparty credit and financial strength ratings on
Renaissance Reinsurance of Europe (RenRe Europe) with a stable outlook. "RenRe Europe, an Ireland-based company, is a subsidiary of
Renaissance Reinsurance Ltd (RenRe; AA-/Stable/--), of which the ultimate parent is RenaissanceRe Holdings Ltd (NYSE:RNR; A/Stable/--)," said S&P. "RenRe Europe primarily underwrites property catastrophe and specialty reinsurance coverage for re/insurers in Europe, reflecting an aligned strategy with its parent company." .
Credit analyst Taoufik Gharib added: "We view RenRe Europe as core to RenRe, solely based on the strong explicit support in place. Therefore, the ratings on RenRe Europe depend entirely on this contractual support rather than on the intrinsic characteristics of the Irish subsidiary." This explicit support includes: .
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Standard & Poor's Ratings Services has assigned its 'AA-' counterparty credit and financial strength ratings on <span class="company">Renaissance Reinsurance</span> of Europe (RenRe Europe) with a stable outlook. "RenRe Europe, an Ireland-based company, is a subsidiary of <span class="company">Renaissance Reinsurance</span> Ltd (RenRe; AA-/Stable/--), of which the ultimate parent is RenaissanceRe Holdings Ltd (NYSE:RNR; A/Stable/--)," said S&P. "RenRe Europe primarily underwrites property catastrophe and specialty reinsurance coverage for re/insurers in Europe, reflecting an aligned strategy with its parent company." . <span class="sent"> Credit analyst <span class="analyst">Taoufik Gharib</span> added: "We view RenRe Europe as core to RenRe, solely based on the strong explicit support in place. </span> Therefore, the ratings on RenRe Europe depend entirely on this contractual support rather than on the intrinsic characteristics of the Irish subsidiary." This explicit support includes: .
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