The RenaissanceRe (Ren Re)/Platinum Underwriters deal has split rating agency opinion, with some placing the reinsurer on ‘negative review’.
Following Ren Re’s agreement to buy Platinum in a $1.9 billion transaction, rating agencies Am Best and Moody's have placed the reinsurer on 'negative outlook' and have said that the company is now 'under review negative', according to Litmus Analysis.
“S&P, however, seems to be straightforwardly positive, affirming Ren Re's 'AA-', putting Platinum's 'A-' on positive watch and signalling the potential for a rating increase up to 'A+',” said Litmus.
Fitch affirmed its unsolicited 'A+' rating.