S&P revises PartnerRe outlook after Covéa, Exor agreement announced

S&P Global Ratings has revised its outlook on PartnerRe Ltd. and its operating companies to stable from negative.

S&P also affirmed its A- long-term issuer credit rating on PartnerRe and its A+ long-term insurer financial strength and issuer credit ratings on its core subsidiaries.

The outlook revision follows Exor NV's announced agreement with France-based mutual insurance company Covéa Mutual Group Insurance Co. for the prospective sale of PartnerRe for $9 billion. The acquisition is expected to close in the first half of 2022.

The stable outlook reflects a high likelihood of the deal closing and of potential group support for PartnerRe under the new parent.