Hashtag: #PaCRe
Report: Paulson Reinsurer PacRe Winding Down
The Bermuda-based reinsurance company set up by the hedge fund manager John A. Paulson has stopped writing policies and is winding down, according to reports from both Bloomberg and the New York Times. The NYT reports, “The company, PacRe, which Mr. Paulson set up in 2012, has not been writing policies since Jan. 1, according to a statement Tuesday... Read more of this article
A.M. Best Places PaCRe Ltd. Under Review
A.M. Best has placed the financial strength rating of A- [Excellent] and the issuer credit rating of “a-” of PaCRe, Ltd. [PaCRe] [Hamilton, Bermuda] under review with negative implications. A statement from the ratings agency said, “The under review status is a result of the shortfall in PaCRe’s overall performance relative to its original projected... Read more of this article
A.M. Best Affirms Ratings Of PacRe Ltd.
A.M. Best Co. this week affirmed the financial strength rating of A- [Excellent] and issuer credit ratings of “a-” of Bermuda-based PaCRe Ltd. The outlook for both ratings is stable. The ratings agency said, “The ratings of PaCRe are based on its excellent risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio [BCAR];... Read more of this article
Minister Welcomes New Class 4 Reinsurer
“Official incorporation statistics indicate that over the last five years, eight highly-capitalised reinsurers holding Class 4 licenses issued by the Bermuda Monetary Authority, have selected Bermuda as their domicile,” said a statement from Government. “These formations represent an aggregate of more than $8 billion in fresh capital... Read more of this article
A.M. Best Assigns Ratings To PaCRe Ltd.
A.M. Best Co. today [Apr. 9] assigned a financial strength rating of A- [Excellent] and issuer credit rating of “a-” to newly-formed Bermuda re/insurer PaCRe Ltd. The agency said the outlook assigned to both ratings is stable. The ratings of PacRe are based on its excellent risk-adjusted capitalization, experienced underwriting led by Validus... Read more of this article
Validus, Paulson Team Up For New Reinsurer
[Updated]: Bermuda-based Validus Holdings, Ltd. announced today [Apr.4] the capitalization of PaCRe, Ltd, a new Bermuda Class 4 reinsurer. PaCRe is funded with $500.0 million of contributed capital and is rated “A-” [Excellent] by A.M. Best Co. Validus Underwriting Services, Ltd. will underwrite business for PaCRe for which it will be paid... Read more of this article
