Partner Re has announced it will be consolidating its European business under its Partner Reinsurance Europe umbrella.

The subsidiary of Partner Re, which is based in Dublin, Ireland, will from the start of next year be the principal reinsurance carrier for their business underwritten in France, Ireland, Switzerland and Canada.

Under the new European Union reinsurance directive, Partner Reinsurance Europe will be able to operate in all EU member states under a single regulatory framework, with Partner Re's clients continuing to benefit from the company's financial strength, underwriting capabilities, and business unit scheme.

The subsidiary will be capitalised in excess of $1 billion and has just received provisional ratings of A+ from AM Best and AA- from Standard and Poor's, in line with the rest of Partner Re's subsidiaries.