Partner Re Ltd. yesterday announced that it has signed a definitive agreement with the French Monceau Group to acquire renewal rights for the international reinsurance business of Mutuelle Centrale de Reassurance (MCR), the reinsurance subsidiary of the Monceau Group.

This acquisition of renewal rights, effective July 1, concerns the reinsurance contracts with non-affiliated insurance companies outside of France. MCR is a long-established reinsurance company with an A.M. Best rating in the A range.

According to a statement released by PartnerRe on Wednesday, the acquisition provides reinsurance solutions to both affiliated and other insurance companies. MCR has been particularly successful in establishing long-term relationships with insurance clients in Europe.

After a strategic review Monceau Group decided to concentrate its capabilities and resources on the insurance and French reinsurance business. Under the terms of the agreement MCR will recommend PartnerRe as continuing reinsurer for its non- French reinsurance participations.

This business aligns well with PartnerRe's existing global operations, and will be incorporated within PartnerRe's Global (Non-US) P & C and Worldwide Specialty sub-segments, as well as the Life segment.

Following this agreement, PartnerRe expects some MCR underwriting staff to join PartnerRe.