The lead member of the PartnerRe group, Bermuda-based Partner Reinsurance Company Limited, has been assigned an "Aa3" (Excellent) insurance financial strength rating by Moody's Investors Service.

Moody's has also affirmed the "Aa3" insurance financial strength ratings of the company's US and France-based reinsurance subsidiaries, Partner Reinsurance Company of the US and PartnerRe S.A.

The "A3" rating on the perpetual preferred stock of PartnerRe Ltd., the group's ultimate parent has also been affirmed by Moody's and the outlook for PartnerRe's ratings is stable.

Moodys says the "Aa3" rating on Partner Reinsurance Company Ltd. considers the strong competitive profile and market acceptance within the international reinsurance arena, particularly in the property-catastrophe and certain speciality reinsurance lines, its favourable record of profitability and its disciplined underwriting and risk management approach, its broadening geographic and underwriting risk profile and its solid capitalisation. Additionally, the ratings agency cites the relatively modest leverage profile of the company's parent, PartnerRe Ltd, as a supportive credit consideration.

Partly tempering these fundamental strengths are PartnerRe's exposure to underwriting volatility - particularly in its catastrophe excess of loss segment, and the groups modest operating profitability and limited stature in the mature and intensely competitive US (non-catastrophe) reinsurance market place. Exactly one year ago to the day, rating agency A.M. Best assigned a financial strength rating of "A" (superior) to Partner Reinsurance Company Ltd. and its core affiliated insurance operations.