Moody's Investors Service in New York affirmed the Aa3 financial strength ratings of operating subsidiaries of PartnerRe Ltd. this morning, pushing the outlook to stable from negative, after the Bermuda-based company reported record third-quarter earnings.
Last night, PartnerRe reported third-quarter net income of $235.8 million, or $3.93 per share, compared to a loss of $288.7 million, or $5.48 per share, in last year's third quarter.
During a conference call today, Patrick Thiele, PartnerRe president and CEO, attributed the reversal to a low level of large loss activity, increased pricing and participation in the U.S. wind market and strong investment results.
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