RenRe/Platinum deal divides rating outlook

The RenaissanceRe/Platinum Underwriters deal has divided rating agency opinion, with some asserting a ‘negative review’ of RenRe.

Rating agencies AM Best and Moody's have placed RenRe on 'negative outlook' following its agreement to buy Platinum in a $1.9 billion transaction, and have said that the company is now 'under review negative', according to Litmus Analysis.

“S&P, however, seems to be straightforwardly positive, affirming RenRe's 'AA-', putting Platinum's 'A-' on positive watch and signalling the potential for a rating increase up to 'A+',” said Litmus.

Fitch affirmed its unsolicited 'A+' rating.