S&P puts PartnerRe, AXIS Capital on watch

Standard & Poor’s said it placed all of its ratings on PartnerRe Ltd. and AXIS Capital Holdings Ltd. and their respective operating companies on CreditWatch with negative implications.

The CreditWatch placement follows the announcement that PartnerRe and AXIS will merge in an all-stock transaction that S&P believes will ultimately create a stronger global franchise in the next two to three years.

However, within the next 24 months, the management teams will face many challenges in integrating two complex entities and effectively executing the new strategy, the agency said.

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