AXIS Capital And PartnerRe Receive Regulatory Approval To Merge - Quick Facts

(RTTNews) - AXIS Capital Holdings Limited (AXS) and PartnerRe Ltd. (PRE) announced that they have received early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the definitive amalgamation agreement.

The expiration of the waiting period satisfies one of the conditions to complete the transaction, which is expected to close in the second half of 2015.

The companies also reported that on March 13, 2015, Standard & Poor's Ratings Services said that it has affirmed its 'A-' long-term counterparty credit ratings on both AXIS Capital and PartnerRe Ltd., including its 'A+' long-term counterparty credit and financial strength ratings on their respective operating companies, and removed them from CreditWatch negative, where the firm had initially placed them following the announcement of the amalgamation on January 26, 2015.

In January 2015, Bermuda-based reinsurers Axis Capital Holdings and PartnerRe Ltd. agreed to a near $11 billion merger of equals amid a wave of consolidation in the industry.