Credit crunch forces $200m Partner and RenRe write-downs
Bermudian reinsurers RenaissanceRe and Partner Re have announced write-downs of the full value of their investments in Bermudian reinsurer, ChannelRe, which writes financial guarantee reinsurance for troubled US bond insurer MBIA.
Analysts at Keefe Bruyette and Woods (KBW) explained that RenRe is writing down its entire $126.7m investment for 32.7% ownership of ChannelRe, after it emerged MBIA expects to take a $3.3bn market-to
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