PaCRe put under review with negative implications by AM Best

Ratings agency AM Best has put PaCRe's A- financial strength
rating under review with negative implications after the carrier
revealed a shortfall in its overall performance compared to its
business plan.
The hedge fund-backed start-up reinsurer's issuer credit
rating of "a-" was also put under review with negative
implications.
AM Best said that much of the shortfall was due to significant
unrealised investment losses relating to the reinsurer's
alternative asset strategy.