Bermuda-based Paris Re Holdings Ltd. has completed the purchase of AXA Re, the reinsurance arm of France?s AXA Group.

Paris Re is headed by Hans-Peter Gerhardt, formerly chief executive officer of AXA Re and AXA retains a 3.4 percent stake in the Hamilton company.

AXA first unveiled plans for the restructuring in April when it received a binding offer for its reinsurance holdings from Paris Re, which is sponsored by Trident III LP, a fund managed by Stone Point Capital LLC.

AXA indicated at the time that the deal was worth around $145 million.

Meanwhile, Triomphe Re, another Bermuda company, whose primary business is to provide quota share reinsurance to Paris Re, was yesterday assigned debt ratings of ?bbb-? to the $24 million senior secured term A loans and ?bb+? to the $40 million senior secured term B loans, both due in December 2009.

Triomphe Re is a limited life special purpose Class 3 reinsurer. Concurrently, A.M. Best has assigned an issuer credit rating of ?bbb? to the company. The outlook for all ratings is stable.

Under the reinsurance agreement, Triomphe Re provides Paris Re with an initial 24 percent quota share reinsurance for its non-proportional property catastrophe and risk excess of loss reinsurance business, subject to specified occurrence and annual aggregate limits over a two-year period beginning January 1, 2007. Paris Re is required to retain at least 50 percent of the subject reinsurance business and is entitled to a profit commission based upon the financial performance of the Triomphe Re, which creates an incentive for Paris Re to produce and retain quality business.

Proceeds from the issuance of the term loans together with equity contributions are deposited into a collateral trust account and are available to pay amounts owed by Triomphe Re. This includes loss payments required to be made under the quota share reinsurance agreement, expenses and fees of the administrative agent, payments (interest costs) in respect of the term loans, operating expenses of Triomphe Re, permitted dividend payments and payments upon wind down of the term loans.