-

AM Best Affirms Credit Ratings of PartnerRe Ltd. and Its Operating Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the operating subsidiaries of PartnerRe Ltd. (collectively referred to as PartnerRe). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of PartnerRe Ltd. (Pembroke, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect PartnerRe’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favorable business profile and appropriate enterprise risk management.

The rating affirmations reflect a continuation of PartnerRe’s solid operating performance and capital position through its recent change in ownership to Covéa Coopérations (Covéa Coop). PartnerRe continues to benefit from hardening market conditions in the international reinsurance market. While PartnerRe’s operating returns have been impacted by unrealized losses in its bond portfolio, management anticipates that these losses will be recouped as investments pull to par over time. Despite these unrealized losses, PartnerRe’s capital and liquidity position remains abundant, even without considering the potential support that could be provided by Covéa Coop if needed.

The FSR of A+ (Superior) and Long-Term ICRs of “aa-” (Superior) have been affirmed, each with a stable outlook, for the operating subsidiaries of PartnerRe Ltd.:

  • Partner Reinsurance Company Ltd.
  • Partner Reinsurance Company of the U.S.
  • PartnerRe Ireland Insurance Designated Activity Company
  • Partner Reinsurance Europe SE
  • PartnerRe America Insurance Company
  • PartnerRe Life Reinsurance Company of Canada
  • PartnerRe Life Reinsurance Company of America
  • PartnerRe Insurance Solutions Bermuda Ltd.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Dan Hofmeister, CFA, FRM, CAIA
Senior Financial Analyst
+1 908 439 2200, ext. 5385
dan.hofmeister@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Steven Chirico, CPA
Director
+1 908 439 2200, ext. 5087
steven.chirico@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

AM Best


Release Versions
Hashtags

Contacts

Dan Hofmeister, CFA, FRM, CAIA
Senior Financial Analyst
+1 908 439 2200, ext. 5385
dan.hofmeister@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Steven Chirico, CPA
Director
+1 908 439 2200, ext. 5087
steven.chirico@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Social Media Profiles
More News From AM Best

Best’s Market Segment Outlook: AM Best Revises Outlook on Germany's Life Insurance Segment to Stable

AMSTERDAM--(BUSINESS WIRE)--AM Best is revising its outlook for Germany’s life insurance segment to stable from negative. In its new Best’s Market Segment Report, “Market Segment Outlook: Germany Life Insurance”, AM Best states that the revision of its outlook primarily reflects the stabilisation of key trends for the segment in the current positive interest rate environment. In addition, AM Best notes that life insurance premium income is expected to remain resilient over the next 12 months, d...

AM Best Takes Various Credit Rating Actions on Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company; Affirms Credit Ratings of Definity Financial Corporation

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “aa-” (Superior) of Travelers Insurance Company of Canada (TICC). At the same time, AM Best has removed from under review with developing implications and affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of T...

AM Best Revises Outlooks to Stable and Affirms Credit Ratings of Mercury General Corporation and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the members of Mercury Casualty Group (Mercury). Concurrently, AM Best has revised the outlook to stable from negative and affirmed the Long-Term ICR of “bbb” (Good) of the organization’s publicly traded ultimate parent, Mercury General Corporation (MGC) (Los Angeles, CA...
Back to Newsroom