-

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

AM Best Upgrades Credit Ratings of Eurasia Insurance Company JSC

LONDON--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of Eurasia Insurance Company JSC (Eurasia) (Kazakhstan). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.The ratings reflect Eurasia’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and a...

AM Best Affirms Credit Ratings of Ardellis Insurance Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Ardellis Insurance Ltd. (Ardellis) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Ardellis’ balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM). Ardellis is a wholly o...

AM Best Affirms Credit Ratings of Unum Group and Its Core U.S. Life/Health Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the members of Unum Insurance Group. These companies are the core U.S. life/health (L/H) insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM]. In addition, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Unum. T...
Back to Newsroom