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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 27, 2023 03:14 PM (EDT)
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.
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.