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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 08, 2024 09:07 AM (EST)
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 has produced strong results through the first three quarters of 2023, benefitting from reduced catastrophe losses, increased investment returns and improved pricing in the property reinsurance market.
Additionally, PartnerRe announced the upcoming retirement of its President & CEO Jacques Bonneau, and appointment of his successors. Both the new CEO (Phillipe Meyenhofer) and president (Jon Colello) currently hold executive positions at PartnerRe. It is not anticipated that the change in leadership will result in any material changes in the group’s credit profile. However, AM Best will continue to monitor the transition and take action should material changes occur.
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.