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) for the operating subsidiaries of PartnerRe Ltd. (collectively referred to as PartnerRe). Simultaneously, the Long-Term ICR of “a-” (Excellent) of PartnerRe Ltd. (Pembroke, Bermuda) has also been affirmed. These Credit Ratings (ratings) have a stable outlook.
The ratings reflect PartnerRe’s strong balance sheet strength, assessed as strongest by AM Best, along with its satisfactory operating performance, highly favorable business profile, and effective enterprise risk management.
The affirmation of ratings underscores PartnerRe’s consistent operating performance and robust capital position, even after its recent ownership change to Covéa Coopérations (Covéa Coop). PartnerRe has demonstrated resilience, posting strong results in the first three quarters of 2023, supported by reduced catastrophe losses, increased investment returns, and improved pricing in the property reinsurance market.
In addition, PartnerRe has announced the retirement of its President & CEO, Jacques Bonneau, and the appointment of his successors. Both the incoming CEO (Phillipe Meyenhofer) and president (Jon Colello) currently hold executive roles at PartnerRe. It is anticipated that this leadership transition will not materially impact the group’s credit profile; however, AM Best will closely monitor the transition and act accordingly if significant changes occur.
The FSR of A+ (Superior) and Long-Term ICRs of “aa-” (Superior) for the operating subsidiaries of PartnerRe Ltd. have been affirmed, each with a stable outlook. These subsidiaries include:
- 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 pertains to Credit Ratings published on AM Best’s website. For comprehensive rating information and relevant disclosures, including details of the issuing office for each referenced rating, please visit AM Best’s Recent Rating Activity web page. For further insights into the use and constraints of Credit Rating opinions, refer to the Guide to Best’s Credit Ratings. For guidance on the appropriate application of Best’s Credit Ratings, Performance Assessments, Preliminary Credit Assessments, and AM Best press releases, consult the Guide to Proper Use of Best’s Ratings & Assessments.
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