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