Log In

Reset Password

PartnerRe subsidiaries have ratings affirmed by AM Best

Ratings agency AM Best has affirmed the financial strength rating of A+ (Superior) of the operating subsidiaries of Bermudian-based re/insurer PartnerRe Ltd.

The agency also affirmed the long-term issuer credit rating of “aa-” of the operating subsidiaries, and affirmed the long-term ICR of “a-” of PartnerRe Ltd.

The outlook for these credit ratings is stable, it said.

The agency said the ratings reflect PartnerRe’s balance sheet strength, which it assesses as “strongest”, as well as its adequate operating performance, very favourable business profile and appropriate enterprise risk management.

AM Best said: “The affirmation follows a year of adverse weather conditions and the Covid-19 pandemic, which put stress on underwriting and investment results. Despite this pressure, PartnerRe was able to produce a modest net income and gain traction in various company initiatives.

“Additionally, the group was able to expand their use of third-party capital further and refinance multiple debt issues at improved rates, thus improving overall cost of capital.

“However, the group did experience minor adverse reserve development in 2020, which PartnerRe has largely been immune from over the last few years. This development already has been addressed through prospective and retrospective actions.

“While AM Best is comfortable with the actions taken, further deterioration in reserving or in underwriting trends could put pressure on the ratings.”

AM Best said the operating subsidiaries to which the ratings apply are Partner Reinsurance Company Ltd, Partner Reinsurance Company of the US, PartnerRe Ireland Insurance Designated Activity Company, Partner Reinsurance Europe SE, PartnerRe America Insurance Company, PartnerRe Life Reinsurance Company of Canada, and PartnerRe Life Reinsurance Company of America.

You must be Registered or to post comment or to vote.

Published May 17, 2021 at 3:05 pm (Updated May 17, 2021 at 3:05 pm)

PartnerRe subsidiaries have ratings affirmed by AM Best

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon