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AM Best affirms ratings of PartnerRe and subsidiaries

Partner Re is headquartered in Wellesley House, Pitts Bay Road, Pembroke (Photograph by David Fox)

New ownership and upcoming changes in the executive suite have had no impact on Bermudian-based PartnerRe Ltd’s credit outlook, a leading ratings agency said.

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.

Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of PartnerRe Ltd.

The outlook of these credit 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 favourable business profile and appropriate enterprise risk management.

The agency said the rating affirmations reflect a continuation of PartnerRe’s solid operating performance and capital position through its recent change in ownership to Covéa Coopérations.

It added that PartnerRe has produced strong results through the first three quarters of 2023, benefiting from reduced catastrophe losses, increased investment returns and improved pricing in the property reinsurance market.

Additionally, AM Best said, PartnerRe announced the upcoming retirement of its president and CEO Jacques Bonneau, and appointment of his successors.

Both the new chief executive officer Phillipe Meyenhofer, and president, Jon Colello, currently hold executive positions at PartnerRe.

AM Best said: “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 US, 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, and PartnerRe Insurance Solutions Bermuda Ltd.

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Published February 11, 2024 at 3:00 pm (Updated February 11, 2024 at 7:40 pm)

AM Best affirms ratings of PartnerRe and subsidiaries

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