A.M. Best Revises Outlooks to Positive for PartnerRe Ltd and Its Main Operating Subsidiaries
The ratings reflect PartnerRe’s balance sheet strength, which
While PartnerRe’s ERM is categorized currently as marginal, A.M. Best’s improving view of the group’s ERM function is the primary driver behind the group’s positive outlook. This is due to, in part, PartnerRe’s strong non-life underwriting performance during 2017, where the industry experienced a significant level of catastrophic activity. Despite the catastrophic activity, PartnerRe was able to produce a small non-life underwriting profit, while the vast majority of peers had underwriting losses of varying degrees.
PartnerRe’s balance sheet strength and risk-adjusted capitalization are considered to be at the strongest level. The group’s quality of capital is considered in line with peers but has a superior history of favorable prior year reserve development. Under EXOR N.V. ownership,
The group maintains a highly diversified book of reinsurance business across non-life and life lines of business, as well as a balanced geographic spread of risk.
PartnerRe’s overall earnings in recent years have been impacted by several non-operating activities and has seen net investment income trend lower over the current five-year period. However, PartnerRe’s overall underwriting results have proven to be consistently stable and profitable.
Factors that could lead to a rating upgrade are continued consistently favorable operating profitability and maintaining excellent risk-adjusted capital levels through various market conditions. Factors that could lead to a negative outlook or a rating downgrade include unfavorable operating results, outsized insurance or investment losses, or a significant decline in risk-adjusted capital to a level that no longer supports the current ratings.
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Partner Reinsurance Company Ltd. -
Partner Reinsurance Company of theU.S. -
PartnerRe Ireland Insurance Designated Activity Company -
Partner Reinsurance Europe SE -
PartnerRe America Insurance Company
The following Long-Term IRs have been affirmed. The outlooks have been revised to positive from stable:
PartnerRe Ltd—
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This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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