The ratings reflect Gen Re’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, very favorable business profile and appropriate enterprise risk management (ERM). Gen Re has a global footprint with a well-diversified platform by geography and product offerings, including an international reach in the property/casualty and life business segments. This platform is supported by consistently superior risk-adjusted capitalization that has supported consistent operating performance over time. Premium growth has been driven by continual strengthening of existing relationships and the company’s ability to leverage its brand recognition and strong capital position throughout the world. Gen Re also maintains an extensive risk management program that oversees all aspects of risk throughout its worldwide operations. These positive rating attributes are further enhanced as a result of Gen Re being a wholly owned subsidiary of Berkshire Hathaway Inc., providing additional financial flexibility and investment expertise.
Gen Re’s life operations primarily consist of individual life insurance and accident and health reinsurance lines of business. The life operations have grown in recent years and the investment portfolio has performed well. In
Negative rating actions could occur if Gen Re’s operating performance and risk-adjusted capitalization consistently fall below AM Best’s expectations for its current rating level for a prolonged period. Negative rating action could occur if the volatility in the equity markets leads to a significant drop in surplus that prevents the company from maintaining expected risk-adjusted capital levels.
The ratings of Idealife reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate ERM.
The FSR of A++ (Superior) and the Long-Term ICRs of “aa+” have been affirmed for
General Re Life Corporation
General Reinsurance Australia Ltd.
General Reinsurance Life Australia Ltd.
General Reinsurance AG
General Reinsurance Africa Ltd.
General Star Indemnity Company
General Star National Insurance Company
Genesis Insurance Company
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