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

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (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 ratings affirmation reflects PartnerRe’s solid operating performance in 2021 and AM Best’s expectation that the group’s pending sale to Covéa Coopérations (Covéa Coop) will not result in any near-term deterioration in its balance sheet strength. The group has benefitted from continued hardening market conditions in the international reinsurance market, while the group’s life and health reinsurance business continues to produce consistent modest returns. AM Best will continue to monitor PartnerRe through the close of its pending sale to Covéa Coop, and will take action if the credit characteristics vary from prior expectations.

The FSR of A+ (Superior) and Long-Term ICR 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 U.S.
• 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

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Dan Hofmeister, CFA, FRM, CAIA

Senior Financial Analyst

+1 908 439 2200, ext. 5385

dan.hofmeister@ambest.com

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Steven Chirico, CPA

Director

+1 908 439 2200, ext. 5087

steven.chirico@ambest.com

Jeff Mango
Managing Director,

Strategy Communications

+1 908 439 2200, ext. 5204

jeffrey.mango@ambest.com

Source: AM Best