AM Best reveals the latest…
PartnerRe and its subsidiaries have maintained its superior rating, bolstered by the group’s solid operating performance, highly favorable business profile, and effective enterprise risk management strategies, it was stated.
AM Best has maintained the Financial Strength Rating (FSR) of A+ and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” for the company and its operating subsidiaries. Additionally, the Long-Term ICR of “a-” (Excellent) for Pembroke, Bermuda- based firm, has also been affirmed. These ratings have been assigned a stable outlook, indicating a steady projection for the future.
The affirmation of these ratings by AM Best underscores PartnerRe’s robust balance sheet, described as the strongest by the rating agency.
The ratings come in the wake of solid performance and capital stability, even as the company transitions to a new ownership structure under Covéa Coopérations (Covéa Coop). It has announced the impending retirement of its president and CEO Jacques Bonneau, with Phillipe Meyenhofer stepping in as the new CEO and Jon Colello as the new president. Both Meyenhofer and Colello are currently serving in executive roles within PartnerRe.
The first three quarters of 2023 saw PartnerRe benefiting from lower catastrophe-related losses, enhanced investment returns, and favorable pricing dynamics in the property reinsurance market.
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