20 February 2024News

AM Best affirms PartnerRe’s A+ rating

The upcoming retirement of PartnerRe’s chief executive officer will not affect the re/insurer’s credit profile, according to ratings agency AM Best. 

The Bermuda-based company also continues to benefit from the new ownership of French insurance group Covéa Coopérations, leading the ratings agency to affirm PartnerRe’s A+ financial strength rating with a stable outlook. 

AM Best said the rating affirmations reflected a continuation of PartnerRe’s solid operating performance and capital position through its recent change in ownership to Covéa. 

“PartnerRe has produced strong results through the first three quarters of 2023, benefitting from reduced catastrophe losses, increased investment returns and improved pricing in the property reinsurance market,” AM Best said.

“Additionally, PartnerRe announced the upcoming retirement of its President & CEO Jacques Bonneau, and appointment of his successors. Both the new CEO (Phillipe Meyenhofer) and president (Jon Colello) currently hold executive positions at PartnerRe. 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.”  

AM Best added that 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.

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