PartnerRe’s new direct unit secures AM Best rating
AM Best has assigned a Financial Strength Rating of A+ (Superior) to PartnerRe Insurance Solutions Bermuda. The outlook is stable.
PartnerRe Insurance Solutions Bermuda is a newly added member of PartnerRe.
AM Best said the ratings reflect the entity’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very strong business profile, and appropriate enterprise risk management.
PartnerRe Insurance Solutions Bermuda had historically assumed affiliated life business via a quota share. While this quota share will remain in effect, the company was recently licensed to expand into non-life lines of business.
The company plans to expand into direct property/casualty insurance lines in the US market, via partnerships with managing general agents. PartnerRe Insurance Solutions Bermuda also benefits from implicit and explicit support of the greater PartnerRe organization and is fully integrated into the group’s operations.