PartnerRe’s rating revised to stable by AM Best

AM Best has revised the negative outlook it had placed on PartnerRe to stable, following a strong performance in 2012. The year was in marked contrast to 2011 when the company—like much of the industry—was hit by significant cat losses.

AM Best affirmed Bermuda-domiciled PartnerRe’s A+ (Superior) financial strength rating and its “aa-“ issuer credit rating and those of its affiliates. It also upgraded the financial strength rating of PartnerRe America to A (Excellent) from A- and its issuer credit rating to “a+” from “a-“.

AM Best said that revision reflected the company’s strong profile as a truly global reinsurer, with 2012 results demonstrating PartnerRe’s “ability to deliver results that are among the top of its peers”.  The rating agency said that despite troubles associated with 2011 losses, a focus on ERM has enabled the company to write a diverse book of business globally.