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| How are PartnerRe's ratings affected by the new ownership structure? |
PartnerRe and its affiliated companies have maintained their top rating, which is attributed to their strong performance, favorable business profile, and effective risk management. AM Best, a respected credit rating agency, has affirmed PartnerRe's Financial Strength Rating (FSR) as A+ and its Long-Term Issuer Credit Ratings (Long-Term ICR) as “aa-”. This includes a solid Long-Term ICR of “a-” (Excellent) for the Bermuda-based firm, Pembroke. These ratings come with a stable outlook, indicating a steady future projection.
AM Best's affirmation highlights PartnerRe's robust balance sheet, considered the strongest by the rating agency. This reaffirmation reflects PartnerRe's consistent solid performance and financial stability. Even amid transitioning to a new ownership structure under Covéa Coopérations (Covéa Coop), the company has sustained its strong position.
The announcement of the retirement of President and CEO Jacques Bonneau, to be succeeded by Phillipe Meyenhofer as CEO and Jon Colello as president, signifies a smooth leadership transition within PartnerRe. Both Meyenhofer and Colello currently hold executive positions within the company.
PartnerRe's performance in the first three quarters of 2023 has been noteworthy, marked by lower catastrophe-related losses, improved investment returns, and favorable pricing dynamics in the property reinsurance market.
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