PartnerRe Ltd operating subsidiaries have received a financial strength rating of A+ (Superior) from ratings agency AM Best, and the long-term issuer credit ratings of “aa-” (Superior).

And AM Best has affirmed the long-term ICR of “a-” (Excellent) of PartnerRe. The outlook of these credit ratings is stable.

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.

The rating affirmations reflect a continuation of PartnerRe’s solid operating performance and capital position through its recent change in ownership to Covéa Coopérations (Covéa Coop).

While PartnerRe’s operating returns have been impacted by unrealised losses in its bond portfolio, management anticipates that these losses will be recouped as investments pull to par over time. Despite these unrealised losses, PartnerRe’s capital and liquidity position remains abundant, even without considering the potential support that could be provided by Covéa Coop if needed.

The FSR of A+ (Superior) and long-term ICRs of “aa-” (Superior) have been affirmed, each with a stable outlook, for the operating subsidiaries of PartnerRe Ltd such as Partner Reinsurance Company Ltd.

Partner Reinsurance Company of the US, PartnerRe Ireland Insurance Designated Activity Company, Partner Reinsurance Europe SE, PartnerRe America Insurance Company, PartnerRe Life Reinsurance Company of Canada, PartnerRe Life Reinsurance Company of America and PartnerRe Insurance Solutions Bermuda Ltd.