A.M. Best has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and issuer credit rating to “aa-” from “a+” of PartnerRe America Insurance Company (PartnerRe America) (Wilmington, DE). The outlook for both ratings is stable
PartnerRe America has been strategically repositioned within the organization to write accident and health business. The ratings have been upgraded based on additional explicit and contractual support, including support provided by a significant quota share agreement with an affiliate. PartnerRe America’s ultimate parent is PartnerRe Ltd. (Hamilton, Bermuda) [NYSE: PRE], which is a multi-line, global reinsurance organization.
Factors that could result in a downgrading of Partner Re America’s ratings and/or a revision of the outlook to negative include unfavorable operating results relative to the market, an altered view of the organization’s enterprise risk management capabilities and/or a material decline in risk-adjusted capital or a change in the level of support provided to PartnerRe America. Factors that could lead to an upgrading of the company’s ratings and/or a revision of the outlook to positive would be consistent, long-term operating profitability coupled with maintenance of strong risk-adjusted capital.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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Greg Reisner
Managing
Senior Financial Analyst
(908) 439-2200, ext. 5224
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or
Peter
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Assistant Vice President
(908) 439-2200,
ext. 5053
peter.dickey@ambest.com
or
Rachelle
Morrow
Senior Manager, Public Relations
(908)
439-2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim
Peavy
Assistant Vice President, Public Relations
(908)
439-2200, ext. 5644
james.peavy@ambest.com