AM Best has affirmed the financial strength rating (FSR) of A+ (Superior) and the long-term issuer credit ratings (Long-Term ICR) of “aa-” (Superior) for the operating subsidiaries of PartnerRe Ltd.
The rating agency has also affirmed the long-term ICR of “a-” (Excellent) for PartnerRe Ltd., based in Pembroke, Bermuda. The outlook for all ratings remains stable.
AM Best says that the ratings reflect PartnerRe’s balance sheet strength, which the company assesses as the strongest level, along with its operating performance, business profile, and enterprise risk management.
PartnerRe’s underwriting results have also contributed to growth in shareholder equity in recent years, according to AM Best.
In 2024, the company strengthened reserves related to US casualty business, which was affected by social inflation trends. This impact was offset by performance in other business segments.
For the first half of the previous year, PartnerRe also recorded gross premiums written of US$5.3 billion and a net income attributable to the company of US$358 million. Operating income stood at US$366 million, translating to an operating income return on equity of 8.9%.
The non-life underwriting result was reported at US$58 million, with a combined ratio of 97.9%. Meanwhile, the life and health segment achieved an allocated underwriting result of US$108 million.
The investment portfolio contributed net investment income of US$366 million, a 28% increase compared to the same period in 2023.
Earlier this month, the company appointed Marek Garwacki as non-life chief underwriting officer, effective Feb. 1. In this role, he joins the company’s executive leadership team and will oversee underwriting strategy and portfolio management across the non-life business.
Garwacki has been with PartnerRe for more than 12 years, holding leadership positions in underwriting, strategy, and portfolio management. Most recently, he served as head of group retrocession, where he was responsible for the company's ceded reinsurance and retrocession strategy.
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