AM Best Affirms Credit Ratings of RenaissanceRe Holdings Ltd. and Its Main Subsidiaries

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) of Renaissance Reinsurance Ltd. (RenaissanceRe), Renaissance Reinsurance U.S. Inc. (Maryland), RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance of Europe Unlimited Company (Dublin, Ireland) and RenaissanceRe Europe AG (Zurich, Switzerland) (formally named Tokio Millennium Re AG). Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of RenaissanceRe Holdings Ltd. (RNR) [NYSE: RNR]. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of DaVinci Reinsurance Ltd. (DaVinci) and the Long-Term ICR of “bbb+” (Good) of DaVinciRe Holdings Ltd. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Vermeer Reinsurance Ltd. (Vermeer). The outlook of these Credit Ratings (ratings) is stable. All aforementioned companies are domiciled in Bermuda, unless otherwise specified. (See below for a detailed listing of the Long-Term IRs.)

The ratings of RenaissanceRe reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and very strong enterprise risk management (ERM).

AM Best’s assessment of RenaissanceRe’s overall balance sheet strength considers the positive impact of the financial flexibility provided by its ultimate parent, RNR, which typically maintains significant capital at the holding company level and is available to be down-streamed into its underwriting companies, as needed. RNR has consistently demonstrated its ability to raise capital through the public and private equity markets, as well as the public debt markets. RNR’s ability to attract and deploy capital during both favorable and challenging market cycles is an important consideration in AM Best’s assessment of the enterprise’s overall balance sheet strength and the individual balance sheet assessments of RNR’s operating companies.

RenaissanceRe’s ratings also benefit from the strength and depth of its management team and ability to deliver strong, long-term profitability over the course of the market cycle. While RenaissanceRe remains a leader in the property catastrophe reinsurance segment, the company has gained significant traction in casualty and specialty lines, which now comprise more than half of its underwriting premiums. RenaissanceRe is also widely recognized for its leadership in ERM, modeling capabilities and as a pioneer in third-party capital management, where it maintains a strong reputation in evaluating risk and effectively deploying capital. As a result, it has attracted capital from outside investors to form several successful joint ventures, including DaVinci, Top Layer Reinsurance Ltd., Vermeer, and most recently, Fontana Holdings L.P., its first third-party reinsurance capital-backed joint venture focused on casualty and specialty risks.