AM Best Removes from Under Review With Developing Implications and Affirms Credit Ratings of RenaissanceRe Holdings Ltd and Its Main Subsidiaries

AM Best has removed under review with developing implications and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Renaissance Reinsurance Ltd. (RenaissanceRe), Renaissance Reinsurance U.S. Inc. (RenaissanceRe U.S.), RenaissanceRe Specialty U.S. Ltd. (RenaissanceRe Specialty U.S. Ltd.), and Renaissance Reinsurance of Europe Unlimited Company (Dublin, Ireland). Additionally, AM Best has removed from under review with developing implications and affirmed the Long-Term ICR of “a-” and most Long-Term Issuer Credit Ratings (Long-Term IR) of RenaissanceRe Holdings Ltd [NYSE: RNR]. Concurrently, the Credit Ratings (ratings) of Tokio Millennium Re AG (Zurich, Switzerland) (to be renamed RenaissanceRe Europe AG) have been aligned with the entities of RenaissanceRe and, as such, have been removed from under review with developing implications and affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-”. The outlook assigned to these ratings is stable.

AM Best also has removed from under review with developing implications and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of DaVinci Reinsurance Ltd. (DaVinci) and the Long-Term ICR of “bbb+” of DaVinciRe Holdings Ltd. The outlook assigned to these ratings is stable. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of Vermeer Reinsurance Ltd (Vermeer). The outlook of these 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 categorizes as strongest, as well as its adequate operating performance, favorable business profile and very strong enterprise risk management (ERM).

The ratings of DaVinci reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM. The ratings also recognize DaVinci’s solid operating performance over the past several years and the maintenance of its very strong risk-adjusted capitalization. DaVinci’s profile is enhanced due to its affiliation to RenaissanceRe.

The ratings reflect Vermeer’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM.