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-” 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-” and Long-Term Issue Credit Ratings (Long-Term IR) of RenaissanceRe Holdings Ltd. [NYSE: RNR]. AM Best also has 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. 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 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 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 company’s ability to maintain a very strong risk-adjusted capitalization. DaVinci’s profile is enhanced due to its affiliation to RenaissanceRe.

The ratings of Vermeer 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 of RenaissanceRe also reflect its superior level of risk-adjusted capitalization, the strength and depth of its management team and the ability of the company to deliver strong, long-term profitability over the course of the market cycle. RenaissanceRe is widely recognized for its leadership in ERM, modeling capabilities and as a pioneer in third-party capital management. RenaissanceRe remains a leader in the property catastrophe reinsurance segment and maintains a strong reputation in evaluating risk and effectively deploying capital, and as such, has attracted capital from outside investors to form several successful joint ventures, including DaVinci, Top Layer Reinsurance Ltd. and Vermeer.