AM Best Affirms Credit Ratings of RenaissanceRe Holdings Ltd. and Its Main Subsidiaries - Seite 2

Partially offsetting these strengths is RenaissanceRe’s exposure to high severity losses associated with global catastrophe events. In addition, the global reinsurance market, and specifically the property catastrophe segment, has experienced overcapacity and pricing pressures over the past few years, which in turn has placed pressure on overall returns.

RenaissanceRe indicated that during first-quarter 2020 it had net claims and claim expenses of $104 million associated with the COVID-19 pandemic, which primarily represents IBNR related to exposures such as event contingency and event-based casualty covers. Currently, AM Best considers these losses manageable given RenaissanceRe’s limited profile in classes that are expected to be most impacted. AM Best will continue to monitor the situation with the COVID-19 pandemic and possible loss development for RenaissanceRe and the industry.

The following Long-Term IRs have affirmed with a stable outlook:

RenaissanceRe Holdings Ltd.
-- “bbb” on $275 million 5.375% non-cumulative Series E perpetual preferred stock
-- ­“bbb” on $250 million 5.75% non-cumulative fixed rate Series F perpetual preferred stock

RenaissanceRe Finance Inc. (guaranteed by RenaissanceRe Holdings Ltd.)
-- “a-” on $300 million 3.7% senior unsecured notes, due 2025
-- “a-” on $300 million 3.45% senior unsecured notes, due 2027

The following indicative Long-Term IRs under the shelf registration have been affirmed with a stable outlook:

RenaissanceRe Holdings Ltd.
-- “a-” on senior unsecured
-- “bbb+” on subordinated
-- “bbb” on preferred stock

RenaissanceRe Capital Trust II
-- “bbb” on trust preferred securities

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.