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, although the company’s underwriting results and overall operating performance has grown increasingly less volatile, as diversifying business lines have mitigated the impact of catastrophe losses. Looking forward, RenaissanceRe appears well-positioned to benefit from ongoing broad-based pricing improvement in several of its key product lines, particularly in property catastrophe reinsurance, which saw material rate improvement and tighter terms and conditions at each of the key 2023 renewal periods.

The ratings of DaVinci reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM. DaVinci’s profile is enhanced due to its affiliation to RenaissanceRe.

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

The following Long-Term IRs have affirmed with stable outlooks:

RenaissanceRe Holdings Ltd.
-- ­“bbb” (Good) on $250 million 5.75% non-cumulative fixed rate Series F perpetual preferred stock

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

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

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

RenaissanceRe Capital Trust II
-- “bbb” (Good) 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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.