General Reinsurance Australia and General Life Reinsurance, as well as their US-based parent company General Reinsurance Corporation, have received positive rating actions from A.M. Best.
The three firms had their A++ (Superior) financial strength rating (FSR) and “aa+” long-term issuer credit ratings (ICR) affirmed, with the outlook of these ratings posted as stable. Also receiving ratings affirmation were Gen Re's other core property/casualty and life reinsurance/insurance subsidiaries operating in the US and internationally.
A.M. Best said the ratings reflect Gen Re's balance sheet strength, which the rating agency “categorises as strongest, as well as its adequate operating performance, very favourable business profile, and appropriate enterprise risk management.”
Gen Re's platform is not only well-diversified by geography and product, it is also supported by a well-performing and “consistently superior risk-based capitalization,” the agency said in a statement, as it also recognised Gen Re's “extensive risk management program that oversees all aspects of risk throughout its worldwide operations.”
The positive rating actions were also due to the support provided by Gen Re's ultimate parent
Berkshire Hathaway Inc., and the reinsurance coverages provided by National Indemnity Company and Columbia Insurance Company, which enhance Gen Re's access to greater financial flexibility and investment expertise.
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