Rating Roundup: General Re

A.M. Best Co. has affirmed the financial strength rating (FSR) of “A++” (Superior) and the issuer credit ratings (ICR) of “aa+” of the General Re Group. The ratings apply to General Reinsurance Corporation (Delaware) and its core property/casualty and life reinsurance and insurance subsidiaries operating both in the United States and internationally. Best also affirmed the ICR and senior debt ratings of “aa+” and the commercial paper of AMB-1+ of Gen Re’s direct parent, General Re Corporation, headquartered in Connecticut), and upgraded the FSR to “A++” (Superior) from “A+” (Superior) and the ICR to “aa+” from “aa-” of General Re Life Corporation. The outlook for all ratings is stable. “These ratings reflect Gen Re’s superior capitalization, excellent business position as a leader within the global reinsurance marketplace and adherence to stringent underwriting discipline, which in turn lends to the group’s strong prospective earnings capability,” said Best. It also noted the “solid investment earnings, which “continue to support excellent total return measures, while Gen Re maintains strong liquidity given the solid credit quality of its fixed income holdings and its laddered approach to asset liability matching. The group’s superior ratings also reflect the implicit and explicit financial support provided by its ultimate parent, Berkshire Hathaway Inc.”