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AM Best Affirms Credit Ratings of General Reinsurance Corporation and Its Subsidiaries

  • AM Best affirmed the Financial Strength Rating of A++ (Superior) & Long-Term Issuer Credit Ratings of "aa+" (Superior) for General Reinsurance Corporation, its core U.S. & international P/C & life (re)insurance subsidiaries, & General Re Corporation (Delaware).
  • The outlook for these affirmed ratings remains stable.
  • Ratings reflect Gen Re's strongest balance sheet strength, adequate operating performance, very favorable business profile, & appropriate enterprise risk management.
  • Gen Re benefits from being a wholly owned subsidiary of Berkshire Hathaway Inc., which provides additional financial flexibility & investment expertise.
  • The company maintains a global, diversified platform in P/C & life (re)insurance segments, ensuring stability during high catastrophe loss periods.
  • Recent operating returns improved due to sound underwriting decisions in favorable P/C reinsurance market conditions.
  • Life (re)insurance operations continue to provide consistent earnings contributions with positive underwriting income across most global geographies.
  • AM Best expects solid overall operating performance to support current ratings despite softening property reinsurance market conditions.
  • Risk-adjusted capitalization remains consistent with the strongest balance sheet assessment as measured by Best's Capital Adequacy Ratio (BCAR).
  • Capital appreciation is driven by solid underwriting results & increasing net investment income, even with dividends paid to parent company Berkshire Hathaway Inc.
  • The affirmed ratings apply to General Reinsurance Corporation, General Re Life Corporation, General Reinsurance Australia Ltd., General Reinsurance Life Australia Ltd., General Reinsurance AG, General Reinsurance Africa Ltd., General Star Indemnity Company, General Star National Insurance Company, & Genesis Insurance Company.
  • Contact information for AM Best analysts Dan Hofmeister, Steven M. Chirico, Christopher Sharkey, & Al Slavin is provided for further inquiries.