AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) of Renaissance Reinsurance Ltd., its members, and RenaissanceRe Holdings Ltd. Concurrently, AM Best affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of 'aa-' (Superior) for Renaissance Reinsurance Ltd. and its members, and the Long-Term ICR of 'a-' (Excellent) for RenaissanceRe Holdings Ltd.
The positive outlook revision recognizes that RenaissanceRe's operating performance has substantially improved in recent years, with dampened volatility as its specialty and casualty lines have earned into the portfolio. The company has produced very strong operating performance from underwriting and fee generation, despite elevated global catastrophe activity.
AM Best also noted that investment returns have increased significantly due to RenaissanceRe’s relatively short-duration, fixed-income portfolio experiencing a marked increase in yield as maturing issuances were reinvested at higher yields. This reflects a strengthening financial profile and effective risk management strategies.
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