The rating agency kept SCOR SE's Financial Strength Rating at A (Excellent) and its Long-Term Issuer Credit Ratings at "a+" (Excellent) for the France-based reinsurer and its main subsidiaries. AM Best also maintained its Long-Term Issue Credit Ratings for debt instruments issued or guaranteed by SCOR.
The affirmations reflect SCOR's very strong balance sheet strength, adequate operating performance, favorable business profile and enterprise risk management capabilities, the rating agency said.
SCOR's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio, is expected to remain at the strongest level going forward. However, AM Best noted the company's reliance on soft capital components, which include hybrid debt, partial credit for life contractual service margin and risk-adjustment, as well as a contingent capital facility.
The reinsurer's financial performance showed marked improvement in 2025, with consolidated net income reaching EUR 631 million for the first nine months. That represented a strong recovery from 2024, when results took a hit from a reserving assumption review for life and health activities.
SCOR's property/casualty operations have delivered positive results, benefiting from solid underwriting and natural catastrophe losses that came in below budgeted levels.
The company has bolstered its defenses with a conservative investment portfolio and a retrocession program that includes whole account stop loss protection for the 2025-2027 period.
In a separate action, AM Best affirmed PartnerRe Ltd.'s operating subsidiaries at A+ (Superior) for Financial Strength Rating and "aa-" (Superior) for Long-Term Issuer Credit Ratings. The Bermuda-based company's holding company received an affirmed Long-Term Issuer Credit Rating of "a-" (Excellent).
PartnerRe's ratings are anchored by what AM Best characterized as strongest balance sheet strength, along with adequate operating performance and a favorable business profile. The reinsurer's risk-adjusted capitalization has consistently supported its overall financial position.
The company has faced headwinds from U.S. casualty business, booking reserve strengthening in each of the past two calendar years in line with broader industry trends. But strong performance across its other operations has offset much of that adverse development, keeping underwriting results solid across both non-life and life/health segments.
PartnerRe has also benefited from strong investment returns, which have driven shareholder equity growth over the past three years even as the company made significant dividend payments to its parent during that period.
