A.M. Best Assigns Indicative Ratings to Reinsurance Group of America Incorporated's New Shelf Registration

A.M. Best has assigned indicative ratings of “a-” for senior unsecured debt, “bbb+” for subordinated debt and “bbb” to the preferred shares of the recently filed shelf registration of Reinsurance Group of America Incorporated (RGA) (St. Louis, MO) [NYSE:RGA]. This assignment also includes indicative ratings of “bbb” for preferred securities for RGA Capital Trust III and RGA Capital Trust IV. The outlook for all ratings is stable.

The new shelf registration replaces RGA’s previous shelf which expires on Aug. 5, 2014. Concurrently, A.M. Best has withdrawn the ratings for the previous shelf registration. All remaining debt ratings and ratings of RGA and its subsidiaries remain unchanged.

As of June 30, 2014, RGA’s debt-to-capital and interest coverage ratios remain within A.M. Best's guidelines for its current rating level. The ratings continue to recognize RGA’s strong franchise in the global reinsurance market and continued growth and diversification benefits it derives from its international market segments.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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