"PartnerRe's balance sheet strength and risk-adjusted capitalization are considered to be at the strongest level. The group's quality of capital is considered in line with peers but has a superior history of favorable prior year reserve development. Under EXOR N.V. ownership, A.M. Best believes that PartnerRe's financial flexibility remains more than sufficient, as it still has access to the capital markets on a stand-alone basis, as well as potentially through EXOR N.V., which is a publicly traded company in Italy.