AM Best Affirms Credit Ratings of Everest Group, Ltd. and Its Subsidiaries
20 July 2024 - 2:49AM
Business Wire
AM Best has affirmed the Financial Strength Rating (FSR)
of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term
ICR) of “aa-” (Superior) of the operating subsidiaries of Everest
Group, Ltd. (Bermuda) (collectively referred to as Everest).
Concurrently, AM Best has affirmed the Long-Term ICRs of “a-”
(Excellent) of Everest Group, Ltd. and Everest Reinsurance
Holdings, Inc. (Delaware). Additionally, AM Best has affirmed the
Long-Term Issue Credit Ratings (Long-Term IR) of Everest
Reinsurance Holdings, Inc. The outlook of these Credit Ratings
(ratings) is stable. (See below for a detailed listing of the
companies and ratings.)
The ratings reflect Everest’s balance sheet strength, which AM
Best assesses as strongest, as well as its adequate operating
performance, very favorable business profile and appropriate
enterprise risk management for the group’s risk profile.
The rating affirmations follow a strong year for Everest, which
reported solid underwriting results on the back of a hardened
reinsurance market. The group was able to issue new equity shares
at the onset of 2023 to bolster capital and support growth in
various business lines. These favorable items were partially
mitigated by adverse reserve development in Everest’s casualty
business, which was offset by favorable reserve development
primarily in its property lines of business.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-”
(Superior) have been affirmed for the following reinsurance and
insurance subsidiaries of Everest Group, Ltd.:
- Everest Reinsurance (Bermuda), Ltd.
- Everest Reinsurance Company
- Everest International Reinsurance, Ltd.
- Everest Reinsurance Company (Ireland), Designated Activity
Company
- Everest Insurance (Ireland) Designated Activity Company
- Everest National Insurance Company
- Everest Indemnity Insurance Company
- Everest Security Insurance Company
- Everest Insurance Company of Canada
- Everest International Assurance Ltd.
- Everest Denali Insurance Company
- Everest Premier Insurance Company
The following Long-Term IRs have been affirmed:
Everest Reinsurance Holdings, Inc.— -- “a-” (Excellent) on $400
million 4.868% fixed senior unsecured notes, due 2044 -- “bbb”
(Good) on $400 million 6.6% fixed-to-floating long-term junior
subordinated notes, due 2067 -- “a-” (Excellent) on $1 billion 3.5%
senior unsecured notes, due 2050
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Dan Hofmeister, CFA, FRM, CAIA Associate Director
+1 908 882 1893 dan.hofmeister@ambest.com Carlos
Wong-Fupuy Senior Director +1 908 882 2438
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Relations Specialist +1 908 882 2318
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