The financial strength rating of A+ (Superior) and the long-term issuer credit ratings of “aa-” of the operating subsidiaries of Everest Re Group has been affirmed by A.M. Best.
This includes Everest Reinsurance (Bermuda), Everest Reinsurance Company and Everest International Reinsurance.
A.M. Best concurrently affirmed the long-term issuer credit ratings of “a-” of Everest Re Group and Everest Reinsurance Holdings. It also affirmed the long-term issuer credit ratings of Everest Reinsurance Holdings.
The outlook of these ratings is stable.
According to A.M. Best, the ratings reflect Everest’s balance sheet strength, which A.M. Best categorises as strongest, as well as its adequate operating performance, very favourable business profile and appropriate enterprise risk management for the group’s risk profile.
Everest maintains a very favourable business profile as a leading non-life reinsurer and ranks in the top 10 of A.M. Best’s top 50 global reinsurance groups, with particular expertise in writing property-catastrophe cover.
A.M. Best said Everest has posted operating performance metrics that “consistently outperform its peer group despite its elevated risk profile”.
“Despite adverse development experienced in the first half of 2018, Everest’s results were within AM Best’s expectations given the relatively high level of catastrophic activity in 2017 and 2018.”
A.M. Best explained that this was attributable, at least partially, to the well-established risk management infrastructure that is embedded across the organisation.
