AM Best Affirms Credit Ratings of Everest Group, Ltd. and Its Subsidiaries
- July 19, 2024 11:58 AM (EDT)
//BestWire// - 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.