A.M Best Affirms Everest Re Group Ratings
Ratings agency A.M. Best Co. has affirmed the financial strength rating [FSR] of A+ [Superior] and issuer credit ratings [ICR] of “aa-” of Everest Reinsurance [Bermuda] Ltd. [Everest Re] [Bermuda] and its reinsurance and insurance affiliates.
Concurrently, A.M. Best has affirmed the ICRs of “a-” of Everest Re Group, Ltd. [Bermuda] and Everest Reinsurance Holdings Inc. [Delaware].
A.M. Best also has affirmed the debt ratings of Everest Re Group, Ltd., Everest Reinsurance Holdings Inc. and Everest Capital Trust III. The outlook for all ratings is stable.
The ratings agency said, “The ratings reflect Everest Re’s consistently superior risk-adjusted capital position, long-term track record of generating favorable earnings, experienced management team and market profile as a leading global provider of insurance and reinsurance products.
“Given its conservative financial leverage measures, Everest Re maintains strong financial flexibility with the ability to effectively manage its capital through market cycles. This is evidenced by Everest Re’s 10-year average combined ratio, which is below breakeven, representing underwriting profitability. Cash flows from operations also have consistently been strong. Everest Re’s balance sheet is supported by its conservative investment strategy with the current investment portfolio held at a shorter duration and equities at less than 10% of total investments.”
