AM Best Reaffirms Credit Ratings for Everest Group, Ltd. and Its Subsidiaries

AM Best has reaffirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (ICR) of “aa-” (Superior) for the operating subsidiaries of Everest Group, Ltd. (Bermuda), collectively known as Everest. Additionally, the Long-Term ICRs of “a-” (Excellent) for Everest Group, Ltd. and Everest Reinsurance Holdings, Inc. (Delaware) have also been affirmed. The outlook for these ratings is stable.

These affirmations reflect Everest’s strongest balance sheet strength, adequate operating performance, very favorable business profile, and effective enterprise risk management aligned with the group’s risk profile.

The ratings follow a successful year for Everest, which achieved solid underwriting results amidst a strengthened reinsurance market. The group enhanced its capital position by issuing new equity shares early in 2023, supporting growth across various business lines. Despite some adverse reserve developments in Everest’s casualty business, these were offset by favorable reserve developments in its property lines.

The following subsidiaries of Everest Group, Ltd. have been affirmed with an FSR of A+ (Superior) and a Long-Term ICR of “aa-” (Superior):

  • 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 Issue Credit Ratings (IR) for Everest Reinsurance Holdings, Inc. have been reaffirmed:

  • “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

For more detailed information on the ratings and disclosures, please visit AM Best’s Recent Rating Activity web page. AM Best is a global credit rating agency specializing in the insurance industry, with operations in over 100 countries. For further details, visit www.ambest.com.

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