AM Best affirmed the financial strength of A+ (Superior) and the long-term issuer credit ratings of 'aa-' (Superior) of the operating subsidiaries of Everest Group Ltd and Everest Reinsurance (Bermuda) Ltd.
At the same time, the rating company affirmed the long-term ICRs of "a-" (Excellent) of Everest Group Ltd and Everest Reinsurance Holdings Inc. of Delaware. This is in addition to the affirmed long-term issuer credit ratings of Everest Reinsurance Holdings Inc.
The ratings are based on Everest's strong balance sheet, rated highly by AM Best, along with its satisfactory operational performance, highly favorable business profile, and suitable 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," said AM Best.
"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 also been affirmed for the following reinsurance and insurance subsidiaries of Everest Group 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, and Everest Premier Insurance Company.
