AM Best has affirmed the A+ (superior) insurer financial strength rating for Everest Re's reinsurance and insurance subsidiaries.
At the same time, the ratings agency affirmed all debt ratings for the Everest Re group.
It also extended the A+ (superior) financial strength rating to the previously unrated Bermuda-based operating subsidiary, Everest International Reinsurance.
The outlook for all the ratings is stable, said AM Best.
The ratings reflect Everest Re's favourable earnings trends, strong risk-adjusted capital position, excellent financial flexibility and well-established global reinsurance franchise, said the ratings agency.
Offsetting factors in the rating were the group's elevated operating leverage position, which makes the group's capitalisation more susceptible to potential deterioration, as well as the group's large long-tailed loss reserve base.
