AM Best has affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit ratings of “aa-” (Superior) of the operating subsidiaries of Bermudian-based Everest Group Ltd, including Everest Reinsurance (Bermuda) Ltd.

Concurrently, AM Best has affirmed the long-term ICRs of “a-” (Excellent) of Everest Group Ltd and Everest Reinsurance Holdings Inc of Delaware.

Additionally, AM Best has affirmed the long-term issue credit ratings of Everest Reinsurance Holdings Inc.

The outlook of these credit ratings is stable.

The ratings reflect Everest’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favourable business profile and appropriate enterprise risk management for the group’s risk profile.

AM Best said: "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 favourable items were partially mitigated by adverse reserve development in Everest’s casualty business, which was offset by favourable 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.