A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Everest Reinsurance (Bermuda) Ltd. (Bermuda) and its reinsurance and insurance affiliates (collectively Everest Re). Concurrently,
A.M. Best has affirmed the Long-Term ICRs of “a-” of Everest Re Group, Ltd. (Bermuda) [NYSE: RE] and Everest Reinsurance Holdings, Inc. (Delaware). Additionally, A.M. Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of Everest Re Group, Ltd., Everest Reinsurance Holdings, Inc. and Everest Re Capital Trust III. The outlook of all these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)
The ratings reflect Everest Re’s superior risk-adjusted capitalization, financial flexibility and operating performance, as well as the group’s market profile as a leading reinsurer. Additionally, Everest Re also benefits from a strong enterprise risk management (ERM) framework and diversified book of business.
Everest Re maintains favorable financial leverage and coverage metrics, which along with its ability to raise and manage third-party capital gives the group the capability to navigate the current challenging market environment. Everest Re manages the Mt. Logan Re sidecar and Kilimanjaro Re cat bonds, which has allowed the group to provide additional market capacity and generate fee income while still maintaining a risk profile in line with its risk-adjusted capitalization. A.M. Best believes that Everest Re maintains ERM capabilities and has established a risk management framework that effectively identifies, measures and monitors existing and emerging risks across its respective businesses and enables the efficient allocation of capital.
Ford Everest for Sale in Millicent SA See specs, colours, review details and prices. Ford Everest book a test drive at Mac Ford today. Champion jockey James McDonald is not one to make outlandish statements about horses so when he says one could be an Everest prospect — take note. On Saturday, McDonald has another strong hand for the feature Rosehill meeting that is headlined by three Group 2 races — the Theo Marks Stakes, Run To The Rose Stakes and Sheraco Stakes.
Everest Re has produced relatively strong overall earnings driven by favorable underwriting results.
Mac For Everest Map
Underwriting results in recent years have reflected Everest Re’s low-cost operating structure and relatively benign catastrophe activity. Due to its diversified product offering and geographic spread, A.M. Best believes Everest Re is well-positioned within its business sector to continue to perform in line with its peer group despite the current competitive reinsurance market environment.
Offsetting these positive rating factors is the organization’s exposure to large catastrophe losses. As part of its catastrophe management process, Everest Re utilizes catastrophe modeling and establishes risk limits to control catastrophic exposures on a probable maximum loss and aggregate basis, although catastrophe losses could significantly impact earnings in any given year.
Rating factors that could lead to a positive outlook or rating upgrade include the continuation of long- term, consistently strong operating profitability relative to peers and maintaining strong risk-adjusted capital levels. Rating factors that could lead to negative rating actions include deteriorating trends in operating profitability, outsized catastrophe or investment losses relative to peers or A.M. Best’s expectations, significant adverse loss reserve development or a material decline in risk-adjusted capital.
The FSR of A+ (Superior) and Long-Term ICRs of “aa-” have been affirmed for Everest Reinsurance (Bermuda) Ltd. and its following reinsurance and insurance subsidiaries:
- Everest International Reinsurance,
- Everest Reinsurance Company (Ireland), Designated Activity Company
- Everest National Insurance Company
- Everest Indemnity Insurance Company
- Everest Security Insurance Company
- Everest Insurance Company of Canada
- Everest International Assurance
The following Long-Term IRs have been affirmed:
- “a-” on $400 million 4.868% fixed senior unsecured notes, due 2044
- “bbb” on $400 million 6.6% fixed-to-floating long-term junior subordinated notes, due 2067 The following indicative Long-Term IRs have been affirmed under the shelf registration:
- “a-” on senior unsecured debt
- “bbb+” on subordinated debt
- “bbb” on preferred stock
- “a-” on senior unsecured debt
- “bbb+” on subordinated debt
Everest Re Capital Trust III—(guaranteed by Everest Reinsurance Holdings, Inc.)
- “bbb+” on trust preferred securities
Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
Champion jockey James McDonald is not one to make outlandish statements about horses so when he says one could be an Everest prospect — take note.
On Saturday, McDonald has another strong hand for the feature Rosehill meeting that is headlined by three Group 2 races — the Theo Marks Stakes, Run To The Rose Stakes and Sheraco Stakes.
The return of Golden Slipper winner Farnan and Queenslander Rothfire in the Run To The Rose will spark The Everest interest but Sydney’s leading jockey also believes the Sheraco Stakes could prove a pointer to the $15 million race.
The world’s richest sprint will be run at Randwick on October 17 and eight of the 12 places remain up for grabs with less than six weeks until the weight-for-age contest.
McDonald is locked in to ride the $3 favourite in The Everest, while Group 3 Concorde Stakes winner Gytrash (Inglis), Classique Legend (Bon Ho) and Rothfire (miRunners) have also been confirmed as runners while Farnan is in the box seat to claim the slot of his part owner Aquis Farm.
One Sheraco Stakes runner that has been spruiked as a candidate for one of the remaining spots in The Everest is Joe Pride’s Fasika but according to McDonald, she’s not the only mare in Saturday contest capable of mixing it with Australia’s best sprinters.
James McDonald will ride Haut Brion Her at Rosehill on Saturday. Picture: AAP
Mac For Everest Trailer
“They are talking Fasika as a possible Everest horse so let me put it this way, Haut Brion Her will be worthy competition to that mare in the Sheraco,” McDonald said.
“I love this mare, she is absolutely flying.
“If she comes out and blows them away first-up she might be an Everest horse, that’s the feel she’s been giving me.
“I think she will show she’s a very good sprinter this preparation.”
Punters wasted no time coming for Haut Brion Her in TAB.com.au’s pre final field market for the Sheraco Stakes.
The daughter of Zoustar firmed from $11 into $6 on Monday while Fasika’s quote trimmed from $3 to $2.40 and Toy Show Quality winner Sweet Idea eased from $4 out to $6.
TAB has Haut Brion Her listed as a $101 chance for The Everest and her trainer Chris Waller is yet to announce the runner for the Chris Waller racing slot.
MORE RACING