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FOR IMMEDIATE RELEASE
OLDWICK - MAY 03, 2017 02:10 PM (EDT)
A.M. Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” to Everest Denali Insurance Company (Everest Denali) and Everest Premier Insurance Company (Everest Premier). The outlook assigned to these Credit Ratings (ratings) is stable. Both companies are domiciled in Delaware.
Everest Denali and Everest Premier will provide admitted capacity and rate flexibility alongside Everest National Insurance Company as part of Everest Re Group, Ltd.’s (Everest Re) primary insurance segment. The companies largely will target workers’ compensation, general liability and property coverage, but also will have to ability to write primary business across the group’s wider product offerings. Both Everest Denali and Everest Premier are rated as part of the larger Everest Re group, and are now part of its inter-company pooling agreement that exists between the U.S. operating subsidiaries. (Click here for details on the rating of Everest Re and its subsidiaries.)
Rating factors that could lead to a positive outlook or rating upgrade on the group include the continuation of long-term, consistently strong operating profitability relative to peers and maintaining strong risk-adjusted capital. Rating factors that could lead 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 capitalization.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit 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.