A.M. Best Co. has assigned a financial strength rating of A+
(Superior) and an issuer credit rating of “aa-” to Everest
Reinsurance (Ireland) Ltd. (ERIL). The outlook assigned to both
ratings is stable.
ERIL will conduct reinsurance business in Ireland and throughout the
European Union (EU) with a focus on providing property, casualty and
motor classes of business on both a direct and broker basis. The company
is capitalized with approximately EUR 200 million in common equity and
is ultimately owned by Everest Re Group Ltd. (Everest) (Bermuda)
(NYSE: RE).
The assigned ratings reflect ERIL’s solid capitalization, reasonable
business plan and continuation of a sound business strategy. Everest has
been producing European business for decades through its representative
offices in London and Brussels. ERIL will provide a European platform
for established European business along with access to other EU members.
In addition to sharing infrastructure and control systems ERIL also is
protected by a guaranty agreement issued by lead operating company, Everest
Reinsurance (Bermuda) Ltd. (Hamilton, Bermuda). This agreement
unconditionally guarantees payment of any undisputed ERIL obligations
and is further enhanced by a contractual commitment to maintain a
minimum surplus level for ERIL.
For Best’s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including
any additional methodologies and factors that may have been considered,
can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts:
Peter Dickey,
908-439-2200, ext. 5053
peter.dickey@ambest.com
or
Robert
DeRose, 908-439-2200, ext 5453
robert.derose@ambest.com
or
Public
Relations:
James Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle
Morrow, 908-439-2200, ext. 5768
rachelle.morrow@ambest.com
