A.M. Best Assigns Ratings to Everest Reinsurance (Ireland) Ltd.

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.