The affirmation reflects Everest's high quality balance sheet, strong competitive position and franchise, diversified underwriting portfolio in primary insurance and reinsurance markets and good long-term track record of earnings and capital generation. Offsetting factors include the potential for earnings volatility from exposure to low-frequency, high-severity loss events, potential adverse reserve development in casualty reserves and the continuing challenging reinsurance market conditions.
Fitch has affirmed and withdrawn the following ratings with a Stable Outlook:
--Long-term Issuer Default Rating (IDR) at 'A+';
--5.4% senior notes due 2014 at 'A';
--6.6% junior subordinated debenture due 2067 at 'BBB+'.
Everest Reinsurance (
--IFS at 'AA-'.
Additional information is available at 'www.fitchratings.com'.
--'Insurance Rating Methodology' (
Insurance Rating Methodology
Source: Fitch Ratings
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