AM Best Assigns Issue Credit Rating to Everest Reinsurance Holdings, Inc.’s Senior Unsecured Notes

Rhea-AI Summary

AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $1 billion, 3.50%, 30-year senior unsecured notes of Everest Reinsurance Holdings, due October 15, 2050. The outlook for this rating is stable, indicating solid financial health. Proceeds from the notes will be used for general corporate purposes. Everest's financial leverage remains within AM Best's guidelines, with strong coverage ratios anticipated to support the current ratings.

Positive

• Long-Term Issue Credit Rating of “a-” assigned by AM Best.
• The outlook for the rating is stable.
• Financial leverage remains within AM Best's guidelines.

Negative

• None.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $1 billion, 3.50%, 30-year senior unsecured notes, due Oct.15, 2050, recently announced by Everest Reinsurance Holdings, Inc., a subsidiary of Everest Re Group Ltd. (Everest) (Bermuda) [NYSE: RE]. The outlook assigned to this Credit Rating (rating) is stable.

The proceeds from the sale of the notes will be used for general corporate purposes. Everest’s financial leverage remains well within AM Best’s guidelines to support its ratings. AM Best anticipates that Everest’s coverage ratios will remain strong and well supportive of the current ratings.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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