Everest Re Group Ltd.'s financial strength rating (FSR) of A+ (superior) and the issuer credit ratings (ICR) of aa- of its reinsurance and insurance subsidiaries have remained unchanged by rating agency AM Best following the findings on the company's asbestos loss reserve review.

Additionally, the ICRs of a- of Everest Re and Everest Reinsurance Holdings Inc. (Delaware) are unchanged, as well as the ratings and outlook on all outstanding debt issuances.

At the conclusion of the study, Everest Re announced a net pre-tax charge of $311 million related to asbestos loss reserve strengthening. However, this figure falls within the anticipated range already incorporated within AM Best's risk-adjusted capitalisation model for Everest Re.

Although this charge will have a meaningful impact on fourth quarter 2007 earnings, Everest Re expects to turn an operating profit for that quarter, building on the operating income of $713.7 million through nine months 2007 results.

AM Best believes that this reserving action removes a degree of uncertainty regarding Everest Re's loss reserve adequacy and future earnings drag of asbestos charges.