Fitch Ratings has affirmed all ratings related to Bermuda-based Everest Re Group, Ltd., including the ?AA-? Insurer Financial Strength rating of its insurance subsidiaries. The outlook is stable.

The ratings continue to be based on Everest Re?s ?strong franchise and competitive position in chosen markets, diversified underwriting portfolio in primary insurance and reinsurance markets, and favourable operating performance and good capital position,? said Fitch.

The company should also see profitable growth in the current competitive environment as a result of its strong balance sheet, demonstrated financial flexibility, and diverse geographic and business portfolio.

While Everest Group?s 2005 losses were higher than expected, the company has taken steps to reduce its catastrophe exposure and improve profitability. Fitch expects a certain amount of earnings volatility inherent in Everest?s business profile, but future large losses of similar magnitude to 2005 would be considered outside the norm.

The ratings agency also noted that after several years of strong premium growth, Everest Group?s growth has moderated. While gross premium volume was up modestly in the first quarter of 2006 it declined 15 percent in 2005, primarily reflecting reduced premiums from its credit business and California workers? compensation business as a result of the 2004 termination of the company?s largest agency relationship.