Everest Re Group Ltd.'s reinsurance subsidiaries have been affirmed the financial strength rating (FSR) of A+ (superior) and issuer credit ratings (ICR) of "aa-" by AM Best Co.

Concurrently, Best has affirmed the ICRs of "a-" of Everest Re and Everest Reinsurance Holdings, Inc. (Delaware).

The ratings agency also has affirmed the debt ratings of "a-" on senior unsecured debt, "bbb+" on subordinated debt and "bbb" on junior subordinated notes and preferred stock of Everest Re. The outlook for all ratings is stable.

Everest Re's ratings reflect its very strong risk-adjusted capitalisation, strong long-term operating performance and excellent market profile as a leading global reinsurance franchise. Additionally, Everest Re's success factors include diversification with regard to product lines, geography and distribution.

The group also benefits from a strong and stable management team and has demonstrated success with regard to allocating capital to profitable business lines throughout phases of the reinsurance pricing cycle.

Best believes that Everest Re maintains strong traditional risk management capabilities and continues to build an effective enterprise risk management framework to identify, measure and monitor existing and emerging risks across its respective businesses and allocate capital accordingly.

Partly offsetting these positive rating factors are Everest Re's exposure to large catastrophe losses as well as the cyclical changes occurring in the current market environment, which has increased competitive pressures and resulted in declining rates.