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Bermudian-based company is the third-party capital management platform of Everest Group Ltd

The credit ratings agency says insurance group maintains the strongest level of risk-adjusted capitalisation

Agency says it anticipates the group’s operating performance will continue to improve as its business plan is executed

The operating return on average equity was 19.4 per cent and the adjusted combined ratio was 86.8 per cent

The company says seller CM Bermuda no longer has ownership interest in the global specialty insurer and reinsurer

Industry veteran has more than 25 years of extensive accounting and financial experience

Gross written premiums were $440 million and the present value of new business production was $402 million

The net proceeds from the offering will be used for general corporate purposes

The result came as Bermudian-headquartered Hiscox Group announced a record profit before tax of $685.4 million

The deal involves $3.4 billion of individual long-term care statutory reserves