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Result was an improvement on the loss of $152.8m recorded by the Bermudian-based company in the prior-year quarter

Financial services regulator says the company is not licensed or registered to conduct any activity in Bermuda

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 ratings agency says the NAIC and BMA have enhanced regulatory reforms to better assess reinsurers’ risk