Everest Re loses AA- rating as back years 'plague' results
Ratings agency Standard & Poor's (S&P) has downgraded the insurer financial strength (IFS) rating of Bermudian reinsurer Everest Re to A+ from AA-.
S&P said the downgrade stems from Everest's "inability to exploit its competitive position to generate sustainable, strong underwriting and operating results commensurate with the former rating".
The agency also cited Everest's continuous adverse reserve developments, which it said had "plagued" earnings, as well as slow implementation of a more robust enterprise risk management (ERM) programme.
While S&a...
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