Moody's affirms Everest Re

Moody's Investors Service said it affirmed Everest Re Group, Ltd.'s A3 senior debt and Everest Reinsurance Holdings, Inc.'s Baa1 junior subordinated hybrid securities (tender offer outstanding).

Ratings reflect the company's strong competitive position in the broker reinsurance markets, according to the agency.

"Everest's operating returns on revenue have historically exceeded many of its peers," Kevin Lee, a senior credit officer at Moody's, said in a statement.

The agency noted that the group's financial flexibility remains very good.

The company's strengths are tempered by uncertainty around asbestos reserves, which are difficult to estimate, and exposure to natural and man-made catastrophes, the agency said.

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