World’s 10th largest reinsurer has seen liquidity and asset portfolio improve.

Everest Re has been upgraded to an A- from BBB+ by Standard and Poor’s after being recognised for its healthy liquidity and asset portfolio.

The upgrade applies to the counterparty credit ratings of both Everest Re Group and its parent Everest Reinsurance Holdings, both based in Bermuda.

The outlook is stable.

Everest Re is the world’s 10th largest global reinsurance group by net reinsurance premiums written.

Taoufik Gharib, an S&P credit analyst, said: “The upgrade, or the narrowing of the notching between the ratings on the holding companies and the ratings on the operating companies to two rather than three notches, stems from Everest's modest financial leverage, strong interest coverage, and substantial liquidity and marketable assets held at the holding companies.”