AM Best has placed under review with negative implications the Financial Strength Rating of A+ (Superior), the Long-Term Issuer Credit Rating of “aa-” (Superior) and the National Scale Rating (NSR) of “aaa.MX” (Exceptional) of Compañía de Seguros Generales Everest Mexico, S.A. de C.V. (Everest Mexico) (Mexico City, Mexico).
Everest Mexico’s Credit Ratings (ratings) have been placed under review with negative implications following the announcement that Everest Group, Ltd. (Everest) has agreed to sell Everest Mexico to Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH and FFH.U.]. This most recent transaction follows Everest’s recent announcements of agreements to sell its Colombia and Canada insurance operations as part of its planned exit from its remaining commercial retail insurance businesses.
Everest Mexico’s ratings will remain under review with negative implications pending customary approvals, closing conditions and AM Best’s evaluation of the organization’s integration and future business plans.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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