AM Best Reviews Everest Mexico Ratings After Fairfax Sale Deal

Business Wire··MXUSCA·Read original
2▲0 ▼1Impact / 5
Summary · why it matters

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 of "aaa.MX" (Exceptional) of Compañía de Seguros Generales Everest Mexico, S.A. de C.V. The action follows the announcement that Everest Group, Ltd. has agreed to sell Everest Mexico to Fairfax Financial Holdings Limited. This transaction follows Everest's recent 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.

Impact on assets 1

Climate Adaptation & Water▼ · 1 stocks
Everest Group Ltd
EG
▼ NegativeCapitalrelevance

Selling Everest Mexico as part of exit from retail insurance may reduce scale and earnings.

Off-coverage companies 2

Everest MexicoPrivate▼ Negative
Capitalrelevance

Ratings placed under review with negative implications due to ownership change.

Fairfax Financial Holdings LimitedPrivate▲ Positive
Capitalrelevance

Acquiring Everest Mexico expands Fairfax's insurance operations.

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