S&P: Everest Re outlook stable

Standard & Poor's said it revised the outlook on Everest Re Group Ltd. and its operating subsidiaries Everest Reinsurance Co., Everest National Insurance Co. and Everest Reinsurance (Bermuda) Ltd. and on Everest Reinsurance Holdings Inc. to stable from negative.

S&P affirmed the A- counterparty credit ratings on Everest Re Group Ltd. and Everest Reinsurance Holdings Inc. and the AA- counterparty credit ratings on the operating subsidiaries.

The outlook revision reflects Everest's strong operating performance in 2006 and 2007, the agency said.

Ratings are based on Everest's competitive position, operating performance, capital adequacy and financial flexibility, the agency said.

Lower-than-expected operating performance in 2001 through 2005 and the potential volatility created by Everest's low reinsurance use and opportunistic cycle-management business strategy partially mitigate these positive factors, according to S&P.

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