OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Everest Insurance Company of Canada (Everest Canada) (Ontario, Canada). Everest Canada is a wholly owned subsidiary of Everest Group, Ltd., the ultimate holding company of the Everest group.
The Credit Ratings (ratings) have been placed under review with negative implications following the announcement on March 23, 2026, that Everest group has entered into a definitive agreement to sell 100% of Everest Canada stock to The Wawanesa Mutual Insurance Company. The transaction remains subject to regulatory approvals and closing conditions.
The under review with negative implications status reflects the expectation that Everest Canada will no longer benefit from its strategic role within the Everest group, which carries a stronger credit profile than that of the acquiring entity. In addition to the sale, Everest group has agreed to provide a loss portfolio transfer upon the closing of the sale to assume all the policy liabilities issued. Everest Canada will continue to administer those policies as they settle. The sale is not anticipated to have any material change to Everest group’s credit profile, as it had previously announced its shift away from the retail commercial segment and this sale is in line with prior expectations. However, the current rating assessments of Everest Canada reflect the greater Everest group, and not that of a stand-alone organization. These assessments will be reevaluated by AM Best upon closing or termination of the sale agreement.
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 specialising 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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