Everest Insurance Company of Canada Credit Ratings Under Review With Negative Implications Following Sale to Wawanesa Mutual Insurance Company

AM Best has placed the Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Rating of "aa-" (Superior) of Everest Insurance Company of Canada under review with negative implications due to its impending sale to The Wawanesa Mutual Insurance Company. The sale is expected to impact Everest Canada's strategic role within the Everest group and its credit profile. AM Best will reevaluate the ratings upon closing or termination of the sale agreement.