A.M. Best Places AFC Re Under Review Due to Everest Re Acquisition.

Business Editors

OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 22, 2000

A.M. Best Co. has placed the B++ (Very Good) financial strength rating of AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. Re Limited, Bermuda, under review with developing implications.

This rating action follows today's announcement by the Everest Re Group that its subsidiary, Everest Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. (Bermuda) Ltd., has acquired AFC Re Limited for approximately $17 million. AFC Re's operations compliment Not to be confused with Complement.
Compliment may be

An expression of praise, congratulation or encouragement.
A misspelling for complement, meaning something which makes the original object complete.

Everest Re's existing reinsurance expertise and provide it with additional life and annuity annuity: see insurance.

annuity

Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. reinsurance capabilities. The acquisition will also add approximately $253 million of assets and $236 million of liabilities--comprised predominantly pre·dom·i·nant
adj.
1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant.

2. of annuity benefits--to Everest Re's balance sheet.

The ratings of AFC Re will remain under review pending discussions with management on the continuing business strategy for this operation within the Everest Re Group. The financial strength and debt ratings on Everest Re and its insurance affiliates are unaffected by this transaction.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.

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Publication:	Business Wire
Date:	Dec 22, 2000
Words:	178
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