Everest Group Ltd. Overview
Everest is one of the world's largest independent property and casualty reinsurers. It is a lead-market treaty franchise with about USD 12.8bn of FY2025 reinsurance gross written premium (GWP), combined with a deliberately shrunken specialty insurance arm. Between October 2025 and October 2026 management completed a decisive strategic reset:
-
It sold the renewal rights of its about USD 2bn global retail commercial insurance book to AIG.
-
It ring-fenced pre-2025 North American insurance reserves with a USD 1.2bn adverse development cover.
-
It divested Everest Insurance Company of Canada to Wawanesa.
-
It re-segmented into "Core" businesses (Reinsurance Treaty and Global Wholesale & Specialty) plus a run-off Legacy segment.
The result is a simpler, higher-return, more capital-light underwriter. Its earnings are driven by treaty underwriting margins, which produced a Core combined ratio of 89.7% in H1 2026, and by a USD 44.9bn investment portfolio generating more than USD 2bn of annual net investment income. Surplus capital is now being returned aggressively through buybacks. The stock trades at about book value and below 7x forward earnings. That valuation reflects lingering reserve credibility discounts after two large casualty charges in 2024–2025, and the onset of a softer reinsurance pricing cycle.
What the company does. Everest underwrites risk on two levels:
Reinsurance: It assumes portions of the risks written by other insurers ("cedants"). This is done through treaties covering whole portfolios, on either a proportional (pro-rata) or excess-of-loss (XOL) basis.
Primary insurance: It writes specialty and wholesale (excess & surplus) primary insurance directly for commercial buyers through wholesale brokers, Lloyd's, and specialist channels.
Company self-description. In its 2026 releases, Everest describes itself as a global underwriting leader offering top-tier property, casualty and specialty reinsurance and insurance solutions to customers' most pressing challenges. It frames its 50-year franchise around disciplined underwriting, capital and risk management, delivered through its global operating affiliates (company boilerplate, Q2 2026 release).
Business model and revenue model. Revenue is overwhelmingly premium-based (insurance risk transfer), supplemented by investment income on float and capital. There is no product-sales, subscription or licensing revenue in the conventional sense. Third-party capital management (Mt. Logan Capital Management) generates fee and profit-commission income, but it is not separately disclosed and is immaterial at group level.
Value-chain position. Everest sits upstream of primary insurers in the risk-transfer chain. It supplies capital and capacity to cedants and, in turn, buys retrocession and other protection (for example its Kilimanjaro Re catastrophe bonds and the 2025 ADC) to manage net exposure. In wholesale and specialty insurance, it is a risk-bearing carrier rather than a distributor, accessed via wholesale brokers, Lloyd's, and MGAs or program administrators.
Customer types and end-markets.
Reinsurance: primary insurers, mutuals, Lloyd's syndicates, government-backed schemes (for example mortgage and crop), and other reinsurers. Business is accessed predominantly through global reinsurance brokers and partly direct.
Global Wholesale & Specialty: commercial insureds in excess & surplus lines, professional liability, accident and health, marine, energy, aviation, construction, cyber and other specialty classes. Business is accessed through wholesale brokers, the London market and global facultative channels.
End-market economics: demand is driven by:
-
insured-value growth and inflation;
-
catastrophe-model changes and climate-loss trends;
-
insurer capital management;
-
regulatory capital regimes (Solvency II, NAIC RBC, BSCR);
-
US social-inflation dynamics in casualty.
Independent characterization. After the 2025–2026 restructuring, Everest is best understood as a reinsurance-dominated "two-engine" underwriter:
-
Reinsurance Treaty provided about 73% of H1 2026 group GWP and about 100% of H1 2026 group underwriting income.
-
Global Wholesale & Specialty is a mid-sized, still-margin-repairing E&S and specialty platform, with a 96.0% combined ratio in H1 2026.
-
A run-off Legacy segment is shrinking at an accelerating pace.
Economically, the investment portfolio contributes nearly as much pre-tax income as underwriting:
This mix makes the earnings stream more stable than a pure property-catastrophe writer's, but more rate-sensitive.
Strategy
Stated strategy themes (paraphrased from 2025–2026 releases, 2026 Proxy, Q1 and Q2 2026 calls)
-
Simplify and focus on Core. Concentrate capital and talent on the lead-market Reinsurance Treaty franchise and on Global Wholesale & Specialty, where management believes Everest has genuine competitive advantage. Exit commercial retail entirely (AIG renewal rights, Canada sale).
-
Underwriting discipline over volume. Accept top-line contraction (Q1 2026 GWP -18.5% comparable) to improve margins. Cut casualty XOL and pro-rata treaty and workers' compensation; grow specialty, professional lines and property pro-rata.
-
De-risk the balance sheet. The USD 1.2bn ADC attaches above strengthened reserves for 2024 and prior North American insurance liabilities, after reserve strengthening in Q4 2024 and Q3 2025.
-
Capital efficiency and return. Release capital from the retail exit over time. Williamson stated in the Q2 2026 release that buybacks "remain a top priority." H1 2026 repurchases were USD 725m (Q1 USD 331m; Q2 USD 395m).
-
Leadership and governance renewal. New CEO (2025) and CFO (2026). New heads of Reinsurance, GW&S, Legacy, HR and Claims. Independent Chair and four new directors.
-
Operating leverage in GW&S. The Q1 2026 call described sharpening underwriting, driving operating leverage and concentrating on specialty and wholesale. The Q2 2026 expense ratio of 33.2% shows the work outstanding.
Initiative register (last 24 months)
| Date | Initiative | Type | Targets / status |
|---|---|---|---|
| Oct 2024 | Sale of EverSports & Entertainment MGU assets to Ryan Specialty | Portfolio pruning | Completed (closing date NV) |
| Q4 2024–2025 | One-renewal North American casualty insurance remediation | Underwriting remediation | Completed in 2025 (2026 Proxy) |
| 2,025 | 2025 Employee Stock Purchase Plan (500,000 shares available) | Human capital | Active (2026 Proxy) |
| Oct 2025 | ADC with State National / Longtail Re (USD 1.2bn gross limit) | Balance-sheet protection | Effective 1 Oct 2025. Pre-tax non-operating charge USD 250–350m over 2025–2026. |
| Oct 2025 | AIG retail renewal-rights sale (about USD 2bn GWP) | Divestiture | Purchase price USD 300m, subject to up to USD 70m downward adjustment based on renewals captured (Insurance Business). Non-EU renewals from 1 Jan 2026; EU approved later. |
| Oct 2025 | New insurance operating structure centered on GW&S | Reorganization | Implemented. New segments from Q1 2026. |
| Nov 2025–Jan 2026 | Executive appointments (Haase, Habayeb, Kujawa); Dec 2025 key leadership and GW&S appointments | Leadership | Completed |
| Mar 2026 | Sale of Everest Canada to Wawanesa | Divestiture | Closed about 30 Sep 2026 |
| Feb–May 2026 | Equity plan amendment (+812,000 shares) | Compensation | Approved at the May 2026 AGM (vote result per 8-K, May 2026) |
| Ongoing | Share repurchases | Capital return | FY2025 USD 797m; H1 2026 USD 725m. Remaining authorization NV. |
| Ongoing | Technology, AI and cyber oversight via a dedicated board committee; Head of Group Innovation role | Digital | Spend not disclosed |
Medium-term financial targets and guidance
-
No explicit numeric medium-term ROE or growth targets for the post-restructuring entity were verified in this compilation.
-
Earlier investor-day targets (pre-2025) are superseded and NV.
-
Management framing: a "more focused, more profitable, more capital-efficient Everest" (Q1 2026 call), with share repurchases prioritized.
-
Management also acknowledged the market "remains hostile" and that results must be earned renewal by renewal (Q1 2026 call).
Products & Services
Everest does not publish per-product pricing; reinsurance and specialty insurance are priced risk by risk or treaty by treaty. Product lines below are those named in company releases, the 10-K business description (as summarized by Yahoo Finance and Wealthyhood profiles), and AM Best subsidiary listings. Launch years are generally not publicly disclosed.
Reinsurance Treaty
| Product line | Description / capabilities | Target customer | Latest disclosed datapoint |
|---|---|---|---|
| Property Catastrophe XOL | Non-proportional cover protecting cedants against accumulated losses from natural catastrophes (hurricane, earthquake, wildfire, flood) above a retention | Primary P&C insurers, mutuals, regional carriers | Q2 2026 GWP -6.8% on a comparable basis (adjusted for reinstatements) |
| Property Pro-Rata | Proportional (quota-share or surplus) participation in cedants' property portfolios | Insurers seeking capital relief and capacity | Only growth line in Q2 2026: +3.4% |
| Property Non-Catastrophe XOL | Per-risk excess cover for large individual property losses | Commercial property insurers | Q2 2026 -9.2% |
| Casualty XOL | Excess cover on liability portfolios (general liability, auto liability, umbrella, professional) | Casualty writers | Deliberately cut: Q2 2026 -25.0% |
| Casualty Pro-Rata | Proportional share of casualty portfolios | Casualty writers, MGAs' carriers | Q2 2026 -22.8% |
| Mortgage reinsurance | Credit risk transfer on mortgage insurance and GSE programs | Private mortgage insurers, GSE programs | Generated profit commissions from favorable development (FY2023 about USD 94m; FY2025 about USD 34m) |
| Marine, aviation, engineering | Specialty treaty reinsurance | Specialty insurers | Volumes not separately disclosed |
| Credit & surety | Trade credit, bonds and surety reinsurance | Credit insurers, surety writers | — |
| Agriculture / crop | Crop program reinsurance | Crop insurers | — |
| Motor | Auto physical damage and liability reinsurance (proportional and XOL) | Personal and commercial auto writers | — |
| Political violence | Terrorism, war and political violence reinsurance | Specialty insurers | Iran War losses booked in Q2 2026. Russia/Ukraine war losses of USD 98m were booked in the 9M 2025 period. |
| Mt. Logan Capital Management | Third-party capital and ILS vehicle (Mt. Logan Re) that co-invests alongside Everest's reinsurance portfolio, earning fees and profit commissions | Institutional ILS investors | Managed within Jill Beggs' reinsurance remit (Jul 2025 release). AUM NV. |
Global Wholesale & Specialty
| Product line | Description | Target customer / channel | Latest disclosed datapoint |
|---|---|---|---|
| US Wholesale / E&S | Excess & surplus lines property and casualty for hard-to-place risks | Wholesale brokers. Carriers include Everest Indemnity Insurance Company. | Strategic growth focus under Jason Keen (Oct 2025 release) |
| London market / Lloyd's | Specialty classes written through the Lloyd's platform and London company market | London brokers | Part of GW&S (Q1 2026 call) |
| Global Facultative | Individual-risk reinsurance on large property and casualty exposures | Insurers needing per-risk capacity | Moved into GW&S in 2026 (Q1 2026 call) |
| Professional Liability | D&O, E&O and financial lines | Corporates, financial institutions | Q2 2026 +8.6% |
| Accident & Health | Specialty A&H covers (for example stop-loss and travel; exact sub-lines NV) | Employers, affinity groups | Q2 2026 +2.9% |
| Other Specialty | Marine, energy, aviation, construction, cyber, political risk and similar | Specialty buyers | Q2 2026 +10.1%; the fastest-growing line |
| Specialty Casualty | Excess casualty and specialty liability | Wholesale | Q2 2026 -7.2% (remediation) |
| Workers' Compensation | Statutory workers' comp | Employers | Q2 2026 -16.7% (de-emphasized) |
Legacy and divested offerings
| Offering | Status |
|---|---|
| Global retail commercial insurance (US, UK, Europe, Asia-Pacific) | Renewal rights sold to AIG (announced 27 Oct 2025). AIG began writing non-EU renewals from 1 Jan 2026, and EU renewals after regulatory approval. Existing liabilities stay with Everest and are covered by the ADC for accident years 2024 and prior. |
| Everest Insurance Company of Canada | Sold to Wawanesa (closed about 30 Sep 2026). About CAD 305m of annual commercial premium (Reinsurance News). A loss portfolio transfer back to Everest Reinsurance Company (Canadian branch) keeps pre-closing liabilities with Everest (Canadian Lawyer). |
| EverSports & Entertainment Insurance® (sports, leisure and entertainment MGU) | Certain assets sold to Ryan Specialty (agreement of 1 Oct 2024) |
Risk-transfer and capital tools used by Everest (not sold to customers)
| Tool | Purpose |
|---|---|
| Kilimanjaro Re | Everest-sponsored catastrophe bond program providing collateralized retrocession. Current outstanding amount NV. |
| 2025 ADC (State National / Longtail Re) | Two-layer USD 1.2bn gross-limit reserve protection. Expected pre-tax non-operating charge of USD 250–350m, recognized over 2025–2026 (Q3 2025 release). |
| FHLB borrowing facility | Liquidity: USD 1,019m drawn at 30 Jun 2026 (Q2 2026 balance sheet) |
Financial Narrative
Income statement
Sources and notes:
Revenue, operating income, EPS and DPS: S&P via StockAnalysis.
GWP: - FY2022–FY2023 from the Q4 2023 release table (13,952 and 16,637).
-
FY2024–FY2025 from the Q4 2025 release table (18,232 and 17,706).
-
FY2021 is derived from the reported 6.9% FY2022 growth (Reinsurance News).
Net income: company releases and the FY2025 10-K cash-flow statement.
Net operating income: - FY2021–FY2022 per Reinsurance News (Feb 2023).
-
FY2023 is the company-reported rounded "USD 2.8bn" (Q4 2023 release).
-
FY2024–FY2025 from the Q4 2025 release.
Pre-tax income: derived as the S&P pretax margin multiplied by revenue.
EPS: S&P EPS is based on net income allocated to common shareholders (98.8% allocation per the 10-K). The company's FY2025 diluted EPS sums to about USD 37.86 from quarterly figures (4.90 + 16.10 + 6.09 + 10.77).
Margins and growth
Notes:
-
FY2021 GWP growth is shown as 0 because it is NV. Please treat it as missing.
-
FY2024 GWP growth is derived from 18,232 and 16,637; the company quoted +9.1% on a comparable basis.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment (2026 Structure) Overview
| Segment (2026 structure) | Contents | Status |
|---|---|---|
Reinsurance Treaty | Global treaty reinsurance: property catastrophe XOL, property pro-rata, property non-catastrophe XOL, casualty XOL, casualty pro-rata, and specialty treaty lines | Core |
Global Wholesale & Specialty (GW&S) | London market operation, US wholesale/E&S, global facultative, and specialty groups. Classes include professional liability, accident & health, specialty casualty, other specialty and workers' compensation. | Core |
Legacy | Retail commercial insurance business in run-off following the AIG renewal-rights sale. Includes limited policies written on Everest paper post-closing, including those for the purchaser of the sports & leisure business. | Run-off |
Revenue by Segment and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Reinsurance premiums earned (USD Mn) | 9,799 | 11,412 | 11,732 |
Insurance premiums earned (USD Mn) | 3,420 | 3,579 | 3,718 |
Other premiums earned (USD Mn) | 225 | 197 | 111 |
Reinsurance combined ratio (%) | 86.4 | 89.7 | 91.7 |
Insurance combined ratio (%) | 103.0 | 130.7 | 114.6 |
Group combined ratio (%) | 90.9 | 102.3 | 98.6 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Reinsurance premiums earned YoY growth (%) | 16.5 | 2.8 |
Insurance premiums earned YoY growth (%) | 4.6 | 3.9 |
Reinsurance share of segment premiums earned (%) | 75.2 | 75.4 |
Insurance share of segment premiums earned (%) | 23.6 | 23.9 |
Segment Overview
| Segment | FY2025 GWP | Combined ratio | Underwriting income |
|---|---|---|---|
Reinsurance | About USD 12.8bn | 91.7% | USD 972m |
Insurance | USD 4.8bn | 114.6% | Loss; exact FY figure NV |
Segment Revenue
| Segment | Q3 2025 | Q4 2025 |
|---|---|---|
Reinsurance | 376 | 255 |
Insurance | -357 | -161 |
Other | -149 | -34 |
Group | -130 | 60 |
Revenue by Segment (%)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Reinsurance Treaty GWP | 5,885 | 5,394 |
GW&S GWP | 1,728 | 1,751 |
Legacy GWP | 1,459 | 229 |
Group GWP | 9,071 | 7,374 |
Reinsurance Treaty net premiums earned | 5,306 | 4,915 |
GW&S net premiums earned | 1,460 | 1,427 |
Legacy net premiums earned | 1,078 | 722 |
Reinsurance Treaty combined ratio (%) | 94.5 | 87.8 |
GW&S combined ratio (%) | 95.4 | 96.0 |
Core combined ratio (%) | 94.7 | 89.7 |
Group combined ratio (%) | 96.4 | 91.5 |
Legacy underwriting income | -77 | -58 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansSegment Overview (Half-Yearly)
| Segment | H1 2026 UW income (USD Mn) | % of H1 GWP | GWP YoY (reported) |
|---|---|---|---|
Reinsurance Treaty | 598 | 73.1 | -8.3% |
GW&S | 57 | 23.7 | +1.3% |
Legacy | -58 | 3.1 | -84.3% |
Group | 597 | 100.0 | -18.7% |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenue (USD Mn) | 11,828 | 12,161 | 14,601 | 17,160 | 17,541 |
Gross written premium (USD Mn) | 13,051 | 13,952 | 16,637 | 18,232 | 17,706 |
Operating income, S&P definition (USD Mn) | 1,577 | 790 | 2,303 | 1,522 | 2,083 |
Pre-tax income, derived (USD Mn) | 1,546 | 589 | 2,154 | 1,493 | 1,887 |
Net income (USD Mn) | 1,379 | 597 | 2,517 | 1,373 | 1,591 |
Net operating income, company non-GAAP (USD Mn) | 1,153 | 1,065 | 2,800 | 1,289 | 1,875 |
EPS, S&P basis (USD) | 34.62 | 15.18 | 60.19 | 31.78 | 37.80 |
Dividends per share (USD) | 6.20 | 6.50 | 6.80 | 7.75 | 8.00 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating margin, S&P (%) | 13.33 | 6.50 | 15.77 | 8.87 | 11.88 |
Pre-tax margin, S&P (%) | 13.07 | 4.84 | 14.75 | 8.70 | 10.76 |
Net margin, derived (%) | 11.66 | 4.91 | 17.24 | 8.00 | 9.07 |
Revenue growth (%) | 23.40 | 2.82 | 20.06 | 17.53 | 2.22 |
GWP growth, reported (%) | 0 | 6.9 | 19.2 | 9.6 | -2.9 |
Margin Analysis (%) (FY2022–FY2025)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Group combined ratio (%) | 96.0 | 90.9 | 102.3 | 98.6 |
Group attritional combined ratio (%) | 87.4 | 87.6 | 87.6 | 89.6 |
Financial Analysis
| Measure | Period | CAGR |
|---|---|---|
Revenue | FY2021–FY2025 | +10.3% |
GWP | FY2022–FY2025 | +8.3% |
Net income | FY2021–FY2025 | +3.6% |
Book value per share (S&P basis) | FY2021–FY2025 | +10.1% (258.21 to 379.88) |
Key Financials
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Net investment income (USD Mn) | 1,434 | 1,954 | 2,124 |
Net gains (losses) on investments (USD Mn) | -276 | 19 | -143 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 38,185 | 39,966 | 49,399 | 56,341 | 62,514 |
Cash (USD Mn) | 1,441 | 1,398 | 1,437 | 1,549 | 1,318 |
Total investments (USD Mn) | 28,232 | 28,473 | 35,704 | 40,020 | 44,145 |
Reserve for losses and LAE (USD Mn) | 19,009 | 22,065 | 24,604 | 29,889 | 34,312 |
Unearned premiums (USD Mn) | 4,610 | 5,147 | 6,622 | 7,324 | 7,275 |
Short-term debt / current portion (USD Mn) | 519 | 519 | 819 | 0 | 719 |
Long-term debt (USD Mn) | 2,570 | 2,565 | 2,567 | 3,587 | 2,870 |
Total debt incl. leases, S&P (USD Mn) | 3,247 | 3,231 | 3,529 | 3,713 | 3,785 |
Net debt, debt minus cash (USD Mn) | 1,806 | 1,833 | 2,092 | 2,164 | 2,467 |
Shareholders' equity (USD Mn) | 10,139 | 8,441 | 13,202 | 13,875 | 15,461 |
Book value per share, S&P (USD) | 258.21 | 215.88 | 304.19 | 322.67 | 379.88 |
Shares outstanding (M) | 39.27 | 39.1 | 43.4 | 43.0 | 40.7 |
Financial Analysis — Total assets
| Item | Amount |
|---|---|
Total assets | 62,167 |
Total investments and cash | 44,863 |
Of which: available-for-sale fixed maturities | 34,445 |
Of which: other invested assets (largely alternatives / limited partnerships) | 6,044 |
Of which: short-term investments | 2,503 |
Of which: cash | 1,117 |
Loss and LAE reserves | 34,735 |
Senior notes | 2,352 |
Long-term (junior subordinated) notes | 218 |
FHLB borrowings | 1,019 |
Shareholders' equity | 15,430 |
Treasury shares at cost | 35.8m shares; USD 5,630m |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 3,833 | 3,695 | 4,553 | 4,957 | 3,068 |
Capital expenditure (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Free cash flow, S&P (USD Mn) | 3,833 | 3,695 | 4,553 | 4,957 | 3,068 |
Dividends paid (USD Mn) | 247 | 255 | 288 | 334 | 335 |
Share repurchases, cash basis (USD Mn) | 242 | 81 | 24 | 225 | 819 |
Long-term debt issued (USD Mn) | 1,177 | 0 | 300 | 200 | 0 |
Common equity issued (USD Mn) | 0 | 0 | 1,445 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average equity (%) | 13.6 | 6.4 | 23.3 | 10.1 | 10.8 |
ROA, net income / year-end assets (%) | 3.61 | 1.49 | 5.10 | 2.44 | 2.55 |
ROIC, approximate (%) | 10.7 | 5.9 | 15.7 | 8.6 | 9.0 |
Debt / equity (x) | 0.32 | 0.38 | 0.27 | 0.27 | 0.24 |
Debt / total capital (%) | 24.3 | 27.7 | 21.1 | 21.1 | 19.7 |
Interest coverage, approximate (x) | 25.9 | 7.0 | 17.6 | 11.2 | 13.6 |
Asset turnover (x) | 0.31 | 0.31 | 0.33 | 0.33 | 0.30 |
Net Income ROE by Period
| Period | Net income ROE | Operating ROE |
|---|---|---|
Q1 2026 | Not published in the retrieved release (H1 YTD figures below) | Not published in the retrieved release |
Q2 2026 | 14.2% | 14.9% |
H1 2026 | 15.5% | 15.8% |
Income Statement and Per-Share Data (Quarterly)
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
Net income (USD Mn) | 210 | 680 | 255 | 446 | 653 | 559 |
Net operating income (USD Mn) | 276 | 734 | 316 | 549 | 648 | 585 |
Diluted EPS, net (USD) | 4.90 | 16.10 | 6.09 | 10.77 | 16.21 | 14.22 |
Group GWP (USD Mn) | 4,391 | 4,680 | 0 | 4,260 | 3,602 | 3,772 |
Region Overview
| Region | Business present | Recent direction |
|---|---|---|
North America (US, Bermuda, Canada) | Largest exposure base: US treaty reinsurance (North America treaty is led by Jason Busti, reporting to Jill Beggs), US wholesale/E&S, and the run-off US retail book. Canada retail was sold (about CAD 305m premium). | Declining in casualty (deliberate). US retail exited via AIG from 1 Jan 2026. Canada exited Sep 2026. |
Europe / UK | Ireland-domiciled DACs (Everest Reinsurance Company (Ireland) DAC; Everest Insurance (Ireland) DAC). UK and Lloyd's/London market specialty. EU retail portfolios moved to AIG after EU regulatory approval. | London market and specialty growing within GW&S. EU/UK retail exited. |
Asia-Pacific | Treaty reinsurance. Retail commercial (renewal rights sold to AIG). | Retail exited; reinsurance retained |
Latin America | Reinsurance and specialty. Management has published commentary on LATAM growth opportunities (Ryan Cole, Head of Group Innovation; company newsroom). | Identified growth market; figures NV |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Price | USD 389.10 (16 Oct 2026 close) | AD HOC NEWS |
Market cap | USD 14.9bn | Same |
52-week range | USD 302.44–401.07 | Same |
P/E (TTM) | 8.00x | StockAnalysis, Oct 2026 |
Forward P/E | 6.87x | Same |
P/S (EV/Sales proxy) | 0.87x | Same |
P/B | About 0.98x (USD 389.10 / USD 398.83) | Derived |
Dividend yield | 2.10% (USD 8.00 annual) | StockAnalysis |
Beta (5-year monthly) | 0.33 | Yahoo Finance (early 2026) |
EV/EBITDA | n/m for an insurer | — |
Metric | FY2021 | FY2022 |
P/E at fiscal year-end (x) | 7.92 | 22.03 |
P/S at fiscal year-end (x) | 0.91 | 1.07 |
Dividend yield at fiscal year-end (%) | 2.51 | 2.12 |
Forward P/E at fiscal year-end (x) | 8.80 | 8.57 |
Capital Markets
| Item | Value | Source |
|---|---|---|
Bank of America Securities | USD 489 target maintained (13 Oct 2026) | AD HOC NEWS |
Yahoo Finance 1-year target estimate | USD 364.53, as captured in early 2026 (now dated) | Yahoo Finance |
Number of covering analysts and rating distribution | NV | — |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends per share (USD) | 6.20 | 6.50 | 6.80 | 7.75 | 8.00 |
Dividends paid (USD Mn) | 247 | 255 | 288 | 334 | 335 |
Repurchases by Period
| Period | Repurchases |
|---|---|
FY2024 | USD 225m (cash basis) |
FY2025 | USD 797m (company) / USD 819m (cash basis) |
Q1 2026 | USD 331m |
Q2 2026 | USD 395m (1.2m shares) |
H1 2026 | USD 725m (2.2m shares) |
Credit Ratings
| Agency | Rating | Outlook | Last action |
|---|---|---|---|
A.M. Best | FSR A+ (Superior), ICR "aa-" for operating subsidiaries; "a-" for Everest Group, Ltd. and Everest Reinsurance Holdings | Negative | Revised from stable on 29 Oct 2025 |
Moody's | A1 IFS (Everest Reinsurance Company; Bermuda Re). Baa1 senior unsecured and Baa2 (hyb) junior subordinated at Everest Reinsurance Holdings. | Negative | Revised from stable, late Oct 2025 |
S&P Global | A+ financial strength | Outlook NV | 2026 Proxy (as of 31 Dec 2025) |
Fitch | NV | NV | NV |
Capital Instruments
| Instrument | Carrying value | Notes |
|---|---|---|
Senior notes | 2,352 | Comprises long-dated issues: an October 2020 issue (believed 3.5% due 2050), an October 2021 issue (believed 3.125% due 2052), and a smaller 2044 tranche. Coupons and maturities are from prior filings and memory and should be confirmed against the 10-K debt note (NV). |
Long-term (junior subordinated) notes | 218 | Floating-rate junior subordinated debt at Everest Reinsurance Holdings (Moody's Baa2 (hyb)) |
FHLB borrowings | 1,019 | Federal Home Loan Bank advances. S&P classified USD 719m as the current portion at end-2025. |
Total | 3,589 | Debt/capital about 18.9% excluding leases |
Analyst Conclusions
Management guidance
-
No formal numeric earnings guidance has been verified.
-
Qualitative guidance (Q2 2026 release; Q1 2026 call):
-
profitably develop the Core businesses;
-
continue capital deployment, with share repurchases a top priority;
-
remain disciplined in a softening market.
-
-
The ADC-related non-operating charge (USD 250–350m pre-tax in aggregate) is to be recognized across 2025–2026; the 2026 residual is NV.
-
Legacy premiums will continue to decline rapidly.
Consensus expectations
-
The forward P/E of 6.87x at USD 381–389 implies consensus forward EPS of roughly USD 55–57 (derived: price divided by forward P/E). This compares with H1 2026 annualized operating EPS of about USD 62 (USD 30.95 × 2), reflecting expected normalization for catastrophe losses and softer pricing.
-
Consensus revenue growth is likely negative for 2026 given the retail exit. Exact consensus is NV.
Bull case
-
Clean earnings base at a discount valuation. H1 2026 operating ROE was 15.8% with Core CR at 89.7%, yet the stock trades at about 1.0x book and about 7x forward EPS. Two to three more clean quarters could drive a re-rating toward peers' 1.3–1.6x book. The peer range is an illustrative analyst assumption (NV).
-
Capital-return compounding. Buybacks of about USD 1.4–1.5bn per year (H1 2026 run-rate), executed below book, are accretive to BVPS. The share count already fell 7.6% year over year, and capital releases from the retail exit are still to come.
-
Reserve risk is fenced. The USD 1.2bn ADC plus strengthened reserves (loss reserves of USD 34.7bn) cap downside on the problem years. If 2026 reserves hold, negative rating outlooks could revert to stable.
Bear case
-
The cycle is turning. Treaty GWP fell 9.1% (comparable) in Q2 2026. Casualty and property XOL are shrinking, commission ratios are rising, and the Reinsurance Treaty attritional loss ratio worsened 140 bps. Margins likely compress through 2027.
-
Reserve history may repeat. Two charges in 12 months, totaling about USD 2bn, undermine confidence. Treaty casualty, which was not covered by the ADC (the ADC covers the insurance and Other segments' North American liabilities), remains exposed to US social inflation.
-
GW&S may never reach scale economics. A 96.0% H1 CR and a 33.2% expense ratio in a competitive E&S market, run by a new team, could leave Everest with a structurally sub-par second engine. Earnings would then remain highly dependent on catastrophe-exposed reinsurance and investment income.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 28–29 Oct 2026 | Q3 2026 results: Atlantic hurricane season catastrophe losses, prior-year development, remaining ADC charge, buyback pace |
| Q4 2026 | Annual reserve review (historically when large charges have emerged); 1 January 2027 renewal pricing commentary |
| Feb 2027 | FY2026 results and 10-K; any medium-term targets from the new CFO |
| H1 2027 | Rating-agency reviews: potential return to stable outlooks; April and June renewals |
| Ongoing | GW&S expense ratio trend toward about 30%; alternative-investment returns; capital releases from Legacy |
| Ongoing | Leadership stability across the newly appointed team |
Concluding analyst verdict
Everest Group enters late 2026 as a materially different company from the one that reported record results in 2023 and then stumbled through 2024–2025.
The restructuring is substantially complete:
-
The loss-making retail franchise has been sold, to AIG for renewal rights and to Wawanesa for Canada.
-
The most troubled reserve years have been reinsured under a USD 1.2bn ADC.
-
The board, CEO, CFO and every major business head have been refreshed.
The first two quarters of the "new Everest" are encouraging. Net income was USD 1.21bn in H1 2026 versus USD 0.89bn, the Core combined ratio was 89.7%, the operating ROE was 15.8%, and book value per share rose 5% in six months. At the same time, the share count is shrinking by more than 7% a year.
The investment debate now rests on two opposing forces:
For: a cheap valuation (about 1.0x book; under 7x forward earnings), backed by a top-10 global reinsurance franchise and more than USD 2bn of annual investment income.
Against: a softening reinsurance cycle and the market's lingering distrust of Everest's reserving.
The Q2 2026 data shows both forces at work. Treaty margins remain excellent but are deteriorating at the attritional level, and the top line is shrinking faster than at peers as management walks away from casualty.
The analytical judgment is that the risk/reward is moderately favorable but conditional. The ADC sharply reduces tail risk on the legacy insurance book. Buybacks below book are unambiguously value-accretive, and a stable or improving rating outlook would remove a key overhang.
However, the thesis requires:
-
clean year-end 2026 reserve reviews, particularly in treaty casualty, which sits outside the ADC;
-
visible GW&S expense leverage.
Should Q4 2026 bring a third reserve surprise, the discount to book would be justified and likely widen. Investors should treat Q3 and Q4 2026 results and the 2027 renewal season as the decisive proof points. Until then, Everest is best characterized as a show-me value story with above-average upside if credibility is rebuilt, rather than a de-risked compounder.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / start | Prior roles | Education | Age |
|---|---|---|---|---|---|
Jim (James Allan) Williamson | President & CEO; Director | CEO since Jan 2025 (Acting CEO from 13 Jan 2025). Joined Everest in 2020. | Everest EVP & Group COO (2020); Head of Reinsurance (2021); leader of global reinsurance and insurance (2024). Seven years at Chubb, including Division President, North America Small Business (2016–2020). About eight years at The Hartford. Chair of the Reinsurance Association of America (2024). | MBA, Wharton School, University of Pennsylvania; BS, Bryant University | 52 (2026 Proxy) |
Elias Habayeb | EVP & Group CFO | Effective about 1 May 2026 | CFO, Corebridge Financial (Sep 2022–2025). CFO roles at AIG General Insurance and Life & Retirement, where he led the Corebridge IPO. CFO of International Lease Finance Corp. Partner, Deloitte & Touche Capital Markets. | BS Accounting, Syracuse University | 53 (8-K, Nov 2025) |
Mark Kociancic | Former EVP & Group CFO, now special advisor | CFO 2020 to Q1 2026; retired after the Q1 2026 reporting cycle | NV | NV | NV |
Jill Beggs | EVP & CEO, Reinsurance | CEO Reinsurance since 24 Jul 2025. Rejoined Everest in 2021. | Reinsurance EVP & COO. Head of North America Treaty and Global Specialty Reinsurance. More than two decades at Munich Re. | NV | NV |
Jason Keen | CEO, Global Wholesale & Specialty Insurance | Appointed 27 Oct 2025 | NV in this compilation | NV | NV |
Gary Haase | EVP & CEO, Legacy Operations | Joined Dec 2025 | NV | NV | NV |
Christopher Kujawa | EVP & Chief Human Resources Officer | Appointed 14 Jan 2026 | NV | NV | NV |
Nandini Mani | SVP, Group Chief Claims Officer | Appointed 29 Sep 2026 (succeeding Andrew McBride) | Claims, compliance and risk-management background | NV | NV |
Jason Busti | Head of North America Treaty Reinsurance | 2026 (date NV) | NV | NV | NV |
Dawn Lauer | Chief Communications Officer | NV | NV | NV | NV |
Matt Rohrmann | Head of Investor Relations | NV | NV | NV | NV |
Directors' Remuneration
| Item | Detail | Source |
|---|---|---|
CEO employment agreement (2025) | Base salary raised 39% to USD 1.25m. Target annual incentive plus target annual equity bring total target direct compensation to USD 9.0m per year. | The Insurer, 1 Apr 2025 |
Acting-CEO stipend | USD 25,000 per month during the acting period (Jan 2025) | Form 8-K, 14 Jan 2025 |
CEO total compensation (aggregator) | USD 4.10m (21.6% salary), most likely FY2024 Summary Compensation Table data | Simply Wall St |
FY2025 Summary Compensation Table (salary, bonus, stock, total per NEO) | NV. | SEC EDGAR |
CFO Habayeb sign-on | Sign-on cash and RSU awards (amounts NV) | Boardroom Alpha summary of 8-K, Nov 2025 |
Pay design | Performance share units, stock ownership guidelines (6x salary for the CEO, 3x for other NEOs, 5x retainer for directors), clawback, no hedging or pledging, no excise-tax gross-ups, double-trigger change of control. 2025 say-on-pay support: 94%. | 2026 Proxy |
Equity plan | 2020 Stock Incentive Plan amended (+812,000 shares, taking the pool to 1,045,455). Total potential overhang 4.30%. Three-year average annual grants of 255,148 shares. About 1,000 eligible employees. | 2026 Proxy |
Audit fees | KPMG FY2025: audit USD 7.35m; audit-related USD 0.52m; other USD 17k | 2026 Proxy |
Board of Directors
| Director | Age | Since | Independent | Committees | Background |
|---|---|---|---|---|---|
John A. Graf | 66 | 2016 | Yes; Independent Board Chair | Executive; Investment Policy (Chair) | Non-Executive Vice Chair, Global Atlantic. Former Chair & CEO, Forethought Financial; Chair & CEO, AXA Financial; former QBE director. |
John Amore | 77 | 2012 | Yes | Compensation; Nominating & Governance (Chair); Risk Management | Former CEO, Zurich Global General Insurance |
William F. Galtney Jr. | 73 | 1996 | Yes | Audit; Executive; Nominating & Governance; Risk Management (Chair) | President & CEO, Galtney Group |
Meryl Hartzband | 71 | 2019 | Yes | Audit (Chair); Executive; Investment Policy; Technology & Cyber | Founding partner and former CIO, Stone Point Capital; J.P. Morgan |
Laura Hay | 63 | 2025 | Yes | Audit; Risk Management | Former Global Head of Insurance, KPMG. MetLife and Hippo boards. FSA. |
John Howard | 59 | 2025 | Yes | Audit; Compensation (Chair); Nominating & Governance | Former CEO, Truist Insurance Holdings; Vice Chair, CRC Group |
Allan Levine | 57 | 2025 | Yes | Compensation; Investment Policy; Risk Management | Co-founder & Executive Chairman, Global Atlantic (KKR partner); ex-CEO, Goldman Sachs Reinsurance Group |
Hazel McNeilage | 69 | 2022 | Yes | Audit; Risk Management; Technology & Cyber (Chair) | Former Regional MD EMEA, Northern Trust Asset Management; RGA director; actuary |
Darryl Page | 65 | 2025 | Yes | Audit; Risk Management; Technology & Cyber | Former Chief Culture Officer and Division President, International Personal Lines, Chubb |
Roger M. Singer | 79 | 2010 | Yes | Audit; Compensation; Nominating & Governance | Former GC, OneBeacon; former Massachusetts Insurance Commissioner |
Jim Williamson | 52 | 2025 | No (CEO) | Executive; Investment Policy; Risk Management; Technology & Cyber | See 9.1 |
Major Shareholders
| Rank | Holder | Shares (M) | % of reported |
|---|---|---|---|
| 1 | BlackRock, Inc. | 3.2 | 8.3 |
| 2 | Vanguard Capital Management LLC | 2.6 | 6.6 |
| 3 | Vanguard Portfolio Management LLC | 2.1 | 5.3 |
| 4 | Norges Bank | 1.9 | 5.0 |
| 5 | State Street Corp | 1.8 | 4.7 |
| 6 | AQR Capital Management | 1.4 | 3.6 |
| 7 | Geode Capital Management | 1.2 | 3.0 |
| 8 | AllianceBernstein L.P. | 1.0 | 2.7 |
| 9 | Vulcan Value Partners | 1.0 | 2.7 |
| 10 | Barrow Hanley Mewhinney & Strauss | 0.98 | 2.5 |
Competitive Landscape
Competitors by Segment
| Segment | Competitors | Relative positioning of Everest |
|---|---|---|
Global treaty reinsurance | Munich Re, Swiss Re, Hannover Re, SCOR, Berkshire Hathaway Reinsurance / Gen Re, Lloyd's syndicates, RenaissanceRe, Arch Capital (reinsurance), PartnerRe, TransRe (Alleghany/Berkshire), AXIS Re, Hamilton Re | A consistently top-10 global reinsurer by premium. A 2023 market commentary (Hampden) described Everest as the "7th largest global reinsurer." Positions itself as a "preferred lead market." Smaller than the European majors but larger than most Bermuda peers. |
Property catastrophe | RenaissanceRe, Munich Re, Swiss Re, Hannover Re, Arch, ILS funds (for example Nephila and Fermat), Lloyd's | Diversified writer, not a cat pure-play. FY2025 net catastrophe losses USD 757m. |
Casualty reinsurance | Munich Re, Swiss Re, Hannover Re, SCOR, TransRe, Gen Re, Arch | Actively shrinking (Casualty XOL -25% in Q2 2026) after reserve issues |
E&S / wholesale specialty | W.R. Berkley, Markel, Kinsale, RLI, Arch, AXIS, Chubb, AIG (Lexington), Berkshire Hathaway Specialty, Beazley, Hiscox, Fidelis, Lancashire | Sub-scale and margin-repairing: GW&S GWP about USD 3.5bn annualized at a 96.0% H1 2026 CR, versus leading E&S peers that typically run at low-90s or better (peer figures NV) |
Facultative reinsurance | Swiss Re, Munich Re, Hannover Re, SCOR, Lloyd's | Mid-tier global facultative franchise (now within GW&S) |
Peer Comparison FY2025
| Metric | Everest | Munich Re | Swiss Re | RenaissanceRe | Arch Capital |
|---|---|---|---|---|---|
FY2025 GWP (USD Bn) | 17.7 | NV | NV | NV | NV |
FY2025 GWP growth (%) | -2.9 | NV | NV | NV | NV |
FY2025 combined ratio (%) | 98.6 | NV | NV | NV | NV |
FY2025 reinsurance combined ratio (%) | 91.7 | NV | NV | NV | NV |
FY2025 net income ROE (%) | 10.5 | NV | NV | NV | NV |
R&D intensity (%) | 0 | 0 | 0 | 0 | 0 |
