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Everest (EG) - 2020 Q3 - Quarterly Report
2020-11-09 19:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q _X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020 ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST RE GROUP, LTD. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchang ...
Everest (EG) - 2020 Q3 - Earnings Call Transcript
2020-10-31 02:50
Everest Re Group, Ltd. (RE) Q3 2020 Earnings Conference Call October 30, 2020 8:00 AM ET Company Participants Jon Levenson - Head of Investor Relations Juan Andrade - President and Chief Executive Officer Mark Kociancic - Group Chief Financial Officer John Doucette - President and Chief Executive Officer of the Reinsurance Division Mike Karmilowicz - President and Chief Executive Officer of the Everest Insurance Division Conference Call Participants Elyse Greenspan - Wells Fargo Securities Yaron Kinar - Gol ...
Everest (EG) - 2020 Q2 - Quarterly Report
2020-08-10 20:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020 ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST RE GROUP, LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificat ...
Everest (EG) - 2020 Q1 - Quarterly Report
2020-05-11 21:11
Financial Position - Total assets as of March 31, 2020, were $27,222,638, compared to $27,324,051 as of December 31, 2019, reflecting a decrease of approximately 0.4%[20] - Total liabilities increased to $18,641,694 as of March 31, 2020, from $18,191,126 as of December 31, 2019, representing an increase of about 2.5%[20] - Total shareholders' equity decreased to $858,094 from $913,292 as of December 31, 2019, a decline of about 6%[20] - Total investments and cash amounted to $20,336,582 as of March 31, 2020, down from $20,748,500 as of December 31, 2019, a decrease of approximately 2%[20] - Cash balance at the end of the period was $817,626,000, compared to $583,974,000 at the end of the same period in 2019[23] Revenue and Income - Total revenues for the three months ended March 31, 2020, were $23,363,198, compared to $19,658,836 for the same period in 2019, representing a year-over-year increase of approximately 19.5%[21] - The company reported a net loss of $(269,751) for the three months ended March 31, 2020, compared to a net income of $28,152 for the same period in 2019[20] - Net income for the three months ended March 31, 2020, was $16,612, compared to a net income of $354,551 for the same period in 2019, indicating a significant decline[21] - Basic and diluted earnings per common share for the three months ended March 31, 2020, were $0.41, compared to $8.67 for the same period in 2019, indicating a substantial decrease[21] Claims and Expenses - Total claims and expenses for the three months ended March 31, 2020, were $2,025,638, compared to $1,551,292 for the same period in 2019, reflecting an increase of approximately 30.5%[21] - The company incurred losses and loss adjustment expenses of $1,430,840 for the three months ended March 31, 2020, compared to $1,048,550 for the same period in 2019, representing an increase of about 36.5%[21] Investments and Securities - The company reported unrealized depreciation on securities of $(279,398) for the period, compared to an appreciation of $233,065 in the same period of the previous year[21] - Total fixed maturity securities amounted to $16,493,187 with a market value of $16,545,895 as of March 31, 2020, reflecting a decrease from $16,824,944 in the previous year[49] - The unrealized depreciation for fixed maturity securities was $440,847, with a gross unrealized depreciation of $94,152 for foreign corporate securities[54] - The aggregate market value of investments in an unrealized loss position at March 31, 2020, was $5,448,465 thousand, with gross unrealized losses of $440,847 thousand[55] Shareholder Information - The balance of common shares outstanding as of March 31, 2020, was 39,987,494, down from 40,770,539 as of March 31, 2019, indicating a decrease of about 1.9%[22] - The company declared dividends of $1.55 per share in 2020, compared to $1.40 per share in 2019, representing an increase of approximately 10.7%[22] Regulatory and Accounting Changes - The Company adopted ASU 2016-13 effective January 1, 2020, resulting in a cumulative reduction of $4,214 thousand in retained earnings due to credit loss allowances[37] - The Company revised prior period financial statements due to errors in foreign exchange handling, impacting total revenues which increased from $1,960,083 thousand to $1,965,836 thousand for the three months ended March 31, 2019[44] - The SEC's simplification of disclosure requirements became effective for all financial reports filed after November 5, 2018, which the Company has adopted[33] COVID-19 Impact - The impact of the COVID-19 pandemic on the company's operations remains uncertain, with potential adverse effects on results for the Property & Casualty industry[27] - Current year incurred losses were $1,433,440 thousand for the three months ended March 31, 2020, compared to $1,050,116 thousand in 2019, reflecting a significant increase due to COVID-19[67] Credit Facilities and Liabilities - The Company has two active credit facilities with a total commitment of up to $1,000,000 thousand, including a senior credit facility of $800,000 thousand[106] - The Company borrowed $50,000 thousand under Tranche one of the credit facility as an unsecured revolving credit loan on March 25, 2020[109]
Everest (EG) - 2019 Q4 - Annual Report
2020-03-02 22:07
S-7 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K _X_ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019 ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST RE GROUP, LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0365432 (State or other jurisdiction of (I.R.S. Employer Identification No.) inc ...
Everest (EG) - 2019 Q4 - Earnings Call Transcript
2020-02-11 21:08
Everest Re Group, Ltd. (RE) Q4 2019 Earnings Conference Call February 11, 2020 10:30 AM ET Company Participants Jon Levenson - Head, IR Juan Andrade - President and CEO Craig Howie - EVP and CFO John Doucette - EVP, President and CEO, Reinsurance Division Jonathan Zaffino - EVP, CEO and President, Everest Insurance Division Conference Call Participants Elyse Greenspan - Wells Fargo Mike Zaremski - Credit Suisse Amit Kumar - Buckingham Research Yaron Kinar - Goldman Sachs Meyer Shields - KBW Brian Meredith - ...
Everest (EG) - 2019 Q3 - Quarterly Report
2019-11-12 22:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2019 ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST RE GROUP, LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identi ...
Everest (EG) - 2019 Q2 - Quarterly Report
2019-08-09 19:21
[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three and six months ended June 30, 2019, and 2018, detailing financial position, operations, and cash flows Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | $26,387,791 | $24,793,999 | | **Total Liabilities** | $17,503,631 | $16,890,195 | | **Total Shareholders' Equity** | $8,884,160 | $7,903,804 | Consolidated Statement of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Premiums Earned** | $1,817,299 | $1,729,818 | $3,549,996 | $3,349,245 | | **Total Revenues** | $2,018,975 | $1,892,939 | $3,979,058 | $3,638,096 | | **Net Income** | $342,855 | $69,895 | $691,755 | $280,213 | | **Diluted EPS** | $8.39 | $1.70 | $16.93 | $6.81 | - Net cash provided by operating activities for the six months ended June 30, 2019, was **$853.5 million**, a significant increase from **$132.6 million** in the same period of 2018[13](index=13&type=chunk) - The company adopted new lease accounting guidance (ASU 2016-02) on January 1, 2019, resulting in the recognition of a right-of-use asset of **$69.9 million** and a lease liability of **$77.3 million** on the consolidated balance sheet[33](index=33&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Management discusses the competitive insurance market, strategic expansion, and strong financial results, including increased premiums, improved combined ratio, and robust capital position - The worldwide insurance and reinsurance market remains highly competitive with ample capacity, but recent catastrophe losses in 2017 and 2018 have led to some firming in impacted markets and improvements in casualty and property lines[147](index=147&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) Financial Highlights (in millions) | Metric | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | **Gross Written Premiums** | $2,166.7 | $2,066.5 | $4,293.8 | $3,998.1 | | **Net Income** | $342.9 | $69.9 | $691.8 | $280.2 | | **Combined Ratio** | 89.2% | 105.1% | 88.9% | 99.4% | - Incurred losses and LAE for Q2 2019 decreased by **18.4%** YoY, primarily due to a **$402.2 million** reduction in unfavorable development on prior years' catastrophe losses compared to 2018[166](index=166&type=chunk) - Shareholders' equity increased by **$980.4 million** to **$8.9 billion** at June 30, 2019, from **$7.9 billion** at year-end 2018, driven by net income and unrealized appreciation on investments[176](index=176&type=chunk)[253](index=253&type=chunk) - The company's projected net economic loss from its largest 1-in-100-year catastrophe event was reduced to approximately **6% of shareholders' equity** as of June 30, 2019, down from **10%** at year-end 2018, reflecting reduced exposure and increased equity[259](index=259&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to market risks, including interest rate, equity, and foreign currency, and outlines its mitigation strategies Interest Rate Risk Sensitivity Analysis (at June 30, 2019) | Interest Rate Shift | Market/Fair Value Change (%) | After-tax Change in Unrealized Appreciation ($M) | | :--- | :--- | :--- | | -200 bps | +6.3% | +$921.5 | | -100 bps | +3.2% | +$462.0 | | +100 bps | -3.3% | -$481.4 | | +200 bps | -6.6% | -$967.8 | Equity Price Risk Sensitivity Analysis (at June 30, 2019) | Equity Price Change | After-tax Change in Fair/Market Value ($M) | | :--- | :--- | | -20% | -$150.8 | | -10% | -$75.4 | | +10% | +$75.4 | | +20% | +$150.8 | - The company mitigates foreign currency risk by generally matching the currency and duration of its assets to its corresponding operating liabilities, with primary exposures to the Canadian Dollar, Singapore Dollar, British Pound Sterling, and the Euro[286](index=286&type=chunk) [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are **effective**[291](index=291&type=chunk) - There were **no changes** during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[291](index=291&type=chunk) [PART II - OTHER INFORMATION](index=65&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings and arbitrations as part of its normal business, with no other material litigation - The company is involved in routine legal proceedings and arbitrations as part of its normal business operations[292](index=292&type=chunk) - There is **no other material litigation or arbitration** involving the company[293](index=293&type=chunk) [Item 1A. Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's most recent Form 10-K filing have occurred - No material changes to the risk factors disclosed in the company's most recent 10-K filing have occurred[294](index=294&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's equity security repurchases during Q2 2019 and the remaining authorization under its share repurchase program Issuer Purchases of Equity Securities (Q2 2019) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - 30, 2019 | 39,440 | $214.2710 | | May 1 - 31, 2019 | 665 | $248.8245 | | June 1 - 30, 2019 | 0 | $- | - The company's share repurchase program authorizes the purchase of up to **30,000,000 shares**, with **1,328,695 shares** remaining available for purchase as of quarter-end[296](index=296&type=chunk) [Item 3. Defaults Upon Senior Securities](index=65&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities during the reporting period - None[297](index=297&type=chunk) [Item 4. Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[299](index=299&type=chunk) [Item 5. Other Information](index=66&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this period - None[300](index=300&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Section 302 and 906 certifications - The exhibits filed with this report include Section 302 and 906 certifications by CEO Dominic J. Addesso and CFO Craig Howie[299](index=299&type=chunk)
Everest (EG) - 2019 Q1 - Quarterly Report
2019-05-10 19:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2019 ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST RE GROUP, LTD. (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------------------------------|----------------------------------- ...
Everest (EG) - 2018 Q4 - Annual Report
2019-03-01 21:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K _X_ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2018 ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST RE GROUP, LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0365432 (State or other jurisdiction of incorporation or organization) (I.R.S. Emplo ...