Everest Re Group, Ltd. (RE) Q2 2021 Earnings Conference Call July 29, 2021 8:00 AM ET Company Participants Jon Levenson - Head of Investor Relations Juan Andrade - President & Chief Executive Officer Mark Kociancic - Executive Vice President & Chief Financial Officer Jim Williamson - Group Chief Operating Officer Mike Karmilowicz - President & Chief Executive Officer, Everest Insurance Conference Call Participants Elyse Greenspan - Wells Fargo Michael Phillips - Morgan Stanley Josh Shanker - Bank of America ...

[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) The unaudited consolidated financial statements for Q1 2021 show net income surged to $341.9 million, total assets grew to $33.6 billion, and shareholders' equity slightly decreased [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets increased to $33.6 billion, total liabilities rose to $23.9 billion, and shareholders' equity slightly decreased to $9.68 billion Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$33,595,352** | **$32,788,357** | | Total investments and cash | $25,940,804 | $25,461,591 | | **Total Liabilities** | **$23,912,470** | **$23,062,181** | | Reserve for losses and loss adjustment expenses | $17,090,644 | $16,398,997 | | **Total Shareholders' Equity** | **$9,682,882** | **$9,726,176** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2021, net income significantly increased to $341.9 million, driven by a 38% rise in total revenues to $2.74 billion and a shift to net realized capital gains Statement of Operations Summary (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Total Revenues** | **$2,743,773** | **$1,982,016** | | Premiums earned | $2,387,865 | $2,036,814 | | Net investment income | $260,413 | $147,800 | | Net realized capital gains (losses) | $38,902 | $(210,588) | | **Total Claims and Expenses** | **$2,370,678** | **$2,025,638** | | **Income (Loss) Before Taxes** | **$373,095** | **$(43,622)** | | **Net Income (Loss)** | **$341,862** | **$16,612** | | **Diluted Earnings Per Share** | **$8.52** | **$0.41** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2021, operating cash flow was strong at $904.4 million, investing activities used $455.5 million, and financing activities used $108.9 million, increasing cash by $331.0 million Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$904,366** | **$505,989** | | **Net cash used in investing activities** | **$(455,521)** | **$(258,181)** | | **Net cash used in financing activities** | **$(108,864)** | **$(241,050)** | | Net increase (decrease) in cash | $331,009 | $9,590 | | Cash, end of period | $1,132,660 | $817,626 | [Notes to Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Interim%20Financial%20Statements) The notes detail accounting policies, showing a $20.4 billion fixed maturity portfolio, $17.1 billion in loss reserves, over $1 billion in credit facilities, and significant reinsurance agreements - The investment portfolio of available-for-sale fixed maturity securities increased to a market value of **$20.4 billion** as of March 31, 2021, up from $20.0 billion at year-end 2020[35](index=35&type=chunk) - Gross reserves for losses and loss adjustment expenses (LAE) increased to **$17.1 billion** at the end of Q1 2021 from $16.4 billion at the end of 2020. The increase was primarily due to a **$240 million** increase in catastrophe losses and growth in premiums earned[54](index=54&type=chunk) - The company utilizes several collateralized reinsurance agreements with Kilimanjaro, financed by catastrophe bonds, to cover named storm and earthquake events. New agreements were entered into in April 2021 for multi-year coverage[101](index=101&type=chunk)[102](index=102&type=chunk)[106](index=106&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Management attributes strong Q1 2021 results to growth in both segments, with gross written premiums up 14.0%, net income surging to $341.9 million, and a combined ratio of 98.1% Financial Highlights Q1 2021 vs Q1 2020 (in millions) | Metric | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Gross Written Premiums | $2,931.4 | $2,570.9 | 14.0% | | Premiums Earned | $2,387.9 | $2,036.8 | 17.2% | | Net Investment Income | $260.4 | $147.8 | 76.2% | | Net Income (Loss) | $341.9 | $16.6 | NM | | Combined Ratio | 98.1% | 98.6% | (0.5) pts | - Gross written premiums increased by **14.0% YoY**, driven by a **15.8%** increase in the reinsurance business and a **10.0%** increase in the insurance business[145](index=145&type=chunk) - The company recorded **$270.0 million** in current year catastrophe losses for Q1 2021, primarily from the Texas winter storms (**$260.0 million**) and Australia floods (**$10.0 million**). This is a significant increase from the **$30.0 million** in catastrophe losses in Q1 2020[152](index=152&type=chunk) [Segment Results](index=38&type=section&id=Segment%20Results) Both segments showed strong premium growth, with Reinsurance gross written premiums up 15.8% to $2.1 billion and Insurance up 10.0% to $872.4 million, improving its combined ratio Reinsurance Segment Underwriting Results (in millions) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Gross Written Premiums | $2,059.0 | $1,777.8 | | Premiums Earned | $1,777.5 | $1,485.2 | | Underwriting Gain | $44.8 | $50.1 | | Combined Ratio | 97.5% | 96.6% | Insurance Segment Underwriting Results (in millions) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Gross Written Premiums | $872.4 | $793.1 | | Premiums Earned | $610.4 | $551.6 | | Underwriting Gain (Loss) | $0.4 | $(21.5) | | Combined Ratio | 99.9% | 103.9% | [Financial Condition and Liquidity](index=42&type=section&id=Financial%20Condition%20and%20Liquidity) The company maintains a robust financial condition with $25.9 billion in cash and invested assets, strong liquidity from $904.4 million operating cash flow, and capital levels above regulatory requirements - Shareholders' equity decreased slightly from **$9,726.2 million** at year-end 2020 to **$9,682.9 million** at March 31, 2021. The decrease was driven by **$292.3 million** of unrealized investment depreciation and **$62.2 million** in dividends, which offset the **$341.9 million** of net income[214](index=214&type=chunk) - The company's capital management strategy included repurchasing **97,462 shares** for **$23.5 million** and paying **$62.2 million** in dividends during Q1 2021[221](index=221&type=chunk) - The company maintains strong liquidity with **$1.96 billion** in cash and short-term investments, positive operating cash flow of **$904.4 million** for the quarter, and access to multiple credit facilities[225](index=225&type=chunk)[227](index=227&type=chunk)[229](index=229&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate, equity price, and foreign currency risks, with a $21.2 billion fixed maturity portfolio sensitive to rate changes and a $1.4 billion equity portfolio exposed to price fluctuations Interest Rate Sensitivity on Fixed Maturity Portfolio (in millions) | Interest Rate Change | Market/Fair Value Change from Base (%) | Change in After-tax Unrealized Appreciation ($) | | :--- | :--- | :--- | | -100 bps | +3.4% | +$640.2 | | +100 bps | -3.4% | -$640.2 | Equity Price Risk Sensitivity (in millions) | Equity Price Change | Fair/Market Value of Equity Portfolio | After-tax Change in Fair/Market Value | | :--- | :--- | :--- | | -10% | $1,260.6 | $(113.8) | | +10% | $1,540.7 | $113.8 | [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are effective[253](index=253&type=chunk) [PART II OTHER INFORMATION](index=51&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine lawsuits and arbitrations related to its insurance and reinsurance business, with no other material litigation - The company is involved in routine litigation and arbitration related to its insurance and reinsurance agreements but is not a party to any other material litigation[254](index=254&type=chunk)[255](index=255&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported for the period - No material changes to risk factors were reported for the period[256](index=256&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2021, the company repurchased 97,462 of its own shares as part of its publicly announced share repurchase program Issuer Purchases of Equity Securities (Q1 2021) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 1 - 31, 2021 | - | - | | Feb 1 - 28, 2021 | 4,100 | $241.4919 | | Mar 1 - 31, 2021 | 93,362 | $241.7088 | | **Total** | **97,462** | **N/A** |

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, 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) Bermuda 98-0365432 (State or other jurisdiction of (I.R.S. Employer incorporation or organizati ...

Everest Re Group, Ltd. (RE) Q4 2020 Earnings Conference Call February 9, 2021 8:00 AM ET Company Participants Jon Levenson – Head-Investor Relations. Juan Andrade – President and Chief Executive Officer Mark Kociancic – Executive Vice President and Group Chief Financial Officer Jim Williamson – Executive Vice President and Group Chief Operating Officer John Doucette – Executive Vice President and President and Chief Executive Officer-Reinsurance Division Mike Karmilowicz – President and Chief Executive Offi ...

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 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 ...

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 ...

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]

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 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 - ...