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 ...

[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)

[PART I FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited consolidated financial statements and management's discussion and analysis for the first quarter of 2019 [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2019, including balance sheets, income statements, equity changes, cash flows, and detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$25.63 billion**, with shareholders' equity reaching **$8.43 billion** by March 31, 2019 Consolidated Balance Sheet Highlights (in thousands of USD) | Metric | March 31, 2019 (unaudited) | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$25,630,507** | **$24,793,999** | | Total Investments and Cash | $19,223,944 | $18,433,066 | | Reserve for losses and loss adjustment expenses | $13,247,102 | $13,119,090 | | **Total Liabilities** | **$17,203,878** | **$16,890,195** | | **Total Shareholders' Equity** | **$8,426,629** | **$7,903,804** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Net income significantly increased to **$348.9 million** in Q1 2019, driven by higher premiums and capital gains, with comprehensive income reaching **$595.3 million** Q1 Statement of Operations Highlights (in thousands of USD, except per share amounts) | Metric | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Premiums Earned | $1,732,697 | $1,619,427 | | Total Revenues | $1,960,083 | $1,745,157 | | Net Realized Capital Gains (Losses) | $92,232 | $(24,901) | | **Net Income** | **$348,900** | **$210,318** | | **Comprehensive Income** | **$595,346** | **$30,436** | | Diluted EPS | $8.54 | $5.11 | [Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity grew to **$8.43 billion** in Q1 2019, primarily due to net income and comprehensive income, partially offset by dividends - Total shareholders' equity grew to **$8,426.6 million** at the end of Q1 2019, up from a starting balance of **$7,903.8 million** at the beginning of the period[13](index=13&type=chunk)[16](index=16&type=chunk) - Dividends declared increased to **$1.40 per share** in Q1 2019 from **$1.30 per share** in Q1 2018[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow more than doubled to **$459.8 million** in Q1 2019, while investing and financing activities resulted in a net cash decrease of **$72.1 million** Q1 Cash Flow Summary (in thousands of USD) | Cash Flow Activity | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $459,802 | $195,640 | | Net Cash from Investing Activities | $(432,750) | $(55,416) | | Net Cash from Financing Activities | $(93,021) | $(76,868) | | **Net (Decrease) Increase in Cash** | **$(72,121)** | **$65,519** | [Notes to Consolidated Interim Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Interim%20Financial%20Statements) Detailed notes cover accounting policies, investment portfolio, loss reserves, derivatives, fair value, credit facilities, reinsurance, debt, and segment performance - The company adopted new lease accounting guidance (ASU 2016-02) effective January 1, 2019, recognizing a right-of-use asset of **$69.9 million** and a lease liability of **$77.3 million**[42](index=42&type=chunk)[44](index=44&type=chunk) Investment Portfolio Composition (March 31, 2019, in thousands of USD) | Security Type | Market Value | | :--- | :--- | | U.S. Treasury & Gov't Agencies | $1,297,113 | | Corporate securities | $6,016,532 | | Mortgage-backed securities | $2,888,552 | | Foreign government securities | $1,298,136 | | Foreign corporate securities | $2,790,931 | | **Total fixed maturity securities** | **$15,513,287** | - The company has reinsurance agreements with Kilimanjaro Re Limited, financed by catastrophe bonds, with no loss estimates exceeding retentions for 2017 catastrophe events[139](index=139&type=chunk) - The company maintains three primary credit facilities: an **$800 million** Group Credit Facility, a **$200 million** Bermuda Re Letter of Credit Facility, and a **£30 million** Everest International Credit Facility[115](index=115&type=chunk)[116](index=116&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Management discusses Q1 2019 performance, highlighting a **10.1%** premium increase, **65.9%** net income growth to **$348.9 million**, and an improved combined ratio of **88.7%** Q1 2019 vs Q1 2018 Financial Summary (in millions of USD) | Metric | Q1 2019 | Q1 2018 | % Change | | :--- | :--- | :--- | :--- | | Gross Written Premiums | $2,127.1 | $1,931.6 | 10.1% | | Premiums Earned | $1,732.7 | $1,619.4 | 7.0% | | Net Income | $348.9 | $210.3 | 65.9% | | Combined Ratio | 88.7% | 93.3% | (4.6) pts | - The increase in reinsurance premiums was mainly due to growth in treaty casualty writings and business in the Middle East and Africa, while insurance premiums rose broadly across various lines[182](index=182&type=chunk) - Shareholders' equity increased by **$522.8 million** during the quarter to **$8.4 billion**, driven by net income and unrealized appreciation on investments[198](index=198&type=chunk) [Segment Results](index=44&type=section&id=Segment%20Results) Segment results show U.S. Reinsurance with a strong **$123.7 million** underwriting gain, while International and Bermuda segments saw reduced gains due to catastrophe losses Q1 2019 Underwriting Gain (Loss) by Segment (in millions of USD) | Segment | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | U.S. Reinsurance | $123.7 | $(126.0) | | International | $6.7 | $123.8 | | Bermuda | $46.5 | $98.0 | | Insurance | $18.8 | $12.5 | - The U.S. Reinsurance segment's combined ratio improved dramatically to **80.3%** from **122.4%** YoY, driven by favorable development on prior year catastrophe losses related to Hurricane Michael and the Woolsey wildfire[216](index=216&type=chunk)[219](index=219&type=chunk) - The International segment's combined ratio deteriorated to **98.1%** from **64.0%**, impacted by **$25.0 million** in current year catastrophe losses from the Townsville monsoon and unfavorable development on 2018 Japan loss events[223](index=223&type=chunk)[227](index=227&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=51&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Financial condition strengthened with **$19.2 billion** in cash and invested assets, robust liquidity from **$459.8 million** operating cash flow, and strong capital levels - Cash and invested assets increased by **$790.9 million** during Q1 2019 to **$19.2 billion**, primarily from operating cash flows and unrealized appreciation on investments[244](index=244&type=chunk) - Net cash flow from operations was **$459.8 million** for Q1 2019, a significant increase from **$195.6 million** in Q1 2018[274](index=274&type=chunk) - The company repurchased **75,193 shares** for **$16.2 million** and paid **$57.1 million** in dividends during Q1 2019[273](index=273&type=chunk) [Market Sensitive Instruments](index=57&type=section&id=Market%20Sensitive%20Instruments) Primary market risks include interest rate, equity, and foreign currency, with a **100 bps** rate increase impacting the **$16.1 billion** fixed maturity portfolio by **$459.6 million** after-tax Interest Rate Sensitivity of Fixed Maturity Portfolio (at March 31, 2019, in millions of USD) | Interest Rate Shift | Market/Fair Value Change (%) | After-tax Change in Unrealized Appreciation ($M) | | :--- | :--- | :--- | | +200 bps | -6.4% | $(922.0) | | +100 bps | -3.2% | $(459.6) | | -100 bps | +3.1% | $439.7 | | -200 bps | +6.1% | $865.1 | - The company's loss and loss reserve obligations have an expected duration of approximately **2.9 years**, consistent with the fixed income portfolio's duration of **3.1 years**, mitigating interest rate risk[295](index=295&type=chunk)[251](index=251&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the 'Market Sensitive Instruments' discussion in Item 2 for comprehensive market risk disclosures - The report directs readers to the MD&A section for details on market risk, covering interest rate, equity, and foreign currency risks[303](index=303&type=chunk) [Item 4. Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO certified that the company's disclosure controls and procedures are effective[304](index=304&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[304](index=304&type=chunk) [PART II OTHER INFORMATION](index=60&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and a list of exhibits filed with the Form 10-Q [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings inherent to its business, with no other material litigation reported - The company is not a party to any material litigation or arbitration outside of the ordinary course of its insurance and reinsurance business[307](index=307&type=chunk) [Item 1A. Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported during the quarter - There were no material changes to the company's risk factors during the quarter[308](index=308&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **118,514** common shares in Q1 2019, with **75,193** under its repurchase program, leaving **1.37 million** shares authorized Issuer Purchases of Equity Securities (Q1 2019, in USD) | Period | Total Shares Purchased | Average Price Paid | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Jan 2019 | 0 | - | 0 | | Feb 2019 | 43,321 | $223.4676 | 0 | | Mar 2019 | 75,193 | $214.8230 | 75,193 | | **Total** | **118,514** | **-** | **75,193** | - The company's board has authorized the repurchase of up to **30 million shares** in total; as of March 31, 2019, **1,368,135 shares** may yet be purchased under this authorization[310](index=310&type=chunk) [Item 6. Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files - Exhibits filed include Section 302 and 906 certifications by the CEO and CFO, along with XBRL instance and taxonomy documents[314](index=314&type=chunk)

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 ...