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Everest (EG) - 2022 Q2 - Quarterly Report
2022-08-03 16:00
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 June 30, 2022 ___ 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 Exchange Act ...
Everest (EG) - 2022 Q2 - Earnings Call Transcript
2022-07-28 20:22
Everest Re Group, Ltd. (RE) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET Company Participants Matt Rohrmann - Senior Vice President, Head of Investor Relations Juan Andrade - President, CEO and Director Mark Kociancic - Executive VP and Group CFO James Williamson - Executive VP, Group COO and Head of Everest Reinsurance Division Michael Karmilowicz - Executive VP and President and CEO of the Insurance Division Conference Call Participants Yaron Kinar - Jefferies Elyse Greenspan - Wells Fargo Me ...
Everest (EG) - 2022 Q1 - Quarterly Report
2022-05-04 16:00
UNITED STATES Bermuda 98-0365432 (State or other jurisdiction of Non-accelerated filer Smaller reporting company Emerging growth company 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, 2022 ___ 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 registr ...
Everest (EG) - 2022 Q1 - Earnings Call Transcript
2022-04-28 16:28
Everest Re Group, Ltd. (RE) Q1 2022 Earnings Conference Call April 28, 2022 8:00 AM ET Company Participants Jon Levenson - Head, IR Juan Andrade - President & Chief Executive Officer Mark Kociancic - EVP & CFO Jim Williamson - Group COO Mike Karmilowicz - President & CEO, Everest Insurance Conference Call Participants Yaron Kinar - Jeffries Joshua Shanker - Bank of America Ryan Tunis - Autonomous Research Elyse Greenspan - Wells Fargo Mike Phillips - Morgan Stanley Brian Meredith - UBS Meyer Shields - KBW O ...
Everest (EG) - 2021 Q4 - Annual Report
2022-02-27 16:00
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, 2021 ___ 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 (EG) - 2021 Q4 - Earnings Call Transcript
2022-02-10 19:57
Financial Data and Key Metrics Changes - In Q4 2021, Everest reported a net income of $431 million, equating to $10.94 per diluted share, with an annualized return on equity of 17.7% [39] - For the full year 2021, net income reached $1.38 billion, or $34.62 per diluted share, with a return on equity of 14.6% [40] - The total gross written premiums for 2021 were $13 billion, with a 25% growth in Q4 compared to the same quarter the previous year [38][39] - The group combined ratio for 2021 was 97.8%, including $1.1 billion in catastrophe losses [14][45] Business Line Data and Key Metrics Changes - The reinsurance division achieved gross written premiums of $9 billion for the full year, a 25% increase over 2020, with a combined ratio of 98.1 [16][18] - The insurance division reported gross written premiums of $4 billion for the year, up 24% from 2020, with a quarterly combined ratio of 92.8 [27][30] - Underwriting profit for the reinsurance segment in Q4 was $176 million, while the insurance segment reported an underwriting profit of $52 million [17][30] Market Data and Key Metrics Changes - The company experienced strong growth in both reinsurance and insurance segments, driven by increased demand and favorable market conditions [8][27] - Rate increases were favorable across most property and casualty lines, particularly in financial lines and loss-effective property lines [20][22] Company Strategy and Development Direction - Everest aims to optimize its portfolio to drive margins and reduce volatility, focusing on disciplined underwriting and operational excellence [7][15] - The company is committed to becoming a digitally enabled organization, enhancing data analytics and technology to manage risk more effectively [10] - Everest emphasizes ESG as a core pillar of its long-term strategy, recently becoming a signatory to the UN principles for sustainable insurance [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's reserve position and expects a cat load of less than 6% for 2022, indicating reduced volatility [42][44] - The management team highlighted the importance of proactive cycle management and efficiency improvements to sustain profitability [31][33] - The company remains focused on achieving a total shareholder return of at least 13% over the strategic plan period [37][89] Other Important Information - The company ended 2021 with shareholders' equity of $10.1 billion and a financial leverage ratio of 20.2% [49][50] - Investment income for Q4 was $205 million, contributing to a total of $1.16 billion for the year [45][48] Q&A Session Summary Question: What is the ROI on incremental capital use for insurance versus reinsurance versus stock buybacks? - Management indicated that organic growth is prioritized, with ample capital available for both business expansions and share buybacks [55][56] Question: What is the outlook for ceding commissions and their impact on returns? - Management noted upward pressure on ceding commissions in the casualty market but emphasized that margins are improving overall [59][60] Question: What are the implications of recent activity in the Florida market for the industry? - Management highlighted that many companies are reassessing their exposure to volatility, which could lead to significant rate increases and opportunities for Everest [68][70] Question: How does the mix shift towards casualty impact underlying margins? - Management confirmed that the mix shift is expected to improve margins, with a focus on diversifying into non-catastrophe lines [73][75] Question: How does Everest view the revised capital model from S&P? - Management expressed confidence that the impact would be minimal, given Everest's U.S. domicile and diversified portfolio [77][79] Question: How should investors evaluate Everest's excess capital position? - Management stated that the company is in a strong position with excess capital, allowing for flexibility in growth and capital management actions [81][82] Question: What does the 13% TSR target contemplate regarding the interest rate environment? - Management indicated that the TSR target was set with forward interest rate curves in mind, and rising rates could provide additional tailwinds [85][86] Question: Is there potential for improvement in the loss ratio for reinsurance? - Management noted that while there is a prudent approach to reserving, there are indications of improvement in the underlying attritional loss ratio [92][96]
Everest (EG) - 2021 Q3 - Quarterly Report
2021-11-03 16:00
UNITED STATES Bermuda 98-0365432 (State or other jurisdiction of Non-accelerated filer Smaller reporting company Emerging growth company 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, 2021 ___ 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 reg ...
Everest (EG) - 2021 Q3 - Earnings Call Transcript
2021-10-28 18:35
Everest Re Group, Ltd. (RE) Q3 2021 Earnings Conference Call October 28, 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 Mike Zaremski - Wolfe Research Michael Phillips - Morgan Stan ...
Everest (EG) - 2021 Q2 - Quarterly Report
2021-08-04 16:00
UNITED STATES Bermuda 98-0365432 (State or other jurisdiction of Non-accelerated filer Smaller reporting company Emerging growth company 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, 2021 ___ 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 registra ...
Everest (EG) - 2021 Q2 - Earnings Call Transcript
2021-07-29 18:41
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 ...