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Everest Group
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Latest analysis
Updated Oct 30, 2026
Everest Group Q3 2026: Core combined ratio deteriorates to 105.8% as reinsurance treaty CAT losses surge; nine-month net income rises to $1.4B on legacy reserve normalization
Everest Group's Q3 2026 10-Q reveals a bifurcated story: the core Reinsurance Treaty segment produced a 108.5% combined ratio — a 21.5-point deterioration year-over-year — driven by $287 million in current-year CAT losses (earthquakes, weather, foreign conflict) and $293 million of prior-year U.S. casualty reserve strengthening, while the nine-month core combined ratio of 94.3% and net income of $1.4 billion reflect the absence of the massive 2025 legacy reserve charges that distorted prior-year comparisons. Net investment income reached $634 million in Q3, up 17.4% year-over-year, providing a critical earnings buffer as underwriting income turned negative. The concurrent BMA group supervision designation and accelerating commercial retail insurance divestiture program represent structural regulatory and portfolio transformation risks that will dominate management attention through 2027.
Tone: defensiveRevenue
$17.5B
EG 10-K · FY 2025
Employees
3,064
Revenue growth YoY
+1.2%
Headquarters
Hamilton, Bermuda
Profile
EG 10-K Item 1 · Feb 26, 2026Everest Group, Ltd. is a Bermuda-based global reinsurance and insurance organization operating across more than 100 countries. The company writes property, casualty, and specialty lines through two reportable segments — Reinsurance and Insurance — distributing through brokers, surplus lines, and general agents. In 2025, it generated $17.7 billion in gross written premiums, with reinsurance representing approximately 72% of that volume.
Read filing description ↓ Collapse description ↑
Everest is a Bermuda-based reinsurance and insurance organization. As part of the Standard & Poor's ('S&P') 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent. The Company's principal business, conducted through its Reinsurance and Insurance reportable segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets. Our global network spans more than 100 countries across six continents. In 2025, the Company had gross written premiums of $17.7 billion with approximately 72.4% representing Reinsurance and 27.1% representing Insurance with the remaining 0.5% of gross written premium coming from our 'Other' operating segment. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company's preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. Group's active operating subsidiaries are each rated A+ ('Superior') by A.M. Best Company, a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders.
Primary products
- Property Pro Rata reinsurance
- Property Non-Catastrophe Excess of Loss reinsurance
- Property Catastrophe XOL reinsurance
- Casualty Pro Rata reinsurance
- Casualty XOL reinsurance
- Financial Lines reinsurance
Business segments
End markets
Geographies
Named customers
For the year ended December 31, 2025, no single customer (ceding company or insured) generated more than 3.6% of the Company's gross written premiums.
“It is our long-standing client and broker relationships that help us continue to grow and maintain our global leadership position.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased 1.2% to $17.5 billion in 2025 from $17.3 billion in 2024, driven by growth in premiums earned and net investment income, partially offset by investment losses and lower other income.
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