Here are 1-2 brief analogies to describe Everest (EG):

• A global insurance and reinsurance powerhouse, much like the insurance operations of Berkshire Hathaway.

• A global insurer and reinsurer, similar to AIG but with a significant focus on insuring other insurance companies.

• Reinsurance: Provides coverage to other insurance companies for a wide range of risks and classes of business globally.
• Primary Insurance: Offers direct insurance policies to individuals and businesses across various property, casualty, and specialty lines.

Everest (symbol: EG) is a global reinsurance and insurance company. As such, its major customers are primarily other companies rather than individuals.

Due to the proprietary and confidential nature of reinsurance contracts and large-scale commercial insurance agreements, Everest does not publicly disclose the specific names of its major customer companies.

However, its customer base can be broadly categorized as follows:

• Insurance Companies: These are the primary customers for Everest's reinsurance segment. Insurance carriers of all sizes – ranging from large multinational insurers to regional and specialized providers – purchase reinsurance from Everest to transfer a portion of their underwriting risks, manage capital, and stabilize their financial results. This includes property & casualty insurers, life and health insurers, and specialty insurers.
• Large Commercial Enterprises and Corporations: For its primary insurance segment, Everest provides direct insurance solutions to a wide range of large businesses across various industries globally. These customers require complex, tailored insurance coverage for risks such as property damage, general casualty liabilities, professional liabilities, aviation, marine, energy, and other specialized lines.
• Insurance and Reinsurance Brokers: While not the ultimate end-users of the insurance products, brokers are crucial intermediaries who bring a significant portion of the aforementioned insurance companies and large commercial clients to Everest. They act as strategic partners in accessing the market and facilitating transactions between Everest and its ultimate policyholders or ceding companies.

Jim Williamson, President and Chief Executive Officer

Jim Williamson was appointed President and Chief Executive Officer of Everest Group, Ltd. in January 2025. He brings 30 years of experience in the insurance and financial services industries, having successfully led property and casualty commercial and consumer lines across U.S. and international markets. Williamson joined Everest as Group Chief Operating Officer in 2020 and subsequently served as Executive Vice President and Group Chief Operating Officer, leading the Company's Reinsurance and Insurance Divisions. His career includes senior positions at The Hartford, Chubb (where he was Division President, North America Small Business), and ACE. He holds a Bachelor of Science degree from Bryant College and a Master of Business Administration from The Wharton School at the University of Pennsylvania.

Mark Kociancic, Executive Vice President, Group Chief Financial Officer

Mark Kociancic was appointed Executive Vice President and Group Chief Financial Officer of Everest in October 2020. Before joining Everest, he served as Group Chief Financial Officer at SCOR since 2013, after holding various senior executive roles within SCOR's U.S. operations from 2006. Kociancic began his professional career at Ernst & Young in 1992, working in their Life and Property & Casualty insurance practice. He also held senior positions with St Paul Guarantee, Avalon Risk Associates, and Tokio Marine. He holds a Bachelor of Commerce degree from the University of Toronto, a Chartered Accountant (CA) designation, and a Chartered Financial Analyst (CFA) designation.

Jill Beggs, Executive Vice President, Chief Executive Officer of Reinsurance

Jill Beggs serves as Executive Vice President and Chief Executive Officer of Reinsurance at Everest. She has also held the role of Executive Vice President and Chief Operating Officer for Everest Reinsurance.

Bill Hazelton, Executive Vice President, Everest Insurance® President, North America Insurance

Bill Hazelton is the Executive Vice President and Everest Insurance® President, North America Insurance.

Anthony Izzo, Group Chief Commercial Officer

Anthony Izzo is the Group Chief Commercial Officer for Everest.

The key risks to Everest Group Ltd. (EG) primarily stem from its legacy insurance operations and the resulting financial adjustments and market perception.

1. Legacy Insurance Liabilities and Reserve Strengthening

   Everest Group has been significantly impacted by poorly underwritten policies from prior leadership, particularly within its insurance segment. This has necessitated substantial adverse reserve builds, with three rounds of material net reserve strengthening since 2020, totaling $2.4 billion, primarily in its Insurance segment. These reserve developments relate to policies written between 2022 and 2024 that have performed worse than expected, raising concerns about the persistence of these modeling issues and the potential for further negative developments. The company has undertaken a strategic repositioning, including exiting approximately 40% of its insurance business and implementing a $1.2 billion adverse development cover, to insulate future financial performance from these legacy issues.

2. Erosion of Investor Confidence and Strategic Shift Challenges

   The ongoing issues with legacy insurance policies and the subsequent financial adjustments have eroded confidence in Everest's balance sheet. The company's strategic pivot toward reinsurance, which marks a departure from a previous multi-year effort to expand into higher-multiple specialty insurance, has contributed to this concern. This erosion of confidence is reflected in the company's shares trading below book value.

3. Premium Pressure and Potential for Higher Expense Ratio

   Analysts anticipate premium pressure for Everest Group in 2026 and 2027, which could lead to a higher expense ratio. Furthermore, a 9% sales decline is projected for the current year. These factors suggest potential challenges in revenue generation and profitability in the near to medium term as the company navigates its strategic changes and addresses its legacy issues.

The following are clear emerging threats for Everest (EG):

• Accelerating Impact of Climate Change: The increasing frequency and severity of natural catastrophes (e.g., hurricanes, wildfires, floods) pose a fundamental challenge to the traditional risk modeling, pricing, and capital management strategies employed by reinsurers like Everest. This trend can lead to higher volatility in underwriting results, capital strain, and increasing difficulty in accurately pricing and providing coverage for certain high-risk exposures.
• Disruptive AI/Machine Learning Adoption by Competitors: Rapid advancements in artificial intelligence and machine learning are enabling agile competitors and insurtech startups to develop more sophisticated underwriting models, optimize claims processes, and achieve greater operational efficiency. If Everest does not continually match or exceed the pace of adoption and integration of these advanced technologies, it risks competitive disadvantage through less accurate pricing, higher operational costs, or slower claims resolution, potentially leading to market share erosion and adverse selection.

Everest (symbol: EG) operates primarily in two main segments: Reinsurance and Insurance, offering a range of property, casualty, and specialty solutions globally.

Addressable Markets:

• Global Reinsurance Market: The global reinsurance market was valued at approximately $581.3 billion in 2024. Other estimates indicate the market was valued at around $711.75 billion in 2024, projected to reach $2000.08 billion by 2034. Another source indicates the global reinsurance market size was valued at $574.71 billion in 2024 and is projected to grow to $1,154.72 billion by 2032.
• U.S. Reinsurance Market: The market size for reinsurance carriers in the United States was approximately $109 billion in 2022. Demand for reinsurance in the United States is forecasted to reach $187.5 billion by the end of 2033.
• Global Insurance Market (overall): The global insurance market was valued at an estimated $9.0 trillion in 2023 and is projected to reach $28.5 trillion by 2032. Another report states the global insurance market size in 2024 was $7803.65 billion.
• Global Property and Casualty (P&C) Insurance Market: The global property and casualty insurance market was valued at $3.97 trillion in 2024 and is projected to reach $8.81 trillion by 2034.
• U.S. Property and Casualty (P&C) Insurance Market: The U.S. property and casualty insurance market size was estimated at $890 billion in 2024 and is projected to reach approximately $2,020 billion by 2034. In 2024, direct premiums written by U.S.-domiciled property and casualty insurers surpassed $1 trillion.

Everest Group, Ltd. (EG) is poised for future revenue growth over the next two to three years, driven by strategic initiatives across its reinsurance and insurance segments, alongside robust investment performance. Key drivers include:

1. Disciplined Growth in Reinsurance: Everest's reinsurance segment is expected to continue its strong performance, particularly in property and specialty lines. The company aims to leverage favorable market conditions and its "lead market" position to drive growth in areas with attractive risk-adjusted returns, such as property pro-rata and property catastrophe XOL.
2. Expansion of Global Specialties Business: Everest is actively investing in and anticipating significant top and bottom-line growth from its Global Specialties business in the coming quarters and years. This specialized area is a strategic focus for increasing revenue.
3. International Insurance Market Expansion: The company is focused on expanding its international insurance footprint, with its international business already showing progress and improving margins. Everest anticipates continued growth and improved expense ratios as its international operations scale.
4. Strategic Repositioning and Improved Portfolio Mix in Insurance: Everest is undertaking a strategic repositioning within its insurance segment by exiting less profitable ventures, such as the medical stop-loss business and global retail insurance operations, and re-underwriting certain casualty lines. This focus on lines of business with better expected margins and higher profit trajectories is intended to create a more profitable and resilient portfolio, which will drive future revenue from a more optimized base.
5. Strong Net Investment Income: While not a primary underwriting driver, Everest's net investment income consistently contributes significantly to its overall financial results. Growth in this area is supported by a larger asset base and strong core fixed income investment returns, which indirectly enhances the company's capacity and flexibility to pursue underwriting opportunities.

Share Repurchases

• In Q2 2025, Everest repurchased $200 million worth of shares, contributing to a year-to-date total of $400 million in buybacks.
• The company executed share repurchases of $61 million in 2022 and $225 million in 2021.
• As of May 22, 2020, the Board authorized the purchase of up to 32 million shares, with 30.8 million shares repurchased under this authorization by December 31, 2022.

Share Issuance

• Everest Group's shares outstanding were approximately 41 million in Q3 2025, reflecting a 2.82% decline year-over-year.
• Shares outstanding increased by 3.39% in 2024 to roughly 43 million and by 6.44% in 2023 to approximately 41 million.

Outbound Investments

• In Q3 2025, Everest Group began exiting its global retail insurance business by selling renewal rights for approximately $2 billion in gross written premiums to AIG, which is expected to result in a pretax nonoperating charge of $250 million to $350 million over 2025-2026.
• The company entered into a $1.2 billion adverse development cover for its North America insurance division, covering reserves for accident years 2024 and prior, involving a transfer of $1.25 billion of in-the-money reserves and an approximate $122 million premium payment, which is projected to reduce net investment income by about $60 million annually for several years.
• Everest continues to deploy capital into property catastrophe reinsurance opportunities, targeting returns above 25% in peak geographic zones.