Everest (EG)
Market Price (10/29/2026): $376.39 | Market Cap: $14.4 BilInvestor Relations Sector: Financials | Industry: Reinsurance
Everest (EG)
Market Price (10/29/2026): $376.39Market Cap: $14.4 BilSector: FinancialsIndustry: Reinsurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.3%, FCF Yield is 13% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -100% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Stock buyback supportStock Buyback 3Y Total is 1.7 Bil Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Global Risk & Resilience. Themes include Climate Risk Adaptation, Cyber Risk Insurance, and Specialty & Complex Risk Underwriting. | Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -77% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.2%, Rev Chg QQuarterly Revenue Change % is -11% Key risksEG key risks include [1] substantial reserve strengthening required for poorly underwritten legacy insurance policies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.3%, FCF Yield is 13% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -100% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Stock buyback supportStock Buyback 3Y Total is 1.7 Bil |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Global Risk & Resilience. Themes include Climate Risk Adaptation, Cyber Risk Insurance, and Specialty & Complex Risk Underwriting. |
| Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -77% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.2%, Rev Chg QQuarterly Revenue Change % is -11% |
| Key risksEG key risks include [1] substantial reserve strengthening required for poorly underwritten legacy insurance policies, Show more. |
Qualitative Assessment
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Everest (EG) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Strategic Repositioning towards Higher-Margin Business Lines.
Everest continued its strategic pivot during fiscal Q3 2026 (ended September 30, 2026), moving away from retail operations to focus on higher-margin specialty lines and reinsurance, a transformation aimed at sharpening its focus on these areas. This strategic shift included the completion of the sale of its Canadian retail insurance operations on October 1, 2026, following its reorganization of reportable segments.
2. Significant Share Repurchases.
The company demonstrated its commitment to returning capital to shareholders by repurchasing $474 million of common shares during fiscal Q3 2026, an action that can enhance shareholder value.
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Everest (EG) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Strategic Repositioning towards Higher-Margin Business Lines.
Everest continued its strategic pivot during fiscal Q3 2026 (ended September 30, 2026), moving away from retail operations to focus on higher-margin specialty lines and reinsurance, a transformation aimed at sharpening its focus on these areas. This strategic shift included the completion of the sale of its Canadian retail insurance operations on October 1, 2026, following its reorganization of reportable segments.
2. Significant Share Repurchases.
The company demonstrated its commitment to returning capital to shareholders by repurchasing $474 million of common shares during fiscal Q3 2026, an action that can enhance shareholder value.
3. Robust Net Investment Income.
Everest's high-quality investment portfolio contributed $634 million in net investment income in fiscal Q3 2026, marking an increase from $540 million in the prior-year quarter and providing substantial support to overall financial performance.
4. Favorable Reinsurance Market Conditions with Low Catastrophe Losses.
The reinsurance market experienced a period of relatively low catastrophe losses, with insured catastrophe losses at a seven-year low, and record reinsurance capital, which generally benefits reinsurers like Everest by reducing payouts and potentially improving profitability.
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Stock Movement Drivers
Fundamental Drivers
The 8.9% change in EG stock from 6/30/2026 to 10/28/2026 was primarily driven by a 12.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 355.30 | 386.88 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,929 | 16,435 | -2.9% |
| Net Income Margin (%) | 12.0% | 11.6% | -3.1% |
| P/E Multiple | 7.0 | 7.8 | 12.9% |
| Shares Outstanding (Mil) | 40 | 39 | 2.6% |
| Cumulative Contribution | 8.9% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| EG | 8.9% | |
| Market (SPY) | 3.4% | -29.2% |
| Sector (XLF) | 4.7% | 35.2% |
Fundamental Drivers
The 19.7% change in EG stock from 3/31/2026 to 10/28/2026 was primarily driven by a 26.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 323.15 | 386.88 | 19.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,217 | 16,435 | -4.5% |
| Net Income Margin (%) | 9.2% | 11.6% | 26.0% |
| P/E Multiple | 8.3 | 7.8 | -5.8% |
| Shares Outstanding (Mil) | 41 | 39 | 5.7% |
| Cumulative Contribution | 19.7% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| EG | 19.7% | |
| Market (SPY) | 19.1% | -21.2% |
| Sector (XLF) | 14.1% | 35.7% |
Fundamental Drivers
The 13.1% change in EG stock from 9/30/2025 to 10/28/2026 was primarily driven by a 152.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 341.92 | 386.88 | 13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,514 | 16,435 | -6.2% |
| Net Income Margin (%) | 4.6% | 11.6% | 152.9% |
| P/E Multiple | 17.7 | 7.8 | -55.7% |
| Shares Outstanding (Mil) | 42 | 39 | 7.7% |
| Cumulative Contribution | 13.1% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| EG | 13.1% | |
| Market (SPY) | 16.9% | -2.7% |
| Sector (XLF) | 5.5% | 37.1% |
Fundamental Drivers
The 11.1% change in EG stock from 9/30/2023 to 10/28/2026 was primarily driven by a 27.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 348.10 | 386.88 | 11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,289 | 16,435 | 23.7% |
| Net Income Margin (%) | 9.1% | 11.6% | 27.6% |
| P/E Multiple | 11.7 | 7.8 | -32.9% |
| Shares Outstanding (Mil) | 41 | 39 | 4.9% |
| Cumulative Contribution | 11.1% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| EG | 11.1% | |
| Market (SPY) | 86.9% | 23.0% |
| Sector (XLF) | 76.6% | 44.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EG Return | 20% | 24% | 9% | 5% | -4% | 17% | 89% |
| Peers Return | 4% | 6% | 36% | 27% | 13% | 17% | 154% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| EG Win Rate | 58% | 58% | 75% | 50% | 50% | 60% | |
| Peers Win Rate | 53% | 53% | 65% | 60% | 60% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EG Max Drawdown | -14% | -19% | -15% | -15% | -17% | -11% | |
| Peers Max Drawdown | -23% | -29% | -16% | -14% | -18% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RGA, RNR, MTG, EG, SPNT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | EG | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.1% | -6.7% |
| % Gain to Breakeven | 13.8% | 7.1% |
| Time to Breakeven | 45 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.8% | -33.7% |
| % Gain to Breakeven | 69.0% | 50.9% |
| Time to Breakeven | 538 days | 140 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -15.7% | -15.4% |
| % Gain to Breakeven | 18.6% | 18.2% |
| Time to Breakeven | 59 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -40.6% | -53.4% |
| % Gain to Breakeven | 68.3% | 114.4% |
| Time to Breakeven | 1104 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -15.8% | -8.6% |
| % Gain to Breakeven | 18.7% | 9.5% |
| Time to Breakeven | 47 days | 47 days |
In The Past
Everest's stock fell -2.4% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
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Asset Allocation
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| Event | EG | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -40.8% | -33.7% |
| % Gain to Breakeven | 69.0% | 50.9% |
| Time to Breakeven | 538 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -40.6% | -53.4% |
| % Gain to Breakeven | 68.3% | 114.4% |
| Time to Breakeven | 1104 days | 1085 days |
In The Past
Everest's stock fell -2.4% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Everest (EG)
Everest Re Group, Ltd. (EG) is a global provider of reinsurance and insurance products, operating through two main segments: Reinsurance Operations and Insurance Operations. Essentially, the company helps other insurance companies manage their risks by offering reinsurance, and also directly provides insurance coverage to various clients.
Through its Reinsurance Operations, Everest offers property and casualty reinsurance, including specialty lines, to other insurers. Its Insurance Operations segment provides property and casualty insurance directly to clients, covering a broad range of risks. This includes a diverse portfolio of coverages such as marine, aviation, surety, directors' and officers' liability, medical malpractice, mortgage reinsurance, accident and health, and workers' compensation, along with general commercial property and casualty insurance products.
Everest serves a wide international market. For its reinsurance services, primary customers are other insurance companies (ceding companies) located across the United States, Bermuda, Europe (Ireland, Switzerland, United Kingdom), Canada, and Singapore. Its insurance products are distributed to clients in Bermuda, Canada, various European countries (United Kingdom, Ireland, Netherlands), and South America (Chile), reaching these markets through a network of brokers and agents.
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Here are 1-3 brief analogies to describe Everest (EG):
- Like the Berkshire Hathaway of pure insurance and reinsurance.
- Imagine a global Chubb or Travelers, but also acting as a major insurer for other insurance companies.
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Reinsurance Services: Provides financial protection to other insurance companies by assuming a portion of their risks.
- Property and Casualty Reinsurance: Covers other insurers against losses from property damage and various liability claims.
- Specialty Reinsurance: Covers other insurers for specialized risks including marine, aviation, surety, professional liabilities (E&O, D&O, medical malpractice), mortgage, accident & health, and workers' compensation.
- Treaty Reinsurance: An agreement where the reinsurer automatically covers a defined class or portfolio of risks for an insurer.
- Facultative Reinsurance: Reinsurance provided for individual, specific risks on a case-by-case basis.
-
Insurance Products: Direct coverage provided to individuals, businesses, and other entities.
- Property and Casualty Insurance: Direct insurance coverage for losses related to property damage and liability for accidents.
- Specialty Insurance: Direct insurance coverage for specialized risks such as marine, aviation, surety, professional liabilities (E&O, D&O, medical malpractice), accident & health, and workers' compensation.
- Admitted Insurance Products: Insurance products offered by carriers licensed in the state where the policy is sold, adhering to state regulations.
- Non-Admitted Insurance Products: Insurance products offered by non-licensed carriers, typically for unique or higher-risk situations not covered by standard admitted insurers.
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Everest (EG) primarily sells its products and services to other companies, rather than individuals.
Based on the provided description, its major customers are:
- Other Insurance Companies: For its Reinsurance Operations segment, Everest provides property and casualty reinsurance and specialty lines to "ceding companies." These are other insurance companies that transfer a portion of their risks to Everest.
- Commercial Businesses: For its Insurance Operations segment, Everest writes commercial property and casualty insurance products. These policies are sold to various businesses and organizations through channels such as brokers, surplus lines brokers, and general agents.
The provided background information does not list the specific names or symbols of these customer companies.
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Jim Williamson, President and Chief Executive Officer
Jim Williamson is the President and Chief Executive Officer of Everest Group, Ltd. With 30 years of experience in insurance and financial services, he has led property & casualty commercial and consumer lines across U.S. and international markets. He also held functional leadership roles in actuarial, technology, and claims organizations. Prior to his current role, Mr. Williamson served as Everest's Executive Vice President and Group Chief Operating Officer, where he led the company's Reinsurance and Insurance Divisions. He joined Everest from Chubb, where he was Division President, North America Small Business. Earlier in his career, he began at The Hartford as a casualty underwriter. Mr. Williamson holds a Bachelor of Science degree from Bryant College and a Master of Business Administration degree from The Wharton School at the University of Pennsylvania.
Mark Kociancic, Executive Vice President and Group Chief Financial Officer
Mark Kociancic is the Executive Vice President and Group Chief Financial Officer at Everest. He joined the company on October 12, 2020. Before Everest, he served as Group Chief Financial Officer at SCOR from 2013, having held various senior executive roles with SCOR's U.S. operations since 2006. His prior experience also includes roles as Director of Finance and Head of Region Americas at Tokio Marine Management and as VP & CFO at Avalon Risk Associates, Inc. He started his career at Ernst & Young in Toronto, Canada, and later worked at London Guarantee Insurance Company. Mr. Kociancic holds a Bachelor of Commerce degree from the University of Toronto and is a Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA). It has been announced that Elias Habayeb will succeed Mr. Kociancic as EVP and Group CFO, effective on or about May 1, 2026.
Jill Beggs, Executive Vice President and Chief Executive Officer of Reinsurance
Jill Beggs is the Executive Vice President and Chief Executive Officer of Reinsurance at Everest, a role she was promoted to on July 24, 2025. She previously served as Chief Operating Officer of the reinsurance arm, a position she assumed early in 2024. Ms. Beggs rejoined Everest in late 2021 as Senior Vice President and Head of North America Reinsurance. She brings more than three decades of risk management experience, including 20 years at Munich Re in various roles. She also worked at Everest for over nine years from 1993 to 2002.
Anthony Vidovich, Executive Vice President, General Counsel
Anthony Vidovich serves as the Executive Vice President and General Counsel for Everest.
Christopher Kujawa, Executive Vice President, Chief Human Resources Officer
Christopher Kujawa is the Executive Vice President and Chief Human Resources Officer at Everest, a position he was appointed to on January 14, 2026.
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The key risks to Everest's (EG) business are:
- Adverse Development of Prior-Year Loss Reserves: Everest has faced significant challenges with the adverse development of prior-year loss reserves, particularly within its retail commercial insurance business and U.S. casualty lines. This has led to substantial reserve charges and necessitated strategic actions like the sale of renewal rights for its retail commercial insurance book and securing adverse development cover to protect against future reserve deterioration. This ongoing issue has contributed to rating agencies revising their outlooks on Everest to negative.
- Operational Risks and Execution Challenges from Strategic Shift: Everest is undergoing a material strategic transformation, including exiting its retail commercial insurance business to sharpen its focus on global reinsurance and wholesale/specialty insurance segments. While this repositioning is intended to enhance future performance, it introduces heightened operational risks. Challenges in the successful execution of this restructuring and the effective redeployment of capital into targeted segments could negatively impact the company's financial performance and ratings.
- Exposure to Catastrophic Events: As a global reinsurance and insurance provider, Everest is inherently exposed to substantial financial losses arising from natural and man-made catastrophic events, such as hurricanes, earthquakes, and pandemics. Despite utilizing sophisticated models to predict potential losses, actual losses can materially exceed projections, leading to significant hits to earnings and capital.
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Addressable Market Sizes for Everest (EG) Main Products and Services
- Global Property and Casualty Insurance Market: The global property and casualty insurance market was valued at approximately USD 4.30 trillion in 2025 and is projected to reach USD 9.49 trillion by 2035, exhibiting a CAGR of 8.24% from 2026 to 2035. Other sources indicate the market size was USD 1,920.56 billion in 2025, projected to grow to USD 2,877.32 billion by 2034 with a CAGR of 4.80%, and USD 1.8 trillion in 2023, expected to reach USD 2.62 trillion by 2030 with a CAGR of 5.5%.
- North America Property and Casualty Insurance Market: The North American property and casualty insurance market was valued at USD 853.13 billion in 2025, and is estimated to reach USD 885.55 billion in 2026. Another report states the U.S. property and casualty insurance market size is estimated at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030, growing at a 3.96% CAGR. The North America property and casualty insurance market size was calculated at USD 1.27 trillion in 2025 and is expected to attain around USD 2.86 trillion by 2035.
- Europe Property and Casualty Insurance Market: In 2025, Europe held an 18.30% share of the global market, reaching a valuation of USD 352.05 billion, and is projected to grow to USD 358.04 billion in 2026. The European Property & Casualty Insurance Market size was estimated at USD 2.85 trillion in 2026 and is projected to reach USD 4.41 trillion by 2033. The European P&C insurance market is worth nearly €1,000 billion in non-life insurance premiums collected.
- Global Specialty Insurance Market: The global specialty insurance market size was valued at USD 112.77 billion in 2025 and is projected to grow from USD 126.15 billion in 2026 to USD 337.89 billion by 2034, exhibiting a CAGR of 13.10%. Another source indicates a market size of USD 118.35 billion in 2024, poised to grow to USD 285.99 billion by 2033 with a CAGR of 10.3%. The market was also reported at USD 100.4 billion in 2024, projected to reach USD 184.4 billion by 2033.
- Global Marine Insurance Market: The global marine insurance market size was valued at USD 33.36 billion in 2025 and is projected to grow from USD 35.06 billion in 2026 to USD 52.20 billion by 2034, exhibiting a CAGR of 5.10%. Other figures suggest the market was valued at USD 36.1 billion in 2025, reaching USD 47.0 billion by 2034 at a CAGR of 2.90%, and USD 39.92 billion in 2024.
- Global Aviation Insurance Market: The global aviation insurance market size was valued at USD 5.27 billion in 2025. It is projected to grow from USD 5.55 billion in 2026 to USD 8.88 billion by 2034, exhibiting a CAGR of 6.10%. Other estimates indicate the market was worth around USD 4.61 billion in 2024 and is predicted to grow to USD 8.30 billion by 2034 with a CAGR of 6.05% between 2025 and 2034, or USD 5.32 billion in 2025, predicted to increase to USD 9.66 billion by 2035 with a CAGR of 6.15%.
- Global Directors and Officers (D&O) Insurance Market: The Directors and Officers (D&O) Insurance Market is anticipated to expand from USD 28.5 billion in 2024 to USD 108 billion by 2034, growing at a CAGR of approximately 14.3%. The D&O Liability Insurance Market size was valued at USD 25.21 billion in 2023, and is predicted to reach USD 48.81 billion by 2030, with a CAGR of 9.9%. The global Private Company D&O Insurance market size stood at USD 7.92 billion in 2024 and is expected to reach USD 17.43 billion by 2033.
- Global Errors and Omissions (E&O) Insurance Market: The global errors and omissions (E&O) insurance market size was valued at approximately USD 15 billion in 2023, and it is projected to reach USD 25 billion by 2032, growing at a CAGR of 5.5%. The Global Insurtech E&O Insurance Market size is expected to be worth around USD 14.09 billion by 2035, from USD 3.67 billion in 2025, growing at a CAGR of 14.4%.
- Global Workers' Compensation Insurance Market: The global workers' compensation insurance market size was recorded at USD 75.735 billion in 2021 and is projected to reach USD 93.4 billion by the end of 2025, and USD 142.051 billion by 2033, growing at a CAGR of 5.381% during 2025 to 2033. Another source indicates the market is projected to reach USD 51.2 billion by 2025 with a CAGR of 1.8%.
- Global Accident and Health Insurance Market: The global Accident and Health Insurance Market is set to rise from USD 1.66 billion in 2026, on track to hit USD 2.75 billion by 2035, growing at a CAGR of 5.8%. The Personal Accident and Health Insurance Market size is forecast to increase by USD 720.5 billion at a CAGR of 8.81% between 2023 and 2028. Another report states the Personal Accident and Health Insurance Market size of USD 1.5 trillion in 2024 and estimated to reach USD 2.2 trillion by 2032, with a CAGR of 5.5%.
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Everest (symbol: EG) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market conditions:
- Geographic Expansion and New Market Entry: Everest is actively expanding its global presence by entering new international markets, including recent approvals to operate in Italy, Australia, Colombia, and Mexico. This strategic expansion aims to tap into diverse customer needs and new revenue potentials globally.
- Strategic Portfolio Optimization: The company is focusing on growing its primary insurance market alongside its reinsurance leadership, with a strategic emphasis on lines of business that offer improved expected margins, such as Property/Short Tail and Other Specialty. This includes leveraging data and insights from reinsurance operations to penetrate new direct insurance markets.
- Favorable Pricing Momentum and Underwriting Discipline: Everest is capitalizing on a robust pricing environment and a "flight to quality" in the market. The company continues to achieve rate increases that are meaningfully in excess of loss trends, particularly in property and specialty lines, contributing to growth in gross written premiums.
- Investment in Global Platform and Tailored Risk Solutions: Strategic investments in its global platform and the development of tailored risk solutions are expected to enhance Everest's capabilities, attract a broader client base, and support diversified growth.
- Growth in Net Investment Income: Everest anticipates continued strong net investment income, driven by its larger asset base and solid returns from core fixed-income investments, along with positive contributions from alternative investments. This component significantly contributes to the company's overall revenue.
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Share Repurchases
- In the fourth quarter of 2025, Everest repurchased approximately $400 million of its stock.
- For the full year 2025, the company repurchased approximately $800 million in shares.
- In November 2024, Everest's Board of Directors authorized an increase of 10 million shares to its share repurchase program.
Capital Expenditures
- Information regarding specific dollar values for capital expenditures was not readily available in the provided sources, with several financial reports indicating "N/A" for this category.
Peer Outperformance in Reinsurance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| EG | Everest | 7.9% | 7.8x | 30.0% | 7.1% | 61.2% | — |
| SPNT | SiriusPoint | 7.7% | 5.8x | 39.7% | 163.0% | 168.8% | +108pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance ← | 6 | 34.8% | 72.3% | 116.9% | SPNT 169% · RGA 140% · RNR 137% |
| Investment Banking & Brokerage | 13 | -10.3% | 107.9% | 99.8% | IBKR 386% · SNEX 175% · HOOD 158% |
| Diversified Banks | 12 | 29.9% | 162.0% | 88.9% | CM 144% · RY 129% · JPM 125% |
| Life & Health Insurance | 20 | 16.3% | 54.8% | 80.0% | JXN 510% · UNM 287% · MFC 184% |
| Property & Casualty Insurance | 41 | 16.7% | 74.7% | 63.3% | TRV 168% · PGR 163% · ACGL 156% |
| Multi-line Insurance | 9 | 6.9% | 67.4% | 58.9% | GNW 106% · L 99% · AIZ 89% |
| Regional Banks | 265 | 30.6% | 101.4% | 54.9% | CBC 247% · FCNCA 187% · NIC 148% |
| Multi-Sector Holdings | 3 | 3.6% | 62.9% | 53.2% | BRK-B 87% · VOYA 53% · JEF 35% |
| Financial Exchanges & Data | 15 | 3.3% | 41.5% | 22.8% | CBOE 161% · VIRT 156% · CME 66% |
| Insurance Brokers | 15 | -1.5% | 9.6% | 17.7% | LIFE 384% · ARX 89% · AJG 67% |
| Asset Management & Custody Banks | 85 | -12.0% | 23.3% | 8.4% | WT 274% · VCTR 251% · AAMI 220% |
| Consumer Finance | 30 | 2.5% | 82.6% | 5.4% | ENVA 455% · FCFS 122% · AXP 94% |
| Diversified Financial Services | 4 | -6.0% | 20.6% | 4.8% | FRHC 166% · EQH 84% |
| Commercial & Residential Mortgage Finance | 14 | -53.6% | 28.1% | -1.6% | FNMA 372% · FMCC 318% · ACT 160% |
| Specialized Finance | 3 | 10.3% | 42.3% | -9.6% | CACC -10% · HASI -23% |
| Mortgage REITs | 34 | -19.4% | -2.7% | -33.7% | RITM 35% · DX 21% · AGNC 12% |
| Transaction & Payment Processing Services | 17 | 2.8% | 15.9% | -38.5% | V 98% · MA 89% · CPAY 57% |
| Diversified Capital Markets | 20 | -49.5% | 20.9% | -60.1% | LPLA 58% · TW 40% · RIOT -48% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 261.10 |
| Mkt Cap | 13.7 |
| Rev LTM | 11,063 |
| Op Inc LTM | - |
| FCF LTM | 2,000 |
| FCF 3Y Avg | 3,561 |
| CFO LTM | 2,000 |
| CFO 3Y Avg | 3,561 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.9% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | -2.9% |
| QoQ Delta Rev Chg LTM | -0.7% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 20.1% |
| CFO/Rev 3Y Avg | 28.3% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 28.2% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA207842 | EPLERENONE | eplerenone | tablet | 10252021 | 1.1% | 1.7% | 2.5% | 46.5% | 52.5% |
| ANDA207170 | TIZANIDINE HYDROCHLORIDE | tizanidine hydrochloride | tablet | 1262017 | 15.1% | 18.2% | 5.5% | 0.6% | 117.7% |
| ANDA090780 | DULOXETINE HYDROCHLORIDE | duloxetine hydrochloride | capsule, delayed rel pellets | 10282015 | -4.8% | 2.7% | 13.2% | 36.2% | 173.4% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA207842 | EPLERENONE | eplerenone | tablet | 10252021 | 1.1% | 1.7% | 2.5% | 46.5% | 52.5% |
| ANDA207170 | TIZANIDINE HYDROCHLORIDE | tizanidine hydrochloride | tablet | 1262017 | 15.1% | 18.2% | 5.5% | 0.6% | 117.7% |
| ANDA090780 | DULOXETINE HYDROCHLORIDE | duloxetine hydrochloride | capsule, delayed rel pellets | 10282015 | -4.8% | 2.7% | 13.2% | 36.2% | 173.4% |
Segment Financials
Revenue by Segment| $ Mil | 2007 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|
| U.S. Reinsurance | 1,283 | 1,474 | 1,424 | 726 | 498 |
| Bermuda Operations | 913 | 899 | 171 | 42 | 16 |
| International | 804 | 656 | 850 | 473 | 287 |
| U.S. Insurance | 736 | 938 | 824 | 573 | 294 |
| Specialty Underwriting | 262 | ||||
| Speciality Reinsurance | 459 | 469 | 460 | 372 | |
| Total | 3,997 | 4,425 | 3,738 | 2,274 | 1,467 |
| $ Mil | 2004 | 2003 | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|
| U.S. Insurance | 104 | 33 | -8 | 0 | -6 |
| International | 64 | 99 | 54 | -9 | -44 |
| Speciality Reinsurance | 21 | 34 | 10 | -67 | |
| Bermuda Operations | -39 | 28 | -18 | -3 | -1 |
| U.S. Reinsurance | -92 | -8 | -11 | -116 | 58 |
| Speciality Underwriting | -40 | ||||
| Total | 58 | 185 | 26 | -194 | -32 |
Price Behavior
| Market Price | $386.88 | |
| Market Cap ($ Bil) | 15.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -5.1% | |
| 50 Days | 200 Days | |
| DMA Price | $376.38 | $349.63 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 2.8% | 10.7% |
| 3M | 1YR | |
| Volatility | 19.0% | 24.0% |
| Downside Capture | -44.86 | -25.22 |
| Upside Capture | -15.97 | -4.54 |
| Correlation (S&P 500) | -20.6% | -4.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.12 | -0.08 | -0.50 | -0.32 | -0.00 | 0.39 |
| Up Beta | -0.41 | -0.39 | -1.31 | 0.18 | 0.31 | 0.52 |
| Down Beta | -1.00 | -1.08 | -0.63 | -1.30 | -0.17 | 0.52 |
| Up Capture | 16% | 5% | -12% | -5% | -0% | 5% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 19 | 30 | 61 | 127 | 392 |
| Down Capture | 59% | 27% | -36% | -61% | -17% | 47% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 23 | 34 | 65 | 125 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EG | |
|---|---|---|---|---|
| EG | 15.3% | 24.0% | 0.53 | - |
| Sector ETF (XLF) | 6.6% | 14.5% | 0.20 | 35.4% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | -5.1% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | -4.4% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -7.1% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 42.4% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 4.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EG | |
|---|---|---|---|---|
| EG | 9.1% | 25.7% | 0.32 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 51.2% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 32.3% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | -1.5% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 3.2% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 31.6% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 11.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EG | |
|---|---|---|---|---|
| EG | 9.5% | 27.4% | 0.36 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 60.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 47.3% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | -0.1% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 12.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 46.3% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -4.7% | -5.2% | -4.1% |
| 4/29/2026 | 3.7% | 2.3% | -5.8% |
| 2/4/2026 | 1.1% | 0.2% | 0.9% |
| 10/27/2025 | -11.4% | -8.9% | -8.7% |
| 7/30/2025 | 1.0% | -1.2% | 2.2% |
| 4/30/2025 | -6.0% | -4.7% | -2.7% |
| 2/3/2025 | -0.6% | -2.7% | 2.3% |
| 10/30/2024 | -6.4% | -3.5% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 12 |
| # Negative | 15 | 11 | 12 |
| Median Positive | 1.1% | 2.7% | 3.9% |
| Median Negative | -3.4% | -3.5% | -3.8% |
| Max Positive | 7.2% | 14.3% | 19.4% |
| Max Negative | -11.4% | -8.9% | -10.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -4.7% | -5.2% | -4.1% |
| 4/29/2026 | 3.7% | 2.3% | -5.8% |
| 2/4/2026 | 1.1% | 0.2% | 0.9% |
| 10/27/2025 | -11.4% | -8.9% | -8.7% |
| 7/30/2025 | 1.0% | -1.2% | 2.2% |
| 4/30/2025 | -6.0% | -4.7% | -2.7% |
| 2/3/2025 | -0.6% | -2.7% | 2.3% |
| 10/30/2024 | -6.4% | -3.5% | 2.5% |
| 7/31/2024 | -6.2% | -8.2% | -0.6% |
| 4/29/2024 | -0.7% | 2.7% | 4.2% |
| 2/7/2024 | 0.9% | -3.3% | -3.4% |
| 10/25/2023 | -3.4% | 1.4% | 4.4% |
| 7/26/2023 | -1.9% | -1.4% | -1.8% |
| 5/1/2023 | 0.4% | 0.8% | -10.2% |
| 2/8/2023 | 0.6% | 6.9% | 3.7% |
| 10/26/2022 | 7.2% | 14.3% | 19.4% |
| 7/27/2022 | -4.7% | -6.6% | 2.7% |
| 4/27/2022 | -0.8% | 0.5% | -1.4% |
| 2/9/2022 | -0.4% | 3.5% | -5.7% |
| 10/28/2021 | -4.6% | -2.2% | -4.2% |
| 7/28/2021 | -0.7% | 6.0% | 11.9% |
| 4/28/2021 | 2.4% | 2.6% | -1.7% |
| 2/9/2021 | 3.5% | 6.8% | 11.1% |
| 10/29/2020 | -2.5% | 4.8% | 12.5% |
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 12 |
| # Negative | 15 | 11 | 12 |
| Median Positive | 1.1% | 2.7% | 3.9% |
| Median Negative | -3.4% | -3.5% | -3.8% |
| Max Positive | 7.2% | 14.3% | 19.4% |
| Max Negative | -11.4% | -8.9% | -10.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Keen, Jason | EVP & CEO of GW & S Division | Direct | Sell | 5112026 | 351.84 | 775 | 272,676 | 2,874,533 | Form |
| 2 | Levine, Allan | Direct | Buy | 10302025 | 306.08 | 3,100 | 948,848 | 1,271,150 | Form | |
| 3 | Galtney, William F JR | Various Family Related Investments | Buy | 10302025 | 307.38 | 11,385 | 3,499,521 | 13,983,024 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Keen, Jason | EVP & CEO of GW & S Division | Direct | Sell | 5112026 | 351.84 | 775 | 272,676 | 2,874,533 | Form |
| 2 | Levine, Allan | Direct | Buy | 10302025 | 306.08 | 3,100 | 948,848 | 1,271,150 | Form | |
| 3 | Galtney, William F JR | Various Family Related Investments | Buy | 10302025 | 307.38 | 11,385 | 3,499,521 | 13,983,024 | Form |
Investor Activity (13F)
Updated Oct 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
EG Trade Sentinel
Constructive
CONVICTION RATIONALE
Everest is executing a clear strategic pivot, prioritizing profitability over volume. This is confirmed by a 90% core combined ratio and pricing discipline in a soft market. Aggressive, fully-funded share repurchases, with over 10% of shares retired since Jan 2025, are actively building shareholder value. The primary risk is that market skepticism persists.
STOCK ARCHETYPE
Contractual / Recurring(Number of contracts written) x (Average premium per contract) Underwriting discipline (achieving a profitable combined ratio) and generating investment income on the premium float.
INVESTMENT THESIS
Evidence suggests yes. The company is trading top-line volume for higher-quality earnings, while aggressively repurchasing shares at what management calls an undervalued price.
- Book value per share grew 12% year-over-year to roughly $408.
- Core businesses generated a 90% combined ratio in Q2 2026.
- Deployed $1.5 billion to share repurchases since January 2025.
- Property portfolio pricing down ~10% vs. market down 15-20%.
PRIMARY RISK
A 'corrosive' U.S. tort environment could lead to adverse reserve development, while a softening reinsurance market pressures future profitability and tests underwriting discipline.
- Management describes the U.S. tort environment as 'corrosive'.
- Property market pricing was down 15% to 20% at mid-year 2026 renewals.
- A peer reported a superior 72% adjusted combined ratio.
- Accounts receivable grew 8.2% while revenue fell -11.2% in Q2 2026.
| KPI | Status | Rationale |
|---|---|---|
| Core Businesses Gross Written Premium (GWP) Growth | -7% year-over-year for Q2 2026 - Decelerating | The decline in premiums is a deliberate strategic choice. Management is prioritizing profitability over volume, specifically reducing exposure to U.S. casualty lines and exiting programs that do not meet return thresholds. The CEO described this as managing the cycle with 'relentless discipline'. |
| Core Businesses Combined Ratio | 90.0% for Q2 2026 - Stable | The combined ratio remains stable and profitable. The latest quarter's figure included $85 million in catastrophe losses. Management highlighted that the attritional loss ratio in the Global Wholesale and Specialty segment improved 390 basis points year-over-year due to underwriting actions. |
| Book Value Per Share (excluding unrealized gains/losses) | grew 12% year-over-year to roughly $408 (Q2 2026) | Represents the growth in the company's net asset value per share, a key metric for shareholder value creation in the insurance industry. |
| Annualized After-Tax Net Operating ROE | 14.9% (Q2 2026) | Measures the company's operating profitability relative to its shareholders' equity, indicating how effectively it is generating profits from its capital base. |
Good Shrink or Competitive Retreat?
BULL VIEW
Management is executing a smart pivot, culling weak business to focus on profitable core operations, evidenced by a 90% combined ratio and superior relative pricing power.
CORE TENSION
Can disciplined pricing (-10% vs market -20%) and a 90% combined ratio offset a 7% premium decline, which the market punished post-earnings?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Demonstrating better pricing than the market average is a tangible sign of franchise strength, not competitive weakness.
BEAR VIEW
The premium decline of 7% in core business reflects share loss in a competitive market, and the 90% combined ratio lags best-in-class peers, indicating a weaker franchise.
| Timeline | Event & Metric To Watch |
|---|---|
back half of 2026 | Capital Release Visibility Watch: The company expects meaningful capital release from the retail business divestiture to become visible. |
on or before September 25, 2026 | Quarterly Dividend Payment Watch: The company's quarterly dividend of $2.00 per share will be paid. |
10/22/2026 | Reinsurance Pricing Deterioration Watch: Peer RNR's earnings call for commentary on pricing trends ahead of the key January renewal season. |
later in the third quarter | Annual Reserve Study Completion Watch: The company will complete its annual reserve studies for most long-tail lines of business. |
later in the third quarter | Casualty Reserve Review Outcome Watch: The Q3 earnings report for any prior-year development charges and management's commentary on loss trends. |
fourth quarter | Restructuring and Divestiture Execution Watch: Q3 and Q4 earnings reports for updates on transaction costs, closing timelines, and any changes to guidance. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-05 | Mexico Operations Sale Agreement Details: The company entered into a definitive agreement to sell its Mexico insurance operations to Fairfax Financial Holdings Limited, continuing its strategic transformation. | +0.3% $367.21 -> $368.35 |
2026-07-30 | Q2 2026 Earnings Report Details: The company reported second quarter results, after which the stock had a two-day reaction of -5.0% versus 2.0% for the S&P 500. | -5.0% $391.76 -> $372.13 |
2026-06-17 | Annapurna Re Sidecar Launch Details: Everest partnered with Stone Point Insurance Solutions to launch Annapurna Re Ltd., a Bermuda-based casualty reinsurance sidecar, with Stone Point as the anchor investor. | -0.6% $335.91 -> $333.81 |
2026-05-19 | Colombian Operations Sale Agreement Details: Everest announced a definitive agreement to sell its Colombian insurance operations to American International Group, Inc. (AIG), building on its strategy to exit retail insurance. | +0.7% $351.79 -> $354.36 |
2026-04-30 | Q1 2026 Earnings Report Details: The company reported first quarter results, after which the stock had a two-day reaction of 3.0% versus 1.0% for the S&P 500. | +2.8% $340.11 -> $349.57 |
2026-03-23 | Canadian Retail Operations Sale Details: The company announced a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company. | +2.5% $312.44 -> $320.10 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: EG trades at roughly 21% annualized options-implied volatility versus about 13% for the S&P 500 (1.6x the market), around the 26th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
RGA - Reinsurance of America
Growth & Scale LeaderRGA offers significant scale, with revenue 1.6 times that of Everest, and strong top-line growth of 19.5% TTM, contrasting with Everest's strategic contraction.
RNR - a business partner
Underwriting Profitabilitya business partner demonstrates superior underwriting profitability, reporting a 72% adjusted combined ratio compared to Everest's 90% in the most recent quarter.
A disciplined reinsurer actively shrinking its risk profile in a competitive market while aggressively returning capital to shareholders.
Everest is in a phase of strategic repositioning, prioritizing underwriting profitability and capital returns over top-line growth. The company has exited the commercial retail insurance business to focus on its core, more profitable reinsurance and specialty operations. Amid a softening property market, management is demonstrating pricing discipline and leveraging its market leadership, while simultaneously executing a large-scale share repurchase program based on the conviction that its stock is undervalued.
Continued strong underwriting margins in core segments, sustained share repurchases above the stated floor, and stable-to-favorable reserve development, particularly in short-tail lines.
Significant adverse reserve development in casualty lines that overwhelms the ADC, a major catastrophe loss that materially impacts capital, or an inability to maintain underwriting discipline as market competition intensifies.
Quarterly fluctuations in gross written premium, which management has explicitly deprioritized in favor of profitability.
Repricing Catalyst
The aggressive and ongoing share repurchase program, with $1.5 billion deployed since January 2025, and management's explicit statement that the share price does not reflect the company's true value and earnings power.
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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