Sector: Financials|Industry: Insurance - Reinsurance|Market Cap: $15.79B|Employees: 2.8K
Everest Group, Ltd. is a Bermuda-based reinsurance and insurance organization that operates globally. The company's core business involves underwriting reinsurance and insurance in the U.S., Bermuda, and other international markets, serving a diverse client base. Everest's competitive advantages include extensive product and distribution capabilities, a strong balance sheet, and access to world-class talent. It has a global presence spanning more than 100 countries across six continents.
Gross written premiums increased to $4.7 billion for the three months ended June 30, 2024, from $4.2 billion in the prior year, driven by increases in both reinsurance and insurance segments. This indicates strong top-line growth.
Net income increased to $724 million for the three months ended June 30, 2024, compared to $670 million for the three months ended June 30, 2023. This demonstrates improved profitability.
The combined ratio increased to 90.3% for the three months ended June 30, 2024, from 87.7% in the prior year, primarily due to increased commission and brokerage expenses and higher catastrophe losses. This indicates a potential concern regarding underwriting profitability.