FALSE000109507300010950732025-01-272025-01-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 27, 2025
Everest Group, Ltd.
(Exact name of registrant as specified in its charter)
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| Bermuda | 1-15731 | 98-0365432 |
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| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| | |
Seon Place – 4th Floor 141 Front Street PO Box HM 845 Hamilton, Bermuda | HM 19 |
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| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code 441-295-0006
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Class | | Trading Symbol(s) | | Name of Exchange where registered |
| Common Shares, $0.01 par value | | EG | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 27, 2025, Everest Group, Ltd. (the “Registrant”) issued a news release announcing preliminary financial information for both fourth quarter and full-year 2024 in advance of its full year and quarterly earnings to be released on February 3, 2025. As further described in the press release attached hereto as Exhibit 99.1, the Registrant expects to report full year 2024 net income in the range of $1.3 billion to $1.4 billion and non-GAAP net operating income in the range of $1.2 billion to $1.3 billion. The aforementioned results are inclusive of unfavorable development of prior year loss reserves of $1.5 billion and current accident year strengthening of $229 million in U.S. casualty lines, totaling $1.7 billion for the full year and fourth quarter 2024.
In addition, the Registrant published a recast quarterly financial supplement for the third quarter of 2024 on the Registrant's website, which contains prior period data for the fourth quarter of 2022 through the third quarter of 2024. During the fourth quarter of 2024, the Registrant revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Registrant's paper post-sale. It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012, and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. The only noteworthy exception relates to a limited number of renewed and new policies written on the Company's paper by the purchaser of the sports and leisure business referred to above, for a finite period of time post-closing. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.
ITEM 7.01 REGULATION FD DISCLOSURE
A press release announcing preliminary financial information for both the full year and fourth quarter is attached as Exhibit 99.1. A presentation summarizing the aforementioned unfavorable development and strengthening of reserves is attached as Exhibit 99.2.
The above information contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. The forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, regulatory and legal uncertainties and other factors described in our SEC filings, including our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The above information is being furnished under Item 7.01, “Regulation FD Disclosure.” This information shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | EVEREST GROUP, LTD. |
| | |
| By: | /S/ ROBERT J. FREILING |
| | Robert J. Freiling
Senior Vice President and
Chief Accounting Officer |
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Dated: January 27, 2025 | | |
EXHIBIT INDEX
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EVEREST GROUP, LTD.
Seon Place, 141 Front Street, 4th Floor, Hamilton HM 19, Bermuda
Contacts
Media: Dawn Lauer Investors: Matt Rohrmann
Chief Communications Officer Head of Investor Relations
908.300.7670 908.604.7343
Everest Announces Preliminary Commentary on Full-Year and Fourth
Quarter 2024 Results
HAMILTON, Bermuda -- (BUSINESS WIRE) – January 27, 2025 – Everest Group, Ltd., a global underwriting leader providing best-in-class property, casualty and specialty insurance and reinsurance solutions, today announced preliminary financial results in advance of its full year and quarterly earnings to be released on February 3, 2025.
The Company expects to report full-year 2024 net income in the range of $1.3 billion to $1.4 billion and non-GAAP net operating income in the range of $1.2 billion to $1.3 billion.
The above results are inclusive of unfavorable development of prior-year loss reserves of $1.5 billion. After current accident year strengthening of $229 million, total strengthening is $1.7 billion for the full-year and fourth quarter 2024.
•In Everest’s Reinsurance segment, the Company strengthened prior year U.S. casualty reserves by $684 million for the full-year and fourth quarter 2024. The reserve strengthening was fully offset by favorable development of well-seasoned reserves in property and mortgage lines.
•In the Company’s Insurance segment, Everest strengthened prior year U.S. casualty reserves by $1.1 billion and increased current accident year losses in U.S. casualty lines by $206 million, totaling $1.3 billion for the full-year and fourth quarter 2024. The reserve strengthening was driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines classes.
•As disclosed in an 8-K filed with the SEC after the market close on January 27, 2025, Everest formed a new “Other” segment, primarily comprised of certain sports and leisure lines after giving effect to the sale of the business in October 2024, run-off asbestos and environmental exposures, and certain discontinued insurance programs and coverage classes. Unfavorable development in the Company’s Other segment amounted to $425 million for both the full-year and fourth quarter 2024.
•The Company also announced its new target objective to deliver a mid-teens total shareholder return over the cycle. It will no longer be providing detailed forward guidance.
“Our decisive actions this quarter follow a comprehensive reserve review. As a result of these actions, our casualty reserves are positioned with a risk margin above the actuarial central estimate,” said Jim Williamson, Everest President and CEO. “The Company has significantly fortified its U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent, and investing in our platform. We believe these actions strengthen our balance sheet and put Everest on a clear trajectory towards generating attractive returns throughout the cycle.”
We will host a conference call on Tuesday, January 28, 2025, beginning at 8:30 am Eastern Time to discuss our preliminary 2024 results. Dial in details can be obtained by completing the registration form available at: https://dpregister.com/sreg/10196536/fe6a16fa20
About Everest
Everest is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.
Everest common stock (NYSE: EG) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.
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The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:
| | | | | | | | |
| Range |
| ($ in billions) | Low end | High end |
| After-tax net operating income (loss) | $ | 1.2 | | $ | 1.3 | |
| After-tax net gains (losses) on investments | — | | — | |
| After-tax net foreign exchange income (expense) | 0.1 | 0.1 |
| Net income (loss) | $ | 1.3 | | $ | 1.4 | |
Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period are not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.
Preliminary Reserving Results Presentation Fourth Quarter 2024
This presentation and the accompanying remarks contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. The forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of catastrophes, general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, pandemic, regulatory and legal uncertainties and other factors described in our SEC filings, including our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The preliminary reserving results in this presentation reflect management’s current views and may change as a result of management’s final review of results and other factors, including significant business, economic and competitive risks and uncertainties. Such preliminary financial information is subject to the finalization and closing of the accounting books and records of the Company (which have yet to be performed) and should not be viewed as a substitute for full quarterly financial statements prepared in accordance with U.S. GAAP. In the course of preparing and finalizing the financial statements for the year ended December 31, 2024, the preliminary estimates for the year ended December 31, 2024 will be subject to change and the Company may identify items that will require it to make adjustments to the Company’s preliminary estimates described herein. Any such changes could be material. For these or other reasons, the preliminary financial estimates for the year ended December 31, 2024 may not ultimately be indicative of the Company’s results for such periods and actual results may differ materially from those described above. No independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to these preliminary results, nor have they expressed any opinion or any other form of assurance on these preliminary results. These unaudited preliminary reserving estimates are presented for informational purposes only and do not purport to represent the Company’s financial condition or results of operations for any future date or period. As a result, caution should be exercised in relying on these estimates and no inferences should be drawn from these estimates regarding financial or operating data not provided. Cautionary Note On Forward-Looking Statements and Preliminary Estimates 2Everest Group, Ltd.
Amount (pre-tax)1 Reinsurance Segment U.S. Casualty Reinsurance2 (adverse) $684 million Property, Mortgage, and Other (favorable) $684 million Total $0 million Insurance Segment U.S. Casualty Insurance3 PYD (adverse) $1,072 million U.S. Casualty Insurance4 2024 AY (adverse) $206 million Total (adverse) $1,278 million Other Segment5 Sports and Leisure (adverse) $315 million Asbestos & Environmental (adverse) $54 million Other6 (adverse) $35 million U.S. Casualty 2024 AY (adverse) $22 million Total (adverse) $425 million Everest Group Total (adverse) $1,704M pre-tax 4Q 2024 Reserve Action Overview Decisive actions to fortify US casualty reserves Key TakeawaysNet Reserve Development Our booked reserves reflect Management’s Best Estimate Reinsurance Segment: • Favorable development in property and mortgage lines, which management believes contain additional embedded margin • Strengthening for U.S. casualty reserves across all AY’s reflecting higher loss emergence impacted by social inflation • U.S. Casualty $504M Actuarial Central Estimate7 + $180M risk margin8 Insurance Segment: • Materially strengthened U.S. casualty reserves in AY’s 2020 to 2024 • Adverse development driven by a combination of social inflation and portfolio concentrations in certain classes • $1.1B Actuarial Central Estimate + $182M risk margin Other Segment: • New segment primarily comprised of certain sports and leisure lines (after giving effect to the sale of the business in October 2024), A&E, and certain other lines • $307M Actuarial Central Estimate + $119M risk margin Decisive actions include $481M of risk margin above Actuarial Central Estimates for U.S. casualty 3Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
U.S. Casualty Insurance: Loss Landscape Loss experience exacerbated by social inflation Elevated loss trend driven by legal system abuse in certain U.S. casualty lines, including General Liability, Excess / Umbrella, Commercial Auto Principal drivers of social inflation include: • Increased frequency of high-severity claims • Third-party litigation funding • Plaintiff attorney litigation tactics (attorney advertising, trial tactics, forum shopping in plaintiff- friendly jurisdictions) • Public anti-corporate sentiment and acceptance of / desensitization to large damages awards • Erosion of tort reform Everest’s concentration in U.S. casualty lines, particularly in classes most susceptible to social inflation, is a key factor in the performance of the portfolio Elevated exposure to: • Classes with public exposure such as sports and leisure, real estate, and habitational • Guaranteed-cost policies in large-account general liability business • Commercial auto and excess liability coverage of larger fleets in challenging jurisdictions 4Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
New Leadership Team Balancing Portfolio Exiting Non-Core Business Aggressive Underwriting Action Improving Value Proposition Replaced key divisional leaders Bolstered talent across U.S. casualty lines Redefined sales and distribution roles at the regional level Accelerating growth in most attractive short- tail and specialty lines Improving portfolio diversification Sold Sports and Leisure insurance business Repositioning or exiting under- performing portfolios Drive casualty portfolio to price adequacy in a single renewal Restructuring policy offerings Shifting to more loss – sensitive business Aggressively shedding underperforming accounts Expanding regional underwriting presence Enhancing underwriting guidelines Continued enhancement of claims capabilities Transformation Progress Everest North America Insurance Response Significantly transforming the U.S. casualty underwriting platform Comprehensive actions driving improved underwriting margins 5Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Everest remains committed to the development of a leading global insurance business The Future of Everest Insurance International Insurance • Continuing to invest in capabilities and scaling the platform at an improving expense ratio • Deepening penetration of existing core country operations • Continuing to deliver superior underwriting margins by focusing on account quality • Building lead market and multinational capabilities North America Insurance • Continue adding and developing best-in-class talent to drive superior underwriting results • Deepening regional presence to closely align with brokers and gain access to the most attractive risks • Writing “accounts” instead of “lines” to ensure a higher quality, better-balanced portfolio • Continuing to invest in specialized underwriting capabilities and a superior service value proposition 6Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Everest Reinsurance U.S. Casualty Reserves U.S. Casualty Ultimate Loss Ratio by Underwriting Year Reinsurance Segment: 72% of Group’s Net Reserves $684M of U.S. Casualty reserve strengthening driven by increased conservatism around social inflation, largely offset by well-seasoned releases in property and mortgage U.S. Casualty reserves include risk margin of $180M beyond Actuarial Central Estimate Substantial re-underwriting of casualty portfolio in 2020 resulted in stabilized underwriting margins • Limited exposure to commercial auto • Enhanced cedent selection resulted in avoiding certain underperforming large account business • Breadth of cedent relationships resulting in well- diversified liability product exposure Reinsurance Segment Reserves as of December 31, 2024 U.S. Casualty Other Casualty Property Specialty Mortgage 0% 20% 40% 60% 80% 100% 120% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 As of Year-End 2023 As of Year-End 2024 Current Accident Year 2024 7Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Insurance Segment Reserves as of December 31, 2024 Everest Insurance® U.S. Casualty Reserves $1.3B reserve strengthening follows significant organizational transformation of U.S. casualty platform Includes 2024 accident year strengthening of $206M in U.S. casualty lines Casualty reserves include risk margin of $182M beyond Actuarial Central Estimate U.S. Casualty Prof. Liability / Other GL Workers' Compensation Property Other U.S. Umbrella U.S. General Liability U.S. Auto Liability U.S. Casualty Ultimate Loss Ratio by Accident Year Insurance Segment: 24% of Group’s Net Reserves Active re-positioning of underperforming casualty portfolios impacted by social inflation • Non-renewed 33% of the U.S. casualty portfolio GWP in 2024 Loss Drivers: • General Liability loss trend remains elevated compared to historical levels, with frequency being a key driver • Excess Casualty frequency of claims remains elevated • Auto Liability claim frequency and severity have exceeded pre-covid levels 0% 20% 40% 60% 80% 100% 120% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 As of Year-End 2023 As of Year-End 2024 Current Accident Year 2024 8Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Everest Other Segment Reserves Newly created “Other” segment includes the recently sold sports and leisure insurance business, legacy asbestos and environmental, and other discontinued insurance programs and coverage classes in run-off Segment net reserves of $1.1B as of December 31, 2024 $425M of reserve strengthening follows significant organizational transformation of U.S. casualty platform Other segment reserves include risk margin of $119M beyond Actuarial Central Estimate Average expected tail of reserves 3-4 years Other Segment Reserves as of December 31, 2024 Enhanced disclosure around non-core lines of business Other Segment: 4% of Group’s Net Reserves Sports and Leisure A&E Umbrella Other Casualty Workers' Compensation 9Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Prospective Approach to U.S. Casualty Insurance Loss Picks U.S. Casualty Industry Loss Trend Assumption Economic Inflation9 Social Inflation10 Other11 Loss Trend12 U.S. Casualty Insurance Loss Pick Approach Everest U.S. casualty insurance loss pick approach going forward: • Utilizing updated loss cost trend for general liability, excess / umbrella, and commercial auto combined averages ~12% • Acknowledging more recent loss trends, we are increasing the uncertainty margin13 in our prospective loss picks • Embedding significant prudence in our loss picks ~12% Bars in the chart representing components of loss trend are for illustrative purposes only. 10Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Targeting Mid-Teens Total Shareholder Return14 Over the Cycle Today’s action: aggressive response to U.S. casualty lines reserves in all segments Organic international insurance expansion performing strongly Growing high-quality investment portfolio Tier-1 lead market global reinsurance franchise Rapidly transforming North America insurance platform to deliver improved results Balance sheet strength and nimble capital deployment create optionality Path Towards Consistently Generating Attractive Returns 11Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Appendix 12Everest Group, Ltd.
Everest Reinsurance U.S. Casualty Reserving Detail Underwriting Year Reserving Detail 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q'23 $20 $49 $92 $215 $453 $774 $1,119 $1,233 $639 4Q'24 $30 $51 $68 $199 $306 $647 $995 $1,134 $1,470 $533 4Q'23 $96 $160 $228 $447 $721 $996 $1,292 $1,317 $658 4Q'24 $104 $143 $174 $391 $556 $903 $1,230 $1,352 $1,636 $541 4Q'23 21% 31% 40% 48% 63% 78% 87% 94% 97% 4Q'24 29% 35% 39% 51% 55% 72% 81% 84% 90% 99% % Paid to Ultimate 4Q'24 95% 94% 92% 87% 81% 66% 51% 34% 17% 6% IBNR ($M) Total Reserves ($M) IBNR as % of Total Reserves Underwriting Year ("UY") 13Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Everest Insurance® U.S. Casualty Reserving Detail Accident Year Reserving Detail 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q'23 $1 $3 $15 $25 $58 $103 $204 $385 $653 4Q'24 $1 $3 $3 $24 $78 $193 $318 $498 $749 $925 4Q'23 $4 $12 $24 $52 $135 $185 $319 $495 $709 4Q'24 $3 $10 $11 $42 $128 $246 $459 $655 $898 $987 4Q'23 21% 25% 61% 49% 43% 56% 64% 78% 92% 4Q'24 29% 30% 28% 56% 61% 78% 69% 76% 83% 94% % Paid to Ultimate 4Q'24 97% 94% 90% 85% 76% 54% 44% 31% 12% 2% Accident Year ("AY") IBNR ($M) Total Reserves ($M) IBNR as % of Total Reserves 14Everest Group, Ltd.Note: For additional information please refer to endnotes on page 16.
Everest Other Segment Reserving Detail Accident Year Reserving Detail Note: For additional information please refer to endnotes on page 16. 15Everest Group, Ltd. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 IBNR ($M) 4Q'24 $1 $1 $3 $8 $25 $45 $63 $123 $155 $124 Total Reserves ($M) 4Q'24 $1 $3 $4 $14 $33 $51 $89 $154 $179 $133 IBNR as % of Total Reserves 4Q'24 40% 20% 60% 61% 77% 88% 71% 80% 86% 93% % Paid to Ultimate 4Q'24 95% 93% 91% 84% 75% 46% 44% 24% 12% 2% Accident Year ("AY")
Endnotes 1 Amounts may not sum due to rounding. 2 U.S. Casualty Reinsurance contains all treaty and facultative casualty classes writing predominantly U.S. (but also a small amount of non-U.S.) exposures in auto liability, excess / umbrella, and general liability lines, and also a small portion of workers’ compensation. 3 A large preponderance of U.S. Casualty Insurance consists of auto liability, excess / umbrella, and general liability lines. 4 Consists predominantly of U.S. Casualty 2024 accident year strengthening and includes a small portion of non-casualty lines. 5 Our new other segment primarily includes the results of our sports and leisure business that was sold in October 2024, consisting of policies written prior to the sale and policies renewed and certain new business on the Company’s paper post- sale. It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012, and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but are responsible for the management of existing policies and settlement of related losses. The only noteworthy exception relates to a limited number of renewed and new policies written on the Company’s paper by the purchaser of the sports and leisure business referred to above, for a finite period of time post-closing. 6 Consists predominantly of run-off excess / umbrella portfolios. 7 An Actuarial Central Estimate is a neutral, most likely prediction of a future financial outcome. 8 "Risk margin" represents an allowance for uncertainty added by management to the Actuarial Central Estimate to arrive at the reserve amount booked (“Management’s Best Estimate”), which represents management’s view of the ultimate loss liability. 9 Weighted average of economic indices correlated with commercial auto and general liability claims severity. 10 Internal modeling of relationship between severity trend and social inflation drivers such as third-party litigation funding and legal services advertising spend. 11 Includes frequency trend as well as the leverage impact of inflation on excess policies. 12 Benchmark loss trends for commercial auto liability, general liability and excess/umbrella weighted by ultimate losses. 13 Uncertainty margin represents the additional level of prudence added to projected loss trend to account for potential loss emergence. 14 Total Shareholder Return is annual growth in Book Value Per Share excluding Unrealized Gains and Losses on Fixed Maturity Available for Sale Securities, plus Dividends Per Share. 16Everest Group, Ltd.
Glossary Accident Year (“AY”): Accident year refers to the year in which a claim occurs. Underwriting Year (“UY”): We rely primarily on underwriting year data for our internal reinsurance reserve analyses, as accident year is not generally available for contracts written on a pro rata basis. Underwriting year refers to the year in which a contract incepts. One underwriting year will generally incorporate claims from multiple accident years. Ultimate Loss and Loss Adjustment Expenses (“LAE”): This is the final total loss to the insurer, and includes losses, defense/lawyer fees, and adjusters fees, whether paid, booked as case reserves, or IBNR estimates. The ultimate loss or LAE ratio is the ultimate loss and LAE divided by earned premiums. Incurred but Not Reported (“IBNR”): Reserves are estimated losses for claims that have occurred but have not yet been reported to the insurer. Paid Loss and ALAE: Actual paid loss and loss adjustment expenses. Paid to Ultimate Ratio: The ratio of Paid Loss and LAE divided by Ultimate Loss and LAE. 17Everest Group, Ltd.
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dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionISO 3166-1 alpha-2 country code.
| Name: |
dei_EntityAddressCountry |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:countryCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Grafico Azioni Everest (NYSE:EG)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Everest (NYSE:EG)
Storico
Da Gen 2024 a Gen 2025
