olivLaw · US equity research
Everest Group, Ltd. EG
Fire, Marine & Casualty Insurance · SIC 6331 · Vertical: Fire, Marine & Casualty Insurance (SIC 6331)
Everest Group is a Bermuda-based reinsurer and insurer writing property, casualty and specialty business in the U.S. and abroad, with total assets of 62.5 billion USD at year-end 2025. The company is reshaping its portfolio, selling retail commercial operations and reporting three segments from 2026, so margin trends in reinsurance matter closely for investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Everest Group, Ltd. (EG) stock was 421.30 USD (+2.61% on the day), with market capitalisation 15.6 bn USD, P/E 8.9 on diluted EPS of 47.43 USD over the last 12 months, dividend yield 1.90%, beta 0.33, 52-week range 304.99–421.30 USD. Latest reported quarter (Q3 2026): revenue of 3.7 bn USD (−14.0% YoY), net income of 233.0 m USD (−8.6% YoY), diluted EPS 6.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.9
- strong (55–70)
- Bollinger (20, 2)
- 362.37 – 423.23
- in the upper half of the band · %B 0.97 · band width 15.5%
- SMA 50 / 200
- 381.08 / 354.89
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 10.37 / 7.72
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.9% | −1.1% | +16.0 pp | — |
| 3 months | +12.9% | −0.5% | +13.3 pp | — |
| 6 months | +19.7% | +4.4% | +15.3 pp | — |
| Year to date | +24.1% | +12.3% | +11.8 pp | — |
| 1 year | +32.6% | +13.5% | +19.1 pp | +7.3% |
| 3 years | +9.3% | +76.4% | −67.1 pp | +58.9% |
| 5 years | +54.0% | +63.7% | −9.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 4.3 bn | 4.5 bn | 4.3 bn | 4.4 bn | 4.1 bn | 4.0 bn | 3.7 bn |
| Pre-tax income | -748.0 m | 248.0 m | 815.0 m | 269.0 m | 555.0 m | 736.0 m | 683.0 m | 268.0 m |
| Income tax | -155.0 m | 39.0 m | 135.0 m | 14.0 m | 109.0 m | 83.0 m | 124.0 m | 36.0 m |
| Net income | -593.0 m | 210.0 m | 680.0 m | 255.0 m | 446.0 m | 653.0 m | 559.0 m | 233.0 m |
| Diluted EPS | -13.99 ≈ | 4.90 | 16.10 | 6.09 | 10.88 ≈ | 16.21 | 14.22 | 6.12 |
| Operating cash flow | 780.0 m | 928.0 m | 1.1 bn ≈ | 1.5 bn ≈ | -398.0 m | 649.0 m | 290.0 m ≈ | 667.0 m ≈ |
| Dividends paid | 85.0 m | 85.0 m | 84.0 m ≈ | 84.0 m ≈ | 82.0 m | 80.0 m | 78.0 m ≈ | 75.0 m ≈ |
| Share repurchases | 0 | 200.0 m | 200.0 m ≈ | 0 ≈ | 397.0 m | 330.0 m | 395.0 m ≈ | 473.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 32 percentile of its own 44-quarter history (min 5.6, median 11.3, max 110.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.4 bn | 8.2 bn | 9.6 bn | 11.9 bn | 12.1 bn | 14.6 bn | 17.3 bn | 17.5 bn |
| Revenue YoY | +11.2% | +11.8% | +16.6% | +23.6% | +1.6% | +21.0% | +18.5% | +1.2% |
| Net income | 89.0 m | 1.0 bn | 514.0 m | 1.4 bn | 597.0 m | 2.5 bn | 1.4 bn | 1.6 bn |
| Net income YoY | −81.6% | +1,033.7% | −49.1% | +168.3% | −56.7% | +321.6% | −45.5% | +15.9% |
| Diluted EPS | 2.17 | 24.70 | 12.78 | 34.62 | 15.19 | 60.19 | 31.78 | 37.80 |
| Diluted EPS YoY | −81.5% | +1,038.2% | −48.3% | +170.9% | −56.1% | +296.2% | −47.2% | +18.9% |
| net % | 1.2% | 12.3% | 5.4% | 11.6% | 5.0% | 17.3% | 7.9% | 9.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 15.5 bn USD
- Total assets
- 62.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.8%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 585.0 m | 1.5 bn | 588.0 m | 2.2 bn | 1.5 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 514.0 m | 1.4 bn | 597.0 m | 2.5 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 12.78 | 34.62 | 15.19 | 60.19 | 31.78 | 37.80 | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 6.20 | 6.20 | 6.50 | 6.80 | 7.75 | 8.00 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 802.0 m | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 32.7 bn | 38.2 bn | 40.0 bn | 49.4 bn | 56.3 bn | 62.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 23.0 bn | 28.0 bn | 31.5 bn | 36.2 bn | 42.5 bn | 47.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 9.7 bn † | 10.1 bn † | 8.4 bn † | 13.2 bn † | 13.9 bn † | 15.5 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 249.0 m | 247.0 m | 255.0 m | 288.0 m | 334.0 m | 335.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 200.0 m | 225.0 m | 61.0 m | 0 | 200.0 m | 797.0 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth100
- Quality33
- Returns69
- Valuation83
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 406.25 – 792.78 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income406.25 – 425.08 (Mid 415.50)
- Justified P/B506.35 – 680.95 (Mid 580.81)
- Dividend discount (DDM)outside the aggregate105.13 – 141.38 (Mid 120.59)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E428.19 – 669.77 (Mid 529.69)9 companies used · median multiple 11.2x · quartiles 9.0x – 14.1xACGL, AIG, ALL, CINF, HIG, L, MKL, TRV, WRB
- Peers: P/B496.90 – 792.78 (Mid 695.22)9 companies used · median multiple 1.8x · quartiles 1.3x – 2.1xACGL, AIG, ALL, CINF, HIG, L, MKL, TRV, WRB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 12.8% | 33 (vs peers) | 20% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 35.5% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 13.2% | 100 (on a fixed band) | 9% |
| ROA · Balance sheet | 3.0% | 100 (on a fixed band) | 9% |
| P/B · Valuation | 1.1x | 89 (vs peers) | 16% |
| P/E (TTM) · Valuation | 8.9x | 78 (vs peers) | 16% |
| Dividend yield · Returns | 1.9% | 50 (vs peers) | 11% |
| Payout ratio (EPS) · Returns | 16.9% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 1/1 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality· partial33/100 · 1/2 factors with a value
- Returns69/100 · 2/2 factors with a value
- Valuation83/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EVEREST GROUP, LTD. (EG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: YoY growth 1.2%; net margin 11.7%; ROE 12.8%.
The estimated value range is 462.55–675.36 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 555.25 USD, the price of 421.30 USD leaves a potential of 31.8% (value / price − 1) and a margin of safety of 24.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 35.5%
- Revenue CAGR 3Y: 13.2%
- ROA: 3.0%
- P/B: 1.1x
- P/E (TTM): 8.9x
- Payout ratio (EPS): 16.9%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Loss ratio.
Versus the vertical median
Fire, Marine & Casualty Insurance (SIC 6331) · same industry (4-digit SIC) · compared with 9 companies
Only companies with a capitalisation between 2.0 bn and 125.0 bn (within 8× of the company's); 48 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRVTravelers Companies, Inc. | 83.9 bn | 10.7 | 27.5% | 17.0% | +5.2% | +40% / +127% |
| ALLAllstate Corp | 66.6 bn | 6.1 | 38.9% | 16.6% | +5.6% | +26% / +95% |
| AIGAmerican International Group, Inc. | 42.4 bn | 13.3 | 8.2% | 11.9% | −1.7% | +7% / +24% |
| HIGThe Hartford Insurance Group, Inc. | 36.9 bn | 8.3 | 24.7% | 15.4% | +6.9% | +1% / +77% |
| ACGLArch Capital Group Ltd. | 36.0 bn | 9.0 | 18.7% | 23.3% | +14.3% | +18% / +32% |
| CINFCincinnati Financial Corporation | 29.2 bn | 11.2 | 16.9% | 20.1% | +11.4% | +14% / +85% |
| WRBBerkley W R Corp | 28.5 bn | 16.2 | 19.2% | 12.5% | +7.8% | −1% / +59% |
| MKLMarkel Group Inc. | 23.9 bn | 14.1 | 9.8% | 11.4% | +4.7% | −6% / +36% |
| LLoews Corp | 22.6 bn | 15.4 | 8.1% | 7.9% | +5.4% | +4% / +59% |
| EGEverest Group, Ltd. | 15.6 bn | 8.9 | 12.8% | 11.7% | +1.2% | +33% / +9% |
1- and 3-year price returns: for EG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 291.50 Total return -29% · Per year -29% | 513.36 Total return 24% · Per year 24% | 770.55 Total return 86% · Per year 86% |
| 3 years | 334.57 Total return -15% · Per year -5% | 657.88 Total return 64% · Per year 18% | 1,076.63 Total return 165% · Per year 38% |
| 5 years | 384.00 Total return 1% · Per year 0% | 843.10 Total return 115% · Per year 17% | 1,504.31 Total return 277% · Per year 30% |
- Exit P/E± 164.47
- Net margin± 115.13
- Annual revenue growth± 87.23
- Annual dilution± 9.67
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Everest Group is a Bermuda-based reinsurer and insurer writing property, casualty and specialty business in the U.S. and abroad, with total assets of 62.5 billion USD at year-end 2025. The company is reshaping its portfolio, selling retail commercial operations and reporting three segments from 2026, so margin trends in reinsurance matter closely for investors.
SWOT
Strengths
- The company has a broad client base, a global subsidiary network and A+ ratings for its active entities, which supports underwriting capacity across several markets 1.
- The balance sheet and equity base are solid, and second-quarter 2026 results show the ability to earn investment income and repurchase shares 23.
- Management has shown discipline at renewals, with terms better than the market at mid-year, which could support margins over the medium term 3.
Weaknesses
- U.S. casualty reserves have been strengthened substantially, and losses on recent underwriting years show that estimates can be exceeded 1.
- The Legacy segment and asbestos and environmental exposures add uncertainty to results because these liabilities are hard to estimate 12.
- Global Wholesale & Specialty runs a higher combined ratio than reinsurance, which limits the group's average margin 3.
Opportunities
- Sales of retail commercial operations could simplify the portfolio and focus capital on reinsurance and specialty lines 23.
- Sidecar structures such as the Bermuda vehicle with outside investors could expand capacity without fully using the balance sheet 2.
- If prices stay firm in specialty segments, growth in selected international markets could support profitable volume 3.
Threats
- Natural catastrophes and geopolitical events can raise losses and weigh on quarterly results, particularly in property lines 13.
- A downgrade in financial strength ratings could make it harder to win cedents and could trigger termination clauses in contracts 1.
- Competitive pressure from alternative capital could reduce prices and terms at future renewals 1.
Risks
- Under-reserved U.S. casualty liabilitieshigh
If losses in U.S. casualty lines continue to exceed estimates, the company could need to raise reserves and book further charges to earnings 1.
- Catastrophe losseshigh
Extreme weather and climate change could generate large losses, and risk transfer may not be available on acceptable terms 13.
- Downgrade of financial strength ratingsmedium
A downgrade below A- could allow cedents to terminate contracts or demand collateral, reducing premium volume 1.
- Bermuda group supervisionmedium
New requirements from the regulator could raise costs and affect capital and intragroup structures during the transition 2.
- Completion of asset saleslow
The Canadian and Colombian transactions depend on regulatory approvals and closing conditions; delays or changes could affect capital plans 2.
Investment thesis
What would need to be true (bull case)
- If underwriting discipline and firmer pricing persist, the Core segments could continue to support strong margins and attractive returns on equity 3.
- Share buybacks and portfolio restructuring could lift per-share value if executed efficiently 23.
- The capital base and global network give flexibility to benefit from favourable reinsurance and specialty cycles 1.
What would break the thesis
- If casualty and Legacy losses continue, results could remain more volatile than recent good quarters suggest 12.
- Competitive pressure and alternative capital could push down prices at renewals and limit premium growth 13.
- Compliance costs under Bermuda group supervision could rise and reduce capital flexibility 2.
What to watch
- Combined ratio trend in Reinsurance Treaty and Global Wholesale & SpecialtyQ3 2026
- Completion of the Everest Canada and Colombia sales2026-2027
- Progress of the transition to Bermuda group supervisionJanuary 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Segments
Reinsurance Treaty
This is the company's largest active segment and focuses on proportional and non-proportional treaty reinsurance with cedents and brokers 13. In the second quarter of 2026 its combined ratio was 88.5%, and the decline in gross written premium was led by casualty lines while property grew 3.
Global Wholesale & Specialty
This segment covers commercial and specialty insurance through wholesale and retail brokers, program administrators and selected international markets 13. In the second quarter of 2026 its combined ratio was 95.2%, higher than reinsurance, while gross written premium was broadly flat year over year 3.
Market context
The company describes global reinsurance and insurance markets as highly competitive and mature, with prices that cycle depending on capacity, catastrophe losses and general economic conditions 1. It notes that alternative capital such as catastrophe bonds and captives could reduce demand for traditional reinsurance 1.
Quarterly results show pressure on premiums in both segments but also stricter underwriting discipline, which could support margins if pricing stays firm 3. If social inflation and U.S. litigation persist, liability reserves could need to rise further 1.
Trends
- Rising litigation and social inflationheadwind
The company strengthened U.S. casualty reserves after higher losses in excess casualty lines, and factors such as third-party litigation funding could prolong this pressure 1.
- Underwriting discipline and firmer pricingtailwind
Management says it prioritises underwriting profitability over premium volume, and mid-year renewal results show rate and terms ahead of the market 13.
- Share buybacks and portfolio restructuringmixed
Share repurchases remain a capital priority, and sales of retail operations in Canada and Colombia could simplify the portfolio if completed on schedule 23.
- Bermuda group supervisionheadwind
The Bermuda Monetary Authority has become group supervisor, adding capital, reporting and compliance requirements that could raise costs during the transition period 2.
Competitive position
The company competes with U.S., Bermuda, European and other international reinsurers and insurers, as well as with investment firms, mutual companies and alternative risk providers such as captives and catastrophe bonds 1. Differentiation rests on financial strength, product range, broker relationships and claims management 1.
Financial strength ratings matter because many cedents can terminate contracts or demand collateral if a rating falls below A- 1. Competitors offering cheaper capital or larger capacity could gain share at renewals 1.
- U.S. reinsurers and insurers
The source cites U.S. companies as main competitors in global and local markets, without naming specific entities in the excerpts provided.
- Bermuda reinsurers
The source names Bermuda reinsurers as a competing group, without identifying a specific issuer listed on a U.S. exchange.
- European reinsurers and insurers
The source includes European reinsurers among international competitors, without naming entities in the excerpts provided.
- Alternative capital providers
Funds, mutual companies, captives and catastrophe bonds are cited as alternatives that can compete with traditional reinsurance.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Oct 2026Regulation FD disclosure
- Current report31 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Current report15 May 2026Departure or appointment of officers · Shareholder vote
- Quarterly report05 May 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Everest Group, Ltd. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Everest Group, Ltd. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Everest Group, Ltd. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.