Everest Group, Ltd. - EG STOCK NEWS

Everest Group (NYSE: EG) reported strong Q3 2024 results with net income of $509 million and net operating income of $630 million. The company achieved a 19.4% annualized Total Shareholder Return and combined ratios of 93.1% for the Group. Gross written premium reached $4.4 billion with 0.6% year-over-year growth. The company reported $279 million in pre-tax catastrophe losses and improved net investment income of $496 million. Strong operating cashflow reached $1.7 billion. The company demonstrated growth in property and specialty lines while strategically reducing exposure in certain casualty lines.

Ryan Specialty (NYSE: RYAN) has completed the acquisition of certain assets of EverSports & Entertainment Insurance from the Everest Group. EverSports, a managing general underwriter specializing in sports, leisure, and entertainment (SLE) risks, will join Ryan Specialty's existing SLE facility, Alive Risk.

Founded in 2013 and based in Carmel, Indiana, EverSports is a leader in the SLE insurance industry with broad diversification across various sub-classes. The acquisition aims to enhance both firms' product offerings and distribution access.

Miles Wuller, President and CEO of Ryan Specialty Underwriting Managers, expressed excitement about the cultural fit and the potential to further serve trading partners. David Nikolai, President of EverSports, highlighted the opportunity to enhance their product set and amplify growth as part of Ryan Specialty's managed underwriting platform.

Everest Group, (NYSE: EG) has announced its third quarter 2024 earnings conference call, scheduled for Thursday, October 31, 2024, at 8:00 am Eastern Time. The company will release its financial results on October 30, 2024, after the NYSE market close. Investors can access the call via a live webcast on Everest's website, where a replay will also be available. The earnings release and financial supplement will be published on the company's investor relations page.

Everest is a global underwriting leader with a 50-year track record, providing property, casualty, and specialty reinsurance and insurance solutions. The company is known for its disciplined underwriting, capital, and risk management. Everest's common stock (EG) is a component of the S&P 500 index.

Everest Group, (NYSE: EG), a global underwriting leader in property, casualty, and specialty reinsurance and insurance solutions, has published its Global Loss Triangles for the year ended December 31, 2023. These documents are now available on the company's investor relations website under the Financials/Annual Disclosures section. Everest, known for its 50-year track record of disciplined underwriting, capital and risk management, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide. The company's common stock (NYSE: EG) is a component of the S&P 500 index.

Everest Group, (NYSE: EG), a global underwriting leader in property, casualty, and specialty reinsurance and insurance solutions, has announced a dividend of $2.00 per common share. The dividend will be payable on or before September 27, 2024 to shareholders of record as of September 16, 2024. Everest, a component of the S&P 500 index, is known for its 50-year track record of disciplined underwriting, capital and risk management. The company is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest Group, (NYSE: EG) has appointed Bill Hazelton as Executive Vice President of Everest Insurance® and President of North America Insurance. Hazelton, previously Head of US Retail Casualty and Industry Practices at Everest Insurance®, brings three decades of leadership experience from roles at major insurers like Chubb. He replaces Mike Mulray, who is departing the company.

Jim Williamson, Everest Group COO, praised Hazelton's proven track record and ability to elevate Everest's market presence. CEO Juan C. Andrade welcomed Hazelton to the senior leadership team while thanking Mulray for his nine-year tenure. This leadership change aims to accelerate Everest's strategy across North America and enhance service delivery to the market.

Old Glory Bank, a pro-America online community bank, has introduced Old Glory Protect, a $100,000 Line-of-Duty Death Benefit for America's Protectors. This benefit is available to members of the Armed Forces, firefighters, law enforcement officers, and U.S. Border Patrol agents who maintain an Old Glory Bank account with a monthly direct deposit of at least $2,000. The benefit is free for eligible Protectors and is underwritten by Everest Reinsurance Company, a division of Everest Group, (NYSE: EG).

Old Glory Bank, co-founded by notable figures including Dr. Ben Carson and Larry Elder, aims to serve those who believe in America's greatness. The bank offers FDIC-insured accounts and mobile banking solutions for consumers and businesses nationwide.

Everest Group (NYSE: EG) announced its Q2 2024 results, highlighting a net income of $724 million and operating income of $730 million, driven by strong underwriting and investment performance. The company reported a 19.7% ROE for operating income and 20.0% total shareholder return.

Gross written premiums reached $4.7 billion, marking a 12.8% YoY growth. The combined ratio for the group stood at 90.3%, with underwriting income of $358 million.

The reinsurance segment saw a 16.5% increase in gross written premiums and reported a pre-tax underwriting income of $303 million, while the insurance segment achieved a 5.8% increase in gross written premiums, with a pre-tax underwriting income of $54 million.

Net investment income hit a record $528 million, a significant rise from $357 million in Q2 2023. Operating cash flow was strong at $1.3 billion.

Shareholder equity rose to $14.2 billion, and book value per share increased to $327.68.

Everest Group, (NYSE: EG), a global underwriting leader, has announced two key appointments to strengthen its claims leadership. Andrew McBride has been promoted to Group Chief Claims Officer, overseeing claims across Everest's Insurance and Reinsurance divisions. McBride, previously Global Head of Claims at Everest Insurance®, brings extensive experience from roles at Chubb, ACE, QBE Insurance Group, and Aon.

Lope Garcia joins as Global Reinsurance Chief Claims Officer, based in Miami, FL. Garcia, with over 30 years of claims leadership experience, most recently served as Senior Vice President of Claims for Latin America at Chubb. He has also held chief claims officer positions at Zurich and AIG for Latin America.

These appointments aim to enhance Everest's claims operations and maintain its reputation for exceptional claims management and superior service.