Welcome to our dedicated page for Everest Group, Ltd. news (Ticker: EG), a resource for investors and traders seeking the latest updates and insights on Everest Group, Ltd. stock.
Everest Group, Ltd. (EG) is a globally recognized leader in property and casualty reinsurance and insurance. The company's diverse portfolio includes innovative products and responsive services backed by unparalleled financial strength. Operating under Everest Reinsurance Company, the firm underwrites virtually all classes and categories of business in treaty, facultative, and specialty lines, engaging both brokers and ceding companies directly.
Everest Group's primary insurance offerings are available through its several subsidiaries, including Everest National Insurance Company, Everest Indemnity Insurance Company, and Everest Insurance Company of Canada. With a team of seasoned professionals stationed across various global offices, Everest is adept at providing tailored solutions that precisely meet the needs of its customers.
The company is engaged in providing insurance services across the U.S., Bermuda, and international markets. Its Reinsurance operation focuses on property and casualty reinsurance and specialty lines of business, leveraging both treaty and facultative bases via reinsurance brokers and direct engagements with ceding companies. Meanwhile, the Insurance operation extends its reach by writing property and casualty insurance directly and through brokers, surplus lines brokers, and general agents in diverse regions including the U.S., Bermuda, Canada, Europe, and South America.
Everest Group continues to mark significant achievements and undertake substantial projects that reinforce its standing in the industry. With a commitment to innovation and client satisfaction, Everest Group remains a pivotal entity in today's market, consistently adapting to changes and setting new benchmarks in insurance and reinsurance.
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.
In celebration of Independence Day, Old Glory Bank introduces a $100,000 line-of-duty death benefit for its members from the Armed Forces, Firefighters, Law Enforcement, and Border Patrol Agents. This new benefit, called Old Glory Protect, is available to those who hold accounts at Old Glory Bank and maintain a minimum monthly direct deposit of $2,000. The benefit, starting on August 1, 2024, is underwritten by Everest Reinsurance Company. CEO Mike Ring emphasizes the bank's commitment to supporting those who protect the nation, highlighting that the bank stands for freedom and protection.
Everest Group (NYSE: EG) will hold its Q2 2024 earnings conference call on August 1, 2024, at 8:00 am ET. Financial results will be released on July 31, 2024, after the NYSE closes. The call will be accessible via a live webcast and a replay will be available on Everest's investor relations website.
Everest Group is a global leader in property, casualty, and specialty reinsurance and insurance solutions, boasting a 50-year history of disciplined underwriting and risk management. The company is part of the S&P 500 index.
Everest Group has announced an increase in its quarterly dividend from $1.75 to $2.00 per common share.
This increase will be effective for shareholders of record as of May 29, 2024, with payments made by June 14, 2024.
Everest is a global leader in reinsurance and insurance known for its disciplined underwriting and risk management, and its stock is part of the S&P 500 index.
Everest Group, (NYSE: EG) reported strong first quarter 2024 results with a net income of $733 million, operating income of $709 million, and a Total Shareholder Return of 18.1%. The company achieved a combined ratio of 88.8% resulting in record underwriting income of $409 million. Everest's reinsurance and insurance segments showed growth, with gross written premiums increasing by 17.2% and 9.8% respectively. The company's investment income also improved to $457 million. Everest President and CEO, Juan C. Andrade, highlighted the company's profitable performance and successful execution of their strategic plan.
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