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Everest Re is a world leader in property and casualty reinsurance and insurance, offering innovative products, responsive service, and unsurpassed financial strength. Everest Reinsurance Company underwrites virtually all classes and categories of business in treaty, facultative, and specialty lines, both through brokers and directly with ceding companies. Primary insurance products and services are available through several subsidiary operations including Everest National Insurance Company, Everest Indemnity Insurance Company, and Everest Insurance Company of Canada.
Everest professionals, working from several office locations around the world, have the technical expertise and market knowledge to produce tailored solutions precisely fitted to customer needs, ensuring that businesses have the coverage they require. By consistently delivering on their promises, Everest has established a reputation for reliability and strength in the insurance and reinsurance sector.
In recent years, Everest has made significant strides in expanding its global footprint and diversifying its product offerings. Their ongoing projects focus on enhancing digital capabilities to provide better customer experiences and streamline operations. Financially, Everest remains robust, with a solid balance sheet and a commitment to prudent risk management practices.
Everest’s strategic partnerships and collaborations with key players in the industry enable them to stay ahead of market trends and offer competitive, cutting-edge solutions. With a dedication to excellence and a customer-centric approach, Everest continues to be a trusted partner for businesses around the globe.
Everest Re Group, Ltd. (NYSE: RE) has appointed Brent Hoffman as interim General Counsel, succeeding Sanjoy Mukherjee, effective April 21, 2023. Hoffman brings over 25 years of experience in the legal and insurance sectors, previously serving as AXA XL's Chief Claims Officer. Mukherjee will assist in the transition as an advisor until July 2023. President and CEO Juan C. Andrade expressed confidence in Hoffman's capabilities to lead the legal team and enhance the company's strategic positioning. Everest continues to be a leader in property, casualty, and specialty reinsurance, serving a global clientele.
Everest Re Group, Ltd. (NYSE: RE) has declared a dividend of $1.65 per common share, payable on or before March 30, 2023. This dividend is for shareholders of record as of March 16, 2023. As a leader in global property, casualty, and specialty reinsurance, Everest aims to address key market challenges through disciplined underwriting and risk management strategies. The company is recognized for its 50-year track record in the industry and is a component of the S&P 500 index.
Everest Re Group reported a strong fourth quarter for 2022, with Net Income of $496 million and Net Operating Income of $478 million. This resulted in a Fourth Quarter ROE of 20.1% and an Operating ROE of 19.4%. The Combined Ratio improved to 87.8%, showing strong underwriting discipline. Gross written premium reached $3.6 billion, reflecting a 9% year-over-year growth. In 2022, the Group achieved $1.1 billion in Net Operating Income. Strong cash flow was maintained at $1.0 billion. However, shareholders' equity decreased to $8.4 billion, impacted by unrealized losses on fixed income investments.
Everest Re Group, Ltd. (NYSE: RE) will announce its fourth quarter 2022 earnings on February 8, 2023, after market close. A conference call is scheduled for February 9, 2023, at 8:00 am ET, providing insights into the company's financial performance. Investors can access the call via webcast and participate post-earnings release. Everest has a strong history in property and casualty insurance, showcasing disciplined underwriting and capital management, contributing to its status as an S&P 500 index component.
Everest Re Group (NYSE: RE) has announced the appointment of Srini Maddineni as the new Group Chief Information Officer (CIO), effective January 16, 2023. He succeeds Terry Walker, who will retire at the end of Q1 2023. Maddineni brings extensive experience from his previous role as CIO at Chubb and has a strong background in the financial services and insurance sectors. Additionally, Hemal Patel and Arron Lamp have been promoted to Deputy CIO roles, focusing on Corporate Applications and IT Innovation, respectively.
Everest Re Group, Ltd. (NYSE: RE) mourns the passing of Board Director John Arthur Weber on December 25. Weber, a member since 2003 and Chairman of the investment committee for 18 years, was instrumental to the company's success. His career spanned over five decades, including leadership roles at State House Capital Management and Aviva Plc. Colleagues express deep sympathy for Weber's family, honoring his legacy of service, intelligence, and kindness. Everest remains committed to providing innovative property and casualty insurance solutions globally.
Everest Re Group has appointed Hazel McNeilage as an independent, non-executive member of its Board of Directors, effective immediately. McNeilage brings over four decades of global financial services experience, emphasizing investment management and corporate growth strategies across multiple regions. She has served in executive roles for renowned financial institutions and holds board positions at companies like Reinsurance Group of America (RGA). The appointment aims to enhance Everest's leadership and align with its strategy for stakeholder value creation.
Everest Re Group, Ltd. (NYSE: RE) has declared a dividend of $1.65 per common share, scheduled for payment on or before December 16, 2022. This dividend will be distributed to shareholders recorded by November 23, 2022. As a global leader in reinsurance and insurance solutions, Everest boasts a 50-year history of disciplined underwriting and risk management. The company aims to address significant challenges faced by its customers and is a component of the S&P 500 index.
Everest Re Group, Ltd. (NYSE: RE) has unveiled a brand refresh, introducing a new logo and visual identity to reflect its commitment to underwrite opportunity for stakeholders. CEO Juan C. Andrade emphasized the importance of this update in navigating an evolving risk landscape. The refreshed brand celebrates the company's 50-year legacy while enhancing digital communication. This initiative aligns with Everest's strategic expansion, including new branches in Europe (Paris and Düsseldorf) and plans for a branch in Madrid. Everest is noted for its disciplined underwriting and global operational reach.
Everest Re Group reported a third-quarter net loss of $319 million, impacted by significant catastrophe losses. Despite this, gross written premiums rose 6.3% year-over-year to $3.7 billion, driven mainly by double-digit growth in the Insurance segment. The combined ratio for the Group was 112.0%, showing strain from catastrophe impacts. However, the attritional combined ratio improved to a record 87.6%. Year-to-date, net operating income stood at $587 million. CEO Juan C. Andrade emphasized the firm's resilience and strategic focus amid challenging market conditions.
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