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12:00
Jul 30 ◎

EG FY2026 Q2 Watch

Everest Group, Ltd. (EG) FY2026 Q2 Earnings Call

AIG RE ▾

Elias Hayeb

The transition of Everest's legacy retail business to AIG is progressing as planned, with a defined tail of premium runoff in H2 2026.

"We continue to manage the transition of our commercial retail insurance business to AIG, which remains on track with roughly $250 million of net premiums left to be earned in the second half of the year."

AIG WATCH

Jim Williamson

Third-party capital platform Mt. Logan Capital Management AUM surged 89% to $3.4 billion, largely from the new casualty/specialty sidecar Annapurna RE, which will be seeded with ~$200 million of premium per quarter for the next three years. — This expansion of third-party capital provides a new source of underwriting capacity and fee income, reducing Everest's net exposure to the casualty cycle while maintaining gross presence.

"Our third-party capital platform, Mt. Logan Capital Management, has approximately $3.4 billion of AUM as of July 1, up 89% from the beginning of 2025."

RE WATCH

HIGH

12:00
Apr 30 ◎

EG FY2026 Q1 Watch

Everest Group, Ltd. (EG) FY2026 Q1 Earnings Call

EG HIG RGA ▾

Jim Williamson

Management is positive about its own trajectory and capital returns but notes a softening pricing environment, particularly in property catastrophe reinsurance, which tempers the overall outlook.

"Market conditions are more competitive than a year ago. The legal environment in the U.S. remains hostile, and we will have to continue earning our results deal by deal, renewal by renewal, quarter by quarter."

EG WATCH

Jim Williamson

Despite softening April 1 property cat pricing (down 13%), Everest is seeing strong statistical evidence that Florida tort reform is working, potentially increasing demand for reinsurance limits at the June 1 renewal. — Indicates a potential inflection point for Florida-focused primary insurers (like HIG) and reinsurers, with lower loss costs possibly offsetting lower pricing.

"we are seeing strong statistical evidence that the tort reforms have worked, which obviously is a great positive given where our book is."

HIG WATCH

Jim Williamson

Everest is signaling a potential shift in the casualty reinsurance cycle, stating that elevated ceding commissions and the U.S. legal environment are the primary barriers to re-engagement. — Suggests that a sustained hard market in casualty reinsurance may persist until market pricing (ceded commissions) adjusts to reflect loss-cost trends.

"what we would need to see for that trend line to significantly reverse would be, first of all, seating commissions on casualty pro rata remain quite elevated. I think that needs to change."

RGA WATCH

HIGH

13:00
Feb 05 ◎

EG FY2025 Q4 Watch

Everest Group, Ltd. (EG) FY2025 Q4 Earnings Call

AIG EG ▾

Jim Williamson

Everest has divested its retail commercial business to AIG, transitioning the portfolio and recognizing a gain, signaling a strategic retreat from that segment.

"we sold the renewal rights to our European, U.S., and Asian commercial retail insurance businesses to AIG for a total consideration of $426 million"

AIG WATCH

Jim Williamson

While the company acknowledges challenges and restructuring costs, management's tone is forward-looking and confident, emphasizing strategic simplification, portfolio discipline, and improved positioning for future returns.

"Everest is better positioned to drive improved performance and consistent returns. We have more work to do, and the entire Everest team is focused squarely on the rigorous execution of our business plan"

EG WATCH

HIGH

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