Everest Group, Ltd.

Company facts

Industry

Fire, Marine & Casualty Insurance

Headquarters

Hamilton

Most recent report

10-Q, filed Oct 30, 2026

Incorporated

N/A

Filings on record

1,001+ filings

On EDGAR

CIK 1095073

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 13 sections worth reading, with 0 positive, 13 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Core financial data: balance sheet, income, cash flow, segment results, and key notes on reserves, investments, and litigation.
  Notable

  • Company sold Canadian, Colombian, and Mexican retail insurance operations; Canadian sale closed Oct 1, 2026.
  • Bermuda's new 15% corporate income tax effective 2025; OECD guidance may reduce deferred tax assets.
  Negative

  • Securities class action filed Oct 28, 2026, alleging false statements on U.S. casualty reserves and underwriting.

• Management's Discussion (Item 2)

  Major restructuring: segment change, divestitures, ADC deals, BMA group supervision, and a $1.2B buyback.
  Notable

  • BMA designated Everest as a group-supervised IAIG, imposing new solvency, reporting, and compliance requirements starting Jan 2027.
  • Launched Annapurna Re sidecar with Stone Point; cessions to it reduced net written premiums in Reinsurance Treaty and Global Wholesale.
  • Entered ADC reinsurance agreements covering up to $1.2B of adverse development on North American liabilities, with $1.3B premium paid.
  • Acquisition, divestiture and restructuring costs totaled $127M for nine months ended Sep 30, 2026, mostly from the AIG sale.
  • U.K. tax law change in March 2026 provided a one-time tax benefit of approximately $40 million.
  • Net investment income rose 17.4% to $634M in Q3 2026, driven by a $75M increase in limited partnership income.
  • Allowance for credit losses on investments increased by $51M in Q3 2026 from two privately placed asset-backed securities.
  • Company repurchased 3.4M shares for $1.2B in first nine months of 2026, and paid $233M in dividends.
  Negative

  • Reinsurance Treaty prior-year attritional losses worsened by $293M in Q3 2026, mainly from U.S. casualty reserve strengthening.
  • Shareholders' equity fell $1.2B to $14.3B at Sep 30, 2026 from $15.5B at Dec 31, 2025, due to buybacks and unrealized losses.
  • Operating cash flow dropped to $1.6B for nine months ended Sep 30, 2026 from $3.5B a year ago, partly from higher tax payments.

• Legal Proceedings (Item 1)

  Securities class action filed; outcome uncertain; material to investors.
  Negative

  • Securities class action filed Oct 28, 2026; alleges false statements on U.S. casualty business and reserves; outcome uncertain.

• Risk Factors (Item 1A)

  New BMA group supervision with transition period and compliance costs.
  Notable

  • Company received BMA registration as a group supervised entity in Q3 2026; expects formal IAIG designation later.
  • Twelve-month transition period ends January 2027; company analyzing compliance requirements and planning for IAIG status.

• Unregistered Sales and Repurchases (Item 2)

  Buyback pace and remaining authorization are material to capital allocation.
  Notable

  • Board approved 10M additional shares in Nov 2024; 42M total authorized, 37.1M bought so far.

What changed: Sep 2026 vs. Jun 2026

About 13% of EG's Sep 2026 10-Q is new information. 87 paragraphs were added, 312 changed, and 82 removed. Below are the most important lines SECSift identified.

• Item 2 206
• Item 1 108
• Item 1A 4
• Item 5 2
• Item 3 1
• Item 4 1