Reinsurer Everest quarterly profit jumps on underwriting gains

Everest

29/04/2026 22:35

April 29 (Reuters) - Everest Group EG.N reported a jump in first-quarter profit on Wednesday, as the reinsurer benefited from stronger underwriting and higher returns on investment.

The Hamilton, Bermuda-based company, which is sharpening its focus on its core reinsurance business, benefited from a sharp fall in catastrophe losses. Results in the year-ago quarter were hit by the impact of the California wildfires.

Here are some details:

Pre-tax net catastrophe losses were $130 million in the quarter, compared with $472 million, a year earlier.

Net investment income jumped to $567 million in the quarter from $491 million a year earlier, underpinned by strong alternative investment returns.

Insurance firms typically invest a portion of their cash across various asset classes, such as fixed-income securities and alternative investments.

Net income was $653 million, or $16.21 per share, in the three months ended March 31, compared with $210 million, or $4.90 per share, a year earlier.

"Our new structure provides greater clarity on the earnings power across Everest," CEO Jim Williamson said.

Combined ratio was 91.2% in the quarter, compared with 102.7% a year earlier. A ratio below 100% indicates an insurer earned more in premiums than what it paid out in claims.

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)

 ((ArasuKannagi.Basil@thomsonreuters.com;))