Everest Group, Ltd.

Everest Group, Ltd. is a Bermuda-based global property and casualty reinsurance and specialty insurance company that generated $17.7 billion in gross written premiums in fiscal 2025, making it one of the largest (re)insurers in the world. A member of the S&P 500, Everest operates through a network of subsidiaries spanning more than 100 countries, with lead-market positions in treaty reinsurance and a growing specialty insurance platform distributed through wholesale and facultative channels.

This is a story about a company that spent two years cleaning house and is now asking investors to believe the remodel is complete. In 2024 and 2025, Everest absorbed $2.2 billion in unfavorable prior-year casualty reserve development, sacked its commercial retail insurance business via a renewal-rights sale to AIG, and reshaped its operating model around two focused segments: Treaty Reinsurance and Global Wholesale & Specialty. The share count shrank by roughly 5% in the first five months of 2026 alone as management deployed capital into buybacks at what it argues are deeply discounted prices. The question is whether the go-forward earnings power justifies that conviction — and whether the casualty demons are truly exorcised.

The file turns on a single debate: at roughly 0.85 times book value and 8-9 times trailing earnings, the market is pricing Everest as though the casualty overhang is permanent and the property cat cycle is peaking. If management is right that reserves are adequate, the business mix has structurally improved, and normalized ROEs can settle in the mid-teens, the stock is cheap. If they are wrong about any of those three things, it is not.