Everest Group

Management has been decisive: it strengthened legacy reserves in 2024, executed a $1.2 billion adverse development cover in 2025 to cap tail risk, and sold the renewal rights of global retail commercial insurance to AIG to focus on core reinsurance and wholesale specialty.

In 2025, Everest repurchased $797 million of stock and paid $8 in dividends per share over the last 12 months. We view the exit from retail commercial as a quality-raising reallocation, improving expected returns and reducing execution complexity.

The primary caution is that prior reserve development required capital and dented 2024 results, with A.M. Best shifting outlook to negative. On balance, recent actions demonstrate rational, shareholder-minded allocation.