Everest Group

Insurance and reinsurance earnings are inherently volatile due to catastrophes, reserve development, and market cycles. Everest’s 2024 results were impacted by U.S. casualty reserve strengthening, followed by a 2025 clean-up and an adverse development cover to ring-fence older years.

Group combined ratio in 2025 was 98.6 percent with reinsurance at 91.7 percent, and net investment income reached a record $2.1 billion, but catastrophe losses were still $757 million for the year.

The ADC and strategic exit from retail commercial renewal rights should reduce tail risk and complexity, improving medium-term predictability, yet we still classify the business as moderate in predictability relative to subscription-like models.