Everest Group

Everest benefited from the hard market since 2023 with attractive reinsurance margins in 2025 (reinsurance combined ratio 91.7 percent). However, pricing power is cyclical. January 1, 2026 renewals showed bound premium down 1 percent with property cat pricing down roughly 10 percent, indicating some normalization.

The pivot away from retail commercial and emphasis on wholesale specialty should concentrate the book in lines where technical pricing and bespoke solutions command better terms, but competitive supply and alternative capital limit long-run unilateral pricing. Overall we see above-average but cyclical pricing power.