Everest Keeps $300 Million Buyback Floor as Reserves Exceed Estimates by Over $850 Million

Everest Group, Ltd. maintains a $300 million quarterly share-repurchase floor as reserves sit more than $850 million above actuarial central estimates, and quarterly net investment income reached a record $634 million.

Everest returned about $550 million in the third quarter and more than $1.4 billion through the first three quarters of the year. Management expects the company to exceed the quarterly buyback floor when appropriate.

Everest strengthened gross casualty reserves by about $600 million. Management put the reserve position more than $850 million above actuarial central estimates.

Management expects competitive renewals and further rate decreases. Everest may become more selective or reduce its participation in deals that do not meet return thresholds. Management described casualty reinsurance as especially challenging amid competition and high ceding commissions.