Reinsurer Everest Group has reported internet revenue of $210m for the primary quarter of 2025 (Q1 2025), down from $733m in the identical interval the earlier 12 months.
The corporate’s internet working revenue additionally declined to $276m for Q1 2025, in contrast with $709m a 12 months in the past.
Its internet written premium for the quarter was $3.7bn, a 4.2% discount from $3.9bn recorded within the prior 12 months interval.
The reinsurance phase noticed a 4.5% lower in internet written premium, totalling $2.8bn.
In the meantime, the insurance coverage phase’s internet written premium remained flat at $896m.
Everest Group repurchased widespread shares totalling $200m through the quarter, which equated to 574,000 shares at a mean worth of $348.43 every.
Dividends on widespread shares had been declared and paid at $2 per share, totalling $85m for the quarter.
Pre-tax disaster losses, internet of estimated recoveries and reinstatement premiums, had been substantial, amounting to $461m.
These losses had been primarily as a result of California wildfires, which alone accounted for $442m.
The quarter additionally noticed reinstatement premiums of $62m, in distinction to the prior 12 months quarter, which had no such premiums.
Everest president and CEO Jim Williamson mentioned: “The trade skilled the very best stage of Q1 disaster losses in over a decade, primarily from the California wildfires. As anticipated, this affected our underwriting outcomes for the quarter. Given our disciplined strategy to disaster danger underwriting, our losses had been inside our anticipated vary.
“We proceed to see alternatives to deploy capital at wonderful anticipated returns, as evidenced by our profitable execution of the January and April first reinsurance renewals. In insurance coverage, the execution of our US casualty remediation stays on monitor to be accomplished later this 12 months, whereas we nonetheless see vital alternatives in property and specialty strains. Everest is delivering on its strategic plan, and I’m assured in our capacity to realize our return aims.”
In This fall 2024, Everest Group logged a internet lack of $593m, in contrast with internet revenue of $804m in the identical quarter a 12 months earlier.
For the complete 12 months 2024, the corporate reported internet revenue of $1.4bn, down from $2.5bn in 2023.
