US-based reinsurer Everest Group has posted a internet lack of $593m for the fourth quarter of 2024 (This fall 2024) in contrast with internet revenue of $804m a 12 months in the past.
The corporate attributed the downturn to the unfavourable growth of prior-year loss reserves in US casualty traces.
The corporate reported a diluted loss per share of $13.96 for the quarter, in distinction to the earnings per share (EPS) of $18.53 in This fall 2023.
Internet working loss stood at $780m versus internet working revenue of $1.1bn within the prior-year quarter.
Regardless of the loss, gross written premiums (GWP) for the quarter rose 7.2% year-over-year to $4.7bn.
For the reinsurance section, premiums elevated by 12.6% to roughly $3.3bn on a comparable foundation, adjusting for fixed greenback worth and excluding reinstatement premiums.
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Nevertheless, within the insurance coverage section, GWP declined 1.6% to $1.4bn in fixed {dollars} as the corporate continued its strategic portfolio changes.
Whereas property and specialty traces skilled robust double-digit progress, reductions in sure casualty traces partially offset these good points, the corporate added.
Moreover, present accident-year losses elevated by $229m, with $206m attributed to the insurance coverage section.
For the complete 12 months 2024 (FY24), Everest Group reported internet revenue of $1.4bn, a decline from $2.5bn in 2023.
The corporate’s whole GWP reached $18.2bn, reflecting a 9.1% year-over-year improve.
Final month, Everest Group named Jim Williamson as its president and CEO, with fast impact.
Williamson stated: “This was a pivotal 12 months for Everest as we took decisive motion to fortify our US casualty reserves, solidify our franchise worth and lift the bar throughout all aspects of the corporate.
“Our lead market reinsurance franchise continues to display its worth available in the market, as evidenced by one other well-executed January 1 renewal. In our insurance coverage enterprise, the numerous transformation of our North America insurance coverage platform is properly beneath means. We made significant progress bettering our portfolio, all whereas taking aggressive underwriting motion in US casualty traces.”
Wanting forward, the corporate estimates its pre-tax internet disaster losses for Q1 2025 to be between $350m and $450m, after accounting for recoveries and reinstatement premiums.
The projection is predicated on an industry-wide insured loss estimate starting from $35bn to $45bn.
