Reinsurer Everest Group has reported web 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 web working revenue additionally declined to $276m for Q1 2025, in contrast with $709m a 12 months in the past.
Its web 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 web written premium, totalling $2.8bn.
In the meantime, the insurance coverage phase’s web written premium remained flat at $896m.
Everest Group repurchased widespread shares totalling $200m through the quarter, which equated to 574,000 shares at a median worth of $348.43 every.
Dividends on widespread shares have been declared and paid at $2 per share, totalling $85m for the quarter.
Pre-tax disaster losses, web of estimated recoveries and reinstatement premiums, have been substantial, amounting to $461m.
These losses have been primarily because of the 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 best degree 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 have been inside our anticipated vary.
“We proceed to see alternatives to deploy capital at glorious 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 important alternatives in property and specialty strains. Everest is delivering on its strategic plan, and I’m assured in our capability to realize our return goals.”
In This autumn 2024, Everest Group logged a web lack of $593m, in contrast with web revenue of $804m in the identical quarter a 12 months earlier.
For the total 12 months 2024, the corporate reported web revenue of $1.4bn, down from $2.5bn in 2023.
