Everest reported a combined ratio of 107.1% for its reportable segments in the third quarter of 2026, an underwriting loss driven by reserve additions and catastrophes. Net income was $233m, or $6.12 per diluted share, against $255m a year earlier. Net operating income fell to $290m from $316m.
Net prior-year reserve development was unfavourable by about $268m, which added 8.5 points to the combined ratio. Of this, $253m was in Reinsurance Treaty, where Everest strengthened gross casualty reserves by about $600m. Reinsurance News reported that this followed about $200m of casualty strengthening in the second quarter. The legacy unit added $14m for two mid-sized property losses.
Catastrophe losses were $322m before tax for the reportable segments. Reinsurance Treaty took $277m, against $43m a year earlier, mainly from the Colombia earthquake, events in the Middle East and weather losses worldwide, and its combined ratio was 108.5%. The Global Wholesale & Specialty unit had $25m of catastrophe losses and a 97.3% combined ratio.
Total gross written premiums fell 14.5% to $3.74bn, largely because of the legacy book, which fell 86.7% to $79m. Core premiums fell 3.2% to $3.66bn: Treaty was down 5.3% at $2.72bn and Wholesale & Specialty was up 3.3% at $948m. Reinsurance News reported that casualty excess-of-loss premiums fell 24.8% and casualty pro rata premiums 15.8%.
Net investment income rose to $634m from $540m, mainly on alternative investments. Everest bought back $474m of shares in the quarter and $1.2bn so far this year. Chief executive Jim Williamson said buybacks "remain a top priority" going into 2027.
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Everest Group (SEC Form 8-K, Exhibit 99.1) ↗Company · 28 Oct 2026
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