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.

Source: TokenPost