Everest Group, Ltd. Files 2023 Annual Report on Form 10-K

Ticker: EG · Form: 10-K · Filed: Feb 28, 2024 · CIK: 1095073

Everest Group, Ltd. 10-K Filing Summary
FieldDetail
CompanyEverest Group, Ltd. (EG)
Form Type10-K
Filed DateFeb 28, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $13.2 billion, $49.4 billion, $16.6 billion, $4.2 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Everest Group, Insurance, Financial Report, Annual Filing

TL;DR

<b>Everest Group, Ltd. has filed its 2023 10-K report detailing its financial performance and operations in the Fire, Marine & Casualty Insurance sector.</b>

AI Summary

EVEREST GROUP, LTD. (EG) filed a Annual Report (10-K) with the SEC on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. Everest Group, Ltd. is classified under Standard Industrial Classification 6331: Fire, Marine & Casualty Insurance. The company's principal business address is Seon Place, 4th Floor, 141 Front Street, Hamilton, HM 19. The mailing address is C/O Reinsurance Holdings Inc, 100 Everest Way, Warren, NJ, 07059. The company was formerly known as Everest Re Group Ltd and Everest Reinsurance Group Ltd.

Why It Matters

For investors and stakeholders tracking EVEREST GROUP, LTD., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Everest Group's financial health and strategic positioning for the fiscal year 2023. Understanding the company's reported financial data and risk factors is crucial for investors and stakeholders to assess its performance and future outlook in the insurance industry.

Risk Assessment

Risk Level: medium — EVEREST GROUP, LTD. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any extreme risks or positive developments without further analysis of the content within the report itself.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify specific areas of growth, potential challenges, and management's strategies for the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period of report)
  • 2024-02-28 — Filing Date (Date filed)
  • 0001095073-24-000009 — Accession Number (Unique identifier for the filing)

Key Players & Entities

  • EVEREST GROUP, LTD. (company) — Filer name
  • FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
  • HAMILTON (location) — Business address city
  • WARREN (location) — Mail address city
  • Everest Re Group Ltd (company) — Former company name
  • Everest Reinsurance Group Ltd (company) — Former company name

FAQ

When did EVEREST GROUP, LTD. file this 10-K?

EVEREST GROUP, LTD. filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by EVEREST GROUP, LTD. (EG).

Where can I read the original 10-K filing from EVEREST GROUP, LTD.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by EVEREST GROUP, LTD..

What are the key takeaways from EVEREST GROUP, LTD.'s 10-K?

EVEREST GROUP, LTD. filed this 10-K on February 28, 2024. Key takeaways: The filing covers the fiscal year ending December 31, 2023.. Everest Group, Ltd. is classified under Standard Industrial Classification 6331: Fire, Marine & Casualty Insurance.. The company's principal business address is Seon Place, 4th Floor, 141 Front Street, Hamilton, HM 19..

Is EVEREST GROUP, LTD. a risky investment based on this filing?

Based on this 10-K, EVEREST GROUP, LTD. presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any extreme risks or positive developments without further analysis of the content within the report itself.

What should investors do after reading EVEREST GROUP, LTD.'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to identify specific areas of growth, potential challenges, and management's strategies for the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does EVEREST GROUP, LTD. compare to its industry peers?

Everest Group, Ltd. operates within the Fire, Marine & Casualty Insurance industry, a sector characterized by risk management and underwriting of diverse insurance policies.

Are there regulatory concerns for EVEREST GROUP, LTD.?

The company is subject to regulations governing the insurance industry, which vary by jurisdiction and impact its operations, solvency, and reporting requirements.

Industry Context

Everest Group, Ltd. operates within the Fire, Marine & Casualty Insurance industry, a sector characterized by risk management and underwriting of diverse insurance policies.

Regulatory Implications

The company is subject to regulations governing the insurance industry, which vary by jurisdiction and impact its operations, solvency, and reporting requirements.

What Investors Should Do

  1. Analyze the company's revenue streams and growth percentages for the fiscal year 2023.
  2. Examine the net income and EPS figures to assess profitability.
  3. Review the debt-to-equity ratio and cash position for financial stability.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Comparative data from previous filings will be needed for a full 'vs last filing' analysis.

Filing Stats: 4,383 words · 18 min read · ~15 pages · Grade level 13.5 · Accepted 2024-02-28 16:20:37

Key Financial Figures

  • $0.01 — hange where Registered Common Shares, $0.01 par value EG New York Stock Exchange
  • $13.2 billion — 1, 2023, we had shareholders' equity of $13.2 billion and total assets of $49.4 billion. Ou
  • $49.4 billion — ty of $13.2 billion and total assets of $49.4 billion. Our Operations. The Company's princ
  • $16.6 billion — e Company had gross written premiums of $16.6 billion with approximately 68.9% representing r
  • $4.2 billion — Bermuda Re had shareholder's equity of $4.2 billion. Everest International Reinsurance, Lt
  • $1.4 billion — ternational had shareholder's equity of $1.4 billion. Ireland Re, an Ireland reinsurance c
  • $7.0 billion — urance Company had statutory surplus of $7.0 billion. Everest National Insurance Company ("

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 32 Item 1C. C ybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 34 Item 6. (Reserved) 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 61 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 61 Item 13. Certain Relationships and Related Transactions, and Director Independence 61 Item 14. Principal Accountant Fees and Services 61 PART IV Item 15. Exhibits and Financial Statement Schedules 62 Table of Contents Safe Harbor Disclosure This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "will", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential" and "intend". Forward-looking statements contained in this report include: the effects of catastrophic events on our financial statements; our losses from catastrophe exposure could exceed our projections; information regarding our reserves for losses and loss adjustment expenses or LAE; our failure to accurately assess underwriting risk and establish adequate premium rates; decreases in pricing for property and casualty reinsurance and insurance; our inability or failure to purchase reinsurance; our ability to maintain our financial strength ratings; the failure of our insured, intermediaries and reinsurers to satisfy their obligations to us; decline in our investment values and investment income due to exposure to financial markets conditions; the failure to maintain enough cash to meet near-term financial obligations; our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from our subsidiaries due to our holding company structure; reduced net income and capital levels due to foreign currency e

BUSINESS

ITEM 1. BUSINESS The Company. Everest is a Bermuda-based reinsurance and insurance organization. As part of the S&P 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent. At December 31, 2023, we had shareholders' equity of $13.2 billion and total assets of $49.4 billion. Our Operations. The Company's principal business, conducted through its Reinsurance and Insurance operating segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets. Our global network of operations spans more than 100 countries across six continents. In 2023, the Company had gross written premiums of $16.6 billion with approximately 68.9% representing reinsurance and 31.1% representing insurance. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company's preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. Group's active operating subsidiaries are each rated A+ ("Superior") by A.M. Best Company ("A.M. Best"), a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders. Following is a summary of the Company's principal operating subsidiaries: Bermuda Re, a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and long-term insurer and is authorized to write both reinsurance and insurance property and casual

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