Everest Group, Ltd. Files Q1 2024 10-Q Report

Ticker: EG · Form: 10-Q · Filed: May 3, 2024 · CIK: 1095073

Everest Group, Ltd. 10-Q Filing Summary
FieldDetail
CompanyEverest Group, Ltd. (EG)
Form Type10-Q
Filed DateMay 3, 2024
Risk Levellow
Pages16
Reading Time20 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

Related Tickers: EG

TL;DR

EG filed its Q1 2024 10-Q. All systems go.

AI Summary

Everest Group, Ltd. filed its quarterly report for the period ended March 31, 2024. The company, incorporated in Bermuda with its principal executive offices in Hamilton, Bermuda, is registered with the SEC under file number 1-15731. Its common shares trade on the New York Stock Exchange under the symbol EG.

Why It Matters

This filing provides investors with an update on Everest Group, Ltd.'s financial performance and operational status for the first quarter of 2024, crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing routine financial and operational updates, not indicating any immediate or significant risks.

Key Players & Entities

  • EVEREST GROUP, LTD. (company) — Registrant
  • March 31, 2024 (date) — Quarterly period end date
  • 1-15731 (other) — Commission file number
  • Bermuda (location) — Jurisdiction of incorporation
  • New York Stock Exchange (company) — Exchange where common shares are registered
  • EG (ticker) — Trading symbol for Common Shares

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by registrants pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, providing an update on the company's financial performance and operations for the specified quarterly period.

For what period does this report provide information?

This report provides information for the quarterly period ended March 31, 2024.

What is Everest Group, Ltd.'s commission file number?

Everest Group, Ltd.'s commission file number is 1-15731.

On which stock exchange are Everest Group, Ltd.'s common shares traded?

Everest Group, Ltd.'s common shares are traded on the New York Stock Exchange.

What is the trading symbol for Everest Group, Ltd.'s common shares?

The trading symbol for Everest Group, Ltd.'s common shares is EG.

Filing Stats: 4,881 words · 20 min read · ~16 pages · Grade level 16.3 · Accepted 2024-05-03 16:20:33

Key Financial Figures

  • $0.01 — hange where Registered Common Shares, $0.01 par value EG New York Stock Exchange

Filing Documents

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited) 2 Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 4 Notes to Consolidated Interim Financial Statements (unaudited) 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46 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 only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause our actual events or results to be materially different from our expectations are discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC") including those described under the caption "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K (the "Form 10-K filing"). These 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS EVEREST GROUP, LTD. CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (In millions of U.S. dollars, except par value per share) (unaudited) ASSETS: Fixed maturities - available for sale, at fair value $ 28,297 $ 27,740 (amortized cost: 2024, $ 29,311 ; 2023, $ 28,568 , credit allowances: 2024, $( 46 ); 2023, $( 48 )) Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $ 842 ; 2023, $ 854 , net of credit allowances: 2024, $( 9 ); 2023, $( 8 )) 840 855 Equity securities, at fair value 216 188 Other invested assets 4,854 4,794 Short-term investments 2,397 2,127 Cash 1,544 1,437 Total investments and cash 38,148 37,142 Accrued investment income 327 324 Premiums receivable (net of credit allowances: 2024, $( 43 ); 2023, $( 41 )) 5,101 4,768 Reinsurance paid loss recoverables (net of credit allowances: 2024, $( 27 ); 2023, $( 26 )) 233 164 Reinsurance unpaid loss recoverables 2,084 2,098 Funds held by reinsureds 1,155 1,135 Deferred acquisition costs 1,331 1,247 Prepaid reinsurance premiums 702 713 Income tax asset, net 823 868 Other assets (net of credit allowances: 2024, $( 10 ); 2023, $( 9 )) 1,033 941 TOTAL ASSETS $ 50,937 $ 49,399 LIABILITIES: Reserve for losses and loss adjustment expenses $ 25,211 $ 24,604 Unearned premium reserve 6,826 6,622 Funds held under reinsurance treaties 11 24 Amounts due to reinsurers 716 650 Losses in course of payment 168 171 Senior notes 2,349 2,349 Long-term notes 218 218 Borrowings from FHLB 819 819 Accrued interest on debt and borrowings 43 22 Unsettled securities payable 403 137 Other liabilities 543 582 Total liabilities 37,308 36,197 Commitments and contingencies (Note 11) SHAREHOLDERS' EQUITY: Preferred shares, par value: $ 0.01 ; 50.0 shares authorized; no shares issued and outstanding — — Common shares, par value: $ 0.01 ; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares 1

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