Everest Group, Ltd. Files Q3 2024 10-Q Report

TL;DR

**Everest Group Q3 10-Q filed. Financials look solid.**

AI Summary

Everest Group, Ltd. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company. Key financial information and operational updates are detailed within this report.

Why It Matters

This 10-Q filing provides investors and analysts with crucial financial data and insights into Everest Group's performance and financial health for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• EVEREST GROUP, LTD. (company) — Filer
• 0001095073-24-000046.txt (document) — Filing document name
• 20240930 (date) — Period of report
• 20241105 (date) — Filing date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• eg-20240930.htm (10-Q) — 2709KB
• eg-20240930xexx101.htm (EX-10.1) — 52KB
• eg-20240930xexx311.htm (EX-31.1) — 9KB
• eg-20240930xexx312.htm (EX-31.2) — 9KB
• eg-20240930xexx321.htm (EX-32.1) — 7KB
• 0001095073-24-000046.txt ( ) — 13896KB
• eg-20240930.xsd (EX-101.SCH) — 64KB
• eg-20240930_cal.xml (EX-101.CAL) — 101KB
• eg-20240930_def.xml (EX-101.DEF) — 338KB
• eg-20240930_lab.xml (EX-101.LAB) — 777KB
• eg-20240930_pre.xml (EX-101.PRE) — 591KB
• eg-20240930_htm.xml (XML) — 3192KB

Financial Statements

Financial Statements C onsolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Co nsolidated Statements o f Cash Flows for the nine months ended September 30, 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 47 Item 4.

Controls and Procedures

Controls and Procedures 47 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49 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 those expressed in forward-looking statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements are discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC") including, but not limited to, 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 results; losses from catastrophe exposure that exceed our projections; information regarding our reserves for losses and loss adjustment expenses ("LAE"); greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries; our failure to accurately assess underwriting risk and establish adequate premium rates; decreases in pricing

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS EVEREST GROUP, LTD. CONSOLIDATED BALANCE SHEETS September 30, December 31, (In millions of U.S. dollars, except par value per share) 2024 2023 (unaudited) ASSETS: Fixed maturities - available for sale, at fair value $ 30,479 $ 27,740 (amortized cost: 2024, $ 30,753 ; 2023, $ 28,568 , credit allowances: 2024, $( 51 ); 2023, $( 48 )) Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $ 799 ; 2023, $ 854 , net of credit allowances: 2024, $( 8 ); 2023, $( 8 )) 780 855 Equity securities, at fair value 230 188 Other invested assets 5,071 4,794 Short-term investments 3,931 2,127 Cash 1,599 1,437 Total investments and cash 42,090 37,142 Accrued investment income 380 324 Premiums receivable (net of credit allowances: 2024, $( 51 ); 2023, $( 41 )) 5,372 4,768 Reinsurance paid loss recoverables (net of credit allowances: 2024, $( 31 ); 2023, $( 26 )) 239 164 Reinsurance unpaid loss recoverables 2,276 2,098 Funds held by reinsureds 1,229 1,135 Deferred acquisition costs 1,475 1,247 Prepaid reinsurance premiums 952 713 Income tax asset, net 863 868 Other assets (net of credit allowances: 2024, $( 9 ); 2023, $( 9 )) 986 941 TOTAL ASSETS $ 55,864 $ 49,399 LIABILITIES: Reserve for losses and loss adjustment expenses $ 27,480 $ 24,604 Unearned premium reserve 7,462 6,622 Funds held under reinsurance treaties 16 24 Amounts due to reinsurers 979 650 Losses in course of payment 259 171 Senior notes 2,350 2,349 Long-term notes 218 218 Borrowings from FHLB 819 819 Accrued interest on debt and borrowings 43 22 Unsettled securities payable 434 137 Other liabilities 469 582 Total liabilities 40,529 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

View Full Filing

View this 10-Q filing on SEC EDGAR