Everest Re

Everest Re Group, Ltd.
Public
Traded as
Industry Financial services
Founded 1973 (1973)
Headquarters Hamilton, Bermuda
Key people
 Dominic J. Addesso (President and Chief executive officer), Joseph V. Taranto (Chairman)
Products Reinsurance, insurance
US$1 billion (2016) [1]
Number of employees
 1100 [1]
Website https://www.everestre.com/

Everest Re Group is a reinsurance company based in Hamilton, Bermuda.

History

In 1973, Everest Re Group was founded as Prudential Reinsurance, a subsidiary of Prudential Financial.[2] In the 1990s, Prudential Financial considered selling or spinning off Prudential Reinsurance.[3] On October 6, 1995, Prudential Reinsurance completed an IPO.[4] The chairman and CEO at that time was Joseph V. Taranto. Prudential Reinsurance was renamed Everest Re in 1996, after Mount Everest.[5] In 2017, Everest Re became a S&P 500 component.[6]

Business

Everest Re provides reinsurance and insurance to an international set of customers. Types of insurance provided include property, worker's compensation, crop, professional liability, and accident insurance.[1] As of 2016, 70% of premiums were from reinsurance, with the remainder in insurance (Total premiums were US$6 billion).[1] 61% of premiums were from property insurance and reinsurance, with the remainder from casualty insurance and reinsurance.[1] In reinsurance, 52% of premiums were from the United States, 17% were from Europe, 15% were from Latin America, and the rest were from the rest of the world.[1] Everest Re sells catastrophe bonds to investors through a variety of subsidiaries, including Mt. Logan Re and Kilimanjaro Re.

Because of the business it is in, Everest Re profits are very sensitive to large-scale disasters, usually called catastrophes. For instance, Everest Re incurred US$1.2 billion in catastrophe losses in the third quarter of 2017 due to hurricanes Harvey, Irma, and Maria, as well as the Central Mexico earthquake.[7]

References

  1. 1 2 3 4 5 6 "Everest Re 2016 Annual Report". Retrieved 9 December 2017.
  2. ↑ "History of The Prudential Insurance Company of America – FundingUniverse". www.fundinguniverse.com. Retrieved 2017-12-09.
  3. ↑ Kerr, Peter (1993-03-12). "COMPANY NEWS; Prudential May Sell Its Reinsurance Unit". The New York Times. ISSN 0362-4331. Retrieved 2017-12-09.
  4. ↑ "Everest Re Group company profile - Office locations, jobs, key people, competitors, financial metrics, news, company life - Company Profile on craft.co". craft.co. Retrieved 2017-12-09.
  5. ↑ "Everest Reinsurance Company: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-12-09.
  6. ↑ Indices, S&P Dow Jones. "Everest Re Group Set to Join S&P 500; Pinnacle Financial Partners to Join S&P MidCap 400 and Armada Hoffler Properties to Join S&P SmallCap 600". www.prnewswire.com. Retrieved 2017-12-09.
  7. ↑ Neil, Scott. "Everest Re reports $904m pre-tax loss | The Royal Gazette:Bermuda Re-Insurance". The Royal Gazette. Retrieved 2017-12-09.
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