Everest Group

Market conditions softened across many lines in the Jan 1 renewals with property cat rates down an average of 10% globally while remaining above required technical price; total property limit deployed decreased for the first time since 2022 with a modest 2% reduction.

Everest repurchased 1.2 million shares amounting to approximately $400 million at an average share price of $320.59 per share in Q4 and a further $100 million in January of 2026, with management prioritizing share repurchases as the best use of excess capital given the discount to book.

At year-end 2025, gross written premium for the go-forward Global Wholesale and Specialty business was $3.6 billion, including $1.2 billion in facultative, and management expects this business to become a more significant share of Everest's earnings mix over time under new segment CEO Jason Keen.

All material reserve studies were completed during the third quarter, and the fourth quarter reserve roll forwards and review process yielded immaterial net movements for the three segments, with continued evidence of improved underwriting results in U.S. liability lines from the remediation process.