Everest Group, Ltd. (NYSE:EG), a Bermuda-based provider of reinsurance and insurance with a market capitalization of $16.59 billion, reported a significant change in its leadership team. The company disclosed on Monday that Mike Karmilowicz has resigned from his position as Chairman of Everest Global Insurance.
Everest Group is known in the industry for its fire, marine, and casualty insurance services, operating under the Standard Industrial Classification code 6331. The company has demonstrated strong financial performance, with a 16.15% revenue growth in the last twelve months and maintains an attractive dividend yield of 2.08%. The company's headquarters is located at Seon Place, 4th Floor, 141 Front Street, Hamilton, Bermuda, and it is incorporated in Bermuda with a fiscal year-end on December 31.
In other recent news, Everest Group reported a strong Q3 performance with an annualized total shareholder return of 19.4% and an operating return on equity of 18.7%. Gross written premiums stood at $4.4 billion, marking a 1% increase, while the combined ratio improved to 93.1%. Net investment income rose to $496 million, and shareholders' equity reached $15.3 billion, a 19.1% increase from year-end 2023.
Everest Consolidator Acquisition Corp, on the other hand, announced an extension for completing a merger or similar business combination, with approval from its shareholders. This extension allows the board to extend the Combination Period up to six additional times, from November 2024 to May 2025.
Financial services firm Jefferies downgraded Everest Group from Buy to Hold, despite raising the price target to $429 from $420. This decision was based on indications from Everest Group's management regarding potential fourth-quarter reserve strengthening within the US Casualty sector of its Insurance segment. BMO (TSX:BMO) Capital Markets also adjusted its price target on shares of Everest Group, reducing it from $383.00 to $372.00.
Finally, Everest Group announced an expansion to its share repurchase program, with the Board of Directors approving an additional 10 million shares for buyback. The company also declared a dividend of $2.00 per common share.
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