Everest Group (EG) FY2025 results: revenue $17.5 billion, up 1.2% on the year

Everest Group is a Bermuda-based reinsurance and insurance organisation. Most of what it writes is reinsurance, which is cover sold to other insurers rather than to the public, and the rest is commercial insurance sold to companies. Its network spans more than 100 countries across six continents, and it underwrites through subsidiaries and branches in the United States, Bermuda, Ireland, Canada, Chile, Colombia, Mexico, Singapore, Australia and at Lloyd's.

The split between the two books

Everest reports two segments, Reinsurance and Insurance, plus a small Other segment. Of 2025 gross written premiums, about 72.4 percent was Reinsurance, 27.1 percent Insurance and the remaining 0.5 percent Other. The Other segment does not generally sell anything: it manages existing policies and settles their losses, and it holds run-off asbestos and environmental exposures, certain discontinued insurance programmes written mostly before 2012, and the sports and leisure business sold in October 2024.

What the reinsurance book covers

Reinsurance means the reinsurer agrees to indemnify a ceding insurer against all or part of the risks that insurer has underwritten. It does not release the ceding company from its duty to its own policyholders; it reimburses it for covered losses. Everest writes both treaty reinsurance, where the ceding company must cede and the reinsurer must assume a set portion of a whole category of risk, and facultative reinsurance, which is negotiated one contract at a time for a single risk. Each can be written pro rata, where insurer and reinsurer share premium and loss at an agreed percentage, or excess of loss, where the reinsurer pays only above an agreed deductible and up to a stated limit.

By share of reinsurance gross written premiums in 2025: property pro rata 36.3 percent, casualty pro rata 21.3 percent, property catastrophe excess of loss 18.3 percent, casualty excess of loss 11.5 percent, financial lines 6.9 percent and property non-catastrophe excess of loss 5.7 percent. The financial lines cover political risk, credit, surety and mortgage. Everest also reinsures private mortgage insurance and takes part regularly in Fannie Mae and Freddie Mac credit risk-sharing transactions.

What the insurance book covers

The Insurance segment serves multinational corporations and mid-sized commercial clients. By share of its 2025 gross written premiums: property and short-tail 29.8 percent, specialty casualty 23.4 percent, professional liability 17.3 percent, other specialty 13.4 percent, accident and health 9.6 percent and workers' compensation 6.6 percent. Professional liability covers directors and officers, errors and omissions and cyber. Other specialty covers surety, trade credit and political risk, transactional liability, energy and construction, and aviation. Accident and health is mostly participant accident, short-term medical and medical stop-loss for employers running their own medical plans. The business is written directly and through brokers, including surplus lines brokers and general agents, from offices in the US, Bermuda, Canada, Chile, Singapore, the U.K. and Ireland and branches in the UK, the Netherlands, France, Germany, Italy and Spain.

How business arrives

Reinsurance comes in both through brokers and directly from ceding companies, which lets Everest follow whichever way the cedent prefers to buy. About 65.9 percent of 2025 gross written premiums came through the broker reinsurance market, 27.0 percent was insurance and 7.1 percent came through the direct reinsurance market. Broker concentration is high: the ten largest brokers brought in about 60.9 percent of gross written premiums, Marsh McLennan about 22.4 percent and Aon about 18.7 percent. Customer concentration is not: the filing says Everest is not substantially dependent on any single customer, and no single ceding company or insured accounted for more than 3.6 percent of gross written premiums in 2025.

The retreat from retail commercial insurance

On 26 October 2025 Everest agreed to sell to AIG the renewal rights to certain lines of commercial retail insurance it writes in the US, the UK, Asia Pacific and parts of the European Union. AIG also agreed to pay for nine months of transition services from the start of 2026. The company says the effect is to concentrate it on its core global reinsurance business and its global wholesale and specialty insurance businesses.

From Everest Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.