Everest Re Group is a reinsurance company based in Hamilton, Bermuda.
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History
In 1973, Everest Re Group was founded as Prudential Reinsurance, a subsidiary of Prudential Financial. In the 1990s, Prudential Financial considered selling or spinning off Prudential Reinsurance. On October 6, 1995, Prudential Reinsurance completed an IPO. The chairman and CEO at that time was Joseph V. Taranto. Prudential Reinsurance was renamed Everest Re in 1996, after Mount Everest. In 2017, Everest Re became a S&P 500 component.
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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. As of 2016, 70% of premiums were from reinsurance, with the remainder in insurance (Total premiums were US$6 billion). 61% of premiums were from property insurance and reinsurance, with the remainder from casualty insurance and reinsurance. 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. 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.
References
Source of the article : Wikipedia
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