Everest pares back book as earnings rebound
Bermuda-based specialty re/insurer Everest delivered a year-on-year earnings recovery in the fourth quarter, with results showing gradual improvement across the portfolio as underwriting actions and a slimmer book helped offset reduced gross written premiums.
As Everest narrowed its book of business, gross written premiums fell slightly to $17.7 million, down from $18.2 million in the same period the previous year, with a significant 8.8% decrease in Q4.
But net income bounced back to $446 million in Q4 2025, compared to a net loss of $593 million in Q4 2024, resulting in an overall year-on-year increase to $1.59 billion from $1.37 billion.
Combined ratio year-on-year made a 3.7ppt improvement, settling at 98.6% down from 102.3%, with Q4 making a 37.1ppt improvement from the same period year prior. While the insurance segment remained comparatively elevated relative to reinsurance, quarter-on-quarter witnessed a staggering 122.2ppt improvement to land the insurance combined ratio on 117.0% at year-end 2025, down from 239.2%.
Jim Williamson (pictured), Everest president and CEO, said: “In 2025 we took deliberate actions to simplify the business, improve the return profile, and strengthen the Company’s balance sheet. These actions have increased our financial flexibility and support our intention to return capital to shareholders, as reflected in the share repurchases executed during the quarter.
“Our sharpened underwriting focus positions Everest to deliver attractive margins. The Reinsurance team continued to execute with the discipline expected of a top-tier global reinsurer, delivering a well-executed January 1 renewal, appropriately navigating the market cycle. In our insurance business, focused on Global wholesale and specialty, we’re targeting lines where Everest has expertise and competitive advantage.
“We continued to attract world-class senior leadership talent who share our culture of ownership and accountability and are committed to driving consistent and sustained shareholder returns.”
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