Everest Group
| File:Everest Re Group Logo.jpg | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1973 |
| Headquarters | Hamilton, Bermuda |
Key people | Dominic J. Addesso (President and Chief executive officer), Joseph V. Taranto (Chairman) |
| Products | Reinsurance, insurance |
| US$1 billion (2016) [1] | |
Number of employees | 1100 [1] |
| Website | https://www.everestre.com/ |
Everest Re Group is a reinsurance company based in Hamilton, Bermuda.
History
In 1973, Everest Re Group was founded as Prudential Reinsurance, a subsidiary of Prudential Financial.[2] In the 1990s, Prudential Financial considered selling or spinning off Prudential Reinsurance.[3] On October 6, 1995, Prudential Reinsurance completed an IPO.[4] The chairman and CEO at that time was Joseph V. Taranto. Prudential Reinsurance was renamed Everest Re in 1996, after Mount Everest.[5] In 2017, Everest Re became a S&P 500 component.[6]
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.[1] As of 2016, 70% of premiums were from reinsurance, with the remainder in insurance (Total premiums were US$6 billion).[1] 61% of premiums were from property insurance and reinsurance, with the remainder from casualty insurance and reinsurance.[1] 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.[1] 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.[7]
References
- ^ a b c d e f "Everest Re 2016 Annual Report". Retrieved 9 December 2017.
- ^ "History of The Prudential Insurance Company of America – FundingUniverse". www.fundinguniverse.com. Retrieved 2017-12-09.
- ^ Kerr, Peter (1993-03-12). "COMPANY NEWS; Prudential May Sell Its Reinsurance Unit". The New York Times. ISSN 0362-4331. Retrieved 2017-12-09.
- ^ "Everest Re Group company profile - Office locations, jobs, key people, competitors, financial metrics, news, company life - Company Profile on craft.co". craft.co. Retrieved 2017-12-09.
- ^ "Everest Reinsurance Company: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-12-09.
- ^ Indices, S&P Dow Jones. "Everest Re Group Set to Join S&P 500; Pinnacle Financial Partners to Join S&P MidCap 400 and Armada Hoffler Properties to Join S&P SmallCap 600". www.prnewswire.com. Retrieved 2017-12-09.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Neil, Scott. "Everest Re reports $904m pre-tax loss | The Royal Gazette:Bermuda Re-Insurance". The Royal Gazette. Retrieved 2017-12-09.
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