|Over a week ago|
Everest Re reports Q3 after-tax operating EPS $2.42, consensus $1.66 » 16:2710/2910/29/20
Reports Q3 revenue…
Reports Q3 revenue $2.61B, consensus $2.15B. Reports Reinsurance segment gross written premiums of $2.1B, a 20% increase over the same period in 2019. Reports Insurance segment gross written premiums of $705M, a 6% increase over the same period in 2019. Everest Re Group President and CEO Juan Andrade commented: "Everest is benefitting from a flight to quality and strength in the reinsurance and insurance markets. This is an underwriter's market. Our broadly diversified reinsurance and insurance franchises, our financial strength, deep distribution relationships, and our focus on providing solutions to our customers position us well for this environment. Everest's core strength is evidenced by our third quarter 2020 results where we achieved 16% growth in gross written premium, an improved attritional combined ratio of 85.8% and net income of $243M."
|Over a month ago|
Everest Re estimates Q3 catastrophe losses of $300M » 16:1610/2210/22/20
Everest is estimating…
Everest is estimating pre-tax net catastrophe losses in the amount of $300M, net of reinsurance and reinstatement premiums. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest United States Derecho windstorm.
Everest Re appoints Mark Kociancic CFO, Jim Williamson COO » 08:1009/3009/30/20
Everest Re (RE) announced…
Everest Re (RE) announced the appointment of Mark Kociancic as executive VP and group CFO and Jim Williamson as executive VP and group COO. Both will serve on the Everest executive leadership committee and report directly to president and CEO Juan Andrade. Kociancic joins Everest from SCOR, where he most recently served as group CFO since 2013. Kociancic will succeed Craig Howie, who will stay with Everest through December 31. Williamson joins Everest from Chubb (CB), where he most recently served as division president, small business. His appointment is effective October 5.
|Over a quarter ago|
Everest Re reports Q2 operating EPS $2.07, consensus $1.63 » 16:2908/0508/05/20
Reports Q2 revenue…
Reports Q2 revenue $2.24B, consensus $2.05B. Reports gross written premium of $2.4B, reflecting growth of 9.4%. Shareholders' equity increased to $9.3B, with book value per share of $232.32, up 3.8% compared to $223.85 at year-end 2019.
Everest Re sees Q2 net investment income $38M pre-tax » 16:1607/2307/23/20
Despite the ongoing…
Despite the ongoing Pandemic and related economic impacts, Everest expects to report another profitable quarter during 2020, with positive underwriting income and growth in gross written premium across its platform. "Everest expects to report net investment income of $38 million pre-tax. Since Everest reports most limited partnership income on a one quarter lag, the global equity market downturn in the first quarter of 2020 is being reflected in our second quarter results. In turn, the improvement in global equity markets during the second quarter will be reflected in increased limited partnership investment income in our third quarter results. Pre-tax net catastrophe losses in the amount of $15 million arising from claims related to civil unrest in the United States, all within our Insurance segment. Pre-tax net Pandemic losses in the amount of $160 million. The $160 million is allocated $130 million to the Company's Reinsurance segment and $30 million to the Insurance segment."
Fly Intel: Top five analyst initiations » 10:0607/0607/06/20
SRAX, VERO, OKTA, RE, TBIO
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Srax (SRAX) initiated with a Buy at B. Riley FBR. 2. Venus Concept (VERO) initiated with a Buy at BTIG. 3. Okta (OKTA) initiated with an Outperform at RBC Capital. 4. Everest Re (RE) initiated with a Buy at BofA. 5. Translate Bio (TBIO) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Everest Re initiated with a Buy at BofA » 07:2507/0607/06/20
BofA analyst Joshua…
BofA analyst Joshua Shanker initiated coverage of Everest Re with a Buy rating and $258 price target. Shares have underperformed large cap commercial P&C peers year-to-date, even though pricing trends for reinsurance markets seem to be improving, which he sees as likely enhancing the return profile of Everest Re, Shanker tells investors. He also views the stock's discount to peers as "less warranted" given Everest Re's ability to compound it tangible equity on par with its top-tier peers, the analyst added.
Everest Re initiated with a Buy at BofA » 06:2707/0607/06/20
BofA initiated coverage…
BofA initiated coverage of Everest Re with a Buy rating and $258 price target.
Wells Fargo upgrades Everest Re to Overweight on best market in 20 years » 07:0106/1606/16/20
Wells Fargo analyst Elyse…
Wells Fargo analyst Elyse Greenspan upgraded Everest Re to Overweight from Equal Weight with a price target of $255, up from $203. We are entering a hard reinsurance market, which will be the best the industry has seen in 20 years, Greenspan tells investors in a research note. The analyst believes mostly all reinsurer stocks "will work" in a market upturn and that Everest "provides optionality" on the improving reinsurance market. The company's debt to capital ratio sits below 7% versus peers that are in the 20% range, which gives Everest Re flexibility to take on additional debt, preferreds, or even equity to take advantage of the market upturn, says Greenspan. The analyst believes the stock's current valuation provides an attractive entry point.
Everest Re upgraded to Overweight from Equal Weight at Wells Fargo » 05:1806/1606/16/20
Wells Fargo analyst Elyse…
Wells Fargo analyst Elyse Greenspan upgraded Everest Re to Overweight from Equal Weight with a $255 price target.