Jim Williamson, president and CEO of Everest Group, said Q1 underscored what the “new Everest” can deliver, describing the company’s position as its strongest in years and expressing confidence in its trajectory.
The Bermuda-based global reinsurance company generated net income of $653 million in Q1 2026, an increase of more than 210% year-on-year, as its combined ratio strengthened by 11.6 points to 91.2% on the back of lower pre-tax net catastrophe losses.
Net operating income also expanded to $648 million, compared with $276 million in Q1 2025.
In an earnings call following the release of these figures, Williamson said the firm would continue prioritising profitability and shareholder returns over top-line volume, adding that Q1 clearly demonstrated that strategy in action.
The CEO continued that Everest will remain focused on markets where the firm has the right to win; disciplined underwriting; deploying capital only where return expectations are clearly above its threshold; maintaining a strong balance sheet underpinned by prudent loss picks and reserving practices; growing its third-party capital base; and sustaining a clear capital return trajectory.
“While this quarter is a meaningful step in our journey, we are not declaring victory. Market conditions are more competitive than they were a year ago. The legal environment in the US remains hostile, and we will have to continue earning our results, deal by deal, renewal by renewal, quarter by quarter,” the executive explained.
Looking to the mid-year renewals, Williamson pointed to the ongoing competitive conditions, adding, “Florida will be an interesting dynamic, with strong demand by season and meaningful tort reform benefits that we are clearly seeing in our data.
“We will continue to deploy capacity where the math works and pull back where it does not. We have a preferred position in the Florida market. We are a lead reinsurer for many of the best local underwriters.
“Obviously, the renewal is still very much in flight; it’s early days, but so far we’re reasonably optimistic about where things will land. You should expect this to be pretty consistent in terms of capacity deployment, assuming that rates move in a reasonable direction.
“We are seeing very strong statistical evidence that the tort reforms have worked, which is clearly a positive given where our book is.”
He added that conditions in Florida are expected to remain broadly firm, with tort reform acting as a supporting factor alongside rising demand.
However, he emphasised that the market remains structurally challenging given its catastrophe exposure and the fact that it is a peak-risk zone, with industry participants generally well attuned to the underlying underwriting risks.
