Bermuda-based re/insurer Everest Group, Ltd. recorded net income of $559 million in the second quarter of 2026, while gross written premium (GWP) from its Core businesses decreased by 7.1% year-on-year to $3.7 billion, driven by a 9.1% decrease in its Reinsurance Treaty arm.
Net income of $559 million is down on last year’s $680 million, as net operating income fell to $585 million from $734 million, while pre-tax underwriting income hit $281 million for the Group.
Everest’s core businesses consist of its Reinsurance Treaty and Global Wholesale & Specialty segments, which together produced a combined ratio of 90%, so up on last year’s 87% as pre-tax net catastrophe losses increased to $85 million.
Within Reinsurance Treaty, the aforementioned GWP decrease was primarily led by 25% decrease in Casualty XOL, 22.8% in Casualty Pro-Rata, 9.2% in Property Non-Catastrophe XOL, and 6.8% in Property Catastrophe XOL, when adjusting for reinstatement premiums, partially offset by a 3.4% increase Property Pro-Rata.
Net written premiums (NWP) fell from $2.8 billion in Q2’25 to $2.2 billion in Q2’26, while net premiums earned (NPE) decreased to $2.5 billion from $2.7 billion.
The segment’s pre-tax catastrophe losses were $75 million, net of estimated recoveries and reinstatement premiums, driven primarily by losses associated with the Iran War and a number of mid-sized events globally.
The Reinsurance Treaty segment delivered underwriting income of $283 million with a combined ratio of 88.5%, which is up on last year’s 84.9%.
Within the Global Wholesale & Specialty segment, GWP fell by 1% year-on-year to $958 million, led by 16.7% decrease in Workers’ Compensation and 7.2% in Specialty Casualty, almost completely offset by 10.1% increase in Other Specialty, 8.6% in Professional Liability, and 2.9% in Accident and Health.
The segment’s NWP fell to $738 million from $765 million, while NPE decreased to $709 million from $728 million.
Pre-tax catastrophe losses totalled $10 million, net of estimated recoveries and reinstatement premiums, an increase on the prior year quarter. The Global Wholesale & Specialty combined ratio was flat at 95.2%, with underwriting income of $34 million.
Jim Williamson, Everest President and CEO, said: “Everest delivered a strong quarter driven by meaningful contributions from both underwriting income across our Core businesses and investments resulting in an annualized total shareholder return of 16.8%. The results this quarter show the strength of the franchise we have built and the benefits of our actions to strengthen underwriting performance as well as optimize the balance sheet.
“Our Reinsurance Treaty team delivered another excellent quarter. This was clear during the mid-year renewals, where the team’s world class execution resulted in meaningful outperformance on rate and terms versus the market. Our Global Wholesale & Specialty business continues to see the benefits from our strategy to expand the portfolio in specialty lines and targeted international markets while delivering margin expansion. As we look ahead, our focus is on profitably developing our Core businesses while effectively deploying capital, where share repurchases remain a top priority.”
