EG · 8-K · 20261028PR000041

Underwriting Margin Performance

EVEREST GROUP, LTD. · 2026-10-28 · Importance 63 · Surprise 64 · No source text

The Core businesses combined ratio rose to 105.8% from 88.9%, driven by an increase in the total loss ratio to 76.1% from 58.9%; catastrophe losses were $302 million versus $48 million, and prior-year adverse development was $253 million versus $7 million of favorable development. Core attritional combined ratio improved to 87.0% from 87.6%, showing that catastrophe losses and reserve development drove the reported deterioration. Reinsurance Treaty’s combined ratio increased to 108.5% from 87.0%, including $277 million of catastrophe losses and $253 million of adverse prior-year development, with approximately $600 million of gross casualty reserve strengthening. Global Wholesale & Specialty posted a 97.3% combined ratio versus 95.5%; its total expense ratio increased 120 basis points to 33.7% due to mix and lower earned premium.

Key facts

• Everest recorded approximately $268 million of net unfavorable prior-year reserve development in third quarter 2026, increasing the Group combined ratio by 8.5 points. source
• Everest's third-quarter 2026 pre-tax underwriting loss was $223 million for Group, comprising losses of $191 million for Reinsurance Treaty and $51 million for Legacy, and income of $19 million for Global Wholesale & Specialty. source
• Everest's third-quarter 2026 combined ratio for total reportable segments was 107.1%, versus 103.4% in third quarter 2025. source
• Everest's third-quarter 2026 attritional combined ratio for total reportable segments was 88.4%, versus 89.6% in third quarter 2025. source
• Everest's third-quarter 2026 Core businesses had a combined ratio of 105.8%, including 108.5% for Reinsurance Treaty and 97.3% for Global Wholesale & Specialty. source
• Everest's third-quarter 2026 attritional combined ratio was 87.0% for Core businesses, 84.9% for Reinsurance Treaty, and 93.7% for Global Wholesale & Specialty. source

Impact estimates