EG · 10-Q · 2026Q3 · Full report
Underwriting Margin Performance
EVEREST GROUP, LTD. · 2026-10-30 · Importance 51 · Surprise 40 · In source text
For the nine months ended September 30, 2026, consolidated incurred losses and LAE decreased 16.9% to $6.819 billion, and the consolidated combined ratio improved to 96.3% from 98.7%. Core businesses’ combined ratio increased to 94.7% from 92.8%, including Reinsurance Treaty deterioration to 94.3% from 92.1%, while Global Wholesale & Specialty was nearly flat at 96.0% versus 95.4%. Reinsurance Treaty’s third-quarter combined ratio rose to 108.5% from 87.0%, as its loss ratio increased 22.3 points to 80.1%. Nine-month losses declined $1.392 billion, reflecting lower current-year attritional losses and improved prior-year catastrophe development, partly offset by higher Reinsurance Treaty prior-year attritional development.
Key facts
- Global Wholesale & Specialty incurred losses and LAE decreased 3.5% to $449 million in the third quarter of 2026 from $465 million in 2025, while its loss ratio increased 0.6 points. source
- Global Wholesale & Specialty incurred losses and LAE decreased 6.0% to $1.3 billion for the nine months ended September 30, 2026, from $1.4 billion in 2025; the segment loss ratio decreased 2.0 points. source
- For the nine months ended September 30, 2026, incurred losses and LAE decreased 17.0% to $6.8 billion from $8.2 billion. source
- For the three months ended September 30, 2026, incurred losses and LAE decreased 14.3% to $2.4 billion from $2.8 billion. source
- Third-quarter current-year attritional losses decreased $477 million: $243 million in Legacy, $207 million in Reinsurance Treaty and $26 million in Global Wholesale & Specialty. source
- Nine-month current-year attritional losses decreased $1.0 billion, primarily from Legacy ($509 million), Reinsurance Treaty ($418 million) and Global Wholesale & Specialty ($106 million). source
- Third-quarter current-year catastrophe losses increased $282 million, primarily from Reinsurance Treaty ($245 million), Global Wholesale & Specialty ($19 million) and Legacy ($18 million). source
- Third-quarter net favorable development on prior-year catastrophe losses increased $38 million, primarily from Reinsurance Treaty ($23 million), Legacy ($10 million) and Global Wholesale & Specialty ($4 million). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +37.7% | For the nine months ended September 30, 2026, incurred losses and LAE decreased 17.0% to $6.8 billion from $8.2 billion. |
| operating_income | positive | realized | +26.9% | Nine-month current-year attritional losses decreased $1.0 billion, primarily from Legacy ($509 million), Reinsurance Treaty ($418 million)… |