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HAMILTON, Bermuda - Everest Group, Ltd. (NYSE:EG), a $14.55 billion market cap insurance giant with $17.4 billion in annual revenue, announced Monday the appointment of Allan Levine as an independent, non-executive member of its Board of Directors, according to a company press release.
Levine, who is Co-Founder and Executive Chairman of Global Atlantic, brings over three decades of experience in insurance and financial markets. He previously served as Chairman and CEO of Global Atlantic for 12 years, where he led the company’s growth strategy, achieving $190 billion in assets under management. Levine is also a Partner at KKR & Co. Inc., which wholly owns Global Atlantic.
Before his time at Global Atlantic, Levine was CEO of Goldman Sachs Reinsurance Group and served as Partner and Co-Head of Firm-Wide Strategy during his 16-year tenure at Goldman Sachs.
"Allan is an exceptional leader, bringing deep strategic acumen, industry knowledge and an entrepreneurial approach that have proven invaluable in guiding the growth and success of world-class financial institutions," said John Graf, Everest Chairman.
Levine’s appointment follows Everest’s recent addition of Darryl Page and John Howard to its board. He currently serves on the Board of the American Council of Life Insurers, the Advisory Board for the Tamer Center for Social Enterprise at Columbia Business School, and the Board of the Nantucket Boys & Girls Club.
Everest Group provides property, casualty, and specialty reinsurance and insurance solutions globally. The company’s common stock is a component of the S&P 500 index.
In other recent news, Everest Group has seen significant developments that investors might find noteworthy. The company recently had its stock upgraded by Jefferies from Hold to Buy, with a new price target of $415, citing favorable valuation and a risk/reward scenario. Meanwhile, Raymond James adjusted its price target for Everest Group to $410 from $420 but maintained a Strong Buy rating, despite the company’s first-quarter earnings falling short of expectations due to higher combined ratios. Everest Group also announced the appointment of Darryl Page as an independent, non-executive board member, bringing over 40 years of industry experience to the company. During its Annual General Meeting, Everest Group re-elected nine directors and approved a new employee stock purchase plan, alongside amendments to its bye-laws. Janney initiated coverage on Everest Group with a buy rating, setting a fair value estimate of $425, and expressed confidence in the company’s rebound potential. The firm noted challenges such as a leadership transition and a $1.7 billion charge to strengthen casualty reserves but projected a return to double-digit operating ROE by 2025. These developments illustrate Everest Group’s ongoing strategic initiatives and market positioning.
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