Everest Group appoints John Howard to board

HAMILTON, Bermuda - Everest Group, Ltd. (NYSE: EG), a prominent provider of reinsurance and insurance solutions with a market capitalization of $15.63 billion, has announced the appointment of John Howard as an independent, non-executive member to its Board of Directors, effective today. According to InvestingPro analysis, the company is currently trading near its Fair Value, with a solid financial health rating of "GOOD."

Howard, with over 30 years of experience in the insurance industry, brings a wealth of knowledge and a history of leadership to the Everest Board. He has held various senior executive roles and most recently served as the CEO of Truist Insurance Holdings, overseeing a significant $16 billion leveraged buyout. Howard stepped down as CEO on January 1, 2025, and currently holds the position of Vice Chair. This appointment comes as Everest demonstrates strong financial performance, with revenue growth of 17.79% and a P/E ratio of 11.4.

His background includes executive positions at Prudential Financial, GE, and Conseco, Inc. Howard is also actively involved in several industry associations and serves on the Insurance Policy Committee of the Federal Reserve Board of Governors.

Everest’s President and CEO, Jim Williamson, expressed confidence in Howard’s ability to contribute to the company’s long-term growth and profitability due to his deep industry knowledge and strong relationships. Joseph V. Taranto, Everest Chairman, echoed this sentiment, highlighting Howard’s proven track record in business transformation and growth.

Everest, recognized for its disciplined approach to underwriting and risk management, operates globally and is a part of the S&P 500 index. The company aims to continue building on its market position and delivering returns to stakeholders with the addition of Howard’s expertise to its Board.

This strategic appointment is based on a press release statement from Everest Group, Ltd.

In other recent news, Everest Group reported a surprising fourth-quarter loss, posting a net loss of $593 million, or $13.96 per share, against analyst expectations of a profit of $12.78 per share. Revenue also fell short, coming in at $4.03 billion compared to the anticipated $4.42 billion. The company strengthened its U.S. casualty reserves by $1.1 billion and increased current accident year losses by $206 million, leading to a combined ratio of 239.2% for its Insurance segment. Despite these challenges, Everest’s Reinsurance segment experienced a 12.6% year-over-year growth in gross written premiums, reaching $3.3 billion.

Morgan Stanley analysts downgraded Everest Group from Overweight to Equalweight, revising the price target from $425 to $340, citing the reserve charges and potential subdued growth in the primary casualty and reinsurance segments. They also reduced the company’s earnings per share estimates for 2025 and 2026. Meanwhile, TD Cowen maintained a Hold rating with a price target of $405, noting that the fourth-quarter earnings miss was anticipated due to the reserve charge.

The firm acknowledged that gross written premiums slightly exceeded projections, though net investment income fell short. Everest Group also announced executive compensation changes, awarding restricted stock valued at $2.5 million to CEO Jim Williamson and $1.5 million to CFO Mark Kociancic, along with increased incentive bonuses and equity compensation for Kociancic. These developments reflect Everest Group’s ongoing efforts to address its financial and operational challenges.

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