HAMILTON, Bermuda - Everest Group, Ltd. (NYSE: EG), an established player in the insurance and reinsurance sectors with a market capitalization of $15.85 billion, has announced a significant leadership change. Jim Williamson, the company’s Executive Vice President and Group Chief Operating Officer, has been appointed as the Acting Chief Executive Officer. This appointment also places Williamson on the company’s Board of Directors, effective immediately. According to InvestingPro analysis, the company maintains a "GREAT" financial health score, suggesting strong operational fundamentals during this transition.
The leadership transition follows the departure of Juan C. Andrade, who served as President and CEO since 2020. Andrade is leaving to take up a new role as CEO of a notable financial services firm. The company’s Board expressed its confidence in Williamson’s ability to lead, highlighting his extensive experience in the industry and his understanding of the company’s operations across various sectors and geographies. The company’s strong performance is reflected in its impressive 16.15% revenue growth and attractive P/E ratio of 5.73.
Williamson, a seasoned professional with two decades in the insurance field, joined Everest in 2020. His roles have expanded over time, taking on the leadership of the Reinsurance Division in May 2021 and subsequently leading both the Reinsurance and Insurance businesses as of March 2024. His career spans positions at The Hartford, Chubb (NYSE:CB), and ACE, covering commercial, specialty, and consumer lines in both U.S. and international markets.
Everest Group, with a 50-year history of disciplined underwriting, capital and risk management, is recognized for its property, casualty, and specialty reinsurance and insurance solutions. The company, whose common stock (NYSE: EG) is part of the S&P 500 index, aims to provide opportunities for colleagues, customers, shareholders, and communities globally.
This leadership announcement is based on a press release statement from Everest Group, Ltd. The company’s future strategic goals will continue to be supported by Williamson in partnership with an established team, including CFO Mark Kociancic.
In other recent news, Everest Group reported a strong Q3 performance, with gross written premiums at $4.4 billion, marking a 1% increase, and an operating return on equity of 18.7%. The company’s net investment income rose to $496 million, and shareholders’ equity reached $15.3 billion, a 19.1% increase from year-end 2023. Furthermore, Everest Group announced a significant leadership change with Mike Karmilowicz resigning as Chairman of Everest Global Insurance.
Everest Consolidator Acquisition Corp, an affiliate of Everest Group, has also announced an extension for completing a merger or similar business combination, with approval from its shareholders. This extension allows the board to extend the Combination Period up to six additional times, from November 2024 to May 2025.
In analyst news, financial services firm Jefferies downgraded Everest Group from Buy to Hold, despite raising the price target to $429 from $420. This decision was based on indications from Everest Group’s management regarding potential fourth-quarter reserve strengthening within the US Casualty sector of its Insurance segment. BMO Capital Markets also adjusted its price target on shares of Everest Group, reducing it from $383.00 to $372.00.
Lastly, Everest Group announced an expansion to its share repurchase program, with the Board of Directors approving an additional 10 million shares for buyback. The company also declared a dividend of $2.00 per common share. These are the recent developments in Everest Group’s operations and financial performance.
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