Question · Q4 2025
Brian Robert Meredith asked about Everest's perspective on the current M&A activity in the P&C industry and whether the company is considering acquisitions to bolster its global or specialty businesses, given its excess capital.
Answer
Jim Williamson, President and CEO, stated that any inorganic M&A would need to compete with the highly compelling, low-risk return on capital from share repurchases, setting a very high bar. He indicated that if an acquisition were pursued, it would be small, aligned with the existing strategy, low-risk, and aimed at adding capabilities or distribution difficult to build internally. Brian Robert Meredith also inquired about Everest's appetite for property pro rata business in 2026 and whether it might expand as a percentage of the overall mix, particularly given conditions in Florida and attractive homeowner returns. Jim Williamson noted a successful run in property pro rata due to client selection and well-structured programs. He mentioned that underlying property insurance rates are beginning to decline, leading to a thoughtful approach. While the property pro rata portfolio was slightly down year-over-year, Everest maintains a bias towards commercial and E&S, not anticipating a significant expansion into homeowners.
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