Elyse Beth Greenspan

Elyse Beth Greenspan sought clarification on the January 1 renewal figures, specifically how Everest's property CAT rate decrease of 10% resulted in only a 1% reduction in its book, and where the better opportunities were found.

Answer

Jim Williamson, President and CEO, clarified that the -10% rate change applied to Everest's entire book, not just property CAT, and the total gross written premium (GWP) was down 1%. He noted that Everest slightly reduced its total employed property CAT capacity in response to the rate decrease, believing the company outmaneuvered the market. He added that attractive opportunities were pursued globally, with the U.S. Southeast remaining the best-priced peak zone. Elyse Beth Greenspan also asked for clarification on data points regarding the new insurance segment, specifically reconciling a $2 billion specialty book with a mid-80s attritional loss ratio against slides mentioning a mid-90s attritional combined ratio for Global Wholesale and Specialty. Jim Williamson clarified that the $2 billion specialty book with a mid-80s attritional combined ratio refers to Everest's reinsurance specialty book. The Global Wholesale and Specialty (insurance) business, which had $3.6 billion in premium (including $1.2 billion facultative) in 2025, is expected to have an all-in combined ratio in the mid-90s for 2026.

Elyse Beth Greenspan sought clarification on Everest Group's January 1 renewal numbers, specifically how their property CAT rate decrease of 10% resulted in only a 1% reduction in total book premium, and where the better opportunities were found.

Answer

Jim Williamson, President and CEO, Everest Group, clarified that the -10% was Everest's average rate change across all lines, and the total GWP was down 1%. He attributed Everest's better performance (10% rate decrease vs. low teens for the market) to its strong market position. He noted attractive property CAT opportunities globally, with the Southeast U.S. being the best-priced peak zone, but no single region was targeted for aggressive expansion. Jim Williamson also clarified that the $2 billion specialty book with a mid-80s attritional combined ratio refers to their reinsurance specialty book, while the Global Wholesale and Specialty (insurance) business, with $3.6 billion in premium, is expected to achieve a mid-90s combined ratio on an all-in basis for 2026.