8-K
Everest Group, Ltd. (EG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
Current Report Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 19, 2021
Everest Re Group, Ltd.
(Exact name of registrant as specified in its charter)
Bermuda
1-15731
98-0365432
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
Seon Place – 4th Floor
141 Front Street
PO Box HM 845
Hamilton
HM 19
,
Bermuda
Not Applicable
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code
441
-
295-0006
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Class
Trading Symbol(s)
Name of Exchange where registered
Common Shares, $0.01 par value
RE
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act.
☐
ITEM 7.01
REGULATION FD DISCLOSURE
On April
19, 2021,
the registrant
issued a
news release
announcing preliminary
catastrophe loss
information for
first
quarter 2021.
For the
first quarter
of 2021,
the registrant
announced preliminary
pre-tax
catastrophe losses
of $260
million, net
of reinsurance
recoveries and
reinstatement premiums,
related to
the winter
storm which
affected
Texas
and flooding in New South Wales,
Australia.
ITEM 9.01
FINANCIAL STATEMENTS
AND EXHIBITS
(c)
Exhibits
Exhibit No.
Description
99.1
News Release of the registrant,
dated April 19, 2021
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
EVEREST RE GROUP,
LTD.
By:
/S/ KEITH SHOEMAKER
Keith Shoemaker
Senior Vice President and Comptroller
Dated:
April 20, 2021
EXHIBIT INDEX
Exhibit
Number
Description of Document
Page No.
5
N EWS R ELEASE
EVEREST RE GROUP, LTD.
Seon Place, 141 Front Street, 4^th^ Floor, Hamilton HM 19, Bermuda
Contacts
Media: Dane Lopes Investors: Jon Levenson
Group Head of Marketing & Communications Head of Investor Relations
Everest Global Services, Inc. Everest Global Services, Inc.
203.388.3977 908.604.3169
For Immediate Release
Everest Provides Preliminary Information on First Quarter2021 Catastrophe Losses
HAMILTON, Bermuda -- (BUSINESS WIRE) – April 19, 2021 – Everest Re Group, Ltd. (“Everest” or the “Company”) announced today preliminary information on first quarter 2021 catastrophe losses in advance of its full quarterly earnings to be released on April 28, 2021.
Everest is estimating pre-tax net catastrophe losses for the first quarter 2021 as detailed in the table below.
- All amounts are net of reinsurance recoveries and reinstatement premiums
- For the Texas winter storms Everest is estimating insured industry losses of approximately $15 billion
| Amounts in USD (millions) | Reinsurance Segment | Insurance Segment | Event Totals |
|---|---|---|---|
| Texas winter storms | 203 | 47 | 250 |
| New South Wales flooding | 10 | 0 | 10 |
| Segment totals | 213 | 47 | 260 |
Everest is not adding to its Covid-19 Pandemic loss provision. To date, the Company’s total Pandemic loss provision is $511 million, of which approximately 80% remains as IBNR.
Everest Re Group President & CEO Juan C. Andrade Commented: “Our thoughts and sympathies go out to all those affected by these recent catastrophe events. We are proud to be able to help communities rebuild when events such as these take place.”
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This news release containsforward-looking statements within the meaning of the U.S. federal securitieslaws. We intend these forward-looking statements to be covered by the safeharbor provisions for forward-looking statements in the U.S. Federal securitieslaws. These statements involve risks and uncertainties that could cause actualresults to differ materially from those contained in forward-looking statementsmade on behalf of the Company. These risks and uncertainties include the impactof general economic conditions and conditions affecting the insurance andreinsurance industry, the adequacy of our reserves, our ability to assessunderwriting risk, trends in rates for property and casualty insurance andreinsurance, competition, investment market and investment income fluctuations,trends in insured and paid losses, catastrophes, pandemic, regulatory and legaluncertainties and other factors described in our latest Annual Report on Form10-K. The Company undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise.
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.
Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.
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