Everest Group

Prudential Reinsurance founded Sep 1973 as subsidiary of Prudential Insurance Co of America; one of first US-domiciled professional reinsurers. Renamed Everest Reinsurance after 1995 spinout. Pre-spinout becomes Prudential's specialty reinsurance arm focused on catastrophe + casualty treaty.

Everest Reinsurance spun off from Prudential Oct 1995 as Everest Re Group Ltd; IPO at $24/share. Becomes independent Bermuda-domiciled reinsurer focused on US property cat + casualty treaty. Joseph Taranto leads as CEO. Stock 6x's over next 20 years.

Joseph Taranto becomes Everest Re CEO 1996 succeeding founding Prudential leadership; CEO 1996-2010. Taranto transforms Everest from regional Prudential sub into top-10 global reinsurer. Stock 4x's 2001-2010. Defines Everest's catastrophe-pricing discipline + Bermuda capital efficiency model.

Dom Addesso becomes Everest Re CEO May 2010 succeeding Joseph Taranto. Addesso continues Everest's reinsurance + emerging US insurance dual focus. By 2020 hands off to Juan Andrade. Stock $90 → $200 during Addesso era as Bermuda reinsurance benefits from soft market discipline.

Everest Re 2017 hurricane season — Harvey + Irma + Maria + California fires drive $260M+ in claims. Demonstrates Everest's reserve adequacy + balance sheet strength. Q4 2017 loss but stock recovers quickly; 2017 sets template for 2023 hard market reset.

Everest Re builds primary insurance segment 2010s — Mike Walsh + Juan Andrade expand commercial insurance + specialty P&C alongside core reinsurance. By 2024 insurance segment delivers $7B+ premium (vs reinsurance $11B). Two-segment strategy diversifies cat-volatile reinsurance with steady insurance.

Juan Andrade becomes Everest Re CEO Apr 2020 succeeding Dom Addesso. Andrade (former AIG Latin America CEO) executes reinsurance + insurance dual-segment strategy. Everest Re Group renamed Everest Group 2023 to reflect broader scope. Stock $200 → $400+ during 2023-2024 reinsurance hard market.

Everest acquires Validus Re Nov 2023 — $2.985B from AIG. Adds top-10 Bermuda reinsurer to Everest's platform. Combined entity becomes top-5 US/Bermuda reinsurer by premium. Demonstrates AIG's post-bailout sell-down + Everest's appetite for inorganic scale.

Everest Group FY2024 — Juan Andrade CEO reports $19B+ premium; combined ratio improves to 90% post-Validus integration + Jan 2024 reinsurance hard market. Stock $380+ all-time high. Validus acquisition (Nov 2023 $2.985B from AIG) doubles RNR + EG reinsurance capacity.