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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Everest Re Group Reports Third Quarter 2021 Results

October 27, 2021 GMT

HAMILTON, Bermuda--(BUSINESS WIRE)--Oct 27, 2021--

Everest Re Group, Ltd. (“Everest” or the “Company”) today reported its 2021 third quarter results.

Third Quarter 2021 Highlights

  • Gross written premium (“GWP”) growth of 25% year over year to $3.5 billion
  • Insurance segment GWP growth of 43% year over year to $1.0 billion. The second consecutive quarter above $1.0 billion GWP
  • Reinsurance segment GWP growth of 19% year over year to $2.5 billion
  • Attritional combined ratio of 87.9%
  • Excellent Insurance segment attritional combined ratio of 90.3%, a 3.9-point improvement year over year
  • Pre-tax Underwriting loss of $323 million inclusive of pre-tax net catastrophe losses of $635 million
  • Robust net investment income of $293 million, led by outstanding alternative asset performance of $170 million
  • Common share repurchases of $160 million during the quarter and $200 million year to date
  • Annualized year to date Total Shareholder Return of 13.2%

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Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:

“During the third quarter of 2021, Everest made significant progress toward the strategic plan objectives detailed in the June investor day presentation. We achieved outstanding top line premium growth across both of our insurance and reinsurance businesses, continued to improve the attritional profitability for our Insurance Division, remained focused on risk appetite discipline and the diversification of our business, demonstrated strong expense management, delivered excellent investment income results, opportunistically reduced our cost of capital, and returned capital to our shareholders. Despite the high frequency and severity of the natural catastrophe activity in the quarter, we also benefited from the de-risking of the CAT portfolio and we remain on track to achieve our total shareholder return objective. We continue to consistently demonstrate our ability to relentlessly execute against our plans regardless of the external environment.”

Summary of Third Quarter 2021 Net Income and Other Items

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  • Net income (loss) of $(73.5) million, equal to $(1.88) per share vs. net income of $243.1 million, equal to $6.07 per share in the same period during 2020
  • Net operating income (loss) of $(52.6) million, equal to $(1.34) per share vs. net operating income of $97.0 million, equal to $2.42 per share in the same period during 2020
  • Underwriting loss of $323.4 million inclusive of catastrophe losses from Hurricane Ida and European Floods during the quarter, in the amount of $635 million net of recoveries and reinstatement premiums ($555 million in reinsurance and $80 million in Insurance)
  • GAAP combined ratio of 112.2% which includes 26.2 points of catastrophe losses vs. 14.0 points of catastrophe losses in the same period during 2020
  • No change to Covid-19 Pandemic (“Pandemic”) ultimate loss estimates of $511 million
  • Operating cashflow was $1.2 billion vs $1.1 billion a year ago. Year to date operating cashflow was $2.8 billion vs $2.2 billion a year ago.

The following table summarizes the Company’s net income and related financial metrics.

Net income and operating income

Q3

Year to Date

 

Q3

Year to Date

All values in USD millions except for per share amounts and percentages

2021

2021

 

2020

2020

Everest Re Group
Net income

(73.5)

948.4

243.1

450.5

Net operating income (loss)

(52.6)

794.7

97.0

344.2

 
Net income per diluted common share

(1.88)

23.72

6.07

11.18

Net operating income per diluted common share

(1.34)

19.87

2.42

8.54

 
Net income annualized return on average equity

(3.0%)

13.6%

11.0%

6.8%

Net operating income annualized return on average equity

(2.2%)

11.4%

4.4%

5.2%

 
Period end equity and book value

Q3 2021

Year to Date

Shareholders' equity

9,978.6

Book value per share

253.40

Change in BVPS adjusted for dividends

6.1%

Total Shareholder Return ("TSR") - Annualized

13.2%

 
Notes
1/ Refer to the reconciliation of net income to net operating income found on page 7 of this press release

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Re Group

Q3

Year to Date

 

Q3

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2021

2021

 

2020

2020

 

Q3

Year to Date

Gross written premium

3,497.6

9,619.2

2,791.6

7,731.8

25.3%

24.4%

Net written premium

3,025.8

8,389.1

2,448.7

6,667.6

23.6%

25.8%

 
Loss ratio

85.6%

73.3%

78.7%

72.8%

6.9 pts0.5 pts
Commission and brokerage ratio

21.2%

21.2%

20.2%

21.7%

1.0 pts(0.5) pts
Other underwriting expenses

5.3%

5.6%

6.3%

6.1%

(1.0) pts(0.5) pts
Combined ratio

112.2%

100.1%

105.2%

100.6%

7.0 pts(0.5) pts
Attritional combined ratio

87.9%

87.6%

85.8%

88.0%

2.1 pts(0.4) pts
 
Pre-tax net catastrophe losses

635.0

940.0

300.0

345.0

Pre-tax net covid losses

-

-

124.9

434.9

Pre-tax net prior year reserve development

(1.6)

(6.1)

(1.3)

1.4

 
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Reinsurance segment

  • Reinsurance achieved excellent growth in the quarter, growing premium 19% year over year to $2.5 billion. The growth was driven by continued partnership with our core clients and Everest’s position as a preferred reinsurance platform. All target classes of business and geographies saw growth in the quarter, and our portfolio is benefiting from improved economic conditions and strong rate performance by our cedants.
  • The attritional combined ratio for the quarter of 87.1% reflects the deliberate and targeted shaping of our portfolio to maximize long term results with a higher mix of pro rata structures, an improved balance of property and casualty exposures, prudence in loss ratio selections, and continuous expense discipline. The operating expense ratio of 2.3% is world class and demonstrates the scalability of our franchise.
  • Reinsurance CAT losses for the quarter totaled $555 million net of recoveries and reinstatement premiums, driven by Hurricane Ida and the Berndt flooding event in Europe. The cumulative, deliberate, and purposeful actions we have taken to reduce volatility have reduced our company’s risk profile.

Underwriting information - Reinsurance segment

Q3

Year to Date

 

Q3

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2021

2021

 

2020

2020

 

Q3

Year to Date

Gross written premium

2,488.3

6,695.6

2,087.0

5,403.1

19.2%

23.9%

Net written premium

2,293.0

6,265.8

1,936.9

4,974.0

18.4%

26.0%

 
Loss ratio

89.4%

74.1%

80.0%

72.2%

9.4 pts1.9 pts
Commission and brokerage ratio

23.8%

23.8%

22.3%

24.3%

1.5 pts(0.5) pts
Other underwriting expenses

2.3%

2.5%

3.1%

2.9%

(0.8) pts(0.4) pts
Combined ratio

115.5%

100.5%

105.4%

99.4%

10.1 pts1.1 pts
Attritional combined ratio

87.1%

86.3%

83.0%

85.7%

4.1 pts0.6 pts
 
Pre-tax net catastrophe losses

555.0

802.5

262.5

287.0

Pre-tax net covid losses

-

-

109.9

351.0

Pre-tax net prior year reserve development

(1.6)

(4.9)

(1.3)

(3.1)

 
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Insurance segment

  • Everest Insurance reported another outstanding premium quarter with record quarterly growth of 43% driving over $1.0 billion in gross written premium for a second consecutive quarter. The exceptional growth in Q3 was driven by increasingly favorable economic conditions, new business growth, and the combined impact of strong renewal retention and a continuing favorable rate environment.
  • The Insurance segment also continues to expand attritional underwriting margins with improvement in the loss and expense ratio and delivered a record-setting attritional combined ratio of 90.3%.
  • These results reflect our relentless focus on execution and the success of our nimble and disciplined underwriting, which reacts quickly to market conditions and best positions our portfolio for long term profitability.

Underwriting information - Insurance segment

Q3

Year to Date

 

Q3

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2021

2021

 

2020

2020

 

Q3

Year to Date

Gross written premium

1,009.3

2,923.6

704.6

2,328.7

43.2%

25.5%

Net written premium

732.8

2,123.3

511.8

1,693.6

43.2%

25.4%

 
Loss ratio

74.7%

70.8%

74.8%

74.6%

(0.1) pts(3.8) pts
Commission and brokerage ratio

13.7%

13.4%

13.4%

14.0%

0.3 pts(0.6) pts
Other underwriting expenses

14.1%

14.5%

16.3%

15.4%

(2.2) pts(0.9) pts
Combined ratio

102.5%

98.7%

104.5%

104.0%

(2.0) pts(5.3) pts
Attritional combined ratio

90.3%

91.5%

94.2%

94.3%

(3.9) pts(2.8) pts
 
Pre-tax net catastrophe losses

80.0

137.5

37.5

58.0

Pre-tax net covid losses

-

-

15.0

84.0

Pre-tax net prior year reserve development

-

(1.2)

-

4.6

 
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Investments and Shareholders’ Equity

  • Total invested assets and cash of $27.8 billion at September 30, 2021, 9.0% growth versus year end 2020
  • Shareholders’ equity of $10.0 billion as of September 30, 2021
  • Book value per diluted share of $253.40 at September 30, 2021 vs. $243.25 at December 31, 2020
  • Excluding unrealized gains (losses) on fixed income investments, book value per diluted share of $242.83 at September 30, 2021, vs. $225.15 at December 31, 2020
  • Common share dividends declared and paid in the quarter of $1.55 per share, equal to $61.5 million
  • Common share repurchases of $160 million during the quarter, representing 625,358 shares at an average price of $255.43 per share

Equity and Book Value per Share

Q3

Year to Date

 

Q3

Year to Date

All values in USD millions except for per share amounts and percentages

2021

2021

 

2020

2020

Beginning shareholders' equity

10,416.8

9,726.2

9,286.3

9,132.9

Net income

(73.5)

948.4

243.1

450.5

Change- unrealized gains (losses) - Fixed inc. investments

(101.4)

(307.9)

52.0

348.5

Dividends to shareholders

(61.5)

(185.7)

(61.9)

(187.1)

Purchase of treasury shares

(159.7)

(200.1)

-

(200.0)

Other

(42.1)

(2.3)

71.8

46.5

Ending shareholders' equity

9,978.6

9,978.6

9,591.3

9,591.3

 
Common shares outstanding

39.38

39.97

Book value per common share outstanding

253.40

239.98

Less: Unrealized on fixed inc. investments ("URAD")

10.57

16.34

Book value excl. URAD per common share outstanding

242.83

223.64

Common share dividends paid - last 12 months

6.20

6.20

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events 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.

A conference call discussing the third quarter results will be held at 8:00 a.m. Eastern Time on October 28, 2021. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

_______________________________________________

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses) and after-tax net foreign exchange income (expense) as the following reconciliation displays:

Three Months Ended September 30,

 

 

 

NIne Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share amounts)

2021

 

2020

 

 

 

2021

 

2020

        
(unaudited)  (unaudited)
        
Per Diluted     Per Diluted  
AmountShare Amount Share  Amount Share Amount Share
        
Net income (loss)

$

(73,468

)

$

(1.88

)

 

$

 

243,057

 

$

 

6.07

  

$

 

948,376

 

$

 

23.72

 

$

 

450,549

 

$

 

11.18

After-tax net realized capital gains (losses)

$

(2,591

)

$

(0.07

)

 

$

 

88,911

 

$

 

2.22

  

$

 

111,196

 

$

 

2.78

 

$

 

67,067

 

$

 

1.66

After-tax net foreign exchange income (expense)

$

(18,314

)

$

(0.47

)

 

$

 

57,157

 

$

 

1.43

  

$

 

42,526

 

$

 

1.06

 

$

 

39,233

 

$

 

0.97

        
After-tax operating income (loss)

$

(52,563

)

$

(1.34

)

 

$

 

96,989

 

$

 

2.42

  

$

 

794,654

 

$

 

19.87

 

$

 

344,249

 

$

 

8.54

        
(Some amounts may not reconcile due to rounding.)       

Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net realized capital gains (losses) and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

--Financial Details Follow--

EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
 
 
Three Months EndedNine Months Ended

September 30,

 

September 30,

(Dollars in thousands, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

(unaudited)(unaudited)
REVENUES:
Premiums earned

$

2,656,403

$

2,205,811

$

7,602,640

$

6,285,030

Net investment income

 

292,759

 

234,233

 

960,267

 

420,116

Net realized capital gains (losses):
Credit allowances on fixed maturity securities

 

(7,329)

 

6,196

 

(30,234)

 

(19,641)

Other net realized capital gains (losses)

 

3,107

 

104,007

 

169,023

 

103,904

Total net realized capital gains (losses)

 

(4,222)

 

110,203

 

138,789

 

84,263

Other income (expense)

 

(19,517)

 

59,937

 

44,190

 

47,306

Total revenues

 

2,925,423

 

2,610,184

 

8,745,886

 

6,836,715

 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses

 

2,274,301

 

1,736,210

 

5,571,861

 

4,574,066

Commission, brokerage, taxes and fees

 

564,335

 

445,332

 

1,611,095

 

1,360,170

Other underwriting expenses

 

141,150

 

138,875

 

424,225

 

385,865

Corporate expenses

 

17,817

 

10,618

 

46,363

 

29,184

Interest, fees and bond issue cost amortization expense

 

15,539

 

6,641

 

46,785

 

21,477

Total claims and expenses

 

3,013,142

 

2,337,676

 

7,700,329

 

6,370,762

 
INCOME (LOSS) BEFORE TAXES

 

(87,719)

 

272,508

 

1,045,557

 

465,953

Income tax expense (benefit)

 

(14,251)

 

29,451

 

97,181

 

15,404

 
NET INCOME (LOSS)

$

(73,468)

$

243,057

$

948,376

$

450,549

 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

(100,021)

 

63,480

 

(304,465)

 

335,835

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

(1,388)

 

(11,453)

 

(3,464)

 

12,689

Total URA(D) on securities arising during the period

 

(101,409)

 

52,027

 

(307,929)

 

348,524

 
Foreign currency translation adjustments

 

(53,599)

 

60,628

 

(28,886)

 

30,390

 
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

1,563

 

1,806

 

5,649

 

4,532

Total benefit plan net gain (loss) for the period

 

1,563

 

1,806

 

5,649

 

4,532

Total other comprehensive income (loss), net of tax

 

(153,445)

 

114,461

 

(331,166)

 

383,446

 
COMPREHENSIVE INCOME (LOSS)

$

(226,913)

$

357,518

$

617,210

$

833,995

 
EARNINGS PER COMMON SHARE:
Basic

$

(1.88)

$

6.08

$

23.74

$

11.20

Diluted

 

(1.88)

 

6.07

 

23.72

 

11.18

EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
 
 
September 30,December 31,
(Dollars and share amounts in thousands, except par value per share)

 

2021

 

2020

(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value

$

21,623,119

$

20,040,173

(amortized cost: 2021, $21,182,756; 2020, $19,225,067, credit allowances: 2021, ($31,980); 2020, ($1,745))
Equity securities, at fair value

 

1,523,595

 

1,472,236

Short-term investments (cost: 2021, $713,144; 2020, $1,135,088)

 

713,144

 

1,134,950

Other invested assets

 

2,855,372

 

2,012,581

Cash

 

1,068,441

 

801,651

Total investments and cash

 

27,783,671

 

25,461,591

Accrued investment income

 

170,364

 

141,304

Premiums receivable

 

3,408,338

 

2,680,562

Reinsurance recoverables

 

2,215,380

 

1,994,555

Funds held by reinsureds

 

811,269

 

716,655

Deferred acquisition costs

 

797,735

 

622,053

Prepaid reinsurance premiums

 

552,468

 

412,015

Income taxes net recoverable

 

-

 

17,253

Other assets

 

866,872

 

742,369

TOTAL ASSETS

$

36,606,097

$

32,788,357

 
LIABILITIES:
Reserve for losses and loss adjustment expenses

 

18,956,953

 

16,398,997

Future policy benefit reserve

 

36,533

 

37,723

Unearned premium reserve

 

4,421,098

 

3,501,359

Funds held under reinsurance treaties

 

18,279

 

15,807

Other net payable to reinsurers

 

485,682

 

294,347

Losses in course of payment

 

150,784

 

127,971

Senior notes due 6/1/2044

 

397,284

 

397,194

Senior notes due 10/1/2050

 

979,915

 

979,524

Long term notes due 5/1/2067

 

223,749

 

223,674

Borrowings from FHLB

 

310,000

 

310,000

Accrued interest on debt and borrowings

 

23,267

 

10,460

Unsettled securities payable

 

83,626

 

206,693

Income taxes net payable

 

4,074

 

-

Other liabilities

 

536,218

 

558,432

Total liabilities

 

26,627,462

 

23,062,181

 
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50,000 shares authorized;
no shares issued and outstanding

 

-

 

-

Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,806
and (2020) 69,620 outstanding before treasury shares

 

698

 

696

Additional paid-in capital

 

2,266,342

 

2,245,301

Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of $44,338 at 2021 and $80,451 at 2020

 

203,733

 

534,899

Treasury shares, at cost; 30,427 shares (2021) and 29,636 shares (2020)

 

(3,822,235)

 

(3,622,172)

Retained earnings

 

11,330,097

 

10,567,452

Total shareholders' equity

 

9,978,635

 

9,726,176

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

36,606,097

$

32,788,357

EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Nine Months Ended
September 30,
(Dollars in thousands)

 

2021

 

2020

(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)

$

948,376

$

450,549

Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable

 

(736,614)

 

(357,162)

Decrease (increase) in funds held by reinsureds, net

 

(92,512)

 

(53,878)

Decrease (increase) in reinsurance recoverables

 

(230,593)

 

(172,454)

Decrease (increase) in income taxes

 

57,270

 

184,311

Decrease (increase) in prepaid reinsurance premiums

 

(146,639)

 

(7,963)

Increase (decrease) in reserve for losses and loss adjustment expenses

 

2,576,049

 

1,665,982

Increase (decrease) in future policy benefit reserve

 

(1,189)

 

(2,218)

Increase (decrease) in unearned premiums

 

927,524

 

392,904

Increase (decrease) in other net payable to reinsurers

 

198,954

 

68,784

Increase (decrease) in losses in course of payment

 

23,661

 

132,208

Change in equity adjustments in limited partnerships

 

(543,401)

 

(12,475)

Distribution of limited partnership income

 

105,571

 

55,576

Change in other assets and liabilities, net

 

(247,615)

 

(131,224)

Non-cash compensation expense

 

33,199

 

29,337

Amortization of bond premium (accrual of bond discount)

 

57,289

 

32,594

Net realized capital (gains) losses

 

(138,789)

 

(84,263)

Net cash provided by (used in) operating activities

 

2,790,541

 

2,190,608

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value

 

2,756,963

 

1,781,821

Proceeds from fixed maturities sold - available for sale, at market value

 

883,149

 

1,390,747

Proceeds from fixed maturities sold - available for sale, at fair value

 

-

 

2,054

Proceeds from equity securities sold, at fair value

 

578,894

 

329,750

Distributions from other invested assets

 

216,573

 

210,527

Cost of fixed maturities acquired - available for sale, at market value

 

(5,670,636)

 

(3,874,890)

Cost of equity securities acquired, at fair value

 

(507,862)

 

(460,953)

Cost of other invested assets acquired

 

(604,180)

 

(392,650)

Net change in short-term investments

 

422,643

 

(804,744)

Net change in unsettled securities transactions

 

(177,259)

 

89,064

Net cash provided by (used in) investing activities

 

(2,101,715)

 

(1,729,274)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period for share-based compensation, net of expense

 

(12,156)

 

(13,617)

Purchase of treasury shares

 

(200,064)

 

(200,020)

Dividends paid to shareholders

 

(185,731)

 

(187,110)

Cost of debt repurchase

 

-

 

(10,647)

FHLB borrowings (repayments)

 

-

 

90,000

Cost of shares withheld on settlements of share-based compensation awards

 

(15,133)

 

(15,298)

Net cash provided by (used in) financing activities

 

(413,084)

 

(336,691)

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

(8,952)

 

6,203

 
Net increase (decrease) in cash

 

266,790

 

130,845

Cash, beginning of period

 

801,651

 

808,036

Cash, end of period

$

1,068,441

$

938,881

 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)

$

39,767

$

(169,149)

Interest paid

 

33,422

 

16,731

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20211027006084/en/

CONTACT: Media: Dawn Lauer

Chief Communications Officer

Everest Global Services, Inc.

908.300.7670Investors: Jon Levenson

Head of Investor Relations

Everest Global Services, Inc.

908.604.3169

KEYWORD: NEW YORK UNITED STATES UNITED KINGDOM CARIBBEAN BERMUDA NORTH AMERICA EUROPE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Everest Re Group, Ltd.

Copyright Business Wire 2021.

PUB: 10/27/2021 04:15 PM/DISC: 10/27/2021 04:17 PM

http://www.businesswire.com/news/home/20211027006084/en