Everest’s reinsurance segment again led the business in Q2 2025, posting $436 million in underwriting income and a combined ratio of 85.6%, despite $98 million in pre-tax aviation losses tied to the Russia–Ukraine war, which added 3.2 points to the ratio.
Notably, catastrophe losses in Q2 2025 were relatively low at $20 million for Everest’s reinsurance business, down from $135 million in Q2 2024.
Meanwhile, gross written premiums in the reinsurance segment increased 1.6% on a comparable basis (constant dollar basis and excluding reinstatement premiums), to approximately $3.2 billion.
According to the firm, growth was primarily led by a 15.2% increase in Property Catastrophe XOL and an 8.5% increase in Property Pro-Rata, partially offset by a 14.9% decrease in Casualty Pro-Rata, when adjusting for reinstatement premiums.
The reinsurance segment also benefited from a $39 million favourable prior‑year reserve development, making a positive impact on its combined ratio.
Elsewhere, Everest’s insurance segment posted a combined ratio of 102% in Q2 2025, resulting in a pre‑tax underwriting loss of $18 million.
Gross written premiums for the insurance segment were $1.41 billion in Q2 2025, reflecting a 3.1% decline year-over-year on a comparable basis, as the company reshaped its book via the “1‑Renewal Strategy”.
Management affirmed that this strategic repositioning is nearing completion and is expected to begin delivering improvements in later quarters.
At the group level, Everest reported net income of $680 million for Q2 2025, down from $724 million a year earlier, while operating income grew slightly to $734 million.
Group-wide gross written premiums were $4.68 billion in Q2 2025, a 0.7% decline compared to Q2 2024.
At the same time, underwriting income for the entire group came in at $385 million, against a combined ratio of 90.4%.
Everest’s Q2 2025 net investment income climbed to $532 million, compared to $528 million in Q2 2024.
Jim Williamson, Everest President and CEO, commented on the results, “Everest delivered a strong second quarter, with solid contributions from both underwriting income and net investment income, resulting in an annualized operating ROE of approximately 20%.
“Our Reinsurance business continues to deliver outstanding results, further supported by favourable reserve development this quarter.
“In Insurance, the execution of our 1-Renewal Strategy is nearly complete, positioning our portfolio to generate improved results over time.
“As we move through the second half of 2025, we are squarely focused on execution, while at the same time, actively managing our capital to benefit shareholders.”
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