Everest business insurance

Overview

Everest is first and foremost a property-casualty reinsurer: in 2025 about 72% of its $17.7 billion of gross written premium was reinsurance sold to other insurers. Its NAIC group ranked No. 36 among U.S. business insurers by 2025 commercial lines direct premiums written, with $2.77 billion, based on NAIC market share data. Other liability (general, excess and professional liability) was the largest piece at $1.39 billion, followed by allied lines property, workers' compensation and commercial auto. It does not rank in the national top 10 in any commercial line.

That 2025 figure describes a business that no longer exists in the same form. In October 2025 Everest agreed to sell AIG the renewal rights to its global retail commercial insurance book, about $2 billion of gross written premium in the U.S., U.K., Europe and Asia Pacific. What Everest keeps on the insurance side is wholesale and specialty: E&S casualty and property under the Everest Evolution brand, program business through MGAs, surety, trade credit and political risk, transactional risk, and accident and health. Expect its U.S. direct premium to shrink in 2026 as the retail book moves to AIG.

The U.S. companies in the NAIC group are Everest Reinsurance Company, Everest National Insurance Company (admitted in all 50 states, D.C. and Puerto Rico), Everest Indemnity Insurance Company (a Delaware surplus lines insurer eligible in all 50 states, D.C. and Puerto Rico), Everest Premier, Everest Denali and Everest Security. The parent, Everest Group, Ltd., is based in Bermuda, trades on the New York Stock Exchange as EG and is in the S&P 500. U.S. operations are run from Warren, New Jersey. Jim Williamson is president and CEO.

History

Everest's operating reinsurer was formed in 1973 as part of The Prudential Insurance Company of America. A holding company was set up in 1993, and on October 6, 1995, Prudential sold its entire interest in an initial public offering. The company later took the Everest name. On February 24, 2000, it completed a restructuring that made Bermuda-based Everest Re Group, Ltd. the parent, and it opened Everest Reinsurance (Bermuda) later that year. Lloyd's Syndicate 2786 followed in 2015 to expand international insurance writing.

The company changed its name to Everest Group, Ltd. and its ticker from RE to EG on July 10, 2023, presenting itself as a diversified insurer and reinsurer rather than a pure reinsurer. The insurance push that went with that strategy ran into trouble. Everest sold its sports and leisure business in October 2024. AM Best has noted that Everest added about $1.5 billion to prior-year reserves in the fourth quarter of 2024 and $478 million in the third quarter of 2025, mostly for retail commercial business. Juan C. Andrade, CEO since 2020, left on January 8, 2025, and Jim Williamson, then group chief operating officer, was named permanent CEO on January 22, 2025.

The October 2025 reset had three parts. Everest sold AIG the renewal rights to retail commercial business in the U.S., U.K. and Asia Pacific for $252 million, plus $49 million for certain EU countries. It bought a $1.2 billion adverse development cover from Longtail Re, an affiliate of Stone Ridge, on North American insurance reserves for accident years 2024 and prior. And it moved the retail book into a run-off segment. Everest has since agreed to sell its Colombia insurance operations to AIG (May 2026) and its Mexico operations to Fairfax (August 2026). It completed the sale of its Canadian retail insurance operations to Wawanesa on October 1, 2026.

Business insurance products

What remains for U.S. business buyers falls into four groups:

• E&S (Everest Evolution): primary casualty, excess casualty, construction, property, environmental and energy for U.S. businesses with complex or unusual risks, written through wholesale brokers. See wholesale brokers and surplus lines placement: how hard risks get insured.
• Programs (Everest Underwriting Partners): program administrators underwrite, rate and issue policies on Everest's behalf. Its published classes include staffing and HR services (GL, E&O, EPL, auto, crime, umbrella and workers' comp), lawyers professional liability for firms of up to 10 attorneys, nonprofit management liability, senior living GL and professional liability, logging, and security guard, private investigator, janitorial, alarm, sprinkler, pest control and government service contractors. It also offers small commercial property, mainly in the Mid-Atlantic and Southeast, small commercial workers' comp, USL&H, and difference-in-conditions cover for earthquake and flood. See program business: niche insurance through program administrators.
• Specialty lines: surety, trade credit and political risk, and transactional risk such as representations and warranties cover. See surety bond.
• Accident and health: medical stop-loss and group accident, among other products.

Who it insures

Everest Evolution goes after mid-sized and larger U.S. risks that the admitted market declines or prices badly: construction, energy, environmental exposures and heavy casualty. Small businesses reach Everest mostly through a program administrator. A 15-employee security guard firm, a staffing agency or a small law firm might end up on Everest paper without the owner ever dealing with Everest directly.

Mid-sized companies that bought a standard retail package or casualty program from Everest through a retail broker before 2026 are the group most affected by the AIG deal. AIG holds the renewal rights, so at renewal those accounts are typically offered AIG coverage or remarketed by their broker. For a limited period after closing, some renewals were still issued on Everest paper.

How to buy

Everest does not sell direct and has no online quoting for business owners. The routes in are:

• E&S: a wholesale or surplus lines broker submits to Everest Evolution. Your retail agent places it through the wholesaler, and the policy is issued by Everest Indemnity on a non-admitted basis.
• Programs: an agent appointed with the program administrator for your class quotes and binds within the program's guidelines.
• Surety and specialty: a surety or specialty broker deals with Everest's specialty underwriters.

Certificates, endorsements and policy service run through your agent and, for program business, through the administrator.

Claims

Everest's general claims line for U.S. insurance is 855-252-4695. Auto claims and property and builders risk claims can also be reported by email to addresses on its claims page, with your name, policy number and contact details. For casualty and professional liability, Everest tells insureds to follow the reporting instructions in their policy packet. Workers' comp and accident and health have their own claims sections on the site. Some program administrators handle claims themselves, so check the notice-of-claim section of your policy first.

Claims on Everest retail policies written before the AIG transfer stay with Everest, now in its run-off segment, even if your renewal went to AIG. Report a loss under the policy that was in force when it happened. Our guide to insurer deals and your policy explains why.

Financial strength and ratings

AM Best rates Everest's operating insurers A+ (Superior). On October 29, 2025, it affirmed that rating but revised the outlook to negative. It cited the $478 million third-quarter 2025 reserve charge, the second large charge in a year, and the operational risk of refocusing on reinsurance and specialty insurance. Everest's ratings page and its 2025 annual report (filed February 2026) also list A+ (Strong) from S&P for the main operating companies and A1 from Moody's for Everest Reinsurance Company and Everest Reinsurance (Bermuda).

For 2025, Everest reported net income of $1.59 billion. The insurance segment's combined ratio was 114.6%, with $466 million of adverse prior-year development, and group-wide prior-year development was $657 million unfavorable. Results improved in 2026. In the second quarter, the remaining Global Wholesale & Specialty business wrote $958 million of gross premium at a 95.2% combined ratio, and group prior-year development was nil. At December 31, 2025, shareholders' equity was $15.5 billion. Everest is not ranked in J.D. Power's small commercial study. For background on reserve charges, see loss reserves and reserve development: why they matter to buyers.

Strengths and weaknesses

Everest brings a large, highly rated balance sheet to E&S and program business, with a reinsurer's capital behind a specialty insurer. The trade-off is a company whose insurance strategy changed sharply in 2025, so its appetite, people and paper may look different from what your broker remembers.

• Strengths: A+ ratings from AM Best and S&P backed by $15.5 billion of equity; Everest Indemnity is eligible as a surplus lines insurer in every state; established program business in staffing, security, trade contractors and small professional firms; surety and political risk capacity.
• Weaknesses: AM Best outlook negative since October 2025 after repeated reserve charges; exited retail commercial insurance, so standard middle-market packages now go to AIG; no direct or online buying; a 114.6% insurance combined ratio in 2025.

Brokers weighing Everest for E&S or specialty work often compare it with Arch Insurance, AXIS Capital and Sompo, which also pair reinsurance with specialty insurance.

How to contact Everest