Reinsurer Everest Group has reported net income of $210m for the first quarter of 2025 (Q1 2025), down from $733m in the same period the previous year.  

The company’s net operating income also declined to $276m for Q1 2025, compared with $709m a year ago.  

Its net written premium for the quarter was $3.7bn, a 4.2% reduction from $3.9bn recorded in the prior year period.  

The reinsurance segment saw a 4.5% decrease in net written premium, totalling $2.8bn.  

Meanwhile, the insurance segment’s net written premium remained flat at $896m. 

Everest Group repurchased common shares totalling $200m during the quarter, which equated to 574,000 shares at an average price of $348.43 each.  

Dividends on common shares were declared and paid at $2 per share, totalling $85m for the quarter. 

Pre-tax catastrophe losses, net of estimated recoveries and reinstatement premiums, were substantial, amounting to $461m.  

These losses were primarily due to the California wildfires, which alone accounted for $442m.  

The quarter also saw reinstatement premiums of $62m, in contrast to the prior year quarter, which had no such premiums. 

Everest president and CEO Jim Williamson said: “The industry experienced the highest level of Q1 catastrophe losses in over a decade, primarily from the California wildfires. As expected, this affected our underwriting results for the quarter. Given our disciplined approach to catastrophe risk underwriting, our losses were within our expected range.  

“We continue to see opportunities to deploy capital at excellent expected returns, as evidenced by our successful execution of the January and April first reinsurance renewals. In insurance, the execution of our US casualty remediation remains on track to be completed later this year, while we still see significant opportunities in property and specialty lines. Everest is delivering on its strategic plan, and I am confident in our ability to achieve our return objectives.” 

In Q4 2024, Everest Group logged a net loss of $593m, compared with net income of $804m in the same quarter a year earlier. 

For the full year 2024, the company reported net income of $1.4bn, down from $2.5bn in 2023.