Everest Group, the Bermuda-based reinsurer, reported third-quarter profit of $233 million on Wednesday, missing Wall Street expectations. Net income was $6.12 per share. Adjusted for non-recurring costs, earnings came to $7.62 per share, below the $9.38 average estimate of five analysts surveyed by Zacks Investment Research. Revenue was $3.71 billion, short of the $3.84 billion that four analysts expected.

The reinsurance market is experiencing a capital shift, with alternative capital growing faster than traditional sources. Gallagher Re reports total dedicated reinsurance capital rose 5% to $688 billion in the first half of 2026. Traditional reinsurance capital increased 4% to $541 billion, whilst non-life alternative capital grew 9% to $147 billion. Alternative capital, deployed through catastrophe bonds, collateralised reinsurance, and sidecars, reached a record $144.5 billion as of 30 June 2026, according to Aon. Catastrophe bond issuance hit $24.9 billion in the 12 months ended 30 June 2026, with outstanding volume climbing 17% year over year to $63.4 billion. The growth creates opportunities and challenges. Increased capacity can pressure pricing, with P&C reinsurance premiums declining 6% in the first half of 2026.

Everest Group reported second quarter 2026 net income of $559 million, or $14.22 per diluted share, down from $680 million in the same period last year. The global reinsurance and insurance provider achieved an annualised total shareholder return of 16.8% and a combined ratio of 92.0%. The company's core businesses, comprising Reinsurance Treaty and Global Wholesale & Specialty segments, generated $317 million in underwriting income with a 90.0% combined ratio. Gross written premium from core businesses totalled $3.7 billion, down 7.1% year-over-year. Everest repurchased $395 million of common shares during the quarter. Book value per share increased to $398.83 at 30 June 2026 from $379.83 at year-end 2025. President and CEO Jim Williamson highlighted the company's strong underwriting performance and balance sheet optimisation whilst noting share repurchases remain a top priority.