Everest Group secures $1.2 billion adverse development reinsurance cover on North American book
Everest Group entered into two adverse development reinsurance agreements, dated October 26, 2025 and effective October 1, 2025, that cover future reserve development on its North American Insurance business for accident years 2024 and prior, with a $1.2 billion gross limit. The company will pay consideration at closing, and its press release says the approximately $122 million payment will be reported as an incurred loss in the fourth quarter of 2025, which affects shareholders through a near-term charge. The deal is intended to limit further reserve risk on its US Casualty portfolio, while Everest keeps authority to handle and resolve claims.
Key points
- Agreements with State National Insurance Company and MS Transverse Insurance Company are dated October 26, 2025, and effective October 1, 2025.
- Cover provides $1.2 billion of gross limit against future adverse reserve development on North American Insurance business, supported by Longtail Re.
- State National consideration is $250 million Funds Withheld and $1.0 billion of transferred assets; MS Transverse consideration is $122 million of transferred assets.
- Everest retains $100 million of co-participation in each layer, and the $122 million payment is to be reported as an incurred loss in Q4 2025.
The filing
Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 27, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.