Background
      Everest Re Group is a financial holding company that provides a range of insurance services through its subsidiaries: Everest Reinsurance, Everest National Insurance, Everest Security Insurance, and Everest Indemnity Insurance.
      The company operates primarily in Bermuda and the US. Everest is headquartered in Barbados.
      Everest’s principal business, conducted through its operating subsidiaries, is the underwriting of reinsurance and insurance in the US, Bermuda, and other international markets. The company underwrites reinsurance through brokers and directly with ceding companies, and insurance principally through general agent relationships and surplus lines brokers.
      Everest’s subsidiaries include Bermuda Re, Everest International, Everest Re Holdings, Everest Re, Everest National Insurance, Everest Indemnity Insurance, Everest Security Insurance, Mt. McKinley Managers, and Mt. McKinley.
      The beginnings of Everest Re Group date back to 1973, when Prudential Reinsurance Company was established as a subsidiary of the Prudential Insurance Company of America. In 1995, Prudential successfully completed a public offering of 100 percent of Prudential Re’s stock and the company, under the guidance of current chairman Joseph Taranto, changed its name to Everest Reinsurance.
      The group’s capital passed the $1 billion threshold in 1998.
In 2000, as a result of a corporate restructuring at the holding company level, Everest Re Group, Ltd. became the publicly owned parent of the group. Everest Re Group, Ltd., through its newly-formed subsidiary, Everest Reinsurance (Bermuda), Ltd., acquired AFC Re, Ltd., a Bermuda-based annuity/life reinsurer.
      In 2004, Everest Reinsurance (Bermuda), Ltd. established a UK branch and purchased Everest Reinsurance Company’s UK operations.
Everest Reinsurance Co. is the fourth-largest reinsurer in the US.

Spotlight – Global reach
       Everest maintains its principal executive office at Wessex House on Reid Street. Its main US offices are in Liberty Corner, New Jersey.
       The Group has other US offices in Chicago, Miami and Oakland, California. A Toronto office serves the Canadian market. The company has offices in Brussels and London for the European market, and a Singapore office serves the Asia/Pacific region.
       On the reinsurance side, Everest Re is highly diversified, underwriting all types and lines of property and casualty reinsurance throughout the world. Its approach is to offer “multiple products through multiple channels”, i.e. to be able to deliver to clients a broad array of products through whatever distribution channel the client prefers to use, anywhere in the world.
With statutory surplus of more than $1 billion, Everest offers impeccable security.
       Everest National Insurance Company represents the primary insurance side of Everest Reinsurance. Everest National Insurance Company specialises in primary programme insurance opportunities written through underwriting managers, whom it refers to as programme administrators.

Analysis
       The Everest Re Group’s principal business, conducted through its operating subsidiaries, is reinsurance and insurance in Bermuda, the US, and other international markets.
       Everest Bermuda Re is a long-term insurer, authorised to write property and casualty business and life and annuity business. Everest International is authorised to write property and casualty business. Everest Re Holdings holds and manages much of the group’s investments and cash, which is its principal operating purpose.
       Everest Re (Delaware) is a licensed property and casualty insurer and/or reinsurer in all states (except Nevada and Wyoming) in the US, the District of Columbia and Puerto Rico. Everest Re is authorised to conduct reinsurance business in the UK, Canada, and Singapore. It underwrites property and casualty reinsurance for insurance and reinsurance companies in the US and international markets.
       Everest National Insurance (Arizona) writes property and casualty insurance in 47 states in the US and the District of Columbia. The majority of Everest National’s business is reinsured by its parent company.
       Everest Indemnity engages in the excess and surplus lines insurance business in the US. The company is eligible to write business on a non-admitted basis in 49 states in the US and the District of Columbia. The majority of Everest Indemnity’s business is reinsured by its parent company, Everest.
       Everest Security writes property and casualty insurance in Georgia and Alabama. The majority of Everest Security’s business is reinsured by its parent company, Everest.
      Mt. McKinley Managers is licensed in New Jersey as an insurance provider and is the underwriting manager for Everest Indemnity.
      Mt McKinley (Delaware) engages in excess and surplus lines insurance business in the US. Its ongoing operations relate to servicing claims arising from its previously written business.

Financial data
(half-year to June 30, 2005)
Gross premiums written: $2.16 billion, up 6 percent
Net premiums earned: $2.1 billion, up 2 percent
Net income: $361 million, down 6 percent
Shareholders’ equity: $4.1 b billion, up 00 percent

Website
www.everestregroup.com