Company Announcements

Everest Re Group Reports First Quarter 2022 Results

$406 Million of Net Operating Income and $298 Million of Net Income

$3.2 Billion in Gross Written Premium and a 91.6% Combined Ratio

HAMILTON, Bermuda--(BUSINESS WIRE)--Apr. 27, 2022-- Everest Re Group, Ltd. (“Everest” or the “Group”) today reported its first quarter 2022 results.

First Quarter 2022 Highlights

  • $406 Million of Net Operating Income and 16.2% annualized Operating ROE and Net Income of $298 Million
  • Year over year gross written premium (“GWP”) growth of 9% for the Group, 6% for Reinsurance and 15% for Insurance
  • Combined ratios of 91.6% for the Group, 91.4% for Reinsurance and 91.9% for Insurance
  • Attritional combined ratios of 87.4% for the Group, 86.2% for Reinsurance and 90.9% for Insurance
  • Pre-tax underwriting income of $235 million including $115 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of Australian flood losses, European storms, and March 2022 events in the United States
  • Pre-tax net investment income of $243 million, well balanced between fixed income and alternative investments

Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:

“Everest is off to a strong start in 2022 with first quarter results that reflect our relentless focus on profitability and margin expansion. Excellent performance across our underwriting businesses, as well as investments, contributed to $406 million in net operating income and a 16.2% annualized operating return on equity. Our discipline, strength and resilience stand out in the increasingly volatile external environment, which is compounded by a web of macroeconomic, geopolitical and societal issues. As underwriters, the protection and stability we provide has never been more important, and we continue to be a source of strength in the face of global uncertainty.”

Summary of First Quarter 2022 Net Income and Other Items

  • Net income of $298 million, equal to $7.56 per diluted share vs. first quarter 2021 net income of $342 million, equal to $8.52 per diluted share
  • Net operating income of $406 million, equal to $10.31 per diluted share vs. first quarter 2021 net operating income of $260 million, equal to $6.49 per diluted share
  • GAAP combined ratio of 91.6% including 4.1 points of catastrophe losses vs. the first quarter 2021 figures of 98.1% including 11.3 points of catastrophe losses
  • Covid-19 Pandemic (“Pandemic”) ultimate loss estimate remains at $511 million
  • Operating cashflow for the quarter of $846 million vs. the first quarter 2021 figure of $904 million
  • Everest has limited exposure related to the Russian invasion of the Ukraine. Given the ongoing nature of the war and the high degree of uncertainty around both exposure and coverage, no loss provision is being established at this time.

The following table summarizes the Company’s net income and related financial metrics.

Net income and operating income

Q1

Year to Date

 

Q1

Year to Date

All values in USD millions except for per share amounts and percentages

2022

2022

 

2021

2021

Everest Re Group
Net income

297.8

297.8

341.9

341.9

Net operating income (loss)

405.8

405.8

260.2

260.2

 
Net income per diluted common share

7.56

7.56

8.52

8.52

Net operating income per diluted common share

10.31

10.31

6.49

6.49

 
Net income annualized return on average equity

11.9%

11.9%

15.0%

15.0%

Net operating income annualized return on average equity

16.2%

16.2%

11.4%

11.4%

 
Period end equity and book value Q1 2022 Year to Date
Shareholders' equity

9,527.6

Book value per share

241.52

Change in BVPS adjusted for dividends

-5.9%

Total Shareholder Return ("TSR") - Annualized

8.6%

 
Notes
1/ Refer to the reconciliation of net income to net operating income found on page 7 of this press release

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Re Group

Q1

Year to Date

 

Q1

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q1

Year to Date

Gross written premium

3,186.4

3,186.4

2,931.4

2,931.4

8.7%

8.7%

Net written premium

2,812.0

2,812.0

2,553.9

2,553.9

10.1%

10.1%

 
Loss ratio

64.1%

64.1%

71.7%

71.7%

(7.6) pts (7.6) pts
Commission and brokerage ratio

21.7%

21.7%

20.5%

20.5%

1.2 pts 1.2 pts
Other underwriting expenses

5.8%

5.8%

5.9%

5.9%

(0.1) pts (0.1) pts
Combined ratio

91.6%

91.6%

98.1%

98.1%

(6.5) pts (6.5) pts
Attritional combined ratio

87.4%

87.4%

87.3%

87.3%

0.1 pts 0.1 pts
 
Pre-tax net catastrophe losses

115.0

115.0

260.0

260.0

Pre-tax net covid losses

-

-

-

-

Pre-tax net prior year reserve development

(0.9)

(0.9)

(1.8)

(1.8)

 
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums
 

Reinsurance Segment – Quarterly Highlights

  • Gross written premiums of $2.2 billion for the quarter including a highly successful January 1 renewal where Everest achieved growth in targeted classes notably casualty pro rata and international treaty, while optimizing the property portfolio to reduce catastrophe volatility and maximize returns
  • Improved risk-adjusted profitability of the portfolio driven by targeted underwriting actions, resulting in a 60 basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.9% vs. 59.5%) and an overall combined ratio of 91.4%
  • Continued expense discipline resulting in an operating expense ratio for the quarter of 2.4%
Underwriting information - Reinsurance segment Q1 Year to Date Q1 Year to Date Year on Year Change
All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q1

Year to Date

Gross written premium

2,185.6

2,185.6

2,059.0

2,059.0

6.1%

6.1%

Net written premium

2,081.4

2,081.4

1,912.9

1,912.9

8.8%

8.8%

 
Loss ratio

64.1%

64.1%

71.6%

71.6%

(7.5)pts (7.5)pts
Commission and brokerage ratio

24.9%

24.9%

23.0%

23.0%

1.9 pts 1.9 pts
Other underwriting expenses

2.4%

2.4%

2.9%

2.9%

(0.5)pts (0.5)pts
Combined ratio

91.4%

91.4%

97.5%

97.5%

(6.1) pts (6.1) pts
Attritional combined ratio

86.2%

86.2%

85.5%

85.5%

0.7 pts 0.7 pts
 
Pre-tax net catastrophe losses

110.0

110.0

212.5

212.5

Pre-tax net covid losses

-

-

-

-

Pre-tax net prior year reserve development

(1.6)

(1.6)

(1.8)

(1.8)

 
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Insurance Segment – Quarterly Highlights

  • Gross written premiums of $1.0 billion reflecting a 15% increase year over year, driven by balanced and diversified growth across core classes and geographies This growth was offset by intentional underwriting actions to reduce exposure in property CAT and targeted accounts that did not meet our risk adjusted return thresholds. Excluding these actions, growth was 25%
  • Excellent profitability with a 91.9% combined ratio and 90.9% attritional combined ratio (a 1.3 point improvement compared to 1Q 2021)
  • Rate increases remain solid and above loss trend
Underwriting information - Insurance segment Q1 Year to Date Q1 Year to Date Year on Year Change
All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q1

Year to Date

Gross written premium

1,000.7

1,000.7

872.4

872.4

14.7%

14.7%

Net written premium

730.6

730.6

641.0

641.0

14.0%

14.0%

 
Loss ratio

64.1%

64.1%

72.0%

72.0%

(7.9) pts (7.9) pts
Commission and brokerage ratio

12.5%

12.5%

13.2%

13.2%

(0.7) pts (0.7) pts
Other underwriting expenses

15.3%

15.3%

14.8%

14.8%

0.5 pts 0.5 pts
Combined ratio

91.9%

91.9%

99.9%

99.9%

(8.0) pts (8.0) pts
Attritional combined ratio

90.9%

90.9%

92.2%

92.2%

(1.3) pts (1.3) pts
 
Pre-tax net catastrophe losses

5.0

5.0

47.5

47.5

Pre-tax net covid losses

-

-

-

-

Pre-tax net prior year reserve development

0.7

0.7

-

-

 
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Investments and Shareholders’ Equity at March 31, 2022

  • Total invested assets and cash of $29.3 billion versus the year end 2021 value of $29.7 billion
  • Shareholders’ equity of $9.5 billion vs. $10.1 billion at year end 2021, largely driven by $811 million of unrealized net losses on fixed income investments
  • Book value per diluted share of $241.52 vs. $258.21 at year end 2021
  • Book value per diluted share excluding unrealized gains (losses) on fixed income investments of $256.01 vs. $252.12 at year end 2021
  • Common share dividends declared and paid in the quarter of $1.55 per share equal to $61 million
  • Common share repurchases of $1.3 million during the quarter, representing 5,000 shares at an average price of $264.42 per share
Equity and Book Value per Share Q1 Year to Date Q1 Year to Date
All values in USD millions except for per share amounts and percentages

2022

2022

 

2021

2021

Beginning shareholders' equity

10,139.2

10,139.2

9,726.2

9,726.2

Net income

297.8

297.8

341.9

341.9

Change- unrealized gains (losses) - Fixed inc. investments

(811.0)

(811.0)

(292.3)

(292.3)

Dividends to shareholders

(61.1)

(61.1)

(62.2)

(62.2)

Purchase of treasury shares

(1.3)

(1.3)

(23.5)

(23.5)

Other

(35.9)

(35.9)

(7.2)

(7.2)

Ending shareholders' equity

9,527.6

9,527.6

9,682.9

9,682.9

 
Common shares outstanding

39.45

40.08

Book value per common share outstanding

241.52

241.57

Less: Unrealized on fixed inc. investments ("URAD")

(14.49)

10.77

Book value excl. URAD per common share outstanding

256.01

230.80

Common share dividends paid - last 12 months

6.20

6.20

 

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of the ongoing war in Ukraine, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest Re Group, Ltd.

Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on April 28, 2022. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:

               
Three Months Ended March 31,   Three Months Ended March 31,
     
(Dollars in thousands, except per share amounts)

2022

 

2021

 

 

2022

 

2021

               
(unaudited)   (unaudited)
               
  Per Diluted         Per Diluted    
               
Amount   Share   Amount   Share   Amount   Share   Amount   Share
               
Net income (loss)

$

297,751

 

 

$

7.56

 

 

$

341,862

 

$

8.52

 

$

297,751

 

 

$

7.56

 

 

$

341,862

 

$

8.52

After-tax net (gains) losses on investments

$

(123,369

)

 

$

(3.14

)

 

$

30,035

 

$

0.75

 

$

(123,369

)

 

$

(3.14

)

 

$

30,035

 

$

0.75

After-tax net foreign exchange income (expense)

$

15,338

 

 

$

0.39

 

 

$

51,618

 

$

1.29

 

$

15,338

 

 

$

0.39

 

 

$

51,618

 

$

1.29

               
After-tax operating income (loss)

$

405,782

 

 

$

10.31

 

 

$

260,209

 

$

6.49

 

$

405,782

 

 

$

10.31

 

 

$

260,209

 

$

6.49

               
(Some amounts may not reconcile due to rounding.)

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

--Financial Details Follow--

 
 
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
 
 
Three Months Ended 
March 31,
(Dollars in thousands, except per share amounts)

 

2022

 

 

 

2021

 

(unaudited)
REVENUES:
Premiums earned 

 $

                          2,791,765

 

 $

                    2,387,865

 

Net investment income

 

                                 242,830

 

 

                           260,413

 

Net gains (losses) on investments:
Credit allowances on fixed maturity securities

 

                                  (11,853

)

 

                               (6,977

)

Gains (losses) from fair value adjustments

 

                                (136,860

)

 

                              29,056

 

Net realized gains (losses) from dispositions

 

                                     (4,914

)

 

                              16,823

 

Total net gains (losses) on investments

 

                                (153,627

)

 

                              38,902

 

Other income (expense)

 

                                    15,363

 

 

                              56,593

 

Total revenues

 

                              2,896,331

 

 

                        2,743,773

 

 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses 

 

                              1,789,863

 

 

1,711,419

 

Commission, brokerage, taxes and fees

 

                                 605,230

 

 

489,011

 

Other underwriting expenses  

 

                                 161,293

 

 

142,231

 

Corporate expenses

 

                                    14,020

 

 

12,378

 

Interest, fees and bond issue cost amortization expense

 

                                    24,078

 

 

15,639

 

Total claims and expenses

 

                              2,594,484

 

 

                        2,370,678

 

 
INCOME (LOSS) BEFORE TAXES

 

                                 301,847

 

 

                           373,095

 

Income tax expense (benefit)

 

                                       4,096

 

 

31,233

 

 
NET INCOME (LOSS)

 $

                              297,751

 

 $

                        341,862

 

 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

                                (815,177

)

 

                          (288,615

)

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

                                       4,178

 

 

                               (3,666

)

Total URA(D) on securities arising during the period

 

                                (810,999

)

 

                          (292,281

)

 
Foreign currency translation adjustments

 

                                  (34,102

)

 

                               (9,582

)

 
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

                                          758

 

 

                                 2,043

 

Total benefit plan net gain (loss) for the period

 

                                          758

 

 

                                 2,043

 

Total other comprehensive income (loss), net of tax

 

                                (844,343

)

 

                          (299,820

)

 
COMPREHENSIVE INCOME (LOSS)

 $

                            (546,592

)

 $

                          42,042

 

 
EARNINGS PER COMMON SHARE:
Basic

 $

                                      7.57

 

 $

                                8.53

 

Diluted

 

                                         7.56

 

 

                                   8.52

 

 
EVEREST RE GROUP, LTD.    
CONSOLIDATED BALANCE SHEETS    
     
     
     March 31,   December 31, 
(Dollars and share amounts in thousands, except par value per share)    

 

2022

 

 

2021

 

    (unaudited)
ASSETS:    
Fixed maturities - available for sale    

 $

                        21,998,415

 

 $

                        22,308,272

 

(amortized cost: 2022, $22,693,029; 2021, $22,063,592, credit allowances: 2022, ($41,591); 2021, ($29,738))    
Equity securities, at fair value    

 

                              1,780,526

 

 

                              1,825,908

 

Short-term investments (cost: 2022, $823,889; 2021, $1,178,386)    

 

                                  823,875

 

 

                              1,178,337

 

Other invested assets    

 

                              2,917,039

 

 

                              2,919,965

 

Cash    

 

                              1,778,218

 

 

                              1,440,861

 

Total investments and cash    

 

                            29,298,073

 

 

                            29,673,343

 

Accrued investment income    

 

                                  156,997

 

 

                                  149,105

 

Premiums receivable    

 

                              3,264,023

 

 

                              3,293,598

 

Reinsurance recoverables    

 

                              2,101,641

 

 

                              2,053,354

 

Funds held by reinsureds    

 

                                  920,054

 

 

                                  868,601

 

Deferred acquisition costs    

 

                                  842,739

 

 

                                  872,289

 

Prepaid reinsurance premiums    

 

                                  496,632

 

 

                                  515,445

 

Income taxes     

 

                                  117,609

 

 

                                       2,381

 

Other assets    

 

                                  789,014

 

 

                                  757,167

 

TOTAL ASSETS    

 $

                        37,986,782

 

 $

                        38,185,283

 

     
LIABILITIES:    
Reserve for losses and loss adjustment expenses    

 

                            19,495,637

 

 

                            19,009,486

 

Future policy benefit reserve    

 

                                     34,523

 

 

                                     35,669

 

Unearned premium reserve    

 

                              4,571,705

 

 

                              4,609,634

 

Funds held under reinsurance treaties    

 

                                       4,732

 

 

                                     18,391

 

Other net payable to reinsurers    

 

                                  464,000

 

 

                                  449,723

 

Losses in course of payment    

 

                                  133,888

 

 

                                  260,684

 

Senior notes    

 

                              2,346,147

 

 

                              2,345,800

 

Long term notes    

 

                                  223,799

 

 

                                  223,774

 

Borrowings from FHLB    

 

                                  519,000

 

 

                                  519,000

 

Accrued interest on debt and borrowings    

 

                                     38,843

 

 

                                     17,348

 

Unsettled securities payable    

 

                                     67,698

 

 

                                     16,698

 

Other liabilities    

 

                                  559,181

 

 

                                  539,896

 

Total liabilities    

 

                            28,459,153

 

 

                            28,046,103

 

     
SHAREHOLDERS' EQUITY:    
Preferred shares, par value: $0.01; 50,000 shares authorized;    
no shares issued and outstanding    

 

                                                  -

 

 

                                                  -

 

Common shares, par value: $0.01; 200,000 shares authorized; (2022) 69,977    
and (2021) 69,790 outstanding before treasury shares    

 

                                           700

 

 

                                           698

 

Additional paid-in capital    

 

                              2,271,890

 

 

                              2,274,431

 

Accumulated other comprehensive income (loss), net of deferred income tax expense    
(benefit) of ($89,926) at 2022 and $26,781 at 2021    

 

                                (832,820

)

 

                                     11,523

 

Treasury shares, at cost; 30,529 (2022) and 30,524 shares (2021)    

 

                             (3,848,630

)

 

                             (3,847,308

)

Retained earnings    

 

                            11,936,489

 

 

                            11,699,836

 

Total shareholders' equity     

 

                              9,527,629

 

 

                            10,139,180

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    

 $

                        37,986,782

 

 $

                        38,185,283

 

     
   
EVEREST RE GROUP, LTD.    
CONSOLIDATED STATEMENTS OF CASH FLOWS      
     
     
    Three Months Ended 
    March 31,
(Dollars in thousands)    

 

2022

 

 

 

2021

 

    (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss)    

 $

                          297,751

 

 $

                          341,862

 

Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable    

 

                              (14,203

)

 

                            (105,460

)

Decrease (increase) in funds held by reinsureds, net    

 

                              (67,033

)

 

                              (25,584

)

Decrease (increase) in reinsurance recoverables    

 

                            (125,881

)

 

                              (14,518

)

Decrease (increase) in income taxes    

 

                                   1,251

 

 

                                24,908

 

Decrease (increase) in prepaid reinsurance premiums    

 

                                 (7,167

)

 

                              (27,071

)

Increase (decrease) in reserve for losses and loss adjustment expenses    

 

                             632,398

 

 

                             655,070

 

Increase (decrease) in future policy benefit reserve    

 

                                 (1,146

)

 

                                     (162

)

Increase (decrease) in unearned premiums    

 

                                   4,045

 

 

                             196,631

 

Increase (decrease) in other net payable to reinsurers    

 

                                46,310

 

 

                             105,390

 

Increase (decrease) in losses in course of payment    

 

                            (125,074

)

 

                                11,980

 

Change in equity adjustments in limited partnerships    

 

                              (97,831

)

 

                            (116,767

)

Distribution of limited partnership income    

 

                                71,174

 

 

                                18,125

 

Change in other assets and liabilities, net    

 

                                47,052

 

 

                            (149,480

)

Non-cash compensation expense     

 

                                11,912

 

 

                                11,021

 

Amortization of bond premium (accrual of bond discount)    

 

                                19,254

 

 

                                17,323

 

Net (gains) losses on investments    

 

                             153,627

 

 

                              (38,902

)

Net cash provided by (used in) operating activities    

 

                             846,439

 

 

                             904,366

 

     
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called - available for sale    

 

                             849,019

 

 

                             818,352

 

Proceeds from fixed maturities sold - available for sale    

 

                             418,988

 

 

                             228,278

 

Proceeds from equity securities sold, at fair value    

 

                                90,101

 

 

                             281,313

 

Proceeds from distributions and sales of other invested assets    

 

                             162,719

 

 

                                52,211

 

Cost of fixed maturities acquired - available for sale    

 

                        (2,010,859

)

 

                        (1,776,730

)

Cost of equity securities acquired, at fair value    

 

                            (195,026

)

 

                            (174,981

)

Cost of other invested assets acquired    

 

                            (137,430

)

 

                              (98,939

)

Net change in short-term investments    

 

                             354,761

 

 

                             308,585

 

Net change in unsettled securities transactions    

 

                                46,399

 

 

                              (93,610

)

Net cash provided by (used in) investing activities    

 

                            (421,328

)

 

                            (455,521

)

     
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued during the period for share-based compensation, net of expense    

 

                              (14,450

)

 

                              (10,583

)

Purchase of treasury shares    

 

                                 (1,322

)

 

                              (23,545

)

Dividends paid to shareholders    

 

                              (61,097

)

 

                              (62,229

)

Cost of shares withheld on settlements of share-based compensation awards    

 

                              (16,692

)

 

                              (12,507

)

Net cash provided by (used in) financing activities    

 

                              (93,561

)

 

                            (108,864

)

     
EFFECT OF EXCHANGE RATE CHANGES ON CASH    

 

                                   5,807

 

 

                                 (8,972

)

     
Net increase (decrease) in cash    

 

                             337,357

 

 

                             331,009

 

Cash, beginning of period    

 

                          1,440,861

 

 

                             801,651

 

Cash, end of period    

 $

                      1,778,218

 

 $

                      1,132,660

 

     
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered)    

 $

                               2,681

 

 $

                               6,417

 

Interest paid     

 

                                   2,210

 

 

                                   1,880

 

   
   

 

Media: Dawn Lauer
Chief Communications Officer
Everest Global Services, Inc.
908.300.7670

Investors: Jon Levenson
Head of Investor Relations
Everest Global Services, Inc.
908.604.3169

Source: Everest Re Group, Ltd.