Everest Re

In 1973, Everest Re Group was founded as Prudential Reinsurance, a subsidiary of Prudential Financial.[2] In the 1990s, Prudential Financial considered selling or spinning off Prudential Reinsurance.[3] On October 6, 1995, Prudential Reinsurance completed an IPO.[4] The chairman and CEO at that time was Joseph V. Taranto. Prudential Reinsurance was renamed Everest Re in 1996, after Mount Everest.[5] In 2017, Everest Re became a S&P 500 component.[6]

Everest Re provides reinsurance and insurance to an international set of customers. Types of insurance provided include property, worker's compensation, crop, professional liability, and accident insurance.[1] As of 2016, 70% of premiums were from reinsurance, with the remainder in insurance (Total premiums were US$6 billion ).[1] 61% of premiums were from property insurance and reinsurance, with the remainder from casualty insurance and reinsurance.[1] In reinsurance, 52% of premiums were from the United States, 17% were from Europe, 15% were from Latin America, and the rest were from the rest of the world.[1] Everest Re sells catastrophe bonds to investors through a variety of subsidiaries, including Mt. Logan Re and Kilimanjaro Re.

Because of the business it is in, Everest Re profits are very sensitive to large-scale disasters, usually called catastrophes. For instance, Everest Re incurred US$1.2 billion in catastrophe losses in the third quarter of 2017 due to hurricanes Harvey, Irma, and Maria, as well as the Central Mexico earthquake.[7]