Everest launches planned rebrand to show focus on primary insurance

Global re/insurer  Everest Re Group will proceed to a planned rebranding after shareholders gave thumbs up to a previously-released plan to rename towards a profile increasingly anchored in primary insurance.

As we reported mid-April, Everest Re head asked shareholders to drop the "Re" in its name that had tied the firm, since inception, to its roots in reinsurance.

“Everest’s new name and stock ticker reflect the evolution of our value proposition, built on five decades of reinsurance leadership and an expanding presence in the global primary insurance market,” CEO Juan Andrade said.

“In today’s heightened risk environment, our hybrid business model, breadth of global capabilities and outstanding talent are more vital than ever.”

Everest will now trade on the New York Stock Exchange under the EG ticker versus its historic RE designation.

To mark the renaming, the company launched a new corporate website at www.everestglobal.com.

An ongoing strategic plan had called for growth tilted quite heavily towards primary insurance over the still-dominant reinsurance business.

Three-year compound average growth rates for GWP in primary insurance was to hit a range of 18-22% while reinsurance was to target 8 to 12% CAGR growth, a strategy presentation indicated.

Between 2018 and 2022, primary insurance rose as a percentage of the whole business from 27 to 33%, financial results have shown.

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