HAMILTON, Bermuda - Everest Group, Ltd. (NYSE: EG), a global provider of reinsurance and insurance solutions, announced today the appointment of Bill Hazelton as Executive Vice President of Everest Insurance® and President of North America Insurance. Hazelton, who has over three decades of industry experience, steps into the role previously held by Mike Mulray, who is departing the company.
Hazelton's prior role within Everest Insurance® was as Head of US Retail Casualty and Industry Practices. His extensive background includes various leadership positions at Chubb (NYSE:CB), where he served as Head of North America Industry Practices and Head of North America Claims.
Jim Williamson, Chief Operating Officer of Everest Group, expressed confidence in Hazelton's capabilities, noting his track record of delivering results and his contribution to enhancing Everest's market presence. Williamson anticipates Hazelton's leadership to further accelerate the company's strategic goals in North America.
Everest Group, recognized for its disciplined approach to underwriting, risk management, and capital, has been a stable force in the industry for 50 years. The company is a part of the S&P 500 index and is dedicated to serving the needs of its clients, shareholders, and communities.
Everest Group's earnings report did not meet expectations, leading Evercore ISI to lower its price target to $410. This adjustment was primarily due to the company's strategy in the property catastrophe segment and a delay in achieving an Insurance Combined Ratio of 90-92% to the second half of 2025.
Everest Consolidator Acquisition Corp. has extended its merger deadline to August 28, 2024, providing additional time to finalize its plans for a business combination. The company deposited $150,000 into its trust account to facilitate this extension, in accordance with the terms set by their Investment Management Trust Agreement with Equiniti Trust LLC.
Everest Re (NYSE:EG) Group Limited reported a strong Q2 2024 performance, with a return on equity of 20%. Gross written premiums reached $4.7 billion, while net investment income increased to over $0.5 billion.
The company's expansion in reinsurance and insurance segments, particularly in property lines and specialty business, contributed to these results. Everest Re Group aims to achieve its insurance combined ratio objective by 2025 and plans to enter the Italian market before the year ends.
InvestingPro Insights
As Everest Group, Ltd. (NYSE: EG) welcomes Bill Hazelton into his new role, the company's financial metrics and market performance remain critical for investors monitoring the transition's impact. According to InvestingPro data, Everest Group currently boasts a market capitalization of $15.54 billion, underscoring its substantial presence in the insurance industry. With a P/E ratio of 5.28 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 5.34, the company trades at a low earnings multiple, which may indicate a potentially undervalued stock according to some investors' perspectives.
InvestingPro Tips suggest that Everest Group is a prominent player in the insurance industry, a status that could be further solidified by Hazelton's leadership. Moreover, analysts have revised their earnings upwards for the upcoming period, signaling confidence in the company's financial prospects. With a revenue growth of 19.35% in the last twelve months as of Q2 2024, the company is demonstrating strong performance, which could be further leveraged by strategic initiatives under Hazelton's guidance.
For those interested in a deeper analysis, InvestingPro offers additional tips on Everest Group and other companies in the insurance sector. As of the latest update, there are 5 more InvestingPro Tips available, which can provide investors with comprehensive insights to inform their investment decisions.
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