Everest Group is a global reinsurer and insurer that backs other insurance companies when they take on big risks like hurricanes, earthquakes, or massive liability claims. Think of it as the insurance company's insurance company.
Money comes from collecting reinsurance and insurance premiums and investing them; 2025 revenue was USD 17.32B with a 11.28% operating margin and net income of USD 1.59B. It's recurring premium income, though catastrophe losses make results lumpy year to year.
Barriers include decades of underwriting data, substantial capital (market cap USD 14.53B), and long-standing relationships with brokers like Marsh and Aon that competitors such as Swiss Re and Munich Re also fight for. The moat is solid but pricing cycles and
