Everest Re is a global insurance wholesaler that backs other insurers' policies, taking on their biggest risks like hurricanes or lawsuits in exchange for a cut of their premiums.
Money comes from reinsurance and primary insurance premiums, with net income of USD 1.59B on USD 17.50B revenue in 2025, a 9.09% net margin. Reinsurance is the larger, more volatile profit driver.
Scale and underwriting expertise across 30+ years create pricing power, but competition from Munich Re, Swiss Re, and Berkshire Hathaway's reinsurance arm keeps margins thin. Moat is solid but not unassailable.
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