Business Wire | Jul 28, 2021 04:15PM EDT

Everest Re Group Reports Second Quarter 2021 Results

Jul. 28, 2021

HAMILTON, Bermuda--(BUSINESS WIRE)--Jul. 28, 2021--Everest Re Group, Ltd. ("Everest" or the "Company") today reported its 2021 second quarter results.

Second Quarter 2021 Highlights

* Net income of $680 million equal to $16.95 per share * Net operating income of $587 million, equal to $14.63 per share * Gross written premium growth of 35% and net written premium growth of 39% * GAAP calendar year combined ratio of 89.3%, an 8-point improvement year over year, and attritional combined ratio of 87.6%, a 0.9 point improvement year over year * Underwriting income of $274 million inclusive of pre-tax net catastrophe losses of $45 million primarily from several global events in the Quarter. * No change to Covid-19 Pandemic ("Pandemic") loss provision of $511 million * Operating cashflow of $724 million for the quarter

The following table summarizes the Company's net income and related financial metrics.

Net income and operating income Q2 Year to Q2 Year to Date DateAll values in USD millions except for per 2021 2021 2020 2020share amounts and percentagesEverest Re GroupNet income 680.0 1,021.8 190.9 207.5

Net operating income (loss) 587.0 847.2 82.9 247.3

Net income per diluted common share 16.95 25.47 4.77 5.13

Net operating income per diluted common share 14.63 21.12 2.07 6.12

Net income annualized return on average 28.4% 21.6% 8.9% 4.7%equityNet operating income annualized return on 24.5% 17.9% 3.9% 5.6%average equity Period end equity and book value Q2 2021 Year to Q4 2020 DateShareholders' equity 10,416.8 9,726.2

Book value per share 260.32 243.25

Change in BVPS adjusted for dividends 8.3%

Total Shareholder Return ("TSR") - Annualized 22.5%

Notes1/ Refer to the reconciliation of net income to net operating income found onpage 6 of this press release Everest Re Group President & CEO Juan C. Andrade commented on the Company's results:

"Everest had an excellent quarter across the board with very strong growth and outstanding underwriting and investment performance. These results serve as the foundation for our exceptional net income result of $1.02 billion through the first half of 2021 and are another important step toward achieving our strategic plan objectives. Everest achieved an annualized Total Shareholder Return ("TSR") of 22.5% through the first half of 2021, exceeding our strategic plan target of 13.0%. Everest capitalized on market opportunities to expand our franchises in both reinsurance and insurance, driven by the relentless execution of our strategies and the valuable risk solutions provided to our customers and broker partners. Our focus on disciplined underwriting drove strong profitability in both reinsurance and insurance across our global operations. Finally, the standout performance this quarter demonstrates the quality of Everest's diversified earnings, and it is an important step toward achieving our strategic objectives and the commitments made to our shareholders."

The following information summarizes the Company's underwriting results, on a consolidated basis and by segment - Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Q2 Year to Q2 Year to Year on YearEverest Re Group Date Date ChangeAll values in USD millions 2021 2021 2020 2020 Q2 Year toexcept for percentages Date

Gross written premium 3,190.1 6,121.6 2,369.3 4,940.2 34.6% 23.9%

Net written premium 2,809.4 5,363.3 2,017.5 4,219.0 39.3% 27.1%

Loss ratio 62.0% 66.7% 68.9% 69.6% -6.9 -2.9 pts ptsCommission and brokerage 21.8% 21.2% 22.8% 22.4% -1.0 -1.2ratio pts ptsOther underwriting expenses 5.5% 5.7% 5.8% 6.1% -0.3 -0.4 pts ptsCombined ratio 89.3% 93.6% 97.5% 98.1% -8.2 -4.5 pts ptsAttritional combined ratio 87.6% 87.4% 88.5% 89.1% -0.9 -1.7 pts pts Pre-tax net catastrophe 45.0 305.0 15.0 45.0lossesPre-tax net covid losses - - 160.0 310.0

Pre-tax net prior year (2.6) (4.5) 5.3 2.7reserve developmentNotes1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impactscatastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums Reinsurance segment

* The reinsurance segment recorded 40% growth in gross written premiums for the quarter. This growth reflects the strength of the Everest global franchise, as we saw broad demand for our reinsurance solutions in the US and across the world, notably in Europe, Bermuda, London, and Latin America. * Our growth was well balanced by product line and geography and illustrates our ability to deploy capital strategically in attractive markets and in attractive and diversifying product lines. * We had favorable renewals at April 1 and June 1 and we continue to write a stronger, less volatile, more diversified, and more profitable book on a risk adjusted basis.

Notes1/ Attritional ratios exclude prior year reserve development, Covid-19pandemic impactscatastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatementpremiums Reinsurance segment

* The reinsurance segment recorded 40% growth in gross written premiums for the quarter. This growth reflects the strength of the Everest global franchise, as we saw broad demand for our reinsurance solutions in the US and across the world, notably in Europe, Bermuda, London, and Latin America. * Our growth was well balanced by product line and geography and illustrates our ability to deploy capital strategically in attractive markets and in attractive and diversifying product lines. * We had favorable renewals at April 1 and June 1 and we continue to write a stronger, less volatile, more diversified, and more profitable book on a risk adjusted basis.

Underwriting information - Q2 Year to Q2 Year to Year on YearReinsurance segment Date Date ChangeAll values in USD millions 2021 2021 2020 2020 Q2 Year toexcept for percentages Date

Gross written premium 2,148.2 4,207.3 1,538.3 3,316.1 39.6% 26.9%

Net written premium 2,059.9 3,972.9 1,424.1 3,037.2 44.6% 30.8%

Loss ratio 60.8% 66.0% 67.0% 67.8% -6.2 -1.8 pts ptsCommission and brokerage 24.6% 23.8% 25.8% 25.4% -1.2 -1.6ratio pts ptsOther underwriting expenses 2.5% 2.7% 2.6% 2.8% -0.1 -0.1 pts ptsCombined ratio 87.9% 92.5% 95.4% 96.0% -7.5 -3.5 pts ptsAttritional combined ratio 86.1% 85.8% 86.7% 87.2% -0.6 -1.4 pts pts Pre-tax net catastrophe 35.0 247.5 - 24.5lossesPre-tax net covid losses - - 131.0 241.0

Pre-tax net prior year (1.4) (3.3) 0.8 (1.8)reserve developmentNotes1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impactscatastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums Insurance segment

* Everest Insurance reported our first ever quarter with over $1.0 billion in gross written premium, reflecting 25% growth year over year. New business in North America was the most significant contributor to this growth, as the economy regains momentum and our responsive and focused product offerings continue to resonate with our broker partners and insureds. * We continue to expand our margins and the attritional loss ratio improvement for the quarter reflects the continuing success of our nimble and disciplined underwriting process, reacting quickly to market conditions to best position our portfolio for long term profitability.

Notes1/ Attritional ratios exclude prior year reserve development, Covid-19pandemic impactscatastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatementpremiums Insurance segment

* Everest Insurance reported our first ever quarter with over $1.0 billion in gross written premium, reflecting 25% growth year over year. New business in North America was the most significant contributor to this growth, as the economy regains momentum and our responsive and focused product offerings continue to resonate with our broker partners and insureds. * We continue to expand our margins and the attritional loss ratio improvement for the quarter reflects the continuing success of our nimble and disciplined underwriting process, reacting quickly to market conditions to best position our portfolio for long term profitability.

Underwriting information - Q2 Year to Q2 Year to Year on YearInsurance segment Date Date ChangeAll values in USD millions 2021 2021 2020 2020 Q2 Year toexcept for percentages Date

Gross written premium 1,041.9 1,914.3 831.0 1,624.1 25.4% 17.9%

Net written premium 749.5 1,390.5 593.4 1,181.8 26.3% 17.7%

Loss ratio 65.6% 68.7% 74.3% 74.3% -8.7 -5.6 pts ptsCommission and brokerage ratio 13.3% 13.2% 14.6% 14.4% -1.3 -1.2 pts ptsOther underwriting expenses 14.6% 14.8% 14.5% 15.0% 0.1 -0.2 pts ptsCombined ratio 93.5% 96.7% 103.4% 103.7% -9.9 -7.0 pts ptsAttritional combined ratio 92.1% 92.2% 93.7% 94.3% -1.6 -2.1 pts pts Pre-tax net catastrophe losses 10.0 57.5 15.0 20.5

Pre-tax net covid losses - - 29.0 69.0

Pre-tax net prior year reserve (1.2) (1.2) 4.5 4.6developmentNotes1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impactscatastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums Investments and Shareholders' Equity

* Net investment income of $407 million for the quarter including alternative investment gains of $266 million for the quarter * Total invested assets and cash of $27.1 billion at June 30, 2021, 6.3% growth versus year end 2020 * Shareholders' equity of $10.4 billion as of June 30, 2021 * Book value per diluted share of $260.32 at June 30, 2021 * Common share dividends declared and paid in the quarter of $1.55 per share, equal to $62.0 million * Common share repurchases of $16.8 million during the quarter, representing 68,100 shares at an average price of $246.44 per share

Notes1/ Attritional ratios exclude prior year reserve development, Covid-19pandemic impactscatastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatementpremiums Investments and Shareholders' Equity

* Net investment income of $407 million for the quarter including alternative investment gains of $266 million for the quarter * Total invested assets and cash of $27.1 billion at June 30, 2021, 6.3% growth versus year end 2020 * Shareholders' equity of $10.4 billion as of June 30, 2021 * Book value per diluted share of $260.32 at June 30, 2021 * Common share dividends declared and paid in the quarter of $1.55 per share, equal to $62.0 million * Common share repurchases of $16.8 million during the quarter, representing 68,100 shares at an average price of $246.44 per share

Equity and Book Value per Share Q2 Year to Q2 Year to Date DateAll values in USD millions except for per 2021 2021 2020 2020share amounts and percentagesBeginning shareholders' equity 9,682.9 9,726.2 8,580.9 9,132.9

Net income 680.0 1,021.8 190.9 207.5

Change in investment unrealized gains 85.8 (206.5) 544.5 296.5(URAD)Dividends to shareholders (62.0) (124.3) (61.9) (125.2)

Purchase of treasury shares (16.8) (40.3) - (200.0)

Other 46.9 39.9 31.9 (25.4)

Ending shareholders' equity 10,416.8 10,416.8 9,286.3 9,286.3

Diluted common shares outstanding 40.0 40.0 40.0 40.0

Book value per diluted common share 260.32 260.32 232.32 232.32

Common share dividends paid - last 12 6.20 6.20 6.05 6.05months This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest Re Group, Ltd.

Everest Re Group, Ltd. ("Everest") is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

A conference call discussing the second quarter results will be held at 8:00 a.m. Eastern Time on July 29, 2021. The call will be available on the Internet through the Company's web site at everestre.com/investors.

Recipients are encouraged to visit the Company's web site to view supplemental financial information on the Company's results. The supplemental information is located at www.everestre.com in the "Investors/Financial Reports/Quarterly Reports" section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses) and after-tax net foreign exchange income (expense) as the following reconciliation displays:

Three Months Ended June 30, Six Months Ended June 30, (Dollarsinthousands, 2021 2020 2021 2020except pershareamounts) (unaudited) (unaudited) Per Per Diluted Diluted Amount Share Amount Share Amount Share Amount Share Net income $ 679,982 $ 16.95 $ 190,880 $ 4.77 $ 1,021,844 $ 25.47 $ 207,492 $ 5.13 (loss)After-taxnetrealized $ 83,752 $ 2.09 $ 150,519 $ 3.76 $ 113,787 $ 2.84 $ (21,844 ) $ (0.54 )capitalgains(losses)After-taxnetforeign $ 9,222 $ 0.23 $ (42,528 ) $ (1.06 ) $ 60,840 $ 1.52 $ (17,924 ) $ (0.44 )exchangeincome(expense) After-taxoperating $ 587,008 $ 14.63 $ 82,889 $ 2.07 $ 847,217 $ 21.12 $ 247,260 $ 6.12 income(loss) (Some amounts may not reconcile due to rounding.) Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company's insurance operations, the determination of net realized capital gains (losses) and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company's success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company's performance.

--Financial Details Follow--

EVEREST REGROUP, LTD.CONSOLIDATEDSTATEMENTS OFOPERATIONSANDCOMPREHENSIVEINCOME (LOSS) Three Months Ended Six Months Ended June 30, June 30,(Dollars inthousands, 2021 2020 2021 2020 except per shareamounts) (unaudited) (unaudited)REVENUES:Premiums earned $ 2,558,372 $ 2,042,405 $ 4,946,237 $ 4,079,219

Net investment 185,883 income 407,095 38,083 667,508

Net realizedcapital gains(losses):Credit allowances on (15,927 ) (4,063 ) (22,904 ) (25,837 )fixed maturitysecuritiesOther net 188,711 )realized capital 120,036 165,915 (103gains (losses)Total net 184,648 )realized capital 104,109 143,011 (25,940gains (losses)Other income ) )(expense) 7,114 (20,621 63,707 (12,631

2,244,515 4,226,531 Total revenues 3,076,690 5,820,463

CLAIMS ANDEXPENSES:Incurred losses and loss 1,586,141 1,407,016 3,297,560 2,837,856 adjustmentexpenses Commission, 466,316 914,838 brokerage, taxes 557,749 1,046,760and feesOther 118,130 246,990 underwriting 140,844 283,075expenses Corporate 8,733 18,566 expenses 16,168 28,546

Interest, feesand bond issue 7,253 14,836 cost 15,607 31,246amortizationexpenseTotal claims and 2,007,448 4,033,086 expenses 2,316,509 4,687,187

INCOME (LOSS) 237,067 193,445 BEFORE TAXES 760,181 1,133,276

Income tax 46,187 (14,047 )expense 80,199 111,432(benefit) NET INCOME $ 679,982 $ 190,880 $ 1,021,844 $ 207,492 (LOSS) Othercomprehensiveincome (loss),net of tax:Unrealizedappreciation(depreciation) 551,753 ) 272,354 ("URA(D)") on 84,171 (204,444securitiesarising duringthe periodReclassificationadjustment for realized losses 1,590 (7,257 ) (2,076 ) 24,142 (gains) includedin net income(loss)Total URA(D) on securities 85,761 544,496 (206,520 ) 296,496 arising duringthe period Foreign currency )translation 34,295 20,586 24,713 (30,238adjustments Reclassificationadjustment for amortization of 2,043 1,806 4,086 2,726 net (gain) lossincluded in netincome (loss)Total benefit plan net gain 2,043 1,806 4,086 2,726 (loss) for theperiodTotal other comprehensive 122,099 566,888 (177,721 ) 268,984 income (loss),net of tax COMPREHENSIVE $ 802,081 $ 757,768 $ 844,123 $ 476,476 INCOME (LOSS) EARNINGS PERCOMMON SHARE: $ $ $ $ Basic 16.97 4.78 25.50 5.14

Diluted 16.95 4.77 25.47 5.13

EVEREST RE GROUP, LTD.CONSOLIDATED BALANCE SHEETS June 30, December 31, (Dollars and share amounts in thousands, except par value per share)2021

2020

(unaudited)ASSETS:Fixed maturities - available for sale, at market value$

21,275,199

$

20,040,173

(amortized cost: 2021, $20,718,717; 2020, $19,225,067, credit allowances: 2021, ($24,650); 2020, ($1,745))Equity securities, at fair value1,485,833

1,472,236

Short-term investments (cost: 2021, $629,943; 2020, $1,135,088)629,943

1,134,950

Other invested assets (cost: 2021, $2,558,631; 2020, $2,012,581)2,558,631

2,012,581

Cash1,106,345

801,651

Total investments and cash27,055,951

25,461,591

Accrued investment income170,907

141,304

Premiums receivable3,199,024

2,680,562

Reinsurance receivables 2,032,363

1,994,555

Funds held by reinsureds798,780

716,655

Deferred acquisition costs748,897

622,053

Prepaid reinsurance premiums495,657

412,015

Income taxes net recoverable-

17,253

Other assets868,477

742,369

TOTAL ASSETS$

35,370,056

$

32,788,357

LIABILITIES:Reserve for losses and loss adjustment expenses17,645,762

16,398,997

Future policy benefit reserve36,497

37,723

Unearned premium reserve4,024,050

3,501,359

Funds held under reinsurance treaties17,520

15,807

Other net payable to reinsurers379,524

294,347

Losses in course of payment198,352

127,971

Senior notes due 6/1/2044397,254

397,194

Senior notes due 10/1/2050979,784

979,524

Long term notes due 5/1/2067223,724

223,674

Borrowings from FHLB310,000

310,000

Accrued interest on debt and borrowings9,641

10,460

Unsettled securities payable124,559

206,693

Income taxes net payable35,089

-

Other liabilities571,511

558,432

Total liabilities24,953,267

23,062,181

SHAREHOLDERS' EQUITY:Preferred shares, par value: $0.01; 50,000 shares authorized;no shares issued and outstanding-

-

Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,817and (2020) 69,620 outstanding before treasury shares698

696

Additional paid-in capital2,256,390

2,245,301

Accumulated other comprehensive income (loss), net of deferred income tax expense(benefit) of $56,797 at 2021 and $80,451 at 2020357,178

534,899

Treasury shares, at cost; 29,802 shares (2021) and 29,636 shares (2020)(3,662,499

)

(3,622,172

)

Retained earnings11,465,022

10,567,452

Total shareholders' equity 10,416,789

9,726,176

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$

35,370,056

$

32,788,357

EVEREST RE GROUP, LTD.CONSOLIDATEDBALANCE SHEETS June 30, December 31, (Dollars andshare amountsin thousands, 2021 2020 except parvalue pershare) (unaudited)ASSETS: Fixedmaturities - $ 21,275,199 $ 20,040,173 available for sale, atmarket value(amortizedcost: 2021,$20,718,717; 2020,$19,225,067,credit allowances:2021,($24,650);2020,($1,745))Equity 1,485,833 1,472,236 securities, at fair valueShort-terminvestments(cost: 2021, 629,943 1,134,950 $629,943;2020,$1,135,088)Otherinvestedassets (cost: 2,558,631 2,012,581 2021, $2,558,631;2020,$2,012,581)Cash 1,106,345 801,651

Total 27,055,951 25,461,591 investments and cashAccrued 170,907 141,304 investment incomePremiums 3,199,024 2,680,562 receivableReinsurance 2,032,363 1,994,555 receivables Funds held by 798,780 716,655 reinsuredsDeferred 748,897 622,053 acquisition costsPrepaid 495,657 412,015 reinsurance premiumsIncome taxes 17,253 net -recoverableOther assets 868,477 742,369

TOTAL ASSETS $ 35,370,056 $ 32,788,357

LIABILITIES: Reserve forlosses and 17,645,762 16,398,997 loss adjustmentexpensesFuture policy 36,497 37,723 benefit reserveUnearned 4,024,050 3,501,359 premium reserveFunds heldunder 17,520 15,807 reinsurancetreatiesOther net 379,524 294,347 payable to reinsurersLosses in 198,352 127,971 course of paymentSenior notes 397,254 397,194 due 6/1/2044Senior notes 979,784 979,524 due 10/1/2050Long term 223,724 223,674 notes due 5/1 /2067Borrowings 310,000 310,000 from FHLBAccruedinterest on 9,641 10,460 debt andborrowingsUnsettled 124,559 206,693 securities payableIncome taxes 35,089 net payable -

Other 571,511 558,432 liabilitiesTotal 24,953,267 23,062,181 liabilities SHAREHOLDERS' EQUITY:Preferredshares, parvalue: $0.01; 50,000 sharesauthorized;no shares issued and - -outstandingCommonshares, parvalue: $0.01;200,000 sharesauthorized;(2021) 69,817and (2020)69,620outstanding 698 696 beforetreasurysharesAdditional 2,256,390 2,245,301 paid-in capitalAccumulatedothercomprehensiveincome (loss), netof deferredincome taxexpense(benefit) of$56,797 at 357,178 534,899 2021 and $80,451 at2020Treasuryshares, atcost; 29,802 (3,662,499 ) (3,622,172 )shares (2021)and 29,636shares (2020)Retained 11,465,022 10,567,452 earningsTotal 10,416,789 9,726,176 shareholders' equity TOTALLIABILITIES $ 35,370,056 $ 32,788,357 AND SHAREHOLDERS'EQUITY EVEREST RE GROUP, LTD.CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30,(Dollars in thousands)2021

2020

(unaudited)CASH FLOWS FROM OPERATING ACTIVITIES:Net income (loss)$

1,021,844

$

207,492

Adjustments to reconcile net income to net cash provided by operating activities:Decrease (increase) in premiums receivable(499,647

)

(252,609

)

Decrease (increase) in funds held by reinsureds, net(79,485

)

(23,498

)

Decrease (increase) in reinsurance receivables15,836

(147,515

)

Decrease (increase) in income taxes76,452

(25,000

)

Decrease (increase) in prepaid reinsurance premiums(71,566

)

(29,699

)

Increase (decrease) in reserve for losses and loss adjustment expenses1,144,620

800,816

Increase (decrease) in future policy benefit reserve(1,226

)

(1,933

)

Increase (decrease) in unearned premiums500,077

159,744

Increase (decrease) in other net payable to reinsurers72,850

89,499

Increase (decrease) in losses in course of payment70,653

147,427

Change in equity adjustments in limited partnerships(377,120

)

84,066

Distribution of limited partnership income49,053

40,447

Change in other assets and liabilities, net(211,735

)

(10,313

)

Non-cash compensation expense 22,439

19,175

Amortization of bond premium (accrual of bond discount)37,928

20,547

Net realized capital (gains) losses (143,011

)

25,940

Net cash provided by (used in) operating activities1,627,962

1,104,586

CASH FLOWS FROM INVESTING ACTIVITIES:Proceeds from fixed maturities matured/called - available for sale, at market value1,897,536

1,261,650

Proceeds from fixed maturities sold - available for sale, at market value599,737

990,273

Proceeds from equity securities sold, at fair value474,663

213,185

Distributions from other invested assets112,398

164,975

Cost of fixed maturities acquired - available for sale, at market value(3,949,973

)

(2,301,701

)

Cost of equity securities acquired, at fair value(360,016

)

(224,086

)

Cost of other invested assets acquired(309,691

)

(343,332

)

Net change in short-term investments506,285

(439,457

)

Net change in unsettled securities transactions(103,527

)

49,504

Net cash provided by (used in) investing activities(1,132,588

)

(628,989

)

CASH FLOWS FROM FINANCING ACTIVITIES:Common shares issued during the period for share-based compensation, net of expense(11,349

)

(12,841

)

Purchase of treasury shares(40,328

)

(200,019

)

Dividends paid to shareholders(124,274

)

(125,205

)

Cost of debt repurchase-

(10,647

)

Cost of shares withheld on settlements of share-based compensation awards(13,713

)

(14,141

)

Net cash provided by (used in) financing activities(189,664

)

(362,853

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH(1,016

)

1,699

Net increase (decrease) in cash304,694

114,443

Cash, beginning of period801,651

808,036

Cash, end of period$

1,106,345

$

922,479

SUPPLEMENTAL CASH FLOW INFORMATION:Income taxes paid (recovered)$

34,780

$

10,895

Interest paid 31,695

14,992

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005986/en/

CONTACT: Investors and Media: Jon Levenson Head of Investor Relations Everest Global Services, Inc. 908.604.3169