Business Wire | Oct 27, 2021 04:17PM EDT

Everest Re Group Reports Third Quarter 2021 Results

Oct. 27, 2021

HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 27, 2021--Everest Re Group, Ltd. ("Everest" or the "Company") today reported its 2021 third quarter results.

Third Quarter 2021 Highlights

* Gross written premium ("GWP") growth of 25% year over year to $3.5 billion * Insurance segment GWP growth of 43% year over year to $1.0 billion. The second consecutive quarter above $1.0 billion GWP * Reinsurance segment GWP growth of 19% year over year to $2.5 billion * Attritional combined ratio of 87.9% * Excellent Insurance segment attritional combined ratio of 90.3%, a 3.9-point improvement year over year * Pre-tax Underwriting loss of $323 million inclusive of pre-tax net catastrophe losses of $635 million * Robust net investment income of $293 million, led by outstanding alternative asset performance of $170 million * Common share repurchases of $160 million during the quarter and $200 million year to date * Annualized year to date Total Shareholder Return of 13.2%

Everest Re Group President & CEO Juan C. Andrade commented on the Company's results:

"During the third quarter of 2021, Everest made significant progress toward the strategic plan objectives detailed in the June investor day presentation. We achieved outstanding top line premium growth across both of our insurance and reinsurance businesses, continued to improve the attritional profitability for our Insurance Division, remained focused on risk appetite discipline and the diversification of our business, demonstrated strong expense management, delivered excellent investment income results, opportunistically reduced our cost of capital, and returned capital to our shareholders. Despite the high frequency and severity of the natural catastrophe activity in the quarter, we also benefited from the de-risking of the CAT portfolio and we remain on track to achieve our total shareholder return objective. We continue to consistently demonstrate our ability to relentlessly execute against our plans regardless of the external environment."

Summary of Third Quarter 2021 Net Income and Other Items

* Net income (loss) of $(73.5) million, equal to $(1.88) per share vs. net income of $243.1 million, equal to $6.07 per share in the same period during 2020 * Net operating income (loss) of $(52.6) million, equal to $(1.34) per share vs. net operating income of $97.0 million, equal to $2.42 per share in the same period during 2020 * Underwriting loss of $323.4 million inclusive of catastrophe losses from Hurricane Ida and European Floods during the quarter, in the amount of $635 million net of recoveries and reinstatement premiums ($555 million in reinsurance and $80 million in Insurance) * GAAP combined ratio of 112.2% which includes 26.2 points of catastrophe losses vs. 14.0 points of catastrophe losses in the same period during 2020 * No change to Covid-19 Pandemic ("Pandemic") ultimate loss estimates of $511 million * Operating cashflow was $1.2 billion vs $1.1 billion a year ago. Year to date operating cashflow was $2.8 billion vs $2.2 billion a year ago.

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

Q3 Year to Q3 Year toNet income and operating income Date Date

All values in USD millions except for per 2021 2021 2020 2020share amounts and percentagesEverest Re GroupNet income (73.5) 948.4 243.1 450.5

Net operating income (loss) (52.6) 794.7 97.0 344.2

Net income per diluted common share (1.88) 23.72 6.07 11.18

Net operating income per diluted common share (1.34) 19.87 2.42 8.54

Net income annualized return on average (3.0%) 13.6% 11.0% 6.8%equityNet operating income annualized return on (2.2%) 11.4% 4.4% 5.2%average equity Q3 2021 Year toPeriod end equity and book value Date

Shareholders' equity 9,978.6

Book value per share 253.40

Change in BVPS adjusted for dividends 6.1%

Total Shareholder Return ("TSR") - Annualized 13.2%

Notes1/ Refer to the reconciliation of net income to net operating income found onpage 7 of this press release 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 - Q3 Year to Q3 Year to Year on YearEverest Re Group Date Date Change

YearAll values in USD millions 2021 2021 2020 2020 Q3 toexcept for percentages Date

Gross written premium 3,497.6 9,619.2 2,791.6 7,731.8 25.3% 24.4%

Net written premium 3,025.8 8,389.1 2,448.7 6,667.6 23.6% 25.8%

Loss ratio 85.6% 73.3% 78.7% 72.8% 6.9 0.5 pts ptsCommission and brokerage ratio 21.2% 21.2% 20.2% 21.7% 1.0 (0.5) pts ptsOther underwriting expenses 5.3% 5.6% 6.3% 6.1% (1.0) (0.5) pts ptsCombined ratio 112.2% 100.1% 105.2% 100.6% 7.0 (0.5) pts ptsAttritional combined ratio 87.9% 87.6% 85.8% 88.0% 2.1 (0.4) pts pts Pre-tax net catastrophe losses 635.0 940.0 300.0 345.0

Pre-tax net covid losses - - 124.9 434.9

Pre-tax net prior year reserve (1.6) (6.1) (1.3) 1.4development Notes1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemicimpacts catastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatementpremiums Reinsurance segment

* Reinsurance achieved excellent growth in the quarter, growing premium 19% year over year to $2.5 billion. The growth was driven by continued partnership with our core clients and Everest's position as a preferred reinsurance platform. All target classes of business and geographies saw growth in the quarter, and our portfolio is benefiting from improved economic conditions and strong rate performance by our cedants. * The attritional combined ratio for the quarter of 87.1% reflects the deliberate and targeted shaping of our portfolio to maximize long term results with a higher mix of pro rata structures, an improved balance of property and casualty exposures, prudence in loss ratio selections, and continuous expense discipline. The operating expense ratio of 2.3% is world class and demonstrates the scalability of our franchise. * Reinsurance CAT losses for the quarter totaled $555 million net of recoveries and reinstatement premiums, driven by Hurricane Ida and the Berndt flooding event in Europe. The cumulative, deliberate, and purposeful actions we have taken to reduce volatility have reduced our company's risk profile.

Underwriting information - Q3 Year to Q3 Year to Year on YearReinsurance segment Date Date Change

YearAll values in USD millions 2021 2021 2020 2020 Q3 toexcept for percentages Date

Gross written premium 2,488.3 6,695.6 2,087.0 5,403.1 19.2% 23.9%

Net written premium 2,293.0 6,265.8 1,936.9 4,974.0 18.4% 26.0%

Loss ratio 89.4% 74.1% 80.0% 72.2% 9.4 1.9 pts ptsCommission and brokerage ratio 23.8% 23.8% 22.3% 24.3% 1.5 (0.5) pts ptsOther underwriting expenses 2.3% 2.5% 3.1% 2.9% (0.8) (0.4) pts ptsCombined ratio 115.5% 100.5% 105.4% 99.4% 10.1 1.1 pts ptsAttritional combined ratio 87.1% 86.3% 83.0% 85.7% 4.1 0.6 pts pts Pre-tax net catastrophe losses 555.0 802.5 262.5 287.0

Pre-tax net covid losses - - 109.9 351.0

Pre-tax net prior year reserve (1.6) (4.9) (1.3) (3.1)development Notes1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemicimpacts catastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatementpremiums Insurance segment

* Everest Insurance reported another outstanding premium quarter with record quarterly growth of 43% driving over $1.0 billion in gross written premium for a second consecutive quarter. The exceptional growth in Q3 was driven by increasingly favorable economic conditions, new business growth, and the combined impact of strong renewal retention and a continuing favorable rate environment. * The Insurance segment also continues to expand attritional underwriting margins with improvement in the loss and expense ratio and delivered a record-setting attritional combined ratio of 90.3%. * These results reflect our relentless focus on execution and the success of our nimble and disciplined underwriting, which reacts quickly to market conditions and best positions our portfolio for long term profitability.

Underwriting information - Q3 Year to Q3 Year to Year on YearInsurance segment Date Date Change

YearAll values in USD millions 2021 2021 2020 2020 Q3 toexcept for percentages Date

Gross written premium 1,009.3 2,923.6 704.6 2,328.7 43.2% 25.5%

Net written premium 732.8 2,123.3 511.8 1,693.6 43.2% 25.4%

Loss ratio 74.7% 70.8% 74.8% 74.6% (0.1) (3.8) pts ptsCommission and brokerage ratio 13.7% 13.4% 13.4% 14.0% 0.3 (0.6) pts ptsOther underwriting expenses 14.1% 14.5% 16.3% 15.4% (2.2) (0.9) pts ptsCombined ratio 102.5% 98.7% 104.5% 104.0% (2.0) (5.3) pts ptsAttritional combined ratio 90.3% 91.5% 94.2% 94.3% (3.9) (2.8) pts pts Pre-tax net catastrophe losses 80.0 137.5 37.5 58.0

Pre-tax net covid losses - - 15.0 84.0

Pre-tax net prior year reserve - (1.2) - 4.6development Notes1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemicimpacts catastrophe losses, and reinstatement premiums2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatementpremiums Investments and Shareholders' Equity

* Total invested assets and cash of $27.8 billion at September 30, 2021, 9.0% growth versus year end 2020 * Shareholders' equity of $10.0 billion as of September 30, 2021 * Book value per diluted share of $253.40 at September 30, 2021 vs. $243.25 at December 31, 2020 * Excluding unrealized gains (losses) on fixed income investments, book value per diluted share of $242.83 at September 30, 2021, vs. $225.15 at December 31, 2020 * Common share dividends declared and paid in the quarter of $1.55 per share, equal to $61.5 million * Common share repurchases of $160 million during the quarter, representing 625,358 shares at an average price of $255.43 per share

Q3 Year to Q3 Year toEquity and Book Value per Share Date Date

All values in USD millions except for per 2021 2021 2020 2020share amounts and percentagesBeginning shareholders' equity 10,416.8 9,726.2 9,286.3 9,132.9

Net income (73.5) 948.4 243.1 450.5

Change- unrealized gains (losses) - Fixed (101.4) (307.9) 52.0 348.5inc. investmentsDividends to shareholders (61.5) (185.7) (61.9) (187.1)

Purchase of treasury shares (159.7) (200.1) - (200.0)

Other (42.1) (2.3) 71.8 46.5

Ending shareholders' equity 9,978.6 9,978.6 9,591.3 9,591.3

Common shares outstanding 39.38 39.97

Book value per common share outstanding 253.40 239.98

Less: Unrealized on fixed inc. investments 10.57 16.34("URAD")Book value excl. URAD per common share 242.83 223.64outstandingCommon share dividends paid - last 12 months 6.20 6.20

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 third quarter results will be held at 8:00 a.m. Eastern Time on October 28, 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/Financials/Quarterly Results" 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 September 30, NIne Months Ended September 30,



(Dollarsinthousands, 2021 2020 2021 2020except pershareamounts) (unaudited) (unaudited) Per Per Diluted Diluted Amount Share Amount Share Amount Share Amount Share Net income $ (73,468 ) $ (1.88 ) $ 243,057 $ 6.07 $ 948,376 $ 23.72 $ 450,549 $ 11.18(loss)After-taxnetrealized $ (2,591 ) $ (0.07 ) $ 88,911 $ 2.22 $ 111,196 $ 2.78 $ 67,067 $ 1.66capitalgains(losses)After-taxnetforeign $ (18,314 ) $ (0.47 ) $ 57,157 $ 1.43 $ 42,526 $ 1.06 $ 39,233 $ 0.97exchangeincome(expense) After-taxoperating $ (52,563 ) $ (1.34 ) $ 96,989 $ 2.42 $ 794,654 $ 19.87 $ 344,249 $ 8.54income(loss) (Someamountsmay not reconciledue torounding.) 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 RE GROUP, LTD.CONSOLIDATED STATEMENTSOF OPERATIONSAND COMPREHENSIVE INCOME(LOSS) Three Months Ended Nine Months Ended September 30, September 30,

(Dollars in thousands, 2021 2020 2021 2020except per share amounts) (unaudited) (unaudited)REVENUES:Premiums earned $ 2,656,403 $ 2,205,811 $ 7,602,640 $ 6,285,030

Net investment income 292,759 234,233 960,267 420,116

Net realized capitalgains (losses):Credit allowances on (7,329) 6,196 (30,234) (19,641)fixed maturity securitiesOther net realized 3,107 104,007 169,023 103,904capital gains (losses)Total net realized (4,222) 110,203 138,789 84,263capital gains (losses)Other income (expense) (19,517) 59,937 44,190 47,306

Total revenues 2,925,423 2,610,184 8,745,886 6,836,715

CLAIMS AND EXPENSES:Incurred losses and loss 2,274,301 1,736,210 5,571,861 4,574,066adjustment expensesCommission, brokerage, 564,335 445,332 1,611,095 1,360,170taxes and feesOther underwriting 141,150 138,875 424,225 385,865expensesCorporate expenses 17,817 10,618 46,363 29,184

Interest, fees and bond 15,539 6,641 46,785 21,477issue cost amortizationexpenseTotal claims and expenses 3,013,142 2,337,676 7,700,329 6,370,762

INCOME (LOSS) BEFORE (87,719) 272,508 1,045,557 465,953TAXESIncome tax expense (14,251) 29,451 97,181 15,404(benefit) NET INCOME (LOSS) $ (73,468) $ 243,057 $ 948,376 $ 450,549

Other comprehensiveincome (loss), net oftax:Unrealized appreciation(depreciation) ("URA(D)") (100,021) 63,480 (304,465) 335,835on securities arisingduring the periodReclassificationadjustment for realized (1,388) (11,453) (3,464) 12,689losses (gains) includedin net income (loss)Total URA(D) on (101,409) 52,027 (307,929) 348,524securities arising duringthe period Foreign currency (53,599) 60,628 (28,886) 30,390translation adjustments Reclassificationadjustment for 1,563 1,806 5,649 4,532amortization of net(gain) loss included innet income (loss)Total benefit plan net 1,563 1,806 5,649 4,532gain (loss) for theperiodTotal other comprehensive (153,445) 114,461 (331,166) 383,446income (loss), net of tax COMPREHENSIVE INCOME $ (226,913) $ 357,518 $ 617,210 $ 833,995(LOSS) EARNINGS PER COMMONSHARE:Basic $ (1.88) $ 6.08 $ 23.74 $ 11.20

Diluted (1.88) 6.07 23.72 11.18

EVEREST RE GROUP, LTD.CONSOLIDATED BALANCE SHEETSSeptember 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$

21,623,119

$

20,040,173

(amortized cost: 2021, $21,182,756; 2020, $19,225,067, credit allowances: 2021, ($31,980); 2020, ($1,745))Equity securities, at fair value1,523,595

1,472,236

Short-term investments (cost: 2021, $713,144; 2020, $1,135,088)713,144

1,134,950

Other invested assets2,855,372

2,012,581

Cash1,068,441

801,651

Total investments and cash27,783,671

25,461,591

Accrued investment income170,364

141,304

Premiums receivable3,408,338

2,680,562

Reinsurance recoverables2,215,380

1,994,555

Funds held by reinsureds811,269

716,655

Deferred acquisition costs797,735

622,053

Prepaid reinsurance premiums552,468

412,015

Income taxes net recoverable-

17,253

Other assets866,872

742,369

TOTAL ASSETS$

36,606,097

$

32,788,357

LIABILITIES:Reserve for losses and loss adjustment expenses18,956,953

16,398,997

Future policy benefit reserve36,533

37,723

Unearned premium reserve4,421,098

3,501,359

Funds held under reinsurance treaties18,279

15,807

Other net payable to reinsurers485,682

294,347

Losses in course of payment150,784

127,971

Senior notes due 6/1/2044397,284

397,194

Senior notes due 10/1/2050979,915

979,524

Long term notes due 5/1/2067223,749

223,674

Borrowings from FHLB310,000

310,000

Accrued interest on debt and borrowings23,267

10,460

Unsettled securities payable83,626

206,693

Income taxes net payable4,074

-

Other liabilities536,218

558,432

Total liabilities26,627,462

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) 69,806and (2020) 69,620 outstanding before treasury shares698

696

Additional paid-in capital2,266,342

2,245,301

Accumulated other comprehensive income (loss), net of deferred income tax expense(benefit) of $44,338 at 2021 and $80,451 at 2020203,733

534,899

Treasury shares, at cost; 30,427 shares (2021) and 29,636 shares (2020)(3,822,235)

(3,622,172)

Retained earnings11,330,097

10,567,452

Total shareholders' equity9,978,635

9,726,176

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$

36,606,097

$

32,788,357

EVEREST RE GROUP, LTD.CONSOLIDATED BALANCE SHEETS September 30, December 31,(Dollars and share amounts in thousands, except 2021 2020par value per share) (unaudited)ASSETS:Fixed maturities - available for sale, at market $ 21,623,119 $ 20,040,173value(amortized cost: 2021, $21,182,756; 2020,$19,225,067, credit allowances: 2021, ($31,980);2020, ($1,745))Equity securities, at fair value 1,523,595 1,472,236

Short-term investments (cost: 2021, $713,144; 713,144 1,134,9502020, $1,135,088)Other invested assets 2,855,372 2,012,581

Cash 1,068,441 801,651

Total investments and cash 27,783,671 25,461,591

Accrued investment income 170,364 141,304

Premiums receivable 3,408,338 2,680,562

Reinsurance recoverables 2,215,380 1,994,555

Funds held by reinsureds 811,269 716,655

Deferred acquisition costs 797,735 622,053

Prepaid reinsurance premiums 552,468 412,015

Income taxes net recoverable - 17,253

Other assets 866,872 742,369

TOTAL ASSETS $ 36,606,097 $ 32,788,357

LIABILITIES:Reserve for losses and loss adjustment expenses 18,956,953 16,398,997

Future policy benefit reserve 36,533 37,723

Unearned premium reserve 4,421,098 3,501,359

Funds held under reinsurance treaties 18,279 15,807

Other net payable to reinsurers 485,682 294,347

Losses in course of payment 150,784 127,971

Senior notes due 6/1/2044 397,284 397,194

Senior notes due 10/1/2050 979,915 979,524

Long term notes due 5/1/2067 223,749 223,674

Borrowings from FHLB 310,000 310,000

Accrued interest on debt and borrowings 23,267 10,460

Unsettled securities payable 83,626 206,693

Income taxes net payable 4,074 -

Other liabilities 536,218 558,432

Total liabilities 26,627,462 23,062,181

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

Common shares, par value: $0.01; 200,000 sharesauthorized; (2021) 69,806and (2020) 69,620 outstanding before treasury 698 696sharesAdditional paid-in capital 2,266,342 2,245,301

Accumulated other comprehensive income (loss), netof deferred income tax expense(benefit) of $44,338 at 2021 and $80,451 at 2020 203,733 534,899

Treasury shares, at cost; 30,427 shares (2021) and (3,822,235) (3,622,172)29,636 shares (2020)Retained earnings 11,330,097 10,567,452

Total shareholders' equity 9,978,635 9,726,176

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 36,606,097 $ 32,788,357

EVEREST RE GROUP, LTD.CONSOLIDATED STATEMENTS OF CASH FLOWSNine Months EndedSeptember 30,(Dollars in thousands)2021

2020

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

948,376

$

450,549

Adjustments to reconcile net income to net cash provided by operating activities:Decrease (increase) in premiums receivable(736,614)

(357,162)

Decrease (increase) in funds held by reinsureds, net(92,512)

(53,878)

Decrease (increase) in reinsurance recoverables(230,593)

(172,454)

Decrease (increase) in income taxes57,270

184,311

Decrease (increase) in prepaid reinsurance premiums(146,639)

(7,963)

Increase (decrease) in reserve for losses and loss adjustment expenses2,576,049

1,665,982

Increase (decrease) in future policy benefit reserve(1,189)

(2,218)

Increase (decrease) in unearned premiums927,524

392,904

Increase (decrease) in other net payable to reinsurers198,954

68,784

Increase (decrease) in losses in course of payment23,661

132,208

Change in equity adjustments in limited partnerships(543,401)

(12,475)

Distribution of limited partnership income105,571

55,576

Change in other assets and liabilities, net(247,615)

(131,224)

Non-cash compensation expense33,199

29,337

Amortization of bond premium (accrual of bond discount)57,289

32,594

Net realized capital (gains) losses(138,789)

(84,263)

Net cash provided by (used in) operating activities2,790,541

2,190,608

CASH FLOWS FROM INVESTING ACTIVITIES:Proceeds from fixed maturities matured/called - available for sale, at market value2,756,963

1,781,821

Proceeds from fixed maturities sold - available for sale, at market value883,149

1,390,747

Proceeds from fixed maturities sold - available for sale, at fair value-

2,054

Proceeds from equity securities sold, at fair value578,894

329,750

Distributions from other invested assets216,573

210,527

Cost of fixed maturities acquired - available for sale, at market value(5,670,636)

(3,874,890)

Cost of equity securities acquired, at fair value(507,862)

(460,953)

Cost of other invested assets acquired(604,180)

(392,650)

Net change in short-term investments422,643

(804,744)

Net change in unsettled securities transactions(177,259)

89,064

Net cash provided by (used in) investing activities(2,101,715)

(1,729,274)

CASH FLOWS FROM FINANCING ACTIVITIES:Common shares issued during the period for share-based compensation, net of expense(12,156)

(13,617)

Purchase of treasury shares(200,064)

(200,020)

Dividends paid to shareholders(185,731)

(187,110)

Cost of debt repurchase-

(10,647)

FHLB borrowings (repayments)-

90,000

Cost of shares withheld on settlements of share-based compensation awards(15,133)

(15,298)

Net cash provided by (used in) financing activities(413,084)

(336,691)

EFFECT OF EXCHANGE RATE CHANGES ON CASH(8,952)

6,203

Net increase (decrease) in cash266,790

130,845

Cash, beginning of period801,651

808,036

Cash, end of period$

1,068,441

$

938,881

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

39,767

$

(169,149)

Interest paid33,422

16,731

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027006084/en/

CONTACT: Media: Dawn Lauer Chief Communications Officer Everest Global Services, Inc. 908.300.7670

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