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RE.N

ISIN: BMG3223R1088
SEDOL: 2556868

Rating:

BUY

Target Price:

78.30 USD

Investment Horizon:

6 to 12 months
30th Apr 2009 View Report   Download

1Q 09 News Alert

Everest Re Group’s (Everest Re) 1Q 09 adjusted1 total revenues were in line with our estimate as better-than-expected premiums were offset by significantly weaker net investment income. Adjusted net income was lower than our forecast reflecting higher-than-expected total claims and underwriting expenses during the quarter. In 1Q 09 the company purchased 40.0% of its 6.6% Floating Rate Long Term Subordinated Notes, due to which its debt has reduced by US$161.3 mn (-13.5%)....

3rd Mar 2009 View Report   Download

4Q 08 Update Report

Going forward, we expect premium rates to improve in the US insurance and reinsurance market, following the massive losses triggered by hurricane activities and large investment losses. Global reinsurance prices are up for January 2009 renewals, and Benfield expects them to remain firm for April to July 2009 renewals. However, while this will support top-line to some extent, we believe prevailing economic disorder - on 28......

12th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

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Everest Re Group’s (Everest Re) 4Q 08 adjusted1 total revenues were lower than our estimate due to lower-than-expected net premiums earned and net investment income. Although the company’s adjusted net income was significantly higher than our expectations due to lower-than-expected total claims and underwriting expenses and an unanticipated tax benefit, reported…

28th Nov 2008 View Report   Download

3Q 08 Update Report

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Everest Re Group’s (Everest Re) adjusted5 total revenues declined y-o-y in 3Q 08 and were broadly in line with our expectations. A significant y-o-y increase in total claims and expenses led to a significant decline in adjusted net income, which was below our estimate. Going forward, we expect the impact of improvement in premium rates following recent large catastrophe and investment losses to be limited by economic slowdown in…

21st Oct 2008 View Report   Download

3Q 08 News Alert

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Everest Re Group’s (Everest Re) 3Q 08 adjusted total revenues were in line with our expectations. However, adjusted net income was significantly lower than our expectations due to higher-thanexpected loss and loss adjustment expenses. As a result, we will revise our estimates downwards in our next update report. Therefore, we maintain our HOLD rating for the NYSE common stock although the target price suggests a BUY....