Everest Group is a Bermuda-based P&C reinsurance and insurance company, with reinsurance as the dominant business at roughly 72% of gross written premiums. Everest operates as a reinsurer by assuming risk from primary insurance companies ("cedents") on both a treaty basis (covering a portfolio of risks) and a facultative basis (covering individual risks). The reinsurance book skews toward property, covering cedents' property portfolios proportionally or against catastrophic losses above a defined threshold. Everest also writes casualty and specialty reinsurance, though management has been shrinking the casualty treaty book due to concerns about social inflation and commission economics. On the insurance side, Everest sold its commercial retail book to AIG in late 2025, refocusing on a Global Wholesale and Specialty platform that includes U.S. E&S lines, London market business through Lloyd's, and specialty units covering marine, aviation, political risk, and surety. Everest makes money through two sources: underwriting income and investment income. Underwriting profitability is measured by the combined ratio, and the reinsurance segment runs a consistently profitable attritional combined ratio in the mid-to-upper 80s, while the insurance segment has faced reserve issues in U.S. casualty. Everest holds a large fixed income investment portfolio funded by policyholder float and equity, generating substantial recurring income. The company also operates Mt. Logan Re, a third-party capital vehicle with over $2.5B of AUM that lets institutional investors participate in Everest's reinsurance book, reducing peak catastrophe exposure and improving capital efficiency.