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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

_X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2021

 

___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission file number 1-15731

 

 

EVEREST RE GROUP, LTD.

(Exact name of registrant as specified in its charter)

Bermuda

 

98-0365432

(State or other jurisdiction of

incorporation or organization)

 

 

(I.R.S. Employer

Identification No.)

Seon Place – 4th Floor

141 Front Street

PO Box HM 845

HamiltonHM 19, Bermuda

441-295-0006

 

(Address, including zip code, and telephone number, including area code,

of registrant’s principal executive office)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes

X

 

No

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes

X

 

No

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

X

 

Accelerated filer

 

 

Non-accelerated filer

 

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

Indicate by check mark if the registrant is an emerging growth company and has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act.

 

YES

 

 

NO

X

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

YES

 

 

NO

X

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Class

 

Trading Symbol

Name of Exchange where

Registered

Number of Shares Outstanding

At November 1, 2021

 

Common Shares, $0.01 par value

 

RE

 

New York Stock Exchange

 

39,369,026

 

 


 

EVEREST RE GROUP, LTD

 

Table of Contents

Form 10-Q

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2021 (unaudited)

 

 

and December 31, 2020

1

 

 

 

 

Consolidated Statements of Operations and Comprehensive Income (Loss) for the

 

 

three and nine months ended September 30, 2021 and 2020 (unaudited)

2

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the nine

 

 

months ended September 30, 2021 and 2020 (unaudited)

3

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended

 

 

September 30, 2021 and 2020 (unaudited)

4

 

 

 

 

Notes to Consolidated Interim Financial Statements (unaudited)

5

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and

 

 

Results of Operation

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

53

 

 

 

Item 4.

Controls and Procedures

53

 

 

 

 

PART II

 

OTHER INFORMATION

 

Item 1.

Legal Proceedings

54

 

 

 

Item 1A.

Risk Factors

54

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

 

 

 

Item 3.

Defaults Upon Senior Securities

54

 

 

 

Item 4.

Mine Safety Disclosures

54

 

 

 

Item 5.

Other Information

55

 

 

 

Item 6.

Exhibits

55

 

 

 

 

 


 

EVEREST RE GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

 

 

 

September 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 value

 

1,523,595

 

 

1,472,236

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

 

713,144

 

 

1,134,950

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 10/15/2050

 

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

 

 

 

 

 

 

Commitments and contingencies (Note 7)

 

(nil)

 

 

(nil)

 

 

 

 

 

 

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) 69,806

 

 

 

 

 

and (2020) 69,620 outstanding before treasury shares

 

698

 

 

696

Additional paid-in capital

 

2,266,342

 

 

2,245,301

Accumulated other comprehensive income (loss), net of deferred income

 

 

 

 

 

tax expense (benefit) of $44,338 at 2021 and $80,451 at 2020

 

203,733

 

 

534,899

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

 

(3,822,235)

 

 

(3,622,172)

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

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

1


 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

(Dollars in thousands, except per share amounts)

2021

 

2020

 

2021

 

2020

 

(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 capital gains (losses):

 

 

 

 

 

 

 

 

 

 

 

Credit allowances on fixed maturity securities

 

(7,329)

 

 

6,196

 

 

(30,234)

 

 

(19,641)

Other net realized capital gains (losses)

 

3,107

 

 

104,007

 

 

169,023

 

 

103,904

Total net realized capital gains (losses)

 

(4,222)

 

 

110,203

 

 

138,789

 

 

84,263

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 adjustment expenses

 

2,274,301

 

 

1,736,210

 

 

5,571,861

 

 

4,574,066

Commission, brokerage, taxes and fees

 

564,335

 

 

445,332

 

 

1,611,095

 

 

1,360,170

Other underwriting expenses

 

141,150

 

 

138,875

 

 

424,225

 

 

385,865

Corporate expenses

 

17,817

 

 

10,618

 

 

46,363

 

 

29,184

Interest, fees and bond issue cost amortization expense

 

15,539

 

 

6,641

 

 

46,785

 

 

21,477

Total claims and expenses

 

3,013,142

 

 

2,337,676

 

 

7,700,329

 

 

6,370,762

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE TAXES

 

(87,719)

 

 

272,508

 

 

1,045,557

 

 

465,953

Income tax expense (benefit)

 

(14,251)

 

 

29,451

 

 

97,181

 

 

15,404

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

$

(73,468)

 

$

243,057

 

$

948,376

 

$

450,549

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

(100,021)

 

 

63,480

 

 

(304,465)

 

 

335,835

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

(1,388)

 

 

(11,453)

 

 

(3,464)

 

 

12,689

Total URA(D) on securities arising during the period

 

(101,409)

 

 

52,027

 

 

(307,929)

 

 

348,524

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(53,599)

 

 

60,628

 

 

(28,886)

 

 

30,390

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

1,563

 

 

1,806

 

 

5,649

 

 

4,532

Total benefit plan net gain (loss) for the period

 

1,563

 

 

1,806

 

 

5,649

 

 

4,532

Total other comprehensive income (loss), net of tax

 

(153,445)

 

 

114,461

 

 

(331,166)

 

 

383,446

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

$

(226,913)

 

$

357,518

 

$

617,210

 

$

833,995

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(1.88)

 

$

6.08

 

$

23.74

 

$

11.20

Diluted

 

(1.88)

 

 

6.07

 

 

23.72

 

 

11.18

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

2


 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY

 

(Dollars in thousands, except share and dividends per share amounts)

2021

 

2020

 

(unaudited)

COMMON SHARES (shares outstanding):

 

 

 

 

 

Balance, January 1

 

39,983,481

 

 

40,798,963

Issued during the period, net

 

196,481

 

 

159,423

Treasury shares acquired

 

(97,462)

 

 

(970,892)

Balance, March 31

 

40,082,500

 

 

39,987,494

Issued during the period, net

 

940

 

 

(15,849)

Treasury shares acquired

 

(68,100)

 

 

-

Balance, June 30

 

40,015,340

 

 

39,971,645

Issued during the period, net

 

(10,721)

 

 

(5,129)

Treasury shares acquired

 

(625,358)

 

 

-

Balance, September 30

 

39,379,261

 

 

39,966,516

 

 

 

 

 

 

COMMON SHARES (par value):

 

 

 

 

 

Balance, January 1

$

696

 

$

694

Issued during the period, net

 

2

 

 

2

Balance, March 31

 

698

 

 

696

Issued during the period, net

 

-

 

 

-

Balance, June 30

 

698

 

 

696

Issued during the period, net

 

-

 

 

-

Balance, September 30

 

698

 

 

696

 

 

 

 

 

 

ADDITIONAL PAID-IN CAPITAL:

 

 

 

 

 

Balance, January 1

 

2,245,301

 

 

2,219,660

Share-based compensation plans

 

436

 

 

(3,181)

Balance, March 31

 

2,245,737

 

 

2,216,479

Share-based compensation plans

 

10,653

 

 

9,514

Balance, June 30

 

2,256,390

 

 

2,225,993

Share-based compensation plans

 

9,952

 

 

9,385

Balance, September 30

 

2,266,342

 

 

2,235,378

 

 

 

 

 

 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),

 

 

 

 

 

NET OF DEFERRED INCOME TAXES:

 

 

 

 

 

Balance, January 1

 

534,899

 

 

28,152

Net increase (decrease) during the period

 

(299,820)

 

 

(297,903)

Balance, March 31

 

235,079

 

 

(269,751)

Net increase (decrease) during the period

 

122,099

 

 

566,888

Balance, June 30

 

357,178

 

 

297,137

Net increase (decrease) during the period

 

(153,445)

 

 

114,461

Balance, September 30

 

203,733

 

 

411,598

 

 

 

 

 

 

RETAINED EARNINGS:

 

 

 

 

 

Balance, January 1

 

10,567,452

 

 

10,306,571

Change to beginning balance due to adoption of Accounting Standards Update 2016-13

 

-

 

 

(4,214)

Net income (loss)

 

341,862

 

 

16,612

Dividends declared ($1.55 per share 2021 and $1.55 per share 2020)

 

(62,228)

 

 

(63,277)

Balance, March 31

 

10,847,086

 

 

10,255,692

Net income (loss)

 

679,982

 

 

190,880

Dividends declared ($1.55 per share 2021 and $1.55 per share 2020)

 

(62,046)

 

 

(61,927)

Balance, June 30

 

11,465,022

 

 

10,384,645

Net income (loss)

 

(73,468)

 

 

243,057

Dividends declared ($1.55 per share 2021 and $1.55 per share 2020)

 

(61,457)

 

 

(61,910)

Balance, September 30

 

11,330,097

 

 

10,565,792

 

 

 

 

 

 

TREASURY SHARES AT COST:

 

 

 

 

 

Balance, January 1

 

(3,622,172)

 

 

(3,422,152)

Purchase of treasury shares

 

(23,545)

 

 

(200,020)

Balance, March 31

 

(3,645,717)

 

 

(3,622,172)

Purchase of treasury shares

 

(16,782)

 

 

-

Balance, June 30

 

(3,662,499)

 

 

(3,622,172)

Purchase of treasury shares

 

(159,736)

 

 

-

Balance, September 30

 

(3,822,235)

 

 

(3,622,172)

 

 

 

 

 

 

TOTAL SHAREHOLDERS' EQUITY, September 30

$

9,978,635

 

$

9,591,292

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

 

 

 

3


 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Nine Months Ended

 

September 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 taxes

 

57,270

 

 

184,311

Decrease (increase) in prepaid reinsurance premiums

 

(146,639)

 

 

(7,963)

Increase (decrease) in reserve for losses and loss adjustment expenses

 

2,576,049

 

 

1,665,982

Increase (decrease) in future policy benefit reserve

 

(1,189)

 

 

(2,218)

Increase (decrease) in unearned premiums

 

927,524

 

 

392,904

Increase (decrease) in other net payable to reinsurers

 

198,954

 

 

68,784

Increase (decrease) in losses in course of payment

 

23,661

 

 

132,208

Change in equity adjustments in limited partnerships

 

(543,401)

 

 

(12,475)

Distribution of limited partnership income

 

105,571

 

 

55,576

Change in other assets and liabilities, net

 

(247,615)

 

 

(131,224)

Non-cash compensation expense

 

33,199

 

 

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 activities

 

2,790,541

 

 

2,190,608

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Proceeds from fixed maturities matured/called - available for sale, at market value

 

2,756,963

 

 

1,781,821

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

 

883,149

 

 

1,390,747

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

 

-

 

 

2,054

Proceeds from equity securities sold, at fair value

 

578,894

 

 

329,750

Distributions from other invested assets

 

216,573

 

 

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)