Everest Re Group, Ltd. (RE) Q1 2023 Earnings Conference Call May 2, 2023 8:00 AM ET

Company Participants

Matt Rohrmann - Senior Vice President and Head, Investor Relations

Juan Andrade - President and Chief Executive Officer

Mark Kociancic - Executive Vice President and Chief Financial Officer

Jim Williamson - Chief Operating Officer and Head, Reinsurance

Mike Karmilowicz - Executive Vice President and President and Chief Executive Officer, Insurance Division

Conference Call Participants

Elyse Greenspan - Wells Fargo

Yaron Kinar - Jefferies

Mike Zaremski - BMO

Brian Meredith - UBS

Meyer Shields - KBW

Elyse Greenspan - Wells Fargo

Operator

Good day and welcome to the Everest Re Group First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note today’s event is being recorded.

I would now like to turn the conference over to Matt Rohrmann, Senior Vice President and Head of Investor Relations. Please go ahead.

Matt Rohrmann

Good morning, everyone, and welcome to the Everest Re Group Limited first quarter of 2023 earnings conference call. The Everest executives leading today’s call are Juan Andrade, President and CEO; and Mark Kociancic, Executive Vice President and CFO. We are also joined by other members of the Everest management team.

Before we begin, I will preface the comments on today’s call by noting that Everest SEC filings, including extensive disclosures with respect to forward-looking statements. Management comments regarding estimates, projections and similar are subject to the risks, uncertainties and assumptions as noted in these filings. Management may also refer to certain non-GAAP financial measures. These items are reconciled in our earnings release and financial supplement.

With that, I will turn the call over to Juan.

Juan Andrade

Thank you, Matt. Good morning, everyone. Thank you for joining us. Everest started off strong in 2023, with significant growth, increased underwriting profits and operating ROE over 17% and total shareholder return in excess of 14%. We continue to diversify and expand our plan with both of our underwriting businesses delivering profitable broad-based growth.

In reinsurance, our leadership position was abundantly clear in the ongoing hard market flight to quality. Our team’s consistent execution resulted in record gross written premiums and expanded margins. We continue to invest in scaling our primary business while remaining disciplined. We capitalized on the diversification of our portfolio and strong pricing environment. This led to stronger underwriting profits over last year. Everest is uniquely positioned to succeed in this market. We are bringing the full power of the Everest global franchise, together with underwriting discipline and the best talent in the business to drive sustainable returns.