1
N
EWS
R
ELEASE
EVEREST RE GROUP,LTD.
Seon Place, 141 Front Street, 4
th
Floor, Hamilton HM 19, Bermuda
Contacts
Media: Dawn LauerInvestors: Jon Levenson
Chief Communications OfficerHead of Investor Relations
Everest Global Services, Inc.Everest Global Services, Inc.
908.300.7670908.604.3169
Everest Re Group Reports Third Quarter 2021 Results
25% Growth in Gross Written Premium with an 87.9% Attritional Combined Ratio
On Track to Achieve Strategic Plan Objectives
HAMILTON,Bermuda --(BUSINESS WIRE)- October27, 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
●
InsurancesegmentGWPgrowthof43%yearoveryearto$1.0billion.Thesecondconsecutive
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%
●
ExcellentInsurancesegmentattritionalcombinedratioof90.3%,a3.9-pointimprovementyear
over year
●
Pre-taxUnderwritinglossof$323millioninclusiveofpre-taxnetcatastrophelossesof$635
million
●
Robust net investment income of $293 million, ledby outstanding alternative asset performance of
$170 million
●
Common share repurchases of $160 million during the quarterand $200 million year to date
●
Annualized year to date Total Shareholder Return of 13.2%
2
Everest Re Group President & CEO Juan C. Andrade commented on theCompany's results:
"During the third quarter of 2021, Everest made significant progress towardthe strategic plan objectives
detailed in the June investor day presentation.We achieved outstanding top line premium growth across
both of our insurance and reinsurance businesses, continued to improvethe attritional profitability for our
Insurance Division, remained focused on risk appetite discipline andthe diversification of our business,
demonstrated strong expense management, delivered excellent investmentincome results, opportunistically
reduced our cost of capital, and returned capital to our shareholders.Despite the high frequency and
severity of the natural catastrophe activity in the quarter, we also benefited from the de-risking of theCAT
portfolio and we remain on track to achieve our total shareholder return objective.We continue to
consistently demonstrate our ability to relentlessly execute againstour plans regardless of the external
environment."
Summary of Third Quarter 2021 Net Income and Other Items
●
Net income(loss) of$(73.5) million,equal to$(1.88) pershare vs.net incomeof $243.1million,
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
●
Underwritinglossof$323.4millioninclusiveofcatastrophelossesfromHurricaneIdaand
EuropeanFloodsduringthequarter,intheamountof$635millionnetofrecoveriesand
reinstatement premiums ($555 million in reinsurance and $80 million in Insurance)
●
GAAP combinedratio of112.2% whichincludes 26.2 pointsof catastrophelosses vs.14.0 points
of catastrophe losses in the same period during 2020
●
No change to Covid-19 Pandemic ("Pandemic") ultimate loss estimatesof $511 million
●
Operating cashflowwas $1.2billion vs$1.1 billiona yearago.Yearto dateoperating cashflow
was $2.8 billion vs $2.2 billion a year ago.
3
The following table summarizes the Company's net income and related financial metrics.
Net income and operating income
Q3
Year toDate
Q3
Year toDate
All values in USD millions except for per share
2021
2021
2020
2020
Everest Re Group
Net 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 equity
(3.0%)
13.6%
11.0%
6.8%
Net operating income annualized return on average equity
(2.2%)
11.4%
4.4%
5.2%
Period end equity and book value
Q3 2021
Year toDate
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%
Notes
1/ Refer to the reconciliation of net income to net operating incomefound on page 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 - Everest Re Group
Q3
Year to Date
Q3
Year to Date
Year on Year
All values in USD millions except for percentages
2021
2021
2020
2020
Q3
Year to 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 pts
0.5 pts
Commission and brokerage ratio
21.2%
21.2%
20.2%
21.7%
1.0 pts
(0.5) pts
Other underwriting expenses
5.3%
5.6%
6.3%
6.1%
(1.0) pts
(0.5) pts
Combined ratio
112.2%
100.1%
105.2%
100.6%
7.0 pts
(0.5) pts
Attritional combined ratio
87.9%
87.6%
85.8%
88.0%
2.1 pts
(0.4) 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 development
(1.6)
(6.1)
(1.3)
1.4
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19pandemic impacts, catastrophe losses, and reinstatement premiums
2/Pre-tax net catastrophe losses are net of reinsurance andreinstatement premiums
Reinsurance segment
●
Reinsurance achieved excellentgrowth in thequarter, growingpremium 19% yearover year to$2.5
billion.The growth was driven by continued partnership with our core clientsand Everest's position
as a preferred reinsurance platform.All target classes of business and geographies saw growth in the
4
quarter,andourportfolioisbenefitingfromimprovedeconomicconditionsandstrongrate
performance by our cedants.
●
The attritional combined ratio for the quarter of87.1% reflects the deliberate and targetedshaping of
ourportfoliotomaximizelongtermresultswithahighermixofproratastructures,animproved
balanceofpropertyandcasualtyexposures,prudenceinlossratioselections,andcontinuous
expensediscipline.Theoperatingexpenseratioof2.3%isworldclassanddemonstratesthe
scalability of our franchise.
●
ReinsuranceCATlossesforthequartertotaled$555millionnetofrecoveriesandreinstatement
premiums,drivenbyHurricaneIdaandtheBerndtfloodingeventinEurope.Thecumulative,
deliberate,andpurposefulactionswehavetakentoreducevolatilityhavereducedourcompany's
risk profile.
Underwriting information - Reinsurance segment
Q3
Year to Date
Q3
Year to Date
Year on Year
All values in USD millions except for percentages
2021
2021
2020
2020
Q3
Year to 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 pts
1.9 pts
Commission and brokerage ratio
23.8%
23.8%
22.3%
24.3%
1.5 pts
(0.5) pts
Other underwriting expenses
2.3%
2.5%
3.1%
2.9%
(0.8) pts
(0.4) pts
Combined ratio
115.5%
100.5%
105.4%
99.4%
10.1 pts
1.1 pts
Attritional combined ratio
87.1%
86.3%
83.0%
85.7%
4.1 pts
0.6 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 development
(1.6)
(4.9)
(1.3)
(3.1)
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19pandemic impacts, catastrophe losses, and reinstatement premiums
2/Pre-tax net catastrophe losses are net of reinsurance andreinstatement premiums
Insurance segment
●
EverestInsurancereportedanotheroutstandingpremiumquarterwithrecordquarterlygrowthof
43%drivingover$1.0billioningrosswrittenpremiumforasecondconsecutivequarter.The
exceptional growthin Q3was drivenby increasinglyfavorable economicconditions,new business
growth,andthecombinedimpactofstrongrenewalretentionandacontinuingfavorablerate
environment.
●
The Insurance segmentalso continuesto expandattritional underwritingmargins withimprovement
in the loss and expense ratio and delivered a record-setting attritional combined ratio of 90.3%.
●
These results reflectour relentless focuson executionand the successof ournimble and disciplined
underwriting,whichreactsquicklytomarketconditionsandbestpositionsourportfolioforlong
term profitability.
5
Underwriting information - Insurance segment
Q3
Year to Date
Q3
Year to Date
Year on Year
All values in USD millions except for percentages
2021
2021
2020
2020
Q3
Year to 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) pts
(3.8) pts
Commission and brokerage ratio
13.7%
13.4%
13.4%
14.0%
0.3 pts
(0.6) pts
Other underwriting expenses
14.1%
14.5%
16.3%
15.4%
(2.2) pts
(0.9) pts
Combined ratio
102.5%
98.7%
104.5%
104.0%
(2.0) pts
(5.3) pts
Attritional combined ratio
90.3%
91.5%
94.2%
94.3%
(3.9) pts
(2.8) 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 development
-
(1.2)
-
4.6
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19pandemic impacts, catastrophe losses, and reinstatement premiums
2/Pre-tax net catastrophe losses are net of reinsurance andreinstatement premiums
Investments and Shareholders' Equity
●
Totalinvested assetsand cash of$27.8 billionat September 30,2021, 9.0%growth versus yearend
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
●
Excludingunrealizedgains(losses)onfixedincomeinvestments,bookvalueperdilutedshareof
$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
●
Commonsharerepurchasesof$160millionduringthequarter,representing625,358sharesatan
average price of $255.43 per share
Equity and Book Value per Share
Q3
Year toDate
Q3
Year toDate
All values in USD millions except for per share
2021
2021
2020
2020
Beginning 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 inc. investments
(101.4)
(307.9)
52.0
348.5
Dividends 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 ("URAD")
10.57
16.34
Book value excl. URAD per common share outstanding
242.83
223.64
Common share dividends paid - last 12 months
6.20
6.20
6
Thisnewsreleasecontainsforward-lookingstatementswithinthemeaningoftheU.S.federalsecurities
laws. Weintend theseforward-lookingstatements tobe coveredby thesafe harborprovisionsfor forward-
looking statements inthe U.S. Federal securitieslaws. These statements involverisks and uncertaintiesthat
could cause actualresultsto differmaterially fromthose containedin forward-looking statementsmade on
behalf of the Company. These risks and uncertainties include the impact of general economic conditions and
conditionsaffectingtheinsuranceandreinsuranceindustry,theadequacyofourreserves,ourabilityto
assess underwritingrisk, trendsin ratesfor propertyand casualtyinsurance andreinsurance, competition,
investmentmarketandinvestmentincomefluctuations,trendsininsuredandpaidlosses,catastrophes,
pandemic,regulatoryandlegaluncertaintiesandotherfactorsdescribedinourlatestAnnualReporton
Form10-K.TheCompanyundertakesnoobligationtopubliclyupdateorreviseanyforward-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 leadingglobal provider of reinsuranceand insurance, operating for
closeto50yearsthroughsubsidiariesintheU.S.,Europe,Singapore,Canada,Bermuda,andother
territories.
Everest offersproperty,casualty,and specialtyproducts throughits variousoperating affiliateslocated in
key markets around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
AdditionalinformationaboutEverest,ourpeople,andourproductscanbefoundonourwebsiteat
www.everestre.com
. All issuing companies may not do business in all jurisdictions.
Aconference call discussing the thirdquarter results will beheld at8:00 a.m.Eastern Timeon October 28,
2021.The callwill beavailableon the Internetthroughthe Company'sweb siteat everestre.com/investors.
Recipients are encouraged to visit the Company's web site toview supplemental financialinformation on the
Company'sresults.Thesupplementalinformationislocatedat
www.everestre.com
inthe
"Investors/Financials/QuarterlyResults" section of thewebsite.The supplemental financial informationmay
also beobtainedby contactingthe Companydirectly.
_______________________________________________
The Companygenerally usesafter-tax operatingincome (loss),a non-GAAPfinancial measure, toevaluate
itsperformance.After-taxoperatingincome(loss)consistsofnetincome(loss)excludingafter-taxnet
realizedcapitalgains(losses)andafter-taxnetforeignexchangeincome(expense)asthefollowing
reconciliation displays:
7
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in thousands, except per share amounts)
2021
2020
2021
2020
(unaudited)
(unaudited)
Per Diluted
Per Diluted
Per Diluted
Per Diluted
Amount
Share
Amount
Share
Amount
Share
Amount
Share
Net income (loss)
($73,468)
($1.88)
$243,057
$6.07
$948,376
$23.72
$450,549
$11.18
After-tax net realized capital gains (losses)
($2,591)
($0.07)
$88,911
$2.22
$111,196
$2.78
$67,067
$1.66
After-tax net foreign exchange income (expense)
($18,314)
($0.47)
$57,157
$1.43
$42,526
$1.06
$39,233
$0.97
After-tax operating income (loss)
($52,563)
($1.34)
$96,989
$2.42
$794,654
$19.87
$344,249
$8.54
(Some amounts may not reconcile due to rounding.)
Although netrealized capitalgains (losses)and netforeign exchangeincome (expense)are anintegral part
of theCompany'sinsurance operations,the determinationof netrealized capitalgains (losses)and foreign
exchange income(expense) isindependentof theinsurance underwritingprocess.TheCompanybelieves
thatthelevelofnetrealizedcapitalgains(losses)andnetforeignexchangeincome(expense)forany
particularperiodisnotindicativeoftheperformanceoftheunderlyingbusinessinthatparticularperiod.
Providing onlya GAAPpresentation ofnet income(loss) makesit moredifficult forusers ofthe financial
information toevaluate theCompany'ssuccess orfailure inits basicbusiness andmay leadto incorrector
misleading assumptions and conclusions.The Company understands that the equity analysts who follow the
Company focus onafter-tax operatingincome (loss)in theiranalyses forthe reasons discussedabove.The
Companyprovidesafter-taxoperatingincome(loss)toinvestorssothattheyhavewhatmanagement
believes to be a useful supplement to GAAP information concerning the Company's performance.
--FinancialDetailsFollow--
8
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTSOF 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) includedin 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
9
EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
(Dollars and share amounts in thousands, except par valueper share)
2021
2020
(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value
(amortized cost: 2021, $21,182,756;2020, $19,225,067, credit allowances: 2021, ($31,980);2020,
($1,745))
$21,623,119
$20,040,173
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 10/1/2050
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 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 deferredincome 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
10
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTSOF 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 providedby 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 adjustmentexpenses
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 marketvalue
(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 investments
422,643
(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-basedcompensation, 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 compensationawards
(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 cash
266,790
130,845
Cash, beginning of period
801,651
808,036
Cash, end of period
$1,068,441
$938,881
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)
$39,767
$(169,149)
Interest paid
33,422
16,731

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Everest Re Group Ltd. published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 10:11:04 UTC.