25% Growth in Gross Written Premium with an 87.9% Attritional Combined Ratio

On Track to Achieve Strategic Plan Objectives

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
Insurance segment GWP growth of 43% year over year to $1.0 billion. The second consecutive 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%
Excellent Insurance segment attritional combined ratio of 90.3%, a 3.9-point improvement year over year
Pre-tax Underwriting loss of $323 million inclusive of pre-tax net catastrophe losses of $635 million
Robust net investment income of $293 million, led by outstanding alternative asset performance of $170 million
Common share repurchases of $160 million during the quarter and $200 million year to date
Annualized year to date Total Shareholder Return of 13.2%

Everest Re Group President & CEO Juan C. Andrade commented on the Company's results:

"During the third quarter of 2021, Everest made significant progress toward the 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 improve the attritional profitability for our Insurance Division, remained focused on risk appetite discipline and the diversification of our business, demonstrated strong expense management, delivered excellent investment income 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 the CAT portfolio and we remain on track to achieve our total shareholder return objective. We continue to consistently demonstrate our ability to relentlessly execute against our 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) per share vs. net income of $243.1 million, 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
Underwriting loss of $323.4 million inclusive of catastrophe losses from Hurricane Ida and European Floods during the quarter, in the amount of $635 million net of recoveries and reinstatement premiums ($555 million in reinsurance and $80 million in Insurance)
GAAP combined ratio of 112.2% which includes 26.2 points of catastrophe losses vs. 14.0 points of catastrophe losses in the same period during 2020
No change to Covid-19 Pandemic ("Pandemic") ultimate loss estimates of $511 million
Operating cashflow was $1.2 billion vs $1.1 billion a year ago. Year to date operating cashflow was $2.8 billion vs $2.2 billion a year ago.

The following table summarizes the Company's net income and related financial metrics.

Net income and operating income	Q3	Year to Date	Q3	Year to Date
All values in USD millions except for per share amounts and percentages	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 to Date
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 income found 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 Change
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-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Reinsurance segment

Reinsurance achieved excellent growth in the quarter, growing premium 19% year over year to $2.5 billion. The growth was driven by continued partnership with our core clients and Everest's position as a preferred reinsurance platform. All target classes of business and geographies saw growth in the quarter, and our portfolio is benefiting from improved economic conditions and strong rate performance by our cedants.
The attritional combined ratio for the quarter of 87.1% reflects the deliberate and targeted shaping of our portfolio to maximize long term results with a higher mix of pro rata structures, an improved balance of property and casualty exposures, prudence in loss ratio selections, and continuous expense discipline. The operating expense ratio of 2.3% is world class and demonstrates the scalability of our franchise.
Reinsurance CAT losses for the quarter totaled $555 million net of recoveries and reinstatement premiums, driven by Hurricane Ida and the Berndt flooding event in Europe. The cumulative, deliberate, and purposeful actions we have taken to reduce volatility have reduced our company's risk profile.

Underwriting information - Reinsurance segment	Q3	Year to Date	Q3	Year to Date	Year on Year Change
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-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Insurance segment

Everest Insurance reported another outstanding premium quarter with record quarterly growth of 43% driving over $1.0 billion in gross written premium for a second consecutive quarter. The exceptional growth in Q3 was driven by increasingly favorable economic conditions, new business growth, and the combined impact of strong renewal retention and a continuing favorable rate environment.
The Insurance segment also continues to expand attritional underwriting margins with improvement in the loss and expense ratio and delivered a record-setting attritional combined ratio of 90.3%.
These results reflect our relentless focus on execution and the success of our nimble and disciplined underwriting, which reacts quickly to market conditions and best positions our portfolio for long term profitability.

Underwriting information - Insurance segment	Q3	Year to Date	Q3	Year to Date	Year on Year Change
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-19 pandemic impacts catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Investments and Shareholders' Equity

Total invested assets and cash of $27.8 billion at September 30, 2021, 9.0% growth versus year end 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
Excluding unrealized gains (losses) on fixed income investments, book value per diluted share of $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
Common share repurchases of $160 million during the quarter, representing 625,358 shares at an average price of $255.43 per share

Equity and Book Value per Share	Q3	Year to Date	Q3	Year to Date
All values in USD millions except for per share amounts and percentages	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

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-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 leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

A conference call discussing the third quarter results will be held at 8:00 a.m. Eastern Time on October 28, 2021. The call will be available on the Internet through the Company's web site at everestre.com/investors.

Recipients are encouraged to visit the Company's web site to view supplemental financial information on the Company's results. The supplemental information is located at www.everestre.com in the "Investors/Financials/Quarterly Results" section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

_______________________________________________

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses) and after-tax net foreign exchange income (expense) as the following reconciliation displays:

	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
	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 net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company's insurance operations, the determination of net realized capital gains (losses) and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company's success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company's performance.

--Financial Details Follow--

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

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 10/1/2050		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 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

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)		(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-based compensation, 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 compensation awards		(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 Reports Third Quarter 2021 Results