Everest Group (EG) official guidance

The combined ratio was 97.3%, prudently positioned at the high end of our expected range in the mid to high 90s for the full year.

I would expect PMLs, all things equal, to decrease marginally as we get into next year.

Looking ahead, while we continue to view share repurchases of $300 million as our quarterly floor, we expect to exceed that amount when appropriate given the strength of our balance sheet and earnings generation.

Meanwhile, the transition of our retail business to AIG is progressing as planned, and we continue to expect meaningful capital release from this transaction to become visible in the back half of 2026.

We continue to expect the segment to run at a combined ratio above a 110% combined ratio for fiscal year 2026, driven primarily by higher expenses as we transition the commercial retail insurance book to AIG.

Our operating income tax rate was 11.7% in the first quarter 2026, which was below our working assumption of 17%-18% for the full year.

When factoring in the lower growth environment for the industry, in combination with the strategic actions announced last year and the sale of our Canadian retail insurance operations, we would expect an elevated payout ratio for 2026.

We still expect some elevated real estate-related costs in the fourth quarter, which we expect to mitigate through subleasing opportunities.

As I previously noted, we expect there will be approximately $150 million of restructuring charges throughout 2026 associated with our exit from the commercial retail insurance business.

I expect some level of much smaller levels of premium as this year progresses and still something in 2027. I doubt it'll go away, but it'll definitely be much smaller.

Effective this quarter, we are raising the quarterly floor on share repurchases from $200 million to $300 million, absent major external dislocation.

So I think we've got or will have approximately $1 billion supporting the bulk of those reserves. And I would expect it to start to diminish, most likely in H2, as the renewal rights transaction matures and we start to run off the earned premium that you'll see in the other segment in Q1 and Q2.

And we would expect that for a whole-year basis of 2026 to sort of fall in that mid-90s range and an all-in basis.

We expect the other segment to run at a combined ratio above 110% in 2026, driven primarily by higher expenses as we transition the commercial retail insurance book to AIG.

I do think the expense ratio for GW&S will be significantly lower than the current insurance segment. And that's still going to be lower end of double digits. You're probably going to be in the 12%, 13% type % to start.

A bit elevated as a result of the moving parts we have here with the retail insurance transactions. So 6%-7% is what we expect for the year.

I think ultimately that has to be on the lower end of 6% as we enter into 2027.

In our other segment, we expect approximately a $10 million monthly net expense benefit from AIG in each of the first nine months of the year.

What are we going to be left with by the end of the year? I would estimate we would be somewhere closer to the $50 million type range, maybe a bit above.

Rate remains in excess of loss trend for U.S. casualty lines, and we expect that U.S. casualty lines will continue to represent a smaller portion of our reinsurance and insurance premium writings in 2026 year-over-year.