Janney starts ‘top-tier’ reinsurer Everest Group with a Buy

As previously reported, Janney Montgomery Scott initiated coverage of Everest Group (EG) with a Buy rating and $425 fair value estimate. Everest is a “top-tier” global property and casualty reinsurer with a growing primary insurance business with “a long-term track record of strong performance,” having generated a median operating return on equity of 12% and average annual growth in shareholder value of 11% over the last 25 years, the analyst tells investors. The firm believes loss reserves are now “adequate” and it expects a rebound back to double-digit operating ROE in 2025, the analyst added.