EG · CIK 1095073
What Everest Group, Ltd. told the SEC could break it.
Everest's disclosures revolve around dependence on the intermediaries and ratings that underpin a reinsurer. Its premium flow is concentrated among brokers — its ten largest were about 60.9% of 2025 gross written premiums, with Marsh McLennan alone around 22.4% and Aon 18.7% — so disruption at a major broker could choke off business. It also carries counterparty credit risk: uncollateralized receivables from insureds, agents and brokers, plus reinsurer credit risk on retrocession, where ceding risk doesn't relieve Everest of its liability to the insured. And because customers rely on it to pay covered losses far into the future, strong financial-strength ratings are critical, with a downgrade making it less competitive.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- credit risk from intermediaries and retrocessionairesmedium
Everest carries uncollateralized receivables from insureds, agents and brokers and relies on them to process payments, and faces reinsurer credit risk on retrocession — ceding risk does not relieve Everest of its liability to the insured, so counterparty failures reduce income.
“We are subject to credit risk of reinsurers in connection with retrocessional arrangements because the transfer of risk to a reinsurer does not relieve us of our liability to the insured.”
SEC filing →As of 2026 - reinsurance broker distribution concentrationmedium
Everest's reinsurance premium flow is concentrated among brokers — its 10 largest brokers were ~60.9% of 2025 gross written premiums, with Marsh McLennan ~22.4% and Aon ~18.7%; disruption at a major broker could affect business sourcing.
“The Reinsurance segment's ten largest brokers accounted for an aggregate of approximately 60.9% of gross written premiums in 2025. The broker with the largest share of the company's business, Marsh McLennan, accounted for approximately 22.4% of gross written premiums. The broker with the next-largest share, Aon, accounted for approximately 18.7% of gross written premiums.”
SEC filing →As of 2026 - financial-strength rating dependencemedium
Strong financial-strength ratings (A.M. Best, S&P, Moody's) are critical for Everest because customers rely on its ability to pay covered losses far into the future; a downgrade could make it less competitive in reinsurance/insurance markets.
“Strong financial ratings are particularly important for reinsurance and insurance companies given that customers rely on a company to pay covered losses well into the future. As a result, a highly rated company is generally preferred.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“The broker with the largest share of the company's business, Marsh McLennan, accounted for approximately 22.4% of gross written premiums. The broker with the next-largest share, Aon, accounted for approximately 18.7% of gross written premiums.”
Cited →Marsh & McLennan Companies (Marsh McLennan)
“The broker with the largest share of the company's business, Marsh McLennan, accounted for approximately 22.4% of gross written premiums. The broker with the next-largest share, Aon, accounted for approximately 18.7% of gross written premiums.”
Cited →
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