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Everest Group: Turnaround Is Underway
Everest Group is executing a strategic transition, shrinking its insurance business by 30%-40% and focusing on higher-quality underwriting. EG trades at a 12% discount to book value, with buybacks and a 2.4% dividend yield supporting total returns; I maintain a "Buy" rating with a $370 target. Reinsurance margins are peaking, while insurance remains challenged; restructuring costs and ADC coverage reduce legacy risk, but near-term growth is constrained.
