Everest Re Group Ltd (NYSE:RE), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, stock rose 2.32% (As on July 7, 11:18:37 AM UTC-4, Source: Google Finance) after Raymond James analyst C. Gregory Peters upgrades the company to Strong Buy From Outperform. Along with this upgrade, he has also raised the price target for Everest Re from $420 to $450. It’s important to mention that Raymond James had previously initiated coverage on Everest Re in February 2023, giving it an Outperform rating. This recent upgrade suggests that Peters believes the company will continue to outperform the market in the near future.

Meanwhile, for the first quarter 2023, there was strong year-over-year improvements in Net Operating Income of $443 million, and Net Income of $365 million driven by continued underwriting margin improvement, 14.1% Total Shareholder Return, 14.2% Net Income ROE, and 17.2% Operating Income ROE. The company delivered $3.7 billion in gross written premium (“GWP”) with year-over-year growth of 19.5% in constant dollars as reported for the Group, 23.2% in constant dollars excluding reinstatements for Reinsurance and 11.5% in constant dollars for Insurance. Combined ratios of 91.2% for the Group, 90.8% for Reinsurance and 92.4% for Insurance driven by improved pricing and lower catastrophe losses year-over-year. Strong attritional combined ratios of 87.5% for the Group, 85.9% for Reinsurance and 91.7% for Insurance. There was year-over-year improvement in net investment income of $260 million, driven by stronger fixed income returns as new money yields remain attractive. The company generated strong operating cashflow for the quarter of $1.1 billion versus $846 million in the first quarter 2022. Net Income of $365 million, equal to $9.31 per diluted share versus first quarter 2022 net income of $298 million, equal to $7.56 per diluted share. Net operating income of $443 million, equal to $11.31 per diluted share versus first quarter 2022 net operating income of $406 million, equal to $10.31 per diluted share

Moreover, total invested assets and cash of $31.4 billion versus $29.9 billion on December 31, 2022.  Shareholders’ equity of $9.0 billion vs. $8.4 billion on December 31, 2022, includes $1.5 billion of unrealized net losses on AFS fixed maturity investments. Shareholders’ equity excluding unrealized gains (losses) on AFS fixed maturity investments of $10.5 billion versus $10.1 billion on December 31, 2022.  Book value per share of $229.49 versus $215.54 at December 31, 2022. Book value per share excluding unrealized gains (losses) on AFS fixed maturity investments of $266.64 versus $259.18 at December 31, 2022. Common share dividends declared and paid in the quarter of $1.65 per share equal to $65 million.