Everest Re initiated with an Outperform at Raymond James

Raymond James analyst Gregory Peters initiated coverage of Everest Re with an Outperform rating and $385 price target. The potential of flat-to-declining exposure growth with increasing premiums in its reinsurance segment combined with lower volatility in its growing specialty insurance segment could position Everest Re to report operating ROBEs of 20%+ in 2023 and 2024, the analyst tells investors in a research note. The company could report strong top-line growth while maintaining or reducing its property exposure in its reinsurance segment which should lead to a consolidated catastrophe ratio closer to management’s target of ~6 points, the firm contends.