Everest Re Group, Ltd. (NYSE: EG) announced that Elias Habayeb will become the company’s Executive Vice President and Group Chief Financial Officer, effective on or about May 1, 2026. Habayeb brings more than two decades of senior finance experience from global insurers, most recently serving as CFO of Corebridge Financial and holding key finance roles at AIG.
Mark Kociancic, who has led Everest’s finance function for five years, will retire at the end of his term and remain on the board as a special advisor during the transition. Kociancic’s departure follows a period of significant transformation, including the divestiture of the company’s global retail insurance business earlier this year, which released approximately $2 billion in premiums and allowed Everest to sharpen its focus on core reinsurance and wholesale‑specialty lines.
Everest’s financial performance in the last two quarters underscores the urgency of the strategic shift. The company reported a net loss of $593 million for Q4 2024, a sharp reversal from a $804 million net income in Q4 2023, largely driven by reserve strengthening in U.S. casualty lines. In Q1 2025, net income fell to $210 million from $733 million in Q1 2024, as catastrophe losses weighed on earnings. These results highlight the volatility of the insurance environment and the need for disciplined capital allocation, a priority that Habayeb will oversee.
President and CEO Jim Williamson said, “Elias brings a deep understanding of capital markets and a proven track record of driving financial discipline in complex, global insurance operations. His appointment signals our commitment to strengthening governance and accelerating capital deployment as we continue to streamline our portfolio.” Williamson added that the divestiture of the retail business has positioned Everest to focus on higher‑margin reinsurance and specialty lines, which historically outperform the retail segment by roughly ten combined‑ratio points.
With Habayeb at the helm, Everest plans to accelerate share‑repurchase initiatives and unlock additional capital through ongoing restructuring. The company has already increased its share‑repurchase program and declared a $2.00 per share dividend in November 2024, and it repurchased $200 million of common shares in Q1 2025. These actions, combined with a $1.2 billion adverse‑development reinsurance agreement to backstop North American policies, aim to provide a clean slate for investors and reinforce the company’s financial foundation.
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