Labaton Keller Sucharow LLP and Saxena White P.A. File Securities Class Action Against Everest Group, Ltd. and Certain of Its Executives

NEW YORK--(BUSINESS WIRE)--Labaton Keller Sucharow LLP (“Labaton”) and Saxena White P.A. (“Saxena White”) have filed a securities class action lawsuit (the “Action”) on behalf of the City of Detroit General Retirement System (“Detroit General”) and the City of Plantation Police Officers’ Retirement System (“Plantation Police” and, together with Detroit General, “Plaintiffs”) against Everest Group, Ltd. (“Everest” or the “Company”) (NYSE: EG) and certain of its executives (collectively, “Defendants”). The Action, which is captioned City of Detroit General Retirement System and City of Plantation Police Officers’ Retirement System v. Everest Group, Ltd., et al., No. 26-cv-09448 (S.D.N.Y.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder on behalf of all persons or entities that purchased or otherwise acquired Everest common stock between February 8, 2024 and October 27, 2025, inclusive (the “Class Period”).

Everest is a Bermuda-based commercial property and casualty insurer and reinsurer. Beginning in 2020, Everest significantly expanded its U.S. casualty insurance business, which was exposed to social inflation, meaning increases in claim costs beyond ordinary inflation caused by larger verdicts and settlements, litigation funding, and rising legal expenses. During the Class Period, Defendants represented that Everest had strengthened its underwriting, adequately priced its policies, reduced its exposure to risks vulnerable to social inflation, and maintained sufficient reserves.

The Action alleges that these representations were materially false and misleading because throughout the Class Period, Defendants knew or recklessly disregarded, but failed to disclose, that: (i) Everest remained materially exposed to and concentrated in casualty risks subject to escalating claim costs, including business Defendants claimed Everest had reduced or exited; (ii) Everest had inadequately priced portions of that business; (iii) Everest’s reserves were insufficient, causing it to understate its liabilities and expenses and materially overstate its earnings; and (iv) addressing these problems would require substantial reserve charges, protection against further adverse development, and reductions in Everest’s casualty business, thereby sacrificing recurring premium revenue.

The truth began to emerge on October 30, 2024, when Everest released its third quarter results and disclosed that loss activity in its U.S. casualty business had “definitely spiked.” Everest’s stock price fell 6.4% the next day, to close at $355.61 per share on October 31, 2024. In the following months, Everest’s stock price declined further after the unexpected departures of two senior executives. On January 27, 2025, Everest announced $1.7 billion in reserve strengthening, including approximately $1.3 billion related to U.S. casualty losses. Its new Chief Executive Officer (“CEO”) acknowledged that Everest’s “underwriting choices contributed significantly” to the losses. Everest’s stock price dropped an additional 5.8% over the next two trading days, to close at $351.51 per share on January 29, 2025.

The truth emerged further on October 27, 2025, when Everest disclosed $478 million in unfavorable prior-year reserve development, driven principally by U.S. casualty losses. Everest also entered into an agreement providing $1.2 billion in protection against further adverse development and announced that it would transfer renewal rights for certain businesses to AIG. Following these disclosures, Everest’s stock price fell $39.07 per share, or 11.4%, to close at $304.91 per share on October 28, 2025.

If you purchased or otherwise acquired Everest common stock during the Class Period and suffered losses as a result, you may be a member of the proposed “Class” and eligible to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed no later than December 28, 2026. The Lead Plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this Action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this Action.

If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact: Connor C. Boehme, Esq. of Labaton at [phone], or via email at [e-mail]; or Marco A. Dueñas, Esq. of Saxena White at [phone], or via email at [e-mail]. You can view a copy of the complaint filed in the Action on Labaton’s website here and Saxena White’s website here.

Detroit General and Plantation Police are represented by Labaton, which represents many of the largest pension funds in the United States and internationally with combined assets under management of more than $6 trillion. Labaton’s litigation reputation is built on its half-century of securities litigation experience, more than ninety full-time attorneys, and in-house team of investigators, financial analysts, and forensic accountants. Labaton has been recognized for its excellence by courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, Delaware, London, and Washington, D.C. More information about Labaton is available at www.labaton.com.

Plantation Police is also represented by Saxena White, a leading national law firm focused on prosecuting securities class actions and other complex litigation on behalf of injured investors. Saxena White has offices in Florida, New York, California, and Delaware. Currently serving as lead counsel in numerous securities class actions nationwide, Saxena White has recovered billions of dollars on behalf of injured investors. More information about Saxena White is available at www.saxenawhite.com.