Everest Re Group delivered a mixed Q4 2024 narrative. Revenue advanced to $4.431B, up 21.1% year over year and 3.4% sequentially, driven by activity across the reinsurer’s portfolio. Yet the quarter produced a material gross loss of $888M, with cost of revenue exceeding revenue and a gross margin of -20.04%. The deterioration extended to the bottom line, as operating income came in at -$951M and net income at -$593M, translating to an EPS of -$13.09 for the quarter (vs. $18.53 in Q4 2023). EBITDA stood at -$1.769B, reflecting unusual accounting items and significant underwriting loss pressure in the period. QoQ comparisons show a dramatic swing, with Q3 2024 net income of +$509M giving way to a -$593M outcome in Q4. On the balance sheet, Everest maintains a solid liquidity position with cash and short-term investments totaling about $6.256B and a net debt position of roughly -$4.39B; total assets are $56.34B and stockholders’ equity is $13.88B. Operating cash flow was $780M, yielding a positive free cash flow of $780M, though investing and financing activities led to net cash outflows in other areas. The combination of elevated costs, adverse underwriting results, and the cyclical nature of catastrophe risk underscores the earnings volatility in the near term. In this environment, Everest’s strength rests in its liquidity and diversified asset base, but the near-term investment thesis hinges on an improving underwriting environment, disciplined capital management, and the trajectory of catastrophe losses and reserve development.