Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent more than half a century in the insurance business, and if that experience has taught us anything, it is this: insurance is a commodity product where the customer cannot tell the difference between your promise and your competitor's promise until the day the check must be written. Everest Group is a competent, disciplined, and currently cheap practitioner of one of the world's oldest commodity businesses — reinsurance. It trades below book value, buys back stock aggressively, and is run by a new CEO doing sensible things. And yet we arrive at two stars, because the question we always ask first is not "is it cheap?" but "is it wonderful?" — and a reinsurer that took a $1.7 billion reserve charge eighteen months ago, in a business where capital floods in whenever returns look attractive and pricing is now falling 20% at renewals, is not a wonderful business.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-07-29), 8-K (2026-06-03), 8-K (2026-05-15).
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