Barclays Reiterates an 'Equalweight' on Everest Re Group (RE); Reserves Appear Mostly Adequate

Barclays reiterates an 'Equalweight' on Everest Re Group (NYSE: RE) price target of $86.00.

Barclays analyst says, "Everest Re's loss reserves appear adequate based in our analysis of RE's global loss reserve data as of YE 2010 (latest data available), although this result is probably less redundant than most other P&C (re)insurers we cover. Everest Re's gross ultimate loss reserves could range from a deficiency of $331mn to a redundancy of $287mn (-4% to +4%), based on our estimates. Notably, this is the first publication of the company's global loss development triangles and typically reflects management's comfort with the company's reserve position."

"Everest Re offers a diversified reinsurance and primary insurance platform and a desirable business mix of shortand long-tail lines. RE appears inexpensive at 0.74x BV, although most reinsurer peers trade at a discount to book value, and 8x our below-consensus 2012 EPS estimate of $10.50."

For an analyst ratings summary and ratings history on Everest Re Group click here. For more ratings news on Everest Re Group click here.

Shares of Everest Re Group closed at $83.24 yesterday.

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