SueWallSt Reminds Shareholders of a Lead Plaintiff Deadline of December 27, 2026 in Everest Group, Ltd. Lawsuit

Executive Accountability: Michael Karmilowicz Named in Securities Action. The lawsuit claims Everest's former Insurance segment chief described a casualty book reshaped by "heavy risk selection" while it allegedly stayed concentrated in underpriced, high-risk lines

NEW YORK, Nov. 10, 2026 (GLOBE NEWSWIRE) -- SueWallSt notifies investors that Michael Karmilowicz, former head of the Insurance segment at Everest Group, Ltd. (NYSE: EG), is named as an individual defendant facing liability claims in a securities class action. The action seeks to recover losses for purchasers of Everest common stock between February 8, 2024 and October 27, 2025. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

Everest shares slid 1.7% and then another 1.1% on the two trading days after Mr. Karmilowicz's unexplained December 3, 2024 resignation, as Wells Fargo projected an $872 million reserve increase. Reserve charges ultimately reached roughly $2.2 billion, and the final October 2025 disclosure erased $39.07 per share, or 11.4%. LEAD PLAINTIFF DEADLINE: December 27, 2026.

Michael Karmilowicz's Alleged Role

The complaint identifies him as what Everest itself called a "driving force in shaping" its primary insurance business.

• Joined Everest in 2015 to lead a U.S. Insurance unit from the Company's New York City office
• Served as President and CEO of Everest Insurance until March 2024, then as Chairman of Everest Global Insurance
• Led the Insurance segment during much of the U.S. casualty expansion that began in 2020
• Told analysts on February 8, 2024 that general liability policy count was "down over 23% in the last two years" amid "heavy risk selection"
• Resigned as Chairman less than two months before Everest announced a $1.7 billion reserve charge
  
  

What Michael Karmilowicz Allegedly Oversaw

On that February 2024 call, Mr. Karmilowicz said the portfolio compositions were "dramatically different" and that Everest was "making all the right steps" in portfolio management. As named in the action, the book he helped build allegedly remained concentrated in casualty risks exposed to social inflation, priced too low, and under-reserved.

In January 2025, new leadership cited large guaranteed cost programs and large auto fleet concentrations as underwriting choices that heightened that exposure. About $1.3 billion of the $1.7 billion charge came from U.S. casualty, principally accident years 2020 through 2024, and Everest later transferred renewal rights for roughly $2 billion in annual premiums to AIG.

Section 20(a) Context and Securities Defendant Liability for Michael Karmilowicz

The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against Everest and four individual defendants. Plaintiffs contend Mr. Karmilowicz had access to nonpublic underwriting, pricing, and reserve information, along with the authority to correct misleading statements. In practical terms, Section 20(a) seeks to hold controlling executives personally responsible for a company's alleged misstatements.

"Executives who tell investors a casualty book is 'dramatically different' owe them an accurate account of what that book actually contains. The complaint alleges Everest's Insurance segment remained concentrated in the very risks shareholders were told had been reduced, and those allegations deserve close scrutiny." -- Joseph E. Levi, Esq.

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Frequently Asked Questions About the EG Lawsuit

Q: How much did EG stock drop? A: Shares fell approximately 11.4%, a decline of $39.07 per share, after the Company disclosed $478 million in net unfavorable prior year reserve development, a $1.2 billion adverse development cover on approximately $5.4 billion of reserves, and the transfer of renewal rights for approximately $2 billion in annual premiums to AIG. Investors who purchased shares during the Class Period at allegedly artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What specific misstatements does the EG lawsuit allege? A: The complaint alleges Everest Group, Ltd. made materially false or misleading statements regarding the underwriting, pricing, portfolio concentration, and reserve adequacy of its U.S. casualty insurance business, including assurances that reserves for accident years 2020 and later were adequate, during the Class Period. When the $478 million reserve development, the $1.2 billion adverse development cover, and the AIG renewal rights transfer were disclosed on October 27, 2025, the stock price declined sharply.

Q: Who are the defendants named in the EG lawsuit? A: The complaint names Everest Group, Ltd. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What happens after I provide my information? A: Your trading history will be reviewed at no cost for an initial assessment of your potential eligibility.

Q: What if I already sold my EG shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

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