EEGEverest Group, Ltd.

Everest Group reinsures other insurers' risks and writes large corporate cover itself.

A reinsurer takes on part of insurers' obligations, including catastrophe exposure. A season of major hurricanes hits it hardest, but after such a year rates rise and the next few years turn profitable — that is the industry's cycle.

The key metric is the combined ratio, the share of premium consumed by claims and expenses. The second pillar is income from investing reserves, which noticeably improves results when rates are high. Risks: natural catastrophes, litigation trends and the adequacy of reserves for past years, which sometimes has to be revised. Reinsurance also lets the company grow selectively: it can add exposure in one region and withdraw from another within a single renewal season. A dividend is paid.