Apple Inc (AAPL) Supplier Among 3 Companies With Notable Insider Selling Reported Yesterday

Everest Re Group Ltd (NYSE:RE) has witnessed four different corporate insiders offload shares thus far in 2016, so let’s examine the most recent insider selling. Director John R. Dunne unloaded 600 shares on Wednesday at $195.00 apiece, reducing his ownership to 10,779 shares. Roger M. Singer, another member of the company’s Board, sold 1,000 units of common stock at the beginning of March for a slightly lower price of $189.97 per share. Mr. Singer currently owns 10,779 shares.

Everest Re Group primarily engages in the underwriting of reinsurance and insurance in the United States, Bermuda, and other international markets. The company’s products include various property and casualty reinsurance and insurance coverages, which include marine, aviation, surety, medical malpractice, and directors’ and officers’ liability, among other things. Shares of Everest Re Group have advanced by 8% in the past year despite suffering a major pullback in January. The company’s gross written premiums for 2015 reached $5.88 billion, which represents an increase from $5.75 billion in 2014 and $5.22 billion in 2013. The 2015 increase in gross written premiums reflects a 25.8% increase in its insurance business and a 69.1% increase from the Mt. Logan Re segment, which represents business for segregated accounts. The growth in insurance premiums was driven by increases in most lines of business, thanks to Everest Re Group’s increased focus on expanding that business.

Shares of Everest Re Group are currently trading at a forward P/E multiple of 10.4, below the multiple of 12.8 for the Property and Casualty Insurance industry. A total of 23 hedge funds in our system had stakes in the company at the end of December, amassing almost 9% of its outstanding common stock. Mason Hawkins’ Southeastern Asset Management owns 2.23 million shares of Everest Re Group Ltd (NYSE:RE) as of December 31.

Disclosure: None