Morgan Stanley Initiates Coverage On Everest

Morgan Stanley is initiating coverage of Everest Re Group, Ltd. (NYSE: RE) at Equal-weight.

“Everest is a global reinsurance leader with a diversified platform and sizable excess capital on the balance sheet,” Morgan Stanley writes. “CEO Joe Taranto has driven excellent results in his tenure and is looking for a successor. We admit RE's valuation looks particularly compelling at 75% of book value, but uncertainty in the executive ranks and lingering reserve concerns drive our EW rating.”

Everest currently trades at $83.49.