Credit Facilities	9 Months Ended
Credit Facilities	Sep. 30, 2020
Credit Facilities [Abstract]
Credit Facilities	10. CREDIT FACILITIES The Company has two active credit facilities for a total commitment of up to $ 1,000,000 thousand and an additional credit facility for a total commitment of up to £ 52,175 thousand, providing for the issuance of letters of credit and/or unsecured revolving credit lines. The following table presents the interest and fees incurred in connection with the two credit facilities for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Credit facility interest and fees incurred $ 105 $ 105 $ 560 $ 315 The terms and outstanding amounts for each facility are discussed below: Group Credit Facility Effective May 26, 2016, Group, Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”) and Everest International Reinsurance, Ltd. (“Everest International”), both direct subsidiaries of Group, entered into a five year , $ 800,000 thousand senior credit facility with a syndicate of lenders, which amended and restated in its entirety the June 22, 2012, four year , $ 800,000 thousand senior credit facility. Both the May 26, 2016 and June 22, 2012 senior credit facilities, which have similar terms, are referred to as the “Group Credit Facility”. Wells Fargo Corporation (“Wells Fargo Bank”) is the administrative agent for the Group Credit Facility, which consists of two tranches. Tranche one provides up to $ 200,000 thousand of unsecured revolving credit for liquidity and general corporate purposes, and for the issuance of unsecured standby letters of credit. The interest on the revolving loans shall, at the Company’s option, be either (1) the Base Rate (as defined below) or (2) an adjusted London Interbank Offered Rate (“LIBOR”) plus a margin. The Base Rate is the higher of (a) the prime commercial lending rate established by Wells Fargo Bank, (b) the Federal Funds Rate plus 0.5 % per annum or (c) the one month LIBOR Rate plus 1.0 % per annum. The amount of margin and the fees payable for the Group Credit Facility depends on Group’s senior unsecured debt rating. Tranche two exclusively provides up to $ 600,000 thousand for the issuance of standby letters of credit on a collateralized basis. The Group Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $ 5,370,979 thousand plus 25 % of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after March 31, 2016 and for which consolidated net income is positive, plus 25 % of any increase in consolidated net worth during such period attributable to the issuance of ordinary and preferred shares, which at September 30, 2020, was $ 6,372,662 thousand. As of September 30, 2020, the Company was in compliance with all Group Credit Facility covenants. On March 25, 2020, Group borrowed $ 50,000 thousand under Tranche one of the credit facility as an unsecured revolving credit loan. The loan was fully paid off on June 26, 2020. There were no revolving credit borrowings from the facility during the year ended 2019. The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 99,077 12/31/2020 $ 200,000 $ 33,737 12/31/2020 Tranche Two 600,000 586,186 12/31/2020 600,000 2,381 7/29/2020 Tranche Two - 1,649 9/30/2020 Tranche Two - 573,353 12/31/2020 Tranche Two - 12,364 1/4/2021 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 685,263 $ 800,000 $ 623,484 Bermuda Re Letter of Credit Facility Effective December 31, 2019, Bermuda Re renewed its letter of credit issuance facility with Citibank N.A. referred to as the “Bermuda Re Letter of Credit Facility”, which commitment is reconfirmed annually with updated fees. The current renewal of the Bermuda Re Letter of Credit Facility provides for the issuance of up to $ 200,000 thousand of secured letters of credit to collateralize reinsurance obligations as a non-admitted reinsurer. The interest on drawn letters of credit shall be (A) 0.35 % per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) and (B) 0.45 % per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). The commitment fee on undrawn credit shall be 0.15 % per annum. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2020 $ 200,000 $ 4,425 02/29/2020 93,846 12/31/2020 512 09/03/2020 4,425 02/28/2021 3,672 11/24/2020 183 12/16/2021 177 12/16/2020 109 12/20/2021 125 12/20/2020 5,475 12/31/2021 101,404 12/31/2020 777 08/15/2022 559 08/15/2021 37,802 09/30/2024 37,096 12/30/2023 Total Citibank Bilateral Agreement $ 200,000 $ 146,289 $ 200,000 $ 147,970 Everest International Credit Facility Effective May 12, 2020, Everest International amended its credit facility with Lloyds Bank plc (“Everest International Credit Facility”). The current amendment of the Everest International Credit Facility provides up to £ 52,175 thousand for the issuance of standby letters of credit on a collateralized basis. The Company pays a commitment fee of 0.1 % per annum on the average daily amount of the remainder of (1) the aggregate amount available under the facility and (2) the aggregate amount of drawings outstanding under the facility. The Company pays a credit commission fee of 0.35 % per annum on drawings outstanding under the facility. The Everest International Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $ 5,532,663 thousand ( 70 % of consolidated net worth as of December 31, 2018), plus 25 % of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after January 1, 2019 and for which net income is positive, plus 25 % of any increase in consolidated net worth of Group during such period attributable to the issuance of ordinary and preferred shares, which at September 30, 2020, was $ 5,910,400 thousand. As of September 30, 2020, the Company was in compliance with all Everest International Credit Facility requirements. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 52,175 £ 52,175 12/31/2023 £ 47,000 £ 47,000 12/31/2023 - - - - Total Lloyd's Bank Credit Facility £ 52,175 £ 52,175 £ 47,000 £ 47,000 Federal Home Loan Bank Membership Effective August 15, 2019, Everest Reinsurance Company (“Everest Re”) became a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10 % of its statutory admitted assets. As of September 30, 2020, Everest Re had admitted assets of approximately $ 14,667,099 thousand which provides borrowing capacity of up to approximately $ 1,466,709 thousand. On August 31, 2020, Everest Re borrowed $ 90,000 thousand under its FHLBNY available capacity. The $ 90,000 thousand collateralized borrowing has interest payable at a rate of 0.35 % and will mature on November 30, 2020 . The FHLBNY membership agreement requires that 4.5 % of borrowed funds be used to acquire additional membership stock.