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Senior Notes
 9 Months Ended
Sep. 30, 2020
Senior Notes [Abstract]  
Senior Notes
12.
 
SENIOR NOTES
 
The table below
 
displays Everest
 
Reinsurance Holdings’ (“Holdings”)
 
outstanding senior notes.
 
Market value
 
is
based on quoted
 
market prices, but
 
due to limited
 
trading activity,
 
these senior notes are
 
considered Level 2
 
in
the fair value hierarchy.
September 30, 2020
December 31, 2019
Consolidated Balance
Consolidated Balance
(Dollars in thousands)
Date Issued
Date Due
Principal Amounts
Sheet Amount
Market Value
Sheet Amount
Market Value
Senior notes
06-05-2014
06-01-2044
400,000
$
397,164
$
460,252
$
397,074
$
452,848
On June 5,
 
2014, Holdings issued
 
$
400,000
 
thousand of
30
 
year senior notes
 
at
4.868
%, which will
 
mature on
June 1, 2044
.
 
Interest will be paid semi-annually on June 1 and December 1 of each year.
 
 
Interest expense incurred in connection with these senior notes is as follows for the periods indicated:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars In thousands
2020
2019
2020
2019
Interest expense incurred
$
4,868
$
4,868
$
14,604
$
14,604
In addition to the above senior notes outstanding, Holdings issued $
1,000,000
 
thousand of
30 year
 
senior notes
on
October 7, 2020
 
at an interest rate of
3.5
%.
 
These senior notes will mature on
October 15, 2050
 
and will pay
interest semi-annually on April 15th and October 15th of each year.