10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

X	Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the fiscal year ended December 31, 2024
	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-15731

EVEREST GROUP, LTD.

(Exact name of registrant as specified in its charter)

Bermuda	98-0365432
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Seon Place – 4th Floor 141 Front Street PO Box HM 845 Hamilton, Bermuda	HM 19
(Address of principal executive offices)	(Zip Code)

441-295-0006

(Registrant’s telephone number, including area code)

_____________________

Securities registered pursuant to Section 12(b) of the Act:

Class	Trading Symbol	Name of Exchange where Registered
Common Shares, $0.01 par value	EG	New York Stock Exchange

_____________________

Securities registered pursuant to Section 12(g) of the Act: None

_____________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes X No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes No X

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	X	Accelerated filer
Non-accelerated filer		Smaller reporting company
		Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Yes No X

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes X No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

The aggregate market value as of June 30, 2024, the last business day of the registrant’s most recently completed second quarter, of the voting shares held by non-affiliates of the registrant was $16.5 billion.

Securities registered pursuant to Section 12(b) of the Act:

Class	Number of Shares Outstanding At February 1, 2025
Common Shares, $0.01 par value	42,934,097

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Items 10, 11, 12, 13 and 14 of Form 10-K is incorporated by reference into Part III hereof from the registrant’s proxy statement for the 2025 Annual General Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days of the close of the registrant’s fiscal year ended December 31, 2024.

EVEREST GROUP, LTD

TABLE OF CONTENTS

FORM 10-K

		Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	19
Item 1B.	Unresolved Staff Comments	32
Item 1C.	Cybersecurity	32
Item 2.	Properties	34
Item 3.	Legal Proceedings	34
Item 4.	Mine Safety Disclosures	34
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	34
Item 6.	(Reserved)	36
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 8.	Financial Statements and Supplementary Data	63
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	63
Item 9A.	Controls and Procedures	63
Item 9B.	Other Information	64
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	64
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	65
Item 11.	Executive Compensation	65
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	65
Item 13.	Certain Relationships and Related Transactions, and Director Independence	65
Item 14.	Principal Accountant Fees and Services	65
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	65

Safe Harbor Disclosure

This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may”, “will”, “should”, “could”, “anticipate”, “estimate”, “expect”, “plan”, “believe”, “predict”, “potential” and “intend”. Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those expressed in forward-looking statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements include, but are not limited to:

•the effects of catastrophic events on our financial results;

•losses from catastrophe exposure that exceed our projections;

•insufficient reserves for losses and loss adjustment expenses (“LAE”) due to the impact of social inflation;

•greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;

•our failure to accurately assess underwriting risk and establish adequate premium rates;

•decreases in pricing for property and casualty reinsurance and insurance;

•our inability or failure to purchase reinsurance;

•our ability to maintain our financial strength ratings;

•the failure of our insured, intermediaries and reinsurers to satisfy their obligations to us;

•decline in our investment values and investment income due to exposure to financial markets conditions;

•the failure to maintain enough cash to meet near-term financial obligations;

•our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from subsidiaries in our holding company structure;

•reduced net income and capital levels due to foreign currency exchange losses;

•our sensitivity to unanticipated levels of inflation;

•the effects of measures taken by domestic or foreign governments on our business;

•our ability to retain our key executive officers and to attract or retain the executives and employees necessary to manage our business;

•the effect of cybersecurity risks, including technology breaches or failure, and regulatory and legislative developments related to cybersecurity on our business;

•our dependence on brokers and agents for business developments;

•material variation of analytical models used in decision making from actual results;

•the effects of business continuation risk on our operations;

•the effect on our business of the highly competitive nature of our industry, including the effects of new entrants to, competing products for and consolidation in the (re)insurance industry;

•an anti-takeover effect caused by insurance laws and provisions in the bye-laws of Group (as defined in Part I below);

•the difficulty investors in Group may have in protecting their interests compared to investors in a U.S. corporation;

•our failure to comply with insurance laws and regulations and other regulatory challenges;

•the ability of Bermuda Re (as defined in Part I below) to obtain licenses or admittance in additional jurisdictions to develop its business;

•the ability of Bermuda Re to arrange for security to back its reinsurance impacting its ability to write reinsurance;

•changes in international and U.S. tax laws;

•the effect on Group and/or Bermuda Re should it/they become subject to taxes in jurisdictions where not currently subject to taxation; and

•the ability of subsidiary entities to pay dividends.

The above list is not exhaustive. Please refer to the factors described under the caption ITEM 1A, “Risk Factors” and those risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

PART I

Unless otherwise indicated, all financial data in this document have been prepared using accounting principles generally accepted in the United States of America (“GAAP”). As used in this document, “Group” means Everest Group, Ltd.; “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd.; “Holdings Ireland” means Everest Underwriting Group (Ireland) Limited; “Ireland Re” means Everest Reinsurance Company (Ireland), Designated Activity Company or “dac”; “Ireland Insurance” means Everest Insurance (Ireland), dac; “Holdings” means Everest Reinsurance Holdings, Inc.; “Everest Re” means Everest Reinsurance Company and its subsidiaries (unless the context otherwise requires); and the “Company”, “Everest”, “we”, “us” and “our” means Everest Group, Ltd. and its consolidated subsidiaries.

Unless noted otherwise, all tabular dollar amounts are in millions of United States (“U.S.”) dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.

ITEM 1.    BUSINESS

The Company.

Everest is a Bermuda-based reinsurance and insurance organization. As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.

At December 31, 2024, we had shareholders’ equity of $13.9 billion and total assets of $56.3 billion.

Our Operations.

The Company’s principal business, conducted through its Reinsurance and Insurance reportable segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets. Our global network of operations spans more than 100 countries across six continents. In 2024, the Company had gross written premiums of $18.2 billion with approximately 71.0% representing Reinsurance and 27.9% representing Insurance with the remaining 1.1% of gross written premium coming from our “Other” operating segment. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company’s preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. Group’s active operating subsidiaries are each rated A+ (“Superior”) by A.M. Best Company (“A.M. Best”), a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders.

Following is a summary of the Company’s principal operating subsidiaries:

•Bermuda Re, a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and long-term insurer and is authorized to write both reinsurance and insurance property and casualty business. Bermuda Re’s United Kingdom (“U.K.”) branch writes property and casualty reinsurance to the U.K., China and European markets. As of December 31, 2024, Bermuda Re had shareholder’s equity of $4.3 billion.

•Everest International Reinsurance, Ltd. (“Everest International”), a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and is authorized to write property and casualty business. Everest International has branch locations in Singapore and Australia. The Singapore branch has a direct insurer license and writes property and casualty business to the Singapore market. The Australian branch has a general insurance license and writes property and casualty business to the Australian market. A majority of Everest International’s business is assumed reinsurance from its affiliates: Everest Re, Bermuda Re - U.K. Branch, Ireland Re and Ireland Insurance. As of December 31, 2024, Everest International had shareholder’s equity of $1.7 billion.

•Ireland Re, an Ireland reinsurance company and an indirect subsidiary of Group, is licensed to write non-life reinsurance, both directly and through brokers, for the London and European markets through its Ireland office as well as through its Zurich branch.

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•Ireland Insurance, an Ireland insurance company and an indirect subsidiary of Group, is licensed to write insurance for the European markets through its Ireland office as well as through its branches in the U.K., the Netherlands, Spain, France, Germany and Italy. In addition, Ireland Insurance is considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia.

•Lloyd's of London (“Lloyd's”) Syndicate 2786, a wholly-owned Everest syndicate supported by funds at Lloyd’s provided by Everest Corporate Member Limited, was established in 2015 as a platform to facilitate the further expansion of Everest's international insurance operations. The syndicate is managed by a third-party managing agency.

•Everest Compañia de Seguros Generales Chile S.A., a Chile based insurance company, is licensed to write insurance and reinsurance within Chile.

•Everest Compañia de Seguros Generales Colombia S.A., a Colombia based insurance company and a direct subsidiary of Everest International, is licensed to write property and casualty business within Colombia.

•Compañia de Seguros Generales Everest Mexico S.A. de C.V., a Mexico based insurance company, is licensed to write property and casualty business within Mexico.

•Everest Insurance Company of Canada (“Everest Canada”), a Canadian insurance company and direct subsidiary of Holdings Ireland, is licensed to write property and casualty insurance in all Canadian provinces.

•Everest Reinsurance Company, a Delaware reinsurance company and a direct subsidiary of Holdings, is a licensed property and casualty insurer and/or reinsurer in all 50 states, the District of Columbia, Puerto Rico and Guam and is authorized to conduct reinsurance business in Canada, Singapore and Brazil. Everest Reinsurance Company underwrites property and casualty reinsurance for insurance and reinsurance companies in the U.S. and international markets, through its U.S. offices as well as through its branches in Canada and Singapore. As of December 31, 2024, Everest Reinsurance Company had statutory surplus of $8.1 billion.

•Everest National Insurance Company (“Everest National”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed in all 50 states, the District of Columbia and Puerto Rico and is authorized to write property and casualty insurance on an admitted basis in the jurisdictions in which it is licensed. The majority of Everest National’s business is reinsured by its parent, Everest Reinsurance Company.

•Everest Indemnity Insurance Company (“Everest Indemnity”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, writes excess and surplus lines insurance business in the U.S. on a non-admitted basis. Excess and surplus lines insurance is specialty property and liability coverage that an insurer not licensed to write insurance in a particular jurisdiction is permitted to provide to insureds when the specific specialty coverage is unavailable from admitted insurers. Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write business on a non-admitted basis in all 50 states, the District of Columbia and Puerto Rico. The majority of Everest Indemnity’s business is reinsured by its parent, Everest Reinsurance Company.

•Everest Security Insurance Company (“Everest Security”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed to write property and casualty insurance on an admitted basis in Delaware, Georgia and Alabama. The majority of Everest Security’s business is reinsured by its parent, Everest Reinsurance Company.

•Everest Premier Insurance Company (“Everest Premier”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed to write property and casualty insurance in all 50 states and the District of Columbia. The majority of Everest Premier’s business is reinsured by its parent, Everest Reinsurance Company.

•Everest Denali Insurance Company (“Everest Denali”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed to write property and casualty insurance in all 50 states and the District of Columbia. The majority of Everest Denali’s business is reinsured by its parent, Everest Reinsurance Company.

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•Everest International Assurance, Ltd. (“Everest Assurance”), a Bermuda company and a direct subsidiary of Holdings is registered in Bermuda as a Class 3A general business insurer and as a Class C long-term insurer. Everest Assurance has made a one-time election under section 953(d) of the U.S. Internal Revenue Code (“IRC”) to be a U.S. income tax paying “Controlled Foreign Corporation.” By making this election, Everest Assurance is authorized to write life reinsurance and casualty reinsurance in both Bermuda and the U.S. In addition, Everest Assurance is considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia.

Human Capital Management.

Our colleagues worldwide are essential to our success, and we strive to attract and retain the highest caliber of talent to meet our business needs as well as the needs of our clients and customers. It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in a broad range of thought and experiences. As of February 1, 2025, the Company employed 3,037 persons. Management believes that colleague engagement is strong. None of the Company’s U.S.-based employees are subject to collective bargaining agreements, and the Company is not aware of any current efforts to enter into such agreements.

Talent Attraction, Development and Retention.

Everest is proud to be home to top industry talent, and we make ongoing, strategic investments in our people. Our ability to attract, develop and retain a high caliber of professionals is critical to our continued growth and ability to execute on our strategic priorities.

Investing in the ongoing development of our colleagues is fundamental to our success and sustained competitive advantage as a global leader in risk management. We empower our colleagues to take ownership of their professional growth through a comprehensive suite of resources, including industry-leading training programs, technical upskilling, opportunities, mentorship initiatives and robust management and leadership development offerings. Our commitment to continuous learning and development spans all levels, and we are continually expanding our program offerings to meet evolving needs. This includes a newly implemented enterprise-wide program focused on cultivating next-generation skills, and an expansion of our early career program to develop future Underwriters, Actuaries and IT professionals through rotational placements. Further, Everest maintains a proactive approach to succession planning, prioritizing internal talent development and advancement opportunities.

Proactive recruitment of skilled and experienced teams is an important aspect of succession planning at both our Board of Directors (the “Board”) level and throughout the organization. Everest seeks to attract, retain and develop exceptional talent, fostering an inclusive workplace that embraces unique skill sets, experiences and perspectives.

People power our success. We are committed to providing all colleagues with an engaging and supportive environment so they can develop personally and help drive our future growth. That is why Everest is pleased to offer various global initiatives such as leadership coffee hours and fireside chats; charitable community outreach events and volunteer opportunities; networking events; employee recognition awards; and, thought leadership topics with senior leaders. By offering a meaningful and engaging colleague experience, we are focused on inspiring our global teams to underwrite opportunity in everything that they do.

Culture.

Everest’s Colleague Value Proposition, Opportunity through Unity, includes the building blocks of the Company’s culture: our mission, purpose and values, as well as a set of Colleague Behaviors that speak to how we operate as One Everest, regardless of location, level or function.

•Our Values are the guiding principles that inform our decisions, actions and behaviors. They are an expression of our culture and an integral part of how we work.

•Our Colleague Behaviors define how we operate and interact with each other no matter our location, level or function: Respect Everyone. Pursue Better. Lead by Example. Own our Outcomes. Win Together.

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•The Company has embedded these behaviors within colleague programs and practices globally. We are taking a systematic approach to integrating them into everything we do, from our talent acquisition and onboarding programs to our performance and compensation plans, recognition initiatives and general employment policies.

People are Everest’s greatest asset, and the quality of our teams has been enhanced through the wide range of backgrounds, perspectives and interests our colleagues bring to our community. At Everest, our commitment to equal opportunity in our dealings and cultural inclusivity reflects a core principle that we promote not only within our workplace but also in the global communities where we operate. Our Board is committed to selecting director and executive management candidates who possess unique skill sets, experiences and perspectives that enhance our governance, strategy, corporate responsibility, culture and risk management.

Everest has a global inclusion, culture and engagement strategic framework and focus areas that aligns with our corporate values and initiatives. In 2024, we had four pillars providing the foundation for our strategic framework as described below.

1.Alignment & Accountability: Our integrated global efforts align with our corporate strategy, cultural values and colleague behaviors.

2.Colleague-Centered: Our colleagues are the center of the global programs, processes and partnerships we create, and we value and respect their diverse experiences and perspectives.

3.Culture & Engagement: Our workplace culture of deep colleague engagement thrives because of our efforts to advance inclusion, allyship and belonging.

4.Opportunity & Growth: Our global efforts and ways to underwrite opportunity for all stakeholders are oriented toward growth, and we have the agility to pivot as necessary to support our strategic priorities.

As part of our global inclusion, culture and engagement efforts, our mission is to help foster an environment that attracts, retains and develops the best talent; prioritizes people, their life experiences and perspectives; and serves as a conduit to senior management to promote measurable company-wide engagement.

We look to seize opportunities to celebrate our culture and lift one another up. Our global Colleague Resource Groups (“CRGs”), as part of our engagement efforts, connect regularly through networking events, professional development opportunities and sharing cultural traditions, driving greater awareness and collaboration across offices worldwide. Participation in our CRGs is open to everyone, regardless of background, to enhance career and personal development, exchange ideas and share cultural experiences and backgrounds to contribute to Everest’s vision and values. As of December 31, 2024, the Company sponsors nine CRGs. We also have two Business Resource Groups (“BRGs”) which are colleague-centered and are sponsored as part of our global business objectives. Our CRGs and BRGs support our efforts in the areas of volunteerism, sustainability and innovation.

Business and Underwriting Strategy.

Since 2023, Everest Group, Ltd. trades on the New York Stock Exchange (“NYSE”) under the ticker symbol (NYSE: EG). Everest’s value proposition is built on five decades of reinsurance leadership and an expanding presence in the global primary insurance market.

The Company writes business on a worldwide basis for many different customers and lines of business, thereby obtaining a broad spread of risk. The Company is not substantially dependent on any single customer, small group of customers, line of business or geographic area. For the year ended December 31, 2024, no single customer (ceding company or insured) generated more than 3.9% of the Company’s gross written premiums. The Company believes that a reduction of business from any one customer would not have a material adverse effect on its future financial condition or results of operations.

Approximately 64.8%, 28.5% and 6.7% of the Company’s 2024 gross written premiums were written in the broker reinsurance market, the insurance business and the direct reinsurance market, respectively.

The broker reinsurance market consists of several substantial national and international brokers and a number of smaller specialized brokers. Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor

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does the Company commit in advance to accept any portion of a broker’s submitted business. Reinsurance business from any ceding company, whether new or renewal is subject to acceptance by the Company. Brokerage fees are generally paid by reinsurers. The Reinsurance segment’s ten largest brokers accounted for an aggregate of approximately 60.5% of gross written premiums in 2024. The broker with the largest share of the company’s business, Marsh and McLennan, accounted for approximately 21.9% of gross written premiums. The broker with the next-largest share, Aon, accounted for approximately 19.2% of gross written premiums. The Company believes that a reduction of business assumed from any one broker would not have a material adverse effect on the Company.

The Company’s Insurance segment mainly writes commercial property and casualty business on an admitted and non-admitted basis. The business is written through wholesale and retail brokers, surplus lines brokers and through program administrators. In 2024, no program administrator accounted for more than 5.5% of the Insurance segment’s gross written premium in total.

The direct reinsurance market is an important distribution channel for reinsurance business written by the Company. Direct placement of reinsurance enables the Company to access clients who prefer to place their reinsurance directly with reinsurers based upon the reinsurer’s in-depth understanding of the ceding company’s needs.

It is our long-standing client and broker relationships that help us continue to grow and maintain our global leadership position. The Company continually evaluates each business relationship, including within its distribution channel bearing underwriting expertise and experience, performs analyses to evaluate financial security, monitors performance and adjusts underwriting decisions accordingly.

The Company’s business strategy is to sustain its leadership position within targeted reinsurance and insurance markets and provide effective management throughout the property and casualty underwriting cycle, thereby achieving an attractive return for its shareholders. The Company’s underwriting strategies seek to capitalize on what we believe are our financial strength and capacity, global franchise, stable and experienced management team, diversified product and distribution offerings, underwriting expertise and disciplined approach, efficient and low-cost operating structure and effective enterprise risk management practices.

The Company’s underwriting strategies emphasize disciplined underwriting, prioritizing underwriting profitability over premium volume and flexibility to adjust and respond to changing market conditions. Key elements of these strategies, as applicable to the Reinsurance segment, include careful risk selection, appropriate pricing through strict underwriting discipline and adjustments to the Company’s business mix as market conditions change. We focus on (re)insuring companies that effectively manage their own underwriting cycle through proper analysis and appropriate pricing of underlying risks and whose underwriting guidelines and performance are compatible with their and the Company’s objectives. Key elements of the Company’s underwriting strategies, as applicable to the Insurance segment, include careful expansion on what we believe to be the Company’s existing strengths in the primary insurance market, including its broad underwriting expertise, global presence, strong financial ratings and substantial capital, and facilitating adjustments to its mix of business by geographic region, line of business and type of coverage. These strategies allow Everest to fully participate in market opportunities that provide the greatest potential for underwriting profitability. The Company’s insurance and reinsurance operations allow the Company to execute its strategies by providing access to the global business markets. The Company carefully monitors its mix of business across all operations to seek to avoid unacceptable geographic or other risk concentrations.

Segments Overview.

The Company conducts business through two reportable segments, Reinsurance and Insurance, which are managed as autonomous units, and key strategic decisions are based on the aggregate operating results and projections for the two business segments.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain

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products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management implemented during the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States, Bermuda and Ireland offices, as well as through branches in Canada, Singapore, the U.K. and Switzerland. The Insurance segment writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States, Bermuda, Canada, Europe, Singapore and South America through its offices in the United States, Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the U.K., Ireland and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy and Spain.

The two reportable segments are managed independently but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of the two reportable segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. For selected financial information regarding these segments, see ITEM 8, “Financial Statements and Supplementary Data - Note 6 of Notes to Consolidated Financial Statements” and ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operation - Segment Results”.

Reinsurance Segment.

Overview

Reinsurance is an arrangement in which an (re)insurance company, the reinsurer, agrees to indemnify another insurance or reinsurance company, the ceding company, against all or a portion of the risks underwritten by the ceding company under one or more insurance and/or reinsurance contracts. Reinsurance can provide a ceding company with several benefits, including a reduction in its net liability on individual risks or classes of risks, catastrophe protection from large and/or multiple losses and/or a reduction in operating leverage as measured by the ratio of net premiums and reserves to capital. Reinsurance also provides a ceding company with additional underwriting capacity by permitting it to accept larger risks and write more business than would be acceptable relative to the ceding company’s financial resources. Reinsurance does not discharge the ceding company from its liability to policyholders; rather, it reimburses the ceding company for covered losses.

There are two types of reinsurance arrangements: treaty and facultative. Treaty reinsurance obligates the ceding company to cede and the reinsurer to assume a specified portion of a type or category of risks insured by the ceding company. Treaty reinsurers do not separately evaluate each of the individual risks assumed under their treaties; instead, the reinsurer evaluates portfolio level exposure based on information provided by the ceding company. In facultative reinsurance, the ceding company cedes, and the reinsurer assumes, all or part of the risk under a single insurance contract. Facultative reinsurance is negotiated separately for each insurance contract that is reinsured. Facultative reinsurance, when purchased by ceding companies, usually is intended to cover individual risks not covered by their reinsurance treaties because of the dollar limits involved or because the risk is unusual.

Both treaty and facultative reinsurance can be written on either a pro rata basis or an excess of loss basis. Under pro rata reinsurance, the ceding company and the reinsurer share the premiums as well as the losses and expenses in an agreed proportion. Under excess of loss reinsurance, the reinsurer indemnifies the ceding company against all or a specified portion of losses and expenses in excess of a specified dollar amount, known as the ceding company's retention or reinsurer's attachment point, generally subject to a negotiated reinsurance contract limit.

In pro rata reinsurance, the reinsurer generally pays the ceding company a ceding commission. The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (such as commissions, premium taxes, assessments and miscellaneous administrative expenses, and may contain profit sharing provisions,

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whereby the ceding commission is adjusted based on loss experience). Premiums paid by the ceding company to a reinsurer for excess of loss reinsurance are not directly proportional to the premiums that the ceding company receives because the reinsurer does not assume a proportionate risk. There is usually no ceding commission on treaty excess of loss reinsurance.

Reinsurers may purchase reinsurance to cover their own risk exposure. Reinsurance of a reinsurer's business is called a retrocession. Reinsurance companies cede risks under retrocessional agreements to other reinsurers, known as retrocessionaires, for reasons similar to those that cause insurers to purchase reinsurance: to reduce net liability on individual or classes of risks, protect against catastrophic losses, stabilize financial ratios and obtain additional underwriting capacity. All the Company’s reinsurance and retrocessional agreements transfer significant reinsurance risk and therefore, are accounted for as reinsurance in accordance with GAAP guidance.

Reinsurance can be written through intermediaries, generally professional reinsurance brokers, or directly with ceding companies. From a ceding company's perspective, the broker and the direct distribution channels have advantages and disadvantages. A ceding company's decision to select one distribution channel over the other will be influenced by its perception of such advantages and disadvantages relative to the reinsurance coverage being placed.

For the year ended December 31, 2024, the Company’s Reinsurance segment wrote $12.9 billion of gross written premiums. Reinsurance business written directly through the broker reinsurance market represented $11.7 billion or 90.5% of the segment’s premium and $1.2 billion or 9.5% was written directly with ceding companies. Our Reinsurance segment is comprised of property and casualty reinsurance and specialty lines of business on both a treaty, facultative and large corporate risk basis, including:

•Property Pro Rata business, which accounted for 34.5% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils arising from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

•Property Non-Catastrophe Excess of Loss (“XOL”) business, which accounted for 5.2% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils in excess of an agreed upon deductible up to a stated limit.

•Property Catastrophe XOL business, which accounted for 16.5% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from catastrophic losses, in excess of an agreed upon deductible up to a stated limit. The main perils covered include hurricane, earthquake, flood, convective storm and fire.

•Casualty Pro Rata business, which accounted for 25.3% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses primarily arising from general liability, professional indemnity, product liability, workers' compensation, employer’s liability, aviation and auto liability from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

•Casualty XOL business, which accounted for 12.4% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses primarily arising from general liability, professional indemnity, product liability, workers' compensation, aviation and auto liability from their underlying portfolio of policies in excess of an agreed upon deductible up to a stated limit.

•Financial Lines business, which accounted for 6.1% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses arising from political risk, credit, surety, mortgage and alternative risk lines of business on both a pro rata and excess of loss basis.

Products

Our reinsurance divisions provide treaty and facultative reinsurance on either a pro rata basis or an excess of loss basis to insurance companies across the globe. Our company provides products for the following lines of business:

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•Property provides protection for property damage and other related losses covered in the underlying insurance policies. Losses might arise from property loss or property damage, as well as other related risks, such as business interruption and other non-property losses that arise from the covered peril. Perils covered by such policies may be natural or man-made and include hurricanes, tornados, hail, windstorms, earthquakes, freezes, floods, explosions and fires.

•Mortgage reinsurance provides protection in the U.S. and internationally on private mortgage insurance policies as well as participating in Government Sponsored Entities (i.e. Fannie Mae & Freddie Mac) credit risk-sharing transactions. Reinsurance coverage is provided on a proportional and non- proportional basis. We participate regularly in both Fannie Mae & Freddie Mac single family and multifamily risk sharing programs.

•Catastrophe is a specific line of property reinsurance that provides protection against catastrophic losses from natural perils such as hurricanes, windstorms, earthquakes, floods, tornadoes and fires.

•Casualty provides protection for losses covered in liability or casualty insurance policies. Typical lines covered by the underlying insurers can be general liability, workers’ compensation, automobile liability, umbrella and excess casualty.

•Marine provides protection for property damages, physical loss or liability affecting the marine business, which includes losses relating to cargo ships, hull, recreational craft, inland marine and offshore energy. Perils can be natural or man-made and include storms, sinking/stranding, pollution, fire, explosion and accidents.

•Aviation provides protection cover for aircrafts, airline, aerospace and other general aviation risks.

•Engineering provides protection for construction and machinery risks including testing, setting up of machinery, operational failures, incidents affecting plant and equipment, business interruption and other mechanical failures. This class also covers property and liability exposures related to construction sites.

•Professional Lines provides protection for losses arising from employment, practices and coverage of risks, such as director’s and officer’s liability, employment litigation liability, medical malpractice, professional indemnity, environmental liability, omission of insurance and cyber liability.

•Credit and Surety provides protection for losses arising from insurance products, offering payments in the event of default from a borrower. Losses may arise from surety bonds issued by insurers as required by regulators or guarantors. For example, mortgage insurance provides coverage for losses related to credit risk.

•Motor provides protection to insurance companies offering motor liability and property damage. Losses may affect the underlying insured party or other claimants.

•Agriculture/Crop provides protection for risks associated with agriculture and production of food. Underlying insurance contracts might offer contracts covering against natural or man-perils, such as hail, storms and floods, and might cover crop yields or price deviation from set amounts.

•Political Violence provides protection against damages resulting from various perils, such as terrorism, sabotage, strikes, riots, insurrection, revolution, coup and war. Losses might occur due to property damage resulting from such perils, business interruption, cyber/malicious attack, event cancellation or construction delays.

Competition

The global reinsurance market is highly competitive and mature. Reinsurance companies differentiate themselves based on financial strength, range of products, brand recognition, duration of the relationship with the cedents, distribution channels, claims management and customer service. Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

We compete in global and local markets with U.S., Bermuda, European and other international reinsurers. In addition, competitors might include investment companies, mutual companies, insurance companies, alternative risk providers (such as captives, catastrophe bonds and pools) and others, as alternative products are introduced into the capital markets to compete with traditional reinsurance companies.

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Insurance Segment.

Overview

Everest’s Insurance segment markets and distributes a wide range of insurance products and services through various forms of brokers and agents on a worldwide basis. We serve multinational corporations and mid-size commercial clients across various industries globally.

Our Insurance segment operates through both North America and international markets. These operations are managed to conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital and investments.

In 2024, the Company’s Insurance segment wrote $5.1 billion of gross written premiums. The Insurance segment lines of business write a broad suite of tailored products and services, including:

•Accident and Health business, which accounted for 7.3% of Insurance gross written premiums, consists predominantly of policies covering Participant Accident, Short-Term Medical and Medical Stop-Loss protection for employers with self-funded medical plans.

•Specialty Casualty business, which accounted for 28.1% of Insurance gross written premiums, consists predominantly of policies covering General Liability (Premises/Operations and Products), Auto Liability and Umbrella/Excess Liability.

•Other Specialty business, which accounted for 10.9% of Insurance gross written premiums, consists predominantly of policies covering specialty areas including, but not limited to, Surety, Trade Credit & Political Risk, Transactional Liability, Energy & Construction and Aviation.

•Professional Liability business, which accounted for 17.2% of Insurance gross written premiums, consists predominantly of policies covering Directors & Officers Liability, Errors & Omissions, Cyber Liability and other ancillary financial lines products.

•Property/Short-Tail business, which accounted for 29.0% of Insurance gross written premiums, consists predominantly of policies covering Property, Inland Marine and other short-tail lines.

•Workers’ Compensation business, which accounted for 7.6% of Insurance gross written premiums, consists predominantly of policies covering Workers’ Compensation, including both guaranteed cost and loss sensitive product offerings.

Products

The Insurance division writes property, casualty and specialty insurance products, which are aligned with the lines of business described within the Insurance Segment Overview. These products are written directly, as well as through brokers, including for surplus lines and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through offices in the U.S., Bermuda, Canada, Chile, Singapore, the U.K., Ireland and branches located in the U.K., the Netherlands, France, Germany, Italy and Spain.

Competition

The global insurance market is highly competitive. Insurance companies differentiate themselves based on financial strength, range of products, brand recognition, agent and broker relationships, distribution channels, claims management and customer service. Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

We compete on a global and regional basis with major U.S., Bermuda, European, and other international insurers. In addition, we also compete with new companies and existing companies that move into the insurance industry. Competitors sell through various distribution channels and business models, across a broad array of product lines and with a high level of variation regarding geographic, marketing and customer segmentation.

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Claims.

Insurance claims are managed by the Company’s professional claims staff (the “Claims staff”), many of whom have insurance and legal professional qualifications. Their responsibilities include reviewing initial loss reports, analyzing coverage issues, evaluating and reserving claims and paying settlements. When appropriate, the Claims staff engage external professional advisors such as legal counsel, loss adjusters and engineers to support the effective management of claims. Claims are allocated to the Claims staff according to their expertise and experience and most specialize in particular product segments and geographies. Some insurance claims are handled by third party claims service providers who have limited authority and are subject to oversight by the Claims staff. The Claims staff work closely with senior management in Insurance, as well as underwriting, finance and actuarial.

Reinsurance claims are also managed by the Company’s Claims staff whose responsibilities include reviewing initial loss reports and coverage issues, monitoring claims, handling activities of ceding companies, establishing and adjusting proper case reserves and approving payment of claims. In addition to claims assessment, processing and payment, the Claims staff selectively conducts comprehensive claim audits of both specific claims and overall claim procedures at the offices of selected ceding companies. Some reinsurance claims are handled by third party claims service providers who have limited authority and are subject to oversight by the Company’s Claims staff. The Claims staff works closely with senior management in Reinsurance, as well as underwriting, finance and actuarial.

The Company intensively manages its asbestos and environmental (“A&E”) exposures through a dedicated, centrally managed Claims staff with experienced claim and legal professionals who specialize in the handling of such exposures. They actively manage each individual insured and reinsured account, responding to claim developments with evaluations of the involved exposures and adjustment of reserves, as appropriate. Specific or general claim developments that may have material implications for the Company are regularly communicated to senior management, actuarial, legal and financial areas. Senior management and claim management personnel meet at least quarterly to review the Company’s overall reserve positions and make changes, if appropriate. The Company continually reviews its internal processing, communications and analytics, seeking to enhance the management of its A&E exposures, in particular with respect to changes in asbestos claims and litigation.

Loss Reserves.

Reserves for Unpaid Property and Casualty Losses and LAE.

Significant periods of time may elapse between the occurrence of an insured loss, the reporting of the loss to the insurer and the reinsurer, the payment of that loss by the insurer and subsequent payments to the insurer by the reinsurer. To recognize liabilities for unpaid losses and LAE, insurers and reinsurers establish reserves, which are balance sheet liabilities representing estimates of future amounts needed to pay reported and unreported claims and related expenses for losses that have already occurred. To the extent reserves prove to be insufficient to cover actual losses and LAE after taking into account available reinsurance coverage, the Company would have to recognize such reserve shortfalls and incur a charge to earnings, which could be material in the period such recognition takes place. See ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Loss and LAE Reserves”.

As part of the reserving process, insurers and reinsurers evaluate historical data and trends and make judgments as to the impact of various factors, such as legislative and judicial developments that may affect future claim amounts, changes in social and political attitudes that may increase loss exposures and inflationary and general economic trends. While the reserving process is difficult and subjective for insurance companies, the inherent uncertainties of estimating such reserves are even greater for the reinsurer, due primarily to the longer time between the date of an occurrence and the reporting of any attendant claims to the reinsurer, the diversity of development patterns among different types of reinsurance treaties or facultative contracts, the necessary reliance on the ceding companies for information regarding reported claims and differing reserving practices among ceding companies. In addition, trends that have affected development of liabilities in the past may not necessarily occur or affect liability development in the same manner or to the same degree in the future. As a result, actual losses and LAE may deviate, perhaps substantially, from estimates of reserves reflected in the Company's consolidated financial statements.

The Company’s loss and LAE reserves represent management’s best estimate of the Company’s ultimate liability. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment’s reserve committee includes the participation of the relevant parties from actuarial, finance, claims and the segment’s senior management. Reserves are

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further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. While there can be no assurance that these reserves will not need to be increased in the future, management believes that the Company’s existing reserves and reserving methodologies reduce the likelihood that any such increases would have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Like many other property and casualty insurance and reinsurance companies, the Company has experienced loss development for prior accident years, which has impacted losses and LAE reserves and caused corresponding effects to income (loss) in the periods in which the adjustments were made. There can be no assurance that adverse development from prior years will not occur in the future or that such adverse development will not have a material adverse effect on net income (loss).

Since the Company has operations in many countries, part of the Company’s loss and LAE reserves are in foreign currencies and translated to U.S. dollars for each reporting period. Fluctuations in the exchange rates for the currencies, period over period, affect the U.S. dollar amount of outstanding reserves. The translation adjustment eliminates the impact of the exchange fluctuations from the reserve re-estimates. For reconciliation of beginning and ending reserves, see Note 4 of the Notes to the Consolidated Financial Statements.

Reserves for Asbestos and Environmental Loss and LAE.

As of December 31, 2024, the Company’s gross reserves for A&E claims represented 0.9% of its total reserves. The results of run-off A&E exposures are included within the Company’s Other segment. The Company’s A&E liabilities stem from direct insurance business from Mt. McKinley Insurance Company (“Mt. McKinley”) and assumed reinsurance business of Everest Re. Mt. McKinley was a former wholly-owned subsidiary that was sold in 2015 to Clearwater Insurance Company (“Clearwater”), a subsidiary of Fairfax Financial.

Concurrently with the closing of such sale, the Company entered into a retrocession treaty with an affiliate of Clearwater. Per the retrocession treaty, the Company retroceded 100% of the liabilities associated with certain Mt. McKinley policies, which had been reinsured by Bermuda Re. As consideration for entering into the retrocession treaty, Bermuda Re transferred cash of $140.3 million, an amount equal to the net loss reserves as of the closing date. Of the $140.3 million of net loss reserves retroceded, $100.5 million were related to A&E business. The maximum liability retroceded under the retrocession treaty is $440.3 million, equal to the retrocession payment plus $300.0 million. Bermuda Re will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty.

On December 20, 2019, the retrocession treaty was amended and included a partial commutation. As a result of this amendment and partial commutation, gross A&E reserves and the corresponding reinsurance receivable were reduced by $43.4 million. In addition, the maximum liability permitted to be retroceded increased to $450.3 million.

Additional losses, including those relating to latent injuries and other exposures, which are as yet unrecognized and the type or magnitude of which cannot be foreseen by either the Company or the industry, may emerge in the future. Such future emergence could have material adverse effects on the Company’s future financial condition, results of operations and cash flows.

There are significant uncertainties in estimating the amount of the Company’s potential losses from A&E claims and ultimate values cannot be estimated using traditional reserving techniques. See ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Asbestos and Environmental Exposures” and ITEM 8, “Financial Statements and Supplementary Data” - Note 4 of Notes to Consolidated Financial Statements.

Investments.

The board of directors of each of the Company’s operating subsidiaries is responsible for establishing investment policy and guidelines and, together with senior management, for overseeing their execution.

The Company’s principal investment objectives are to ensure funds are available to meet its insurance and reinsurance obligations and to maximize after-tax investment income while maintaining a high-quality diversified investment portfolio. Considering these objectives, the Company views its investment portfolio as having two components: (1) the investments needed to satisfy outstanding liabilities (i.e., its core fixed maturities portfolio) and (2) investments funded by the Company’s shareholders’ equity.

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For the portion needed to satisfy global outstanding liabilities, the Company generally invests in fixed maturities with strong average credit quality. This global fixed maturity securities portfolio is managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company.

The Company has expanded the allocation of its investments funded by shareholders’ equity to include: (1) fixed and floating rate securities, (2) bank and private loan securities, (3) private equity limited partnership investments and (4) corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities. The objective of this portfolio diversification is to enhance the risk-adjusted total return of the investment portfolio by allocating a prudent portion of the portfolio to higher return asset classes. The Company limits its allocation to these asset classes because of (i) the potential for volatility in their values and (ii) the impact of these investments on regulatory and rating agency capital adequacy models. The Company uses investment managers experienced in these markets and adjusts its allocation to these investments based upon market conditions.

The duration of an investment is based on the maturity of the security but also reflects the payment of interest and the possibility of early prepayments. The Company’s fixed income investment guidelines include a general duration guideline. This investment duration guideline is established and periodically revised by management, which considers economic and business factors, as well as the Company’s average duration of potential liabilities, which, at December 31, 2024, is estimated at approximately 4.0 years, based on the estimated payouts of underwriting liabilities using standard duration calculations. The average durations of the fixed income portfolio at December 31, 2024 and 2023 were 3.1 years and 3.3 years, respectively.

Financial Strength Ratings.

The following table shows the current financial strength ratings of the Company’s operating subsidiaries as reported by A.M. Best, S&P and Moody’s. These ratings represent an independent opinion of our subsidiaries’ financial strength, operating performance, business profile and ability to meet policyholder obligations. The ratings are not intended to be an indication of the degree or lack of risk involved in a direct or indirect equity investment or a recommendation to buy, sell or hold our securities. Additionally, rating organizations may change their rating methodology, which could have a material impact on our financial strength ratings.

All of the below-mentioned ratings are continually monitored and revised, if necessary, by each of the rating agencies. The ratings presented in the following table were in effect as of December 31, 2024.

The Company believes that its ratings are important as they provide the Company’s customers and others with an independent assessment of the Company’s financial strength using a rating scale that provides for relative comparisons. Strong financial ratings are particularly important for reinsurance and insurance companies given that customers rely on a company to pay covered losses well into the future. As a result, a highly rated company is generally preferred.

Operating Subsidiary:	A.M. Best (1)	S&P (2)	Moody's (3)
Everest Reinsurance Company	A+ (Superior)	A+ (Strong)	A1 (upper-medium)
Everest Reinsurance (Bermuda) Ltd.	A+ (Superior)	A+ (Strong)	A1 (upper-medium)
Everest Reinsurance Company (Ireland) dac	A+ (Superior)	A+ (Strong)	Not Rated
Everest National Insurance Company	A+ (Superior)	A+ (Strong)	Not Rated
Everest Indemnity Insurance Company	A+ (Superior)	A+ (Strong)	Not Rated
Everest Security Insurance Company	A+ (Superior)	A+ (Strong)	Not Rated
Everest International Assurance, Ltd.	A+ (Superior)	A+ (Strong)	Not Rated
Everest Insurance Company of Canada	A+ (Superior)	A+ (Strong)	Not Rated
Everest International Reinsurance, Ltd.	A+ (Superior)	A+ (Strong)	Not Rated
Everest Denali Insurance Company	A+ (Superior)	A+ (Strong)	Not Rated
Everest Premier Insurance Company	A+ (Superior)	A+ (Strong)	Not Rated
Everest Insurance (Ireland), dac	A+ (Superior)	A+ (Strong)	Not Rated

(1) A.M. Best Financial Strength Ratings Scale: D (Poor) to A+ (Superior). Each financial strength rating category from A to C includes a rating notch to reflect a graduation of financial strength within the category. A rating notch is expressed with either a second plus (+) or a minus (-).

(2) S&P Financial Strength Ratings Scale: D (Payment Default) to AAA (Extremely Strong). Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

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(3) Moody’s Financial Strength Ratings Scale: C (Low Grade) to Aaa (High Grade). Note that Moody’s appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; modifier 2 indicates a mid-range ranking; and modifier 3 indicates a ranking in the lower end of that generic rating category.

A.M. Best states that the “A+” (“Superior”) rating is assigned to those companies which, in its opinion, have a superior ability to meet their ongoing insurance policies and contract obligations based on A.M. Best’s comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile. A.M. Best affirmed these ratings on July 19, 2024, with a stable outlook. S&P states that the “A+”/ “A” ratings are assigned to those insurance companies which, in its opinion, have strong financial security characteristics with respect to their ability to pay under their insurance policies and contracts in accordance with their terms. S&P affirmed all ratings on January 28, 2025, and changed the outlook from stable to negative. Moody’s states that an “A1” rating is assigned to companies that, in their opinion, offer upper-medium grade security and are subject to low credit risk. Moody’s affirmed these ratings on May 17, 2024, with a stable outlook.

Subsidiaries other than Everest Re and Bermuda Re may not be rated by some or any rating agencies given that such ratings are not considered essential by the individual subsidiary’s customers because of the limited nature of the subsidiary’s operations or because the subsidiaries are newly established and have not yet been rated by the agencies.

Debt Ratings.

The following table shows the debt ratings by A.M. Best, S&P and Moody’s of the following series of notes issued by Holdings, all of which are considered investment grade: (1) senior notes due June 1, 2044, (2) senior notes due October 15, 2050, (3) senior notes due October 15, 2052 and (4) long-term notes due May 1, 2067. Debt ratings are the rating agencies’ current assessment of the credit worthiness of an obligor with respect to a specific obligation.

Instrument	A.M. Best		S&P (1)		Moody's
Senior Notes due June 1, 2044	a-	(Strong)	BBB+	(Strong)	Baa1	(Medium Grade)
Senior Notes due October 15, 2050	a-	(Strong)	BBB+	(Strong)	Baa1	(Medium Grade)
Senior Notes due October 15, 2052	Not Rated		BBB+	(Strong)	Baa1	(Medium Grade)
Long-Term Notes due May 1, 2067	bbb	(Adequate)	BBB-	(Adequate)	Baa2	(Medium Grade)

(1) On January 29, 2024, S&P lowered the ratings of the Company’s non-operating holding companies (“NOHCs”) and debt (from two notches lower than the operating companies to three notches) to align Everest with the potential high regulatory restrictions on payment distributions from the company's U.S. operating subsidiaries to the NOHCs.

Enterprise Risk Management.

Everest underwrites and manages risk for its customers. As a global insurance and reinsurance business, we have an established Enterprise Risk Management (“ERM”) framework that is integrated into the day-to-day management of our businesses and operations. The ERM framework provides a group-wide systemic approach to managing the organization’s key risks and is supported by Risk Appetite Statements approved by the Everest Board.

Risk governance is a key component of Everest’s ERM framework in order to establish and coordinate risk guidelines that reflect the enterprise’s appetite for risk, facilitate monitoring of risk exposure relative to established guidelines and ensure effective and timely escalation and communication to management and the Board. Risk management is overseen by Board and senior management risk committees. The risk committees are established at the Group level, as well as within certain Everest entities, to oversee capital and risk positions, approve risk management strategies and limits and establish appropriate risk standards and policies.

Our Enterprise Risk Committee (“ERC”) reports to and assists the Chief Executive Officer in the oversight and review of Everest’s ERM framework and key risks, including Underwriting, Financial, Operational and Strategic risks. The ERC is responsible for establishing the Group’s risk management principles, policies and risk appetite levels. The ERC meets at least quarterly and is comprised of the following senior executives: Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Operating Officer, Reinsurance Chief Underwriting Officer, Insurance Chief Underwriting Officer, Chief Transformation, Innovation and Operations Leader, Chief Reserving Actuary and Chief Risk Officer.

The ERC is assisted in its activities by Everest’s ERM function and senior management risk committees. The ERC provides strategic risk management direction to the Group, which is then executed by the business units and by Everest’s ERM function. ERM is centrally responsible for implementing the risk management framework and identifying, assessing,

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monitoring, controlling and communicating the Company’s risk exposures. Everest’s ERM function is independent of operating units and reports to the Chief Risk Officer. Everest’s senior management risk committees, including the Underwriting Risk Committee, Financial Risk Committee and Operational Risk Committee, support ERM and the ERC with the compilation and analysis of risk insights with regards to exposure management and execution management.

Our Chief Risk Officer also reports to the Board’s Risk Management Committee (“RMC”), which helps execute the Board’s supervisory responsibility pertaining to ERM. The role of the RMC includes evaluation of the integrity and effectiveness of our ERM procedures, systems, and information; governance on major policy decisions pertaining to risk aggregation and minimization; and, assessment of our major decisions and preparedness levels pertaining to perceived material risks.

Regulatory Matters.

The Company and its insurance subsidiaries are subject to regulation under the insurance statutes of the various jurisdictions in which they conduct business, including all U.S. states, Canada, Singapore, Brazil, the U.K., Ireland, Chile Colombia, Mexico and Bermuda. These regulations vary from jurisdiction to jurisdiction and are generally designed to protect ceding insurance companies and policyholders by regulating the Company’s conduct of business, financial integrity and ability to meet its obligations. Many of these regulations require reporting of information designed to allow insurance regulators to closely monitor the Company’s performance.

Climate-Related Risk Management.

As a global insurance and reinsurance organization, we recognize the potential impact of extreme natural perils on our world. We are also acutely aware of the fact that our industry plays a critical role in economic and social recovery after such extreme weather events. It is our policy to remain committed to providing solutions that can help our clients manage their own environmental risks in real and practical ways. We are also dedicated to managing and reducing our own ecological footprint wherever possible and considering environmental factors when making investment decisions.

Much of our business involves protecting clients through insurance and reinsurance from the impact of devastating natural catastrophes. As such, it is our policy to take a proactive approach to incorporating climate and weather-related risk into our underwriting procedure. To meet this challenge, our underwriting, actuarial and catastrophe modelling teams work together in researching and analyzing external raw climate/meteorological data in conjunction with our internal proprietary claims and loss information data to assess the geographical impacts of climate-related risk and develop predictive analytics models to refine our pricing tolerances and product development. This team approach to assessing the impact of climate-related risk for Everest, as well as our customers, ensures that we are most accurately and responsibly providing specialized coverage to our clients for climate and other environment-related risks.

Insurance Holding Company Regulation.  

Under applicable U.S. laws and regulations, no person, corporation or other entity may acquire a controlling interest in the Company, unless such person, corporation or entity has obtained prior approval for such acquisition from the insurance commissioners of Delaware and any other state in which the Company’s insurance subsidiaries are domiciled or deemed domiciled (as of this date, California). Under these laws, “control” is presumed when any person acquires, directly or indirectly, 10% or more of the voting securities of an insurance company. To obtain the approval of any change in control, the proposed acquirer must file an application with the relevant insurance commissioner disclosing, among other things, the background of the acquirer and that of its directors and officers, the acquirer’s financial condition and its proposed changes in the management and operations of the insurance company. U.S. state regulators also require prior notice or regulatory approval of material intercompany and inter-affiliate transactions within the holding company structure.

The Insurance Companies Act of Canada requires prior approval by the Minister of Finance of anyone acquiring a significant interest in an insurance company authorized to do business in Canada. In addition, the Company is subject to regulation by the insurance regulators of other U.S. states and foreign jurisdictions in which it is authorized to do business. Certain of these U.S. states and foreign jurisdictions impose regulations regulating the ability of any person to acquire control of an insurance company authorized to do business in that jurisdiction without appropriate regulatory approval similar to those described above.

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Dividends.  

Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts. Group’s ability to pay dividends and its operating expenses is partially dependent upon dividends from its subsidiaries. The payment of dividends by insurance subsidiaries is limited under Bermuda law as well as the laws of the various U.S. states in which Group’s insurance and reinsurance subsidiaries are domiciled or deemed domiciled. The limitations are generally based upon net income (loss) and compliance with applicable policyholders’ surplus or minimum solvency and liquidity requirements as determined in accordance with the relevant statutory accounting practices. Under Irish corporate and regulatory law, Holdings Ireland, Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”) and their respective subsidiaries are limited as to the dividends they can pay based on retained earnings and net income (loss) and/or capital and minimum solvency requirements. As Holdings has outstanding debt obligations, it is dependent upon dividends and other permissible payments from its operating subsidiaries to enable it to meet its debt and operating expense obligations and to pay dividends.

Under Bermuda law, Bermuda Re, Everest International and Everest Assurance are unable to declare or make payment of a dividend if they fail to meet their minimum solvency margin or minimum liquidity ratio. As long-term insurers, Bermuda Re and Everest Assurance are also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long-term business fund, as certified by their approved actuary, exceeds their liabilities for long-term business by at least the $250,000 minimum solvency margin. Prior approval of the Bermuda Monetary Authority (the “BMA”) is required if Bermuda Re’s, Everest International’s or Everest Assurance’s dividend payments would exceed 25% of their respective prior year end statutory capital and surplus. At December 31, 2024, Bermuda Re, Everest International and Everest Assurance exceeded their solvency and liquidity requirements.

The payment of dividends to Holdings by Everest Re is subject to limitations imposed by Delaware law. Generally, Everest Re may only pay dividends out of its statutory earned surplus, which was $8.1 billion at December 31, 2024, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve-month period is the greater of (1) 10% of the insurer’s statutory surplus as of the end of the prior calendar year and (2) the insurer’s statutory net income (loss), not including realized capital gains (losses), for the prior calendar year. Accordingly, as of December 31, 2024, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $813 million.

Insurance Regulation.  

Bermuda Re and Everest International are not admitted to do business in any jurisdiction in the United States. These entities conduct their insurance business from their offices in Bermuda, and branch offices in the U.K. for Bermuda Re, and Singapore and Australia for Everest International. Everest Assurance, by virtue of its one-time election under section 953(d) of the U.S. IRC to be a U.S. income tax paying “Controlled Foreign Corporation”, is admitted to do business in the United States and Bermuda. In Bermuda, Bermuda Re, Everest International, Everest Assurance and Mt. Logan Re, Ltd. (“Mt. Logan Re”) are regulated by the Insurance Act 1978 (as amended) and related regulations (the “Act”). The Act establishes solvency and liquidity standards and auditing and reporting requirements and subjects Bermuda Re, Everest International and Everest Assurance to the supervision, investigation and intervention powers of the BMA. Under the Act, each of Bermuda Re and Everest International, as a Class 4 insurer, is required to maintain a principal office in Bermuda, maintain a minimum of $100 million in statutory capital and surplus, have an independent auditor approved by the BMA conduct an annual audit and report on their respective statutory and U.S. GAAP financial statements and filings, and have an appointed loss reserve specialist (also approved by the BMA) review and report on their respective loss reserves annually. Under the Act, Everest Assurance is licensed as a Class 3A insurer for general business and as a Class C insurer for long-term business.

Bermuda Re is also registered under the Act as a long-term insurer and is thereby authorized to write life and annuity business. As a long-term insurer, Bermuda Re is required to maintain $250,000 in statutory capital separate from its Class 4 minimum statutory capital and surplus, to maintain long-term business funds, to separately account for this business and to have an approved actuary prepare a certificate concerning its long-term business assets and liabilities to be filed annually. Bermuda Re’s operations in the U.K. are subject to regulation by the Prudential Regulation Authority (the

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“PRA”) and the Financial Conduct Authority (the “FCA”). The PRA imposes solvency, capital adequacy, audit, financial reporting and other regulatory requirements on insurers transacting business in the U.K. The FCA regulates the conduct of insurers transacting business in the U.K. Bermuda Re presently meets or exceeds all of the PRA’s solvency and capital requirements.

U.S. domestic property and casualty insurers, including reinsurers, are subject to regulation by their states of domicile and by those states in which they are licensed. The regulation of reinsurers is typically focused on financial condition, investments, management and operation. The rates and policy terms of reinsurance agreements are generally not subject to direct regulation by any governmental authority.

The operations of Everest Re’s foreign branch offices in Canada and Singapore are subject to regulation by the insurance regulatory officials of those jurisdictions. Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations.

Everest National, Everest Security, Everest Denali and Everest Premier are subject to regulations similar to the U.S. regulations applicable to Everest Re. In addition, these companies must comply with substantial regulatory requirements in each state where they conduct business. These additional requirements include, but are not limited to, rate and policy form requirements, as well as requirements on licensing, agent appointments, participation in residual markets and claim handling procedures. These regulations are primarily designed for the protection of policyholders. Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write insurance on a surplus lines basis in the United States.

The operations of Ireland Insurance are regulated by the Central Bank of Ireland. Its branch office in the U.K. is also regulated by the PRA and FCA. Its branch offices in the Netherlands, Germany, France, Italy and Spain are subject to limited local regulation by the insurance regulatory officials of those jurisdictions. Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in each of these jurisdictions.

The operations of Ireland Re are regulated by the Central Bank of Ireland. Its branch office in Switzerland is regulated by the Swiss Financial Market Supervisory Authority. Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in each of these jurisdictions.

Compañía de Seguros Generales Everest Mexico S.A. de C.V. is an insurance company dully incorporated under the Mexican law. The company is regulated by the Comisión Nacional de Seguros y Fianzas (National Insurance and Bonds Commission). Management believes that the Company is in compliance with the applicable laws and regulations pertaining to its business and operations in Mexico.

Everest Compañía de Seguros Generales Chile S.A. is an insurance company legally incorporated in Chile. Everest Chile is regulated by the Financial Market Commission (“CMF”) which oversees the entities and activities involved in the securities, insurance, banking, and financial institutions markets in Chile. Management believes that the Company is in compliance with the applicable laws and regulations pertaining to its business and operations in Chile.

Everest Compañía de Seguros Generales Colombia S.A. is an insurance company legally constituted in the Republic of Colombia, with an office in the city of Bogotá, and is supervised and monitored by the Superintendencia Financiera de Colombia (“SFC”) Insurance Regulatory Authority in Colombia. Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in Colombia.

Licenses.  

Everest Re is a licensed property and casualty insurer and/or reinsurer in all states, the District of Columbia, Puerto Rico and Guam. Such licensing enables U.S. domestic ceding company clients to take credit for uncollateralized reinsurance receivables from Everest Re in their statutory financial statements.

Everest Re is licensed as a property and casualty reinsurer in Canada. It is also authorized to conduct reinsurance business in Singapore and Brazil. Everest Re can also write reinsurance in other foreign countries. Because some jurisdictions require a reinsurer to register in order to be an acceptable market for local insurers, Everest Re is registered as a foreign insurer and/or reinsurer in the following countries: Bolivia, Brazil, Chile, China, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, India, Mexico, Nicaragua, Panama, Paraguay, the Philippines, Singapore and Venezuela.

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Everest National is licensed in all 50 states, the District of Columbia and Puerto Rico.

Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write insurance on a surplus lines basis in all 50 states, the District of Columbia and Puerto Rico.

Everest Security recently converted from a Georgia corporation to a Delaware corporation effective August 1, 2023, and is licensed to write property and casualty insurance as an admitted insurance carrier in Delaware, Alabama and Georgia.

Everest Denali is licensed in all 50 states and the District of Columbia. Everest Premier is licensed in all 50 states and the District of Columbia.

Bermuda Re and Everest International are registered as Class 4 insurers in Bermuda, and Bermuda Re is also registered as a long-term insurer in Bermuda. Bermuda Re is also registered as a certified reinsurer in New York and Delaware and is registered as a reciprocal reinsurer in Delaware, Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Illinois, Iowa, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island and Texas. Bermuda Re is also an authorized reinsurer in the U.K., registered as a reinsurer in China and is also an authorized insurer in Singapore.

Everest Assurance is registered as a Class 3A general business insurer in Bermuda and a Class C long-term insurer in Bermuda. By virtue of its one-time election under section 953(d) of the U.S. IRC to be a U.S. income tax paying “Controlled Foreign Corporation,” Everest Assurance may operate in both the U.S. and Bermuda. Everest Assurance is also considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia. In addition, Everest Assurance can also write reinsurance in other foreign countries. Because some jurisdictions require a reinsurer to register in order to be an acceptable market for local insurers, Everest Assurance is registered as a foreign insurer and/or reinsurer in the following countries: Bolivia, Colombia, Chile, Ecuador, Guatemala, Mexico and Paraguay.

Ireland Re is licensed to write non-life reinsurance for the European Union, European Economic Area and Swiss markets. Additionally, Ireland Re is registered as a reciprocal reinsurer in Delaware and New York.

Ireland Insurance is licensed to write insurance for the European Union, European Economic Area and U.K. markets. Ireland Insurance is also considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia. In addition, Ireland Insurance is registered as a foreign insurer in the following countries: Panama, Columbia, Chile and India.

Everest Canada is licensed to write property and casualty insurance in Canada.

Everest Compañia de Seguros Generales Chile S.A. is an insurance corporation authorized by the general laws of Chile.

Everest Compañia de Seguros Generales Colombia S.A., a Colombia based insurance company and a direct subsidiary of Everest International, is licensed to write property and casualty business within Colombia.

Compañia de Seguros Generales Everest Mexico S.A. de C.V., a Mexico based insurance company, is licensed to write property and casualty business within Mexico.

Periodic Examinations.  

Led by their states of domicile, U.S. insurance companies are subject to periodic financial examination of their affairs, usually every three to five years. U.S. insurance companies are also subject to examinations by the various state insurance departments where they are licensed concerning compliance with applicable conduct of business regulations. In addition, non-U.S. insurance companies and branches are subject to examination and review by regulators in their respective jurisdictions. In 2024, there were no reports of these examinations or reviews issued that contained any material findings or recommendations.

NAIC Risk-Based Capital Requirements.  

The U.S. National Association of Insurance Commissioners (“NAIC”) has developed a formula to measure the statutory minimum amount of capital required for a property and casualty insurance company to support its overall business operations in light of its size and risk profile. The major categories of a company’s risk profile are its asset risk, credit risk

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and underwriting risk. The standard is an effort to anticipate insolvencies. This allows regulators to take actions that could limit the impact of these insolvencies on policyholders.

Under the approved formula, a company’s adjusted statutory surplus (end of period surplus adjusted for items not currently applicable to the Everest companies) is compared to the Risk-Based Capital Model (“RBC”) developed by the NAIC.  If this ratio is above a minimum threshold, no action is necessary.  Below this threshold are four distinct action levels at which an insurer’s domiciliary state regulator can intervene with increasing degrees of authority over an insurer as the ratio of adjusted surplus to RBC decreases.  The mildest intervention requires an insurer to submit a plan of appropriate corrective actions.  The most severe action requires an insurer to be rehabilitated or liquidated.

Based on their financial positions, as of December 31, 2024, Everest Re, Everest National, Everest Indemnity, Everest Security, Everest Denali and Everest Premier exceed the minimum RBC thresholds.

Tax Matters.

The following summary of the taxation of the Company is based on current law. There can be no assurance that legislative, judicial, or administrative changes will not be enacted that might materially affect this summary.

Bermuda.  

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this Guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

Under current Bermuda law through 2024, no income, withholding or capital gains taxes are imposed upon Group and its Bermuda subsidiaries. Non-Bermuda branches of Bermuda subsidiaries are subject to local taxes in the jurisdictions in which they operate.

United States.  

Group’s U.S. subsidiaries conduct business and are subject to taxation in the United States. Non-U.S. branches of U.S. subsidiaries are subject to both local taxation in the jurisdictions in which they operate and U.S. corporate income tax but are generally relieved from double taxation through the application of foreign tax credits against their U.S. income tax liability. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to withholding taxes. The cumulative amount that would be subject to U.S. withholding tax, if distributed, is not practicable to compute. Group and its Bermuda subsidiaries believe that they have operated and will continue to operate their businesses in a manner that will not cause them to generate income treated as effectively connected with the conduct of a trade or business within the U.S. On this basis, Group does not expect that it or its Bermuda subsidiaries will be required to pay U.S. corporate income taxes other than withholding taxes on certain investment income and premium excise taxes. If Group or its Bermuda subsidiaries were to become subject to U.S. income tax, there could be a material adverse effect on the Company’s financial condition, results of operations and cash flows.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax and the share repurchase excise tax, and do not expect the legislation to have a material impact on our results of operations.

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Other Countries.

The Company does business in the following locations where it is subject to taxation by the local authorities: Australia, Belgium, Canada, Chile, Colombia, France, Germany, Ireland, Italy, Mexico, Netherlands, U.K., Singapore, Spain, and Switzerland.

Available Information.

The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports are available free of charge through the Company’s website at http://www.everestglobal.com, as soon as reasonably practicable after such reports are electronically filed with the U.S. Securities and Exchange Commission (the “SEC”).

ITEM 1A.    RISK FACTORS

Our business, results of operations and financial conditions are subject to numerous risks and uncertainties. While we seek to identify, manage and mitigate risks to our business, risk and uncertainty cannot be eliminated or necessarily predicted. In connection with any investment decision with respect to our securities, you should carefully consider the following risk factors, as well as the other information contained in this report and our other filings with the SEC. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Should any of these risks materialize, actual results may differ materially from the disclosed information, the trading value of our securities could be negatively impacted and our business, financial condition and results of operations could be materially and adversely affected.

UNDERWRITING

Our results could be adversely affected by catastrophic events.

We are exposed to unpredictable catastrophic events, including, but not limited to, weather-related and other natural catastrophes, as well as acts of terrorism and wars. The frequency and/or severity of catastrophic events may be impacted in the future by the continued effects of climate change. Climate change and resulting changes in global temperatures, weather patterns, and sea levels may both increase the frequency and severity of natural catastrophes and the resulting losses in the future and impact our risk modeling assumptions. We cannot predict the impact that changing climate conditions, if any, may have on our results of operations or our financial condition. Additionally, we cannot predict how legal, regulatory and/or social responses to concerns around global climate change and the resulting impact on various sectors of the economy may impact our business. Any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations. By way of illustration, during the past five calendar years, pre-tax catastrophe losses, net of reinsurance, were as follows:

Calendar year:	Pre-tax net catastrophe losses
(Dollars in millions)
2024	$	755
2023	470
2022	1,055
2021	1,135
2020	425

Our losses from future catastrophic events could exceed our projections.

We use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool. We use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area. These loss projections are approximations, reliant on a mix of quantitative and qualitative processes, and actual losses may exceed the projections by a material amount.

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Unfavorable loss development may adversely affect our business, financial condition, results of operations or liquidity.

We are required to maintain reserves to cover our ultimate liability of losses and LAE for both reported and unreported claims. These reserves are only estimates of what we believe the ultimate settlement and administration of claims will cost based on facts and circumstances known to us and actuarial and statistical analysis. Loss reserve estimates are reconsidered, as necessary, as experience develops and to reflect other changes in circumstances that may affect our estimate of ultimate loss, and this could potentially result in increases to our reserves. In setting reserves for our reinsurance liabilities, we rely on claims data supplied by our ceding companies and brokers, along with other data that may affect our estimate of ultimate loss and actuarial and statistical analysis to arrive at an estimate of ultimate liability for losses and LAE. The information received from our ceding companies is not always timely or accurate, which can contribute to inaccuracies in our loss projections. For the insurance and reinsurance businesses, ultimate losses may differ materially from our expectations at the time we underwrite the business. Because of the uncertainties that surround our estimates of loss and LAE reserves, we cannot be certain that ultimate losses and LAE payments will not exceed the estimates we make at any given time. For example, in the quarter ended December 31, 2024, the Company increased its loss reserves by $1.7 billion, pre-tax, primarily driven by unfavorable development in U.S. casualty insurance lines of business. Loss experience in these lines of business is very unpredictable and has been exacerbated by social inflation factors such as uncertain legal system outcomes, increased frequency of high-severity claims and third-party litigation funding. If our reserves are deficient in future periods, we may be required to increase loss reserves in the period in which such deficiencies are identified which would cause a charge to our earnings, a reduction of capital and could result in adverse effects on our business, financial condition, results of operation or liquidity.

During the past five calendar years, the reserve refinement process resulted in a decrease to our pre-tax net income in 2024 and 2020 and resulted in an increase to our pre-tax net income in 2023, 2022 and 2021:

Calendar year:	Effect on pre-tax net income
(Dollars in millions)
2024	$	1,337	decrease
2023	5		increase
2022	1		increase
2021	9		increase
2020	401		decrease

The difficulty in estimating our reserves is significantly more challenging as it relates to reserving for potential A&E liabilities. As of December 31, 2024, 0.9% of our gross reserves were comprised of A&E reserves. A&E liabilities are especially hard to estimate for many reasons, including the long delays between exposure and manifestation of any bodily injury or property damage, difficulty in identifying the source of the asbestos or environmental contamination, long reporting delays and difficulty in properly allocating liability for the asbestos or environmental damage. Legal tactics and judicial and legislative developments affecting the scope of insurers’ liability, which can be difficult to predict, also contribute to uncertainties in estimating reserves for A&E liabilities. In addition, since reserve estimates of aggregate loss costs for prior years are sometimes factored into pricing our insurance products, inaccurate reserves can lead to our products not being priced adequately to cover actual losses and related loss expenses in order to generate a profit.

The failure to accurately assess underwriting risk and establish adequate premium rates could reduce our net income or result in a net loss.

Our success depends on our ability to accurately assess the risks associated with the businesses on which the risk is retained. If we fail to accurately assess the risks we retain, we may fail to establish adequate premium rates or contract terms (i.e. limits, deductibles, etc.) to cover our losses and LAE. This could reduce our net income and even result in a net loss.

In addition, losses may arise from events or exposures that are not anticipated when the coverage is priced. In addition to such unanticipated events, we also face the unanticipated expansion of our exposures, particularly in long-tail liability lines. An example of this is the expansion over time of the scope of insurers’ legal liability within the mass tort cases, particularly for A&E exposures discussed above.

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Decreases in pricing for property and casualty reinsurance and insurance could reduce our net income.

The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and market. These cycles, as well as other factors that influence aggregate supply and demand for property and casualty insurance and reinsurance products, are outside of our control. The supply of (re)insurance is driven by prevailing prices and levels of capacity that may fluctuate in response to a number of factors, including large catastrophic losses and investment returns being realized in the insurance industry. Demand for (re)insurance is influenced by underwriting results of insurers and insureds, including catastrophe losses, and prevailing general economic conditions. If any of these factors were to result in a decline in the demand for (re)insurance or an overall increase in (re)insurance capacity, our net income could decrease.

If we are unable to or choose not to purchase reinsurance and transfer risk to the reinsurance markets, our net income could be reduced or we could incur a net loss in the event of unusual loss experience.

We are generally less reliant on the purchase of reinsurance than many of our competitors, in part because of our strategic emphasis on underwriting discipline and management of the cycles inherent in our business. We try to separate our risk-taking process from our risk mitigation process to avoid developing too great a reliance on reinsurance. With the expansion of the capital markets into insurance linked financial instruments, we increased our use of capital market products for catastrophe reinsurance. In addition, we have increased some of our quota share contracts with larger retrocessionaires. The percentage of business that we reinsure may vary considerably from year to year, depending on our view of the relationship between cost and expected benefit for the contract period.

	2024		2023		2022		2021		2020
Percentage of ceded written premiums to gross written premiums	13.3	%	11.5	%	11.5	%	12.3	%	13.0	%

The effects of emerging claim and coverage issues on our business are uncertain.

As industry practices and legislative, regulatory, judicial, social, financial, technological and other environmental conditions change, unexpected and unintended issues related to claims and coverage may emerge. These issues may adversely affect our business by either extending coverage beyond our underwriting intent or by increasing the frequency and severity of claims. Examples of emerging claims and coverage issues include, but are not limited to:

•judicial expansion of policy coverage and a greater propensity to grant claimants more favorable amounts and the impact of new theories of liability;

•plaintiffs targeting property and casualty insurers in purported class action litigation relating to claims-handling and other practices;

•social inflation trends, including higher and more frequent claims, higher awards in favor of plaintiffs and increases in the value of claims due to third party funding;

•medical developments that link health issues to particular causes, resulting in liability claims;

•claims relating to unanticipated consequences of current or new technologies, including cyber security-related risks; and

•claims relating to potentially changing climate conditions.

In some instances, these emerging issues may not become apparent for some time after we have issued the affected insurance policies. As a result, the full extent of liability under our insurance or reinsurance contracts may not be known for many years after issuance.

FINANCIAL

A decline in our financial strength ratings could adversely affect our standing among cedents and broker partners and our ability to grow premiums and earnings.

Our active insurance company subsidiaries currently hold financial strength ratings assigned by third-party rating agencies which assess and rate the claims paying ability and financial strength of insurers and reinsurers. Financial strength ratings are used by cedents, agents and brokers to assess the financial strength and credit quality of reinsurers and insurers. A

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downgrade or withdrawal of any of these ratings could adversely affect our ability to market our reinsurance and insurance products, our ability to compete with other reinsurers and insurers and our ability to write new business, which in turn could impact our profitability and results.

Consistent with market practice, much of our treaty reinsurance business allows the ceding company to terminate the contract or seek collateralization of our obligations in the event of a rating downgrade below a certain threshold. The termination provision would generally be triggered if a rating fell below A.M. Best’s A- rating level. To a lesser extent, Everest Re also has modest exposure to reinsurance contracts that contain provisions for obligatory funding of outstanding liabilities in the event of a rating agency downgrade. Those provisions would also generally be triggered if Everest Re’s rating fell below A.M. Best’s A- rating level.

See also ITEM 1, “Financial Strength Ratings”.

A decline in our debt ratings could increase our borrowing costs and adversely affect our ability to access capital markets at attractive rates.

If our debt ratings are downgraded, we could incur higher borrowing costs, higher cost of capital, increased collateral requirements and our ability to access the capital markets at attractive rates could be impacted. We are unable to provide assurances as to whether or not our ratings may be downgraded by any of the rating agencies in the future.

See also ITEM 1, “Debt Ratings”.

The failure of our insureds, intermediaries and reinsurers to satisfy their obligations to us could reduce our income.

In accordance with industry practice, we have uncollateralized receivables from insureds, agents and brokers and/or rely on agents and brokers to process our payments. We may not be able to collect amounts due from insureds, agents and brokers, resulting in a reduction to net income.

We are subject to credit risk of reinsurers in connection with retrocessional arrangements because the transfer of risk to a reinsurer does not relieve us of our liability to the insured. In addition, reinsurers may be unwilling to pay us even though they are able to do so. The failure of one or more of our reinsurers to honor their obligations to us in a timely fashion would impact our cash flow and reduce our net income and could cause us to incur a significant loss.

Our investment values and investment income could decline due to changed conditions in the financial markets.

A significant portion of our investment portfolio consists of fixed income securities and smaller portions consist of equity securities and other investments. The fair value of our invested assets and associated investment income may fluctuate depending on various factors including the effects of economic events and conditions, governmental policies, changes in interest rates and credit spreads and market volatility.

Interest Rate Risk.

Most of our fixed income securities are classified as available for sale, and temporary changes in the fair value of these investments due to interest rate fluctuations are reflected as changes to our shareholders’ equity. Additionally, net investment income from fixed income investments that carry prepayment risk, such as mortgage-backed and other asset-backed securities, can differ from the income anticipated from those securities at the time of purchase.

Credit Risk.

Our investment portfolio is subject to the risk of loss due to default or deterioration in credit quality. As a part of our ongoing analysis of our investment portfolio, we are required to assess current expected credit losses for all held-to-maturity securities and evaluate expected credit losses for available-for-sale securities when fair value is below amortized cost, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. If issuers of individual investments are unable to meet their obligations, investment income will be reduced and realized capital losses may arise.

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We have exposure to counterparties through a variety of commercial transactions and arrangements, including reinsurance transactions and agreements with banks, hedge funds and other investment vehicles that expose us to credit risk in the event our counterparty fails to perform its obligations.

Equity Risk.

We have invested a portion of our investment portfolio in equity securities. The value of these assets fluctuates with changes in the markets. In times of economic weakness, the fair value of these assets may decline. We also invest in non-traditional investments which have different risk characteristics than traditional fixed income and equity securities. These alternative investments are comprised primarily of private equity limited partnerships.

The failure to maintain access to enough cash, readily salable or unencumbered financial assets to meet near-term financial obligations may adversely impact business relations and creditworthiness.

Liquidity risk is a manifestation of events that are driven by other risk types (insurance, investment, operational). A liquidity shortfall may arise in the event of insufficient access to internal and external funding sources to meet an immediate and significant need for cash or collateral. Additionally, a rapid increase in interest rates can create a short-term pressure on regulatory capital models.

The Company's liquidity could be affected by a broad market illiquidity event, default by significant market participant, inability to sell assets, inability to access bank accounts, inability to access capital and credit markets, concentration of catastrophe events or unforeseen capital needs. A failure to have sufficient cashflow to meet obligations may adversely affect business relations and the creditworthiness of the Company.

We may require additional capital or financing sources in the future, which may not be available or may be available only on unfavorable terms.

Our future capital requirements depend on many factors, including rating agency and regulatory requirements, the performance of our investment portfolio, our ability to write new business successfully, the frequency and severity of catastrophe events and our ability to establish premium rates and loss reserves at levels sufficient to cover losses. We may need to raise additional funds through debt or equity financings or access funds through existing or new credit facilities or through short-term repurchase agreements. We may also from time to time seek to refinance debt as amounts become due or commitments expire. Any equity or debt financing or refinancing, if available at all, may be on terms that are not favorable to us. In the case of equity financings, dilution to our shareholders could result, and in any case, such securities may have rights, preferences and privileges that are senior to those of our common shares. Our access to funds under existing credit facilities is dependent on the ability of the banks that are party to the facilities to meet their funding commitments.

Because of our holding company structure, our ability to pay dividends, interest and principal is dependent on receiving dividends, loan payments and other funds from our subsidiaries.

Each of Group and Holdings is a holding company whose most significant asset is the stock of its operating subsidiaries. As a result, each of Group’s and Holdings’ ability to pay dividends, interest or other payments on its securities in the future will depend on the earnings and cash flows of its respective operating subsidiaries and the ability of the subsidiaries to pay dividends or to advance or repay funds to it. This ability is subject to general economic, financial, competitive, regulatory and other factors beyond our control. Payment of dividends and advances and repayments from some of the operating subsidiaries are regulated by U.S. states and foreign insurance laws and regulatory restrictions, including minimum solvency and liquidity thresholds. Accordingly, the operating subsidiaries may not be able to pay dividends or advance or repay funds to Group and Holdings in the future, which could prevent us from paying dividends or interest or making other payments on our securities.

We may experience foreign currency exchange losses that reduce our net income and capital levels.

We conduct business in a variety of non-U.S. currencies, principally the Euro, the British pound and the Canadian dollar. Assets, liabilities, revenues and expenses denominated in foreign currencies are exposed to changes in currency exchange rates. Our reporting currency is the U.S. dollar, and exchange rate fluctuations, especially relative to the U.S. dollar, may materially impact our results and financial position. In 2024, we wrote approximately 29.1% of our coverages in non-U.S.

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currencies; as of December 31, 2024, we maintained approximately 22.7% of our investment portfolio in investments denominated in non-U.S. currencies.

Our business is sensitive to unanticipated levels of inflation.

While consideration is given to the levels of inflation and how that may impact premiums and claims, the impacts of inflation may be different than anticipated. Premiums are established before actual losses are known, which may result in some underpricing if inflation rises more rapidly than expected, ultimately creating a deficiency that may impact our financial position.

Measures taken by domestic or foreign governments could have effects on our business.

The potential political, economic, military and social risks that can emerge from a nation's involvement in international affairs can manifest into elevated geopolitical risk. For financial institutions, there are direct and indirect effects that can result from these events, including effects to the growth of business, return in foreign investments, claims patterns and local operations.

OPERATIONAL

We are dependent on our key personnel.

In January 2025, James Williamson, Executive Vice President and Chief Operating Officer, was appointed President and CEO and member of the Board of Directors after the departure of our former President and CEO, Juan Andrade.

Our success has been, and will continue to be, dependent on our ability to retain the services of our existing key executives and other key employees, and to attract and retain additional qualified personnel in the future. The loss of the services of any key executive officer, the failure to successfully effectuate a permanent leadership transition or the inability to hire and retain other highly qualified personnel in the future, particularly those experienced in the property and casualty industry, could adversely affect our ability to conduct business. Changes to or turnover among senior management or key executives could also disrupt the Company’s strategic focus, operational capabilities and may impede our ability to act quickly and efficiently in executing our business strategy.

Special considerations apply to our Bermuda operations. Under Bermuda law, non-Bermudians, other than spouses of Bermudians and individuals holding permanent or working resident certificates, are not permitted to engage in any gainful occupation in Bermuda without a work permit issued by the Bermuda government. A work permit is only granted or extended if the employer can show that, after a proper public advertisement, no Bermudian, spouse of a Bermudian or individual holding a permanent or working resident certificate is available who meets the minimum standards reasonably required for the position. The Bermuda government places a six-year term limit on individuals with work permits, subject to specified exemptions for persons deemed to be key employees of businesses with a significant physical presence in Bermuda. Currently, all our Bermuda-based professional employees who require work permits have been granted permits by the Bermuda government that expire at various times between March 2025 and March 2030.

We rely on our processes, people and systems to maintain our operations and manage the operational risks inherent to our business. Any errors, omissions or misconduct by our employees or third-party agents in the execution of these processes could adversely affect our business, results of operations and financial condition.

We rely on our processes, people and systems to maintain and execute our operations. We seek to monitor and control our exposure to risks arising from these processes through an enterprise risk management framework, internal controls, management review and other processes. We cannot provide total assurance that these processes will effectively identify or control all risks, or that our employees and third-party agents will effectively execute them. Losses may result from, among other things, actual or alleged fraud; errors; or failure to document transactions properly, obtain proper internal authorization, comply with underwriting or other internal guidelines or comply with regulatory requirements. It is not always possible to deter or prevent employee misconduct, and the precautions that we take to prevent and detect this activity may not be effective in all cases. Resulting losses could adversely affect our business, results of operations and financial condition.

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We are subject to cybersecurity risks that could negatively impact our business operations.

Cybersecurity threats and incidents have increased in recent years, heightening related risks. We are dependent upon our information technology platform, including our processing systems, data and electronic transmissions in our business operations. Security breaches and other cyber threats, including those at third parties that have our information, could expose us to the loss or misuse of our technology systems or information, litigation and potential liability. In addition, cyber incidents that impact the confidentiality, integrity, availability, authenticity or other proper functioning of these systems could have a significant negative impact on our operations and possibly our financial results. An incident could also result in a violation of applicable privacy and other laws, damage our reputation, cause a loss of customers, result in regulatory action or give rise to monetary fines and other penalties, which could be significant, and ultimately have a material adverse effect on our business or operations. The cybersecurity regulatory environment is evolving, in particular with respect to emerging technologies, such as artificial intelligence, and it is likely that the costs of complying with new or developing regulatory requirements will increase. We are not aware of a cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial condition.

Exposure to cybersecurity risk is increasing systematically due to greater digital dependence and increased possible losses due to a catastrophic cybersecurity event. Cyber catastrophes are not bound by time or geographic limitations and cyber catastrophic perils do not have well-established definitions and fundamental physical properties. Rather, cybersecurity risks are engineered by human actors and thus are continuously evolving, often in ways that are engineered specifically to evade established loss mitigation controls. Any losses incurred from these risks are also dependent on our clients’ and our third-party service providers' cybersecurity practices and defenses, as well as how policy terms and conditions interact with the evolving threat landscape.

We are dependent on brokers and agents for business developments.

We rely on brokers and agents. Our relationship with this distribution network is based on quality of underwriting, claim services, financial strength and other factors, which could weaken.

Analytical models used in decision making could vary materially from actual results.

As a financial services company, we are exposed to model risk. We utilize financial models to derive metrics and drive analysis to assist in decision making across key areas, such as pricing, underwriting, reserving, investment management, ceding business, capital allocation and risk management. These models may not operate properly, may contain incorrect information and errors and may rely on assumptions and projections that are inherently uncertain.

Our operations are subject to business continuation risk.

Across our global business centers, there is risk that our operations, systems or data, or those of third parties on whom we rely, may be disrupted. We may experience a disruption in business continuity as a result of pandemic and public health crises, geopolitical risks including armed conflict and civil unrest, terrorist events, natural disasters, cyber-attacks affecting technology services, as well as governmental, business and societal responses to such events, such as restrictions on public gatherings, sanctions, trade restrictions, increased unemployment and supply chain disruptions. All such events may ultimately result in workforce unavailability among other operational impacts.

STRATEGIC

Our industry is highly competitive, and we may not be able to compete successfully in the future.

Our industry is highly competitive and subject to pricing cycles that can be pronounced. We compete globally in the United States, Bermuda and international reinsurance and insurance markets with numerous competitors. Our competitors include independent reinsurance and insurance companies, subsidiaries or affiliates of established worldwide insurance companies, reinsurance departments of certain insurance companies and domestic and international underwriting operations, including underwriting syndicates at Lloyd’s of London.

According to S&P, Everest ranks among the top ten global property and casualty reinsurance groups. The worldwide net premium written by the Top 40 global reinsurance groups for both life and non-life business was estimated to be $318 billion in 2023 according to data compiled by S&P. In addition to existing competitors, the entry of alternative capital

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market products and new company formations provide additional sources of reinsurance and insurance capacity, which could reduce our market share.

SHAREHOLDERS, LEGAL & REGULATION

Applicable insurance laws may have an anti-takeover effect.

Before a person can acquire control of a U.S. insurance company, prior written approval must be obtained from the insurance commissioner of the state where that insurance company is domiciled or deemed commercially domiciled. Prior to granting approval of an application to acquire control of a domestic insurance company, a state insurance commissioner will consider such factors as the financial strength of the applicant, the integrity and competence of the applicant’s board of directors and executive officers, the acquiror’s plans for the future operations of the insurance company and any anti-competitive results that may arise from the consummation of the acquisition of control. Because any person who acquired control of Group would thereby acquire indirect control of its insurance company subsidiaries in the United States, the insurance change of control laws of Delaware and California would apply to such a transaction. This could have the effect of delaying or even preventing such a change of control.

The ownership of common shares of Group by Everest Re Advisors, Ltd., a direct subsidiary of Group, may have an impact on securing approval of shareholder proposals that Group’s management supports.

As of December 31, 2024, Everest Re Advisors, Ltd. (Bermuda) owned 9,719,971 or 18.5% of the outstanding common shares of Group. Under Group’s bye-laws, the total voting power of any shareholder owning more than 9.9% of the common shares is reduced to 9.9% of the total voting power of the common shares. Nevertheless, Everest Re Advisors, Ltd., which is controlled by Group, has the ability to vote 9.9% of the total voting power of Group’s common shares.

Provisions in Group’s bye-laws could have an anti-takeover effect, which could diminish the value of its common shares.

Group’s bye-laws contain provisions that could delay or prevent a change of control that a shareholder might consider favorable. The effect of these provisions could be to prevent a shareholder from receiving the benefit from any premium over the market price of our common shares offered by a bidder in a potential takeover. Even in the absence of an attempt to effect a change in management or a takeover attempt, these provisions may adversely affect the prevailing market price of our common shares if they are viewed as discouraging takeover attempts in the future.

For example, Group’s bye-laws contain the following provisions that could have an anti-takeover effect:

•the total voting power of any shareholder owning more than 9.9% of the common shares will be reduced to 9.9% of the total voting power of the common shares;

•the board of directors may decline to register any transfer of common shares if it has reason to believe that the transfer would result in:

i.)any person that is not an investment company beneficially owning more than 5.0% of any class of the issued and outstanding share capital of Group,

ii.)any person holding controlled shares in excess of 9.9% of any class of the issued and outstanding share capital of Group, or

iii.)any adverse tax, regulatory or legal consequences to Group, any of its subsidiaries or any of its shareholders;

•Group also has the option to redeem or purchase all or part of a shareholder’s common shares to the extent the board of directors determines it is necessary or advisable to avoid or cure any adverse or potential adverse consequences if:

i.)any person that is not an investment company beneficially owns more than 5.0% of any class of the issued and outstanding share capital of Group,

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ii.)any person holds controlled shares in excess of 9.9% of any class of the issued and outstanding share capital of Group, or

iii.)share ownership by any person may result in adverse tax, regulatory or legal consequences to Group, any of its subsidiaries or any other shareholder.

The Board has indicated that it will apply these bye-law provisions in such manner that “passive institutional investors” will be treated similarly to investment companies. For this purpose, “passive institutional investors” include all persons who are eligible, pursuant to Rule 13d-1(b)(1) under the Exchange Act to file a short-form statement on Schedule 13G, other than an insurance company or any parent holding company or control person of an insurance company.

Investors in Group may have more difficulty in protecting their interests than investors in a U.S. corporation.

The Companies Act 1981 of Bermuda (the “Companies Act”), differs in material respects from the laws applicable to U.S. corporations and their shareholders. The following is a summary of material differences between the Companies Act, as modified in some instances by provisions of Group’s bye-laws, and Delaware corporate law that could make it more difficult for investors in Group to protect their interests than investors in a U.S. corporation. Because the following statements are summaries, they do not address all aspects of Bermuda law that may be relevant to Group and its shareholders.

Alternate Directors.

Group’s bye-laws provide, as permitted by Bermuda law, that each director may appoint an alternate director, who shall have the power to attend and vote at any meeting of the Board or committee at which that director is not personally present and to sign written consents in place of that director. Delaware law permits a director to appoint another director as an alternate to attend any board committee meeting. However, Delaware law does not provide for the designation of alternate directors with authority to attend or vote at a meeting of the Board.

Committees of the Board of Directors.

Group’s bye-laws provide, as permitted by Bermuda law, that the Board may delegate any of its powers to committees that the Board appoints, and those committees may consist partly or entirely of non-directors. Delaware law allows the board of directors of a corporation to delegate many of its powers to committees, but those committees may consist only of directors.

Interested Directors.

Bermuda law and Group’s bye-laws provide that if a director has a personal interest in a transaction to which the company is also a party and if the director discloses the nature of this personal interest at the first opportunity, either at a meeting of directors or in writing to the directors, then the company will not be able to declare the transaction void solely due to the existence of that personal interest and the director will not be liable to the company for any profit realized from the transaction. In addition, after a director has made the declaration of interest referred to above, he or she is allowed to be counted for purposes of determining whether a quorum is present and to vote on a transaction in which he or she has an interest, unless disqualified from doing so by the chairman of the relevant board meeting. Under Delaware law, an interested director could be held liable for a transaction in which that director derived an improper personal benefit. Additionally, under Delaware law, a corporation may be able to declare a transaction with an interested director to be void unless one of the following conditions is fulfilled:

•the material facts as to the interested director’s relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors;

•the material facts are disclosed or are known to the shareholders entitled to vote on the transaction and the transaction is specifically approved in good faith by the holders of a majority of the voting shares; or

•the transaction is fair to the corporation as of the time it is authorized, approved or ratified.

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Transactions with Significant Shareholders.

As a Bermuda company, Group may enter into business transactions with its significant shareholders, including asset sales, in which a significant shareholder receives, or could receive, a financial benefit that is greater than that received, or to be received, by other shareholders with prior approval from Group’s board of directors but without obtaining prior approval from the shareholders. In the case of an amalgamation, in which two or more companies join together and continue as a single company, a resolution of shareholders approved by a majority of at least 75% of the votes cast is required in addition to the approval of the board of directors, except in the case of an amalgamation with and between wholly-owned subsidiaries. If Group was a Delaware corporation, any business combination with an interested shareholder (which, for this purpose, would include mergers and asset sales of greater than 10% of Group’s assets that would otherwise be considered transactions in the ordinary course of business) within a period of three years from the time the person became an interested shareholder would require prior approval from shareholders holding at least 66 2/3% of Group’s outstanding common shares not owned by the interested shareholder, unless the transaction qualified for one of the exemptions in the relevant Delaware statute or Group opted out of the statute. For purposes of the Delaware statute, an “interested shareholder” is generally defined as a person who together with that person’s affiliates and associates owns, or within the previous three years did own, 15% or more of a corporation’s outstanding voting shares.

Takeovers.

Under Bermuda law, if an acquiror makes an offer for shares of a company and, within four months of the offer, the holders of not less than 90% of the shares that are the subject of the offer tender their shares, the acquiror may give the nontendering shareholders notice requiring them to transfer their shares on the terms of the offer. Within one month of receiving the notice, dissenting shareholders may apply to the court objecting to the transfer. The burden is on the dissenting shareholders to show that the court should exercise its discretion to enjoin the transfer. The court will be unlikely to do this unless there is evidence of fraud or bad faith or collusion between the acquiror and the tendering shareholders aimed at unfairly forcing out minority shareholders. Under another provision of Bermuda law, the holders of 95% of the shares of a company (the “acquiring shareholders”) may give notice to the remaining shareholders requiring them to sell their shares on the terms described in the notice. Within one month of receiving the notice, dissenting shareholders may apply to the court for an appraisal of their shares. Within one month of the court’s appraisal, the acquiring shareholders are entitled either to acquire all shares involved at the price fixed by the court or cancel the notice given to the remaining shareholders. If shares were acquired under the notice at a price below the court’s appraisal price, the acquiring shareholders must either pay the difference in price or cancel the notice and return the shares thus acquired to the shareholder, who must then refund the purchase price. There are no comparable provisions under Delaware law.

Inspection of Corporate Records.

Members of the general public have the right to inspect the public documents of Group available at the office of the Registrar of Companies and Group’s registered office, both in Bermuda. These documents include the memorandum of association, which describes Group’s permitted purposes and powers, any amendments to the memorandum of association and documents relating to any increase or reduction in Group’s authorized share capital. Shareholders of Group have the additional right to inspect Group’s bye-laws, minutes of general meetings of shareholders and audited financial statements that must be presented to the annual general meeting of shareholders. The register of shareholders of Group also is open to inspection by shareholders and to members of the public without charge. Group is required to maintain its share register at its registered office in Bermuda. Group also maintains a branch register in the offices of its transfer agent in the United States, which is open for public inspection as required under the Companies Act. Group is required to keep at its registered office a register of its directors and officers that is open for inspection by members of the public without charge. However, Bermuda law does not provide a general right for shareholders to inspect or obtain copies of any other corporate records. Under Delaware law, any shareholder may inspect or obtain copies of a corporation’s shareholder list and its other books and records for any purpose reasonably related to that person’s interest as a shareholder.

Shareholders’ Suits.

The rights of shareholders under Bermuda law are not as extensive as the rights of shareholders under legislation or judicial precedent in many U.S. jurisdictions. Class actions and derivative actions are generally not available to shareholders under the laws of Bermuda. However, the Bermuda courts ordinarily would be expected to follow English

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case law precedent, which would permit a shareholder to bring an action in the name of Group to remedy a wrong done to Group where the act complained of is alleged to be beyond the corporate power of Group or illegal or would result in the violation of Group’s memorandum of association or bye-laws. Furthermore, the court would give consideration to acts that are alleged to constitute a fraud against the minority shareholders or where an act requires the approval of a greater percentage of Group’s shareholders than actually approved it. The winning party in an action of this type generally would be able to recover a portion of attorneys’ fees incurred in connection with the action. Under Delaware law, class actions and derivative actions generally are available to stockholders for breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In these types of actions, the court has discretion to permit the winning party to recover its attorneys’ fees.

Limitation of Liability of Directors and Officers.

Group’s bye-laws provide that Group and its shareholders waive all claims or rights of action that they might have, individually or in the right of the Company, against any director or officer for any act or failure to act in the performance of that director’s or officer’s duties. However, this waiver does not apply to claims or rights of action that arise out of fraud or dishonesty. This waiver may have the effect of barring claims arising under U.S. federal securities laws. Under Delaware law, a corporation may include in its certificate of incorporation provisions limiting the personal liability of its directors to the corporation or its stockholders for monetary damages for many types of breach of fiduciary duty. However, these provisions may not limit liability for any breach of the duty of loyalty, acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, the authorization of unlawful dividends, stock repurchases or stock redemptions, or any transaction from which a director derived an improper personal benefit. Moreover, Delaware provisions would not be likely to bar claims arising under U.S. federal securities laws.

Indemnification of Directors and Officers.

Group’s bye-laws provide that Group shall indemnify its directors or officers to the full extent permitted by law against all actions, costs, charges, liabilities, loss, damage or expense incurred or suffered by them by reason of any act done, concurred in or omitted in the conduct of Group’s business or in the discharge of their duties. Under Bermuda law, this indemnification may not extend to any matter involving fraud or dishonesty of which a director or officer may be guilty in relation to the company, as determined in a final judgment or decree not subject to appeal. Under Delaware law, a corporation may indemnify a director or officer who becomes a party to an action, suit or proceeding because of his position as a director or officer if (1) the director or officer acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and (2) if the action or proceeding involves a criminal offense, the director or officer had no reasonable cause to believe his or her conduct was unlawful.

Enforcement of Civil Liabilities.

Group is organized under the laws of Bermuda. Some of its directors and officers may reside outside the U.S. A substantial portion of our assets are or may be located in jurisdictions outside the United States. As a result, a person may not be able to affect service of process within the United States on directors and officers of Group and those experts who reside outside the United States. A person also may not be able to recover against them or Group on judgments of U.S. courts or to obtain original judgments against them or Group in Bermuda courts, including judgments predicated upon civil liability provisions of the U.S. federal securities laws.

Dividends.

Bermuda law does not allow a company to declare or pay a dividend, or make a distribution out of contributed surplus, if there are reasonable grounds for believing that the company, after the payment is made, would be unable to pay its liabilities as they become due, or that the realizable value of the company’s assets would be less, as a result of the payment, than the aggregate of its liabilities and its issued share capital and share premium accounts. The share capital account represents the aggregate par value of issued shares, and the share premium account represents the aggregate amount paid for issued shares over and above their par value. Under Delaware law, subject to any restrictions contained in a company’s certificate of incorporation, a company may pay dividends out of the surplus or, if there is no surplus, out of net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. Surplus is the amount by which the net assets of a corporation exceed its stated capital. Delaware law also provides that dividends may not be paid out of net profits at any time when stated capital is less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.

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Insurance laws and regulations restrict our ability to operate and any failure to comply with those laws and regulations could have a material adverse effect on our business.

We are subject to extensive and increasing regulation under U.S., state and foreign insurance laws. These laws limit the amount of dividends that can be paid to us by our operating subsidiaries, impose restrictions on the amount and type of investments that we can hold, prescribe solvency, accounting and internal control standards that must be met and maintained and require us to maintain reserves. These laws also require disclosure of material inter-affiliate transactions and require prior approval of “extraordinary” transactions. Such “extraordinary” transactions include declaring dividends from operating subsidiaries that exceed statutory thresholds. These laws also generally require approval of changes of control of insurance companies. The application of these laws could affect our liquidity and ability to pay dividends, interest and other payments on securities, as applicable, and could restrict our ability to expand our business operations through acquisitions of new insurance subsidiaries. We may not have or maintain all required licenses and approvals or fully comply with the wide variety of applicable laws and regulations or the relevant authority’s interpretation of the laws and regulations. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities or fine us. These types of actions could have a material adverse effect on our business. To date, no material fine, penalty or restriction has been imposed on us for failure to comply with any insurance law or regulation.

As a result of the previous dislocation of the financial markets, the U.S. government implemented changes in the way the financial services industry is regulated. Some of these changes are also impacting the insurance industry. For example, the U.S. Treasury established the Federal Insurance Office with the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities and consumers have access to affordable non-health insurance products, to represent the United States on prudential aspects of international insurance matters, to assist with administration of the Terrorism Risk Insurance Program and to advise on important national and international insurance matters. In addition, several European regulatory bodies are in the process of updating existing regulations or developing new capital adequacy directives for insurers and reinsurers. The future impact of such initiatives or new initiatives from the current governmental authorities, if any, on our operation, net income (loss) or financial condition cannot be determined at this time.

Regulatory challenges in the United States could adversely affect the ability of Bermuda Re to conduct business.

Bermuda Re does not intend to be licensed or admitted as an insurer or reinsurer in any U.S. jurisdiction. Under current law, Bermuda Re generally will be permitted to reinsure U.S. risks from its office in Bermuda without obtaining those licenses. However, the insurance and reinsurance regulatory framework is subject to periodic legislative review and revision. In the past, there have been congressional and other initiatives in the United States regarding increased supervision and regulation of the insurance industry, including proposals to supervise and regulate reinsurers domiciled outside the United States. If Bermuda Re were to become subject to any insurance laws of the United States or any U.S. state at any time in the future, it might be required to post deposits or maintain minimum surplus levels and might be prohibited from engaging in lines of business or from writing certain types of policies. Complying with those laws could have a material adverse effect on our ability to conduct business in Bermuda and international markets.

Bermuda Re may need to be licensed or admitted in additional jurisdictions to develop its business.

As Bermuda Re’s business develops, it will monitor the need to obtain licenses in jurisdictions other than Bermuda and the U.K., where it has an authorized branch, in order to comply with applicable law or to be able to engage in additional insurance-related activities. In addition, Bermuda Re may be at a competitive disadvantage in jurisdictions where it is not licensed or does not enjoy an exemption from licensing relative to competitors that are so licensed or exempt from licensing. Bermuda Re may not be able to obtain any additional licenses that it determines are necessary or desirable. Furthermore, the process of obtaining those licenses is often costly and may take a long time.

Bermuda Re’s ability to write reinsurance may be severely limited if it is unable to arrange for security to back its reinsurance.

Many jurisdictions do not permit insurance companies to take credit for reinsurance obtained from unlicensed or non-admitted insurers on their statutory financial statements without appropriate security. Bermuda Re’s reinsurance clients typically require it to post a letter of credit or enter into other security arrangements. If Bermuda Re is unable to obtain

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or maintain a letter of credit facility on commercially acceptable terms or is unable to arrange for other types of security, its ability to operate its business may be severely limited. If Bermuda Re defaults on any letter of credit that it obtains, it may be required to prematurely liquidate a substantial portion of its investment portfolio and other assets pledged as collateral.

Regulatory and legislative developments related to cybersecurity, privacy, data protection and artificial intelligence could have an adverse impact on our business.

In October 2017, the NAIC adopted the Insurance Data Security Model Law (“IDSML”), which was intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees in states adopting such law. The IDSML requires insurers, and other entities required to be licensed under state insurance laws, to comply with certain requirements, such as developing and maintaining a written information security program, conducting risk assessments and overseeing the data security practices of third-party vendors. The IDSML has now been adopted in 23 states. In addition, certain state insurance regulators are developing or have developed their own regulations that may impose additional regulatory requirements relating to cybersecurity on insurance and reinsurance companies. For example, the New York State Department of Financial Services has an applicable regulation pertaining to cybersecurity for all banking and insurance entities under its jurisdiction, effective as of March 1, 2017 and amended on November 1, 2023. Regulation of cybersecurity, privacy and data protection, operational resiliency and artificial intelligence has also developed globally. We cannot predict the impact these laws and regulations will have on our business, financial condition or results of operations, but our insurance and reinsurance companies could incur additional costs resulting from compliance with such laws and regulations.

If international tax laws change, our net income may be impacted.

The Organization for Economic Co-operation and Development (“OECD”) and its member countries, including the United States, had been focusing for an extended period on issues related to the taxation of multinational corporations, such as the comprehensive plan set forth by the OECD to create an agreed set of international tax rules for preventing base erosion and profit shifting. The OECD has now agreed upon a broad framework for overhauling the taxation of multinational corporations that includes, among other things, profit reallocation rules (Pillar One) and a 15% global minimum corporate income tax rate (Pillar Two). The Pillar Two model rules have been enacted in several of the jurisdictions in which the Company and its subsidiaries operate, thus, the Company or its subsidiaries are liable to pay a top-up tax for any deficiency between the minimum tax rate of 15% and the effective tax rate per jurisdiction.

Group and/or various Group companies may be subject to additional income taxes, which would reduce our net income.

If U.S. tax law changes, our net income may be impacted.

The 2017 Tax Cuts and Jobs Act (“TCJA”) was adopted to address incorporation by U.S. corporations in low-tax jurisdictions to obtain a competitive advantage over domestic corporations that are subject to the U.S. corporate income tax rate of 21%. Specifically, the TCJA addressed concern over a perceived competitive advantage that foreign-controlled insurers and reinsurers may have had over U.S. controlled insurers and reinsurers, resulting from the purchase of reinsurance by U.S. insurers from affiliates operating in certain foreign jurisdictions, including Bermuda. Such affiliated reinsurance transactions may subject the U.S. ceding companies to a Base Erosion and Anti-abuse Tax of 10% from 2019 to 2024 and 12.5% thereafter, which may exceed its regular income tax. In addition, new legislation, as well as proposed and final regulations may further limit the ability of the Company to execute alternative capital balancing transactions with unrelated parties. This would further impact our net income and effective tax rate.

On August 16, 2022, the IRA was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax and the share repurchase excise tax and do not expect the legislation to have a material impact on our results of operations.

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and

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only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this Guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

Group and/or Bermuda Re may be subject to U.S. corporate income tax, which would reduce our net income.

Bermuda Re. The income of Bermuda Re is a sizable portion of our worldwide income from operations. We have established guidelines for the conduct of our operations that are designed to ensure that Bermuda Re is not engaged in the conduct of a trade or business in the U.S. Based on its compliance with those guidelines, we believe that Bermuda Re should not be required to pay U.S. corporate income tax, other than withholding tax on U.S. source dividend income. However, if the U.S. Internal Revenue Service (the “IRS”) were to successfully assert that Bermuda Re was engaged in a U.S. trade or business, Bermuda Re would be required to pay U.S. corporate income tax on all its income and possibly also the U.S. branch profits tax. However, if the IRS were to successfully assert that Bermuda Re was engaged in a U.S. trade or business, we believe the U.S.-Bermuda tax treaty would preclude the IRS from taxing Bermuda Re’s income except to the extent that its income was attributable to a U.S. permanent establishment maintained by Bermuda Re. We do not believe that Bermuda Re has a permanent establishment in the U.S. If the IRS were to successfully assert that Bermuda Re did have income attributable to a permanent establishment in the U.S., Bermuda Re would be subject to U.S. tax only on that income. This would reduce our net income.

Group. We conduct our operations in a manner designed to minimize our U.S. tax exposures. Based on our compliance with guidelines designed to ensure that we generate only immaterial amounts, if any, of income that is subject to the U.S. taxing jurisdiction, we believe that we should be required to pay only immaterial amounts, if any, of U.S. corporate income tax, other than withholding tax on U.S. source dividend income. However, if the IRS successfully asserted that we had material amounts of income that were subject to the U.S. taxing jurisdiction, we would be required to pay U.S. corporate income tax on that income, and possibly the U.S. branch profits tax. The imposition of such tax would reduce our net income.

Bermuda Re and Group. If Bermuda Re became subject to U.S. income tax on its income, or if Group became subject to U.S. income tax, our income could also be subject to U.S. branch profits tax. In that event, Group and Bermuda Re would be subject to taxation at a higher combined effective rate than if they were organized as U.S. corporations. The combined effect of the 21% U.S. corporate income tax rate and the 30% branch profits tax rate is a net tax rate of 44.7%. The imposition of these taxes would reduce our net income.

Our net income will be reduced if U.S. excise and withholding taxes are increased.

Group and/or Bermuda Re may become subject to Bermuda tax, which would reduce our net income.

Reinsurance and insurance premiums paid to Bermuda Re with respect to risks located in the United States are subject to a U.S. federal excise tax of one percent. In addition, Bermuda Re is subject to withholding tax on dividend income from U.S. sources. These taxes could increase, and other taxes could be imposed in the future on Bermuda Re’s business, which would reduce our net income.

If U.S. tax law changes, our U.S. shareholders net income may be impacted.

In January 2022, the U.S. Treasury and the IRS released proposed regulations regarding the determination and inclusion of related-person insurance income (“RPII”). The regulations, if finalized without modifications, could cause RPII to be attributable to the Company’s U.S. shareholders prospectively and therefore would incur additional income tax. The imposition of such tax could reduce our U.S. shareholders return on investment in the Company. Our U.S. shareholders pre-tax income and tax liabilities might be increased, reducing their net income.

ITEM 1B.    UNRESOLVED STAFF COMMENTS

None.

ITEM 1C.    CYBERSECURITY

Cybersecurity Risk Management and Strategy

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Everest has aligned and operationalized its cybersecurity program and controls to the National Institute of Standards and Technology (“NIST”) Cybersecurity Incident Response Framework to provide preventative, detective and responsive measures that are timely, comprehensive, systematic, and in alignment with industry standards, regulatory requirements, and the Company’s risk management framework. As part of the Company’s cybersecurity program, Everest has established cross-functional teams with roles and responsibilities for cybersecurity incident response. The Company has a formal incident response escalation process, which involves a dedicated Security Operation Center (“SOC”) as well as a incident response team (“IRT”), to further escalate to senior management and the Board, as appropriate. While the actual methods of incident response employed may differ based on the type and nature of the incident, our approach uses a combination of internal teams, external advisors and vendors with specialized skills to support the response and recovery efforts, including a process for escalating issues as needed to senior management and providing timely notification of incidents to law enforcement and regulatory bodies, as appropriate.

Everest uses a multi-layered process for assessing, identifying and managing material risks from cybersecurity threats and manages its systems and processes both internally and with the assistance of specialized third-party service providers. The Company obtains timely cyber-threat intelligence from various sources and maintains intrusion detection, network firewall protections, advanced threat protection, endpoint detection and response, email filtering, distributed denial-of-service and other protections to secure the company’s critical infrastructure. The SOC provides enhanced early detection of threat intelligence services, actively manages security tools, and monitors and responds to security alerts. The SOC also initiates incident response protocols, including escalating threats as needed to the IRT, including the Chief Information Security Officer (“CISO“), who can further escalate to other members of senior management and the Board, as may be appropriate. Various processes, including compiling security metrics, vulnerability scans, regular patching of software and hardware vulnerabilities, external penetration testing, internal phishing tests, red team exercises and incident response exercises are used to test the effectiveness of the overall cybersecurity control environment. In addition to periodic self-assessment of various cybersecurity controls, the Company conducts annual independent NIST assessments to review its cybersecurity posture and to identify opportunities to enhance its cybersecurity controls and mitigate cybersecurity risk.

Everest outsources certain business, technological and administrative functions and relies on third-party vendors to perform certain functions or provide certain services on its behalf. The Company negotiates contractual provisions to address identified cybersecurity risk(s) with third-party vendors. Third party security assessments of these vendors are also performed as part of the Company’s third-party vendor management processes. The Company also maintains processes to oversee and manage material risks from cybersecurity threats associated with its use of third-party service providers.

Everest provides resources and learning opportunities to educate all of our colleagues on how to identify, report and be vigilant against cybersecurity threats in the workplace. In addition, we conduct cybersecurity incident simulation exercises with business, information technology, management and other key stakeholders to practice and test response processes. Furthermore, the Company collaborates with industry associations, government and regulatory authorities, peer companies and external advisors to monitor the threat environment and to inform its cybersecurity practices.

For the year ended December 31, 2024, Everest has not experienced any cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial conditions.

Governance

Cybersecurity threats present a persistent and dynamic threat to our entire industry. The Company views cybersecurity risk as an enterprise-wide concern that involves people, processes and technology. The Company’s Board, through its committees, referenced above in ITEM 1 “Business” - Enterprise Risk Management, has ultimate responsibility for risk oversight. In 2024, a Technology and Cyber Board Committee was established to further assist the Company Board’s oversight responsibilities with respect to information technology governance, strategy, delivery and risk management, including cybersecurity and data privacy. Management is tasked with the day-to-day management of the Company’s cybersecurity risks. The Company’s Board has a practical understanding of information systems and technology use in our business operations and processes, as well as a recognition of the risk management aspects of cyber risks and cybersecurity. In addition, the Company’s subsidiary boards of directors may also provide additional oversight.

The Company also appointed a certified CISO who has significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps

33

necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the ERC, referenced above in ITEM 1 “Business” - Enterprise Risk Management, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company. The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our business. The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, review overall cybersecurity strategies and policies and to report on material cybersecurity risks.

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee. The topics covered by these updates include the Company's activities, policies and procedures to prevent, detect and respond to cybersecurity incidents, as well as lessons learned from cybersecurity incidents and internal and external testing of our cyber defenses.

ITEM 2.    PROPERTIES

Everest Re’s corporate offices are located in approximately 321,500 square feet of leased office space in Warren, New Jersey. Bermuda Re’s corporate offices are located in approximately 12,300 total square feet of leased office space in Hamilton, Bermuda. The Company’s 33 other locations occupy a total of approximately 335,300 square feet, all of which are leased.

ITEM 3.    LEGAL PROCEEDINGS

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5.    MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information.

The common shares of Group trade on the NYSE under the symbol, “EG”.

Number of Holders of Common Shares.

The number of record holders of common shares as of February 1, 2025 was 1,012. That number does not include the beneficial owners of shares held in “street” name or held through participants in depositories, such as The Depository Trust Company.

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Dividend History and Restrictions.

The Company’s Board has an established policy of declaring regular quarterly cash dividends and has paid a regular quarterly dividend in each quarter since the fourth quarter of 1995. The Company declared and paid its quarterly cash dividend of $1.65 per share for the first quarter and second quarter of 2023, declared and paid its quarterly cash dividend of $1.75 per share for the third quarter of 2023 through the first quarter of 2024, and declared and paid its quarterly cash dividend of $2.00 per share for the remaining three quarters of 2024.

The declaration and payment of future dividends, if any, by the Company will be at the discretion of the Board and will depend upon many factors, including the Company’s earnings, financial condition, business needs and growth objectives, capital and surplus requirements of its operating subsidiaries, regulatory restrictions, rating agency considerations and other factors. As an insurance holding company, the Company is partially dependent on dividends and other permitted payments from its subsidiaries to pay cash dividends to its shareholders. The payment of dividends to Group by Holdings and to Holdings by Everest Re is subject to Delaware regulatory restrictions and the payment of dividends to Group by Bermuda Re is subject to Bermuda insurance regulatory restrictions. See “Regulatory Matters - Dividends” and ITEM 8, “Financial Statements and Supplementary Data”- Note 17 of Notes to Consolidated Financial Statements.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Issuer Purchases of Equity Securities
	(a)	(b)		(c)	(d)
Period	Total Number of Shares (or Units) Purchased	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)
January 1 - 31, 2024	154	$	374.3245	—	1,228,908
February 1 - 29, 2024	45,250	$	369.7883	—	1,228,908
March 1 - 31, 2024	101,438	$	387.5345	90,291	1,138,617
April 1 - 30, 2024	40	$	356.4350	—	1,138,617
May 1 - 31, 2024	174,202	$	374.1937	173,718	964,899
June 1 - 30, 2024	42	$	380.4150	—	964,899
July 1 - 31, 2024	—	$	—	—	964,899
August 1 - 31, 2024	208,144	$	360.5101	208,039	756,860
September 1 - 30, 2024	69,623	$	388.1102	64,421	692,439
October 1 - 31, 2024	—	$	—	—	692,439
November 1 - 30, 2024	3,449	$	370.0066	—	692,439
December 1 - 31, 2024	—	$	—	—	692,439
Total	602,342	$	—	536,469	692,439

(1) On November 7, 2024, the Company’s Board approved an amendment to the share repurchase program authorizing the Company and/or its subsidiary Holdings, to purchase up to an additional 10.0 million shares to a current aggregate of 42.0 million of the Company’s shares (recognizing that the number of shares authorized for repurchase has been reduced by those shares that have already been purchased) in open market transactions, privately negotiated transactions or both. As of December 31, 2024, the Company and/or its subsidiary Holdings have repurchased 31.3 million of the Company’s shares.

Recent Sales of Unregistered Securities.

None.

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Performance Graph.

The following performance graph compares cumulative total shareholder returns on the common shares (assuming reinvestment of dividends) from December 31, 2019 through December 31, 2024, with the cumulative total return of the S&P 500 Index and the S&P Insurance (Property and Casualty) Index.

	12/19	12/20	12/21	12/22	12/23	12/24
Everest Group, Ltd.	100.00	86.94	104.19	128.89	140.12	146.54
S&P 500	100.00	118.40	152.39	124.79	157.59	197.02
S&P Property & Casualty Insurance	100.00	106.96	127.58	151.65	168.05	227.67

*$100 invested on December 31, 2019 in stock or index, including reinvestment of dividends.

Fiscal year ending December 31.

Copyright© 2025 Standard & Poor's, a division of S&P Global. All rights reserved.

ITEM 6.    [RESERVED]

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ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Overview.

Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.

As a global leader with a 50-year track record, we are a preferred Reinsurance partner in the markets we serve, and with

our growing Insurance franchise we strive to deliver consistent value to all our stakeholders. We continue to grow and develop our Insurance business, investing in our global platform and strengthening our portfolio and its potential to deliver on our customer promise.

During 2024, we formed a new “Other” segment, primarily comprised of the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed. See Note 6 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Our current year net income of $1.4 billion is inclusive of unfavorable development of prior-year loss reserves of $1.5 billion. Following a comprehensive reserve review, we have significantly fortified our U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent and investing in our platform as we head into 2025. Refer to management’s discussion of consolidated and segment results below.

The following is a discussion and analysis of our results of operations, financial condition and liquidity and capital resources for the years ended December 31, 2024 and 2023. This discussion should be read in conjunction with the consolidated financial statements and related notes, under ITEM 8 of this Form 10-K. Pursuant to the Fixing America’s Surface Transportation Act Modernization and Simplification of Regulation S-K, comparisons between 2023 and 2022 have been omitted from this Form 10-K but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2023.

All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.

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Financial Summary.

We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:

	Years Ended December 31,									Percentage Increase/(Decrease)
(Dollars in millions)	2024			2023			2022			2024/2023		2023/2022
Gross written premiums	$	18,232		$	16,637		$	13,952		9.6	%	19.2	%
Net written premiums	15,814			14,730			12,344			7.4	%	19.3	%
REVENUES:
Premiums earned	$	15,187		$	13,443		$	11,787		13.0	%	14.0	%
Net investment income	1,954			1,434			830			36.3	%	72.7	%
Net gains (losses) on investments	19			(276)			(455)			NM		(39.3)	%
Other income (expense)	121			(14)			(102)			NM		(86.3)	%
Total revenues	17,281			14,587			12,060			18.5	%	20.9	%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	11,305			8,427			8,100			34.1	%	4.0	%
Commission, brokerage, taxes and fees	3,300			2,952			2,528			11.8	%	16.7	%
Other underwriting expenses	938			846			682			10.9	%	24.1	%
Corporate expenses	95			73			61			30.5	%	19.9	%
Interest, fees and bond issue cost amortization expense	149			134			101			11.1	%	33.2	%
Total claims and expenses	15,787			12,432			11,472			27.0	%	8.4	%
INCOME (LOSS) BEFORE TAXES	1,493			2,154			588			(30.7)	%	NM
Income tax expense (benefit)	120			(363)			(9)			NM		NM
NET INCOME (LOSS)	$	1,373		$	2,517		$	597		(45.4)	%	NM
RATIOS:										Point Change
Loss ratio	74.4		%	62.7		%	68.7		%	11.7		(6.0)
Commission and brokerage ratio	21.7		%	22.0		%	21.4		%	(0.3)		0.6
Other underwriting expense ratio	6.2		%	6.3		%	5.8		%	(0.1)		0.5
Combined ratio	102.3		%	90.9		%	96.0		%	11.4		(5.1)

	At December 31,						Percentage Increase/(Decrease)
(Dollars in millions, except per share amounts)	2024		2023		2022		2024/2023		2023/2022
Balance sheet data:
Total investments and cash	$	41,531	$	37,142	$	29,872	11.8	%	24.3	%
Total assets	56,341		49,399		39,966		14.1	%	23.6	%
Loss and loss adjustment expense reserves	29,889		24,604		22,065		21.5	%	11.5	%
Total debt	3,587		3,385		3,084		6.0	%	9.8	%
Total liabilities	42,466		36,197		31,525		17.3	%	14.8	%
Shareholders' equity	13,875		13,202		8,441		5.1	%	56.4	%
Book value per share	322.97		304.29		215.54		6.1	%	41.2	%

(NM - not meaningful)

(Some amounts may not reconcile due to rounding.)

Revenues.

Premiums. Gross written premiums increased by 9.6% to $18.2 billion in 2024, compared to $16.6 billion in 2023, reflecting a $1.5 billion, or 12.9% increase in our reinsurance business and a $191 million, or 3.9%, increase in our insurance business. The increase in reinsurance premiums reflects growth across multiple lines of business, particularly property and casualty pro rata business and property catastrophe excess of loss business. The increase in insurance

38

premiums reflects growth in property/short tail business and other specialty business, partially offset by portfolio actions taken on accident and health, workers’ compensation and specialty casualty lines of business.

Net written premiums increased by 7.4% to $15.8 billion in 2024, compared to $14.7 billion in 2023. The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.

Premiums earned increased by 13.0% to $15.2 billion in 2024, compared to $13.4 billion in 2023, which is consistent with the percentage changes in gross written premiums. The change in premiums earned relative to net written premiums was primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

Other Income (Expense). We recorded other income of $121 million and other expense of $14 million in 2024 and 2023, respectively. The change was primarily the result of fluctuations in foreign currency exchange rates, gain from the sale of the sports and leisure business and gain from pension plan curtailment. We recognized foreign currency exchange income of $58 million in 2024 and foreign currency exchange expense of $24 million in 2023. Additionally, we recognized a $40 million gain on sale of our sports and leisure business, including renewal rights, sold during the fourth quarter and a $9 million pension plan curtailment gain.

Claims and Expenses.

Incurred Losses and Loss Adjustment Expenses (“LAE”). The following table presents our incurred losses and LAE for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2024
Attritional	$	9,074	59.8	%	$	1,475	9.7	%	$	10,550	69.5	%
Catastrophes	893		5.9	%	(138)		(0.9)	%	755		5.0	%
Total segment	$	9,967	65.6	%	$	1,337	8.8	%	$	11,305	74.4	%
2023
Attritional	$	7,963	59.2	%	$	(5)	—	%	$	7,958	59.2	%
Catastrophes	470		3.5	%	—		—	%	470		3.5	%
Total segment	$	8,432	62.7	%	$	(5)	—	%	$	8,427	62.7	%
2022
Attritional	$	7,047	59.8	%	$	(2)	—	%	$	7,045	59.8	%
Catastrophes	1,055		9.0	%	—		—	%	1,055		9.0	%
Total segment	$	8,102	68.8	%	$	(2)	—	%	$	8,100	68.7	%
Variance 2024/2023
Attritional	$	1,112	0.5	pts	$	1,481	9.8	pts	$	2,592	10.3	pts
Catastrophes	423		2.4	pts	(138)		(0.9)	pts	285		1.5	pts
Total segment	$	1,535	2.9	pts	$	1,342	8.8	pts	$	2,877	11.7	pts
Variance 2023/2022
Attritional	$	916	(0.5)	pts	$	(3)	—	pts	$	912	(0.6)	pts
Catastrophes	(585)		(5.5)	pts	—		—	pts	(585)		(5.5)	pts
Total segment	$	331	(6.0)	pts	$	(3)	—	pts	$	327	(6.0)	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 34.1% to $11.3 billion in 2024, compared to $8.4 billion in 2023, primarily due to an increase of $1.1 billion in current year attritional losses, an increase of $423 million in current year catastrophe losses and unfavorable development on prior year attritional losses of $1.5 billion, partially offset by favorable development on prior year catastrophe losses of $138 million.

The increase in current year attritional losses was mainly due to the impact of the increase in premiums earned, changes in the mix of business and strengthening of current accident year U.S. casualty reserves by $206 million in the Insurance

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segment. The current year catastrophe losses of $893 million in 2024 related primarily to Hurricane Milton ($320 million), Hurricane Helene ($94 million), Hurricane Beryl ($64 million), Hurricane Debby ($56 million), the 2024 European flood Boris ($56 million), the 2024 Baltimore bridge collapse ($55 million), the third quarter 2024 Calgary Alberta storms ($54 million), the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($32 million), the 2024 Germany floods ($31 million), the 2024 New Caledonia Riots ($31 million) and the 2024 Taiwan earthquake ($27 million), with the remaining losses resulting from various events. The $470 million of current year catastrophe losses in 2023 related primarily to the 2023 Turkey earthquakes ($103 million), Hurricane Otis ($100 million), the 2023 Italy convective storm ($57 million), the 2023 New Zealand storms ($45 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($32 million) and Hurricane Idalia ($23 million), with the remaining losses resulting from various storm events.

Unfavorable development on prior year attritional losses was $1.5 billion in 2024 compared to favorable development of $5 million in 2023. The net unfavorable development on prior year attritional reserves of $1.5 billion in 2024 is comprised of $1.1 billion of unfavorable development on prior years attritional losses from the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines and $403 million of unfavorable development on prior years attritional losses from the Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $54 million. In addition, the Reinsurance segment recorded $684 million of unfavorable development on prior year casualty reserves. This unfavorable development in the Reinsurance segment was largely offset by favorable development booked on well-seasoned reserves in the property and mortgage lines.

Catastrophe losses and loss expenses typically have a material effect on our incurred losses and LAE results and can vary significantly from period to period. Losses from natural catastrophes contributed 5.9 percentage points to the combined ratio in 2024, compared with 3.5 percentage points in 2023.

Refer to the “Ratios” section for loss ratio analysis discussion.

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased by 11.8% to $3.3 billion for the year ended December 31, 2024 compared to $3.0 billion for the year ended December 31, 2023. The increase was primarily due to the impact of the increase in premiums earned and changes in the mix of business. Refer to the “Ratios” section for commission and brokerage ratio analysis discussion.

Other Underwriting Expenses. Other underwriting expenses were $938 million and $846 million in 2024 and 2023, respectively. The increase in other underwriting expenses was mainly due to the impact of the increase in premiums earned as well as the continued build out of our insurance operations, including an expansion of the international insurance platform. Refer to the “Ratios” section for other underwriting expense ratio analysis discussion.

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $95 million and $73 million for the years ended December 31, 2024 and 2023, respectively. The increase in 2024 compared to 2023 was primarily due to information management related costs, including the acceleration of cybersecurity, corporate applications and infrastructure investments as well as an increase in compensation costs due to increased headcount from the prior year.

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense was $149 million and $134 million in 2024 and 2023, respectively. The increase was primarily driven by higher interest costs resulting from additional borrowings from the Federal Home Loan Bank of New York (“FHLBNY”), offset by the change in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly per the note agreement. The floating rate was 7.17% as of December 31, 2024, compared to 8.03% as of December 31, 2023.

Income Tax Expense (Benefit). Everest had an income tax expense of $120 million and income tax benefit of $363 million in 2024 and 2023, respectively. An income tax expense/benefit is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates. The tax benefit in 2023 was primarily due to the implementation of the provisions of the Bermuda Corporate Income Tax Act of 2023 (“The 2023 Act”).

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On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this Guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax and the share repurchase excise tax, and do not expect the legislation to have a material impact on our results of operations.

Net Income (Loss).

Our net income was $1.4 billion and $2.5 billion in 2024 and 2023, respectively. The decline was primarily driven by a decrease in underwriting income of $1.6 billion resulting from the unfavorable prior year development recognized in 2024, partially offset by an increase of $520 million in net investment income.

Ratios.

Our combined ratio increased by 11.4 points to 102.3% in 2024, compared to 90.9% in 2023. The current year increase is primarily due to prior year development on attritional losses and higher current year catastrophe losses.

The loss ratio component increased by 11.7 points in 2024 over the same period last year mainly due to an increase of $423 million in catastrophe losses and prior year development on attritional losses.

The commission and brokerage ratio components decreased to 21.7% in 2024, compared to 22.0% in 2023. The decrease was mainly due to changes in the mix of business.

The other underwriting expense ratio decreased to 6.2% in 2024, compared to 6.3% in 2023. The decrease was mainly due to Reinsurance segment continued leverage against its premium base, offset by Insurance segment expenses driven by continued international growth.

Shareholders’ Equity.

Shareholders’ equity increased by $673 million to $13.9 billion at December 31, 2024 from $13.2 billion at December 31, 2023, principally as a result of $1.4 billion of net income, partially offset by $334 million of shareholder dividends, $200 million of share repurchases, $128 million of net foreign currency translation adjustments and $127 million of unrealized depreciation on fixed income available for sale securities, net of tax.

Consolidated Investment Results

Net Investment Income.

Net investment income increased by 36.3% to $2.0 billion in 2024, compared with net investment income of $1.4 billion in 2023. The increase was primarily the result of an additional $382 million of income from fixed maturity and short-term investments, an increase of $84 million in income from limited partnerships and an increase of $45 million in income from other alternative investments. The limited partnership income primarily reflects changes in their reported net asset values. As such, until these asset values are monetized and the resultant income is distributed, they are subject to volatile results of future increases or decreases in the asset value.

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The following table shows the components of net investment income for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturities	$	1,481	$	1,153	$	742
Equity securities	3		3		16
Short-term investments and cash	195		140		28
Other invested assets
Limited partnerships	206		122		75
Other	104		59		29
Gross investment income before adjustments	1,989		1,477		890
Funds held interest income (expense)	26		10		2
Future policy benefit reserve income (expense)	(1)		(1)		—
Gross investment income	2,013		1,486		892
Investment expenses	59		53		62
Net investment income	$	1,954	$	1,434	$	830

(Some amounts may not reconcile due to rounding.)

The following tables show a comparison of various investment yields for the periods indicated:

	2024		2023		2022
Annualized pre-tax yield on average cash and invested assets	4.9	%	4.1	%	2.7	%
Annualized after-tax yield on average cash and invested assets	4.2	%	3.6	%	2.3	%
Annualized return on invested assets	4.9	%	3.3	%	1.2	%

	2024		2023		2022
Fixed income portfolio total return	4.0	%	6.8	%	(5.9)	%
Bloomberg U.S. Aggregate Index	1.3	%	5.5	%	(13.0)	%
Common equity portfolio total return	10.9	%	17.6	%	(18.5)	%
S&P 500 index	25.0	%	26.3	%	(18.1)	%
Other invested asset portfolio total return	6.5	%	4.3	%	4.5	%

The pre-tax equivalent total return for the bond portfolio was approximately 4.0% and 6.8%, respectively, in 2024 and 2023. The pre-tax equivalent return adjusts the yield on tax-exempt bonds to the fully taxable equivalent.

Invested Assets.

The Company’s cash and invested assets totaled $41.5 billion at December 31, 2024, which consisted of 86.5% fixed maturities, short term investments and cash and 13.5% of other invested assets and equity securities. Of the total fixed maturities, 96.4% were investment grade. Additionally, the average maturity of fixed maturity securities was 4.9 years at December 31, 2024, and their overall average duration was 3.1 years.

As of December 31, 2024, the Company did not have any direct investments in commercial real estate, direct commercial mortgages or securities of issuers that are experiencing cash flow difficulty to an extent that the Company’s management believes that the issuer’s ability to meet debt service payments, except where an allowance for credit losses has been recognized, is threatened.

The Company’s investment portfolio includes structured commercial mortgage-backed securities (“CMBS”) with a book value of $985 million and a fair value of $921 million. As of December 31, 2024, 85.2% of CMBS securities in our investment portfolio are rated AAA by nationally recognized rating agencies. The remainder of CMBS securities in our investment portfolio are rated investment grade by nationally recognized rating agencies.

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The following table represents the credit quality distribution of the Company’s fixed maturities for the periods indicated:

	At December 31,
	2024				2023
(Dollars in millions)	Fair Value/ Amortized Cost (1)		Percent of Total		Fair Value/ Amortized Cost (1)		Percent of Total
Rating Agency Credit Quality Distribution:
AAA	$	6,934	23.4	%	$	7,011	24.5	%
AA	8,971		30.2	%	8,629		30.2	%
A	8,216		27.7	%	7,297		25.5	%
BBB	4,464		15.0	%	4,168		14.6	%
BB	738		2.5	%	1,067		3.7	%
B	103		0.3	%	132		0.5	%
Rated below B	32		0.1	%	51		0.2	%
Other	206		0.7	%	240		0.8	%
Total	$	29,665	100.0	%	$	28,595	100.0	%

(Some amounts may not reconcile due to rounding.)

(1)Fixed maturities-available for sale are at fair value and fixed maturities-held to maturity are at amortized cost, net of allowances for credit losses.

The following table summarizes fixed maturities by contractual maturity for the periods indicated:

	At December 31,
	2024				2023
(Dollars in millions)	Fair Value/ Amortized Cost (1) (2)		Percent of Total		Fair Value/ Amortized Cost (1) (2)		Percent of Total
Fixed maturity securities
Due in one year or less	$	1,087	3.7	%	$	1,266	4.4	%
Due after one year through five years	8,546		28.8	%	6,916		24.2	%
Due after five years through ten years	4,560		15.4	%	5,448		19.1	%
Due after ten years	1,871		6.3	%	2,585		9.0	%
Asset-backed securities	6,462		21.8	%	6,221		21.8	%
Mortgage-backed securities	7,141		24.1	%	6,159		21.5	%
Total fixed maturity securities	$	29,665	100.0	%	$	28,595	100.0	%

(Some amounts may not reconcile due to rounding.)

(1) Fixed maturities-available for sale are at fair value and fixed maturities-held to maturity are at amortized cost, net of allowances for credit losses.

(2) The amortized cost and fair value of fixed maturity securities are shown by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

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Net Gains (Losses) on Investments.

The following table presents the composition of our net gains (losses) on investments for the periods indicated:

	Years Ended December 31,						2024/2023		2023/2022
(Dollars in millions)	2024		2023		2022		Variance		Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains	$	166	$	35	$	40	$	131	$	(5)
Losses	(160)		(327)		(127)		167		(200)
Total	6		(292)		(87)		298		(205)
Equity securities
Gains	2		8		165		(7)		(156)
Losses	(1)		—		(53)		(1)		53
Total	1		8		112		(7)		(104)
Other Invested Assets
Gains	—		—		18		—		(18)
Losses	(1)		—		(5)		(1)		5
Total	(1)		—		13		(1)		(13)
Short Term Investments
Gains	1		1		—		—		1
Losses	—		—		—		—		—
Total	1		—		—		—		—
Total net realized gains (losses) from dispositions
Gains	169		44		223		125		(179)
Losses	(162)		(327)		(185)		165		(142)
Total	7		(283)		38		290		(322)
Allowance for credit losses	13		7		(33)		6		40
Gains (losses) from fair value adjustments
Equity securities	(1)		—		(460)		(1)		461
Total	(1)		—		(460)		(1)		461
Total net gains (losses) on investments	$	19	$	(276)	$	(455)	$	295	$	179

(Some amounts may not reconcile due to rounding.)

Total net gains (losses) on investments in 2024 primarily consist of $7 million of net gains due to the disposition of investments and a decrease to the allowance for credit losses of $13 million. The realized gains from dispositions of investments mainly related to the execution of a Company strategy to sell lower yielding investments in order to reinvest the proceeds at higher interest rates.

Segment Results.

Our two reportable segments, Reinsurance and Insurance, each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also

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includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management implemented during the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

The following discusses the underwriting results for each of our segments for the periods indicated.

Reinsurance.

The following table presents the underwriting results and ratios for the Reinsurance segment for the periods indicated:

	Years Ended December 31,									2024/2023				2023/2022
(Dollars in millions)	2024			2023			2022			Variance		% Change		Variance		% Change
Gross written premiums	$	12,941		$	11,460		$	9,246		$	1,481	12.9	%	$	2,214	23.9	%
Net written premiums	11,969			10,802			8,917			1,167		10.8	%	1,884		21.1	%
Premiums earned	$	11,412		$	9,799		$	8,596		$	1,613	16.5	%	$	1,203	14.0	%
Incurred losses and LAE	7,103			5,690			5,962			1,413		24.8	%	(272)		(4.6)	%
Commission and brokerage	2,837			2,520			2,116			317		12.6	%	404		19.1	%
Other underwriting expenses	290			254			216			36		14.1	%	38		17.6	%
Underwriting gain (loss)	$	1,181		$	1,334		$	302		$	(153)	(11.5)	%	$	1,032	NM
												Point Chg				Point Chg
Loss ratio	62.2		%	58.1		%	69.4		%			4.2				(11.3)
Commission and brokerage ratio	24.9		%	25.7		%	24.6		%			(0.8)				1.1
Other underwriting expense ratio	2.5		%	2.6		%	2.5		%			(0.1)				0.1
Combined ratio	89.7		%	86.4		%	96.5		%			3.3				(10.1)

(NM, not meaningful)

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums increased by 12.9% to $12.9 billion in 2024 from $11.5 billion in 2023. The increase in gross written premiums reflects growth across multiple lines of business, particularly property and casualty pro rata business and property catastrophe excess of loss business.

Net written premiums increased by 10.8% to $12.0 billion in 2024, compared to $10.8 billion in 2023. The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.

Premiums earned increased by 16.5% to $11.4 billion in 2024, compared to $9.8 billion in 2023. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used. The refined estimate resulted in an increase of gross written premium for the twelve months ended December 31, 2023, and has further aligned the estimation methodology across the

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reinsurance division globally. This change had no impact on the total written premium to be recognized over the term of the treaties. There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income or any related per-share amounts.

Incurred Losses and LAE. The following table presents the incurred losses and LAE for the Reinsurance segment for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2024
Attritional	$	6,456	56.6	%	$	—	—	%	6,456		56.6	%
Catastrophes	772		6.8	%	(125)		(1.1)	%	647		5.7	%
Total segment	$	7,228	63.3	%	$	(125)	(1.1)	%	$	7,103	62.2	%
2023
Attritional	$	5,641	57.6	%	$	(401)	(4.1)	%	$	5,241	53.5	%
Catastrophes	449		4.6	%	—		—	%	449		4.6	%
Total segment	$	6,091	62.2	%	$	(401)	(4.1)	%	$	5,690	58.1	%
2022
Attritional	$	5,166	60.1	%	$	(135)	(1.6)	%	$	5,032	58.5	%
Catastrophes	930		10.8	%	—		—	%	930		10.8	%
Total segment	$	6,096	70.9	%	$	(135)	(1.6)	%	$	5,962	69.4	%
Variance 2024/2023
Attritional	$	815	(1.0)	pts	$	401	4.1	pts	$	1,216	3.1	pts
Catastrophes	322		2.2	pts	(125)		(1.1)	pts	197		1.1	pts
Total segment	$	1,137	1.2	pts	$	276	3.0	pts	$	1,413	4.2	pts
Variance 2023/2022
Attritional	$	475	(2.5)	pts	$	(266)	(2.5)	pts	$	209	(5.0)	pts
Catastrophes	(481)		(6.2)	pts	—		—	pts	(481)		(6.2)	pts
Total segment	$	(5)	(8.8)	pts	$	(266)	(2.5)	pts	$	(272)	(11.3)	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses increased by 24.8% to $7.1 billion in 2024, compared to $5.7 billion in 2023. The increase was primarily due to an increase of $815 million in current year attritional losses, an increase of $322 million in current year catastrophe losses and a decrease of favorable development on prior year attritional reserves ($0 million in 2024 and $401 million in 2023), partially offset by favorable development on prior year catastrophe losses of $125 million. The increase in current year attritional losses was mainly related to the impact of the increase in premiums earned. During the current year, prior year U.S. casualty reserves were strengthened by $684 million. This reserve strengthening was fully offset by favorable development on well-seasoned reserves in property and mortgage lines.

The current year catastrophe losses of $772 million in 2024 related primarily to Hurricane Milton ($275 million), Hurricane Helene ($64 million), Hurricane Debby ($55 million), Hurricane Beryl ($54 million), the 2024 European flood Boris ($50 million), the 2024 Baltimore bridge collapse ($50 million), the third quarter 2024 Calgary Alberta storms ($45 million) and the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($32 million), the 2024 New Caledonia Riots ($31 million), the 2024 Germany floods ($28 million) and the 2024 Taiwan earthquake ($25 million), with the remaining losses resulting from various events. The $449 million of current year catastrophe losses in 2023 related primarily to the 2023 Turkey earthquakes ($103 million), Hurricane Otis ($100 million), the 2023 Italy convective storm ($57 million), the 2023 New Zealand storms ($43 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($27 million) and Hurricane Idalia ($23 million), with the remaining losses resulting from various storm events.

Segment Expenses. Commission and brokerage expense increased by 12.6% to $2.8 billion in 2024, compared to $2.5 billion in 2023. The increase was mainly due to the impact of the increase in premiums earned and changes in the mix of business. Segment other underwriting expenses increased to $290 million in 2024 from $254 million in 2023. The increase was in line with growth in the business and necessary support functions.

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Insurance.

The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated:

	Years Ended December 31,									2024/2023				2023/2022
(Dollars in millions)	2024			2023			2022			Variance		% Change		Variance		% Change
Gross written premiums	$	5,078		$	4,888		$	4,426		$	191	3.9	%	$	462	10.4	%
Net written premiums	3,678			3,704			3,223			(26)		(0.7)	%	481		14.9	%
Premiums earned	$	3,579		$	3,420		$	2,998		$	159	4.6	%	$	422	14.1	%
Incurred losses and LAE	3,622			2,471			2,040			1,150		46.5	%	431		21.1	%
Commission and brokerage	439			410			399			29		7.0	%	11		2.7	%
Other underwriting expenses	615			556			438			59		10.6	%	119		27.1	%
Underwriting gain (loss)	$	(1,097)		$	(18)		$	121		$	(1,079)	NM		$	(139)	NM
												Point Chg				Point Chg
Loss ratio	101.2		%	72.3		%	68.1		%			28.9				4.2
Commission and brokerage ratio	12.3		%	12.0		%	13.3		%			0.3				(1.3)
Other underwriting expense ratio	17.2		%	16.3		%	14.6		%			0.9				1.7
Combined ratio	130.7		%	100.5		%	96.0		%			30.1				4.6

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums increased by 3.9% to $5.1 billion in 2024, compared to $4.9 billion in 2023. The increase in insurance premiums reflects growth property/short tail business and other specialty business, partially offset by portfolio actions taken on accident and health, workers’ compensation and casualty lines of business.

Net written premiums decreased by 0.7% to $3.7 billion in 2024, compared to $3.7 billion in 2023. The decrease in net written premiums compared to the increase in gross written premiums was mainly due to lower net retention resulting from changes in the mix of business.

Premiums earned increased by 4.6% to $3.6 billion in 2024, compared to $3.4 billion in 2023. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

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Incurred Losses and LAE. The following table presents the incurred losses and LAE for the Insurance segment for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2024
Attritional	$	2,443	68.3	%	$	1,072	30.0	%	$	3,515	98.2	%
Catastrophes	120		3.4	%	(13)		(0.4)	%	107		3.0	%
Total segment	$	2,563	71.6	%	$	1,059	29.6	%	$	3,622	101.2	%
2023
Attritional	$	2,166	63.3	%	$	285	8.3	%	$	2,451	71.7	%
Catastrophes	20		0.6	%	—		—	%	21		0.6	%
Total segment	$	2,186	63.9	%	$	285	8.3	%	$	2,471	72.3	%
2022
Attritional	$	1,882	62.8	%	$	34	1.1	%	$	1,916	63.9	%
Catastrophes	125		4.2	%	—		—	%	125		4.2	%
Total segment	$	2,006	66.9	%	$	34	1.1	%	$	2,040	68.1	%
Variance 2024/2023
Attritional	$	277	4.9	pts	$	787	21.6	pts	$	1,064	26.6	pts
Catastrophes	100		2.8	pts	(14)		(0.4)	pts	86		2.4	pts
Total segment	$	377	7.7	pts	$	773	21.2	pts	$	1,150	28.9	pts
Variance 2023/2022
Attritional	$	284	0.6	pts	$	252	7.2	pts	$	535	7.8	pts
Catastrophes	(104)		(3.6)	pts	—		—	pts	(104)		(3.6)	pts
Total segment	$	180	(3.0)	pts	$	251	7.2	pts	$	431	4.2	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 46.5% to $3.6 billion in 2024, compared to $2.5 billion in 2023. The increase was mainly due to unfavorable development on prior years attritional losses of $787 million, an increase of $277 million in current year attritional losses and an increase in current year catastrophe losses of $100 million, partially offset by favorable development on prior years catastrophe losses of $14 million. During 2024, prior year U.S. casualty reserves were strengthened by $1.1 billion. The reserve strengthening was driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines classes. The increase in current year attritional losses was primarily due to the impact of the increase in premiums earned and strengthening of current accident year U.S. casualty reserves by $206 million.

The current year catastrophe losses of $120 million primarily related to Hurricane Milton ($44 million), Hurricane Helene ($29 million), Hurricane Beryl ($10 million) and the third quarter 2024 Calgary Alberta storms ($9 million), with the remaining losses resulting from various events. The $20 million of current year catastrophe losses in 2023 primarily related to the 2023 third quarter U.S. storms ($5 million), the 2023 Hawaii wildfire ($5 million) and the 2023 December U.S. East Coast flooding ($5 million), with the remaining losses resulting from various storm events.

Segment Expenses. Commission and brokerage increased by 7.0% to $439 million in 2024, compared to $410 million in 2023. Segment other underwriting expenses increased to $615 million in 2024, compared to $556 million in 2023. These increases were mainly due to the impact of the increase in premiums earned and increased expenses related to the continued build out of the insurance business, including an expansion of the international insurance platform.

Other.

The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain

48

discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The following table presents the underwriting results and ratios for the Other segment for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Gross written premiums	$	212	$	289	$	279
Net written premiums	167		225		204
Premiums earned	$	197	$	225	$	194
Incurred losses and LAE	580		266		98
Commission and brokerage	24		22		14
Other underwriting expenses	33		35		28
Underwriting gain (loss)	$	(440)	$	(98)	$	54

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums decreased from $289 million in 2023 to $212 million in 2024. Net written premiums decreased from $225 million in 2023 to $167 million in 2024. Gross written premium is primarily coming from the sports and leisure business. Premiums earned decreased from $225 million in 2023 to $197 million in 2024. The decreases in gross written premiums, net written premiums and premiums earned are due to the lines of business included in this segment primarily being in run-off, except for a limited number of renewed and new policies written on the Company's paper by the purchaser of the sports and leisure business sold in October 2024, for a finite period of time post-closing.

Incurred Losses and LAE. Incurred losses and LAE increased to $580 million in 2024, compared to $266 million in 2023. The increase was mainly due to unfavorable development on prior years attritional losses of $293 million. During 2024, the unfavorable development on prior year attritional losses for the Company’s Other segment of $403 million was mainly related to North America casualty lines for accident years 2019 through 2023 that were impacted by social inflation, including A&E reserve strengthening of $54 million resulting in a 3-year net asbestos survival ratio of 7 years.

Segment Expenses. Commission and brokerage and other underwriting expenses remained relatively flat year over year.

Critical Accounting Estimates

The following is a summary of the critical accounting estimates related to accounting estimates that (1) require management to make assumptions about highly uncertain matters and (2) could materially impact the consolidated financial statements if management made different assumptions.

Loss and LAE Reserves. Our most critical accounting estimate is the determination of our loss and LAE reserves. We maintain reserves equal to management’s estimated ultimate liability for losses and LAE for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, we use a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves whenever an adjustment appears warranted. We consider many factors when setting reserves including: (1) our exposure base and projected ultimate premiums earned; (2) our expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze our loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Our insurance and reinsurance loss and LAE reserves represent management’s best estimate of our ultimate liability. Actual losses and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income (loss) will be impacted in a period in which the change in estimated ultimate losses and LAE is recorded. See also ITEM 8, “Financial Statements and Supplementary Data” - Note 1 of Notes to the Consolidated Financial Statements.

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It is more difficult to accurately estimate loss reserves for reinsurance liabilities than for insurance liabilities. At December 31, 2024, we had reinsurance loss reserves of $19.7 billion, insurance loss reserves of $8.8 billion and other loss reserves of $1.3 billion, of which $260 million were loss reserves for A&E liabilities. A detailed discussion of additional considerations related to A&E exposures follows later in this section.

The detailed data required to evaluate ultimate losses for our insurance business is accumulated from our underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses to us in many ways depending on the type of contract and the agreed or contractual reporting requirements. Generally, proportional/quota share contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into our records. For certain proportional contracts, we may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Our experienced Claims staff handles individual loss reports and supporting claim information. Based on our evaluation of a claim, we may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, the Underwriting, Claim, Reinsurance Accounting and Internal Audit departments of the Company perform various reviews of our ceding companies, particularly larger ceding companies, including on-site audits of domestic ceding companies.

We sort our reserves by segment into exposure groupings for actuarial analysis. We assign our business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. We periodically review our exposure groupings, and we may change our groupings over time as our business changes. We currently use approximately 250 exposure groupings to develop our reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Our estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less uncertainty than those for the longer tail lines.

We use a variety of actuarial methodologies, such as expected loss ratio, chain ladder reserving methods and Bornhuetter-Ferguson, supplemented by judgment where appropriate, to estimate our ultimate losses and LAE for each exposure group. Although we use similar actuarial methodologies for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows us to have greater confidence in our estimates of ultimate losses at an earlier stage than for long tail lines. For immature underwriting or accident years, the initial expected loss ratios are key inputs that involve management judgment and are based on a variety of factors, including: (1) expected loss ratios developed during our pricing process; (2) historical loss ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account our view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment.

Our carried reserves at each reporting date are management’s best estimate of ultimate unpaid losses and LAE at that date. We complete detailed reserve studies for each exposure group annually for our reinsurance and insurance operations. The completed annual reserve studies are “rolled forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and also considers recent market, underwriting and management criteria to determine management’s best estimate of ultimate unpaid losses and LAE.

Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial method. Rather, loss and LAE reserves are estimated by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss. The analysis uses inputs from various sources and methodology, to build up a comprehensive perspective. Such analysis generally involves: 1) estimating the size of insured industry losses; 2) reviewing portfolios to identify contracts which are exposed; 3) reviewing information reported or otherwise provided by customers and brokers; 4) discussing the loss with customers and brokers; and 5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the loss on a contract-by-contract basis

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and in aggregate for the event. Due to the inherent uniqueness or specific nature of a catastrophic event, each event has its own unique assessment, and different weights may be applied to various inputs based on our judgment. Once a loss has occurred, during the then current reporting period, we record our best estimate of the ultimate expected cost to settle all claims arising from the loss. Our estimate of loss and LAE reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss. Our estimate of incurred but not reported (“IBNR”) is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss.

Because catastrophe losses are typically due to prominent, public events such as hurricanes and earthquakes, we are often able to use independent reports as part of our loss reserve estimation process. We also review catastrophe bulletins published by various statistical modeling agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event. For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, we initially place greater reliance on catastrophe bulletins published by statistical modeling agencies to assist in determining what events occurred during the reporting period than we do for large events. This includes reviewing catastrophe bulletins published by Property Claim Services for U.S. catastrophes. We set our initial estimates of reserves for loss and LAE for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical modeling agencies, although we may make significant adjustments based on our current exposure to the geographic region involved as well as the size of the loss and the peril involved.

In general, reserves for more recent large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses, uncertainty as to which contracts have been exposed, uncertainty due to complex legal and coverage issues that can arise out of large or complex losses, and uncertainty as to the magnitude of claims incurred by our customers. As our losses age, more information becomes available, and we believe our estimates become more certain.

Given the inherent variability in our loss reserves, we have developed an estimated range of possible gross reserve levels. A table of ranges by segment, accompanied by commentary on potential and historical variability, is included in “Financial Condition - Loss and LAE Reserves”. The ranges are developed using the exposure groups used in the published global loss triangles. For each exposure group, our actuaries calculate a range of possible ultimate losses for each accident year. These ranges are calculated by applying a variety of different acceptable actuarial methods, and varying the parameter selections within a reasonable set of possibilities. Our estimates of our reserve variability may not be comparable to those of other companies because there are no consistently applied actuarial or accounting standards governing such presentations. Our recorded reserves reflect our best point estimate of our liabilities, and our actuarial methodologies focus on developing such point estimates. We calculate the ranges subsequently, based on the historical variability of such reserves.

A&E Exposures. We continue to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The results of run-off A&E exposures are included within the Company’s Other segment.

Our reserves include an estimate of our ultimate liability for A&E claims. There are significant uncertainties surrounding our estimates of our potential losses from A&E claims. Among the uncertainties are: (a) potentially long waiting periods between exposure and manifestation of any bodily injury or property damage; (b) difficulty in identifying sources of asbestos or environmental contamination; (c) difficulty in properly allocating responsibility and/or liability for asbestos or environmental damage; (d) changes in underlying laws and judicial interpretation of those laws; (e) the potential for an asbestos or environmental claim to involve many insurance providers over many policy periods; (f) questions concerning interpretation and application of insurance and reinsurance coverage; and (g) uncertainty regarding the number and identity of insureds with potential asbestos or environmental exposure.

Due to the uncertainties discussed above, the ultimate losses attributable to A&E, and particularly asbestos, may be subject to more variability than are non-A&E reserves and such variation could have a material adverse effect on our

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financial condition, results of operations and/or cash flows. See also ITEM 8, “Financial Statements and Supplementary Data” - Notes 1 and 4 of Notes to the Consolidated Financial Statements.

Reinsurance Recoverables. We have purchased reinsurance to reduce our exposure to adverse claim experience, large claims and catastrophic loss occurrences. Our ceded reinsurance provides for recovery from reinsurers of a portion of losses and loss expenses under certain circumstances. Such reinsurance does not relieve us of our obligation to our policyholders. In the event our reinsurers are unable to meet their obligations under these agreements or are able to successfully challenge losses ceded by us under the contracts, we will not be able to realize the full value of the reinsurance recoverable balance. In some cases, we may hold full or partial collateral for the receivable, including letters of credit, trust assets and cash. Additionally, creditworthy foreign reinsurers of business written in the U.S., as well as capital markets’ reinsurance mechanisms, are generally required to secure their obligations. We have established reserves for uncollectible balances based on our assessment of the collectability of the outstanding balances. The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible.

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios.

The Company records credit loss expenses related to reinsurance recoverable in incurred losses and LAE in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

Premiums Written and Earned. Premiums written by us are earned ratably over the coverage periods of the related insurance and reinsurance contracts. We establish unearned premium reserves to cover the unexpired portion of each contract. Such reserves, for assumed reinsurance, are computed using pro rata methods based on statistical data received from ceding companies. Premiums earned, and the related costs, which have not yet been reported to us, are estimated and accrued. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Differences between such estimates and actual amounts are recorded in the period in which the estimates are changed, or the actual amounts are determined. These earned but not reported premiums are combined with reported earned premiums to comprise our total premiums earned for determination of our incurred losses and loss and LAE reserves. Commission expense and incurred losses related to the change in earned but not reported premium are included in current period company and segment financial results. See also ITEM 8, “Financial Statements and Supplementary Data” - Note 1 of Notes to the Consolidated Financial Statements.

The following table displays the estimated components of net earned but not reported premiums by segment for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023		2022
Reinsurance	$	3,278	$	2,610	$	2,255
Insurance	—		—		—
Other	—		—		—
Total	$	3,278	$	2,610	$	2,255

(Some amounts may not reconcile due to rounding.)

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Investment Valuation. Our fixed income securities are classified for accounting purposes as either available for sale or held to maturity. The available for sale fixed maturity securities are carried at fair value and the held to maturity fixed maturity portfolio is carried at amortized cost, net of current expected credit allowance on our consolidated balance sheets. Our equity securities are all carried at fair value. Some of our CMBS are valued using cash flow models and risk-adjusted discount rates. We hold privately placed securities, less than 10% of the portfolio, which are either valued by investment advisors or the Company. In some instances, values provided by an investment advisor are supported with opinions from qualified independent third parties. The Company has procedures in place to review the values received from its investment advisors. At December 31, 2024 and 2023, our investment portfolio included a total of $5.1 billion and $4.5 billion of limited partnership investments, whose values are reported pursuant to the equity method of accounting, and corporate-owned life insurance (“COLI”) policies, whose values are reported at cash surrender value. We carry the limited partnership investments at values provided by the managements of the limited partnerships and due to inherent reporting lags, the carrying values are based on values with “as of” dates from generally one month to one quarter prior to our financial statement date.

At December 31, 2024, we had net unrealized losses on our available for sale fixed maturity securities, net of tax, of $849 million, compared to net unrealized losses on our available for sale fixed maturity securities, net of tax, of $723 million at December 31, 2023. Gains (losses) from fair value fluctuations on available for sale fixed maturity securities are reflected as accumulated other comprehensive income (loss) in the consolidated balance sheets. Fair value declines for the available for sale fixed income portfolio, which are considered credit related, are reflected in our consolidated statements of operations and comprehensive income (loss), as realized losses on investments. We consider many factors when determining whether a fair value decline is credit related, including: (1) we have no intent to sell and, more likely than not, will not be required to sell prior to recovery, (2) the credit strength of the issuer, (3) the issuer’s market sector, (4) the length of time to maturity and (5) for asset-backed securities, changes in prepayments, credit enhancements and underlying default rates. If management’s assessments change in the future, we may ultimately record a realized loss after management originally concluded that the decline in value was not attributed to credit related factors.

Fixed maturity securities designated as held to maturity consist of debt securities for which the Company has both the positive intent and ability to hold to maturity or redemption and are reported at amortized cost, net of the current expected credit loss allowance.  Interest income for fixed maturity securities held to maturity is determined in the same manner as interest income for fixed maturity securities available for sale.  The Company evaluates fixed maturity securities classified as held to maturity for current expected credit losses utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses.

Tax. On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this Guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

The net deferred tax assets principally relate to the identifiable intangible assets. We estimated the fair value of the identifiable intangible assets using discounted future cash flow models. The significant assumptions utilized in the discounted future cash flow models include the forecasted revenues and expected profits to be generated by the identifiable intangible assets and discount rates.

See also ITEM 8, “Financial Statements and Supplementary Data” - Note 1 of Notes to the Consolidated Financial Statements.

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FINANCIAL CONDITION

Investments. Total investments were $40.0 billion at December 31, 2024, an increase of $4.3 billion compared to $35.7 billion at December 31, 2023. The rise in investments was primarily related to an increase in fixed maturities - available for sale due to an overall net purchase of $1.5 billion of fixed maturities - available for sale in 2024.

The Company’s limited partnership investments are comprised of limited partnerships that invest in private equity, private credit and private real estate. Generally, the limited partnerships are reported on a month or quarter lag. We receive annual audited financial statements for all of the limited partnerships which are primarily prepared using fair value accounting in accordance with GAAP guidance. For the quarterly reports, the Company reviews the financial reports for any unusual changes in carrying value. If the Company becomes aware of a significant decline in value during the lag reporting period, the loss will be recorded in the period in which the Company identifies the decline.

The table below summarizes the composition and characteristics of our investment portfolio as of the dates indicated:

	At December 31,
	2024	2023
Fixed income portfolio duration (years)	3.1	3.3
Fixed income composite credit quality	AA-	AA-

Reinsurance Recoverables. Reinsurance recoverables for both paid and unpaid losses totaled $3.1 billion at December 31, 2024 and $2.3 billion at December 31, 2023. At December 31, 2024, $395 million, or 12.6%, was recoverable from Mt. Logan Re, Ltd. (“Mt. Logan Re”) collateralized segregated accounts; $316 million, or 10.1%, was recoverable from Munich Reinsurance America, Inc. and $187 million, or 6.0%, was recoverable from Endurance Assurance Corporation of America. No other retrocessionaire accounted for more than 5% of our recoverables.

Loss and LAE Reserves. Gross loss and LAE reserves totaled $29.9 billion and $24.6 billion at December 31, 2024 and 2023, respectively.

The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and IBNR reserves, for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Case Reserves		IBNR Reserves		Total Reserves		% of Total
Reinsurance	$	6,591	$	13,117	$	19,708	65.9	%
Insurance	2,289		6,552		8,841		29.6	%
Other (1)	389		950		1,340		4.5	%
Total	$	9,270	$	20,619	$	29,889	100.0	%

(Some amounts may not reconcile due to rounding.)

(1) Reserves for A&E exposures are included within Other. At December 31, 2024, A&E Case and IBNR reserves totaled $149 million and $111 million, respectively.

	At December 31, 2023
(Dollars in millions)	Case Reserves		IBNR Reserves		Total Reserves		% of Total
Reinsurance	$	6,295	$	11,032	$	17,327	70.4	%
Insurance	1,847		4,491		6,338		25.8	%
Other (1)	399		540		939		3.8	%
Total	$	8,541	$	16,063	$	24,604	100.0	%

(Some amounts may not reconcile due to rounding.)

(1) Reserves for A&E exposures are included within Other. At December 31, 2023, A&E Case and IBNR reserves totaled $159 million and $88 million, respectively.

Changes in premiums earned and business mix, reserve refinement, catastrophe losses and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.

Our carried loss and LAE reserves represent management’s best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from

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such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities and in the aggregate. In order to set appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates, which are subject to variation, which may be significant.

There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.

We have included ranges for loss reserve estimates determined by our actuaries, which have been developed through a combination of objective and subjective criteria. Our presentation of this information may not be directly comparable to similar presentations of other companies as there are no consistently applied actuarial or accounting standards governing such presentations. Our recorded reserves are an aggregation of our best point estimates for approximately 200 reserve groups and reflect our best point estimate of our liabilities. Our actuarial methodologies develop point estimates rather than ranges and the ranges are developed subsequently based upon historical and prospective variability measures.

The following table below represents the reserve levels and ranges for each of our business segments for the period indicated:

	Outstanding Reserves and Ranges By Segment (1)
	At December 31, 2024
(Dollars in millions)	As Reported		Low Range %		Low Range		High Range %		High Range
Gross Reserves By Segment
Reinsurance	$	19,708	(7.7)	%	$	18,191	5.6	%	$	20,817
Insurance	8,841		(14.2)	%	7,583		7.3	%	9,488
Other (excluding A&E)	1,080		(26.8)	%	790		5.3	%	1,137
Total Gross Reserves (excluding A&E)	29,630		(10.3)	%	26,565		6.1	%	31,443
A&E (Other Segment)	260		(21.6)	%	204		21.6	%	316
Total Gross Reserves	$	29,889	(10.4)	%	26,768		6.3	%	31,759

(Some amounts may not reconcile due to rounding.)

(1) There can be no assurance that reserves will not ultimately exceed the indicated ranges requiring additional income (loss) statement expense.

The size of the range is dependent upon the level of confidence associated with the reserve estimates. Within each range, management’s best estimate of loss reserves is based upon the point estimate derived by our actuaries in detailed reserve studies. Such ranges are necessarily subjective due to the lack of generally accepted actuarial standards with respect to their development. There can be no assurance that our claim obligations will not vary outside of these ranges.

Additional losses, including those relating to latent injuries, and other exposures, which are as yet unrecognized, the type or magnitude of which cannot be foreseen by us or the reinsurance and insurance industry generally, may emerge in the future. Such future emergence, to the extent not covered by existing retrocessional contracts, could have material adverse effects on our future financial condition, results of operations and cash flows.

A&E Exposures. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The results of run-off A&E exposures are included within the Company’s Other segment.

With respect to asbestos only, at December 31, 2024, we had net asbestos loss reserves of $216 million, or 89.0%, of total net A&E reserves, all of which was for assumed business. At December 31, 2024, we had gross asbestos loss reserves of $233 million, or 89.6% of total gross A&E reserves, all of which was for assumed business.

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See Note 4 of the Notes to the Consolidated Financial Statements for a summary of A&E Exposures.

Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management’s best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.

Industry analysts use the “survival ratio” to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company’s current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 6.6 years at December 31, 2024. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore, may not be indicative of the timing of future payments.

LIQUIDITY AND CAPITAL RESOURCES

Capital.  Shareholders’ equity at December 31, 2024 and December 31, 2023 was $13.9 billion and $13.2 billion, respectively. Management’s objective in managing capital is to ensure that the Company’s overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.

Our two main operating companies, Bermuda Re and Everest Re, are regulated by the Bermuda Monetary Authority (the “BMA”) and the State of Delaware’s Department of Insurance, respectively. Both regulatory bodies have their own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the BMA and Everest Re is subject to the RBC developed by the U.S. National Association of Insurance Commissioners (“NAIC”). Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.

The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:

	Bermuda Re (1) At December 31,				Everest Re (2) At December 31,
(Dollars in millions)	2024 ⁽³⁾		2023		2024		2023
Regulatory targeted capital	$	—	$	2,669	$	4,799	$	4,242
Actual capital	$	4,323	$	3,711	$	8,126	$	6,963

(1)Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation.

(2)Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year.

(3)The 2024 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2024 actual capital will exceed the targeted capital level. In accordance with guidance issued by the BMA in 2025, Bermuda Re has reflected the impacts of the ETA recognized in response to The 2023 Act in its 2024 regulatory targeted capital and actual capital.

Our financial strength ratings, as determined by A.M. Best Company (“A.M. Best”), Moody’s and S&P, are important, as they provide our customers and investors with an independent assessment of our financial strength using a rating scale that provides for relative comparisons. We continue to possess significant financial flexibility and access to debt and equity markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies. See also ITEM 1, Business - “Financial Strength Ratings”.

We maintain our own economic capital models to monitor and project our overall capital, as well as the capital at our operating subsidiaries. A key input to the economic models is projected income, and this input is continually compared to actual results, which may require a change in the capital strategy.

In 2024, we repurchased 536,469 of our common shares at a cost of $200 million in the open market and paid $334 million in common share dividends to adjust our capital position and enhance long-term expected returns to our shareholders. During 2023, we repurchased no shares in the open market and paid $288 million in dividends. We may at times enter into a Rule 10b5-1 repurchase plan agreement to facilitate the repurchase of shares. On November 7, 2024, our existing Board authorization to purchase up to 32 million of our shares was increased by 10 million shares to authorize the purchase of up to 42 million shares. As of December 31, 2024, we had repurchased 31.3 million shares under this authorization. During the fourth quarter of 2024, the Company’s Board of Directors declared a quarterly

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common stock dividend of $2.00 per share. The common stock dividend was paid on December 13, 2024 for holders of record as of November 27, 2024.

On May 19, 2023, the Company completed the public offering of 4,140,000 common shares, which included full exercise of the underwriters’ option to purchase an additional 540,000 common shares, at a public offering price of $360.00 per share. Total net proceeds from the public offering were $1,445 million, after underwriting discount and expenses. The Company’s intent was to use the net proceeds from this offering for long-term reinsurance opportunity and continued build out of the global insurance business.

Liquidity.  Our liquidity requirements are generally met from positive cash flow from operations. Positive cash flow results from reinsurance and insurance premiums being collected prior to disbursements for claims, with disbursements generally taking place over an extended period after the collection of premiums, sometimes a period of many years. Collected premiums are generally invested, prior to their use in such disbursements, and investment income provides additional funding for loss payments. Our net cash flows from operating activities were $5.0 billion and $4.6 billion for the years ended December 31, 2024 and 2023, respectively. Additionally, these cash flows reflected net catastrophe loss payments of $693 million and $858 million for the years ended December 31, 2024 and 2023, respectively, and net tax payments of $397 million and $196 million for the years ended December 31, 2024 and 2023, respectively.

If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from operations would be partially offset by cash flow from investment income. Additionally, cash inflows from investment maturities of both short-term investments and longer-term maturities are available to supplement other operating cash flows. We do not expect to supplement negative operations cash flows with investment dispositions.

As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At December 31, 2024 and December 31, 2023, we held cash and short-term investments of $6.3 billion and $3.6 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, we had $1.1 billion of fixed maturity securities - available for sale maturing within one year or less, $8.5 billion maturing within one to five years and $6.2 billion maturing after five years at December 31, 2024. We believe that these fixed maturity securities, in conjunction with the short-term investments and positive cash flow from operations, provide ample sources of liquidity for the expected payment of losses and LAE in the near future. We do not anticipate selling a significant amount of securities to pay losses and LAE. At December 31, 2024, we had $990 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $1.2 billion of pre-tax unrealized depreciation and $167 million of pre-tax unrealized appreciation.

Management generally expects annual positive cash flow from operations. However, given catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.

In addition to our cash flows from operations and liquid investments, Everest Re is a member of the FHLBNY, which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2024, Everest Re had statutory admitted assets of approximately $30.8 billion which provides borrowing capacity of up to approximately $3.1 billion. As of December 31, 2024, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. See Note 7 - Credit Facilities to the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for further details.

Exposure to Catastrophes.  Like other insurance and reinsurance companies, we are exposed to multiple insured losses arising out of a single occurrence, whether a natural event, such as a hurricane or an earthquake, or other catastrophe, such as an explosion at a major factory. A large catastrophic event can be expected to generate insured losses to multiple reinsurance treaties, facultative certificates and direct insurance policies across various lines of business.

We focus on potential losses that could result from any single event, or series of events as part of our evaluation and monitoring of our aggregate exposures to catastrophic events. Accordingly, we employ various techniques to estimate the amount of loss we could sustain from any single catastrophic event or series of events in various geographic areas. These techniques range from deterministic approaches, such as tracking aggregate limits exposed in catastrophe-prone

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zones and applying reasonable damage factors, to modeled approaches that attempt to scientifically measure catastrophe loss exposure using sophisticated Monte Carlo simulation techniques that forecast frequency and severity of potential losses on a probabilistic basis.

No single computer model or group of models is currently capable of projecting the amount and probability of loss in all global geographic regions in which we conduct business. In addition, the form, quality and granularity of underwriting exposure data furnished by (re)insureds is not uniformly compatible with the data requirements for our licensed models, which adds to the inherent imprecision in the potential loss projections. Further, the results from multiple models and analytical methods must be combined to estimate potential losses by and across business units. Also, while most models have been updated to incorporate claims information from recent catastrophic events, catastrophe model projections are still inherently imprecise. In addition, uncertainties with respect to future climatic patterns and cycles could add further uncertainty to loss projections from models based on historical data.

Nevertheless, when combined with traditional risk management techniques and sound underwriting judgment, catastrophe models are a useful tool for underwriters to price catastrophe exposed risks and for providing management with quantitative analyses with which to monitor and manage catastrophic risk exposures by zone and across zones for individual and multiple events.

Projected catastrophe losses are generally summarized in terms of the probable maximum loss (“PML”). We define PML as our anticipated loss, taking into account contract terms and limits, caused by a single catastrophe affecting a broad contiguous geographic area, such as that caused by a hurricane or earthquake. The PML will vary depending upon the modeled simulated losses and the make-up of the in-force book of business. The projected severity levels are described in terms of “return periods”, such as “100-year events” and “250-year events”. For example, a 100-year PML is the estimated loss to the current in-force portfolio from a single event which has a 1% probability of being exceeded in a twelve-month period. In other words, it corresponds to a 99% probability that the loss from a single event will fall below the indicated PML. It is important to note that PMLs are estimates. Modeled events are hypothetical events produced by a stochastic model. As a result, there can be no assurance that any actual event will align with the modeled event or that actual losses from events similar to the modeled events will not vary materially from the modeled event PML.

From an enterprise risk management perspective, management sets limits on the levels of catastrophe loss exposure we may underwrite. The limits are revised periodically based on a variety of factors, including but not limited to our financial resources and expected earnings and risk/reward analyses of the business being underwritten.

Economic loss is the PML exposure, net of third-party reinsurance including catastrophe industry loss warranty cover, reduced by estimated reinstatement premiums to renew coverage and estimated income taxes. The impact of income taxes on the PML depends on the distribution of the losses by corporate entity, which is also affected by inter-affiliate reinsurance. Management also monitors and controls its largest PMLs at multiple points along the loss distribution curve, such as loss amounts at the 20, 50, 100, 250 and 500-year return periods. This process enables management to identify and control exposure accumulations and to integrate such exposures into enterprise risk, underwriting and capital management decisions.

Our catastrophe loss projections, segmented by risk zones, are updated quarterly and reviewed as part of a formal risk management review process. Each segment and business unit manages its underwriting risk in accordance with established guidelines. These guidelines place dollar limits on the amount of business that can be written based on a variety of factors, including (re)insured company profile, line of business, geographic location and risk hazards. In each case, the guidelines permit limited exceptions, which must be authorized by the Company’s senior management. Management regularly reviews and revises these guidelines in response to changes in business unit product offerings, market conditions, risk versus reward analyses and our enterprise and underwriting risk management processes.

Our operating results and financial condition can be adversely affected by catastrophe and other large losses. We manage our exposure to catastrophes and other large losses by:

•selective underwriting practices;

•diversifying our risk portfolio by geographic area and by types and classes of business;

•limiting our aggregate catastrophe loss exposure in any particular geographic zone and contiguous zones;

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•purchasing reinsurance and/or retrocessional protection to the extent that such coverage can be secured cost-effectively. See “Reinsurance and Retrocession Arrangements”.

We believe that our methods of monitoring, analyzing and managing catastrophe exposures provide a credible risk management framework, which is integrated with our enterprise risk management, underwriting and capital management plans. However, there is much uncertainty and imprecision inherent in the catastrophe models and the catastrophe loss estimation process generally. As a result, there can be no assurance that we will not experience losses from individual events that exceed the PML or other return period projections, perhaps by a material amount. Nor can there be assurance that we will not experience events impacting multiple zones, or multiple severe events that could, in the aggregate, exceed our PML expectations by a significant amount.

The table below reflects our PML exposure, net of third-party reinsurance including catastrophe industry loss warranty cover, at various return periods for our top zones/perils (as ranked by the largest 1 in 100-year economic loss) based on loss projection data as of January 1, 2025:

Return Periods (in years)		1 in 20		1 in 50		1 in 100		1 in 250		1 in 500
Exceeding Probability		5.0%		2.0%		1.0%		0.4%		0.2%
(Dollars in millions)
Zone	Peril
Southeast U.S.	Wind	$	920	$	1,509	$	2,174	$	2,661	$	2,873
California	Earthquake	227		1,038		1,791		2,535		2,829
Texas	Wind	205		508		921		1,717		2,432

The projected net economic losses, defined as PML exposures, net of third-party reinsurance including catastrophe industry loss warranty cover, reinstatement premiums and estimated income taxes, for the top zones/perils scheduled above are as follows:

Return Periods (in years)		1 in 20		1 in 50		1 in 100		1 in 250		1 in 500
Exceeding Probability		5.0%		2.0%		1.0%		0.4%		0.2%
(Dollars in millions)
Zone	Peril
Southeast U.S.	Wind	$	640	$	1,029	$	1,523	$	1,866	$	2,049
California	Earthquake	176		742		1,322		1,842		2,073
Texas	Wind	153		375		665		1,219		1,740

We believe that our greatest worldwide 1 in 100-year exposure to a single catastrophic event is to a wind event affecting the Southeast U.S., where we estimate we have a PML exposure, net of third party reinsurance including catastrophe industry loss warranty cover, of $2.2 billion which represents approximately 11.0% of its December 31, 2024 shareholders’ equity.

If such a single catastrophe loss were to occur, management estimates that the net economic loss to us would be approximately $1.5 billion. The estimate involves multiple variables, including which Everest entity would experience the loss, and as a result there can be no assurance that this amount would not be exceeded.

We may purchase reinsurance to cover specific business written or the potential accumulation or aggregation of exposures across some or all of our operations. Reinsurance purchasing decisions consider both the potential coverage and market conditions including the pricing, terms, conditions, availability and collectability of coverage, with the aim of securing cost-effective protection from financially secure counterparts. The amount of reinsurance purchased has varied over time, reflecting our view of our exposures and the cost of reinsurance. In recent years, we have increased our use of reinsurance offered through capital market facilities.

We participate in “common account” retrocessional arrangements for certain reinsurance treaties whereby a ceding company purchases reinsurance for the benefit of itself and its reinsurers under one or more of its reinsurance treaties.

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Common account retrocessional arrangements reduce the effect of individual or aggregate losses to all participating companies, including the ceding company, with respect to the involved treaties.

Information Technology.  Everest’s information technology is a key component of its business operations. Information technology systems and services are hosted at public and private cloud service providers across multiple data centers with processing performed at the office locations of our operating subsidiaries and branches. We have implemented security procedures, and regularly assess and enhance our security protocols, to ensure that our key business systems are protected, secured and backed up at off-site locations so that they can be restored promptly if necessary. We have business continuity plans and disaster recovery plans along with periodic testing of those plans to ensure we are capable of providing uninterrupted technology services in the event of major systems outages with alternative secure data centers available in case of broader outages.

Our business operations depend on the proper functioning and availability of our information technology platform, which includes data processing and related electronic communications. We communicate electronically internally and externally with our brokers, program managers, clients, third-party vendors, regulators and others. These communications and the data we handle may include personal, confidential or proprietary information. We ensure that all our systems, data and electronic transmissions are appropriately protected with the latest technology safeguards and meet regulatory standards.

Despite these safeguards, a significant cyber incident, including system failure, security breach and disruption by malware or other damage could interrupt or delay our operations and possibly our results. This type of incident may result in a violation of applicable data security, privacy, or other laws, damage our reputation, cause a loss of customers or give rise to regulatory scrutiny as well as monetary fines and other penalties. Management is not aware of a cybersecurity incident that has had a material impact on our operations. See also ITEM 1C, “Cybersecurity”.

Expected Cash Outflows.  The following table shows our significant expected cash outflows for the period indicated.

	Payments due by period
(Dollars in millions)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Senior notes	$	2,400	$	—	$	—	$	—	$	2,400
Long term notes	219		—		—		—		219
Federal Home Loan Bank of New York	1,019		719		300		—		—
Interest expense (1)	2,833		101		203		203		2,325
Operating lease agreements	152		21		37		27		67
Gross reserve for losses and LAE (2)	29,889		3,486		8,951		7,764		9,689
Total	$	36,512	$	4,327	$	9,491	$	7,994	$	14,700

(Some amounts may not reconcile due to rounding.)

(1)Interest expense on long-term notes is calculated at the variable floating rate of 7.17%, as of December 31, 2024.

(2)Loss and LAE reserves represent management’s best estimate of losses from claim and related settlement costs. Both the amounts and timing of such payments are estimates, and the inherent variability of resolving claims as well as changes in market conditions make the timing of cash flows uncertain. Therefore, the ultimate amount and timing of loss and LAE payments could differ from our estimates.

The cash outflows for senior notes and long-term notes are the responsibility of Holdings. We strive to ensure that we have sufficient cash flow, liquidity, investments and access to capital markets to satisfy these obligations. Holdings generally depends upon dividends from Everest Re, its operating insurance subsidiary for its funding, capital contributions from Group or access to the capital markets. Our various operating insurance and reinsurance subsidiaries have sufficient cash flow, liquidity and investments to settle outstanding reserves for losses and LAE. Management believes that we, and each of our entities, have sufficient financial resources or ready access thereto, to meet all obligations.

Dividends.

During 2024 and 2023, we declared and paid common shareholder dividends of $334 million and $288 million, respectively. As an insurance holding company, we are partially dependent on dividends and other permitted payments from our subsidiaries to pay cash dividends to our shareholders. The payment of dividends to Group by Holdings Ireland and Everest Dublin Holdings is subject to Irish corporate and regulatory restrictions; the payment of dividends to Holdings Ireland by Holdings and to Holdings by Everest Re is subject to Delaware regulatory restrictions; and the payment of dividends to Group by Bermuda Re, Everest International, Everest Preferred International Holdings (“Preferred

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Holdings”), Everest Re Advisors Ltd. (“Advisors Re”) or Mt. Logan Re is subject to Bermuda insurance regulatory restrictions. Management expects that, absent extraordinary catastrophe losses, such restrictions should not affect Everest Re’s ability to declare and pay dividends sufficient to support Holdings’ general corporate needs and that Holdings Ireland, Everest Dublin Holdings, Bermuda Re and Everest International will have the ability to declare and pay dividends sufficient to support Group’s general corporate needs. For the years ended December 31, 2024 and 2023, Everest Re paid no cash dividends to Holdings. For the years ended December 31, 2024 and 2023, Bermuda Re paid cash dividends to Group of $750 million and $235 million, respectively; Everest International paid cash dividends to Group of $100 million and $0 million, respectively; Preferred Holdings paid cash dividends to Group of $46 million and $48 million, respectively; Advisors Re paid cash dividends to Group of $74 million and $67 million, respectively; and Mt. Logan Re paid cash dividends to Group of $0 million and $15 million, respectively. See ITEM 1, “Business - Regulatory Matters - Dividends” and ITEM 8, “Financial Statements and Supplementary Data” - Note 17 of Notes to Consolidated Financial Statements.

Market Sensitive Instruments.

SEC Registrants are required to clarify and expand upon the existing financial statement disclosure requirements for derivative financial instruments, derivative commodity instruments and other financial instruments (collectively, “Market Sensitive Instruments”). We do not generally enter into Market Sensitive Instruments for trading purposes.

Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of investments is adjusted periodically, consistent with our current and projected operating results and market conditions. The fixed maturity securities in the investment portfolio are comprised of available for sale and held to maturity securities. Additionally, we have invested in equity securities.

The overall investment strategy considers the scope of present and anticipated Company operations. In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis. This analysis includes estimated payout characteristics for which our investments provide liquidity. This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality. The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period.

Our $41.5 billion investment portfolio at December 31, 2024, is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk. The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.

Interest Rate Risk.  Interest rate risk is the potential change in value of the fixed maturity securities portfolio from a change in market interest rates. In a declining interest rate environment, interest rate risk includes prepayment risk on the $7.1 billion of mortgage-backed securities in the $29.7 billion fixed maturity portfolio. Prepayment risk results from potential accelerated principal payments that shorten the average life and thus the expected yield of the security.

The tables below display the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $4.7 billion of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates. For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually. To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the fair value change under the various interest rate change scenarios.

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	Impact of Interest Rate Shift in Basis Points At December 31, 2024
	-200			-100			0			100			200
(Dollars in millions)
Total Fair Value	$	36,514		$	35,443		$	34,372		$	33,302		$	32,231
Fair Value Change from Base (%)	6.2		%	3.1		%	—		%	(3.1)		%	(6.2)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	1,834		$	917		$	—		$	(917)		$	(1,834)

	Impact of Interest Rate Shift in Basis Points At December 31, 2023
	-200			-100			0			100			200
(Dollars in millions)
Total Fair Value	$	32,813		$	31,768		$	30,722		$	29,677		$	28,631
Fair Value Change from Base (%)	6.8		%	3.4		%	—		%	(3.4)		%	(6.8)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	1,811		$	905		$	—		$	(905)		$	(1,811)

We had $29.9 billion and $24.6 billion of gross reserves for losses and LAE as of December 31, 2024 and 2023, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration of approximately 4.0 years, which is reasonably consistent with our fixed income portfolio. If we were to discount our loss and LAE reserves, net of ceded reserves, the discount would be approximately $4.9 billion resulting in a discounted reserve balance of approximately $22.1 billion, representing approximately 64.4% of the value of the fixed maturity investment portfolio funds.

Foreign Currency Risk.  Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates. Each of our non-U.S./Bermuda operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Each non-U.S. operation may conduct business in its local currency, as well as the currency of other countries in which it operates. The primary foreign currency exposures for these non-U.S. operations are the Canadian Dollar, the Singapore Dollar, the British Pound Sterling and the Euro. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with GAAP guidance, the impact on the fair value of available for sale fixed maturities due to changes in foreign currency exchange rates, in relation to functional currency, is reflected as part of other comprehensive income. Conversely, the impact of changes in foreign currency exchange rates, in relation to functional currency, on other assets and liabilities is reflected through net income as a component of other income (expense). In addition, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar. This translation amount is reported as a component of other comprehensive income.

The tables below display the potential impact of a parallel and immediate 10% and 20% increase and decrease in foreign exchange rates on the valuation of invested assets subject to foreign currency exposure for the periods indicated. This analysis includes the after-tax impact of translation from transactional currency to functional currency as well as the after-tax impact of translation from functional currency to the U.S. dollar reporting currency.

	Change in Foreign Exchange Rates in Percent At December 31, 2024
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(1,426)	$	(713)	$	—	$	713	$	1,426

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	Change in Foreign Exchange Rates in Percent At December 31, 2023
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(1,022)	$	(511)	$	—	$	511	$	1,022

ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Market Sensitive Instruments” in ITEM 7.

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and schedules listed in the accompanying Index to Financial Statements and Schedules on page F-1 are filed as part of this report.

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures.

As required by Rule 13a-15(b) of the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report.

Management’s Report on Internal Control Over Financial Reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2024. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013). Based on our assessment we concluded that, as of December 31, 2024, our internal control over financial reporting is effective based on those criteria.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

Changes in Internal Control over Financial Reporting.

As required by Rule 13a-15(d) of the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated our internal control over financial reporting to determine whether any changes occurred during the fourth fiscal quarter covered by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, we have determined that there has been no such change during the fourth quarter.

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ITEM 9B.    OTHER INFORMATION

During the fiscal quarter ended December 31, 2024, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Additionally, as part of Everest’s commitment to ethical standards of business and compliance with applicable laws, rules and regulations, we have an Insider Trading Policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, employees and third-party contractors that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us. A copy of our Insider Trading Policy is included in the Ethics and Guidelines and Index to Compliance Policies and Procedures filed as Exhibit 14.1 to the Annual Report on Form 10-K for the period ended December 31, 2023 and incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.

ITEM 9C.    DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable.

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PART III

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Reference is made to the sections captioned “Information Concerning Director Nominees”, “Information Concerning Executive Officers”, “Audit Committee”, “Nominating and Governance Committee”, “Ethics Guidelines and Code of Ethics for CEO and Senior Financial Officers” and “Delinquent Section 16(a) Reports” in our proxy statement for the 2025 Annual General Meeting of Shareholders, which will be filed with the Commission within 120 days of the close of our fiscal year ended December 31, 2024 (the “Proxy Statement”), which sections are incorporated herein by reference.

ITEM 11.    EXECUTIVE COMPENSATION

Reference is made to the sections captioned “Compensation Committee Report”, “Directors’ Compensation”, “Compensation of Executive Officers”, “Compensation Committee Interlocks and Insider Participation” and to all other applicable sections in the Proxy Statement, which are incorporated herein by reference.

On November 1, 2023, the Company’s Board adopted an updated Clawback Policy (the “Clawback Policy”) in order to comply with Section 10D of the Exchange Act, Rule 10D-1 of the Exchange Act and the listing standards adopted by the NYSE.

The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers (as defined in the Clawback Policy) of the Company (“Section 16 Officers”) in the event that the Company is required to prepare an accounting restatement.

The foregoing description of the Clawback Policy is a summary only and is qualified in its entirety by reference to the full text of the Clawback Policy and the form of Acknowledgment, copies of which are filed in Exhibit 97 to the Annual Report on Form 10-K for the period ended December 31, 2023 and are incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

Reference is made to the applicable sections in the Proxy Statement, which are incorporated herein by reference.

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Reference is made to the applicable sections in the Proxy Statement, which are incorporated herein by reference.

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

Reference is made to the section captioned “Audit Committee Report” in the Proxy Statement, which is incorporated herein by reference.

PART IV

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements and Schedules.

The financial statements and schedules listed in the accompanying Index to Financial Statements and Schedules on page F-1 are filed as part of this report.

Exhibits.

The exhibits listed on the accompanying Index to Exhibits on page E-1 are filed as part of this report except that the certifications in Exhibit 32 are being furnished to the SEC, rather than filed with the SEC, as permitted under applicable SEC rules.

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INDEX TO EXHIBITS

Exhibit No.
2.1	Agreement and Plan of Merger among Everest Reinsurance Holdings, Inc., Everest Group, Ltd. and Everest Re Merger Corporation, incorporated herein by reference to Exhibit 2.1 to the Registration Statement on Form S-4 (No. 333-87361)
3.1	Memorandum of Association of Everest Group, Ltd., incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-4 (No. 333-87361)
3.2	Bye-Laws of Everest Group, Ltd., incorporated herein by reference to exhibit 3.2 to the Everest Group, Ltd., Quarterly Report for Form 10-Q for the quarter ended June 30, 2011 (the “second quarter 2011 10-Q”)
4.1	Specimen Everest Group, Ltd. common share certificate, incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form S-4 (No. 333-87361)
4.2	Indenture, dated March 14, 2000, between Everest Reinsurance Holdings, Inc. and The Chase Manhattan Bank (now known as JPMorgan Chase Bank), as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on March 15, 2000
4.3	Fourth Supplemental Indenture relating to Holdings $400.0 million 4.868% Senior Notes due June 1, 2044, dated June 5, 2014, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on June 5, 2014
4.4	Fifth Supplemental Indenture relating to Holdings $1.0 billion 3.5% Senior Notes due October 15, 2050, dated October 7, 2020, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 7, 2020
4.5	Sixth Supplemental Indenture relating to Holdings $1.0 billion 3.125% Senior Notes due October 15, 2052, dated October 4, 2021, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 4, 2021
*10.1	Everest Group, Ltd. Annual Incentive Plan effective January 1, 1999, incorporated herein by reference to Exhibit 10.1 to Everest Reinsurance Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 1998 (the “1998 10-K”)
*10.2	Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan, incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (No. 333-105483)
*10.3	Form of Non-Qualified Stock Option Award Agreement under the Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan, incorporated herein by reference to Exhibit 10.47 to Everest Group, Ltd., Report on Form 10-K for the year ended December 31, 2004
*10.4	Amendment of Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 25, 2005, incorporated herein by reference to Appendix B to the 2005 Proxy Statement filed on April 14, 2005

E-1

*10.5	Form of Restricted Stock Award Agreement under the Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan, incorporated by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on September 22, 2005
10.6	Completion of Tender Offer relating to Everest Reinsurance Holdings, Inc. 6.60% Fixed to Floating Rate Long Term Subordinated Notes (LoTSSM) dated March 19, 2009, incorporated herein by reference to Exhibit 99.1 to Everest Group, Ltd. Form 8-K filed on March 31, 2009
*10.7	Everest Group, Ltd. 2009 Stock Option and Restricted Stock Plan for Non-Employee Directors, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. second quarter 2009 10-Q
*10.8	Everest Group, Ltd. 2010 Stock Incentive Plan for employees is incorporated herein by reference to exhibit 10.2 to Everest Group, Ltd. Form S-8 filed on September 30, 2010
*10.9	Amendment of Executive Performance Annual Incentive Plan adopted by shareholders at the annual general meeting on May 18, 2011, incorporated herein by reference to Appendix B to the 2011 Proxy Statement filed on April 15, 2011
*10.10	Amendment of Everest Group, Ltd. 2010 Stock Incentive Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix A to the 2015 Proxy Statement filed on April 10, 2015
*10.11	Amendment of Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix B to the 2015 Proxy Statement filed on April 10, 2015
*10.12	Amendment of employment agreement between Everest Global Services, Inc. and Sanjoy Mukherjee, dated February 12, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on February 17, 2016
10.13	Credit Agreement, dated May 26, 2016, between Everest Group, Ltd., Everest Reinsurance (Bermuda), Ltd. and Everest International Reinsurance, Ltd., certain lenders party thereto and Wells Fargo Bank, N.A. as administrative agent, providing for an $800.0 million four year senior credit facility, incorporated herein by reference to Exhibit 10.31 to Everest Group, Ltd. Form 10-Q filed on August 9, 2016. This new agreement replaces the June 22, 2012 four year, $800.0 million senior credit facility
*10.14	Employment agreement between Everest Global Services, Inc., and John P. Doucette, dated October 21, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 26, 2016
*10.15	Employment agreement between Everest Global Services, Inc., and Sanjoy Mukherjee, dated January 3, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on January 6, 2017
10.16	Bye-Law waiver agreement between Everest Group, Ltd., and BlackRock, Inc. dated December 1, 2017, incorporated herein by reference to exhibit 10.1 to the Everest Group, Ltd., Form 8-K filed on December 4, 2017

E-2

10.17	Amendment of Standby Letter of Credit, dated December 29, 2017, between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $250.0 million four year credit facility, incorporated herein by reference to exhibit 10.26 to the Everest Group, Ltd., Form 10-K filed on March 1, 2018
10.18	Amendment of Committed Facility Letter, dated December 10, 2018, between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $200.0 million annually, incorporated herein by reference to exhibit 10.34 to the Everest Group, Ltd., Form 10-K filed on March 1, 2019
*10.19	Employment agreement between Everest Group, Ltd. and Juan Andrade dated August 1, 2019, incorporated herein by reference to Exhibit 10.1 to Everest Group Ltd. Form 8-K filed on August 8, 2019.
10.20	Amendment of Committed Facility Letter, dated December 31, 2019, between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $200.0 million annually, incorporated herein by reference to Exhibit 10.31 to the Everest Group, Ltd. Form 10-K filed on March 2, 2020
*10.21	Everest Group, Ltd. 2020 Stock Incentive Plan for employees is incorporated herein by reference to Appendix A of the 2021 Proxy Statement filed on April 9, 2021
*10.22	Employment agreement between Everest Global Services, Inc. and Mark Kociancic, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 1, 2020
*10.23	Employment agreement between Everest Global Services, Inc. and James Williamson, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 8-K filed on October 1, 2020
10.24	Amendment of Committed Facility Letter, dated December 9, 2020 between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $200.0 million annually, incorporated herein by reference to Exhibit 10.34 to Everest Group, Ltd. Form 10-K filed on March 1, 2021
10.25	Credit facility agreement dated February 23, 3021 between Everest Reinsurance (Bermuda), Ltd. and Wells Fargo Bank, N.A. providing up to $50.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 10, 2021
10.26	Amendment of Credit Facility agreement, dated May 5, 2021 between Everest Reinsurance (Bermuda), Ltd. and Wells Fargo Bank, N.A. providing up to $500.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on August 5, 2021
10.27	Credit Facility agreement, dated August 9, 2021 between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing up to $230.0 million committed credit facility and $140.0 million of additional uncommitted credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on November 4, 2021
10.28	Credit Facility agreement, dated August 27, 2021 between Everest Reinsurance (Bermuda), Ltd. and Bayerische Landesbank providing up to $200.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on November 4, 2021
10.29	Credit Facility agreement, dated November 3, 2021 between Everest Reinsurance (Bermuda), Ltd. and Barclays Bank Plc providing up to $200.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.40 to Everest Group, Ltd. Form 10-K filed on February 28, 2022

E-3

10.30	Credit Facility agreement, dated November 21, 2022 between Everest Reinsurance (Bermuda), Ltd. and Nordea Bank ABP, New York Branch providing up to $200.0 million of committed credit facility and $100.0 million of additional uncommitted credit facility, incorporated herein by reference to Exhibit 10.41 to Everest Group, Ltd. Form 10-K filed on February 24, 2023
10.31	Amendment of Credit Facility agreement, dated December 30, 2022, between Everest Reinsurance (Bermuda), Ltd. and Bayerische Landesbank, New York Branch, providing up to $150.0 million of committed, unsecured credit facility, incorporated herein by reference to Exhibit 10.42 to Everest Group, Ltd. Form 10-K filed on February 24, 2023
*10.32	Employment agreement between Everest Global Services, Inc. and Joseph V. Taranto, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023
*10.33	Departure of Sanjoy Mukherjee, Executive Vice President, General Counsel and Secretary of Everest Group, Ltd. effective July 3, 2023, herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023
10.34	Standby Letter of Credit, dated August 18, 2023 between Everest Reinsurance (Bermuda), Ltd. and Lloyd’s Bank Corporate Markets Plc providing up to $250.0 million of unsecured letters of credit, incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd. Form 10-Q filed on November 1, 2023
10.35	Amended and restated standby letter of credit agreement between Everest Reinsurance (Bermuda), Ltd. and Lloyd’s Bank Corporate Markets Plc to add Everest Insurance (Ireland), dac (the new account party) as an account party with $15.0 million sublimit for the issuance of letters of credit, incorporated herein by reference to Exhibit 10.44 to Everest Group, Ltd. Form 10-K filed on February 28, 2024
*10.36	Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc. and Ricardo A. Anzaldua, incorporated herein by reference to Exhibit 10.45 to Everest Group, Ltd. Form 10-K filed on February 28, 2024
*10.37	Amendment to Employment Agreement between Everest Global Services, Inc., Everest Group, Ltd., Everest Reinsurance Holdings Inc. and Juan C. Andrade dated April 22, 2024, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024
*10.38	Amended and Restated Employment Agreement between Everest Global Services, Inc. and Mark Kociancic dated April 25, 2024, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024
*10.39	Amended and Restated Employment Agreement between Everest Global Services, Inc. and James Williamson dated April 26, 2024, incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024
*10.40	Amended and Restated Employment Agreement between Everest National Insurance Company and Michael Karmilowicz dated March 24, 2024, incorporated herein by reference to Exhibit 10.4 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024
*10.41	Amended and Restated Employment Agreement between Everest Global Services, Inc. and Ricardo Anzaldua dated April 22, 2024, incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024
10.42	Everest Reinsurance Group, Ltd. Senior Executive Change of Control Plan, as amended and restated effective November 17, 2015, incorporated herein by reference to Exhibit 10.6 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

E-4

10.43	Amendment of Bilateral Letter of Credit Facility Agreement, dated June 2024, between Everest Reinsurance (Bermuda), Ltd. and Wells Fargo Bank N.A., incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd. Form 10-Q filed on August 2, 2024
10.44	Amendment of Credit Facility agreement, dated October 30, 2024 between Everest Reinsurance (Bermuda), Ltd. and Barclays Bank Plc, filed herewith
10.45	Standby Letter of Credit Facility Agreement, dated October 30, 2024 between Everest International Reinsurance, Ltd. and Lloyds Bank Plc, providing up to £113 million of unsecured letters of credit, filed herewith
10.46	Amendment of Credit Facility agreement, dated December 20, 2024, between Everest Reinsurance (Bermuda), Ltd. and Bayerische Landesbank, New York Branch, filed herewith
10.47	Standby Letter of Credit Facility Agreement, dated December 30, 2024 between Everest Reinsurance Company (Ireland), dac and Commerzbank AG, New York Branch providing up to €75 million of unsecured letters of credit, filed herewith
14.1	Ethics Guidelines and Index to Compliance Policies, incorporated herein by reference to Exhibit 14.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024
21.1	Subsidiaries of the registrant, filed herewith
23.1	Consent of KPMG LLP, filed herewith
23.2	Consent of PricewaterhouseCoopers LLP, filed herewith
31.1	Section 302 Certification of James Williamson, filed herewith
31.2	Section 302 Certification of Mark Kociancic, filed herewith
32.1	Section 906 Certification of James Williamson and Mark Kociancic, furnished herewith
97.1	Everest Group, Ltd. Clawback Policy, incorporated herein by reference to Exhibit 97.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

_________________

*Management contract or compensatory plan or arrangement.

E-5

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 27, 2025.

EVEREST GROUP, LTD.
By:	/S/ JAMES WILLIAMSON
	James Williamson (President and Chief Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/S/ JAMES WILLIAMSON	President and Chief Executive Officer (Principal Executive Officer)	February 27, 2025
James Williamson
/S/ MARK KOCIANCIC	Executive Vice President and Chief Financial Officer	February 27, 2025
Mark Kociancic
/S/ ROBERT J. FREILING	Senior Vice President and Chief Accounting Officer	February 27, 2025
Robert J. Freiling
/S/ JOSEPH V. TARANTO	Chairman	February 27, 2025
Joseph V. Taranto
/S/ JOHN J. AMORE	Director	February 27, 2025
John J. Amore
/S/ WILLIAM F. GALTNEY, JR.	Director	February 27, 2025
William F. Galtney, Jr.
/S/ JOHN A. GRAF	Director	February 27, 2025
John A. Graf
/S/ MERYL HARTZBAND	Director	February 27, 2025
Meryl Hartzband
/S/ GERALDINE LOSQUADRO	Director	February 27, 2025
Geraldine Losquadro
/S/ HAZEL McNEILAGE	Director	February 27, 2025
Hazel McNeilage
/S/ ROGER M. SINGER	Director	February 27, 2025
Roger M. Singer

E-6

EVEREST GROUP, LTD.

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

	Pages
Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 185, 238)	F-2
Consolidated Balance Sheets at December 31, 2024 and 2023	F-6
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2024, 2023 and 2022	F-7
Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022	F-8
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022	F-9
Notes to Consolidated Financial Statements	F-10
Schedules
ISummary of Investments Other Than Investments in Related Parties at December 31, 2024	S-1
IICondensed Financial Information of Registrant:
Balance Sheets as of December 31, 2024 and 2023	S-2
Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022	S-3
Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022	S-4
Notes to Condensed Financial Information	S-5
IIISupplementary Insurance Information as of and for the Years Ended December 31, 2024, 2023 and 2022	S-7
IVReinsurance for the Years Ended December 31, 2024, 2023 and 2022	S-8

Schedules other than those listed above are omitted for the reason that they are not applicable or the information is otherwise contained in the Financial Statements.

F-1

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

Everest Group, Ltd.:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheet of Everest Group, Ltd. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for the year then ended, and the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of

F-2

management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Estimate of the reserve for losses and loss adjustment expenses

As discussed in Notes 1E and 4 to the consolidated financial statements, the reserve for losses and loss adjustment expenses represents the Company’s best estimate of the ultimate liability for reported and unreported claims for both its insurance and reinsurance businesses. The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios; (3) actuarial methodologies and assumptions; (4) current legal interpretations of coverage and liability; and (5) economic conditions. The Company’s reserve for losses and loss adjustment expenses as of December 31, 2024 was $29,889 million.

We identified the evaluation of the estimate of the reserve for losses and loss adjustment expenses as a critical audit matter. Evaluation of the estimate required subjective auditor judgment and the involvement of actuarial professionals with specialized skills and knowledge to assess the methods and assumptions used to estimate the reserve for losses and loss adjustment expenses.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process for estimating the reserve for losses and loss adjustment expenses. This included controls related to the selection of methodologies and certain assumptions used to derive the Company’s estimate. We involved actuarial professionals with specialized skills and knowledge who assisted in:

•assessing the Company’s actuarial methodologies and assumptions used in estimating the reserve for losses and loss adjustment expenses by comparing the Company’s methodologies to generally accepted actuarial methods and evaluating the assumptions used based on actuarial judgment, company history, and industry practices

•evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by comparing each one to an independently developed range of reasonable estimates

•evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by assessing management’s methods and assumptions used to derive their loss estimates

•evaluating the Company’s process for estimating the reserve for losses and loss adjustment expenses for catastrophic events

•developing an overall range of reserve estimates to assess the position of the Company’s recorded reserve for losses and loss adjustment expenses relative to the range

F-3

/s/ KPMG LLP

We have served as the Company’s auditor since 2024.

New York, New York

February 27, 2025

F-4

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Everest Group, Ltd.

Opinion on the Financial Statements

We have audited the consolidated balance sheet of Everest Group, Ltd. and its subsidiaries (the "Company") as of December 31, 2023, and the related consolidated statements of operations and comprehensive income (loss), of changes in shareholders' equity and of cash flows for each of the two years in the period ended December 31, 2023, including the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 28, 2024, except for the changes in segment presentation discussed in Note 6 to the consolidated financial statements, as to which the date is February 27, 2025

We served as the Company’s auditor from 1996 to 2024.

F-5

EVEREST GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

	December 31,
(In millions of U.S. dollars, except par value per share)	2024		2023
ASSETS:
Fixed maturities - available for sale, at fair value	$	28,908	$	27,740
(amortized cost: 2024, $29,934; 2023, $28,568, credit allowances: 2024, $(36); 2023, $(48))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2024, $759; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8))	757		855
Equity securities, at fair value	217		188
Other invested assets	5,392		4,794
Short-term investments	4,707		2,127
Cash	1,549		1,437
Total investments and cash	41,531		37,142
Accrued investment income	368		324
Premiums receivable (net of credit allowances: 2024, $(54); 2023, $(41))	5,378		4,768
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(41); 2023, $(26))	207		164
Reinsurance unpaid loss recoverables	2,915		2,098
Funds held by reinsureds	1,218		1,135
Deferred acquisition costs	1,461		1,247
Prepaid reinsurance premiums	869		713
Income tax asset, net	1,223		868
Other assets (net of credit allowances: 2024, $(9); 2023, $(9))	1,171		941
TOTAL ASSETS	$	56,341	$	49,399
LIABILITIES:
Reserve for losses and loss adjustment expenses	$	29,889	$	24,604
Unearned premium reserve	7,324		6,622
Funds held under reinsurance treaties	27		24
Amounts due to reinsurers	701		650
Losses in course of payment	241		171
Senior notes	2,350		2,349
Long-term notes	218		218
Borrowings from FHLB	1,019		819
Accrued interest on debt and borrowings	22		22
Unsettled securities payable	84		137
Other liabilities	590		582
TOTAL LIABILITIES	42,466		36,197
Commitments and contingencies (Note 11)
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	—		—
Common shares, par value: $0.01; 200.0 shares authorized; 74.3 (2024) and 74.2 (2023)
outstanding before treasury shares	1		1
Additional paid-in capital	3,812		3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(177) at 2024 and $(99) at 2023	(1,138)		(934)
Treasury shares, at cost: 31.3 shares (2024) and 30.8 shares (2023)	(4,108)		(3,908)
Retained earnings	15,309		14,270
Total shareholders' equity	13,875		13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	56,341	$	49,399

The accompanying notes are an integral part of the consolidated financial statements.

F-6

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(In millions of U.S. dollars, except per share amounts)	2024		2023		2022
REVENUES:
Premiums earned	$	15,187	$	13,443	$	11,787
Net investment income	1,954		1,434		830
Total net gains (losses) on investments	19		(276)		(455)
Other income (expense)	121		(14)		(102)
Total revenues	17,281		14,587		12,060
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	11,305		8,427		8,100
Commission, brokerage, taxes and fees	3,300		2,952		2,528
Other underwriting expenses	938		846		682
Corporate expenses	95		73		61
Interest, fees and bond issue cost amortization expense	149		134		101
Total claims and expenses	15,787		12,432		11,472
INCOME (LOSS) BEFORE TAXES	1,493		2,154		588
Income tax expense (benefit)	120		(363)		(9)
NET INCOME (LOSS)	$	1,373	$	2,517	$	597
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	(97)		743		(2,037)
Reclassification adjustment for realized losses (gains) included in net income (loss)	(12)		244		89
Total URA(D) on securities arising during the period	(109)		986		(1,948)
Foreign currency translation and other adjustments	(128)		59		(77)
Benefit plan actuarial net gain (loss) for the period	34		15		15
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	(1)		2		2
Total benefit plan net gain (loss) for the period	33		17		17
Total other comprehensive income (loss), net of tax	(204)		1,063		(2,008)
COMPREHENSIVE INCOME (LOSS)	$	1,169	$	3,580	$	(1,411)
EARNINGS PER COMMON SHARE:
Basic	$	31.78	$	60.19	$	15.19
Diluted	31.78		60.19		15.19

The accompanying notes are an integral part of the consolidated financial statements.

F-7

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY

	Years Ended December 31,
(In millions of U.S. dollars, except dividends per share amounts)	2024		2023		2022
COMMON SHARES (shares outstanding):
Balance beginning of period	43.4		39.2		39.3
Issued (redeemed) during the period, net	0.1		4.2		0.1
Treasury shares acquired	(0.5)		—		(0.2)
Balance end of period	43.0		43.4		39.2
COMMON SHARES (par value):
Balance beginning of period	$	1	$	1	$	1
Issued during the period, net	—		—		—
Balance end of period	1		1		1
ADDITIONAL PAID-IN CAPITAL:
Balance beginning of period	3,773		2,302		2,274
Public offering of shares	—		1,445		—
Share-based compensation plans	39		26		28
Balance end of period	3,812		3,773		2,302
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),
NET OF DEFERRED INCOME TAXES:
Balance beginning of period	(934)		(1,996)		12
Net increase (decrease) during the period	(204)		1,063		(2,008)
Balance end of period	(1,138)		(934)		(1,996)
RETAINED EARNINGS:
Balance beginning of period	14,270		12,042		11,700
Net income (loss)	1,373		2,517		597
Dividends declared ($7.75 per share 2024, $6.80 per share 2023 and $6.50 per share 2022)	(334)		(288)		(255)
Balance end of period	15,309		14,270		12,042
TREASURY SHARES AT COST:
Balance beginning of period	(3,908)		(3,908)		(3,847)
Purchase of treasury shares	(200)		—		(61)
Balance end of period	(4,108)		(3,908)		(3,908)
TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD	$	13,875	$	13,202	$	8,441

The accompanying notes are an integral part of the consolidated financial statements.

F-8

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(In millions of U.S. dollars)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,373	$	2,517	$	597
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(715)		(1,064)		(435)
Decrease (increase) in funds held by reinsureds, net	(81)		(66)		(197)
Decrease (increase) in reinsurance recoverables	(1,091)		143		(413)
Decrease (increase) in income taxes	(277)		(559)		(181)
Decrease (increase) in prepaid reinsurance premiums	(232)		(46)		(166)
Increase (decrease) in reserve for losses and loss adjustment expenses	5,612		2,256		3,477
Increase (decrease) in unearned premiums	809		1,387		655
Increase (decrease) in amounts due to reinsurers	135		18		201
Increase (decrease) in losses in course of payment	75		93		(186)
Change in equity adjustments in limited partnerships	(261)		(168)		(94)
Distribution of limited partnership income	163		120		180
Change in other assets and liabilities, net	(431)		(339)		(297)
Non-cash compensation expense	63		49		45
Amortization of bond premium (accrual of bond discount)	(167)		(64)		55
Net (gains) losses on investments	(19)		276		455
Net cash provided by (used in) operating activities	4,957		4,553		3,695
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	3,783		2,310		2,626
Proceeds from fixed maturities sold - available for sale	6,257		3,849		1,403
Proceeds from fixed maturities matured/called/repaid - held to maturity	157		105		39
Proceeds from equity securities sold	37		126		2,217
Distributions from other invested assets	409		245		266
Cost of fixed maturities acquired - available for sale	(11,563)		(10,653)		(7,344)
Cost of fixed maturities acquired - held to maturity	(49)		(112)		(153)
Cost of equity securities acquired	(50)		(17)		(1,003)
Cost of other invested assets acquired	(936)		(902)		(1,547)
Net change in short-term investments	(2,494)		(1,034)		149
Net change in unsettled securities transactions	(27)		181		(71)
Net cash provided by (used in) investing activities	(4,478)		(5,902)		(3,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense	(24)		(23)		(17)
Proceeds from public offering of common shares	—		1,445		—
Purchase of treasury shares	(200)		—		(61)
Dividends paid to shareholders	(334)		(288)		(255)
Proceeds from issuance of senior notes	—		—		—
Cost of debt repurchase	—		—		(6)
Net FHLB borrowings (repayments)	200		300		—
Cost of shares withheld on settlements of share-based compensation awards	(25)		(24)		(20)
Net cash provided by (used in) financing activities	(383)		1,409		(359)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	16		(23)		39
Net increase (decrease) in cash	112		38		(42)
Cash, beginning of period	1,437		1,398		1,441
Cash, end of period	$	1,549	$	1,437	$	1,398
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	397	$	196	$	171
Interest paid	147		130		98
NON-CASH TRANSACTIONS:
Reclassification of specific investments from fixed maturity securities, available for sale at fair value
to fixed maturity securities, held to maturity at amortized cost net of credit allowances	$	—	$	—	$	722
Non-cash limited partnership distribution	23		—		—

The accompanying notes are an integral part of the consolidated financial statements.

F-9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.Business and Basis of Presentation.

Everest Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets.  As used in this document, “Company” means Group and its subsidiaries.

Effective July 10, 2023, the Company changed Group’s name to Everest Group, Ltd. from Everest Re Group, Ltd. and started trading under a new ticker symbol (NYSE: EG) to reflect the evolution, global growth and diversification strategy of the Company.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group:  Everest International Reinsurance, Ltd. (“Everest International”), Everest Compañia de Seguros Generales Colombia S.A., Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (U.K.), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (U.K.), Ltd., Everest Compañia de Seguros Generales Chile S.A. (“Everest Chile”), Compañia de Seguros Generales Everest Mexico S.A. de C.V., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), dac (“Ireland Insurance”), Everest Reinsurance Company (Ireland), dac (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable and Everest Servicios Colombia S.A.S.  All intercompany accounts and transactions have been eliminated. All amounts are reported in United States (“U.S.”) dollars.

The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. See ITEM 7, “Management’s Discussion and Analysis of Critical Accounting Estimates”.

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2024 presentation.

B.Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a

F-10

change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit related or non-credit related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

Fixed maturity securities designated as held to maturity consist of debt securities for which the Company has both the positive intent and ability to hold to maturity or redemption and are reported at amortized cost, net of the current expected credit loss allowance.  Interest income for fixed maturity securities held to maturity is determined in the same manner as interest income for fixed maturity securities available for sale.  The Company evaluates fixed maturity securities classified as held to maturity for current expected credit losses utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses. The majority of these fixed maturities classified as held to maturity are of a high credit quality and are rated investment grade as of December 31, 2024.

Interest, dividend income and amortization of fixed maturity market premium and discounts, related to securities are recorded in net investment income, net of investment management and custody fees in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

For equity securities, the Company reflects changes in fair value as net gains (losses) on investments.  Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). 

Short-term investments comprise securities due to mature within one year from the date of purchase and are stated at cost, which approximates fair value.

Realized gains or losses on sales of investments are determined on the basis of identified cost. 

For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality and cash flow

F-11

characteristics of each security.  For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties.  All fair value estimates from investment managers are reviewed by the Company for reasonableness.  For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs.  When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. 

Other invested assets include limited partnerships, corporate-owned life insurance (“COLI”), rabbi trusts and other investments. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag and are included within net investment income. COLI policies are carried at policy cash surrender value and changes in the policy cash surrender value are included within net investment income.

Cash includes cash on hand. Restricted cash is included within cash in the consolidated balance sheets and represents amounts held for the benefit of third parties that is legally or contractually restricted as to its withdrawal or usage. Amounts include cash in trust funds set up for the benefit of ceding companies.

C.Allowance for Premium Receivable and Reinsurance Recoverables.

The Company applies the Current Expected Credit Losses methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts. 

Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/cedents. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate.

A portion of the Company's commercial lines business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is recorded within other assets in the consolidated balance sheets. The allowance is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios.

The Company records total credit loss expenses related to premiums receivable in other underwriting expenses and records credit loss expenses related to deductibles in incurred losses and loss adjustment expenses (“LAE”) in the Company’s consolidated statements of operations and comprehensive income (loss).

The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable includes an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible.

F-12

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios.

The Company records credit loss expenses related to reinsurance recoverable in incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

D.Deferred Acquisition Costs.

Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned.  Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. 

E.Reserve for Losses and LAE.

The reserve for losses and LAE is based on individual case estimates and reports received from ceding companies.  A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.  Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.  See also Note 4 of the Notes to these Consolidated Financial Statements.  The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made.  The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability.  Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract.  Changes in estimates for such arrangements are recorded as commission expense.  Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE.

F.Premium Revenues.

Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts.  Unearned premium reserves are established relative to the unexpired contract period.  For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data.  Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted.  The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued.  Premiums are net of ceded reinsurance.

During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used. The refined estimate resulted in an increase of gross written premium for the twelve months ended December 31, 2023, and has further aligned the estimation methodology across the reinsurance division globally. This change had no impact on the total written premium to be recognized over the term of the treaty. There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income or any related per-share amounts.

F-13

G.Prepaid Reinsurance Premiums.

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers.  Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2024 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

H.Income Taxes.

Holdings and its wholly owned subsidiaries file a consolidated U.S. federal income tax return.  Foreign subsidiaries and branches of subsidiaries file local tax returns as required.  Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required.  Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules.

As a result of Bermuda enacting a corporate income tax effective January 1, 2025, Group subsidiaries in Bermuda will file and pay income taxes subsequent to that date.

As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from Accumulated Other Comprehensive Income.

I.Foreign Currency.

The Company transacts business in numerous currencies through business units located around the world.  The functional currency for each business unit is determined by the local currency used for most economic activity in that area.  Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes.

The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income (loss).  Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated as a separate component of other comprehensive income (loss) in shareholders’ equity.

J.Treasury Shares.

Treasury shares are the Company’s common shares repurchased on the open market, by the Company. The cost of treasury shares includes the purchase price of shares acquired and direct costs to acquire shares, including commissions.

K.Earnings Per Common Share.

Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding.  Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.

F-14

Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding.

	Years Ended December 31,
(Amounts in millions, except per share amounts)	2024			2023			2022
Net income (loss) per share:
Numerator
Net income (loss)	$	1,373		$	2,517		$	597
Less:  dividends declared-common shares and unvested common shares	(334)			(288)			(255)
Undistributed earnings	1,039			2,229			342
Percentage allocated to common shareholders (1)	98.8		%	98.8		%	98.7		%
	1,027			2,203			337
Add:  dividends declared-common shareholders	331			285			252
Numerator for basic and diluted earnings per common share	$	1,358		$	2,488		$	589
Denominator
Denominator for basic earnings per weighted-average common shares	42.7			41.3			38.8
Effect of dilutive securities:
Options	—			—			—
Denominator for diluted earnings per adjusted weighted-average common shares	42.7			41.3			38.8
Per common share net income (loss)
Basic	$	31.78		$	60.19		$	15.19
Diluted	$	31.78		$	60.19		$	15.19
(1)Basic weighted-average common shares outstanding	42.7			41.3			38.8
Basic weighted-average common shares outstanding and unvested common shares expected to vest	43.2			41.8			39.3
Percentage allocated to common shareholders	98.8		%	98.8		%	98.7		%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of December 31, 2024 and 2023, respectively.

Options granted under share-based compensation plans have all expired as of September 19, 2022. There were no anti-diluted options outstanding as of December 31, 2023 or 2022.

L.Segmentation.

The Company, through its subsidiaries, conducts business through two reportable segments: Reinsurance and Insurance. During the fourth quarter of 2024, the Company revised the classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new operating segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are now managed due to changes in management beginning in the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. See also Note 6 of the Notes to these Consolidated Financial Statements.

M.Share-Based Compensation.

Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award.  The tax benefit on the recorded expense is deferred until the

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time the award is exercised or vests (becomes unrestricted).  See Note 14 of the Notes to these Consolidated Financial Statements.

N.Recent Accounting Pronouncements.

Adoption of New Accounting Standards

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, which requires enhanced disclosures related to a public entity’s reportable segments. The Company adopted the accounting standard effective year end 2024. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements. The Company did not adopt any other new accounting standards that had a material impact in 2024.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 by the FASB on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2024. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.

Improvements to Income Tax Disclosures. In December 2023, the FASB issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued Accounting Standard Update No. 2024-03, which requires additional disclosure about specific expense categories included in the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

2.    INVESTMENTS

The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	688	$	—	$	5	$	(24)	$	669
Obligations of U.S. states and political subdivisions	75		—		—		(5)		70
Corporate securities	7,288		(35)		57		(299)		7,010
Asset-backed securities	5,994		—		28		(39)		5,982
Mortgage-backed securities
Commercial	965		—		1		(66)		900
Agency residential	5,205		—		13		(287)		4,931
Non-agency residential	1,291		—		9		(11)		1,289
Foreign government securities	2,330		—		13		(147)		2,196
Foreign corporate securities	6,099		—		42		(279)		5,861
Total fixed maturity securities - available for sale	$	29,934	$	(36)	$	167	$	(1,157)	$	28,908

(Some amounts may not reconcile due to rounding.)

F-16

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	1,045	$	—	$	3	$	(52)	$	996
Obligations of U.S. states and political subdivisions	138		—		1		(11)		128
Corporate securities	7,587		(47)		135		(322)		7,353
Asset-backed securities	5,644		—		25		(51)		5,618
Mortgage-backed securities
Commercial	1,091		—		1		(92)		1,000
Agency residential	4,869		—		55		(229)		4,695
Non-agency residential	431		—		14		(2)		443
Foreign government securities	2,042		—		33		(108)		1,967
Foreign corporate securities	5,720		(1)		92		(271)		5,540
Total fixed maturity securities - available for sale	$	28,568	$	(48)	$	358	$	(1,137)	$	27,740

(Some amounts may not reconcile due to rounding.)

The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	177	$	(2)	$	5	$	(4)	$	175
Asset-backed securities	484		(4)		5		(8)		477
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		4		—		86
Total fixed maturity securities - held to maturity	$	765	$	(8)	$	14	$	(12)	$	759

(Some amounts may not reconcile due to rounding.)

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	150	$	(2)	$	1	$	(3)	$	146
Asset-backed securities	609		(5)		4		(10)		597
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		7		—		90
Total fixed maturity securities - held to maturity	$	864	$	(8)	$	12	$	(13)	$	854

(Some amounts may not reconcile due to rounding.)

F-17

The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At December 31, 2024				At December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - available for sale
Due in one year or less	$	1,116	$	1,080	$	1,289	$	1,261
Due after one year through five years	8,774		8,480		7,094		6,858
Due after five years through ten years	4,764		4,523		5,613		5,405
Due after ten years	1,826		1,723		2,537		2,460
Asset-backed securities	5,994		5,982		5,644		5,618
Mortgage-backed securities
Commercial	965		900		1,091		1,000
Agency residential	5,205		4,931		4,869		4,695
Non-agency residential	1,291		1,289		431		443
Total fixed maturity securities -available for sale	$	29,934	$	28,908	$	28,568	$	27,740

(Some amounts may not reconcile due to rounding.)

The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At December 31, 2024				At December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - held to maturity
Due in one year or less	$	7	$	7	$	5	$	5
Due after one year through five years	67		67		59		58
Due after five years through ten years	37		35		43		42
Due after ten years	150		152		127		131
Asset-backed securities	484		477		609		597
Mortgage-backed securities
Commercial	21		21		21		21
Total fixed maturity securities - held to maturity	$	765	$	759	$	864	$	854

(Some amounts may not reconcile due to rounding.)

During 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of December 31, 2024, $34 million of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy.

F-18

The changes in net URA(D) for the Company’s investments are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Increase (decrease) during the period between the fair value and cost
of investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities - available for sale and short-term investments	$	(203)	$	1,129
Equity method investments	18		—
Change in URA(D), pre-tax	(185)		1,129
Deferred tax benefit (expense)	76		(142)
Change in URA(D), net of deferred taxes, included in shareholders’ equity	$	(109)	$	986

(Some amounts may not reconcile due to rounding.)

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2024 by Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	80	$	(1)	$	398	$	(23)	$	478	$	(24)
Obligations of U.S. states and political subdivisions	9		—		40		(5)		48		(5)
Corporate securities	2,744		(76)		2,132		(221)		4,876		(297)
Asset-backed securities	958		(20)		537		(19)		1,495		(39)
Mortgage-backed securities
Commercial	53		(3)		757		(63)		810		(66)
Agency residential	2,754		(115)		1,226		(172)		3,980		(287)
Non-agency residential	654		(11)		25		—		678		(11)
Foreign government securities	851		(35)		828		(112)		1,679		(147)
Foreign corporate securities	2,484		(61)		1,785		(218)		4,269		(279)
Total	$	10,587	$	(323)	$	7,728	$	(833)	$	18,315	$	(1,156)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	10,604	$	(324)	$	7,728	$	(833)	$	18,332	$	(1,157)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2024 by Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	138	$	(5)	$	544	$	(34)	$	682	$	(39)
Due in one year through five years	3,503		(87)		2,770		(249)		6,273		(335)
Due in five years through ten years	1,850		(50)		1,382		(220)		3,232		(271)
Due after ten years	677		(32)		487		(76)		1,164		(107)
Asset-backed securities	958		(20)		537		(19)		1,495		(39)
Mortgage-backed securities	3,461		(129)		2,008		(235)		5,469		(364)
Total	$	10,587	$	(323)	$	7,728	$	(833)	$	18,315	$	(1,156)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	10,604	$	(324)	$	7,728	$	(833)	$	18,332	$	(1,157)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2024 were $18.3 billion and $1.2 billion, respectively. The fair value of securities

F-19

for the single issuer (the U.S. government) whose securities comprised the largest unrealized loss position at December 31, 2024, amounted to less than 1.6% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at December 31, 2024 comprised less than 0.9% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $324 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $319 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $833 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $810 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2024, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2023 by Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	122	$	(3)	$	772	$	(49)	$	893	$	(52)
Obligations of U.S. states and political subdivisions	3		—		74		(11)		77		(11)
Corporate securities	1,019		(58)		2,780		(263)		3,799		(321)
Asset-backed securities	196		(2)		2,014		(49)		2,210		(51)
Mortgage-backed securities
Commercial	181		(19)		742		(73)		923		(92)
Agency residential	423		(4)		2,126		(225)		2,549		(229)
Non-agency residential	126		(1)		4		—		130		—
Foreign government securities	172		(7)		985		(101)		1,156		(108)
Foreign corporate securities	324		(6)		2,726		(265)		3,050		(271)
Total	$	2,564	$	(101)	$	12,222	$	(1,035)	$	14,787	$	(1,136)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	2,566	$	(102)	$	12,222	$	(1,035)	$	14,789	$	(1,137)

(Some amounts may not reconcile due to rounding.)

F-20

	Duration of Unrealized Loss at December 31, 2023 by Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	184	$	(3)	$	773	$	(30)	$	958	$	(33)
Due in one year through five years	699		(18)		3,841		(271)		4,540		(289)
Due in five years through ten years	328		(15)		2,306		(310)		2,633		(325)
Due after ten years	429		(39)		417		(77)		845		(116)
Asset-backed securities	196		(2)		2,014		(49)		2,210		(51)
Mortgage-backed securities	729		(24)		2,872		(298)		3,601		(323)
Total	$	2,564	$	(101)	$	12,222	$	(1,035)	$	14,787	$	(1,136)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	2,566	$	(102)	$	12,222	$	(1,035)	$	14,789	$	(1,137)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2023 were $14.8 billion and $1.1 billion, respectively. The fair value of securities for the single issuer (the U.S. government) whose securities comprised the largest unrealized loss position at December 31, 2023, amounted to less than 3.0% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.7% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $102 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $86 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $1.0 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $1.0 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

The components of net investment income are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturities	$	1,481	$	1,153	$	742
Equity securities	3		3		16
Short-term investments and cash	195		140		28
Other invested assets
Limited partnerships	206		122		75
Other	104		59		29
Gross investment income before adjustments	1,989		1,477		890
Funds held interest income (expense)	26		10		2
Future policy benefit reserve income (expense)	(1)		(1)		—
Gross investment income	2,013		1,486		892
Investment expenses	59		53		62
Net investment income	$	1,954	$	1,434	$	830

(Some amounts may not reconcile due to rounding.)

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“NAV”) of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter

F-21

lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $3.3 billion in limited partnerships and private placement loan securities at December 31, 2024. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2034.

In 2022, the Company entered into COLI policies, which are invested in private debt and private equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.7 billion and $1.3 billion as of December 31, 2024 and December 31, 2023, respectively.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements. As of December 31, 2024 and 2023, the Company did not hold any securities for which it is the primary beneficiary.

The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2024 and 2023 is limited to the total carrying value of $5.4 billion and $4.8 billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets. Exposure relating specifically to general and limited partnerships as of December 31, 2024 and December 31, 2023 is limited to the total carrying value of $3.6 billion and $3.4 billion.

As of December 31, 2024, the Company has outstanding commitments totaling $2.0 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations and are classified as fixed maturities - available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

F-22

The components of net gains (losses) on investments are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturity securities
Allowance for credit losses	$	13	$	7	$	(33)
Net realized gains (losses) from dispositions	6		(292)		(87)
Equity securities, fair value
Net realized gains (losses) from dispositions	1		8		112
Gains (losses) from fair value adjustments	(1)		—		(460)
Other invested assets	(1)		—		13
Short-term investments gain (loss)	1		—		—
Total net gains (losses) on investments	$	19	$	(276)	$	(455)

(Some amounts may not reconcile due to rounding.)

The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2024
	Corporate Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(47)	$	(1)	$	(48)
Credit losses on securities where credit losses were not previously recorded	(9)		—		(9)
Increases in allowance on previously impaired securities	—		—		—
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	20		1		21
Balance, end of period	$	(35)	$	—	$	(36)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2023
	Corporate Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(45)	$	(10)	$	(54)
Credit losses on securities where credit losses were not previously recorded	(23)		—		(24)
Increases in allowance on previously impaired securities	(1)		—		(1)
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	22		8		30
Balance, end of period	$	(47)	$	(1)	$	(48)

(Some amounts may not reconcile due to rounding.)

F-23

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2024
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(5)	$	(1)	$	(8)
Credit losses on securities where credit losses were not previously recorded	—		—		(1)		(1)
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	—		1		—		1
Balance, end of period	$	(2)	$	(4)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2023
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(6)	$	(1)	$	(9)
Credit losses on securities where credit losses were not previously recorded	—		—		—		—
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities
Reduction in allowance due to disposals	—		1		—		1
Balance, end of period	$	(2)	$	(5)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)

The proceeds and split between gross gains and losses, from sales of fixed maturity securities - available for sale and equity securities, are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Proceeds from sales of fixed maturity securities - available for sale	$	6,257	$	3,849	$	1,403
Gross gains from sales	166		35		40
Gross losses from sales	(160)		(327)		(127)
Proceeds from sales of equity securities	$	37	$	126	$	2,217
Gross gains from sales	2		8		165
Gross losses from sales	(1)		—		(53)

Securities with a carrying value amount of $1.4 billion at December 31, 2024 were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws. See Note 10 of the Notes to these Consolidated Financial Statements.

3.    FAIR VALUE

GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a

F-24

given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:	Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
Level 2:	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;
Level 3:	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information. When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third-party investment asset managers, review of pricing statistics and trends and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

At December 31, 2024 and 2023, $2.2 billion and $2.0 billion, respectively, of fixed maturities were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third-party valuations.

Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources.

Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third-party pricing services are in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third-party asset managers and the Company. If the broker quotes are

F-25

for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

•U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;

•Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;

•Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and

•Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.

The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	669	$	—	$	669	$	—
Obligations of U.S. States and political subdivisions	70		—		70		—
Corporate securities	7,010		—		6,492		518
Asset-backed securities	5,982		—		4,325		1,657
Mortgage-backed securities
Commercial	900		—		900		—
Agency residential	4,931		—		4,931		—
Non-agency residential	1,289		—		1,289		—
Foreign government securities	2,196		—		2,196		—
Foreign corporate securities	5,861		—		5,847		14
Total fixed maturities - available for sale	28,908		—		26,719		2,189
Equity securities, fair value	217		79		133		5

(Some amounts may not reconcile due to rounding.)

F-26

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	996	$	—	$	996	$	—
Obligations of U.S. States and political subdivisions	128		—		128		—
Corporate securities	7,353		—		6,681		672
Asset-backed securities	5,618		—		4,313		1,305
Mortgage-backed securities
Commercial	1,000		—		1,000		—
Agency residential	4,695		—		4,695		—
Non-agency residential	443		—		443		—
Foreign government securities	1,967		—		1,967		—
Foreign corporate securities	5,540		—		5,524		16
Total fixed maturities - available for sale	27,740		—		25,747		1,993
Equity securities, fair value	188		70		118		—

(Some amounts may not reconcile due to rounding.)

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

	Total Fixed Maturities - Available for Sale
	December 31, 2024								December 31, 2023
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total
Beginning balance fixed maturities	$	672	$	1,305	$	16	$	1,993	$	715	$	994	$	16	$	1,725
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(1)		—		1		—		4		—		—		4
Included in other comprehensive income (loss)	1		12		—		13		(2)		6		—		4
Purchases, issuances and settlements	(154)		339		(2)		183		(45)		305		—		260
Transfers in and/or (out) of Level 3 and reclassification
of securities in/(out) of investment categories	—		—		—		—		—		—		—		—
Ending balance	$	518	$	1,657	$	14	$	2,189	$	672	$	1,305	$	16	$	1,993
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date	$	(3)	$	—	$	—	$	(3)	$	9	$	—	$	—	$	9

(Some amounts may not reconcile due to rounding.)

There were no transfers of assets in/(out) of Level 3 during 2024 or 2023.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values and valuation hierarchy of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 8 and 9 of the Notes to these Consolidated Financial Statements, respectively. Short-term investments are stated at cost, which approximates fair value.  See Note 1 of the Notes to these Consolidated Financial Statements.

F-27

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 1 of the Notes to these Consolidated Financial Statements for details of investments in COLI policies.

In addition, $239 million and $274 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively, are not included within the fair value hierarchy tables, as the assets are measured at NAV as a practical expedient to determine fair value.

4.    RESERVE FOR LOSSES AND LAE

Reserve for losses and LAE.

The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Gross reserves beginning of period	$	24,604	$	22,065	$	19,009
Less reinsurance recoverables on unpaid losses	(2,098)		(2,105)		(1,946)
Net reserves beginning of period	22,506		19,960		17,063
Incurred related to:
Current year	9,967		8,432		8,102
Prior years	1,337		(5)		(2)
Total incurred losses and LAE	11,305		8,427		8,100
Paid related to:
Current year	1,258		1,379		1,220
Prior years	5,279		4,731		3,740
Total paid losses and LAE	6,537		6,110		4,960
Foreign exchange/translation adjustment	(298)		229		(243)
Net reserves end of period	26,975		22,506		19,960
Plus reinsurance recoverables on unpaid losses	2,915		2,098		2,105
Gross reserves end of period	$	29,889	$	24,604	$	22,065

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $10.0 billion, $8.4 billion and $8.1 billion in 2024, 2023 and 2022, respectively. The increase in current year incurred losses from 2023 to 2024 was primarily related to an increase of $1.1 billion in current year attritional losses, resulting from the impact of the increase in premiums earned and changes in the mix of business, as well as an increase of $423 million in current year catastrophe losses.

Gross and net reserves increased in 2023, reflecting an increase in underlying exposure due to premium growth, year over year and changes in the mix of business, partially offset by a decrease of $585 million in 2023 current year catastrophe losses compared to 2022.

Incurred prior years unfavorable development in losses was $1.3 billion in 2024. Incurred prior years favorable development in losses was $5 million in 2023 and $2 million in 2022. The net unfavorable development on prior year reserves of $1.3 billion in 2024 is primarily comprised of $1.1 billion of unfavorable development on prior years attritional losses for the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines and $403 million of unfavorable development on prior years attritional losses for Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $54 million resulting in a 3-year net asbestos survival ratio of 7 years. In addition, the Reinsurance segment recorded $684 million of unfavorable development on prior year casualty reserves. This unfavorable development in the Reinsurance segment was largely offset by favorable development booked on property and mortgage lines. The net favorable development on prior year reserves of $5 million in 2023 is comprised of $401 million of

F-28

favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, mostly offset by $285 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019 as well as $110 million of unfavorable development on prior years attritional losses for other lines. The favorable development on prior year reserves of $2 million in 2022 is primarily driven by better than expected loss emergence in workers’ compensation and surety lines of business, as well as attritional property.

The following is information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year.

The information about incurred and paid claims development for the years ended December 31, 2015 to December 31, 2023 is presented as supplementary information.

The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impractical to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident and Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group.

The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims.

F-29

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows:

	December 31, 2024
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	12,810
Reinsurance Property	6,028
Insurance Casualty	5,891
Insurance Property	762
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	25,491
Reinsurance recoverable on unpaid claims
Reinsurance Casualty	73
Reinsurance Property	624
Insurance Casualty	1,750
Insurance Property	237
Total reinsurance recoverable on unpaid claims (1)	2,683
Insurance lines other than short-duration	—
Unallocated claims adjustment expenses	316
Other (2)	1,400
	1,716
Total gross liability for unpaid claims and claim adjustment expense	$	29,889

(Some amounts may not reconcile due to rounding.)

(1) Amounts disclosed are for reinsurance and insurance reportable segments.

(2) The other amount is primarily comprised of the new Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The following tables present the ultimate loss and allocated LAE and the paid loss and allocated LAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business.

Reinsurance - Casualty Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	777	$	821	$	818	$	815	$	799	$	835	$	835	$	833	$	832	$	845	$	45	N/A
2016			792		870		867		862		938		940		970		1,000		1,022		52		N/A
2017					875		834		841		922		931		986		1,051		1,079		24		N/A
2018							1,447		1,445		1,522		1,553		1,621		1,718		1,775		246		N/A
2019									1,761		1,826		1,828		1,853		1,893		1,954		346		N/A
2020											1,957		1,928		1,907		1,869		1,911		588		N/A
2021													2,491		2,487		2,427		2,518		1,229		N/A
2022															2,730		2,688		2,739		1,658		N/A
2023																	2,958		3,123		2,315		N/A
2024																			3,275		2,756		N/A
																			$	20,240

(Some amounts may not reconcile due to rounding.)

F-30

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	56	$	158	$	265	$	410	$	499	$	567	$	613	$	650	$	677	$	702
2016			89		189		323		429		542		618		693		762		826
2017					80		186		317		458		582		681		790		917
2018							188		296		497		652		828		1,008		1,214
2019									239		364		533		735		963		1,234
2020											205		307		486		720		987
2021													206		319		542		845
2022															184		345		646
2023																	201		422
2024																			256
																			$	8,048
All outstanding liabilities prior to 2015, net of reinsurance																			617
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	12,810

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	8.4	%	6.7	%	10.4	%	11.6	%	11.6	%	10.4	%	9.2	%	7.9	%	4.9	%	2.9	%

Reinsurance - Property Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	1,378	$	1,037	$	956	$	930	$	933	$	925	$	927	$	924	$	921	$	911	$	—	N/A
2016			1,681		1,502		1,538		1,532		1,510		1,511		1,507		1,509		1,502		1		N/A
2017					2,773		3,396		3,507		3,636		3,681		3,692		3,705		3,724		3		N/A
2018							2,594		2,469		2,471		2,409		2,362		2,347		2,382		3		N/A
2019									2,005		2,036		1,981		1,866		1,869		1,920		2		N/A
2020											2,388		2,461		2,405		2,377		2,379		3		N/A
2021													2,745		2,770		2,692		2,582		14		N/A
2022															3,202		2,880		2,586		261		N/A
2023																	2,788		2,411		662		N/A
2024																			3,940		2,214		N/A
																			$	24,337

(Some amounts may not reconcile due to rounding.)

F-31

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	369	$	591	$	740	$	823	$	850	$	871	$	879	$	884	$	888	$	889
2016			459		946		1,056		1,080		1,089		1,081		1,082		1,084		1,128
2017					810		2,170		2,733		3,117		3,313		3,407		3,482		3,590
2018							534		1,509		1,857		2,047		2,121		2,184		2,307
2019									714		1,159		1,482		1,645		1,771		1,934
2020											571		1,302		1,706		1,989		2,251
2021													679		1,523		2,014		2,420
2022															619		1,364		1,896
2023																	600		1,165
2024																			774
																			$	18,355
All outstanding liabilities prior to 2015, net of reinsurance																			46
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	6,028

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	25.2	%	31.2	%	16.2	%	10.0	%	5.4	%	3.2	%	2.4	%	1.9	%	2.0	%	0.2	%

Insurance - Casualty Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	487	$	492	$	500	$	503	$	427	$	426	$	427	$	434	$	426	$	445	$	11	27,331
2016			504		510		538		557		489		474		478		488		494		17		31,267
2017					559		557		567		585		559		559		584		580		32		34,793
2018							643		648		679		685		697		772		811		64		34,838
2019									774		777		797		804		953		1,089		145		37,837
2020											912		989		977		975		1,096		273		39,675
2021													1,117		1,159		1,153		1,353		464		44,458
2022															1,241		1,239		1,597		739		46,433
2023																	1,424		1,740		1,125		44,372
2024																			1,788		1,546		33,512
																			$	10,993

(Some amounts may not reconcile due to rounding.)

F-32

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	43	$	127	$	208	$	270	$	325	$	351	$	379	$	397	$	409	$	417
2016			51		156		253		314		362		398		430		448		460
2017					52		165		263		343		404		467		493		527
2018							61		196		296		407		539		623		678
2019									69		218		364		498		646		828
2020											63		229		372		531		659
2021													105		246		428		655
2022															79		282		578
2023																	93		311
2024																			85
																			$	5,200
All outstanding liabilities prior to 2015, net of reinsurance																			97
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,891

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	6.4	%	14.3	%	15.3	%	14.2	%	12.7	%	11.5	%	6.1	%	4.6	%	2.6	%	1.9	%

Insurance - Property Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	179	$	169	$	159	$	160	$	161	$	162	$	163	$	165	$	164	$	165	$	1	N/A
2016			289		281		284		292		297		299		300		302		301		2		N/A
2017					486		494		486		494		496		508		509		506		1		N/A
2018							403		399		401		410		428		436		435		3		N/A
2019									347		352		350		365		380		375		6		N/A
2020											601		508		498		503		492		10		N/A
2021													646		585		602		628		37		N/A
2022															770		796		698		42		N/A
2023																	717		669		94		N/A
2024																			597		192		N/A
																			$	4,864

(Some amounts may not reconcile due to rounding.)

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	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	107	$	153	$	155	$	158	$	160	$	161	$	162	$	163	$	163	$	164
2016			167		249		272		290		296		297		299		299		299
2017					176		416		452		477		493		505		504		505
2018							240		356		376		407		424		429		431
2019									226		313		335		355		363		368
2020											292		413		450		465		473
2021													325		482		544		565
2022															377		567		594
2023																	400		503
2024																			200
																			$	4,102
All outstanding liabilities prior to 2015, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			762

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	54.0	%	30.4	%	6.3	%	4.6	%	2.5	%	1.4	%	0.3	%	0.1	%	—	%	0.3	%

Reserving Methodology

The Company maintains reserves equal to management’s estimated ultimate liability for losses and LAE for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded.

The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded in the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced Claims staff handle individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting and Internal Audit departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits.

The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss

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development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 250 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less uncertainty than those for the longer tail lines.

The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group.

Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year.

Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time, or which are more volatile.

Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. IBNR reserves are calculated using earned premium, an a priori loss ratio and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method.

For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses at an earlier stage than for long tail lines. For immature underwriting or accident years, the initial expected loss ratios are key inputs that involve management’s judgment and are based on a variety of factors, including: (1) expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment.

Carried reserves at each reporting date are the management’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.

Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. Rather, loss and LAE reserves are estimated by management by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss. The analysis uses inputs from various sources and methodology, to build up a comprehensive perspective. Such analysis generally involves: (1) estimating the size of insured industry losses; (2) reviewing portfolios to identify contracts which are exposed; (3) reviewing information reported or otherwise provided by customers and brokers; (4) discussing the loss with customers

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and brokers; and (5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the loss on a contract-by-contract basis and in aggregate for the event. Due to the inherent uniqueness or specific nature of a catastrophic event, each event has its own unique assessment, and different weights may be applied to various inputs based on management’s judgment. Once a loss has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the loss. The Company’s estimate of loss and LAE reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss. The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss.

Because catastrophe losses are typically due to prominent, public events such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process. The Company also reviews catastrophe bulletins published by various statistical modeling agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event. For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical modeling agencies to assist in determining what events occurred during the reporting period than the Company does for large events. This includes reviewing catastrophe bulletins published by Property Claim Services for U.S. catastrophes. The Company sets its initial estimates of reserves for loss and LAE for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical modeling agencies, although management may make significant adjustments based on the Company’s current exposure to the geographic region involved as well as the size of the loss and the peril involved.

In general, reserves for the Company’s more recent large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses, uncertainty as to which contracts have been exposed, uncertainty due to complex legal and coverage issues that can arise out of large or complex losses and uncertainty as to the magnitude of losses and LAE incurred by the Company’s customers. As the Company’s losses age, more information becomes available, and the Company believes its estimates become more certain.

The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.

The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from Mt. McKinley Insurance Company’s (“Mt. McKinley”), a former wholly owned subsidiary that was sold in 2015, direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago.  There are significant uncertainties surrounding the Company’s reserves for its A&E losses.

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A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy.  The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023		2022
Gross basis:
Beginning of period reserves	$	247	$	278	$	175
Incurred losses	62		—		144
Paid losses	(49)		(31)		(42)
End of period reserves	$	260	$	247	$	278
Net basis:
Beginning of period reserves	$	232	$	257	$	156
Incurred losses	54		—		138
Paid losses	(43)		(25)		(37)
End of period reserves	$	242	$	232	$	257

(Some amounts may not reconcile due to rounding.)

In 2015, the Company sold Mt. McKinley to Clearwater Insurance Company (“Clearwater”), a subsidiary of Fairfax Financial. Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater.  Per the retrocession treaty, the Company retroceded 100% of the liabilities associated with certain Mt. McKinley policies, which related entirely to A&E business and had been reinsured by Bermuda Re.  As consideration for entering into the retrocession treaty, Everest Re Bermuda transferred cash of $140 million, an amount equal to the net loss reserves as of the closing date.  The maximum liability retroceded under the retrocession treaty will be $440 million, equal to the retrocession payment plus $300 million.  The Company will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty.

On December 20, 2019, the retrocession treaty was amended and included a partial commutation. As a result of this amendment and partial commutation, gross A&E reserves and correspondingly reinsurance receivable were reduced by $43 million. In addition, the maximum liability permitted to be retroceded increased to $450 million.

Reinsurance Recoverables.

Reinsurance recoverables for both paid and unpaid losses totaled $3.1 billion and $2.3 billion at December 31, 2024 and December 31, 2023, respectively. At December 31, 2024, $395 million, or 12.6%, was receivable from Mt. Logan Re, Ltd. (“Mt. Logan Re”) collateralized segregated accounts; $316 million, or 10.1%, was receivable from Munich Reinsurance America, Inc. and $187 million, or 6.0%, was recoverable from Endurance Reinsurance Corporation of America. No other retrocessionaire accounted for more than 5% of our receivables.

5.    REINSURANCE

The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences.  These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders.  Losses and LAE incurred and premiums earned are reported after deduction for reinsurance.  In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances.  The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and LAE reserves that may be ceded under the terms of the reinsurance agreements, including IBNR unpaid losses. The Company’s estimate of losses and LAE reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and LAE. The Company may hold partial collateral, including letters of credit and funds held, under these agreements.  See also Note 1C, Note 4 and Note 10 of the Notes to these Consolidated Financial Statements.

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Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets.

See Note 1C of the Notes to these Consolidated Financial Statements for discussion of allowance on reinsurance recoverables.

Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults.

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Written premiums:
Direct	$	5,115	$	5,031	$	4,602
Assumed	13,117		11,606		9,350
Ceded	(2,418)		(1,907)		(1,608)
Net written premiums	$	15,814	$	14,730	$	12,344
Premiums earned:
Direct	$	4,977	$	4,733	$	4,218
Assumed	12,458		10,518		9,082
Ceded	(2,248)		(1,807)		(1,513)
Net premiums earned	$	15,187	$	13,443	$	11,787
Incurred losses and LAE:
Direct	$	5,465	$	3,209	$	2,804
Assumed	7,464		5,870		6,285
Ceded	(1,624)		(651)		(988)
Net incurred losses and LAE	$	11,305	$	8,427	$	8,100

6.    SEGMENT REPORTING

The Company conducts business through two reportable segments: Reinsurance and Insurance. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom (“U.K.”) and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the U.K., Ireland, and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy and Spain. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

Our two reportable segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.

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During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management implemented during the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively within this Form 10-K, including Schedule III - Supplementary Insurance Information. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

The following tables present segment underwriting results for the periods indicated:

	Year Ended December 31, 2024
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	12,941	$	5,078	$	212	$	18,232
Net written premiums	11,969		3,678		167		15,814
Premiums earned	$	11,412	$	3,579	$	197	$	15,187
Incurred losses and LAE	7,103		3,622		580		11,305
Commission and brokerage	2,837		439		24		3,300
Other underwriting expenses	290		615		33		938
Underwriting gain (loss)	$	1,181	$	(1,097)	$	(440)	$	(356)
Net investment income							1,954
Net gains (losses) on investments							19
Corporate expenses							(95)
Interest, fee and bond issue cost amortization expense							(149)
Other income (expense)							121
Income (loss) before taxes							$	1,493

F-39

	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	11,460	$	4,888	$	289	$	16,637
Net written premiums	10,802		3,704		225		14,730
Premiums earned	$	9,799	$	3,420	$	225	$	13,443
Incurred losses and LAE	5,690		2,471		266		8,427
Commission and brokerage	2,520		410		22		2,952
Other underwriting expenses	254		556		35		846
Underwriting gain (loss)	$	1,334	$	(18)	$	(98)	$	1,219
Net investment income							1,434
Net gains (losses) on investments							(276)
Corporate expenses							(73)
Interest, fee and bond issue cost amortization expense							(134)
Other income (expense)							(14)
Income (loss) before taxes							$	2,154

	Year Ended December 31, 2022
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	9,246	$	4,426	$	279	$	13,952
Net written premiums	8,917		3,223		204		12,344
Premiums earned	$	8,596	$	2,998	$	194	$	11,787
Incurred losses and LAE	5,962		2,040		98		8,100
Commission and brokerage	2,116		399		14		2,528
Other underwriting expenses	216		438		28		682
Underwriting gain (loss)	$	302	$	121	$	54	$	477
Net investment income							830
Net gains (losses) on investments							(455)
Corporate expenses							(61)
Interest, fee and bond issue cost amortization expense							(101)
Other income (expense)							(102)
Income (loss) before taxes							$	588

The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.

	United States		Europe		All other
2024	57	%	25	%	18	%
2023	58	%	24	%	18	%
2022	63	%	22	%	15	%

Approximately 21.9%, 20.4% and 20.0% of the Company’s gross written premiums in 2024, 2023 and 2022, respectively, were sourced through the Company’s largest intermediary.

7.    CREDIT FACILITIES

As of December 31, 2024, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.7 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £113 million and €75 million, respectively. The Company also has additional uncommitted letter of

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credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date.

The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these Consolidated Financial Statements for collateral posted related to secured letters of credit.

Bermuda Re Wells Fargo Bilateral Letter of Credit Facility

Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo, referred to as the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. Effective June 10, 2024, the agreement was amended to extend the availability of committed issuance for one year.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility	$	500	$	455	12/31/2025	$	500	$	97	6/24/2024
								71		6/28/2024
								318		12/31/2024
	$	500	$	455		$	500	$	486

(Some amounts may not reconcile due to rounding.)

Bermuda Re Citibank Letter of Credit Facility

Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. referred to as the “Bermuda Re Citibank Letter of Credit Facility”. The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Citibank LOC Facility- Committed	$	230	$	—	1/21/2025	$	230	$	—	01/21/2024
			4		2/28/2025			4		02/29/2024
			2		3/1/2025			1		3/1/2024
			1		3/15/2025			3		9/23/2024
			3		9/23/2025			1		12/1/2024
			1		12/1/2025			—		12/16/2024
			—		12/16/2025			—		12/20/2024
			—		12/20/2025			217		12/31/2024
			197		12/31/2025			1		8/15/2025
			1		8/15/2026
Bermuda Re Citibank LOC Facility - Uncommitted	140		75		12/31/2025	140		105		12/31/2024
			7		12/30/2028			7		12/30/2027
Total Citibank Bilateral Agreement	$	370	$	293		$	370	$	340

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re

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Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed	$	200	$	193	12/31/2025	$	200	$	192	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed	$	150	$	150	12/31/2025	$	150	$	150	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Lloyd’s Bank Letter of Credit Facility.

Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Ireland Insurance as an account party with access to a $15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Lloyd's Bank Credit Facility-Committed	$	250	$	244	12/31/2025	$	250	$	235	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Barclays Bank Credit Facility

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for three years.

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The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	150	12/30/2025	$	200	$	168	12/30/2024
	—		14		12/31/2025	—		14		12/31/2024
Total Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	164		$	200	$	182

(Some amounts may not reconcile due to rounding.)

Bermuda Re Nordea Bank Letter of Credit Facility

Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Nordea Bank Letter of Credit Facility - Committed	$	200	$	200	12/31/2025	$	200	$	200	12/31/2024
Nordea Bank Letter of Credit Facility - Uncommitted	100		100		12/31/2025	100		100		12/31/2024
Total Nordea Bank ABP, NY LOC Facility	$	300	$	300		$	300	$	300

(Some amounts may not reconcile due to rounding.)

Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility

Effective October 30, 2024, Everest International entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch, referred to as the “Funds at Lloyds Syndicated Letter of Credit Facility”. The Everest International Reinsurance Funds at Lloyds Syndicated Letter of Credit Facility provides for the committed issuance of up to £113 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility	£	113	£	107	11/1/2028

(Some amounts may not reconcile due to rounding.)

Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility

Effective December 30, 2024, Ireland Re entered into a letter of credit issuance facility with Commerzbank AG, New York Branch, referred to as the “Commerzbank Letter of Credit Facility”. The Ireland Re Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility	€	75	€	20	12/31/2025

(Some amounts may not reconcile due to rounding.)

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Federal Home Loan Bank Membership

Everest Re is 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 December 31, 2024, Everest Re had statutory admitted assets of approximately $30.8 billion which provides borrowing capacity of up to approximately $3.1 billion. As of December 31, 2024, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $45 million and $30 million for the years ended December 31, 2024 and 2023, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged. As of December 31, 2024, Everest Re had $1.3 billion of collateral pledged.

8.    SENIOR NOTES

The table below displays Holdings’ outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

					December 31, 2024				December 31, 2023
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	6/5/2014	6/1/2044	$	400	$	398	$	347	$	398	$	369
3.5% Senior notes	10/7/2020	10/15/2050	1,000		982		681		981		742
3.125% Senior notes	10/4/2021	10/15/2052	1,000		971		620		970		688
			$	2,400	$	2,350	$	1,648	$	2,349	$	1,799

(Some amounts may not reconcile due to rounding.)

Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2024		2023		2022
4.868% Senior Notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior Notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior Notes	semi-annually	April 15/October 15	32		32		32
			$	86	$	86	$	86

(Some amounts may not reconcile due to rounding.)

9.    LONG-TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, these Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.

Maturity Date

December 31, 2024

December 31, 2023

(Dollars in millions)

Date Issued

Original Principal Amount

Scheduled

Final

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

Subordinated Notes Issued 2007

4/26/2007

$

400

5/15/2037

5/1/2067

$

218

$

215

$

218

$

187

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest was initially on the 3-month London Interbank Offered Rate (“LIBOR”) plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for November 15, 2024 to February 18,

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2025 is 7.17%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on the 3-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus a spread.

Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of the Senior Note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the Subordinated Notes Issued 2007. The Company’s Senior Notes are the Company’s long-term indebtedness that rank senior to the Subordinated Notes Issued 2007.

In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes. In addition, the Company repurchased and retired $6 million of the outstanding long-term subordinated notes for the year ended December 31, 2022. The Company realized a gain of $1 million on the repurchases made during 2022.

Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Interest expense incurred	$	17	$	17	$	9

10.    COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:

	At December 31,
(Dollars in millions)	2024		2023
Collateral in trust for non-affiliated agreements	$	3,241	$	3,208
Collateral for secured letter of credit facilities	1,386		1,438
Collateral for FHLB borrowings	1,294		1,077
Securities on deposit with or regulated by government authorities	1,406		1,447
Funds at Lloyd's	341		538
Funds held by reinsureds	1,218		1,135
Total restricted assets	$	8,885	$	8,843

Restricted cash is included in cash on the consolidated balance sheets. At December 31, 2024 and December 31, 2023, the Company had restricted cash of $397 million and $243 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements and secured letter of credit facilities.

The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt. Logan Re. Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.

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The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

	Years Ended December 31,
Mt. Logan Re Segregated Accounts	2024	2023	2022
(Dollars in millions)
Ceded written premiums	433	246	201
Ceded earned premiums	376	242	206
Ceded losses and LAE	188	64	191
Assumed written premiums	10	6	5
Assumed earned premiums	10	6	5

Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt. Logan Re segregated accounts to retrocede $269 million of casualty reserves held by Bermuda Re related to accident years 2002 through 2015. As consideration for entering the agreement, the Company transferred cash of $252 million to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $319 million. The Company will retain liability for any amounts exceeding the maximum liability. Effective July 1, 2022, the Company commuted this reinsurance agreement with Mt. Logan segregated account.

The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements.

(Dollars in millions)
Class	Description	Effective Date	Expiration Date	Limit		Coverage Basis
Series 2021-1 Class A-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	150		Occurrence
Series 2021-1 Class B-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class C-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	150		Occurrence
Series 2021-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2021-1 Class C-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2022-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/22/2022	6/25/2025	300		Aggregate
Series 2024-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/27/2024	6/30/2028	75		Occurrence
Series 2024-1 Class B	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/27/2024	6/30/2028	125		Occurrence
	Total available limit as of December 31, 2024			$	1,150

Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.

11.    COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its

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positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

The Company has entered into separate annuity agreements with The Prudential Insurance of America (“The Prudential”), an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
The Prudential	$	136	$	136
Other unaffiliated life insurance company	$	32	$	34

12.    LEASES

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

Supplemental information related to operating leases is as follows for the periods indicated:

	Year Ended December 31,
(Dollars in millions)	2024		2023
Lease expense incurred:
Operating lease cost	$	32	$	30

	At December 31,
(Dollars in millions)	2024		2023
Operating lease right of use assets (1)	$	108	$	123
Operating lease liabilities (1)	126		143

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.

	Year Ended December 31,
(Dollars in millions)	2024		2023
Operating cash flows from operating leases	$	(24)	$	(22)

	At December 31,
	2024		2023
Weighted average remaining operating lease term	9.2 years		9.8 years
Weighted average discount rate on operating leases	4.14	%	4.03	%

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Maturities of the existing lease liabilities are expected to occur as follows:

(Dollars in millions)	As of December 31,
2025	$	21
2026	20
2027	17
2028	14
2029	13
Thereafter	67
Undiscounted lease payments	152
Less: present value adjustment	25
Total operating lease liability	$	126

(Some amounts may not reconcile due to rounding.)

13.    OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

	Years Ended December 31,
	2024						2023						2022
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) of securities (1)	$	(167)	$	70	$	(97)	$	843	$	(101)	$	743	$	(2,332)	$	295	$	(2,037)
Reclassification of net realized losses (gains)
included in net income (loss) (1)	(18)		6		(12)		285		(41)		244		107		(18)		89
Foreign currency translation and other adjustments	(139)		11		(128)		64		(5)		59		(82)		5		(77)
Benefit plan actuarial net gain (loss)	43		(9)		34		19		(4)		15		18		(4)		15
Reclassification of benefit plan liability amortization
included in net income (loss)	(2)		—		(1)		2		—		2		3		(1)		2
Total other comprehensive income (loss)	$	(283)	$	79	$	(204)	$	1,214	$	(151)	$	1,063	$	(2,285)	$	277	$	(2,008)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.

The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:

	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2024		2023
(Dollars in millions)
URA(D) of securities (1)	$	(18)	$	285	Net gains (losses) on investments
	6		(41)		Income tax expense (benefit)
	$	(12)	$	244	Net income (loss)
Benefit plan net gain (loss)	$	(2)	$	2	Other underwriting expenses
	—		—		Income tax expense (benefit)
	$	(1)	$	2	Net income (loss)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

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The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Beginning balance of URA(D) of securities (1)	$	(723)	$	(1,709)
Current period change in URA(D) of securities	(109)		986
Ending balance of URA(D) of securities	(831)		(723)
Beginning balance of foreign currency translation and other adjustments	(195)		(254)
Current period change in foreign currency translation and other adjustments	(128)		59
Ending balance of foreign currency translation and other adjustments	(323)		(195)
Beginning balance of benefit plan net gain (loss)	(16)		(33)
Current period change in benefit plan net gain (loss)	33		17
Ending balance of benefit plan net gain (loss)	16		(16)
Ending balance of accumulated other comprehensive income (loss)	$	(1,138)	$	(934)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

14.    SHARE-BASED COMPENSATION PLANS

The Company has a 2020 Stock Incentive Plan (“2020 Employee Plan”), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan (“2009 Director Plan”) and a 2003 Non-Employee Director Equity Compensation Plan (“2003 Director Plan”).

The 2020 Employee Plan was established in June 2020. Under the 2020 Employee Plan, 1,400,000 common shares have been authorized to be granted as non-qualified share options, share appreciation rights, restricted share awards or performance share unit (“PSU”) awards to officers and key employees of the Company. At December 31, 2024, there were 554,882 remaining shares available to be granted under the 2020 Employee Plan. Through December 31, 2024, only non-qualified share options, restricted share awards and PSU awards had been granted under the employee plans. Under the 2009 Director Plan, 37,439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company. At December 31, 2024, there were 34,617 remaining shares available to be granted under the 2009 Director Plan. Under the 2003 Director Plan, 500,000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the Company. At December 31, 2024, there were 264,704 remaining shares available to be granted under the 2003 Director Plan.

Options and restricted shares granted under the 2020 Employee Plan prior to January 1, 2024 vest at the earliest of 20% per year over five years or in accordance with any applicable employment agreement. Restricted shares granted under the 2020 Employee Plan after January 1, 2024 vest at the earliest of 33.3% per year over three years or in accordance with any applicable employment agreement. Options and restricted shares granted under the 2003 Director Plan generally vest at 33% per year over three years, unless an alternate vesting period is authorized by the Board. Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement. All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant.

PSU awards granted under the 2020 Employee Plan will vest 100% after three years. The PSU awards represent the right to receive between 0 and 1.75 shares of stock for each unit awarded depending upon performance in relation to certain metrics. The PSU valuation will be based partly on growth in book value per share over the three year vesting period, compared to designated peer companies. The remaining portion of the PSU valuation will be based upon operating return on equity for each of the separate operating years within the vesting period.

For share options, restricted shares and PSU awards granted under the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $63 million, $49 million and $45 million for the years ended December 31, 2024, 2023

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and 2022, respectively. The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $8 million, $7 million and $4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

For the year ended December 31, 2024, a total of 222,196 shares of restricted stock were granted on February 28, 2024, February 29, 2024, May 15, 2024, September 12, 2024 and November 7, 2024, with a fair value of $369.52, $367.04, $377.80, $376.58 and $365.61 per share, respectively. Additionally, 18,713 PSU awards were granted on February 28, 2024, with a fair value of $369.52 per unit. No share options were granted during the year ended December 31, 2024. For share options granted during previous years, the fair value per option was calculated on the date of the grant using the Black-Scholes option valuation model.

The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $0.6 million, $0.5 million and $0.6 million, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares.

There have been no stock options granted since 2012. As of December 31, 2024, there were no stock options outstanding. Any remaining stock options were exercised in 2022. The aggregate intrinsic value (market price less exercise price) of options exercised during 2022 was $10 million. The cash received from the exercised share options during 2022 was $4 million. The tax benefit realized from the options exercised during 2022 was $2 million.

The following table summarizes the status of the Company’s restricted non-vested shares and changes for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
Restricted (non-vested) Shares	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1,	461,537	$	313.05	479,630	$	268.82	496,094	$	247.76
Granted	222,196	369.62		181,646	382.01		203,598	300.38
Vested	147,655	292.15		155,110	261.60		162,579	246.41
Forfeited	68,893	333.54		44,629	297.23		57,483	262.28
Outstanding at December 31,	467,185	343.53		461,537	313.05		479,630	268.82

As of December 31, 2024, there was $113 million of total unrecognized compensation cost related to non-vested share-based compensation expense. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $43 million, $41 million and $40 million, respectively. The tax benefit realized from the shares vested for the years ended December 31, 2024, 2023 and 2022 were $9 million, $11 million and $9 million, respectively.

In addition to the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 324 common shares in 2024, 447 common shares in 2023 and 774 common shares in 2022 to the Company’s non-employee directors as compensation for their service as directors. These issuances had aggregate values of $0.1 million, $0.2 million and $0.2 million in 2024, 2023 and 2022.

The Company acquired 54,537, 56,832 and 69,833 common shares at a cost of $20 million, $22 million and $21 million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares.

F-50

The following table summarizes the status of the Company’s non-vested PSU awards and changes for the period indicated:

	Years Ended December 31,
	2024			2023			2022
Performance Share Unit Awards	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1,	51,000	$	—	54,861	$	—	50,495	$	—
Granted	18,713	369.52		14,975	382.39		18,340	301.54
Increase/(Decrease) on vesting units due to performance	8,354	—		(4,063)	—		3,028	—
Vested	24,053	386.81		14,023	340.44		15,919	274.37
Forfeited	1,332	—		750	—		1,083	—
Outstanding at December 31,	52,682	—		51,000	—		54,861	—

The Company acquired 11,336, 6,117 and 6,175 common shares at a cost of $4 million, $2 million and $2 million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes on PSU settlements by withholding shares.

15.    EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans.

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010.  Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service.  The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to the U.S. Internal Revenue Code (the “IRC”) limitations.  Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan no longer accrue additional service benefits. Additionally, on November 15, 2023, the Company's Board approved the termination of the qualified defined benefit pension plan. In June 2024, the Company amended the qualified defined benefit pension plan to freeze all benefits accruals and terminate the plan effective June 30, 2024. Plan participants no longer accrue future plan benefits after June 30, 2024.

Plan assets consist primarily of shares in investment trusts with 100% of the underlying assets consisting of short-term investments.  The Company manages the qualified plan investments for U.S. employees.

Although not required to make contributions under U.S. Internal Revenue Service (the “IRS”) regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Company contributions	$	3	$	1	$	6

The following table summarizes the Company’s pension expense for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Pension expense	$	(15)	$	5	$	(2)

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The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	295	$	291
Service cost	3		5
Interest cost	14		14
Actuarial (gain)/loss	(17)		9
Curtailment	(21)		—
Benefits paid	(15)		(25)
Projected benefit obligation at end of year	259		295
Change in plan assets:
Fair value of plan assets at beginning of year	308		285
Actual return on plan assets	35		48
Actual contributions during the year	3		1
Benefits paid	(15)		(25)
Fair value of plan assets at end of year	331		308
Funded status at end of year	$	73	$	13

(Some amounts may not reconcile due to rounding.)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Other assets (due beyond one year)	$	76	$	19
Other liabilities (due within one year)	(1)		(3)
Other liabilities (due beyond one year)	(3)		(3)
Net amount recognized in the consolidated balance sheets	$	73	$	13

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Accumulated income (loss)	$	9	$	(33)
Accumulated other comprehensive income (loss)	$	9	$	(33)

(Some amounts may not reconcile due to rounding.)

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Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Other comprehensive income (loss) at December 31, prior year	$	(33)	$	(56)
Net gain (loss) arising during period	51		19
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	(9)		4
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	9	$	(33)

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Service cost	$	3	$	5	$	9
Interest cost	14		14		10
Expected return on assets	(22)		(19)		(25)
Amortization of actuarial loss from earlier periods	—		4		4
Settlement	(9)		—		1
Net periodic benefit cost	$	(15)	$	5	$	(2)
Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	(42)		(23)
Total recognized in net periodic benefit cost and other
comprehensive income (loss)	$	(57)	$	(18)

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were 5.00%, 5.25% and 2.86%, respectively.  The rate of compensation increase used to determine the net periodic benefit cost for January 2024 through April 2024 was 4.00%. The net periodic benefit cost was remeasured at May 1, 2024 due to plan curtailment. Rate of compensation increase is not applicable to calculate the net periodic benefit cost for May 2024 through December 2024. The rate of compensation increase used to determine the net periodic benefit cost for 2023 and 2022 was 4.00%.  The expected long-term rate of return on plan assets for 2024, 2023 and 2022 was 7.25%, 7.00% and 6.75% respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023 and 2022 were 5.00% and 5.25%, respectively. In 2024, the weighted average discount rate used to determine the actuarial present value of the projected benefit obligation, based on plan termination rates, was 4.75% for annuities and ranged from 4.66% to 5.57% for lump sums.

The following table summarizes the accumulated benefit obligation for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Qualified Plan	$	255	$	263
Non-qualified Plan	3		6
Total	$	259	$	269

(Some amounts may not reconcile due to rounding.)

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The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Non-qualified Plan
Projected benefit obligation	$	3	$	6
Fair value of plan assets	—		—

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Non-qualified Plan
Accumulated benefit obligation	$	3	$	6
Fair value of plan assets	—		—

The following table displays the expected benefit payments in the periods indicated:

(Dollars in millions)
2025	$	256
2026	1
2027	1
2028	—
2029	—
Next 5 years	1

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The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	331	$	331	$	—	$	—
Total	$	331	$	331	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	2	$	2	$	—	$	—
Mutual funds, fair value
Fixed income (b)	73		73		—		—
Equities (c)	232		232		—		—
Total	$	308	$	308	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.

No contributions were made to the qualified pension benefit plan for the years ended December 31, 2024 and 2023.

Defined Contribution Plans.

The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees.  Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee.  The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to IRC limitations.  In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age.  These contributions will be 100% vested after three years. The Company incurred expenses related to these plans of $26 million, $22 million and $18 million for the years ended December 31, 2024, 2023 and 2022, respectively.

In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees.  Each international office maintains a separate plan for the non-U.S. employees working in that location.  The Company contributes various amounts based on salary, age and/or years of service.  In the current year, the contributions as a percentage of salary for the international offices ranged from 5.3% to 33.5%.  The contributions are generally used to purchase pension benefits from local insurance providers.  The Company incurred expenses related to these plans of $9 million, $6 million and $4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Post-Retirement Plan.

The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010.  This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage.  The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for

F-55

the Company.  The cost of these benefits is shared with the retiree.  The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 6.75% in 2024 was assumed to decrease gradually to 4.75% in 2030 and then remain at that level. The Company incurred expenses of $(0.4) million, $(1) million and $1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following table summarizes the status of this plan for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	22	$	21
Service cost	—		1
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	(1)		(1)
Benefits paid	(1)		—
Benefit obligation at end of year	21		22
Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	1		—
Benefits paid	(1)		—
Fair value of plan assets at end of year	—		—
Funded status at end of year	$	(21)	$	(22)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(21)		(21)
Net amount recognized in the consolidated balance sheets	$	(21)	$	(22)

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Accumulated income (loss)	$	11	$	11
Accumulated prior service credit (cost)	—		1
Accumulated other comprehensive income (loss)	$	12	$	12

F-56

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Other comprehensive income (loss) at December 31, prior year	$	12	$	14
Net gain (loss) arising during period	1		1
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(1)		(2)
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	12	$	12

Net periodic benefit cost included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Service cost	$	—	$	1	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		—
Net gain recognition	(1)		(2)		—
Net periodic cost	$	—	$	(1)	$	1
Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	1		2
Total recognized in net periodic benefit cost and
other comprehensive income (loss)	$	—	$	1

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were 5.00%, 5.25% and 2.86%, respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year-end 2024, 2023 and 2022 were 5.64%, 5.00% and 5.25%, respectively.

The following table displays the expected benefit payments in the years indicated:

(Dollars in millions)
2025	$	1
2026	1
2027	1
2028	1
2029	1
Next 5 years	7

16.    INCOME TAXES

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response

F-57

to this Guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity.

The significant components of the provision are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Current tax expense (benefit):
U.S.	$	152	$	284	$	76
Non-U.S.	19		7		5
Total current tax expense (benefit)	171		291		81
Deferred tax expense (benefit):
U.S.	(52)		(76)		(90)
Non-U.S.	1		(578)		—
Total deferred tax expense (benefit)	(51)		(654)		(90)
Total income tax expense (benefit)	$	120	$	(363)	$	(9)

(Some amounts may not reconcile due to rounding.)

F-58

The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below:

	Years Ended December 31,
	2024				2023				2022
(Dollars in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Underwriting gain (loss)	$	(891)	$	536	$	533	$	686	$	(81)	$	558
Net investment income	1,219		734		954		479		607		223
Net realized capital gains (losses)	34		(15)		(190)		(86)		(426)		(29)
Net derivative gain (loss)	—		—		—		1		—		—
Corporate expenses	(19)		(76)		(18)		(55)		(26)		(35)
Interest, fee and bond issue cost amortization expense	(150)		1		(134)		—		(101)		—
Other income (expense)	64		57		(13)		(3)		(6)		(96)
Pre-tax income (loss)	$	257	$	1,237	$	1,132	$	1,022	$	(32)	$	620
Expected tax provision at the applicable statutory rate(s)	54		19		238		26		(9)		—
Increase (decrease) in taxes resulting from:
Tax exempt income	(1)		—		(3)		—		(4)		—
Dividend received deduction	(3)		—		(2)		—		(3)		—
Proration	1		—		1		—		1		—
Affiliated preferred stock dividends	7		—		7		—		7		—
Creditable foreign premium tax	(14)		—		(14)		—		(11)		—
Share-based compensation tax benefits formerly in APIC	(1)		—		(3)		—		(3)		—
BEAT Tax	66		—		—		—		—		—
Valuation allowance	—		—		—		(13)		—		5
Bermuda corporate income tax	—		—		—		(578)		—		5
Insurance corporate-owned life insurance	(18)		—		(13)		—		(1)		—
Other	9		1		(3)		(6)		6		—
Total income tax provision	$	100	$	20	$	208	$	(571)	$	(14)	$	5

(Some amounts may not reconcile due to rounding.)

At December 31, 2024, 2023 and 2022, the Company had no Uncertain Tax Positions.

The Company’s 2014 through 2018 U.S. Federal tax returns are under audit by the IRS. Over several years, the Company had received and responded to a substantial number of Information Document Requests. In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment and then a final Revenue Agent Report (“RAR”). In 2024, the Company responded to the RAR with substantial additional information which the IRS has been processing. The IRS requested, and we have signed, an extension of the audit to December 31, 2025.

For tax years 2019 and 2020, the Statute of Limitations has expired and, thus, the Federal income tax return for those years is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2021, 2022, and 2023 are open for examination by the U.S. Federal income tax jurisdiction.

F-59

Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values are measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Deferred tax assets:
Bermuda economic transition adjustment	$	536	$	536
Loss reserves	313		270
Unearned premium reserves	152		143
Net unrealized investment losses	138		67
Depreciation	55		44
Unrealized foreign currency losses	35		15
Net operating loss carryforward	24		18
Lease liability	23		27
Foreign tax credits	16		—
Capital loss carryforward	14		—
Equity compensation	10		8
Investment impairments	10		12
Uncollectible reinsurance reserves	—		3
Net unrealized losses on benefit plans	—		4
Other assets	21		22
Total deferred tax assets	1,347		1,169
Deferred tax liabilities:
Deferred acquisition costs	171		139
Net fair value income	74		74
Partnership investments	43		49
Right of use asset	19		23
Deferred investment income	12		—
Benefit plan asset	—		3
Other liabilities	13		11
Total deferred tax liabilities	332		299
Net deferred tax assets	1,015		870
Less:  Valuation allowance	(25)		(15)
Total net deferred tax assets/(liabilities)	$	990	$	855

(Some amounts may not reconcile due to rounding.)

At December 31, 2024 and 2023, the Company had $25 million and $15 million of Valuation Allowances (“VA”), respectively. The VA is a result of our conclusion under U.S. GAAP accounting principles that the Australia, Colombia, Netherlands, Ireland, Italy, Switzerland, France, Germany, Singapore, Mexico, U.K., and U.S. jurisdictions could not demonstrate that it was more likely than not that the related deferred tax assets will be realized. This was primarily due to factors such as cumulative operating losses in recent years, cumulative capital losses and, therefore, an inability to demonstrate overall profitability within the specific jurisdiction. During the year ended December 31, 2024, the Company recorded an overall increase in its VA of $10 million. Tax effected U.K. Net Operating Losses (“NOLs”) of $11 million do not expire. Tax effected Irish NOLs of $4 million do not expire. Tax effected Spanish NOLs of $2 million do not expire. The remaining tax effected NOLs of $8 million arose in various jurisdictions and do not expire. Note that not all NOLs had a VA up against them.

At December 31, 2024 and 2023, the Company had $16 million and $0 million respectively of foreign tax credit (“FTC”) carryforwards. In 2024, there were approximately $9 million of U.S. FTCs and $7 million of non-US FTCs. The U.S. FTCs expire in 2034. The non-U.S. FTCs do not expire.

F-60

At December 31, 2024, $138 million of the Company’s deferred tax asset relates primarily to unrealized losses on available for sale fixed maturity securities. The unrealized losses on available for sale fixed maturity securities, primarily occurring in 2022, were the result of market conditions, including rising interest rates. Ultimate realization of these deferred tax assets depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature. As of December 31, 2024, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expected to be realized.

The Company follows ASU 2016-09 regarding the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits of $1 million, $2 million and $2 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2024, 2023 and, 2022, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $0.7 million, $0.6 million and $0.6 million in 2024, 2023 and 2022, respectively.

17.    DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Group and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain.  These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets.  Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law.   Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the Bermuda Monetary Authority (the “BMA”) and Everest Re is subject to the Risk-Based Capital Model (“RBC”) developed by the U.S. National Association of Insurance Commissioners (“NAIC”).  These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus.

Dividend Restrictions.

Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts.  Group’s ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries.

Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio.  As a long-term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long-term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $0.3 million minimum solvency margin. 

Prior approval of the BMA is required if Bermuda Re’s dividend payments would exceed 25% of their prior year-end total statutory capital and surplus.

Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations.  The statutory capital and surplus of Bermuda Re was $4.3 billion and $3.7 billion at December 31, 2024 and 2023, respectively.  The statutory net income of Bermuda Re was $1.4 billion, $1.5 billion and $603 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement.  In addition, no dividend may be paid in excess of unassigned earned surplus.  Accordingly, as of

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December 31, 2024, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $813 million.

Statutory Financial Information.

Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department.  Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual.  The capital and statutory surplus of Everest Re was $8.1 billion and $7.0 billion at December 31, 2024 and 2023, respectively.  The statutory net income of Everest Re was $74 million, $877 million and $294 million for the years ended December 31, 2024, 2023 and 2022.

There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances.  The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.

Capital Restrictions.

In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA.  No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model.  In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement.

In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital.  As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company.

The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:

	Bermuda Re (1)				Everest Re (2)
	At December 31,				At December 31,
(Dollars in millions)	2024⁽³⁾		2023		2024		2023
Regulatory targeted capital	$	—	$	2,669	$	4,799	$	4,242
Actual capital	$	4,323	$	3,711	$	8,126	$	6,963

(1)Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation.

(2)Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year.

(3)The 2024 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2024 actual capital will exceed the targeted capital level. In accordance with guidance issued by the BMA in 2025, Bermuda Re has reflected the impacts of the ETA recognized in response to The 2023 Act in its 2024 regulatory targeted capital and actual capital.

18.    SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. In January 2025, wildfires impacted Southern California. The Company is estimating pre-tax net catastrophe losses to be in the range of $350 to $450 million for the first quarter 2025, net of any estimated recoveries or reinstatement premiums. The Company does not have any other subsequent events to report.

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SCHEDULE I — SUMMARY OF INVESTMENTS —

OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2024

Column A	Column B		Column C		Column D
(Dollars in millions)	Cost		Fair Value		Amount Shown in Balance Sheet
Fixed maturities - available for sale
Bonds:
U.S. government and government agencies	$	688	$	669	$	669
State, municipalities and political subdivisions	75		70		70
Foreign government securities	2,330		2,196		2,196
Foreign corporate securities	6,099		5,861		5,861
Public utilities	449		424		424
All other corporate bonds	12,369		12,105		12,105
Mortgage - backed securities:
Commercial	965		900		900
Agency residential	5,205		4,931		4,931
Non-agency residential	1,291		1,289		1,289
Redeemable preferred stock	464		464		464
Total fixed maturities-available for sale	29,934		28,908		28,908
Fixed maturities - held to maturity
Bonds:
Foreign corporate securities	84		86		83
Public utilities	4		5		4
All other corporate bonds	656		647		650
Mortgage - backed securities:
Commercial	21		21		20
Total fixed maturities-held to maturity	765		759		757
Equity securities - at fair value (1)	212		217		217
Short-term investments	4,707		4,707		4,707
Other invested assets	5,392		5,392		5,392
Cash	1,549		1,549		1,549
Total investments and cash	$	42,560	$	41,533	$	41,531

(Some amounts may not reconcile due to rounding.)

(1)Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss).

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

	December 31,
(Dollars and share amounts in millions, except par value per share)	2024		2023
ASSETS:
Other invested assets (cost: 2024, $63; 2023, $38)	$	63	$	38
Short-term investments	8		—
Cash	5		9
Investment in subsidiaries, at equity in the underlying net assets	15,329		14,832
Long-term notes receivable, affiliated	600		50
Accrued investment income	—		2
Receivable from subsidiaries	17		13
Other assets	37		46
TOTAL ASSETS	$	16,059	$	14,989
LIABILITIES:
Long-term notes payable, affiliated	$	2,173	$	1,773
Due to subsidiaries	9		8
Other liabilities	2		6
Total liabilities	2,184		1,787
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	—		—
Common shares, par value: $0.01; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares	1		1
Additional paid-in capital	3,812		3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($177) at 2024 and $(99) at 2023	(1,138)		(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)	(4,108)		(3,908)
Retained earnings	15,309		14,270
Total shareholders' equity	13,875		13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	16,059	$	14,989

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

S-2

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF OPERATIONS

	Years Ended December 31,
	2024		2023		2022
(Dollars in millions)
REVENUES:
Net investment income	$	5	$	4	$	—
Other income (expense)	7		8		—
Net income (loss) of subsidiaries	1,510		2,641		648
Total revenues	1,522		2,653		648
EXPENSES:
Interest expense - affiliated	77		87		13
Other expenses	71		49		38
Total expenses	148		136		51
INCOME (LOSS) BEFORE TAXES	1,373		2,517		597
NET INCOME (LOSS)	$	1,373	$	2,517	$	597
Other comprehensive income (loss) of subsidiaries, net of tax	(204)		1,063		(2,008)
COMPREHENSIVE INCOME (LOSS)	$	1,169	$	3,580	$	(1,411)

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

S-3

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollars in millions, except share amounts)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,373	$	2,517	$	597
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in retained (earnings) deficit of subsidiaries	(1,510)		(2,641)		(648)
Cash dividends received from subsidiaries	969		365		476
Change in other assets and liabilities, net	7		(8)		28
Increase (decrease) in due to/from affiliates	(3)		2		2
Non-cash compensation expense	2		3		2
Net cash provided by (used in) operating activities	839		238		457
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries	(161)		(377)		(824)
Proceeds from fixed maturities sold - available for sale	—		23		—
Distribution from other invested assets	826		441		237
Cost of fixed maturities acquired - available for sale	—		(23)		—
Cost of other invested assets acquired	(852)		(479)		(26)
Net change in short-term investments	(8)		—		—
Proceeds from repayment of long term notes receivable - affiliated	50		50		—
(Issuance) of long term notes receivable - affiliated	(600)		(100)		—
Net cash provided by (used in) investing activities	(745)		(465)		(613)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period, net	36		23		26
Proceeds from public offering of common shares	—		1,445		—
Purchase of treasury shares	(200)		—		(61)
Dividends paid to shareholders	(334)		(288)		(255)
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated	400		(965)		465
Net cash provided by (used in) financing activities	(98)		215		175
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—		—
Net increase (decrease) in cash	(4)		(13)		19
Cash, beginning of period	9		22		3
Cash, end of period	$	5	$	9	$	22
Non-Cash Transactions:
Dividend of 4,297,463 shares of Everest Group, Ltd. (“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary	$	—	$	—	$	1,405
Issuance of $1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings	—		—		1,773
Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd.	—		—		3,178

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

NOTES TO CONDENSED FINANCIAL INFORMATION

1.)The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related notes of Everest Group, Ltd. and its subsidiaries.

2.)Everest Group, Ltd. entered into a $300 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of December, 2019. The note was scheduled to pay interest annually at a rate of 1.69% and was scheduled to mature in December 2028. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

3.)Everest Group, Ltd. entered into a $200 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of August 2021. The note was scheduled to pay interest annually at a rate of 1.00% and was scheduled to mature in August 2030. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

4.)Everest Group, Ltd. entered into a $215 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of June 2022. The note was scheduled to pay interest annually at a rate of 3.11% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

5.)Everest Group, Ltd. entered into a $125 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

6.)Everest Group, Ltd. entered into a $125 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in December 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

7.)Everest Group, Ltd. entered into a $1.8 billion long-term note agreement with Everest Preferred International Holdings, an affiliated company, as of December 2022. The note will pay interest annually at a rate of 4.34% and is scheduled to mature in December 2052. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

8.)Everest Group, Ltd. issued a $100 million long-term note agreement to Everest Reinsurance Bermuda, an affiliated company, as of May 2023. The note will pay interest annually at a rate of 3.72% and is scheduled to mature in May 2053. Everest Reinsurance Bermuda repaid $50 million to Everest Group, Ltd. in September 2023 and $50 million in May 2024 and the note is no longer outstanding as of December 31, 2024.

9.)Everest Group, Ltd. issued a $600 million long-term note agreement to Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes receivable, affiliated in the condensed balance sheets of Everest Group, Ltd.

10.)Everest Group, Ltd. entered into a $100 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

11.)Everest Group, Ltd. entered into a $300 million long-term note agreement with Everest Reinsurance Bermuda, an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

12.)Everest Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, an affiliated entity. On the condensed balance sheets, investments in Mt. Logan Re valued at $39 million and $46 million as of December 31,

S-5

2024 and 2023, respectively, have been recorded within other assets. On the condensed statements of operations, income (expense) of $8 million, $8 million and $(1) million for the years ended December 31, 2024, 2023 and 2022, respectively, have been recorded in other income (expense).

S-6

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

Column A	Column B		Column C		Column D		Column E		Column F		Column G		Column H		Column I		Column J
	Deferred Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premium Reserves		Premiums Earned		Net Investment Income		Incurred Loss and Loss Adjustment Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Written Premium
Segment
(Dollars in millions)
As of and Year Ended December 31, 2024
Reinsurance	$	1,185	$	19,708	$	4,621	$	11,412	$	1,255	$	7,103	$	2,837	$	290	$	11,969
Insurance	270		8,841		2,635		3,579		605		3,622		439		615		3,678
Other	6		1,340		68		197		94		580		24		33		167
Total	$	1,461	$	29,889	$	7,324	$	15,187	$	1,954	$	11,305	$	3,300	$	938	$	15,814
As of and Year Ended December 31, 2023
Reinsurance	$	967	$	17,327	$	4,009	$	9,799	$	984	$	5,690	$	2,520	$	254	$	10,802
Insurance	271		6,338		2,504		3,420		391		2,471		410		556		3,704
Other	9		939		109		225		59		266		22		35		225
Total	$	1,247	$	24,604	$	6,622	$	13,443	$	1,434	$	8,427	$	2,952	$	846	$	14,730
As of and Year Ended December 31, 2022
Reinsurance	$	708	$	15,756	$	2,881	$	8,596	$	574	$	5,962	$	2,116	$	216	$	8,917
Insurance	243		5,438		2,153		2,998		219		2,040		399		438		3,223
Other	11		871		113		194		37		98		14		28		204
Total	$	962	$	22,065	$	5,147	$	11,787	$	830	$	8,100	$	2,528	$	682	$	12,344

(Some amounts may not reconcile due to rounding.)

S-7

SCHEDULE IV — REINSURANCE

Column A	Column B		Column C		Column D		Column E		Column F
(Dollars in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Assumed to Net
December 31, 2024
Total property and liability insurance premiums earned	$	4,977	$	2,248	$	12,458	$	15,187	82.0	%
December 31, 2023
Total property and liability insurance premiums earned	$	4,733	$	1,807	$	10,518	$	13,443	78.2	%
December 31, 2022
Total property and liability insurance premiums earned	$	4,218	$	1,513	$	9,082	$	11,787	77.1	%

S-8

EX-10.44

Certain information in the marked exhibit below has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Omissions are designated as “[*****]”.

FIRST AMENDMENT TO

LETTER OF CREDIT FACILITY AGREEMENT

This FIRST AMENDMENT TO LETTER OF CREDIT FACILITY AGREEMENT (this "Amendment") dated as of October 30, 2024 is entered into by and among EVEREST REINSURANCE (BERMUDA), LTD., a Bermuda exempted company (the "Borrower"), and BARCLAYS BANK PLC (the "Issuer"), and is made with reference to that certain LETTER OF CREDIT FACILITY AGREEMENT, dated as of November 3, 2021 (as amended, supplemented or otherwise modified prior to the date hereof, the "Existing Facility Agreement"), by and between the Borrower and the Issuer. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Existing Facility Agreement, as amended by this Amendment (as so amended, the "Facility Agreement").

RECITALS

WHEREAS, the Issuer and the Borrower wish to amend the Existing Facility Agreement to extend the Commitment Termination Date to November 3, 2027 and make certain other amendments that are set forth herein;

WHEREAS, as of the date hereof,no Designated Borrowers have become a party to the Existing Facility Agreement since the Closing Date; and

WHEREAS, subject to the terms and conditions set forth herein, the Borrower and the Issuer hereby agree to amend the Existing Facility Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Borrower and Issuer agree as follows:

SECTION I.AMENDMENTS TO FACILITY AGREEMENT

With effect from the Amendment Effective Date (as defined below) the Existing Facility Agreement is hereby amended as follows:

(a)clause (a) of the definition of "Commitment Termination Date" in Section 1.1 shall be amended such that the reference to "November 3, 2024" therein shall be deleted and replaced with "November 3, 2027";

(b)the definition of "Everest Bermuda Security Agreement" in Section 1.1 shall be amended such that the reference to "Security Agreement" therein shall be deleted and replaced with "pledge agreement";

(c)Section 5.2(a)(iv) shall be amended such that ", that, in the case of each of clauses (i), (ii) and (iii) would reasonably be expected to have a Material Adverse Effect" shall be inserted at the end thereof; and

(d)Section 9.17(a) shall be amended such that the reference to "EEA Resolution Authority" therein shall be deleted and replaced with "Resolution Authority".

1

SECTION II.CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective as of the date hereof (the "Amendment Effective Date") only upon the satisfaction of all of the following conditions precedent:

(a)Executed Counterparts of this Amendment. The Issuer shall have executed this Amendment and received a counterpart of this Amendment signed by the Borrower.

(b)Representations and Warranties. The representations and warranties contained in the Facility Agreement and this Amendment shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the Amendment Effective Date (or, in the case of any such representation or warranty expressly stated to have been made as of a specific date, as of such specific date).

(c)No Defaults. At the time of and immediately after giving effect to this Amendment, no Default shall have occurred and be continuing.

(d)Certificates. The Issuer shall have received such customary certificates of resolutions or other action, incumbency certificates and/or other certificates of the secretary, assistant secretary or Responsible Officers of the Borrower as the Issuer may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment.

(e)Corporate Documents. The Issuer shall have received such other documents and certificates (including Organization Documents and good standing (or similar) certificates) as the Issuer may reasonably request relating to the organization, existence and good standing of and any other legal matters relating to the Borrower or this Amendment.

(f)Opinion of Counsel to Everest Bermuda. The Issuer shall have received an opinion of Mayer Brown LLP, New York counsel to the Borrower, addressed to the Issuer and dated the Amendment Effective Date, in form and substance satisfactory to the Issuer (and the Borrower hereby instructs such counsel to deliver such opinion to the Issuer).

(g)Opinion of Bermuda Counsel to Everest Bermuda. The Issuer shall have received an opinion of Conyers Dill & Pearman Limited, Bermuda counsel to the Borrower addressed to the Issuer and dated the Amendment Effective Date, in form and substance satisfactory to the Issuer (and the Borrower hereby instructs such counsel to deliver such opinion to the Issuer).

(h)Fees and Expenses. [*****].

(i)Financial Strength Rating. The Financial Strength Rating of the Borrower shall be [*****] or better.

(j)Compliance Certificate. The Issuer shall have received a duly completed Compliance Certificate of the Borrower dated the Amendment Effective Date [*****].

(k)Officer's Certificate.The Issuer shall have received a certificate, dated the Amendment Effective Date and signed by a Responsible Officer, certifying as to the satisfaction of the conditions set forth in clauses (b), (c) and (i) of this Section II.

(l)Process Agent Letter. The Issuer shall have received a letter from the Process Agent indicating its continuing consent to its appointment by the Borrower as its agent to receive service of process as specified in the Existing Facility Agreement, which letter shall be in full force and effect and shall apply to the Facility Agreement in all respects through November 3, 2027.

2

SECTION III.REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants on the Amendment Effective Date to the Issuer that:

(a)Corporate Power and Authority. The Borrower has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, this Amendment.

(b)Authorization of Agreements. The execution, delivery and performance of this Amendment have been duly authorized by all necessary action on the part of the Borrower.

(c)Enforceability. This Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(d)Governmental Approvals; No Conflict. The execution, delivery and performance by the Borrower of this Amendment (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (ii) will not violate any applicable law or regulation or the charter, bye-laws, memorandum of association or other organizational documents of the Borrower or any order of any Governmental Authority applicable to the Borrower and (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower, but only to the extent that such violation or default or right to require payment could reasonably be expected to result in a Material Adverse Effect.

(e)Absence of Default. No Default has occurred and is continuing.

(f)Insurance Licenses. As of the Amendment Effective Date,

(1) schedule 1 attached hereto lists all of the jurisdictions in which the Borrower holds active licenses and is authorized to transact insurance business;

(2) no such license is the subject of a direction issued by an Applicable Insurance Regulatory Authority, proceeding for suspension or revocation, there is no sustainable basis for such suspension or revocation, and to the Borrower's knowledge, no such suspension or revocation has been threatened by any Governmental Authority;

(3) schedule 1 attached hereto also indicates the type or types of insurance in which the Borrower is permitted to engage with respect to each license therein listed; and

(4) neither the Borrower nor any Insurance Subsidiary transacts any insurance business, directly or indirectly, in any jurisdiction where it would be unlawful for it to do so.

(g)Representation as to Foreign Jurisdiction Matters. As of the Amendment Effective Date, there is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed by any Governmental Authority in or of the Applicable Foreign Jurisdiction either (i) on or by virtue of the execution or delivery of the Applicable Facility Documents or this Amendment or (ii) on any payment to be made by the Borrower pursuant to the Applicable Facility Documents or this Amendment.

(h)Subsidiaries. As of the Amendment Effective Date, the Borrower has no Subsidiaries.

SECTION IV.MISCELLANEOUS

4.1Reference to and Effect on the Existing Facility Agreement and the Other Facility Documents.

3

(a)The Facility Agreement and the other Facility Documents shall remain in full force and effect after giving effect to this Amendment and are hereby ratified and confirmed in all respects.

(b)The execution, delivery and performance of this Amendment shall not, other than as expressly set forth herein, constitute a waiver or amendment of any provision of, or operate as a waiver or amendment of any right, power or remedy of the Issuer under, the Existing Facility Agreement or any of the other Facility Documents.

(c)This Amendment shall constitute a "Facility Document" under and as defined in the Facility Agreement and from and after the Amendment Effective Date, all references to the Facility Agreement in any Facility Document and all references in the Facility Agreement to "this Agreement," "hereunder", "hereof" or words of like import referring to the Facility Agreement, shall, unless expressly provided otherwise, refer to the Existing Facility Agreement as amended by this Amendment.

(d)Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations or to modify, affect or impair the perfection, priority or continuation of the security interests in, security titles to or other Liens on any Collateral for the Obligations. The Borrower hereby confirms, acknowledges and agrees that (i) the pledge and security interest in the Collateral granted by it pursuant to the Security Documents shall continue in full force and effect and (ii) such pledge and security interest in the Collateral granted by it pursuant to the Security Documents shall continue to secure the Obligations purported to be secured thereby, as amended or otherwise affected hereby.

4.2Expenses. The Borrower hereby affirms its obligation under Section 9.3(a) of the Facility Agreement to pay or reimburse all reasonable and documented out-of-pocket expenses of the Issuer in connection with this Amendment, including reasonable and documented fees and expenses of counsel with respect thereto as set forth in Section 9.3(a).

4.3Headings. Section and Subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

4.4Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

4.5Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures and the keeping of electronic records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be.

4.6WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

4

[Remainder of page intentionally left blank.]

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    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized signatories as of the date first written above.

EVEREST REINSURANCE (BERMUDA), LTD.,

as Borrower

By: ________________________________
    Name:
    Title:

[Signature Page to First Amendment]

BARCLAYS BANK PLC,

as Issuer

By: ________________________________
Name:
Title:

[Signature Page to First Amendment]

Schedule 1

[*****]

EX-10.45

Execution Version

LETTER OF CREDIT FACILITY AGREEMENT

dated as of October 30, 2024

among

EVEREST INTERNATIONAL REINSURANCE, LTD.,
as Borrower

THE LENDERS REFERRED TO HEREIN

and

LLOYDS BANK PLC,
as Administrative Agent and L/C Agent

LLOYDS BANK PLC,
as Sole Lead Arranger, Sole Bookrunner and Syndication Agent

TABLE OF CONTENTS

Pages

2.LETTER OF CREDIT FACILITY.    18

3.BORROWER’S RESPONSIBILITY.    34

4.CONDITIONS OF CLOSING AND ISSUANCE.    35

5.INDEMNIFICATION; LIMITATION OF LIABILITY; EXPENSES.    38

6.REPRESENTATIONS AND WARRANTIES.    41

7.AFFIRMATIVE COVENANTS.    45

8.FINANCIAL COVENANTS.    49

9.NEGATIVE COVENANTS.    49

10.EVENTS OF DEFAULT.    50

11.REMEDIES.    52

12.CONFIDENTIALITY.    55

13.TERM OF AGREEMENT.    55

14.USA PATRIOT ACT; ANTI-MONEY LAUNDERING LAWS.    55

15.GOVERNING LAW.    55

16.CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS.    56

17.WAIVER OF JURY TRIAL.    56

18.BANKRUPTCY AND FORFEITURE REINSTATEMENT.    56

19.NOTICES.    57

20.WAIVERS AND AMENDMENTS.    58

21.SUCCESSORS AND ASSIGNS.    59

22.SEVERABILITY.    62

23.ENTIRE AGREEMENT.    62

24.ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN.    62

25.NO ADVISORY OR FIDUCIARY RESPONSIBILITY.    64

26.COUNTERPARTS; ELECTRONIC EXECUTION.    64

27.THE ADMINISTRATIVE AGENT.    65

28.ERRONEOUS PAYMENTS.    69

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SCHEDULES

Schedule 1    Lenders; Commitments
Schedule 2     Certain Addresses for Notices; Administrative Agent's Office; Lending Offices

EXHIBITS

Exhibit A    Form of Letter of Credit
Exhibit B    Form of Officer's Compliance Certificate
Exhibit C    Form of Letter of Credit Application
Exhibit D    Form of Termination Notice
Exhibit E    Form of Assignment and Assumption

ii

Certain information in the marked exhibit below has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Omissions are designated as “[*****]”.

Letter of Credit Facility Agreement

This LETTER OF CREDIT FACILITY AGREEMENT, dated as of October 30, 2024 (this “Agreement”), by and among EVEREST INTERNATIONAL REINSURANCE, LTD., a Bermuda exempted company limited by shares and registered as a Class 4 general insurer pursuant to the Bermuda Insurance Act (as defined below) (the “Borrower”), the Lenders party to this Agreement from time to time, and LLOYDS BANK PLC, as Administrative Agent for the Lenders and as L/C Agent.

WHEREAS, the Borrower has requested that the Lenders (acting through the L/C Agent) issue one or more several letters of credit (each such letter of credit, as it may be amended or extended from time to time, a “Letter of Credit”) in the form of Exhibit A hereto for the account of Everest Corporate Member Limited, a private limited company organized and existing under the laws of England and a corporate member of Lloyd's (the “Account Party”), for the benefit of Lloyd’s, as Funds at Lloyd’s to support and stand as security for the general business at Lloyd’s of the Account Party for the 2025 year of account and each prior open year of account; and

WHEREAS, the Lenders have agreed to issue one or more Letters of Credit on the terms and subject to the conditions set forth in this Agreement.

Accordingly, in consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows.

1.DEFINED TERMS.

(a)Definitions. For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the meanings set forth below (such meanings to be equally applicable to the singular and plural forms thereof):

“Accepting Lender” has the meaning specified in Section 2(q)(i).

“Account Party” has the meaning assigned to such term in the recitals of this Agreement.

“Administrative Agent” means Lloyds Bank, in its capacity as administrative agent hereunder, and any successor thereto appointed pursuant to Section 27.

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 2, or such other address or account as the Administrative Agent may from time to time notify to the Borrower.

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.

“Affected Lender” has the meaning specified in Section 2(q)(ii).

“Affiliate” means as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by, or is under common Control with, such Person.

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[*****].“A.M. Best” means A.M. Best Company, Inc.

“Annual Statement” means, with respect to the Borrower for any fiscal year, the annual financial statements of the Borrower as required to be filed with the Insurance Regulatory Authority of its jurisdiction of domicile and in accordance with the laws of such jurisdiction, together with all exhibits, schedules, certificates and actuarial opinions required to be filed or delivered therewith.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any L/C Party from time to time concerning or relating to bribery or corruption, including, to the extent applicable, the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder.

“Anti-Money Laundering Laws” means any and all laws, rules and regulations applicable to any L/C Party from time to time concerning or relating to terrorism financing or money laundering, including any applicable provision of the PATRIOT Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

“Applicable Currency” means, with respect to any Letter of Credit, the Available Currency in which such Letter of Credit is denominated.

“Applicable Percentage” means [*****].

“Applicable Rate” means [*****].

“Application” has the meaning set forth in Section 2(a).

“Approved Credit Institution” means a credit institution within the meaning of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (No. 77/780/EEC) which has been approved by the Council of Lloyd's for the purpose of providing guarantees and issuing or confirming letters of credit comprised (or to be comprised) in a member’s Funds at Lloyd’s.

“Assignment and Assumption” means an Assignment and Assumption substantially in the form of Exhibit E hereto.

“Arranger” means Lloyds Bank in its capacity as sole lead arranger and sole bookrunner hereunder.

“Availability Period” means the period commencing on the Closing Date and ending on the Commitment Termination Date.

“Available Currency” means Sterling or Dollars.

“Bankruptcy Law” means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as amended, modified, succeeded or replaced from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership or similar laws of the United States or any state thereof, the United Kingdom, Bermuda (including, without limitation, the Bermuda Companies Law) or any other foreign or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

“Base Rate” means the greater of (i) the Bank of England's (or any successor thereto's) “Bank Rate” as published by the Bank of England (or any successor thereto), and (ii) 0.00%.

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“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

“Bermuda Companies Law” means the Companies Act 1981 of Bermuda, as amended from time to time.

“Bermuda Insurance Act” means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as amended.

“Borrower” has the meaning assigned to such term in the introductory paragraph of this Agreement.

“Business Day” means any day (other than a Saturday, Sunday or legal holiday) on which banks in Hamilton, Bermuda, New York City, New York and London, England are open for the conduct of their commercial banking business.

“Business Plan” means the most recent business plan prepared in relation to the Managed Syndicate.

“Byelaw” means a reference to a Byelaw made under Lloyd’s Acts 1871 to 1982 as the same may have been, or may from time to time be, amended or replaced and a reference to a Bye-law made under the Bermuda Companies Law.

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person; and in each case, any and all warrants, rights or options to purchase any of the foregoing.

“Cash” means (i) in respect of Cash Collateral for any Letter of Credit Obligations (Dollars), cash in Dollars and (ii) in respect of Cash Collateral for any Letter of Credit Obligations (Sterling), cash in Sterling.

“Cash Collateralize” means to deposit Cash in Dollars into the Collateral Account as collateral for the Letter of Credit Obligations (Dollars) and to deposit Cash in Sterling into the Collateral Account as collateral for the Letter of Credit Obligations (Sterling). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash collateral.

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Capital Stock representing 50.0% or more of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Guarantor; (b) the failure of the Guarantor to own, directly or indirectly, 100% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Borrower, or (c) the failure of the Guarantor to own, directly or indirectly, more than 50.0% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Account Party. Notwithstanding the foregoing, no sale, assignment or transfer of the assets of, or merger, amalgamation or consolidation with respect to, the Guarantor shall be a Change in Control hereunder unless a Rating Trigger or an Event of Default under Section 10(f) shall occur as a result thereof.

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“Change in Law” means the occurrence after the Closing Date of: (a) the adoption or effectiveness of any law, rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application by any Governmental Authority of any law, rule, regulation or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or not having the force of law; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. federal or foreign regulatory authorities shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued.

“Closing Date” means the date of this Agreement.

“Code” means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

“Collateral Account” means a deposit account maintained by the Borrower in London, England at a financial institution acceptable to the Administrative Agent, as to which such financial institution, the Borrower and the Administrative Agent have entered into a Control Agreement.

“Commitment” means, as to any Lender, the obligation of such Lender to issue one or more Letters of Credit on a several basis with the other Lenders (acting through the L/C Agent) for the account of the Account Party in an aggregate Sterling Equivalent stated amount at any time outstanding not to exceed the amount set forth opposite such Lender’s name on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof. The Commitment of each Lender as of the Closing Date is set forth opposite the name of such Lender on Schedule 1.

[*****]

“Commitment Termination Date” means the earliest to occur of (a) December 31, 2024, (b) the date of termination of all of the Commitments by the Borrower pursuant to Section 2(i), and (c) the date of termination of the Commitments pursuant to Section 11(a).

[*****]

[*****]

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have the meanings correlative thereto.

“Control Agreement” means a deposit account control agreement among the Borrower, the Administrative Agent and the financial institution at which the Collateral Account is maintained, in form and substance reasonably satisfactory to the Administrative Agent.

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“Corporate Member’s Deed” means a Lloyd’s security and trust deed or such other deed or document as Lloyd’s may from time to time require the Account Party to execute and deliver for the purposes of providing a Lloyd’s Deposit.

[*****]

“Credit Documents” means, collectively, this Agreement, the Letter of Credit Documents, the Fee Letters, the Guaranty Agreement, each FAL Providers’ Deed, and any agreements, instruments or documents that create or purport to create a Lien on the Collateral Account in favor of the Administrative Agent for the benefit of the Finance Parties, and each Control Agreement.

“Credit Parties” means, collectively, the Borrower and the Guarantor (each a “Credit Party”).

“Default” means any of the events specified in Section 10 which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default.

“Default Rate” means [*****].

“Defaulting Lender” means, subject to Section 2(p)(ii), any Lender that (a) has failed to pay to the Administrative Agent, the L/C Agent or any other Lender any amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the L/C Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Bankruptcy Law, (ii) appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2(p)(ii)) upon delivery of written notice of such determination to the Borrower, the L/C Agent and each Lender.

“Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a

5

sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (A) debt securities or (B) any Capital Stock referred to in clause (i) or (ii) above, in each case under clause (i), (ii) or (iii) above at any time on or prior to the Final Expiry Date of any Letter of Credit; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable on or prior to such date shall be deemed to be Disqualified Capital Stock.

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in Sterling, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Sterling with Dollars.

“Dollars” or “$” means dollars of the United States of America.

“Drawing Document” has the meaning assigned to such term in Section 2(u).

“Drawing Request” has the meaning assigned to such term in Section 2(d).

“Eligible Assignee” means any of (a) a Lender or an Affiliate of a Lender, (b) a bank or financial institution which has a comparable rating from an internationally recognized credit rating agency to that of any existing Lender, and (c) any other Person (other than a natural person) approved by, unless an Event of Default has occurred and is continuing, the Borrower such approval to not be unreasonably withheld or delayed, and the Borrower will be deemed to have given its approval ten (10) days after receiving a request for its approval unless such approval is expressly refused by the Borrower within that time; provided, however, that such Eligible Assignee shall also be an Approved Credit Institution.

“ERISA” meanstheEmployeeRetirementIncomeSecurityActof1974, as amended.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any L/C Party, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code.

“ERISA Event” means (a) any “reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived with respect to any Plan; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any of its ERISA Affiliates of any

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notice, or the receipt by any Multiemployer Plan from, the Borrower, or any of its ERISA Affiliates of any notice, concerning the imposition upon the Borrower, or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA.

“Erroneous Payment” has the meaning assigned to it in Section 28(a).

“Event of Default” has the meaning specified in Section 10.

“Everest Parties” means, collectively, the Guarantor, the Borrower and the Account Party (each an “Everest Party”).

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Finance Party or required to be withheld or deducted from a payment to a Finance Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Finance Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable funding office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes and (b) any withholding Taxes imposed under FATCA.

“Extended Availability Period” means the period commencing on the Closing Date and ending on the Extended Commitment Termination Date.

“Extended Commitment Termination Date” means the earliest to occur of (a) May 31, 2025, (b) the date of termination of all of the Commitments by the Borrower pursuant to Section 2(i), and (c) the date of termination of the Commitments pursuant to Section 11(a).

“Facility Amount” means £112,500,000, as such amount may be modified at any time or from time to time pursuant to the terms hereof.

“FAL Providers’ Deed” means a FAL Providers’ Deed among the Account Party, the Administrative Agent and each other bank or other Person that has provided or proposes to provide Funds at Lloyd’s of the Account Party, in form and substance satisfactory to the Administrative Agent.

“FATCA” means (a) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the IRS, the United States government or any governmental or taxation authority in the United States.

“FCA” means the Financial Conduct Authority in the United Kingdom and any regulatory body which succeeds to one or more of the functions and/or duties performed by it as at the date of this Agreement.

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“Federal Funds Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds target upper bound rate; provided that if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day.

“Fee Letter” means the Agency Fee Letter, the Upfront Fee Letter and any other fee letter entered into between any Finance Party and the Borrower in connection with this Agreement.

“Final Expiry Date” has the meaning assigned to such term in Section 2(w)(i).

“Finance Party” means (a) the Administrative Agent, (b) the L/C Agent, and (c) any Lender and/or (d) any Issuing Lender, as applicable.

“Financial Strength Rating” means, as to any Person, the rating that has been most recently announced by A.M. Best as the “financial strength rating” of such Person.

“Funds at Lloyd’s” or “FAL” has the meaning given to it under paragraphs 16 and 17 of the Membership Byelaw (No. 5 of 2005).

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

“Governmental Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national bodies such as the European Union or the European Central Bank).

“Group” means the collective reference to the Guarantor and its Subsidiaries (including the L/C Parties).

“Group Member” means any member of the Group.

“Guarantor” means Everest Group, Ltd., a Bermuda exempted company.

“Guaranty Agreement” means the guaranty agreement, dated as of the Closing Date, between the Guarantor and the Administrative Agent, as amended, restated, modified or supplemented from time to time.

8

“Handbook” means the UK Prudential Regulation Authority Handbook of Rules and Guidance or the UK Financial Conduct Authority Handbook of Rules and Guidance, as applicable (each as amended from time to time).

“Hedge Agreement” means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange rates, including any swap agreement (as defined in 11 U.S.C. § 101).

“Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Finance Party or any affiliate of a Finance Party).

“Honor Date” has the meaning assigned to such term in Section2(d)(i).

“Increase Effective Date” has the meaning assigned to such term in Section2(j)(iii).

“Incremental Commitment” has the meaning assigned to such term in Section 2(j)(i).

“Indebtedness” means, with respect to any Person (without duplication), (i) all indebtedness of such Person for borrowed money or in respect of loans or advances, (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, (iii) all reimbursement obligations of such Person with respect to surety bonds, letters of credit and bankers’ acceptances (in each case, whether or not drawn or matured and in the stated amount thereof), (iv) all obligations of such Person to pay the deferred purchase price of property or services, (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (vi) all obligations of such Person as lessee under leases that are or are required to be, in accordance with GAAP, recorded as capital or finance leases, to the extent such obligations are required to be so recorded, (vii) all obligations and liabilities of such Person incurred in connection with any transaction or series of transactions providing for the financing of assets through one or more securitizations or in connection with, or pursuant to, any synthetic lease or similar off-balance sheet financing, (viii) all Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any (for purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be determined reasonably and in good faith by the board of directors or other governing body of the issuer of such Disqualified Capital Stock), (ix) the Hedge Termination Value of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, (x) all contingent obligations of

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such Person in respect of Indebtedness of other Persons and (xi) all indebtedness referred to in clauses (i) through (x) above secured by any Lien on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to the credit of such Person.

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

“Ineligible Amount” has the meaning specified in Section 2(q)(ii).

“Information” has the meaning set forth in Section 12.

“Instructions” has the meaning set forth in Section 2(a).

“Insurance Regulatory Authority” means, with respect to any L/C Party or any Insurance Subsidiary, the insurance department or similar Governmental Authority charged with regulating insurance companies or insurance holding companies, in its jurisdiction of domicile and, to the extent that it has regulatory authority over any L/C Party, in each other jurisdiction in which such L/C Party conducts business or is licensed to conduct business.

[*****]

“Investment Company Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).

“IRS” means the United States Internal Revenue Service.

“Issue” means, with respect to any Letter of Credit, to issue, to amend or to extend the expiry of, or to renew or increase the stated amount of, such Letter of Credit. The terms “Issued", “Issuing” and “Issuance” have corresponding meanings.

“Issuing Lender” means, with respect to each Letter of Credit, each Lender who has issued such Letter of Credit.

“L/C Agent” means Lloyds Bank, in such capacity.

“L/C Disbursement” has the meaning assigned to such term in Section 2(d)(ii).

"L/C Fee Rate” means[*****].

“L/C Parties” means, collectively, the Borrower and the Account Party (each a “L/C Party”).

“Lender” means each Person party to this Agreement as a Lender as of the Closing Date and any other Person that becomes a party to this Agreement as a Lender pursuant to an Assignment and Assumption, other than any Person that ceases to be a party hereto as a Lender pursuant to an Assignment and Assumption. Each Lender as of the Closing Date is listed on Schedule 1.

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“Lending Office” means, with respect to each Lender, the office or offices of such Lender described as such on Schedule 2 hereof, or such other office or offices as such Lender may from time to time notify the Administrative Agent and the Borrower.

“Letter of Comfort” means a comfort letter from Lloyd’s in a form satisfactory to the Administrative Agent.

“Letter of Credit” has the meaning assigned to such term in the recitals to this Agreement.

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any Applications, agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit and any other document, agreement, and instrument entered into by the L/C Agent and any L/C Party in respect of such Letter of Credit.

“Letter of Credit Exposure” means, at any time for each Lender, such Lender’s Ratable Share of the sum of (i) the Sterling Equivalent of the aggregate Stated Amount of the Letters of Credit at such time, and (ii) the Sterling Equivalent of the aggregate amount of all outstanding Reimbursement Obligations in respect of the Letters of Credit at such time.

[*****]

“Letter of Credit Obligations” means, at any time, the Letter of Credit Obligations (Dollars) at such time and the Letter of Credit Obligations (Sterling) at such time .

“Letter of Credit Obligations (Dollars)” means, at any time a Letter of Credit denominated in Dollars is outstanding, the aggregate undrawn Stated Amount of all Letters of Credit denominated in Dollars then outstanding. For all purposes of this Agreement, if on any date of determination any amount may still be drawn under a Letter of Credit denominated in Dollars, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Letter of Credit Obligations (Sterling)” means, at any time a Letter of Credit denominated in Sterling is outstanding, the aggregate undrawn Stated Amount of all Letters of Credit denominated in Sterling then outstanding. For all purposes of this Agreement, if on any date of determination any amount may still be drawn under a Letter of Credit denominated in Sterling, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Lien” means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), preference, priority, charge or other encumbrance of any nature, whether voluntary or involuntary, including the interest of any vendor or lessor under any conditional sale agreement, title retention agreement, capital lease or any other lease or arrangement having substantially the same effect as any of the foregoing.

“Lloyds Bank” means Lloyds Bank plc, a public limited company organized under the laws of England and Wales.

“Lloyd’s” means the Society incorporated by the Lloyd’s Act 1871 by the name Lloyd’s.

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“Lloyd’s Deposit” has the meaning given to such expression in paragraph 1 of the Definitions Byelaw (No. 7 of 2005).

“Lloyd’s syndicate accounting rules” means a reference to the Lloyd’s syndicate accounting rules within the meaning of the Definitions Byelaw (No. 7 of 2005).

“M&URs” means the Membership and Underwriting Conditions and Requirements set out in Market Bulletin Ref: Y5348 (as amended or supplemented from time to time and including any successor to or replacement thereof).

“Managed Syndicate” means Everest Syndicate 2786.

“Managing Agent” means Asta Managing Agency Ltd.

“Material Adverse Effect” means a material adverse effect upon (i) the financial condition, operations, business, properties or assets of the L/C Parties taken as a whole, (ii) the ability of the Credit Parties, taken as a whole, to perform any of their payment or other material obligations under any of the Credit Documents or (iii) the legality, validity or enforceability of this Agreement or any of the other Credit Documents or the rights and remedies of the Finance Parties hereunder and thereunder.

“Maximum Rate” has the meaning assigned to such term in Section 2(y).

[*****]

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 20 and (b) has been approved by the Required Lenders.

“Obligations” means all obligations and liabilities (including any interest and fees accruing after the filing of a petition or commencement of a case by or with respect to the Borrower seeking relief under any applicable Bankruptcy Laws, whether or not the claim for such interest or fees is allowed in such proceeding), including without limitation, reimbursement and other payment obligations and liabilities, of the Borrower to the Finance Parties arising under, or in connection with, the applicable Credit Documents, including, without limitation, Section 5 below, any Application or any Letter of Credit, in each case whether matured or unmatured, absolute or contingent, now existing or hereafter incurred.

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

[*****]

“Other Connection Taxes” means, with respect to any Finance Party, Taxes imposed as a result of a present or former connection between such Finance Party and the jurisdiction imposing such Tax (other than connections arising from such Finance Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a

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security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Letter of Credit or Credit Document).

“Other Taxes” means all present or future stamp or documentary taxes or any other similar charges or levies arising from any payment made under the Credit Documents or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document, except any such Taxes that are imposed both (i) as a result of a present or former connection between such recipient and the jurisdiction of the Governmental Authority imposing such Tax (other than a connection arising solely from such recipient having executed, delivered, or performed its obligations or having received a payment under, or enforced its rights or remedies under, this Agreement or any other Credit Document, or sold or assigned an interest in any Credit Document) and (ii) with respect to an assignment, grant of a participation, designation of a new office for receiving payments by or on account of the Borrower or other transfer (other than an assignment or designation of a new office made in accordance with this Agreement as requested by the Borrower).

“Outstanding Letters of Credit” means, as of any date, the sum of (a) the Sterling Equivalent of the aggregate Stated Amount of all outstanding Letters of Credit at such time and, without duplication, (b) the Sterling Equivalent of all reimbursement obligations in respect of Letters of Credit at such time.

“Own FAL” means, in relation to the Account Party, such part of its Funds at Lloyd’s (if any) as is provided by the Account Party or any other Group Member by way of cash and/or investments and/or covenant and charge or otherwise as permitted by Lloyd's from time to time (which shall be valued by Lloyd’s in accordance with its usual practice).

“Participant” has the meaning assigned to it in Section 21(e).

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

“Payment Recipient” has the meaning assigned to it in Section 28(a).

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and in respect of which any Everest Party or any ERISA Affiliate thereof is (or if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Plan Asset Rules” means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations or any successor regulations, as modified by Section 3(42) of ERISA, and the rules and regulations thereunder.

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“Platform” means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.

“PRA” means the Prudential Regulation Authority in the United Kingdom and any regulatory body which succeeds to one or more of the functions and/or duties performed by it as at the date of this Agreement.

“Prime Rate” means the rate of interest last quoted by the Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board of Governors of the Federal Reserve System of the United States in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined reasonably by the Administrative Agent) or any similar release by the Board of Governors of the Federal Reserve System of the United States (as determined reasonably by the Administrative Agent).

“Process Agent” has the meaning assigned to such term in Section 16.

“Quarterly Monitoring Return” means the information to be provided by the L/C Parties in relation to the Managed Syndicate pursuant to Section 7(b)(v).

“Quarterly Statement” means, with respect to any L/C Party for any fiscal quarter, the quarterly financial statements of such L/C Party.

“Ratable Commitment Percentage” of any amount means, at any time for each Lender, a percentage obtained by dividing such Lender’s Commitment at such time by the aggregate Commitments then in effect.

“Ratable Share” of any amount means, at any time for each Lender, a percentage obtained by dividing such Lender’s outstanding Letter of Credit Exposure by the aggregate of all outstanding Letter of Credit Exposure as of any date of determination.

[*****]

“Rating Downgrade” means a reduction or withdrawal of the Financial Strength Rating of any Credit Party following or as a result of a Change in Control.

“Realistic Disaster Scenario” means any realistic disaster scenario presented in connection with a business plan prepared in relation to the Managed Syndicate under paragraph 35 of the Underwriting Byelaw (No. 2 of 2003) which shows the potential impact on the Managed Syndicate of a catastrophic event.

“Register” has the meaning assigned to such term in Section 21(d).

“Reimbursement Obligation” means, with respect to each Letter of Credit, the obligation of the Borrower to reimburse the Issuing Lenders for any payment made by the Issuing Lenders under, or in respect of, such Letter of Credit, together with interest thereon payable as provided herein.

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“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person's Affiliates.

“Remaining Ineligible Amount” has the meaning specified in Section 2(q)(iv).

“Required Lenders” means, at any time, Lenders having Commitments or, if any Letters of Credit have been issued, Letter of Credit Exposures representing more than 50.0% of the aggregate Commitments or Letter of Credit Exposures (as applicable) of all Lenders; provided that the Commitment or Letter of Credit Exposure (as applicable) of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

“Responsible Officer” means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer of such Person or any other officer or director of such Person designated in writing by such Person and reasonably acceptable to the Administrative Agent; provided that, to the extent requested thereby, the Administrative Agent shall have received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer or director. Any document delivered hereunder or under any other Credit Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

“Revaluation Date”means each of the following: (i) each date of issuance, extension or renewal of a Letter of Credit, (ii) each date of an amendment of a Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any L/C Disbursement, and (iv) such additional dates as the Administrative Agent shall determine.

“Sanctioned Country” means at any time, a country, territory or region which is itself the subject or target of any Sanctions.

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including, without limitation, OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions authority, (b) any Person located, operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Peron(s).

“Sanctions” means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions authority.

[*****]

[*****]

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“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase of such currency with another currency through its principal foreign exchange trading office on the date as of which the foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Administrative Agent does not have as of the date of determination a spot buying rate for any such currency.

“Standard Letter of Credit Practice” means, for any Finance Party, any U.S. federal or state or foreign law or letter of credit practices applicable in the city in which such Finance Party Issued the applicable Letter of Credit. Such practices shall be (i) of banks that regularly issue letters of credit in the particular city and (ii) required or permitted under the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is used (“ISP”).

“Stated Amount” means, with respect to a Letter of Credit at any time, the aggregate amount available to be drawn thereunder at such time (regardless of whether any conditions for drawing could then be met).

“Sterling” or “£” means the lawful currency of the United Kingdom.

“Sterling Equivalent” means, at any time, (a) with respect to any amount denominated in Sterling, such amount, and (b) with respect to any amount denominated in Dollars, the equivalent amount thereof in Sterling as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with Sterling.

“Subject Business” has the meaning assigned to such term in Section 2(c)(i).

“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) such Person (irrespective of whether, at the time, Capital Stock of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer to those of the Borrower.

“Syndicate” means a reference to a group of members or a single corporate member underwriting insurance business at Lloyd’s through the agency of a managing agent to which a particular syndicate number is assigned by the Council of Lloyd’s.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Termination Notice” has the meaning assigned to such term in Section 2(w)(i).

[*****]

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“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

“Upfront Fee Letter” means the upfront fee letter dated as of the Closing Date between the Borrower and the Administrative Agent.

“U.S.” means United States of America.

(b)Terms Generally.

(i)The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include", “includes” and “including” shall be deemed to be followed by the phrase “without limitation". Unless the context requires otherwise (A) any definition of or reference to any agreement, instrument or other document herein or in the other Credit Documents shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, extended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (B) any reference herein or in the other Credit Documents to any Person shall be construed to include such Person’s successors and assigns, and (C) the words “herein, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof.

(ii)Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

(iii)In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including."

(iv)If the payment or computation of any interest, commission or fees under any Credit Document would otherwise occur on a day which is not a Business Day, such payment or computation shall instead occur on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

(c)Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement, and either the Borrower or the Administrative Agent shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until amended in accordance with Section 20, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein, and (b) the Borrower shall provide to the Administrative Agent financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

(d)Exchange Rates; Currency Equivalents. The Administrative Agent shall determine the Spot Rate as of each Revaluation Date to be used for calculating the Sterling Equivalent amounts of the Stated Amounts denominated in Dollars. Such Spot Rate shall become effective as of such Revaluation Date and shall be the Spot Rate employed in converting any amounts from Dollars to Sterling until the next Revaluation Date to occur. Except for purposes of financial statements delivered hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Sterling) for purposes of the Credit Documents shall be such Sterling

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Equivalent amount as so determined by the Administrative Agent. Wherever in this Agreement in connection with the issuance, amendment, extension or renewal of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Sterling, but such Letter of Credit is denominated in Dollars, such amount shall be the relevant Dollar Equivalent of such Sterling amount, as determined by the Administrative Agent, as the case may be.

2.LETTER OF CREDIT FACILITY.

(a)General. Subject to the terms and conditions of this Agreement, the Borrower may, during the Availability Period, request that the Lenders issue no more than two (2) Letters of Credit (or such other number of Letters of Credit as the Administrative Agent may agree) for the account of the Account Party. The Letters of Credit shall each be denominated in an Available Currency, as selected by the Borrower. The Letter of Credit may only be issued on a Business Day. Each request to issue a Letter of Credit (an “Application”) shall be in the form of Exhibit C or such other form as the Administrative Agent shall from time to time require or agree to accept (including any type of electronic form or means of communication acceptable to the Administrative Agent). The Letter of Credit shall be issued severally by all of the Lenders (including through any of their respective Affiliates or branches as such Lender may determine appropriate) acting through the L/C Agent, at the time of issuance as a single multi-bank letter of credit, and shall be substantially in the form of Exhibit A with such changes therein as the L/C Agent (in consultation with the Borrower) determines are acceptable to it and not adverse to the interests of the Lenders in any material respect. Inquiries, communications and instructions (whether written or in other electronic form approved by the Administrative Agent) regarding a Letter of Credit, an Application and this Agreement are each referred to herein as “Instructions". The Administrative Agent’s records of the content of any Instruction will be conclusive, absent manifest error.

(b)Procedure for Issuing the Letter of Credit.

(i)Subject to the terms and conditions of this Agreement, the Lenders agree to issue no more than two (2) Letters of Credit (or such other number of Letters of Credit as the Administrative Agent may agree) for the account of the Account Party during the Availability Period with an aggregate Stated Amount of such Letters of Credit not to exceed the Facility Amount. A Letter of Credit shall be issued or amended solely upon delivery of an Application by the Borrower to the Administrative Agent during the Availability Period (in the case of the issuance of a Letter of Credit) or during the Extended Availability Period (in the case of an amendment to a Letter of Credit), which Application shall be provided to the Administrative Agent in accordance with Section 19, no later than 10:00 a.m. (London time) on the date that is two Business Days prior to the proposed issuance or amendment date and shall set forth (i) the proposed issuance or amendment date of the requested Letter of Credit; (ii) the amount thereof, which shall not exceed the Facility Amount; (iii) the expiry date thereof, which, after giving effect to the most recent Termination Notice to be given pursuant to Section 2(w) of this Agreement, shall be no later than the Final Expiry Date specified in such Termination Notice; (iv) the name and address of Lloyd’s as the beneficiary thereof; (v) that the Letter of Credit is intended to cover the 2025 year of account and each prior open year of account of the Account Party (vi) whether the Letter of Credit is denominated in Sterling or Dollars; (vii) a confirmation that each of the conditions precedent set forth in Section 4 have been satisfied; and (viii) such other matters as shall be necessary to prepare the Letter of Credit. The Administrative Agent shall promptly send a copy of the Application to the Lenders in accordance with Section 19.

(ii)The L/C Agent shall act on behalf of the Lenders with respect to each Letter of Credit and the documents associated therewith, and the L/C Agent shall have all of the rights, benefits and immunities (i) provided to the Administrative Agent in Section 27 with respect to any acts taken or omissions suffered in connection with the Letters of Credit issued or proposed to be issued by it or administered by it and any documents pertaining to the Letters of Credit as fully as if the term

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“Administrative Agent” as used in Section 27 included the L/C Agent with respect to such acts or omissions, and (ii) as additionally provided herein with respect to the L/C Agent.

(iii)The obligation of each Issuing Lender under each Letter of Credit shall be several and not joint and shall be in an amount equal to such Issuing Lender’s Ratable Commitment Percentage of the aggregate Stated Amount of such Letter of Credit at the time such Letter of Credit is issued (subject to any amendments to such Letter of Credit expressly permitted hereunder) and such Letter of Credit shall expressly so provide. Absent the prior written consent of each Issuing Lender, no Letter of Credit may be issued in any way that would vary the several and not joint nature of the obligations of the Issuing Lenders thereunder as provided in this Section 2(b)(iii). The failure of any Issuing Lender to make any L/C Disbursement in respect of a Letter of Credit on any date shall not relieve any other Issuing Lender of its corresponding obligation, if any, hereunder to do so on such date, but neither the L/C Agent nor any Issuing Lender shall be responsible for the failure of any other Issuing Lender to make its L/C Disbursement in respect of such Letter of Credit. In connection with any change in the Lenders’ respective Commitments pursuant to Section 21 or any other event or circumstance resulting in a change in the Ratable Commitment Percentages or Ratable Shares of the Lenders, the L/C Agent, each applicable Lender and the L/C Parties shall use commercially reasonable efforts to obtain the consent of Lloyd’s and have each outstanding Letter of Credit amended or replaced to reflect the new Ratable Shares of the applicable Issuing Lenders effective concurrently with or, to the extent agreed to in writing by the L/C Agent, the assigning Lender and the assignee (if applicable), promptly following the effective date of such change. Until each applicable Letter of Credit has been so amended or replaced with the consent of Lloyd’s, the Issuing Lenders (both before and after giving effect to the change in Ratable Shares) shall be deemed to have irrevocably and unconditionally sold and purchased participations in such Letter of Credit (including each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto and any Cash Collateral or other security therefor or guaranty pertaining thereto) as necessary to give effect to the change in Ratable Shares.

(iv)Each Letter of Credit shall be executed and delivered by the L/C Agent in the name and on behalf of each Issuing Lender, and the L/C Agent shall act under such Letter of Credit, and such Letter of Credit shall expressly provide that the L/C Agent shall act, as the agent of each Issuing Lender to (i) execute and deliver such Letter of Credit, (ii) receive drafts, other demands for payment and other documents presented by the beneficiary under such Letter of Credit, (iii) determine whether such drafts, demands and documents are in compliance with the terms and conditions of such Letter of Credit, (iv) notify such Issuing Lender and the Borrower that a valid drawing has been made and the date that the related L/C Disbursement is to be made and (v) exercise all rights held by the issuer of such Letter of Credit under the documents for which such Letter of Credit shall provide credit enhancement (or designate any Person as its representative for all such purposes under such documents); provided that the L/C Agent shall have no obligation or liability for any L/C Disbursement under such Letter of Credit (other than in its capacity as an Issuing Lender). Each Issuing Lender hereby irrevocably authorizes the L/C Agent, acting through any duly authorized signatory, to execute and deliver each applicable Letter of Credit in the name and on behalf of such Issuing Lender and to take such other actions contemplated by this Section 2(b)(iv). Promptly upon the request of the L/C Agent, each Issuing Lender will furnish to the L/C Agent such additional powers of attorney or other evidence as any beneficiary of a Letter of Credit may reasonably request in order to demonstrate that the L/C Agent has the power to act in the name and on behalf of such Issuing Lender to execute and deliver such Letter of Credit.

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(v)If one or more Letters of Credit has been issued during the Availability Period and the Facility Amount has been increased above [*****] pursuant to and in accordance with Section 2(j), the Borrower may, during the Extended Availability Period, request an amendment of one or more Letters of Credit to increase the Stated Amount thereof by delivering to the Administrative Agent and the L/C Agent (reasonably in advance of the Increase Effective Date) a notice specifying the Increase Effective Date, the requested new Stated Amount of each applicable Letter of Credit and the aggregate Stated Amount of all Letters of Credit (which shall not exceed the Facility Amount), and such other information and documentation as shall be necessary or reasonably requested by the L/C Agent to amend each applicable Letter of Credit.

(c)Purpose and Application.

(i)Each Letter of Credit (i) shall be requested by, and issued on behalf of, the Borrower and (ii) is intended to provide Funds at Lloyd’s for the general business at Lloyd’s of the Account Party assumed as a member of the Managed Syndicate at Lloyd's for the 2025 year of account and each prior open year of account (the “Subject Business”). For so long as a Letter of Credit issued hereunder is deposited at Lloyd’s, the Borrower shall procure that such Letter of Credit be applied to support the Subject Business. The Finance Parties shall not be obliged to monitor or verify such application by the L/C Parties.

(ii)Each of the parties hereto agrees and acknowledges that, subject to the duties of Lloyd's as trustee of all Funds at Lloyd’s and to any conditions and requirements prescribed under the Membership Byelaw (No. 5 of 2005) which are for the time being applicable, the Letters of Credit will provide Funds at Lloyd's for the Account Party and shall only be applied in accordance with the applicable rules or procedures of Lloyd’s.

(iii)The Borrower shall use its commercially reasonable efforts to ensure that all Funds at Lloyd’s of the Account Party (including Own FAL but excluding any Letters of Credit) are applied to support the Subject Business before any Letter of Credit is drawn.

(d)General Payment Obligations.

(i)Upon receipt from Lloyd’s, as the beneficiary of a Letter of Credit, of any notice of a drawing under such Letter of Credit (a “Drawing Request”), the L/C Agent shall promptly notify the Borrower and the Issuing Lenders of the receipt of such Drawing Request and of the date on which the Issuing Lenders are required to honor such request (such date, an “Honor Date”), which date will be no earlier than the date that is two (2) Business Days after the date the L/C Agent received such Drawing Request. Any notice given by the L/C Agent pursuant to this Section 2(d)(i) shall be given in accordance with Section 19; provided that any failure to give or delay in giving any such notice will not relieve the Borrower of its obligation to reimburse the Issuing Lenders with respect to any L/C Disbursement.

(ii)Upon receiving the notice of a Drawing Request from the L/C Agent, each Issuing Lender will promptly and in any event no later than the Honor Date (A) make any payment or disbursement pursuant to or in respect of the Drawing Request (each an “L/C Disbursement”) in respect of the applicable Letter of Credit in accordance with the amount of its liability under such Letter of Credit and this Agreement, and such L/C Disbursement is to be made in the Applicable Currency to Lloyd’s, as the beneficiary of the applicable Letter of Credit, by promptly crediting the amounts of its liability under such Letter of Credit and this Agreement, to the account identified by Lloyd’s in connection with such demand

20

for such L/C Disbursement and (B) notify the L/C Agent of such L/C Disbursement. Promptly following the L/C Disbursements by the Issuing Lenders in respect of the Letter of Credit, the L/C Agent will notify the Borrower of such L/C Disbursements.

(iii)If any Issuing Lender makes a L/C Disbursement, then no later than the first succeeding Business Day after the L/C Agent notifies the Borrower of such L/C Disbursement the Borrower shall pay to the Administrative Agent, for the account of such Issuing Lender, in immediately available funds, an amount equal to such L/C Disbursement. If the Administrative Agent receives for the account of any Issuing Lender any such payment or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Issuing Lender its ratable share or other applicable share provided for under this Agreement (appropriately adjusted, in the case of interest payments, to reflect the period of time during which the applicable Letter of Credit was outstanding) in the same funds as those received by the Administrative Agent.

(iv)The Borrower shall be obligated to reimburse the Issuing Lenders (through the Administrative Agent) for any and all drawings under the Letters of Credit. The Borrower hereby acknowledges that the issuance of the Letters of Credit is required pursuant to terms of the general business at Lloyd’s of the Account Party for the 2025 year of account and each prior open year of account, and such issuance inures to the benefit of the Borrower.

(v)If the Borrower fails to reimburse the Issuing Lenders for any L/C Disbursement on the date due, then the unpaid amount thereof shall bear interest for each day from and including the date of such L/C Disbursement, to but excluding the date on which payment is actually made by the Borrower, at the Default Rate. Accrued and unpaid interest on past due amounts shall be due and payable upon demand.

(vi)Notwithstanding the foregoing, if there exists a Defaulting Lender each payment by the Borrower to such Defaulting Lender hereunder shall be applied in accordance with Section 2(p).

(e)Payment Instructions. All payments by the Borrower to any Finance Party hereunder shall be made in immediately available funds, free of any reduction, defense, recoupment and without set-off or counterclaim. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent's Office, for the account of the respective Finance Parties to which such payment is owed. All Payments by the Borrower to reimburse the Issuing Lenders for any L/C Disbursement shall be in the Applicable Currency. Unless otherwise specified in the applicable Credit Document, all other payments under the Credit Documents shall be in Sterling. All payments by the Borrower shall be in immediately available funds and made at or prior to 10:00 a.m., New York time. The Administrative Agent will promptly distribute to each applicable Finance Party its ratable share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s applicable lending office (or otherwise distribute such payment in like funds as received to the Person or Persons entitled thereto as provided herein). All payments received by the Administrative Agent after 10:00 a.m., New York time shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

(f)Computation of Interest and Fees. All computations of interest and fees to be made hereunder and under any other Credit Document in Sterling shall be made on the basis of a year consisting of 365 days (or 366 days in a leap year), in each case for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fee is

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payable. All computations of interest and fees to be made hereunder and under any other Credit Document in Dollars shall be made on the basis of a year consisting of 360 days, in each case for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fee is payable.

(g)Increased Costs.

(i)If any Change in Law shall (A) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender, (B) subject any Finance Party to any Tax with respect to this Agreement or the Letters of Credit (except for Indemnified Taxes, Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits, or Taxes described in clause (b) of the definition of "Excluded Taxes"), or (C) impose on any Lender any other condition, cost or expense affecting this Agreement or the Letters of Credit or participation therein, and the result of any of the foregoing shall be to increase the cost to such Lender or such other Finance Party of participating in, issuing or maintaining the Letters of Credit, or to reduce the amount of any sum received or receivable by such Lender or such other Finance Party hereunder (whether of interest or any other amount) then, upon request of such Lender or such other Finance Party, the Borrower will pay to such Lender or such other Finance Party, as the case may be, such additional amount or amounts as will compensate such Lender or such other Finance Party, as the case may be, for such additional costs incurred or reduction suffered.

(ii)If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitment of such Lender or the Letters of Credit, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time upon written request of such Lender the Borrower shall promptly pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

(iii)A certificate of a Lender or any other Finance Party setting forth the amount or amounts necessary to compensate such Lender or such other Finance Party or any of their respective holding companies, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay such Lender or such other Finance Party, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

(iv)Failure or delay on the part of any Lender or such other Finance Party to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such other Finance Party’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or any other Finance Party pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or such other Finance Party, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or such other Finance Party’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or

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reductions is retroactive, then the 180 days period referred to above shall be extended to include the period of retroactive effect thereof).

(h)Net Payment; Taxes.

(i)All amounts payable by the Borrower hereunder will be paid in full, free of all Taxes now or hereafter levied, collected, withheld, assessed or otherwise imposed, except as required by applicable law. If any Taxes are so levied or imposed and such Tax is an Indemnified Tax, the Borrower agrees to pay the full amount of such Indemnified Taxes and such additional amounts as may be necessary so that every payment of all amounts due hereunder, after withholding or deduction or on account of such Indemnified Taxes, will not be less than the amount provided for herein. Whenever any such Taxes are required to be withheld or deducted from any amounts payable to Finance Party hereunder, the Borrower shall pay such Taxes to the appropriate taxing authority for the account of the relevant Finance Party and, as promptly as possible thereafter, send to such Finance Party an original or certified copy of the official receipt or other evidence of such payment reasonably satisfactory to such Finance Party showing payment thereof, together with such additional documentary evidence as may be reasonably required from time to time by such Finance Party. If the Borrower fails to pay any such Taxes when due to the appropriate taxing authority or fails to remit any such official receipts or other required documentary evidence, the Borrower agrees to indemnify such Finance Party for and to hold the such Finance Party harmless from and against any incremental taxes, interest or penalties that may become payable by such Finance Party as a result of such failure; provided that this sentence shall not apply to any Excluded Taxes.

(ii)Without duplicating amounts payable under Section 2(h)(i), if the Borrower is prohibited by law from making one or more payments under this Agreement free of Taxes in accordance herewith, or if any taxing authority shall at any time assert that a Finance Party is required to pay any such Taxes and such Finance Party pays any such Taxes, such Finance Party shall furnish to the Borrower copies of official tax receipts evidencing such payment by such Finance Party and, if such Tax is an Indemnified Tax, the Borrower shall pay such additional amount to such Finance Party as may be necessary in order that the actual amount received by such Finance Party after all Indemnified Taxes (and after payment of any additional Indemnified Taxes due as a consequence of the payment of such additional amount) shall equal the amount that would have been received by such Finance Party if such Indemnified Taxes were not required.

(iii)Any Finance Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document shall deliver to the Borrower and the Administrative Agent at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Finance Party, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Finance Party is subject to backup withholding or information reporting requirements. Each Finance Party agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

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(iv)If any Finance Party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such Finance Party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). The Borrower, upon the request of such Finance Party, shall repay to such Finance Party the amount paid over pursuant to this paragraph (iv) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such Finance Party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (iv), in no event will any Finance Party be required to pay any amount to the Borrower pursuant to this paragraph (iv) the payment of which would place the Finance Party in a less favorable net after-Tax position than the Finance Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any Finance Party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

Permanent Reduction of Commitments. The Borrower shall have the right at any time and from time to time, upon at least five Business Days’ prior irrevocable written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) all of the Commitments at any time or (ii) portions of the Commitment, from time to time, in an aggregate principal amount not less than [*****] or any whole multiple of [*****] in excess thereof. All Commitment Fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.

(i)Increased Facility Amount.

(i)Request for Increase. The Borrower may, at any time during the Availability Period, by written notice to the Administrative Agent and each Lender, request an increase in the Commitments (an “Incremental Commitment”); provided that (i) such request for an increase shall be in a minimum amount of [*****] (or such lesser amount as may be approved by the Administrative Agent), (ii) after giving effect to such increase, the Commitments shall not exceed [*****] in the aggregate, and (iii) the Borrower may make no more than one request for an increase in the Commitments under this Section 2(j). Notwithstanding anything herein to the contrary, no Lender shall have any obligation to agree to increase its Commitment pursuant to this Section 2(j) and any election to do so shall be in the sole discretion of each Lender.

(ii)Offer Period. The Borrower may request that any Lender provide an Incremental Commitment or that an Eligible Assignee provide any Incremental Commitment. Each Lender that is willing to provide all or part of such Incremental Commitments shall confirm its commitment to do so and its agreement to assume Incremental Commitments by delivering an executed Incremental Commitments confirmation notice to the Borrower and the Administrative Agent or, for Lenders not already a party to this Agreement, by delivering a joinder agreement reasonably satisfactory to the Administrative Agent.

(iii)Terms of Increase. The Administrative Agent and the Borrower shall determine the effective date for any increase of the Commitments pursuant to this Section 2(j) (the “Increase Effective Date”) and, if applicable, the final allocation of

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such increase among the Lenders providing such increase; provided that such date shall be a Business Day and be prior to the last day of the Availability Period. Effective as of the Increase Effective Date, subject to the terms and conditions set forth in this Section 2(j), each Incremental Commitment shall be a Commitment (and not a separate facility hereunder), and the Facility Amount shall be increased by an amount equal to the aggregate amount of the Incremental Commitments.

(iv)Conditions to Effectiveness. Notwithstanding the foregoing, the increase in the Facility Amount pursuant to this Section 2(j) shall not be effective unless:

(A)no Default shall have occurred and be continuing on the Increase Effective Date and after giving effect to such increase;

(B)the Borrower shall be in pro forma compliance with Section 8(a) immediately after giving effect to such increase, calculated based on the most recently delivered financial statements under Section 7(a);

(C)the representations and warranties contained in this Agreement shall be true and correct in all material respects on and as of the Increase Effective Date and after giving effect to such increase, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and

(D)all fees payable to the Finance Parties in connection with such Incremental Commitments shall have been paid to the applicable Finance Parties.

(v)As of the Increase Effective Date, upon the Administrative Agent’s receipt of the documents required by clause (iv) above, the Administrative Agent shall give prompt notice of the increase in the Commitments to the Borrower, the L/C Agent and the Lenders.

(j)Fees.

(i)[*****]

(i)

(k)Cash Collateralization.

(i)Upon the occurrence of any of the following events, the Borrower shall promptly (and in any case within [*****] thereof), deposit in the Collateral Account, Cash in Dollars in an aggregate amount equal to or greater than the Letter of Credit Obligations (Dollars) as of such date and Cash in Sterling in an aggregate amount equal to or greater than the Letter of Credit Obligations (Sterling) as of such date (which amounts shall be confirmed in writing by the Administrative Agent to the Borrower as of such date):

(A)Managing Agent. The Managing Agent ceases to act as managing agent at Lloyd’s or ceases to be the managing agent of the Managed Syndicate, or the Council of Lloyd’s, the PRA and/or the FCA (as applicable) withdraws the permission of the Managing Agent to act as a managing agent at Lloyd's or to manage the Managed Syndicate, unless (1) a substitute managing agent is appointed in place of the Managing Agent pursuant to Park K of the Underwriting Byelaw (No.2 of 2003) and (2) such substitute managing agent is a Group Member.

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(B)Corporate Member's Deed. The termination by Lloyd’s (or other trustee for the time being) of the trusts created by the Corporate Member’s Deed.

(C)Lloyd’s Market Reorganisation Order. A “Lloyd’s Market Reorganisation Order” is made by the English courts in relation to the “association of underwriters known as Lloyd’s” as each of those terms is defined in the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005 and either (i) the Borrower is an “affected market participant” (as defined in the Insurers (Reorganisation and Winding Up) (Lloyd’s Regulations 2005) or (ii) such “Lloyd’s Market Reorganisation Order” could be reasonably likely to have a Material Adverse Effect; or

(D)Financial Services and Markets Act 2000. Either (x) a failure by Lloyd's (or, where appropriate, the Members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and Markets Act 2000, the Handbook or any statutory provision enacted after the date of this agreement and a failure to comply with any binding requirement to rectify the position within the time period permitted for such rectification; or (y) the authorization or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the PRA or the FCA, which, in either such case, could be reasonably likely to have a Material Adverse Effect; or

(E)Modification of Lloyd’s Acts, Byelaws or Trusts. Any modification, repeal, amendment, replacement or revocation of Lloyd's Acts 1871 to 1982, any byelaw or any deed or agreement required by Lloyd’s to be executed or entered into by any person in connection with insurance business at Lloyd’s (whether carried on by such person or otherwise) or any trust created thereby is made or proposed which could be reasonably likely to have a Material Adverse Effect; or

(F)Solvency Test. The Account Party fails as a corporate member of Lloyd’s to maintain its capital resources requirement calculated by Lloyd’s and notified to it in accordance with the Handbook and that failure has not been remedied within [*****] of such failure.

(ii)Tail Period Cash Collateralization. On or before December 31, 2025, the Borrower will Cash Collateralize the Letter of Credit Obligations as of such date in an amount equal to 100% of such Letter of Credit Obligations.

(iii)Termination of Cash Collateralization. If any Letter of Credit Obligations are Cash Collateralized pursuant to this Section 2(l), at such time as the Commitments of the Finance Parties hereunder shall have terminated, no Letters of Credit are outstanding and all Obligations payable by the Credit Parties under the Credit Documents shall have been paid in full, the Borrower shall be permitted to remove from the Collateral Account any remaining Cash deposit.

(iv)Change in Control. Upon the occurrence of a Rating Downgrade, the Borrower shall promptly (and in any case within [*****] of such Rating Downgrade) Cash Collateralize the Letter of Credit Obligations in an aggregate amount equal to or greater than the Applicable Percentage of such Letter of Credit Obligations.

(l)VAT.

(i)All amounts expressed to be payable under a Credit Document by any Credit Party to any Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Credit Party and such Finance Party is required to

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account to the relevant tax authority for the VAT, that Credit Party must pay to the Administrative Agent (in addition to and at the same time as paying any other consideration for such supply) (for its own account or for the account of the other Finance Parties, as applicable) an amount equal to the amount of the VAT (and the Administrative Agent or any other applicable Finance Party must promptly provide an appropriate VAT invoice to that Credit Party).

(ii)Where a Credit Document requires any Credit Party to reimburse or indemnify any Finance Party for any cost or expense, that Credit Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

(iii)Any reference in this Section 2(m) to any Credit Party shall, at any time when such Credit Party is treated as a Group Member for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such Group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994).

In relation to any supply made by any Finance Party to any Credit Party under a Credit Document, if reasonably requested by any Finance Party, that Credit Party must promptly provide such Finance Party with details of that Credit Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply.

(m)Evidence of Letters of Credit.

(i)The accounts and records maintained by the Administrative Agent and each Issuing Lender in respect of the Letters of Credit shall be conclusive, absent manifest error, for purposes of determining amounts due from the Borrower in relation to the Letters of Credit and the fees thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Issuing Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

(ii)In addition to the accounts and records referred to in this Section 2(n), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in the Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

(n)Sharing of Payments by Lenders.

(i)If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such obligations (other than pursuant to Section 2(g) or Section 2(h)) greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in such obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit

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of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amounts owing them; provided that:

(A)if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and

(B)the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral, or (z) any payment obtained by a Lender as consideration for the assignment of, or sale of, a participation in any of its interests in the Letters of Credit to any assignee or participant, other than to the Borrower or any of its Subsidiaries or Affiliates (as to which the provisions of this paragraph shall apply).

(ii)The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

(o)Defaulting Lenders.

(i)Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

(A)Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 20.

(B)Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11(b) shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent or the L/C Agent hereunder; second, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to the Letters of Credit under this Agreement; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fourth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction.

(C)No Defaulting Lender shall be entitled to receive any commitment fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

(ii)If the Borrower, the Administrative Agent and the L/C Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so

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notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

(p)Funds at Lloyd’s Ineligibility.

(i)In this Section 2(q), “Accepting Lender” means each existing Lender which accepts an Ineligible Amount pursuant to this Section 2(q).

(ii)If all or any part of a Lender's participation in the Letters of Credit and/or all or any part of a Lender's unused Commitment, in each case, has ceased or will cease to be eligible as Funds at Lloyd’s for the Account Party in respect of the Subject Business (such Lender being an “Affected Lender” and the amount of its participation or Commitment which has ceased or will cease to be eligible being, the “Ineligible Amount”):

(A)the Borrower or the Affected Lender shall, promptly upon becoming aware of such event, notify the Administrative Agent who shall, in turn, promptly notify the Borrower or the Affected Lender, as applicable; and

(B)if alternative arrangements acceptable to the Borrower and the Administrative Agent have not been made within 10 days from the date in which it became an Affected Lender (or such time period as may be agreed in writing between the parties), either the Borrower or the Affected Lender may by notice to the other (through the Administrative Agent) request:

(1)a transfer of the Ineligible Amount takes place pursuant to clauses (iii) to (v) below;

(2)the cancellation of the Commitment of the Affected Lender take place pursuant to clause (vi) below; or

(3)following the process set out at clauses (iii) and (iv) below, the Ineligible Amount be reduced to zero pursuant to clause (v) below.

(iii)If any such notification is made pursuant to clause (ii)(B)(2) of this Section 2(q), the Administrative Agent shall promptly offer the Ineligible Amount to the other Lenders in the same proportion that each Lender's Commitment bears to the total Commitments of all Lenders (excluding, in each case, the Affected Lender and its Commitment) whereupon:

(A)if, within five Business Days of such offer, any one or more Lenders accepts such offer, the Borrower, the Affected Lender and those Lenders shall, as soon as reasonably practicable thereafter, but in any event within 30 days from the date on which it became an Affected Lender (or such other time period as may be agreed in writing between the parties), effect the necessary transfers of the Ineligible Amount pursuant to Section 21; and

(B)if any Lender declines such offer or does not respond within five Business Days of such offer, the Administrative Agent shall promptly offer the declining Lender's proportion of the Ineligible Amount to the remaining Lenders (excluding, for the

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avoidance of doubt, the Affected Lender) in such proportions as the Borrower may elect. If, within five Business Days of such offer, one or more Lenders accept such offer, the Borrower, the Affected Lender and those Lenders shall, as soon as reasonably practicable thereafter, but in any event within 30 days from the date on which it became an Affected Lender (or such other time period as may be agreed in writing between the parties), effect the necessary transfers of the Ineligible Amount to those Lenders pursuant to Section 21.

(iv)If any part of the Ineligible Amount is not accepted by the other Lenders pursuant to clause (iii) above (such part of the Ineligible Amount being the “Remaining Ineligible Amount”), the Borrower or the Affected Lender (with the consent of the Borrower) may offer the Remaining Ineligible Amount to one or more Eligible Assignees. If any such Eligible Assignee accepts such offer within five Business Days of the offer being made, the Borrower and the Affected Lender shall, as soon as reasonably practicable thereafter, but in any event within 30 days from the date on which it became an Affected Lender (or such other time period as may be agreed in writing between the parties), effect the necessary transfers of the Remaining Ineligible Amount to such Eligible Assignee pursuant to Section 21.

(v)If any part of the Ineligible Amount has not been transferred to the Lenders or to Eligible Assignees pursuant to paragraphs (iii) or (iv) above, the Borrower, the Affected Lender and the Administrative Agent shall cooperate in good faith to procure that Lloyd’s amends or reduces the Letters of Credit as necessary to reduce the Ineligible Amount to zero.

(vi)The Borrower may, by no less than five Business Days’ notice to the Affected Lender and the Administrative Agent, cancel the Commitment of the Affected Lender, but only to the extent that the Affected Lender's participation in the Letters of Credit would cease to be eligible as Funds at Lloyd’s for the Borrower in respect of the Subject Business.

(vii)The Lenders shall inform the Borrower and the Administrative Agent promptly upon becoming aware of any actual or proposed changes to that Lender's permitted letter of credit limit as set by Lloyd’s which would cause such Lender's participation in the Letters of Credit to cease being eligible as Funds at Lloyd’s or would cause any Commitments of that Lender to cease being eligible for providing Funds at Lloyd’s in respect of the Subject Business.

(viii)Any transfer of rights and obligations of an Affected Lender pursuant to clauses (iii) or (iv) above shall be subject to the following conditions:

(A)the Borrower shall have no right to replace the Administrative Agent;

(B)neither the Administrative Agent nor the Affected Lender shall have any obligation to the Borrower to find an Accepting Lender;

(C)the Affected Lender shall have received payment of an amount equal to accrued and unpaid fees and all other amounts payable to it hereunder and under the other Credit Documents from the Borrower; and

(D)in no event shall the Affected Lender be required to pay or surrender to any Accepting Lender any of the fees previously received by the Affected Lender pursuant to the Credit Documents.

(q)Illegality. If, in any applicable jurisdiction, the Administrative Agent or any Lender determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent or any Lender to (i) perform any of its obligations hereunder or under any other Credit Document, (ii) to fund or maintain its participation in any of the

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Letters of Credit or (iii) issue, make, maintain, fund or charge interest or fees with respect to any of the Letters of Credit, such Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent promptly notifying the Borrower, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest or fees with respect to any of the Letters of Credit shall be suspended, and to the extent required by applicable law, cancelled. Upon receipt of such notice, the Borrower shall, (A) Cash Collateralize that Person’s participation in any of the Letter of Credit or other applicable Obligations occurring after the Administrative Agent has promptly notified the Borrower or, if earlier, the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier than the last day of any applicable grace period permitted by applicable law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality.

(r)Mitigation Obligations. If any Lender requests compensation under Section 2(g), or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2(h) or delivers a notice pursuant to Section 2(r), then such Lender shall, at the request of the Borrower, use reasonable efforts to designate a different Lending Office for funding or booking the Letters of Credit or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2(g) or Section 2(h) or the need for a notice under Section 2(r), as the case may be, in the future, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment.

(s)Replacement of Lenders. If any Lender requests compensation under Section 2(g), or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2(h) or any Lender gives a notice under Section 2(r), and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 2(s), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 21), all of its interests, rights (other than its existing rights to payments pursuant to Section 2(g) or Section 2(h)) and obligations under this Agreement and the related Credit Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if such Lender accepts such assignment); provided that:

(i)the Borrower shall have paid or cause to be paid to the Administrative Agent the assignment fee (if any) specified in Section 21;

(ii)such Lender shall have received payment of an amount equal to accrued and unpaid fees and all other amounts payable to it hereunder and under the other Credit Documents from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower;

(iii)in the case of any such assignment resulting from a claim for compensation under Section 2(g) or payments required to be made pursuant to Section 2(h), such assignment will result in a reduction in such compensation or payments thereafter;

(iv)such assignment does not conflict with applicable law; and

(v)in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

(vi)A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such

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assignment and delegation cease to apply. Notwithstanding anything in this Section to the contrary, a Lender that acts as the Administrative Agent or L/C Agent may not be replaced hereunder except in accordance with the terms of Section 27.

(t)Obligations Absolute. The reimbursement and payment obligations of the Borrower under this Section 2 shall survive repayment of all Obligations hereunder, are absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including, without limitation:

(i)any lack of validity, enforceability or legal effect of any Letter of Credit or any Credit Document or any term or provision therein;

(ii)payment against presentation of any draft, demand or claim for payment under any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit (individually, a “Drawing Document” and collectively, the “Drawing Documents”) that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein proving to be untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;

(iii)the Issuing Lenders honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under such Letter of Credit;

(iv)the existence of any claim, set-off, defense or other right that the Borrower or any other Person may have at any time against any beneficiary or any assignee of proceeds, the Finance Parties or any other Person; or

(v)any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2(u), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, the Obligations, whether against a Finance Party, the beneficiary or any other Person.

(u)Role of L/C Agent and Administrative Agent. The L/C Agent and the Administrative Agent shall have no liability or responsibility to the Borrower or any other Person by reason of or in connection with the issuance or transfer of the Letters of Credit or any payment or failure to make any payment thereunder, or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to the Letters of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond their control; provided that the foregoing shall not be construed to excuse the L/C Agent or the Administrative Agent from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the gross negligence or willful misconduct of the L/C Agent or the Administrative Agent (as determined by a court of competent jurisdiction by a final and non-appealable judgment) when determining whether drafts and other documents presented under the Letters of Credit comply with the terms thereof. It is expressly understood and agreed that (i) the acceptance by the L/C Agent of documents that appear on their face to comply with the terms of a Letter of Credit, without responsibility for further investigation, (ii) the exclusive reliance by the L/C Agent on the documents presented to it under a Letter of Credit as to any and all matters set forth therein, including the amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect (so long as such document appears on its face to comply with the terms of such Letter of Credit), and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect

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whatsoever, and (iii) any noncompliance in any immaterial respect of the documents presented under a Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute gross negligence or willful misconduct of the L/C Agent or the Administrative Agent.

(v)Termination of Letters of Credit. The Administrative Agent and the Borrower each acknowledges and agrees that:

(i)each Letter of Credit will continue in effect until such time as the L/C Agent gives a termination notice substantially in the form of Exhibit D to this Agreement (any such termination notice, a “Termination Notice”) stating that such Letter of Credit will be terminated on the date specified in such Termination Notice (such date being the “Final Expiry Date” of such Letter of Credit); provided that in no event will the Final Expiry Date of any Letter of Credit be earlier than the fourth anniversary of the date of such Termination Notice or later than December 31, 2028.

(ii)the L/C Agent may at any time on or after the date of this Agreement give Termination Notices to Lloyd’s so that no Letter of Credit shall expire later than its Final Expiry Date; and

(iii)upon the expiry of a Letter of Credit in accordance with the applicable Termination Notice, the maximum actual and contingent liabilities of the Issuing Lenders under such Letter of Credit will be reduced to zero.

(w)Payments Set Aside; Recovery of Payments.

(i)To the extent that any payment by or on behalf of the Borrower is made to a Finance Party, or a Finance Party exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Finance Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Bankruptcy Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

(ii)If any amounts distributed by the Administrative Agent to any Lender are subsequently returned or repaid by the Administrative Agent to a Credit Party, its representative or successor in interest, or any other Person, whether by court order, by settlement approved by such Lender, or pursuant to applicable law, such Lender will, promptly upon receipt of notice thereof from the Administrative Agent, pay the Administrative Agent such amount. If any such amounts are recovered by the Administrative Agent from the Credit Parties, its representative or successor in interest or such other Person, the Administrative Agent will redistribute such amounts to the Lenders on the same basis as such amounts were originally distributed.

(x)Interest Rate Limitations. Notwithstanding anything to the contrary contained in any Credit Document, the interest paid or agreed to be paid under the Credit Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). In determining whether the interest contracted for, charged, or received by the Administrative Agent (for the account of the Lenders) exceeds the Maximum Rate, the Administrative Agent may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

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3.BORROWER’S RESPONSIBILITY. The Borrower is responsible for approving the final text of any Letter of Credit Issued hereunder, irrespective of any assistance any Finance Party may provide drafting or recommending text or by any Finance Party’s use or refusal to use text submitted by the Borrower. The Borrower is solely responsible for the suitability of the Letters of Credit for its intended purposes. The Borrower will examine the copy of each Letter of Credit Issued hereunder and any other documents sent by the Administrative Agent to the Borrower in connection with such Letter of Credit and shall promptly notify the Administrative Agent of any non-compliance with the Borrower’s Instructions and of any discrepancy in any document under any presentment or other irregularity. The Borrower understands that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by the Finance Parties in accordance with standard industry practice and the Borrower hereby consents to such revisions and changes.

4.CONDITIONS OF CLOSING AND ISSUANCE.

(a)Conditions Precedent to Closing. This Agreement shall become effective upon satisfaction of each of the following conditions:

(i)Executed Credit Documents; no Defaults. This Agreement and the Guaranty Agreement, together with any other applicable Credit Documents, shall have been duly authorized, executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default or Event of Default shall exist hereunder or thereunder.

(ii)Closing Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory to the Administrative Agent:

(A)Officer’s Certificate. A certificate from a Responsible Officer of each Credit Party to the effect that (A) all representations and warranties of such Credit Party contained in the Credit Documents to which it is a party are true, correct and complete in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and complete in all respects); and (B) as of the Closing Date, no Default or Event of Default has occurred and is continuing.

(B)Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and genuineness of the signature of each officer or other authorized signatory of such Credit Party executing Credit Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (A) the memorandum of association (or equivalent), as applicable, of such Credit Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bye-laws or other governing document of such Credit Party as in effect on the Closing Date, (C) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder; authorising a specified person or persons to execute the Credit Documents on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Credit Documents; authorising a specified person or persons on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Credit Documents; and the execution, delivery and performance of the Credit Documents to which it is a party, (D) register of directors and officers, (E) register of members, (F) the Bermuda Monetary Authority’s “no objection” to the incorporation of the Credit Party, (G) tax assurance issued by the Registrar of Companies for the Minister of Finance, (H) in the case of the certificate of a Responsible Officer of the Borrower, all certificates of registration as an insurer in relation to the Borrower, and (I) each certificate required to be delivered pursuant to Section 4(a)(ii)(C).

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(C)Certificates of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, and, to the extent requested by the Administrative Agent, each other jurisdiction where any Credit Party is qualified to do business.

(D)Opinions of Counsel. Opinions of counsel to the Credit Parties addressed to the Finance Parties with respect to the Credit Parties, the Credit Documents and such other matters as the Administrative Agent shall request.

(iii)Consents; Defaults.

(A)Governmental and Third Party Approvals. Each Credit Party shall have received all material governmental, shareholder and third party consents and approvals necessary (or any other material consents as determined in the reasonable discretion of the Administrative Agent) in connection with the transactions contemplated by this Agreement and the other Credit Documents and all applicable waiting periods shall have expired without any action being taken by any Person that would reasonably be expected to restrain, prevent or impose any material adverse conditions on such Credit Party or such transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Administrative Agent would reasonably be expected to have such effect.

(B)No Injunction, Etc. No action, proceeding or investigation shall have been instituted, threatened in writing or proposed in writing before any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this Agreement or the other Credit Documents or the consummation of the transactions contemplated hereby or thereby, or which, in the Administrative Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement or the other Credit Documents or the consummation of the transactions contemplated hereby or thereby.

(iv)Financial Statements. The Administrative Agent shall have received copies of (A) each Credit Party's unaudited financial statements for its fiscal quarter ended June 30, 2024 and (B) the Account Party's annual financial statements for its fiscal year ended December 31, 2023.

(v)Structure Chart. The Administrative Agent shall have received a copy of the Group structure chart as of the Closing Date certified by a Responsible Officer of the Borrower as being true and correct.

(vi)Business Plan and Realistic Disaster Scenarios. The Administrative Agent shall have received draft copies of the Business Plan for the 2025 year of account and (if separate) the Realistic Disaster Scenarios relating thereto.

(vii)Lloyd’s of London. The Administrative Agent shall have received satisfactory evidence that the Account Party is duly authorized to underwrite business at Lloyd’s.

(viii)Funds at Lloyd’s. The Administrative Agent shall have received written confirmation by the Borrower that no FAL in respect of the 2025 year of account or any prior open year of account has been provided in respect of the Account Party by any Person that is not a Group Member.

(ix)Letter of Comfort. The Administrative Agent shall have received a Letter of Comfort in respect of the 2025 year of account and each prior open year of account of the Account Party.

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(x)[*****]

(xi)PATRIOT Act, etc. Each Everest Party shall have provided to each Finance Party, at least five Business Days prior to the Closing Date to the extent requested at least 10 Business Days prior to the Closing Date, (i) the documentation and other information requested by such Finance Party in order to comply with requirements of any Anti-Money Laundering Laws, including, without limitation, the PATRIOT Act and any applicable “know your customer” rules and regulations, and (ii) with respect to any Everest Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Everest Party.

(xii)Other Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to the Administrative Agent. The Administrative Agent shall have received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated by this Agreement.

(b)Conditions Precedent to Issuance of Letters of Credit. The obligations of Lenders to Issue Letters of Credit (including any Letters of Credit Issued on the Closing Date) is subject to the satisfaction of each of the following conditions:

(i)Continuation of Representations and Warranties. The representations and warranties contained in this Agreement and the other Credit Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such issuance with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date).

(ii)No Existing Default. No Default or Event of Default shall have occurred and be continuing on the Issuance date with respect to such Letter of Credit or after giving effect to the Issuance of such Letter of Credit on such date.

(iii)Notice. The Administrative Agent shall have received an Application from the Borrower.

(iv)Letter of Comfort. The Administrative Agent shall have received a Letter of Comfort which has been duly executed by an authorized signatory of Lloyd’s and updated to take into account the Issuance of such Letter of Credit.

(v)Miscellaneous. In addition to the foregoing, the Lenders shall be under no obligation to Issue any Letter of Credit if:

(A)any order, judgment or decree of any Governmental Authority or arbitrator having jurisdiction over the Finance Parties shall by its terms enjoin or restrain the Issuance of such Letter of Credit or any law applicable to the Finance Parties, or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over any Finance Party shall prohibit, or request that it refrain from, the Issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon any Finance Party with respect to such Letter of Credit any restriction or reserve or capital requirement (for which the Administrative Agent is not otherwise

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compensated) not in effect on the Closing Date, or any unreimbursed loss, cost or expense which was not applicable or in effect as of the Closing Date and which any Finance Party in good faith deems material to it; or

(B)immediately after giving effect thereto, the amount of Outstanding Letters of Credit would exceed the Facility Amount at such time.

5.INDEMNIFICATION; LIMITATION OF LIABILITY; EXPENSES.

(a)Indemnification. The Borrower agrees to indemnify and hold harmless the Arranger and the Finance Parties (including their respective branches and Affiliates) and each of their respective directors, officers, employees, attorneys and agents (each, including such Finance Parties, an “Indemnified Person”) from and against any and all claims, suits, judgments, liabilities, losses, fines, damages, penalties, interest, costs and expenses (including expert witness fees and reasonable out-of-pocket legal fees, charges and disbursements of any counsel (including outside counsel fees and expenses), and all expenses of arbitration or litigation and in preparation thereof), in each case, which are documented and may be incurred by or awarded against any Indemnified Person (collectively, the “Costs”), and which arise out of or in connection with or by reason of this Agreement, the other Credit Documents, the actual or proposed use of the proceeds of the Letters of Credit or any of the transactions contemplated thereby, including, without limitation, any Costs which arise out of or in connection with, or as a result of:

(i)any such Letter of Credit or any pre-advice of its Issuance;

(ii)any transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any Indemnified Person in connection with any such Letter of Credit;

(iii)any actual or prospective action or proceeding arising out of, or in connection with, any such Letter of Credit or any Credit Document (whether administrative, judicial or in connection with arbitration, whether based on contract, tort or any other theory, and whether brought by a third party or by the Borrower or any Subsidiary thereof, and regardless of whether any Indemnified Person is a party thereto), including any action or proceeding to compel or restrain any presentation or payment under any such Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any such Letter of Credit;

(iv)any independent undertakings issued by the beneficiary of any such Letter of Credit;

(v)any unauthorized Instruction or error in computer or electronic transmission in connection with any such Letter of Credit Issued hereunder;

(vi)an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated in connection with any such Letter of Credit Issued hereunder;

(vii)any third party seeking to enforce the rights of the Borrower, the Account Party, beneficiary, nominated person, transferee, assignee of such Letter of Credit proceeds or holder of an instrument or document in connection with any such Letter of Credit Issued hereunder;

(viii)the fraud, forgery or illegal action of parties other than any Indemnified Person in connection with any such Letter of Credit Issued hereunder; or

(ix)the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority or cause or event beyond the control of

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such Indemnified Person in connection with any such Letter of Credit Issued hereunder;

in each case, including that resulting from the Administrative Agent’s own negligence; provided, however, that such indemnity shall not be available to any Person claiming indemnification under this Section 5(a) to the extent that such Costs (A) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Person, (B) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from a claim by the Borrower against an Indemnified Person for breach in bad faith of the obligations of such Indemnified Person hereunder or under any other Credit Document, or (C) result from any dispute solely between or among Indemnified Parties. All amounts owing from the Borrower under this Section 5(a) shall be payable within thirty (30) days after demand therefor. This indemnity provision shall survive termination of this Agreement and all Letters of Credit.

(b)Liability of the Finance Parties. The liability of the Finance Parties (or any other Indemnified Person) under, in connection with and/or arising out of any Credit Document or any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by the Borrower that are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the Administrative Agent’s gross negligence or willful misconduct or breach in bad faith of its obligations hereunder or under any Letter of Credit (including pre-advice) or other Credit Document. Provided that a Finance Party has exercised due care consistent with industry practices, such Finance Party shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged, (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason, (iii) the failure of the beneficiary of any Letter of Credit to comply fully with conditions required to be satisfied by any Person other than such Finance Party in order to draw upon such Letter of Credit, (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, or otherwise, (v) errors in the interpretation of technical terms, (vi) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit or (vii) any consequences arising from causes beyond control of such Finance Party.

Notwithstanding anything to the contrary in this Agreement or in any other Credit Document, no party hereto or Indemnified Person shall be liable in contract, tort or otherwise for any punitive, exemplary, consequential, indirect or special damages or losses regardless of whether or not such party or Indemnified Person shall have been advised of the possibility thereof or the form of action in which such damages or losses may be claimed. The Borrower shall take commercially reasonable action to avoid and mitigate the amount of any damages claimed against any Finance Party or any other Indemnified Person, including by enforcing its rights in appropriate proceedings diligently pursued in the underlying transaction.

(c)No Responsibility or Liability. Without limiting any other provision of this Agreement or any other Credit Document, the Finance Parties and each other Indemnified Person (if applicable) shall not be responsible to the Borrower for, and/or the Finance Parties’ rights and remedies against the Borrower and the Obligations shall not be impaired by:

(i)honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if such Letter of Credit requires strict compliance by the beneficiary;

(ii)acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft;

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(iii)the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than any Finance Party's determination that such Drawing Document appears on its face to substantially comply with the terms and conditions of the applicable Letter of Credit);

(iv)acting upon any Instruction that it in good faith believes to have been given by a Person authorized to give such Instructions;

(v)any errors in interpretation of technical terms or in translation;

(vi)any acts, omissions or fraud by, or the solvency of, any beneficiary, any nominated person or entity or any other Person, other than an Indemnified Person;

(vii)any breach of contract between the beneficiary and any L/C Party or any of the parties to the underlying transaction;

(viii)payment to any paying or negotiating bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;

(ix)acting as required or permitted, or failing to act as permitted, in each case under Standard Letter of Credit Practice applicable to where it has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be;

(x)honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by an Issuing Lender if subsequently such Issuing Lender or any court or other finder of fact determines such presentation should have been honored;

(xi)dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

(xii)honor of a presentation that is subsequently determined by an Issuing Lender to have been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons.

(xiii)provided, however, that such limitation of liability shall not be available to the extent that such actions in (i) – (xii) (A) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person or (B) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from a claim by the Borrower against an Indemnified Person for breach in bad faith of the obligations of such Indemnified Party hereunder or under any other Credit Document.

(d)Costs, Expenses and Taxes. Promptly upon the request of the Administrative Agent, the Borrower shall (i) pay or reimburse the Administrative Agent for all reasonable, documented out-of-pocket costs and expenses incurred by the Administrative Agent or any of its affiliates in connection with the preparation, negotiation, execution, delivery, filing, recording and administration of this Agreement, any other Credit Document or any related document or instrument, including issuance, amendment, renewal or extension of the Letters of Credit, any demand for payment under the Letters of Credit, correspondent's charges, attorney's fees and other legal costs and expenses, and any and all Other Taxes payable or determined to be payable in connection with any of the foregoing, (ii) pay or reimburse the Administrative Agent and each Lender for all documented out-of-pocket costs and expenses incurred in

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connection with the enforcement of any rights or remedies under this Agreement, any other Credit Document or any related document or instrument, including attorney's fees and other legal costs and expenses, and any and all Other Taxes payable or determined to be payable in connection with any of the foregoing, and (iii) hold the Administrative Agent and the Lenders harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such Other Taxes and fees.

(e)No Waiver; Remedies Cumulative. No failure on the part of any Finance Party to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

(f)Reliance on Advice of Counsel. Each Finance Party may consult with and employ outside legal counsel to advise it concerning its obligations with respect to the Letters of Credit, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such counsel.

6.REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents and warrants to the Finance Parties (all of which representations and warranties will be repeated as of the date of each new Application submitted by the Borrower to the Administrative Agent and as of the date of Issuance of any Letter of Credit requested in each such Application) as follows:

(a)Organization, etc. Each L/C Party is duly organized or formed, validly existing and (to the extent applicable under the laws of the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization or formation, and is duly qualified or licensed to do business (and in good standing as a foreign corporation or entity, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed would have a Material Adverse Effect.

(b)Power and Authority. The Borrower has the requisite power and authority to execute and deliver this Agreement and each other Credit Document to which it is a party and to perform and observe the terms and conditions stated herein and therein, and the Borrower has taken all necessary corporate or other action to authorize its execution, delivery and performance of each such Credit Document to which it is a party.

(c)Valid and Binding Obligation. This Agreement constitutes, and each other Credit Document to which it is a party when signed and delivered by the Borrower to the Administrative Agent will constitute, its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights against the Borrower generally, by general equitable principles or by principles of good faith and fair dealing, and assuming that this Agreement and each such other Credit Document have been validly executed and delivered by each party thereto other than the Borrower.

(d)No Violation or Breach. The Borrower’s execution, delivery and performance of each Credit Document to which it is a party and the payment of all sums payable by it under each such Credit Document do not and will not: (i) violate or contravene its memorandum of association, bye-laws or other organizational documents; (ii) to its knowledge, violate or contravene any order, writ, law, treaty, rule, regulation or determination of any Governmental Authority, in each case applicable to or binding upon it or any of its property, the violation or contravention of which would have a Material Adverse Effect; or (iii) result in the breach of any provision of, or in the imposition of any lien or encumbrance (except for liens or encumbrances created under the Credit Documents) under, or constitute a default or event of default under, any agreement or arrangement to which it is a party or by which it or any of its property is bound, the contravention of which agreement or arrangement would have a Material Adverse Effect.

(e)Approvals. No authorization, approval or consent of, or notice to or filing with, any Governmental Authority is required to be made by any L/C Party in connection with the execution and

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delivery by the Borrower of any Credit Document to which it is a party or the Issuance by the Lenders of any Letter of Credit for the account of the Account Party pursuant to this Agreement and the related Application, except for those which have been duly obtained, taken, given or made and are in full force and effect, and except where failure to obtain the foregoing could not reasonably be expected to have a Material Adverse Effect.

(f)Compliance with Laws. Each L/C Party is in compliance with all applicable laws and regulations, except where the noncompliance with which would not have a Material Adverse Effect, and no Application, Letter of Credit or transaction of the Borrower under any Credit Document to which it is a party will in any material respect contravene any laws, treaties, rules or regulations of any Governmental Authority, including, without limitation, any foreign exchange control laws or regulations, U.S. foreign assets control laws or regulations or currency reporting laws and regulations, now or hereafter applicable to it.

(g)No Default Under Other Agreements. No L/C Party is in default under any agreement, obligation or duty to which it is a party or by which it or any of its property is bound, which would have a Material Adverse Effect.

(h)No Arbitration Proceeding or Litigation. There is no pending or, to the knowledge of the Borrower, threatened arbitration proceeding, litigation or action against any L/C Party which (i) is reasonably likely to have a Material Adverse Effect or (ii) may affect the legality, validity or enforceability of this Agreement or the other Credit Documents.

(i)Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions.

(i)None of (i) the L/C Parties or, to the knowledge of the Borrower, any of their respective directors, officers, or employees, or (ii) any agent or representative of the L/C Parties that will act in any capacity in connection with this Agreement, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person or (C) is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, in a manner that would result in the violation of applicable Sanctions by any party hereto.

(ii)Each L/C Party has implemented and maintains in effect policies and procedures designed to ensure compliance by such L/C Party and its directors, officers and employees with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

(iii)The L/C Parties and, to the knowledge of the Borrower, each director, officer, employee and agent of the L/C Parties, is in compliance with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions in all material respects.

(iv)No proceeds of any Letter of Credit have been used, directly or indirectly, by any L/C Party or, to the knowledge of the Borrower, any of their respective directors, officers, employees and agents in violation of Section 9(f)(i).

(j)Filed All Tax Returns and Paid All Taxes. Each L/C Party has filed all required tax returns, and all Taxes, assessments and other governmental charges due from it have been fully paid, except for Taxes which are being contested in good faith or those which the failure to file or pay would not have a Material Adverse Effect. Each L/C Party has established on its books reserves adequate for the payment of all federal, state and other income tax liabilities, including those being contested in good faith.

(k)Financial Statements. The financial statements of each L/C Party most recently furnished to the Administrative Agent by the Borrower, if any, fairly present in all material respects the financial condition of such L/C Party as at the date of such financial statements and for the periods then ended in accordance with GAAP (except as disclosed therein and, in the case of interim financial

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statements for any fiscal quarter, subject to normal year-end adjustments and except that footnote and schedule disclosure may be abbreviated), and there has been no material adverse change in such L/C Party’s business or financial condition or results of operations since the date of such L/C Party’s most recent annual financial statements.

(l)Margin Stock. The Borrower is not engaged principally or as one of its activities in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal Reserve System). No part of the proceeds of any Letters of Credit will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of such Board of Governors.

(m)No Material Adverse Effect. There has been no Material Adverse Effect since December 31, 2023, and there exists no event, condition or state of facts that could reasonably be expected to result in a Material Adverse Effect.

(n)Investment Company. The Borrower is not an “investment company” or a company “controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act).

(o)Insurance. The properties of the L/C Parties and their respective Subsidiaries are insured with financially sound and reputable insurance companies not affiliates of the L/C Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the L/C Parties and their respective Subsidiaries operate.

(p)Disclosure. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any L/C Party to the Administrative Agent in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Credit Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading.

(q)Certain Bermuda Matters: As of the Closing Date, (i) the Borrower’s insurance licenses are not the subject of any direction issued by an Insurance Regulatory Authority, proceeding for suspension or revocation, there is no sustainable basis for such suspension or revocation, and to the Borrower’s knowledge, no such suspension or revocation has been threatened by any applicable Insurance Regulatory Authority; (ii) the Borrower does not transact any insurance business, directly or indirectly, in any jurisdiction where it would be unlawful for it to do so; and (iii) the Borrower has not received any direction or other notification from the Bermuda Monetary Authority pursuant to Section 32 of the Bermuda Insurance Act.

(r)ERISA. It does not have any direct obligation or direct liability in respect of any Plan or Multiemployer Plan, and except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate thereof has any obligation or liability in respect of any Plan or Multiemployer Plan. With respect to its obligations to each Plan, it is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal or state laws. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, has had or could reasonably be expected to result in a Material Adverse Effect.

(s)[Reserved]

(t)Use of Letters of Credit. The Letters of Credit shall be used as Funds at Lloyd’s to support and stand as security for the general business at Lloyd’s of the Account Party for the 2025 year of account and each prior open year of account, and accordingly, the Letters of Credit will be applied

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towards the satisfaction of such purpose and no Finance Party shall be obliged to concern itself with such application.

(u)Subsidiaries. As of the Closing Date, the Group structure chart delivered by the Borrower to the Administrative pursuant to Section 4(a)(v) is accurate in all respects.

(v)Corporate Member. The Account Party has not undertaken any business or activity other than insurance business at Lloyd’s as a member of the Managed Syndicate.

(w)Lloyd’s of London. The Account Party is duly authorized to underwrite business at Lloyd’s.

(x)Appointment as Managing Agent. As of the Closing Date, the Managing Agent has been validly appointed to act as the managing agent at Lloyd’s of the Managed Syndicate, and its appointment as such is in full force and effect.

7.AFFIRMATIVE COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and all of the Commitments have terminated, the Borrower shall:

(a)GAAP Financial Statements. Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent:

(i)[*****] Quarterly Statement prepared for its board of directors in accordance with GAAP, in each case applied on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such quarter; and

(ii)[*****] The Audited Annual Statement of the Borrower prepared for its board of directors in accordance with GAAP, in each case applied on a basis consistent with that of the preceding year or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such year.

(b)Certificates; Other Reports. Deliver to the Administrative Agent:

(i)at each time financial statements are delivered pursuant to Section 7(a), a duly completed Officer’s Compliance Certificate from the Borrower signed by the chief executive officer, chief financial officer, vice president—finance, principal accounting officer, treasurer or assistant treasurer of the Borrower, together with a Covenant Compliance Worksheet reflecting the computation of the respective financial covenants set forth in such Covenant Compliance Worksheet;

(ii)promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower, or any of its boards of directors by its independent public accountants in connection with their auditing function, including, without limitation, any management report and any management responses thereto;

(iii)as soon as the same become available, but in any event within [*****] after the end of each year of account of the Managed Syndicate, audited annual reports and accounts in respect of the Managed Syndicate;

(iv)as soon as the same becomes available, but in any event within [*****] of the date prescribed by the Council of Lloyd’s with respect to the preparation and despatch thereof, each Business Plan and (if separate) the Realistic Disaster Scenarios relating thereto;

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(v)as soon as the same become available, but in any event within [*****] after the end of each quarter of each year of account of the Managed Syndicate, the Quarterly Monitoring Return for the Managed Syndicate for that quarter;

(vi)promptly and in any event within [*****] following delivery to or from Lloyd’s, as applicable, by any Everest Party, copies of (a) each Annual CIL Statement as defined in the M&URs, and (b) each quarterly statement required to be prepared pursuant to paragraph 2.5B of the M&URs;

(vii)promptly and in any event within [*****] following receipt thereof, a copy of any Overdue Notice received from Lloyd’s pursuant to (and as defined in) the M&URs;

(viii)promptly and in any event within[*****], notification if the Funds at Lloyd’s of the Borrower falls below 90% or exceeds 110% of the Adjusted ECA (as defined in the M&URs) or if any major solvency event referred to in paragraph 2.5L of the M&URs occurs;

(ix)promptly upon the request thereof, such other information and documentation required by bank regulatory authorities under applicable Anti-Money Laundering Laws (including, without limitation, any applicable “know your customer” rules and regulations and the PATRIOT Act), as from time to time reasonably requested by any Lender or the Administrative Agent; and

(x)such other information regarding the operations, business affairs and financial condition of the Everest Parties as the Administrative Agent may reasonably request.

The Borrower shall ensure that (i) each annual report and Quarterly Monitoring Return in respect of the Managed Syndicate delivered pursuant to Section 7(b)(iii) and Section 7(b)(v) is prepared in accordance with Lloyd’s syndicate accounting rules applicable to the relevant time and prepared in accordance with GAAP consistently applied; and (ii) there is attached to every such annual report a managing agent's report and underwriter's report (or, if applicable, a combined report), each prepared in accordance with the Lloyd’s syndicate accounting rules applicable at the relevant time.

(c)Notice of Litigation and Other Matters. Promptly (but in no event later than [*****] after any Responsible Officer of the Borrower becoming aware thereof) notify the Administrative Agent in writing:

(i)of the occurrence of any Default or Event of Default;

(ii)of the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court or before any arbitrator against or involving any Everest Party or any of its respective properties, assets or businesses in each case as to which there is a reasonable probability of an adverse determination and that, if adversely determined would reasonably be expected to result in a Material Adverse Effect;

(iii)of any judgment or order that has been assessed against any Everest Party in excess of [*****]in the case of the Borrower or the Account Party or in excess of [*****] in the case of the Guarantor;

(iv)of any announcement by A.M. Best of any change in the Financial Strength Rating of the Borrower; and

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(v)if any license or registration of the Borrower or the Account Party necessary in accordance with its insurance business at Lloyd’s is revoked or suspended or otherwise restricted in a manner which would reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this Section 7(c) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto and shall describe with particularity any and all provisions of this Agreement and any other Credit Document that have been breached.

(d)Payment of Taxes and Other Obligations. Except where the failure to pay or perform such items described in this Section would not reasonably be expected to have a Material Adverse Effect, ensure that each L/C Party pays and performs all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property; provided, that an L/C Party may contest any item described in this Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP.

(e)Compliance with Laws and Approvals. Ensure that each L/C Party observes and remains in compliance with (i) in all material respects, all applicable laws and maintains in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business and (ii) to the extent applicable, the Bermuda Insurance Act, except, in the case of clause (i) above only, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

(f)Maintenance of Books and Records; Inspection. Ensure that each L/C Party (i) maintains adequate books, accounts and records, in which full, true and correct entries in all material respects shall be made of all financial transactions in relation to its business and properties, and prepare all financial statements required under this Agreement, in each case in accordance with GAAP and in compliance with the requirements of any Governmental Authority having jurisdiction over it, and (ii) permits employees or agents of the Administrative Agent to visit and inspect its properties and examine or audit its books, records, working papers and accounts and make copies and memoranda of them, and at its own cost and expense (other than after the occurrence of an Event of Default), and to discuss its affairs, finances and accounts with its officers and employees and, upon notice to an L/C Party, the independent public accountants of such L/C Party (and by this provision each L/C Party authorizes such accountants to discuss the finances and affairs of such L/C Party), all at such times that will not interrupt or interfere with the operation of such L/C Party's business and from time to time, upon reasonable notice and during business hours, as may be reasonably requested; provided that except during the continuance of an Event of Default the Administrative Agent shall not exercise such rights described in clause (ii) of this Section more than once per calendar year.

(g)Compliance with Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. Ensure that each L/C Party maintains in effect and enforces policies and procedures designed to ensure compliance by each L/C Party and its directors, officers, employees and agents with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws, and Sanctions.

(h)Maintenance of Existence. Ensure that each L/C Party takes all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

(i)Maintenance of Property and Insurance. Ensure that each L/C Party:

(i)maintains, preserves and protects all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, and makes all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and

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(ii)maintains with financially sound and reputable insurance companies not affiliates of the L/C Parties, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.

(j)ERISA. Ensure that the affairs of each Everest Party are conducted so that the underlying assets of each Everest Party do not constitute “plan assets” within the meaning of the Plan Asset Rules.

(k)Regulatory Compliance. Ensure that the Everest Parties observe and comply with all applicable acts, byelaws and regulations (including, without limitation, under the Financial Services and Markets Acts 2000, the Lloyd’s Acts 1871 to 1982, the Handbook and any conditions or requirements prescribed thereunder) where the failure to observe or comply with which would reasonably be expected to have a Material Adverse Effect.

(l)Funds at Lloyd’s compliance. The Borrower shall:

(i)ensure that the Funds at Lloyd’s of the Account Party shall be revalued in accordance with Lloyd’s usual practice quarterly and at such other times as required under the M&URs; and

(ii)if there is at any time a shortfall in the Funds at Lloyd’s of the Account Party, ensure that the Account Party promptly remedies such shortfall in accordance with the applicable Membership Byelaws and rules and regulations as may be issued by Lloyd’s from time to time.

(m)Demands for Payment of FAL. The Borrower shall upon service on the Account Party by Lloyd’s (or any other trustee for the time being of such Funds at Lloyd’s) of a written demand for the payment of a sum on account of its Funds at Lloyd’s immediately inform the Administrative Agent of such demand.

(n)Business Plan and Realistic Disaster Scenarios. The Borrower shall as soon as possible after the Closing Date, and in any event by no later than December 1, 2024, deliver to the Administrative Agent the Business Plan and (if separate) the Realistic Disaster Scenarios relating thereto for the 2025 year of account and each prior open year of account of the Account Party.

(o)Pari Passu Ranking. The Borrower shall ensure that at all times any unsecured and unsubordinated claims of the Finance Parties against it under the Credit Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred solely by any bankruptcy, insolvency or other similar law of general application governing the enforcement of creditors’ rights.

(p)Further Assurances. At the Borrower’s cost and expense, the Borrower will execute and deliver to the Administrative Agent such additional certificates, instruments and/or documents and takes such additional action as may be reasonably requested by the Administrative Agent to enable the Lenders to Issue any Letter of Credit pursuant to this Agreement and the related Application, to protect, exercise and/or enforce the Finance Party’s rights and interests under any Credit Document and/or to give effect to the terms and provisions of any Credit Document.

(q)Merger. Deliver to the Administrative Agent at least 30 days advance written notice of the consummation of any consolidation, amalgamation, merger or other transaction which results in a Person (other than a Credit Party) assuming any obligation under the Credit Documents.

8.FINANCIAL COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit

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have been terminated or expired and all of the Commitments have terminated, the Borrower covenants and agrees to the following:

(a)Minimum Consolidated Tangible Net Worth. [*****]

(b)Financial Strength Ratings. [*****]

9.NEGATIVE COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and the Commitment terminated, the Borrower shall not:

(a)Changes in Business. At any time make, or permit or cause any of its Subsidiaries to make, any material change in the nature of their business as carried on at the date hereof that could be reasonably expected to have a Material Adverse Effect or enter into any new line of business that is not similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion thereof or ancillary thereto the business as carried on as of the date hereof.

(b)Business of the Account Party. The Borrower shall not permit the Account Party to undertake any business or activity other than insurance business at Lloyd’s as a member of the Managed Syndicate.

(c)Accounting Changes. At any time make, or permit or cause the Account Party or any of their respective Subsidiaries to make, any material change in its accounting policies or reporting practices, except as may be required or permitted by GAAP or SAP, as applicable.

(d)Liens. At any time when Cash Collateral has been provided pursuant to Section 2(l) or Section 11, create, incur, assume or suffer to exist any Lien upon any Collateral Account or any such Cash Collateral, except for Liens created pursuant to any Credit Document.

(e)Additional Funds at Lloyd’s. At any time permit any bank or other Person (other than a Group Member) to provide FAL with respect to the Account Party for the 2025 year of account and each prior open year of account of the Account Party unless, prior to the date upon which such FAL is to be deposited with Lloyd’s, the L/C Parties have delivered to the Administrative Agent (i) a FAL Providers' Deed and (ii) a Letter of Comfort which has been duly executed by an authorized signatory of Lloyd’s and updated to take into account the provision of additional FAL referred to above.

(f)Sanctions.

(i)Request or use any issued Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

(ii)Use any revenue or benefit derived from any activity or dealing with a Sanctioned Person, or permit any revenue or benefit derived from any activity or dealing with a Sanctioned Person to be used, to discharge any obligation due or owing to any Finance Party under the Credit Documents.

10.EVENTS OF DEFAULT. Each of the following shall be an “Event of Default” under this Agreement:

(a)Failure to Reimburse Draws. The failure by the Borrower to reimburse or pay any drawing under any Letter of Credit or accrued interest thereon on the Due Date therefor.

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(b)Failure to Pay Certain Other Amounts. The failure by the Borrower to pay any fee or other amount when due under or in connection with any Credit Document or any Letter of Credit within five (5) Business Days after the same shall become due and payable.

(c)Breach of Representation and Warranty. Any representation, warranty, certification or statement made or furnished by any Credit Party under or in connection with any Credit Document or as an inducement to the Lenders to Issue a Letter of Credit shall be false, incorrect or misleading in any material respect when made.

(d)Failure to Perform or Observe Covenants.

(i)The failure of the Borrower to perform or observe any term, covenant or agreement contained in Section 7(c)(i), Section 7(g), Section8 or Section 9; or

(ii)The failure of any Credit Party to perform or observe any term, covenant or agreement contained in any Credit Document to which it is a party (other than those referred to in subsections (a), (b), (c), and (d)(i) of this Section 10), and with respect to any such failure or breach that by its nature can be cured, such failure or breach shall continue or remain unremedied for thirty (30) calendar days after the earlier of (1) the Administrative Agent’s delivery of written notice thereof to the Borrower and (2) any Credit Party having actual knowledge that such failure or breach has occurred.

(e)Insolvency Proceedings, Etc. Any Everest Party institutes or consents to the institution of any proceeding under any Bankruptcy Law; or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner, process adviser or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner, process adviser or similar officer is appointed without the application or consent of any Everest Party, as the case may be, and the appointment continues undischarged, undismissed or unstayed for sixty (60) calendar days; or any proceeding under any Bankruptcy Law relating to any Everest Party or to all or any material part of its property is instituted without the consent of such Everest Party, as the case may be, and continues undischarged, undismissed or unstayed for sixty (60) calendar days; or an order for relief is entered in any such proceeding; or any Everest Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due.

(f)Sale of Assets; Merger; Dissolution. There shall occur in one or a series of transactions: (i) the sale, assignment or transfer of all or substantially all of the assets of any Credit Party which results in a Rating Trigger or could reasonably be expected to result in a Rating Trigger; (ii) a merger, amalgamation or consolidation of any Credit Party (other than a merger, amalgamation or consolidation of the Borrower into the Guarantor) without the prior written consent of the Required Lenders, except that any Credit Party may merge, amalgamate or consolidate with any Person so long as (A) either (x) such Credit Party is the surviving entity or (y) the Person formed by or surviving any such consolidation, amalgamation or merger is an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia, Bermuda or any other jurisdiction that would not result in any violation of Sanctions by any Finance Party; (B) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than a Credit Party) assumes all the obligations of the applicable Credit Party under the Credit Documents pursuant to agreements reasonably satisfactory to the Administrative Agent; and (C) such merger, amalgamation or consolidation does not, and could not reasonably be expected to, result in a Rating Trigger; or (iii) the dissolution of any Credit Party.

(g)Credit Documents. Any provision of any Credit Document shall for any reason cease to be valid and binding or enforceable; or any Credit Party shall deny or disaffirm in writing the enforceability of any provision of any Credit Document to which it is a party.

(h)Indebtedness Cross-Default. Any Everest Party shall (i) default in the payment of any Indebtedness (other than the Obligations and obligations amongst such Everest Party and its affiliates) the

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aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the applicable Threshold Amount (or, in the case of the Account Party, in excess of[*****]) beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Obligations and obligations amongst such Everest Party and its affiliates) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the applicable Threshold Amount (or, in the case of the Account Party, in excess of[*****]) or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist (other than the Obligations and obligations amongst such Everest Party and its affiliates), the effect of which default or other event or condition is to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to (A) become due, or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period having expired) or (B) be cash collateralized (it being understood that a pledge of cash collateral by an Everest Party to secure a Hedge Agreement as initial or variation margin does not trigger a violation of this clause (B)).

(i)Judgment. One or more judgments, orders or decrees (excluding those entered against a Credit Party in any arbitration or litigation related to (re)insurance coverage disputes arising in the ordinary course of business involving any reinsurance agreement (treaty or facultative), or direct insurance policy) shall be entered or filed against any Credit Party by any court and continues without having been dismissed, discharged, vacated or stayed within sixty (60) days after the entry thereof or is not otherwise being appropriately contested in good faith and such judgments, orders or decrees are either (i) for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage), equal to or in excess of the applicable Threshold Amount or (ii) for injunctive relief and could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

(j)EmployeeBenefitMatters.Except as would not reasonably be expected to result in a Material Adverse Effect, anyLienshallbeimposedontheassetsofany Credit Party under ERISA with respect to any Plan or under any foreign laws similar to ERISA governing foreign pensionplans.

(k)Change in Control. There occurs any Change in Control.

(l)Revocation of Insurance Registration. The Council of Lloyd’s withdraws any license or consent necessary for the conduct of the Account Party’s business of underwriting insurance at Lloyd’s and that license or consent is not immediately replaced so as to enable the Account Party to, without cessation, continue to conduct its business of underwriting insurance at Lloyd’s.

11.REMEDIES.

(a)Upon the occurrence of any Event of Default (other than an event with respect to the Borrower described in clause (e) of Section 10), the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by written notice to the Borrower, (i) terminate the Commitments, (ii) declare all Obligations to be immediately due and payable, whereupon the same shall forthwith become due and payable by the Borrower, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) demand that the Borrower provide Cash Collateral in an amount equal to 100% of the Letter of Credit Obligations, whereupon the Borrower shall be obligated to Cash Collateralize the Letter of Credit Obligations forthwith in an amount equal to 100% of the Letter of Credit Obligations; and, in case of any event with respect to the Borrower described in clause (e) of Section 10, all of the Commitments shall be immediately and automatically terminated, all Obligations shall become immediately and automatically due and payable, and the obligation of the Borrower to provide Cash Collateral as aforesaid shall automatically become effective, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

(b)If any Event of Default shall have occurred and be continuing:

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(i)any Finance Party may without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply any deposits of the Borrower held by any Lender or any Affiliate of a Lender (including unmatured time deposits and certificates of deposit) against the Obligations or any part thereof; provided that in the event that any Defaulting Lender or any Affiliate thereof shall exercise any such right of set-off, (x) all amounts so set-off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2(p) and, pending such payment, shall be segregated by such Defaulting Lender or Affiliate of a Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender or its Affiliate shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender or any of its Affiliates as to which such right of set-off was exercised;

(ii)the Finance Parties may without notice to the Borrower, exercise all other rights and remedies available to the Finance Parties under the Credit Documents; and/or

(iii)the L/C Agent may require the L/C Parties to use commercially reasonable efforts to procure that:

(A)     each Letter of Credit is cancelled and returned by Lloyd’s to the L/C Agent; and

(B)    to the extent a Letter of Credit is cancelled, Lloyd’s deliver written confirmation to the L/C Agent, in form and substance reasonably satisfactory to the L/C Agent, that (x) Lloyd’s has not retained any copies of the Letters of Credit, (y) to the extent required by Lloyd’s, Funds at Lloyd’s have been deposited in substitution for the Letters of Credit to the satisfaction of Lloyd’s, and (z) Lloyd’s no longer places any reliance on the Letters of Credit.

(c)The enumeration of the rights and remedies of the Finance Parties set forth in this Agreement is not intended to be exhaustive and the exercise by any Finance Party of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Credit Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or failure to take action on the part of any Finance Party in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Everest Parties, the Finance Parties or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Credit Documents or to constitute a waiver of any Event of Default.

(d)Notwithstanding anything to the contrary contained herein or in any other Credit Document, the authority to enforce rights and remedies hereunder and under the other Credit Documents against any Everest Party shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent and the L/C Agent for the benefit of the Finance Parties; provided that the foregoing shall not prohibit (a) the Administrative Agent or the L/C Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or L/C Agent) hereunder and under the other Credit Documents, (b) any Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as a Lender) hereunder and under the other Credit Documents, (c) any Lender from exercising setoff rights in accordance with Section 11(b) (subject to the terms of Section 2(o)), or (d) any Finance Party from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Everest Party under any Bankruptcy Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Credit Documents, then (i) the Required Lenders shall have the rights otherwise ascribed

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to the Administrative Agent pursuant to Section 27, and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2(o), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

(e)In case of the pendency of any proceeding under any Bankruptcy Law or any other judicial proceeding relative to any Everest Party, the Administrative Agent (irrespective of whether any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on such Everest Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

(i)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Finance Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Finance Parties and their respective agents and counsel and all other amounts due to the Finance Parties under Section 2(k), Section 5(a) or Section 5(d)) allowed in such judicial proceeding; and

(ii)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Finance Party to make such payments to the Administrative Agent, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 2(k), Section 5(a) and Section 5(d).

Nothing contained herein shall be deemed to authorize the Administrative Agent to consent to or accept or adopt on behalf of any Finance Party any plan of reorganization, arrangement, adjustment, or composition affecting the obligations of the Borrower hereunder or the rights of any Finance Party or to authorize the Administrative Agent to vote in respect of the claim of any Finance Party in any such proceeding.

12.CONFIDENTIALITY. Each Finance Party agrees to keep confidential any Information provided to it by or on behalf of the Everest Parties other than Information which has been publicly disclosed or is otherwise publicly available (x) other than as a result of a breach of this Section 12 or (y) from a third party which to the knowledge of such Finance Party is prohibited from disclosing such information to such Finance Party pursuant to a contractual, legal or fiduciary obligation to a Group Member or a third party; provided that nothing herein shall prevent such Finance Party from disclosing any such Information (i) to any actual or potential assignee of or participant in this Agreement or the Letters of Credit (and their respective affiliates and advisors) or any actual or prospective counterparty (and its affiliates and advisors) to any swap or derivative transaction relating to the Borrower and its obligations which agrees in writing to comply with the provisions of this Section; (ii) to rating agencies and their professional advisors; (iii) to its affiliates and related funds and the employees, officers, respective partners, directors, investors, potential investors, agents, trustees, advisors, representatives, attorneys, accountants, auditors, credit insurers, credit risk support providers, third party administration, settlement and similar service providers and other professional advisors of it and its affiliates and related funds, provided that such recipients are notified that they are obligated to keep the Information confidential; (iv) upon the request or demand of any Governmental Authority having jurisdiction over such Finance Party, including during the course of periodic examinations and reviews of such Finance Party; (v) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; (vi) in connection with the exercise of any remedies hereunder or under any other Credit

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Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder; (vii) to any Person to which it provides (or may potentially provide) a pledge or other security as permitted by this Agreement or any other Credit Document; (viii) with the consent of the Borrower; and (ix) if, prior to such Information having been so provided or obtained, such information was already in such Finance Party's possession on a non-confidential basis without, to the best of such Finance Party's knowledge, a duty of confidentiality to the Borrower being violated. For purposes of this Section, “Information” means all information received from any Everest Party, other than any such information that is available to any Finance Party on a nonconfidential basis prior to disclosure by any Everest Party, provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

13.TERM OF AGREEMENT. This Agreement shall remain in effect through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Credit Document shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired and the Commitment has been terminated. No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination.

14.USA PATRIOT ACT; ANTI-MONEY LAUNDERING LAWS. Each Finance Party hereby notifies the Everest Parties that pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, it is required to obtain, verify and record information that identifies the Everest Parties and the Account Party, which information includes the name and address of each Everest Party and the Account Party and other information that will allow such Finance Party to identify the Everest Parties and the Account Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.

15.GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

16.CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS. THE BORROWER HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT WITHIN NEW YORK COUNTY, NEW YORK OR ANY FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK OR ANY APPELLATE COURT THEREOF FOR ANY PROCEEDING INSTITUTED HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS, OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS, OR ANY PROCEEDING TO WHICH BANK OR THE BORROWER IS A PARTY, INCLUDING ANY ACTIONS BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BANK OR PROCEEDING TO WHICH BANK OR THE BORROWER IS A PARTY. BANK AND THE BORROWER IRREVOCABLY AGREE TO BE BOUND (SUBJECT TO ANY AVAILABLE RIGHT OF APPEAL) BY ANY JUDGMENT RENDERED OR RELIEF GRANTED THEREBY AND FURTHER WAIVES ANY OBJECTION THAT IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY SUCH PROCEEDING. BANK AND THE BORROWER IRREVOCABLY AGREE THAT SERVICE OF PROCESS MAY BE DULY EFFECTED UPON IT BY MAILING A COPY THEREOF, BY CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT ITS ADDRESS SET FORTH IN SECTION 19 BELOW. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER

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PERMITTED BY LAW OR THE RIGHT OF BANK TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION.

On or prior to the Closing Date, the Borrower shall appoint [*****] (the “Process Agent”), with an office on the date hereof at[*****], as its agent to receive on its behalf service of the summons and complaints and any other process which may be served in any such action or proceeding, provided that a copy of such process is also mailed to the Borrower in the manner provided in Section 19. Such service may be made by mailing or delivering a copy of such process to the Borrower in care of the Process Agent at the Process Agent's above address, and the Borrower hereby authorizes and directs the Process Agent to receive such service on its behalf. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.

If the appointment of any person mentioned in this Section 16 ceases to be effective with respect to the Borrower, the Borrower must immediately appoint a further person in the State of New York to accept service of process on its behalf in the State of New York and, if the Borrower does not appoint a process agent within 15 days, the Borrower authorizes the Administrative Agent to appoint a process agent for the Borrower.

17.WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY WAIVE ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON, ARISING OUT OF, OR RELATING TO ANY CREDIT DOCUMENT OR LETTER OF CREDIT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES THERETO. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE LENDERS TO ISSUE LETTERS OF CREDIT.

18.BANKRUPTCY AND FORFEITURE REINSTATEMENT. If any consideration transferred to the Administrative Agent in payment of, or as collateral for, or in satisfaction of the Obligations, shall be voided in whole or in part as a result of (a) a subsequent bankruptcy or insolvency proceeding; (b) any forfeiture or seizure action or remedy; (c) any fraudulent transfer or preference action or remedy; or (d) any other civil, criminal or equitable proceeding or remedy, then the Administrative Agent’s claim to recover the voided consideration shall be a new and independent claim arising under the applicable Credit Document and shall be due and payable immediately by the Borrower that is obligated therefor under the terms of the Credit Documents.

19.NOTICES.

(a)Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein will be in writing and will be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by email as set out on Schedule 2.

(b)Notices sent by hand or overnight courier service, or mailed by certified or registered mail, will be deemed to have been given when received; notices sent by email will be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, will be deemed to have been given at the opening of business on the next Business Day for the recipient). The Borrower, the Administrative Agent and the L/C Agent may each change its address for purposes hereof by notice to each other party given in accordance with this Section 19. Any Lender may change its address for purposes hereof by notice to the Borrower, the Administrative Agent and the L/C Agent given in accordance with this Section 19.

(c)Notices and other communications (including, but not limited to, notices and communications of materials and/or information provided by or on behalf of the Borrower hereunder) to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and

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Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2 (other than notices and other communications sent by email) if such Lender has notified the Administrative Agent that is incapable of receiving notices under such Section by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications (other than notices and other communications sent by email). Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received (x) upon sending if the sender does not receive an error of transmission or similar error indicating non-delivery or (y) upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(d)Platform.

(i)The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make available materials and/or information provided by or on behalf of the Everest Parties hereunder (collectively, “Posting Materials”) to the Lenders by posting the Posting Materials on the Platform.

(ii)The Platform is provided “as is" and “as available." The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Posting Materials or the adequacy of the Platform, and expressly disclaim liability for errors or omissions in the Posting Materials. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Posting Materials or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of communications through the Internet (including, without limitation, the Platform), except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to actual damages, losses or expenses).

(e)The Administrative Agent shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent and its Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

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(f)The Borrower irrevocably consents that service of process may be made by registered or certified mail directed to the Borrower at the address of its agent for service of process in[*****].

20.WAIVERS AND AMENDMENTS. Except as set forth below or as specifically provided in any Credit Document, any term, covenant, agreement or condition of this Agreement or any of the other Credit Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrower; provided that no amendment, waiver or consent shall:

(a)increase, extend or reinstate the Commitment of any Lender without the written consent of such Lender;

(b)waive, extend or postpone any date fixed by this Agreement or any other Credit Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Credit Document without the written consent of each Lender directly and adversely affected thereby;

(c)reduce the principal of, or the rate of interest specified herein on, any Reimbursement Obligation, or (subject to clause (ii) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under any other Credit Document without the written consent of each Lender directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary (i) to waive any obligation of the Borrower to pay interest at the Default Rate during the continuance of an Event of Default or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Obligation or to reduce any fee payable hereunder;

(d)alter the pro rata sharing of payments or order of application required under this Agreement without the written consent of each Lender directly and adversely affected thereby;

(e)change any provision of this Section or reduce the percentages specified in the definitions of “Required Lenders," or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly and adversely affected thereby;

(f)consent to the assignment or transfer by any Credit Party of its rights and obligations under any Credit Document, without the written consent of each Lender;

(g)release all or a substantial portion of the value of the Guaranty Agreement; or

(h)change this Section 20, without the written consent of each Lender;

providedfurther, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Agent in addition to the Lenders required above, affect the rights or duties of the L/C Agent under this Agreement, (ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Credit Document, (iii) a Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, and (iv) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Credit Documents (and such amendment shall become effective without any further action or consent of any other party to any Credit Document) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error, ambiguity, defect or inconsistency or omission of a technical or immaterial nature in any such provision.

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Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (A) the Commitment of such Defaulting Lender may not be increased, extended or reinstated without the consent of such Defaulting Lender, and (B) any amendment, waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that by its terms disproportionately and adversely affects any such Defaulting Lender relative to other affected Lenders shall require the consent of such Defaulting Lender.

21.SUCCESSORS AND ASSIGNS.

(a)The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (e) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (e) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment); provided that, any such assignment shall be subject to the following conditions:

(i)Minimum Amounts.

(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment or in the case of an assignment to a Lender or an Affiliate of a Lender, no minimum amount need be assigned; and

(B)    in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment assigned shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that the Borrower shall be deemed to have given its consent ten (10) Business Days after the date written notice thereof has been received by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Borrower prior to such tenth (10th) Business Day.

(ii)Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Commitment assigned.

(iii)Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such

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assignment is to a Lender or an Affiliate of a Lender; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice thereof; and

(B)    the consent of the Administrative Agent and the L/C Agent (such consents not to be unreasonably withheld or delayed) shall be required for assignments if such assignment is to a Person that is not a Lender or an Affiliate of such Lender.

(iv)Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

(v)No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of its Subsidiaries or Affiliates, or (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this sub-clause (v).

(vi)Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (B) acquire its Ratable Share of all participations in the Letters of Credit (if participated) and fund its Ratable Share of the Letters of Credit (if drawn). Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

(c)Effective Date for Assignments. Subject to acceptance and recording thereof by the Administrative Agent in the Register pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 2(g), Section 2(h) and Section 5 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

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(d)Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

(e)Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower, the L/C Agent or the Administrative Agent, sell participations to any Eligible Assignee (other than a natural Person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Subsidiaries or Affiliates) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Reimbursement Obligations owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, letters of credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement, notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

(f)Pledges of Security Interests. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

22.SEVERABILITY. Whenever possible, each provision of each Credit Document shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of any Credit Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of such Credit Document.

23.ENTIRE AGREEMENT. This Agreement, together with the other Credit Documents and any other agreement, document or instrument referred to herein, constitute the final, exclusive and entire agreement and understanding of, and supersede all prior or contemporaneous, oral or written, agreements, understandings, representations and negotiations between, the parties relating to the subject matter of the Credit Documents.

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24.ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN. Notwithstanding anything to the contrary in any Credit Documents or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable:

(i)    a reduction in full or in part or cancellation of any such liability;

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or

(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

(c)Capitalized terms used in this Section 24 that are not otherwise defined in this Agreement have the meanings assigned to them below.

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

“Resolution Authority” means, with respect to any EEA Financial Institution, an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

25.NO ADVISORY OR FIDUCIARY RESPONSIBILITY. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Finance Parties are arm's-length commercial transactions between the Everest Parties and their respective affiliates, on the one hand, and each Finance Party on the other hand, (B) the Everest Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate, and (C) the Everest Parties are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents; (ii) (A) no Finance Party has been, is, and will be acting as an advisor, agent or fiduciary for the Everest Parties or any of their Affiliates, or any other Person and (B) no Finance Party has any obligation to the Everest Parties or any of their

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Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; and (iii) each Finance Party and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Everest Parties and their affiliates, and no Finance Party has an obligation to disclose any of such interests to the Everest Parties or any of their affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against any Finance Party with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

26.COUNTERPARTS; ELECTRONIC EXECUTION. This Agreement may be executed (including by email with scan attachment or by DocuSign) in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement in electronic format shall be effective as delivery of a manually executed counterpart of this Agreement. The words “executed,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

27.THE ADMINISTRATIVE AGENT.

(a)Appointment and Authority. Each of the Lenders hereby irrevocably appoints Lloyds Bank to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section 27 are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any of its Affiliates shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Credit Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

(b)Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

(c)Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

(i)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;

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(ii)    shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Bankruptcy Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Bankruptcy Law; and

(iii)    shall not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 11 and Section 20) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice of such Default or Event of Default is given to the Administrative Agent by the Borrower or a Lender.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

(d)Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Section shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facility as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub agents.

(e)Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation,

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the Required Lenders shall have the right, in consultation with the Borrower and subject to the consent (not to be unreasonably withheld or delayed) of the Borrower (provided no Event of Default has occurred and is continuing at the time of such resignation), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person and with the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed), remove such Person as Administrative Agent and appoint a successor; provided that the consent of the Borrower shall not be required if an Event of Default has occurred and is continuing or if such successor is already a Finance Party; provided, further, that the Borrower shall be deemed to have given its consent thereto unless it shall object by written notice to the Lenders within ten (10) Business Days after having received written notice thereof. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Credit Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Credit Documents, the provisions of this Section 27 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.

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Any resignation by, or removal of, Lloyds Bank as Administrative Agent pursuant to this Section 27 shall also constitute its resignation as L/C Agent. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Agent, if in its sole discretion it elects to, (ii) the retiring L/C Agent shall be discharged from all of its respective duties and obligations hereunder or under the other Credit Documents, and (iii) the successor L/C Agent, if in its sole discretion it elects to, shall issue a Letter of Credit in substitution for the applicable Letter of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Agent to effectively assume the obligations of the retiring L/C Agent with respect to such Letter of Credit.

(f)Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.

(g)No Other Duties, Etc. Anything herein to the contrary notwithstanding, the sole lead arranger, sole bookrunner and syndication agent listed on the cover page hereof shall not have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, the L/C Agent or a Lender hereunder.

(h)Certain ERISA Matters. Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

(i)    such Lender is not using “plan assets” (within the meaning of the Plan Assets Regulation) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments or this Agreement,

(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement,

(iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Letters of Credit, the Commitments and this Agreement, (C) the

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entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement, or

(iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

In addition, unless either (1) sub-clause (i) above is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) above, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

28.ERRONEOUS PAYMENTS.

(a)If the Administrative Agent (x) notifies a Lender or any Person who has received funds on behalf of a Lender (any such Lender or other recipient (and each of their respective successors and assigns), a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 28 and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

(b)Without limiting immediately preceding clause (a), each Lender or any Person who has received funds on behalf of a Lender (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or

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accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

(i)    it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

(ii)    such Lender shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 28(b).

For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 28(b) shall not have any effect on a Payment Recipient’s obligations pursuant to Section 28(a) or on whether or not an Erroneous Payment has been made.

(c)Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender under any Credit Document, or otherwise payable or distributable by the Administrative Agent to such Lender under any Credit Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under Section 28(a).

(d)To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on “discharge for value” or any similar doctrine.

(e)Each party’s obligations, agreements and waivers under this Section 28 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Credit Document.

(Signature pages to follow)

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BORROWER:

EVEREST INTERNATIONAL REINSURANCE, LTD.

By:

Name:

Title:

Signature Page to Letter of Credit Facility Agreement

LLOYDS BANK PLC,

as the Administrative Agent

By:______________________________________
Name:
Title:

Signature Page to Letter of Credit Facility Agreement

LLOYDS BANK PLC,

as the L/C Agent

By:______________________________________
Name:
Title:

Signature Page to Letter of Credit Facility Agreement

LLOYDS BANK PLC,

as a Lender

By:______________________________________
Name:
Title:

Signature Page to Letter of Credit Facility Agreement

COMMERZBANK AG, NEW YORK BRANCH,
as a Lender

By:______________________________________
Name:
Title:

By:______________________________________
Name:
Title:

Signature Page to Letter of Credit Facility Agreement

ING BANK N.V., LONDON BRANCH,
as a Lender

By:______________________________________
Name:
Title:

By:______________________________________
Name:
Title:

Signature Page to Letter of Credit Facility Agreement

Schedule 1

[*****]

Schedule 1 to Letter of Credit Facility Agreement

Schedule 2

[*****]

Schedule 2 to Letter of Credit Facility Agreement

EXHIBIT A

[*****]

Exhibit A

EXHIBIT B

[*****]

Exhibit B

EXHIBIT C

[*****]

Exhibit C

EXHIBIT D

[*****]

Exhibit D

EXHIBIT E

[*****]

Exhibit E

EX-10.46

Execution Version

Certain information in the marked exhibit below has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Omissions are designated as “[*****]”.

FIRST AMENDMENT

FIRST AMENDMENT dated as of December 20, 2024 (this “Amendment”) to the Standby Letter of Credit Agreement (Committed/Unsecured) dated as of December 30, 2022, between EVEREST REINSURANCE (BERMUDA), LTD., a company incorporated and existing under the laws of Bermuda (the “Account Party”), and BAYERISCHE LANDESBANK, NEW YORK BRANCH, the New York branch of a financial institution organized under the laws of the Federal Republic of Germany (“Bank”) (as may be further amended, supplemented, or otherwise modified, the “LC Agreement”). Unless the context requires otherwise, capitalized terms used herein without definition shall have the meanings ascribed to them in the LC Agreement.

RECITALS:

WHEREAS, the Account Party and the Bank wish to amend the LC Agreement to extend the Commitment Termination Date and make certain other amendments and modifications to the LC Agreement upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual agreements contained in the LC Agreement and herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby mutually agree as follows:

ARTICLE 1

Amendments

1.1

1.2(a)    The defined terms set forth below shall be added to Section 1 of the LC Agreement in alphabetical order:

[*****]

“First Amendment Effective Date” means the “First Amendment Effective Date” as such term is defined in the First Amendment to this Agreement dated as of December 20, 2024.

(a)The following defined terms set forth in Section 1 of the LC Agreement are hereby amended and restated in their entirety as set forth below:

“Commitment Termination Date” means the earliest to occur of (a) December 30, 2026, (b) the date of termination of the entire Commitment by the Account Party pursuant to Section 2(h), and (c) the date of termination of the Commitment pursuant to Section 11(a).

“Sanctions” means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S.

Department of State), the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions authority.

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including OFAC's Specially Designated Nationals and Blocked Persons List and OFAC's Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority with jurisdiction over the Parties to this Agreement, (b) any Person located, operating, organized or resident in a Sanctioned Territory or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s).

(b)The defined term “Sanctioned Country” shall be deleted and replaced with the term “Sanctioned Territory” set forth below and each use of “Sanctioned Country” in the LC Agreement shall be replaced with “Sanctioned Territory”:

“Sanctioned Territory” means any country, region or territory that is the subject of comprehensive Sanctions (as of the First Amendment Effective Date, Cuba, Iran, North Korea, Syria and the Crimea, Donetsk and Luhansk regions of Ukraine).

1.3The first sentence of clause (a) of Section 2 of the LC Agreement is hereby amended and restated to read as follows:

(a) General. At the request of the Account Party, Bank agrees, on and subject to the terms and conditions of this Agreement, to issue standby Letters of Credit for the account of the Account Party in favor of one or more Eligible Beneficiaries in Dollars (or, in Bank’s sole discretion, a Foreign Currency) from time to time during the period from the Closing Date to but not including the Commitment Termination Date.

1.4Clause (g) of Section 4(b) of the LC Agreement is hereby amended and restated to read as follows:

“(G)    any proposed Eligible Beneficiary of such Letter of Credit (x) is the subject of a receivership or similar proceeding, including any conservation, rehabilitation, or liquidation proceeding, or is otherwise insolvent or (y) fails to satisfy any of Bank’s “know your customer” or similar procedures under all applicable Anti-Money Laundering Laws, including the PATRIOT Act, and related rules and regulations applicable to Bank.”

1.5Clause (i) of Section 6(i) of the LC Agreement is deleted and replaced with the following:

None of (i) the Account Party or, to the knowledge of the Account Party, any of its directors, officers or employees, or (ii) any agent or representative of the Account Party that will act in any capacity in its connection with this Agreement, is a Sanctioned Person.

2

1.6Clause (a) of Section 8 of the LC Agreement is hereby amended and restated in its entirety to read as follows:

(a)[*****]

ARTICLE 2
Representations and Warranties and Other Agreements

2.1    The Account Party hereby represents and warrants that:

(a)Its execution, delivery and performance of this Amendment and any other agreement, instrument or document executed and delivered in connection with this Amendment (i) are within its powers, (ii) have been duly authorized by all necessary action, (iii) will not violate or contravene its memorandum of association, by-laws, or other organizational documents, (iv) will not result in the breach of any provision of, or in the imposition of any Lien or encumbrance (except for Liens or encumbrances created under the Credit Documents) under, or constitute a default or event of default under, any agreement or arrangement to which it is a party or by which it or any of its property is bound, the contravention of which agreement or arrangement would have a Material Adverse Effect, and (v) will not violate or contravene any order, writ, law, treaty, rule, regulation or determination of any Governmental Authority, in each case applicable to or binding upon it or any of its property, the violation or contravention of which would have a Material Adverse Effect.

(b)Each of this Amendment and any other agreement, instrument or document executed and delivered by it in connection with this Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights against it generally, by general equitable principles or by principles of good faith and fair dealing, and assuming that this Amendment and each such other agreement, instrument or document have been validly executed and delivered by each party thereto other than the Account Party.

(c)No Event of Default has occurred and is continuing as of the date of this Amendment nor would any Event of Default exist immediately after giving effect to this Amendment and the transactions contemplated hereby.

(d)The representations and warranties of the Account Party appearing in the Credit Documents were true and correct in all material respects as of the date when made. Immediately after giving effect to this Amendment, such representations and warranties continue to be true and correct in all material respects with the same effect as if made on the date hereof, except to the extent that such representations and warranties expressly refer to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date.

(e)No consent of any other Person is required in connection with the execution, delivery and performance by the Account Party of this Amendment (other than such as have been obtained and are in full force and effect), and each Credit Document shall continue to apply to the Obligations under the LC Agreement, as amended hereby, and remains in full force and effect.

2.2     The Account Party agrees to pay on demand all reasonable invoiced costs and out-of-pocket expenses of Bank in connection with or arising out of the negotiation, preparation, execution and delivery of this Amendment and any agreements, instruments and documents referred to herein and the transactions contemplated hereby (including the reasonable invoiced fees and expenses of counsel).

2.3     Upon the written request of Bank, the Account Party will, at its own cost and expense, exercise commercially reasonably efforts to promptly execute, acknowledge and/or deliver all such further instruments and agreements and take such further actions as may be reasonably necessary or appropriate to more fully implement the purposes of this Amendment and the other Credit Documents.

2.4     The LC Agreement and the other Credit Documents, each as amended hereby, are hereby ratified and confirmed and shall continue in full force and effect. All references in any Credit Document

3

to the LC Agreement shall be deemed to be references to the LC Agreement as amended by this Amendment, and as the same may be further amended, supplemented or otherwise modified from time to time.

2.5     This Amendment is a Credit Document. This Amendment and the other Credit Documents set forth the entire agreement of the parties with respect to the subject matter hereof.

2.6     Neither this Amendment nor any provision hereof may be waived, amended or modified except pursuant to an agreement complying with Section 20 of the LC Agreement.

2.7     This Amendment shall be construed in accordance with and governed by the law of the State of New York.

2.8     THE ACCOUNT PARTY HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT WITHIN NEW YORK COUNTY, NEW YORK OR ANY FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK OR ANY APPELLATE COURT THEREOF FOR ANY PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AMENDMENT, OR ANY PROCEEDING TO WHICH BANK OR THE ACCOUNT PARTY IS A PARTY, INCLUDING ANY ACTIONS BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BANK, OR PROCEEDING TO WHICH BANK OR THE ACCOUNT PARTY IS A PARTY, THE BANK AND THE ACCOUNT PARTY IRREVOCABLY AGREE TO BE BOUND (SUBJECT TO ANY AVAILABLE RIGHT OF APPEAL) BY ANY JUDGMENT RENDERED OR RELIEF GRANTED THEREBY AND FURTHER WAIVES ANY OBJECTION THAT IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY SUCH PROCEEDING. THE BANK AND THE ACCOUNT PARTY IRREVOCABLY AGREE THAT SERVICE OF PROCESS MAY BE DULY EFFECTED UPON IT BY MAILING A COPY THEREOF, BY REGISTERED OR CERTIFIED MAIL POSTAGE PREPAID, TO IT AT ITS ADDRESS SET FORTH OR REFERRED TO IN SECTION 19 OF THE LC AGREEMENT. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AMENDMENT SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVICE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR THE RIGHT OF BANK TO BRING ANY ACTION OR PROCEEDING AGAINST THE ACCOUNT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION.

2.9     This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which taken together shall constitute but one agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to the LC Agreement or any document to be signed in connection with the LC Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

ARTICLE 3

Effectiveness

3.1    The amendments set forth in Article 1 of this Amendment shall become effective on the date (the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied:

(a)Bank shall have received from the Account Party and Bank either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to Bank (which may include electronic transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment.

4

(b)Bank shall have received favorable written opinions of (i) Mayer Brown LLP as New York and U.S. counsel to Account Party and (ii) Conyers Dill & Pearman Limitedas Bermuda counsel to Account Party.

(c)Bank shall have received such other documents and certificates (if any) as it may reasonably request, all in form and substance reasonably satisfactory to it.

(d)All legal matters incident to this Amendment, any other instruments, and documents relating hereto and the transactions contemplated hereby shall be satisfactory to Bank and its counsel.

(e)The Account Party shall have paid to Bank, to the extent invoiced, all expenses required to be reimbursed or paid hereunder, including the reasonable fees and disbursements invoiced through the First Amendment Effective Date of Bank’s special counsel, Moses & Singer LLP.

Bank shall notify the Account Party of the occurrence of the First Amendment Effective Date if and when all of such conditions shall have been satisfied, and such notice shall be conclusive and binding.

[SIGNATURE PAGE FOLLOWS]

5

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the Standby Letter of Credit Agreement (Committed/Unsecured) to be duly executed and delivered as of the day and year first above written.

ACCOUNT PARTY:

EVEREST REINSURANCE (BERMUDA), LTD.

By:__________________________

Name:

Title:

BANK:

BAYERISCHE LANDESBANK, NEW YORK BRANCH

By:__________________________

Name:

Title:

By:__________________________

Name:

Title:

Signature Page to First Amendment

Exhibit A to First Amendment

Annex B

[*****]

EX-10.47

Execution Version

LETTER OF CREDIT FACILITY AGREEMENT

dated as of December 30, 2024

among

EVEREST REINSURANCE COMPANY (IRELAND), DESIGNATED ACTIVITY COMPANY,
as Borrower

and

COMMERZBANK AG, NEW YORK BRANCH,
as the Bank

TABLE OF CONTENTS

Pages

2.LETTER OF CREDIT FACILITY.    14

3.BORROWER’S RESPONSIBILITY.    21

4.CONDITIONS OF CLOSING AND ISSUANCE.    21

5.INDEMNIFICATION; LIMITATION OF LIABILITY; EXPENSES.    24

6.REPRESENTATIONS AND WARRANTIES.    27

7.AFFIRMATIVE COVENANTS.    30

8.FINANCIAL COVENANTS.    34

9.NEGATIVE COVENANTS.    34

10.EVENTS OF DEFAULT.    35

11.REMEDIES.    37

12.CONFIDENTIALITY.    38

13.TERM OF AGREEMENT.    39

14.USA PATRIOT ACT; ANTI-MONEY LAUNDERING LAWS.    39

15.GOVERNING LAW.    39

16.CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS.    39

17.WAIVER OF JURY TRIAL.    40

18.BANKRUPTCY AND FORFEITURE REINSTATEMENT.    40

19.NOTICES.    40

20.WAIVERS AND AMENDMENTS.    41

21.[RESERVED].    41

22.SEVERABILITY.    42

23.ENTIRE AGREEMENT.    42

24.ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN.    42

25.NO ADVISORY OR FIDUCIARY RESPONSIBILITY.    44

26.COUNTERPARTS; ELECTRONIC EXECUTION.    44

i

SCHEDULES

Schedule 1    Certain Addresses for Notices

EXHIBITS

Exhibit A    Form of Officer's Compliance Certificate
Exhibit B-1    Form of Letter of Credit Application (Indirect Issuance from Different Issuer/Branch)

Exhibit B-2    Form of Letter of Credit Application (Direct Issuance by the Bank)

ii

Certain information in the marked exhibit below has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Omissions are designated as “[*****]”.

Letter of Credit Facility Agreement

This LETTER OF CREDIT FACILITY AGREEMENT, dated as of December 30, 2024 (this “Agreement”), by and among EVEREST REINSURANCE COMPANY (IRELAND), DESIGNATED ACTIVITY COMPANY, a designated activity company incorporated and existing under the laws of Ireland and registered with company number 456701 and having its registered office at 70 Sir John Rogerson’s Quay, Dublin 2, Dublin, Ireland (the “Borrower”) and Commerzbank AG, New York Branch (the “Bank”).

WHEREAS, the Borrower has requested that the Bank issue one or more several letters of credit (each such letter of credit, as it may be amended or extended from time to time, a “Letter of Credit”); and

WHEREAS, the Bank has agreed to issue one or more Letters of Credit on the terms and subject to the conditions set forth in this Agreement.

Accordingly, in consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows.

1.DEFINED TERMS.

(a)Definitions. For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the meanings set forth below (such meanings to be equally applicable to the singular and plural forms thereof):

“Affiliate” means as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by, or is under common Control with, such Person.

“A.M. Best” means A.M. Best Company, Inc.

“Annual Statement” means, with respect to the Borrower for any fiscal year, the annual financial statements of the Borrower as required to be filed with the Insurance Regulatory Authority of its jurisdiction of domicile and in accordance with the laws of such jurisdiction, together with all exhibits, schedules, certificates and actuarial opinions required to be filed or delivered therewith.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower from time to time concerning or relating to bribery or corruption, including, to the extent applicable, the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, the Bribery Act 2016 of Bermuda and the U.K. Bribery Act 2010 and the rules and regulations thereunder.

“Anti-Money Laundering Laws” means any and all laws, rules and regulations applicable to the Borrower from time to time concerning or relating to terrorism financing or money laundering, including, to the extent applicable, any applicable provision of the PATRIOT Act, the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 of Bermuda,

1

and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

“Applicable Currency” means, with respect to any Letter of Credit, the Available Currency in which such Letter of Credit is denominated.

“Applicable Percentage” means[*****].

“Applicable Rate” means (i) in the case of any amount payable in Euro, the Euro Base Rate, (ii) in the case of any amount payable in Sterling, the Sterling Base Rate, and (iii) in the case of any amount payable in Dollars [*****].

“Application” has the meaning set forth in Section 2(a).

“Availability Period” means the period commencing on the Closing Date and ending on the Commitment Termination Date.

“Available Currency” means Euro, Sterling or Dollars.

“Bank” has the meaning assigned to such term in the introductory paragraph of this Agreement.

“Bankruptcy Law” means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as amended, modified, succeeded or replaced from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership, rescue process or similar laws of the United States or any state thereof, the United Kingdom, Bermuda (including, without limitation, the Bermuda Companies Law) or any other foreign or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

“Bermuda Companies Law” means the Companies Act 1981 of Bermuda, as amended from time to time.

“Bermuda Insurance Act” means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as amended.

“Borrower” has the meaning assigned to such term in the introductory paragraph of this Agreement.

“Business Day” means any day (other than a Saturday, Sunday or legal holiday) on which banks in Hamilton, Bermuda, New York City, New York, Dublin, Ireland, Paris, France and London, England are open for the conduct of their commercial banking business.

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person; and in each case, any and all warrants, rights or options to purchase any of the foregoing.

“Cash” means (i) in respect of Cash Collateral for any Letter of Credit Obligations (Dollars), cash in Dollars, (ii) in respect of Cash Collateral for any Letter of Credit Obligations (Sterling), cash in Sterling and (iii) in respect of Cash Collateral for any Letter of Credit Obligations (Euro), cash in Euro.

2

“Cash Collateralize” means to deposit Cash in Dollars into the Collateral Account as collateral for the Letter of Credit Obligations (Dollars), to deposit Cash in Sterling into the Collateral Account as collateral for the Letter of Credit Obligations (Sterling) and to deposit Cash in Euro into the Collateral Account as collateral for the Letter of Credit Obligations (Euro).

“Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash collateral.

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Capital Stock representing 50.0% or more of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Guarantor; or (b) the failure of the Guarantor to own, directly or indirectly, 100% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Borrower. Notwithstanding the foregoing, no sale, assignment or transfer of the assets of, or merger, amalgamation or consolidation with respect to, the Guarantor shall be a Change in Control hereunder unless a Rating Trigger or an Event of Default under Section 10(f) shall occur as a result thereof.

“Change in Law” means the occurrence after the Closing Date of: (a) the adoption or effectiveness of any law, rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application by any Governmental Authority of any law, rule, regulation or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or not having the force of law; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. federal or foreign regulatory authorities shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued.

“Closing Date” means the date of this Agreement.

“Code” means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

“Collateral Account” means a deposit account maintained by the Borrower in London, England at a financial institution acceptable to the Bank, as to which such financial institution, the Borrower and the Bank have entered into a Control Agreement.

“Commitment” means the obligation of the Bank to issue one or more Letters of Credit for the account of the beneficiary thereunder in an aggregate Sterling Equivalent and/or Euro Equivalent stated amount at any time outstanding not to exceed the Facility Amount, as such amount may be modified at any time or from time to time pursuant to the terms hereof.

“Commitment Termination Date” means the earliest to occur of (a) December 30, 2026, (b) the date of termination of all of the Commitments by the Borrower pursuant to Section 2(i), and (c) the date of termination of the Commitments pursuant to Section 11(a).

[*****]

3

[*****]

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have the meanings correlative thereto.

“Control Agreement” means a deposit account control agreement among the Borrower, the Bank and the financial institution at which the Collateral Account is maintained, in form and substance reasonably satisfactory to the Bank.

[*****]

“Credit Documents” means, collectively, this Agreement, the Letter of Credit Documents, the Fee Letter, the Guaranty Agreement, and any agreements, instruments or documents that create or purport to create a Lien on the Collateral Account in favor of the Bank, and each Control Agreement.

“Credit Parties” means, collectively, the Borrower and the Guarantor (each a “Credit Party”).

“Default” means any of the events specified in Section 10 which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default.

“Default Rate” means, as of any date of determination, a rate per annum equal to the Applicable Rate as in effect on such date plus 2.0%.

“Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (A) debt securities or (B) any Capital Stock referred to in clause (i) or (ii) above, in each case under clause (i), (ii) or (iii) above at any time on or prior to the Final Expiry Date of any Letter of Credit; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable on or prior to such date shall be deemed to be Disqualified Capital Stock.

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, (b) with respect to any amount denominated in Sterling, the equivalent amount thereof in Dollars as determined by the Bank at such time on the basis of the applicable Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Sterling with Dollars and (c) with respect to any amount denominated in Euro, the equivalent amount thereof in Dollars as determined by the Bank at such time on the basis of the applicable Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Euro with Dollars.

“Dollars” or “$” means dollars of the United States of America.

“Drawing Document” has the meaning assigned to such term in Section 2(u).

4

“Drawing Request” has the meaning assigned to such term in Section 2(d).

“EMU” shall mean the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.

“EMU Legislation” shall mean the legislative measures of the EMU for the introduction of, changeover to or operation of a single or unified European currency.

“ERISA” meanstheEmployeeRetirementIncomeSecurityActof1974, as amended.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code.

“ERISA Event” means (a) any “reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived with respect to any Plan; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from, the Borrower, or any of its ERISA Affiliates of any notice, concerning the imposition upon the Borrower, or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA.

“Euro” and “€” shall mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.

“EuroBase Rate” means the greater of (i) the European Central Bank’s (or any successor thereto’s) “Marginal Lending Facility” as published by the European Central Bank (or any successor thereto), and (ii) 0.00%.

“Euro Equivalent” means, at any time, (a) with respect to any amount denominated in Euro, such amount, and (b) with respect to any amount denominated in Dollars, the equivalent amount thereof in Euro as determined by the Bank at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with Euro.

“Event of Default” has the meaning specified in Section 10.

“Everest Parties” means, collectively, the Guarantor and the Borrower (each an “Everest Party”).

5

“Excluded Taxes” means any of the following Taxes imposed on or with respect to the Bank or required to be withheld or deducted from a payment to the Bank, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of the Bank being organized under the laws of, or having its principal office or, its applicable funding office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes and (b) any withholding Taxes imposed under FATCA.

“Facility Amount” means €75,000,000, as such amount may be modified at any time or from time to time pursuant to the terms hereof.

“FATCA” means (a) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the IRS, the United States government or any governmental or taxation authority in the United States.

“FCA” means the Financial Conduct Authority in the United Kingdom and any regulatory body which succeeds to one or more of the functions and/or duties performed by it as at the date of this Agreement.

“Federal Funds Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds target upper bound rate; provided that if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day.

“Fee Letter” means the Fee Letter and any other fee letter entered into between the Bank and the Borrower in connection with this Agreement.

“Final Expiry Date” has the meaning assigned to such term in Section 2(w)(i).

“Financial Strength Rating” means, as to any Person, the rating that has been most recently announced by A.M. Best as the “financial strength rating” of such Person.

“GAAP” means generally accepted accounting principles in Bermuda, Canada, the United Kingdom or such other generally accepted accounting principles as the Bermuda Monetary Authority may recognise, including International Financial Reporting Standards (IFRS), and the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

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“Governmental Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national bodies such as the European Union or the European Central Bank).

“Group” means the collective reference to the Guarantor and its Subsidiaries (including the Borrower).

“Group Member” means any member of the Group.

“Guarantor” means Everest Group, Ltd., a Bermuda exempted company.

“Guaranty Agreement” means the guaranty agreement, dated as of the Closing Date, between the Guarantor and the Bank, as amended, restated, modified or supplemented from time to time.

“Handbook” means the UK Prudential Regulation Authority Handbook of Rules and Guidance or the UK Financial Conduct Authority Handbook of Rules and Guidance, as applicable (each as amended from time to time).

“Hedge Agreement” means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange rates, including any swap agreement (as defined in 11 U.S.C. § 101).

“Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include the Bank or any affiliate of the Bank).

“Honor Date” has the meaning assigned to such term in Section2(d)(i).

“Indebtedness” means, with respect to any Person (without duplication), (i) all indebtedness of such Person for borrowed money or in respect of loans or advances, (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, (iii) all reimbursement obligations of such Person with respect to surety bonds, letters of credit and bankers’ acceptances (in each case, whether or not drawn or matured and in the stated amount thereof), (iv) all obligations of such Person to pay the deferred purchase price of property or services, (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (vi) all obligations of such Person as lessee under leases that are or are required to be, in accordance with GAAP, recorded as capital or finance leases, to the extent such obligations are required to be so recorded, (vii) all obligations and liabilities of such Person incurred in connection with any transaction or series of transactions providing for the financing of assets through one or more securitizations or in connection with, or pursuant to, any synthetic lease or similar off-balance sheet financing, (viii) all Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation

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preference and its maximum fixed repurchase price, but excluding accrued dividends, if any (for purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be determined reasonably and in good faith by the board of directors or other governing body of the issuer of such Disqualified Capital Stock), (ix) the Hedge Termination Value of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, (x) all contingent obligations of such Person in respect of Indebtedness of other Persons and (xi) all indebtedness referred to in clauses (i) through (x) above secured by any Lien on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to the credit of such Person.

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

“Information” has the meaning set forth in Section 12.

“Instructions” has the meaning set forth in Section 2(a).

“Insurance Regulatory Authority” means, with respect to the Borrower or any Insurance Subsidiary, the insurance department or similar Governmental Authority charged with regulating insurance companies or insurance holding companies, in its jurisdiction of domicile and, to the extent that it has regulatory authority over the Borrower, in each other jurisdiction in which the Borrower conducts business or is licensed to conduct business.

[*****]

“Investment Company Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).

“IRS” means the United States Internal Revenue Service.

“Issue” means, with respect to any Letter of Credit, to issue, to amend or to extend the expiry of, or to renew or increase the stated amount of, such Letter of Credit. The terms “Issued", “Issuing” and “Issuance” have corresponding meanings.

“L/C Disbursement” has the meaning assigned to such term in Section 2(d)(ii).

“Letter of Credit” has the meaning assigned to such term in the recitals to this Agreement.

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any Applications, agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit and any other document, agreement, and instrument entered into by the Bank and the Borrower in respect of such Letter of Credit.

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“Letter of Credit Obligations” means, at any time, the Letter of Credit Obligations (Dollars) at such time, the Letter of Credit Obligations (Sterling) at such time and the Letter of Credit Obligations (Euro) at such time.

“Letter of Credit Obligations (Dollars)” means, at any time a Letter of Credit denominated in Dollars is outstanding, the aggregate undrawn Stated Amount of all Letters of Credit denominated in Dollars then outstanding. For all purposes of this Agreement, if on any date of determination any amount may still be drawn under a Letter of Credit denominated in Dollars, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Letter of Credit Obligations (Euro)” means, at any time a Letter of Credit denominated in Euro is outstanding, the aggregate undrawn Stated Amount of all Letters of Credit denominated in Euro then outstanding. For all purposes of this Agreement, if on any date of determination any amount may still be drawn under a Letter of Credit denominated in Euro, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Letter of Credit Obligations (Sterling)” means, at any time a Letter of Credit denominated in Sterling is outstanding, the aggregate undrawn Stated Amount of all Letters of Credit denominated in Sterling then outstanding. For all purposes of this Agreement, if on any date of determination any amount may still be drawn under a Letter of Credit denominated in Sterling, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Lien” means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), preference, priority, charge or other encumbrance of any nature, whether voluntary or involuntary, including the interest of any vendor or lessor under any conditional sale agreement, title retention agreement, capital lease or any other lease or arrangement having substantially the same effect as any of the foregoing.

“Material Adverse Effect” means a material adverse effect upon (i) the financial condition, operations, business, properties or assets of the Borrower taken as a whole, (ii) the ability of the Credit Parties, taken as a whole, to perform any of their payment or other material obligations under any of the Credit Documents or (iii) the legality, validity or enforceability of this Agreement or any of the other Credit Documents or the rights and remedies of the Bank hereunder and thereunder.

“Maximum Rate” has the meaning assigned to such term in Section 2(y).

[*****]

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“Obligations” means all obligations and liabilities (including any interest and fees accruing after the filing of a petition or commencement of a case by or with respect to the Borrower seeking relief under any applicable Bankruptcy Laws, whether or not the claim for such interest or fees is allowed in such proceeding), including without limitation, reimbursement and other payment obligations and liabilities, of the Borrower to the Bank arising under, or in connection with, the applicable Credit Documents, including, without limitation, Section 5 below, any Application or any Letter of Credit, in each case whether matured or unmatured, absolute or contingent, now existing or hereafter incurred.

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“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

[*****]

“Other Connection Taxes” means, with respect to the Bank, Taxes imposed as a result of a present or former connection between the Bank and the jurisdiction imposing such Tax (other than connections arising from the Bank having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Letter of Credit or Credit Document).

“Other Taxes” means all present or future stamp or documentary taxes or any other similar charges or levies arising from any payment made under the Credit Documents or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document, except any such Taxes that are imposed both (i) as a result of a present or former connection between such recipient and the jurisdiction of the Governmental Authority imposing such Tax (other than a connection arising solely from such recipient having executed, delivered, or performed its obligations or having received a payment under, or enforced its rights or remedies under, this Agreement or any other Credit Document, or sold or assigned an interest in any Credit Document) and (ii) with respect to an assignment, grant of a participation, designation of a new office for receiving payments by or on account of the Borrower or other transfer (other than an assignment or designation of a new office made in accordance with this Agreement as requested by the Borrower).

“Outstanding Letters of Credit” means, as of any date, the sum of (a) the Sterling Equivalent and/or Euro Equivalent, as applicable of the aggregate Stated Amount of all outstanding Letters of Credit at such time and, without duplication, (b) the Sterling Equivalent and/or Euro Equivalent, as applicable, of all reimbursement obligations in respect of Letters of Credit at such time.

“Participant” has the meaning assigned to it in Section 21(b).

“Participating Member State” shall mean each state so described in any EMU Legislation.

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and in respect of which any Everest Party or any ERISA Affiliate thereof is (or if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

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“Plan Asset Rules” means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations or any successor regulations, as modified by Section 3(42) of ERISA, and the rules and regulations thereunder.

“PRA” means the Prudential Regulation Authority in the United Kingdom and any regulatory body which succeeds to one or more of the functions and/or duties performed by it as at the date of this Agreement.

“Prime Rate” means the rate of interest last quoted by the Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board of Governors of the Federal Reserve System of the United States in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined reasonably by the Bank) or any similar release by the Board of Governors of the Federal Reserve System of the United States (as determined reasonably by the Bank).

“Process Agent” has the meaning assigned to such term in Section 16.

“Quarterly Statement” means, with respect to the Borrower for any fiscal quarter, the quarterly financial statements of the Borrower.

[*****]

“Rating Downgrade” means a reduction or withdrawal of the Financial Strength Rating of any Credit Party following or as a result of a Change in Control.

“Reimbursement Obligation” means, with respect to each Letter of Credit, the obligation of the Borrower to reimburse the Bank for any payment made by the Bank under, or in respect of, such Letter of Credit, together with interest thereon payable as provided herein.

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person's Affiliates.

“Responsible Officer” means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer of such Person or any other officer or director of such Person designated in writing by such Person and reasonably acceptable to the Bank; provided that, to the extent requested thereby, the Bank shall have received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer or director. Any document delivered hereunder or under any other Credit Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

“Revaluation Date”means each of the following: (i) each date of issuance, extension or renewal of a Letter of Credit, (ii) each date of an amendment of a Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any L/C Disbursement, and (iv) such additional dates as the Bank shall determine.

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“Sanctioned Country” means at any time, a country, territory or region which is itself the subject or target of any Sanctions.

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including, without limitation, OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions authority, (b) any Person located, operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Peron(s).

“Sanctions” means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions authority.

[*****]

“Spot Rate” for a currency means the rate determined by the Bank to be the rate quoted by the Bank as the spot rate for the purchase of such currency with another currency through its principal foreign exchange trading office on the date as of which the foreign exchange computation is made; provided that the Bank may obtain such spot rate from another financial institution designated by the Bank if the Bank does not have as of the date of determination a spot buying rate for any such currency.

“Standard Letter of Credit Practice” means, for the Bank, any U.S. federal or state or foreign law or letter of credit practices applicable in the city in which the Bank Issued the applicable Letter of Credit. Such practices shall be (i) of banks that regularly issue letters of credit in the particular city and (ii) required or permitted under the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is used (“ISP”).

“Stated Amount” means, with respect to a Letter of Credit at any time, the aggregate amount available to be drawn thereunder at such time (regardless of whether any conditions for drawing could then be met).

“Sterling” or “£” means the lawful currency of the United Kingdom.

“SterlingBase Rate” means the greater of (i) the Bank of England’s (or any successor thereto’s) “Bank Rate” as published by the Bank of England (or any successor thereto), and (ii) 0.00%.

“Sterling Equivalent” means, at any time, (a) with respect to any amount denominated in Sterling, such amount, and (b) with respect to any amount denominated in Dollars, the equivalent amount thereof in Sterling as determined by the Bank at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with Sterling.

“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding Capital Stock having

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ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) such Person (irrespective of whether, at the time, Capital Stock of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer to those of the Borrower.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Threshold Amount” means [*****]

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

“U.S.” means United States of America.

(b)Terms Generally.

(i)The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include", “includes” and “including” shall be deemed to be followed by the phrase “without limitation". Unless the context requires otherwise (A) any definition of or reference to any agreement, instrument or other document herein or in the other Credit Documents shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, extended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (B) any reference herein or in the other Credit Documents to any Person shall be construed to include such Person’s successors and assigns, and (C) the words “herein, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof.

(ii)Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

(iii)In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including."

(iv)If the payment or computation of any interest, commission or fees under any Credit Document would otherwise occur on a day which is not a Business Day, such payment or computation shall instead occur on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

(c)Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement, and either the Borrower or

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the Bank shall so request, the Bank and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until amended in accordance with Section 20, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein, and (b) the Borrower shall provide to the Bank financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

(d)Exchange Rates; Currency Equivalents. The Bank shall determine the applicable Spot Rate as of each Revaluation Date to be used for calculating the Sterling Equivalent and Euro Equivalent (as applicable) amounts of the Stated Amounts denominated in Dollars. Such applicable Spot Rate shall become effective as of such Revaluation Date and shall be the applicable Spot Rate employed in converting any amounts from Dollars to Euro or Sterling (as applicable) until the next Revaluation Date to occur. Except for purposes of financial statements delivered hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Euro or Sterling) for purposes of the Credit Documents shall be such Euro Equivalent or Sterling Equivalent (as applicable) amount as so determined by the Bank. Wherever in this Agreement in connection with the issuance, amendment, extension or renewal of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Euro or Sterling, but such Letter of Credit is denominated in Dollars, such amount shall be the relevant Dollar Equivalent of such Euro or Sterling amount, as determined by the Bank, as the case may be.

2.LETTER OF CREDIT FACILITY.

(a)General. Subject to the terms and conditions of this Agreement, the Borrower may, during the Availability Period, request that the Bank issues no more than fifteen (15) Letters of Credit (or such other number of Letters of Credit as the Bank may agree). The Letters of Credit shall each be denominated in an Available Currency, as selected by the Borrower. The Letter of Credit may only be issued on a Business Day. Each request to issue a Letter of Credit (an “Application”) shall be in the form of Exhibit B-1 or Exhibit B-2, as applicable, or such other form as the Bank shall from time to time require or agree to accept (including any type of electronic form or means of communication acceptable to the Bank). The Letter of Credit shall be issued by the Bank (including through any of its Affiliates or branches as it may determine appropriate), at the time of issuance as a single letter of credit. Inquiries, communications and instructions (whether written or in other electronic form approved by the Bank) regarding a Letter of Credit, an Application and this Agreement are each referred to herein as “Instructions". The Bank’s records of the content of any Instruction will be conclusive, absent manifest error.

(b)Procedure for Issuing the Letter of Credit.

(i)Subject to the terms and conditions of this Agreement, the Bank agrees to issue no more than fifteen (15) Letters of Credit (or such other number of Letters of Credit as the Bank may agree) during the Availability Period with an aggregate Stated Amount of such Letters of Credit not to exceed the Facility Amount. A Letter of Credit shall be issued or amended solely upon delivery of an Application by the Borrower to the Bank during the Availability Period (in the case of the issuance of a Letter of Credit), which Application shall be provided to the Bank in accordance with Section 19, no later than 10:00 a.m. (New York time) on the date that is five Business Days prior to the proposed issuance or amendment date and shall set forth (i) the proposed issuance or amendment date of the requested Letter of Credit; (ii) the amount thereof, which shall not exceed the Facility Amount; (iii) the expiry date thereof; (iv) the name and address of the proposed beneficiary thereof; (v) whether the Letter of Credit is denominated in Sterling, Euro or Dollars; (vi) an acknowledgement that the requested letter of

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credit shall constitute (notwithstanding any changes recommended by the Bank to the proposed text thereof) a Letter of Credit; (vii) a confirmation that each of the conditions precedent set forth in Section 4 have been satisfied; and (viii) such other matters as shall be necessary to prepare the Letter of Credit. No financial letter of credit shall be issued by the Bank under this Agreement.

(c)Purpose. Each Letter of Credit (i) shall be requested by, and issued on behalf of, the Borrower and (ii) is intended to support the Borrower’s business in France.

(d)General Payment Obligations.

(i)Upon receipt from the beneficiary of a Letter of Credit of any notice of a drawing under such Letter of Credit (a “Drawing Request”), the Bank shall promptly notify the Borrower of the receipt of such Drawing Request and of the date on which it intends to honor such request (such date, an “Honor Date”), which date will be no earlier than the date that is two (2) Business Days after the date the Bank received such Drawing Request (notwithstanding any earlier date specified in the applicable Letter of Credit or Drawing Request, as applicable). Any notice given by the Bank pursuant to this Section 2(d)(i) shall be given in accordance with Section 19; provided that any failure to give or delay in giving any such notice will not relieve the Borrower of its obligation to reimburse the Bank with respect to any L/C Disbursement.

(ii)Upon receiving a Drawing Request, the Bank will promptly (and in any event no later than the Honor Date) make any payment or disbursement pursuant to or in respect of the Drawing Request (each an “L/C Disbursement”) in respect of the applicable Letter of Credit in accordance with the amount of its liability under such Letter of Credit and this Agreement, and such L/C Disbursement is to be made in the Applicable Currency to the beneficiary of the applicable Letter of Credit, by promptly crediting the amounts of its liability under such Letter of Credit and this Agreement, to the account identified in the applicable Letter of Credit in connection with such demand for such L/C Disbursement. Promptly following the L/C Disbursements by the Bank in respect of the Letter of Credit, the Bank will notify the Borrower of such L/C Disbursements.

(iii)If the Bank makes a L/C Disbursement, then no later than the first succeeding Business Day after the Bank notifies the Borrower of such L/C Disbursement, the Borrower shall pay to the Bank, for its own account, in immediately available funds, an amount equal to such L/C Disbursement (plus, if applicable, any interest thereon).

(iv)The Borrower shall be obligated to reimburse the Bank for any and all drawings under the Letters of Credit.

(v)If the Borrower fails to reimburse the Bank for any L/C Disbursement on the date due, then the unpaid amount thereof shall bear interest for each day from and including the date of such L/C Disbursement, to but excluding the date on which payment is actually made by the Borrower, at the Default Rate. Accrued and unpaid interest on past due amounts shall be due and payable upon demand.

(e)Payment Instructions. All payments by the Borrower to the Bank hereunder shall be made in immediately available funds, free of any reduction, defense, recoupment and without set-off or counterclaim. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Bank, for its own account. All payments by the Borrower to reimburse the Bank for any L/C Disbursement shall be in the Applicable Currency. Unless otherwise specified in the applicable Credit Document, all other payments under the Credit Documents shall be in Euro. All payments by the Borrower shall be in immediately available funds and made at or prior to 10:00 a.m.,

15

New York time. All payments received by the Bank after 10:00 a.m., New York time shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

(f)Computation of Interest. All computations of interest to be made hereunder and under any other Credit Document shall be made on the basis of a year consisting of 365 days (or 366 days in a leap year), in each case for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest is payable.

(g)Increased Costs.

(i)If any Change in Law shall (A) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, the Bank, (B) subject the Bank to any Tax with respect to this Agreement or the Letters of Credit (except for Indemnified Taxes, Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits, or Taxes described in clause (b) of the definition of "Excluded Taxes"), or (C) impose on the Bank any other condition, cost or expense affecting this Agreement or the Letters of Credit or participation therein, and the result of any of the foregoing shall be to increase the cost to the Bank of participating in, issuing or maintaining the Letters of Credit, or to reduce the amount of any sum received or receivable by the Bank hereunder (whether of interest or any other amount) then, upon request of the Bank, the Borrower will pay to the Bank such additional amount or amounts as will compensate the Bank for such additional costs incurred or reduction suffered.

(ii)If the Bank determines that any Change in Law affecting the Bank regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on the Bank’s capital as a consequence of this Agreement, the Commitment of the Bank or the Letters of Credit, to a level below that which the Bank could have achieved but for such Change in Law (taking into consideration the Bank’s policies with respect to capital adequacy and liquidity), then from time to time upon written request of the Bank, the Borrower shall promptly pay to the Bank such additional amount or amounts as will compensate the Bank for any such reduction suffered.

(iii)A certificate of the Bank setting forth the amount or amounts necessary to compensate the Bank, as specified in paragraph (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay the Bank the amount shown as due on any such certificate within 10 days after receipt thereof.

(iv)Failure or delay on the part of the Bank to demand compensation pursuant to this Section shall not constitute a waiver of the Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate the Bank pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that the Bank notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of the Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 days period referred to above shall be extended to include the period of retroactive effect thereof).

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(h)Net Payment; Taxes.

(i)All amounts payable by the Borrower hereunder will be paid in full, free of all Taxes now or hereafter levied, collected, withheld, assessed or otherwise imposed, except as required by applicable law. If any Taxes are so levied or imposed and such Tax is an Indemnified Tax, the Borrower agrees to pay the full amount of such Indemnified Taxes and such additional amounts as may be necessary so that every payment of all amounts due hereunder, after withholding or deduction or on account of such Indemnified Taxes, will not be less than the amount provided for herein. Whenever any such Taxes are required to be withheld or deducted from any amounts payable to the Bank hereunder, the Borrower shall pay such Taxes to the appropriate taxing authority for the account of the Bank and, as promptly as possible thereafter, send to the Bank an original or certified copy of the official receipt or other evidence of such payment reasonably satisfactory to the Bank showing payment thereof, together with such additional documentary evidence as may be reasonably required from time to time by the Bank. If the Borrower fails to pay any such Taxes when due to the appropriate taxing authority or fails to remit any such official receipts or other required documentary evidence, the Borrower agrees to indemnify the Bank for and to hold the Bank harmless from and against any incremental taxes, interest or penalties that may become payable by the Bank as a result of such failure; provided that this sentence shall not apply to any Excluded Taxes.

(ii)Without duplicating amounts payable under Section 2(h)(i), if the Borrower is prohibited by law from making one or more payments under this Agreement free of Taxes in accordance herewith, or if any taxing authority shall at any time assert that the Bank is required to pay any such Taxes and the Bank pays any such Taxes, the Bank shall furnish to the Borrower copies of official tax receipts evidencing such payment by the Bank and, if such Tax is an Indemnified Tax, the Borrower shall pay such additional amount to the Bank as may be necessary in order that the actual amount received by the Bank after all Indemnified Taxes (and after payment of any additional Indemnified Taxes due as a consequence of the payment of such additional amount) shall equal the amount that would have been received by the Bank if such Indemnified Taxes were not required.

(iii)If the Bank is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document, it shall deliver to the Borrower at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Bank, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not the Bank is subject to backup withholding or information reporting requirements. The Bank agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

(iv)If the Bank determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Bank and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). The Borrower, upon the request of the Bank, shall repay to the Bank the amount paid over

17

pursuant to this paragraph (iv) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that the Bank is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (iv), in no event will the Bank be required to pay any amount to the Borrower pursuant to this paragraph (iv) the payment of which would place the Bank in a less favorable net after-Tax position than the Bank would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require the Bank to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

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(i)Permanent Reduction of Commitments. The Borrower shall have the right at any time and from time to time, upon at least five Business Days’ prior irrevocable written notice to the Bank, to permanently reduce, without premium or penalty, (i) all of the Commitments at any time or (ii) portions of the Commitment, from time to time, in an aggregate principal amount not less than [*****] or any whole multiple of [*****] in excess thereof.

(j)[Reserved].

(k)Fees. [*****]

(l)Cash Collateralization.

(i)[reserved].

(ii)Tail Period Cash Collateralization. On or before December 30, 2026, the Borrower will Cash Collateralize the Letter of Credit Obligations as of such date in an amount equal to 100% of such Letter of Credit Obligations.

(iii)Termination of Cash Collateralization. If any Letter of Credit Obligations are Cash Collateralized pursuant to this Section 2(l), at such time as the Commitments of the Bank hereunder shall have terminated, no Letters of Credit are outstanding and all Obligations payable by the Bank under the Credit Documents shall have been paid in full, the Borrower shall be permitted to remove from the Collateral Account any remaining Cash deposit.

(iv)Change in Control. Upon the occurrence of a Rating Downgrade, the Borrower shall promptly (and in any case within [*****] of such Rating Downgrade) Cash Collateralize the Letter of Credit Obligations in an aggregate amount equal to or greater than the Applicable Percentage of such Letter of Credit Obligations.

(m)[Reserved].

(n)Evidence of Letters of Credit. The accounts and records maintained by the Bank in respect of the Letters of Credit shall be conclusive, absent manifest error, for purposes of determining amounts due from the Borrower in relation to the Letters of Credit and the fees thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.

(o)[Reserved].

(p)[Reserved].

(q)[Reserved].

(r)Illegality. If, in any applicable jurisdiction, the Bank determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Bank to (i) perform any of its obligations hereunder or under any other Credit Document, (ii) to fund or maintain its participation in any of the Letters of Credit or (iii) issue, make, maintain, fund or charge interest or fees with respect to any of the Letters of Credit, the Bank shall promptly notify the Borrower, and until such notice by the Bank is revoked, any obligation of the Bank to issue, make, maintain, fund or charge interest or fees with respect to any of the Letters of Credit shall be suspended, and to the extent required by applicable law, cancelled. Upon receipt of such notice, the Borrower shall, (A) Cash Collateralize any Letter of Credit or other applicable Obligations occurring after the Bank has promptly notified the Borrower (being no earlier than the last day of any

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applicable grace period permitted by applicable law) and (B) take all reasonable actions requested by the Bank to mitigate or avoid such illegality.

(s)Mitigation Obligations. If the Bank requests compensation under Section 2(g), or additional amounts to the Bank or any Governmental Authority for the account of the Bank pursuant to Section 2(h) or delivers a notice pursuant to Section 2(r), then the Bank shall, at the request of the Borrower, use reasonable efforts to designate a different location for funding or booking the Letters of Credit or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of the Bank, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2(g) or Section 2(h) or the need for a notice under Section 2(r), as the case may be, in the future, and (ii) in each case, would not subject the Bank to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to the Bank. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by the Bank in connection with any such designation or assignment.

(t)[Reserved].

(u)Obligations Absolute. The reimbursement and payment obligations of the Borrower under this Section 2 shall survive repayment of all Obligations hereunder, are absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including, without limitation:

(i)any lack of validity, enforceability or legal effect of any Letter of Credit or any Credit Document or any term or provision therein;

(ii)payment against presentation of any draft, demand or claim for payment under any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit (individually, a “Drawing Document” and collectively, the “Drawing Documents”) that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein proving to be untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;

(iii)the Bank honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under such Letter of Credit;

(iv)the existence of any claim, set-off, defense or other right that the Borrower or any other Person may have at any time against any beneficiary or any assignee of proceeds, the Bank or any other Person; or

(v)any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2(u), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, the Obligations, whether against the Bank, the beneficiary or any other Person.

(v)Role of the Bank. The Bank shall have no liability or responsibility to the Borrower or any other Person by reason of or in connection with the issuance or transfer of the Letters of Credit or any payment or failure to make any payment thereunder, or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to the Letters of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond their control; provided that the foregoing shall not be construed to excuse the Bank from liability to the Borrower to the extent of

2

any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the gross negligence or willful misconduct of the Bank (as determined by a court of competent jurisdiction by a final and non-appealable judgment) when determining whether drafts and other documents presented under the Letters of Credit comply with the terms thereof. It is expressly understood and agreed that (i) the acceptance by the Bank of documents that appear on their face to comply with the terms of a Letter of Credit, without responsibility for further investigation, (ii) the exclusive reliance by the Bank on the documents presented to it under a Letter of Credit as to any and all matters set forth therein, including the amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect (so long as such document appears on its face to comply with the terms of such Letter of Credit), and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever, and (iii) any noncompliance in any immaterial respect of the documents presented under a Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute gross negligence or willful misconduct of the Bank.

(w)Payments Set Aside; Recovery of Payments.

(i)To the extent that any payment by or on behalf of the Borrower is made to the Bank, or the Bank exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Bank in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Bankruptcy Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

(x)Interest Rate Limitations. Notwithstanding anything to the contrary contained in any Credit Document, the interest paid or agreed to be paid under the Credit Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). In determining whether the interest contracted for, charged, or received by the Bank exceeds the Maximum Rate, the Bank may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

3.BORROWER’S RESPONSIBILITY. The Borrower is responsible for approving the final text of any Letter of Credit Issued hereunder, irrespective of any assistance the Bank may provide drafting or recommending text or by the Bank’s use or refusal to use text submitted by the Borrower. The Borrower is solely responsible for the suitability of the Letters of Credit for its intended purposes. The Borrower will examine the copy of each Letter of Credit Issued hereunder and any other documents sent by the Bank to the Borrower in connection with such Letter of Credit and shall promptly notify the Bank of any non-compliance with the Borrower’s Instructions and of any discrepancy in any document under any presentment or other irregularity. The Borrower understands that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by the Bank in accordance with standard industry practice and the Borrower hereby consents to such revisions and changes.

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4.CONDITIONS OF CLOSING AND ISSUANCE.

(a)Conditions Precedent to Closing. This Agreement shall become effective upon satisfaction of each of the following conditions:

(i)Executed Credit Documents; no Defaults. This Agreement and the Guaranty Agreement, together with any other applicable Credit Documents, shall have been duly authorized, executed and delivered to the Bank by the parties thereto, shall be in full force and effect and no Default or Event of Default shall exist hereunder or thereunder.

(ii)Closing Certificates; Etc. The Bank shall have received each of the following in form and substance reasonably satisfactory to the Bank:

(A)Officer’s Certificate. A certificate from a Responsible Officer of each Credit Party to the effect that (A) all representations and warranties of such Credit Party contained in the Credit Documents to which it is a party are true, correct and complete in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and complete in all respects); and (B) as of the Closing Date, no Default or Event of Default has occurred and is continuing.

(B)Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and genuineness of the signature of each officer or other authorized signatory of such Credit Party executing Credit Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (A) the memorandum of association (or equivalent), as applicable, of such Credit Party and all amendments thereto, certified as of a recent date in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bye-laws or other governing document of such Credit Party as in effect on the Closing Date, (C) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder; authorising a specified person or persons to execute the Credit Documents on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Credit Documents; authorising a specified person or persons on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Credit Documents; and the execution, delivery and performance of the Credit Documents to which it is a party, (D) in the case of the Guarantor, (i) register of directors and officers, (ii) register of members, (iii) the Bermuda Monetary Authority’s “no objection” to the incorporation of the Credit Party, (iv) tax assurance issued by the Registrar of Companies for the Minister of Finance, (E) in the case of the certificate of a Responsible Officer of the Borrower, all certificates of registration as an insurer in relation to the Borrower, and (I) each certificate required to be delivered pursuant to Section 4(a)(ii)(C).

(C)Certificates of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction of incorporation, organization, existence or formation (or equivalent), as applicable, and, to the extent requested by the Bank, each other jurisdiction where any Credit Party is qualified to do business.

(D)Opinions of Counsel. Opinions of counsel to the Credit Parties addressed to the Bank with respect to the Credit Parties, the Credit Documents and such other matters as the Bank shall request.

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(iii)Consents; Defaults.

(A)Governmental and Third Party Approvals. Each Credit Party shall have received all material governmental, shareholder and third party consents and approvals necessary (or any other material consents as determined in the reasonable discretion of the Bank) in connection with the transactions contemplated by this Agreement and the other Credit Documents and all applicable waiting periods shall have expired without any action being taken by any Person that would reasonably be expected to restrain, prevent or impose any material adverse conditions on such Credit Party or such transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Bank would reasonably be expected to have such effect.

(B)No Injunction, Etc. No action, proceeding or investigation shall have been instituted, threatened in writing or proposed in writing before any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this Agreement or the other Credit Documents or the consummation of the transactions contemplated hereby or thereby, or which, in the Bank’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement or the other Credit Documents or the consummation of the transactions contemplated hereby or thereby.

(iv)Financial Statements. The Bank shall have received copies of each Credit Party's unaudited financial statements for its fiscal quarter ended September 30, 2024.

(v)Structure Chart. The Bank shall have received a copy of the Group structure chart as of the Closing Date certified by a Responsible Officer of the Borrower as being true and correct.

(vi)[reserved].

(vii)[reserved].

(viii)[reserved].

(ix)[reserved].

(x)Payments at Closing. The Borrower shall have paid to the Bank (i) the fees specified in the applicable Fee Letter, and (ii) all other fees and reasonable and documented expenses of the Bank required hereunder or under any other Credit Document to be paid on or prior to the Closing Date (including reasonable and documented fees and expenses of counsel) in connection with this Agreement, the other Credit Documents and the transactions contemplated hereby.

(xi)PATRIOT Act, etc. Each Everest Party shall have provided to the Bank, at least five Business Days prior to the Closing Date to the extent requested at least 10 Business Days prior to the Closing Date, (i) the documentation and other information requested by the Bank in order to comply with requirements of any Anti-Money Laundering Laws, including, without limitation, the PATRIOT Act and any applicable “know your customer” rules and regulations, and (ii) with respect to any Everest Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Everest Party.

(xii)Other Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to the Bank. The Bank shall have

5

received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated by this Agreement.

(b)Conditions Precedent to Issuance of Letters of Credit. The obligations of the Bank to Issue Letters of Credit (including any Letters of Credit Issued on the Closing Date) is subject to the satisfaction of each of the following conditions:

(i)Continuation of Representations and Warranties. The representations and warranties contained in this Agreement and the other Credit Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such issuance with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date).

(ii)No Existing Default. No Default or Event of Default shall have occurred and be continuing on the Issuance date with respect to such Letter of Credit or after giving effect to the Issuance of such Letter of Credit on such date.

(iii)Notice. The Bank shall have received an Application from the Borrower.

(iv)[Reserved].

(v)Miscellaneous. In addition to the foregoing, the Bank shall be under no obligation to Issue any Letter of Credit if:

(A)any order, judgment or decree of any Governmental Authority or arbitrator having jurisdiction over the Bank shall by its terms enjoin or restrain the Issuance of such Letter of Credit or any law applicable to the Bank, or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Bank shall prohibit, or request that it refrain from, the Issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Bank with respect to such Letter of Credit any restriction or reserve or capital requirement (for which the Bank is not otherwise compensated) not in effect on the Closing Date, or any unreimbursed loss, cost or expense which was not applicable or in effect as of the Closing Date and which the Bank in good faith deems material to it; or

(B)immediately after giving effect thereto, the amount of Outstanding Letters of Credit would exceed the Facility Amount at such time.

5.INDEMNIFICATION; LIMITATION OF LIABILITY; EXPENSES.

(a)Indemnification. The Borrower agrees to indemnify and hold harmless the Bank (including its branches and Affiliates) and each of its directors, officers, employees, attorneys and agents (each, including the Bank, an “Indemnified Person”) from and against any and all claims, suits, judgments, liabilities, losses, fines, damages, penalties, interest, costs and expenses (including expert witness fees and reasonable out-of-pocket legal fees, charges and disbursements of any counsel (including outside counsel fees and expenses), and all expenses of arbitration or litigation and in preparation thereof), in each case, which are documented and may be incurred by or awarded against any Indemnified Person (collectively, the “Costs”), and which arise out of or in connection with or by reason of this Agreement, the other Credit Documents, the actual or proposed use of the

6

proceeds of the Letters of Credit or any of the transactions contemplated thereby, including, without limitation, any Costs which arise out of or in connection with, or as a result of:

(i)any such Letter of Credit or any pre-advice of its Issuance;

(ii)any transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any Indemnified Person in connection with any such Letter of Credit;

(iii)any actual or prospective action or proceeding arising out of, or in connection with, any such Letter of Credit or any Credit Document (whether administrative, judicial or in connection with arbitration, whether based on contract, tort or any other theory, and whether brought by a third party or by the Borrower or any Subsidiary thereof, and regardless of whether any Indemnified Person is a party thereto), including any action or proceeding to compel or restrain any presentation or payment under any such Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any such Letter of Credit;

(iv)any independent undertakings issued by the beneficiary of any such Letter of Credit;

(v)any unauthorized Instruction or error in computer or electronic transmission in connection with any such Letter of Credit Issued hereunder;

(vi)an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated in connection with any such Letter of Credit Issued hereunder;

(vii)any third party seeking to enforce the rights of the Borrower, beneficiary, nominated person, transferee, assignee of such Letter of Credit proceeds or holder of an instrument or document in connection with any such Letter of Credit Issued hereunder;

(viii)the fraud, forgery or illegal action of parties other than any Indemnified Person in connection with any such Letter of Credit Issued hereunder; or

(ix)the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority or cause or event beyond the control of such Indemnified Person in connection with any such Letter of Credit Issued hereunder;

in each case, including that resulting from the Bank’s own negligence; provided, however, that such indemnity shall not be available to any Person claiming indemnification under this Section 5(a) to the extent that such Costs (A) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Person, (B) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from a claim by the Borrower against an Indemnified Person for breach in bad faith of the obligations of such Indemnified Person hereunder or under any other Credit Document, or (C) result from any dispute solely between or among Indemnified Parties. All amounts owing from the Borrower under this Section 5(a) shall be payable within thirty (30) days after demand therefor. This indemnity provision shall survive termination of this Agreement and all Letters of Credit.

(b)Liability of the Bank. The liability of the Bank (or any other Indemnified Person) under, in connection with and/or arising out of any Credit Document or any Letter of

7

Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by the Borrower that are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the Bank’s gross negligence or willful misconduct or breach in bad faith of its obligations hereunder or under any Letter of Credit (including pre-advice) or other Credit Document. Provided that the Bank has exercised due care consistent with industry practices, the Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged, (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason, (iii) the failure of the beneficiary of any Letter of Credit to comply fully with conditions required to be satisfied by any Person other than the Bank in order to draw upon such Letter of Credit, (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, or otherwise, (v) errors in the interpretation of technical terms, (vi) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit or (vii) any consequences arising from causes beyond control of the Bank.

(c)Notwithstanding anything to the contrary in this Agreement or in any other Credit Document, no party hereto or Indemnified Person shall be liable in contract, tort or otherwise for any punitive, exemplary, consequential, indirect or special damages or losses regardless of whether or not such party or Indemnified Person shall have been advised of the possibility thereof or the form of action in which such damages or losses may be claimed. The Borrower shall take commercially reasonable action to avoid and mitigate the amount of any damages claimed against the Bank or any other Indemnified Person, including by enforcing its rights in appropriate proceedings diligently pursued in the underlying transaction.

(d)No Responsibility or Liability. Without limiting any other provision of this Agreement or any other Credit Document, the Bank and each other Indemnified Person (if applicable) shall not be responsible to the Borrower for, and/or the Bank’s rights and remedies against the Borrower and the Obligations shall not be impaired by:

(i)honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if such Letter of Credit requires strict compliance by the beneficiary;

(ii)acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft;

(iii)the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than the Bank’s determination that such Drawing Document appears on its face to substantially comply with the terms and conditions of the applicable Letter of Credit);

(iv)acting upon any Instruction that it in good faith believes to have been given by a Person authorized to give such Instructions;

(v)any errors in interpretation of technical terms or in translation;

(vi)any acts, omissions or fraud by, or the solvency of, any beneficiary, any nominated person or entity or any other Person, other than an Indemnified Person;

8

(vii)any breach of contract between the applicable beneficiary and the Borrower or any of the parties to the underlying transaction;

(viii)payment to any paying or negotiating bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;

(ix)acting as required or permitted, or failing to act as permitted, in each case under Standard Letter of Credit Practice applicable to where it has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be;

(x)honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by the Bank if subsequently the Bank or any court or other finder of fact determines such presentation should have been honored;

(xi)dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

(xii)honor of a presentation that is subsequently determined by the Bank to have been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons.

(xiii)provided, however, that such limitation of liability shall not be available to the extent that such actions in (i) – (xii) (A) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person or (B) are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from a claim by the Borrower against an Indemnified Person for breach in bad faith of the obligations of such Indemnified Party hereunder or under any other Credit Document.

(e)Costs, Expenses and Taxes. Promptly upon the request of the Bank, the Borrower shall (i) pay or reimburse the Bank for all reasonable, documented out-of-pocket costs and expenses incurred by the Bank or any of its affiliates in connection with the preparation, negotiation, execution, delivery, filing, recording and administration of this Agreement, any other Credit Document or any related document or instrument, including issuance, amendment, renewal or extension of the Letters of Credit, any demand for payment under the Letters of Credit, correspondent's charges, attorney's fees and other legal costs and expenses, and any and all Other Taxes payable or determined to be payable in connection with any of the foregoing, (ii) pay or reimburse the Bank for all documented out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement, any other Credit Document or any related document or instrument, including attorney's fees and other legal costs and expenses, and any and all Other Taxes payable or determined to be payable in connection with any of the foregoing, and (iii) hold the Bank harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such Other Taxes and fees.

(f)No Waiver; Remedies Cumulative. No failure on the part of the Bank to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

(g)Reliance on Advice of Counsel. The Bank may consult with and employ outside legal counsel to advise it concerning its obligations with respect to the Letters of Credit, and

9

shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such counsel.

6.REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents and warrants to the Bank (all of which representations and warranties will be repeated as of the date of each new Application submitted by the Borrower to the Bank and as of the date of Issuance of any Letter of Credit requested in each such Application) as follows:

(a)Organization, etc. The Borrower is duly organized or formed, validly existing and (to the extent applicable under the laws of the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization or formation, and is duly qualified or licensed to do business (and in good standing as a foreign corporation or entity, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed would have a Material Adverse Effect.

(b)Power and Authority. The Borrower has the requisite power and authority to execute and deliver this Agreement and each other Credit Document to which it is a party and to perform and observe the terms and conditions stated herein and therein, and the Borrower has taken all necessary corporate or other action to authorize its execution, delivery and performance of each such Credit Document to which it is a party.

(c)Valid and Binding Obligation. This Agreement constitutes, and each other Credit Document to which it is a party when signed and delivered by the Borrower to the Bank will constitute, its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights against the Borrower generally, by general equitable principles or by principles of good faith and fair dealing, and assuming that this Agreement and each such other Credit Document have been validly executed and delivered by each party thereto other than the Borrower.

(d)No Violation or Breach. The Borrower’s execution, delivery and performance of each Credit Document to which it is a party and the payment of all sums payable by it under each such Credit Document do not and will not: (i) violate or contravene its memorandum of association, bye-laws or other organizational documents; (ii) to its knowledge, violate or contravene any order, writ, law, treaty, rule, regulation or determination of any Governmental Authority, in each case applicable to or binding upon it or any of its property, the violation or contravention of which would have a Material Adverse Effect; or (iii) result in the breach of any provision of, or in the imposition of any lien or encumbrance (except for liens or encumbrances created under the Credit Documents) under, or constitute a default or event of default under, any agreement or arrangement to which it is a party or by which it or any of its property is bound, the contravention of which agreement or arrangement would have a Material Adverse Effect.

(e)Approvals. No authorization, approval or consent of, or notice to or filing with, any Governmental Authority is required to be made by the Borrower in connection with the execution and delivery by the Borrower of any Credit Document to which it is a party or the Issuance by the Bank of any Letter of Credit pursuant to this Agreement and the related Application, except for those which have been duly obtained, taken, given or made and are in full force and effect, and except where failure to obtain the foregoing could not reasonably be expected to have a Material Adverse Effect.

(f)Compliance with Laws. The Borrower is in compliance with all applicable laws and regulations, except where the noncompliance with which would not have a Material Adverse Effect, and no Application, Letter of Credit or transaction of the Borrower under any Credit Document to which it is a party will in any material respect contravene any laws, treaties, rules or regulations of any Governmental Authority, including, without limitation, any foreign exchange control laws or regulations, U.S. foreign assets control

10

laws or regulations or currency reporting laws and regulations, now or hereafter applicable to it.

(g)No Default Under Other Agreements. The Borrower is not in default under any agreement, obligation or duty to which it is a party or by which it or any of its property is bound, which would have a Material Adverse Effect.

(h)No Arbitration Proceeding or Litigation. There is no pending or, to the knowledge of the Borrower, threatened arbitration proceeding, litigation or action against the Borrower which (i) is reasonably likely to have a Material Adverse Effect or (ii) may affect the legality, validity or enforceability of this Agreement or the other Credit Documents.

(i)Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions.

(i)None of (i) the Borrower or, to the knowledge of the Borrower, any of its directors, officers, or employees, or (ii) any agent or representative of the Borrower that will act in any capacity in connection with this Agreement, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person or (C) is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, in a manner that would result in the violation of applicable Sanctions by any party hereto.

(ii)The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower and its directors, officers and employees with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

(iii)The Borrower and, to the knowledge of the Borrower, each director, officer, employee and agent of the Borrower, is in compliance with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions in all material respects.

(iv)No proceeds of any Letter of Credit have been used, directly or indirectly, by the Borrower or, to the knowledge of the Borrower, any of its directors, officers, employees and agents in violation of Section 9(f)(i).

(j)Filed All Tax Returns and Paid All Taxes. The Borrowerhas filed all required tax returns, and all Taxes, assessments and other governmental charges due from it have been fully paid, except for Taxes which are being contested in good faith or those which the failure to file or pay would not have a Material Adverse Effect. The Borrower has established on its books reserves adequate for the payment of all federal, state and other income tax liabilities, including those being contested in good faith.

(k)Financial Statements. The financial statements of the Borrower most recently furnished to the Bank by the Borrower, if any, fairly present in all material respects the financial condition of the Borrower as at the date of such financial statements and for the periods then ended in accordance with GAAP (except as disclosed therein and, in the case of interim financial statements for any fiscal quarter, subject to normal year-end adjustments and except that footnote and schedule disclosure may be abbreviated), and there has been no material adverse change in the Borrower’s business or financial condition or results of operations since the date of the Borrower’s most recent annual financial statements.

(l)Margin Stock. The Borrower is not engaged principally or as one of its activities in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal Reserve System). No part of the proceeds of any Letters of Credit will be used for purchasing or carrying margin stock or for any purpose

11

which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of such Board of Governors.

(m)No Material Adverse Effect. There has been no Material Adverse Effect since December 31, 2023, and there exists no event, condition or state of facts that could reasonably be expected to result in a Material Adverse Effect.

(n)Investment Company. The Borrower is not an “investment company” or a company “controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act).

(o)Insurance. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower and its Subsidiaries operate.

(p)Disclosure. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of the Borrower to the Bank in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Credit Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading.

(q)Certain Bermuda Matters: As of the Closing Date, (i) [reserved]; (ii) the Borrower does not transact any insurance business, directly or indirectly, in any jurisdiction where it would be unlawful for it to do so; and (iii) the Borrower has not received any direction or other notification from the Bermuda Monetary Authority pursuant to Section 32 of the Bermuda Insurance Act.

(r)ERISA. It does not have any direct obligation or direct liability in respect of any Plan or Multiemployer Plan, and except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate thereof has any obligation or liability in respect of any Plan or Multiemployer Plan. With respect to its obligations to each Plan, it is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal or state laws. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, has had or could reasonably be expected to result in a Material Adverse Effect.

(s)[Reserved].

(t)[Reserved].

(u)Use of Letters of Credit. The Letters of Credit shall be issued to provide collateral support for reinsurance transactions of the Borrower and to support reinsurance obligations of the Borrower, and shall comply with the laws of the domiciliary jurisdiction of the beneficiary of such Letter of Credit as necessary to allow such beneficiary to obtain statutory credit for reinsurance in such domiciliary jurisdiction, including any modifications to the form of Letter of Credit required by such domiciliary jurisdiction.

(v)Subsidiaries. As of the Closing Date, the Group structure chart delivered by the Borrower to the Bank pursuant to Section 4(a)(v) is accurate in all respects.

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7.AFFIRMATIVE COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and all of the Commitments have terminated, the Borrower shall:

(a)GAAP Financial Statements. Deliver to the Bank, in form and detail satisfactory to the Bank:

(i)[*****] Quarterly Statement prepared for its board of directors in accordance with GAAP, in each case applied on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such quarter; and

(ii)[*****]the audited Annual Statement of the Borrower prepared for its board of directors in accordance with GAAP, in each case applied on a basis consistent with that of the preceding year or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such year.

(b)Certificates; Other Reports. Deliver to the Bank:

(i)at each time financial statements are delivered pursuant to Section 7(a), a duly completed Officer’s Compliance Certificate from the Borrower signed by the chief executive officer, chief financial officer, vice president—finance, principal accounting officer, treasurer or assistant treasurer of the Borrower, together with a Covenant Compliance Worksheet reflecting the computation of the respective financial covenants set forth in such Covenant Compliance Worksheet;

(ii)promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower, or any of its boards of directors by its independent public accountants in connection with their auditing function, including, without limitation, any management report and any management responses thereto;

(iii)[reserved];

(iv)[reserved];

(v)[reserved];

(vi)[reserved];

(vii)promptly upon the request thereof, such other information and documentation required by bank regulatory authorities under applicable Anti-Money Laundering Laws (including, without limitation, any applicable “know your customer” rules and regulations and the PATRIOT Act), as from time to time reasonably requested by the Bank; and

(viii)such other information regarding the operations, business affairs and financial condition of the Everest Parties as the Bank may reasonably request.

(c)Notice of Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible Officer of the Borrower becoming aware thereof) notify the Bank in writing:

(i)of the occurrence of any Default or Event of Default;

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(ii)of the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court or before any arbitrator against or involving any Everest Party or any of its respective properties, assets or businesses in each case as to which there is a reasonable probability of an adverse determination and that, if adversely determined would reasonably be expected to result in a Material Adverse Effect;

(iii)of any judgment or order that has been assessed against any Everest Party in excess of [*****]in the case of the Borrower or in excess of [*****]in the case of the Guarantor;

(iv)of any announcement by A.M. Best of any change in the Financial Strength Rating of the Borrower; and

(v)if any license or registration of the Borrower necessary in accordance with its insurance business is revoked or suspended or otherwise restricted in a manner which would reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this Section 7(c) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto and shall describe with particularity any and all provisions of this Agreement and any other Credit Document that have been breached.

(d)Payment of Taxes and Other Obligations. Except where the failure to pay or perform such items described in this Section would not reasonably be expected to have a Material Adverse Effect, ensure that the Borrower pays and performs all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property; provided, that the Borrower may contest any item described in this Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP.

(e)Compliance with Laws and Approvals. Ensure that the Borrower observes and remains in compliance with (i) in all material respects, all applicable laws and maintains in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business and (ii) to the extent applicable, the Bermuda Insurance Act, except, in the case of clause (i) above only, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

(f)Maintenance of Books and Records; Inspection. Ensure that the Borrower (i) maintains adequate books, accounts and records, in which full, true and correct entries in all material respects shall be made of all financial transactions in relation to its business and properties, and prepare all financial statements required under this Agreement, in each case in accordance with GAAP and in compliance with the requirements of any Governmental Authority having jurisdiction over it, and (ii) permits employees or agents of the Bank to visit and inspect its properties and examine or audit its books, records, working papers and accounts and make copies and memoranda of them, and at its own cost and expense (other than after the occurrence of an Event of Default), and to discuss its affairs, finances and accounts with its officers and employees and, upon notice to the Borrower, the independent public accountants of the Borrower (and by this provision the Borrower authorizes such accountants to discuss the finances and affairs of the Borrower), all at such times that will not interrupt or interfere with the operation of the Borrower’s business and from time to time, upon reasonable notice and during business hours, as may be reasonably requested; provided that except during the continuance of an Event of Default the Bank shall not exercise such rights described in clause (ii) of this Section more than once per calendar year.

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(g)Compliance with Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. Ensure that the Borrower maintains in effect and enforces policies and procedures designed to ensure compliance by the Borrower and its directors, officers, employees and agents with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws, and Sanctions.

(h)Maintenance of Existence. Ensure that the Borrower takes all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

(i)Maintenance of Property and Insurance. Ensure that the Borrower:

(i)maintains, preserves and protects all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, and makes all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and

(ii)maintains with financially sound and reputable insurance companies not affiliates of the Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.

(j)ERISA. Ensure that the affairs of each Everest Party are conducted so that the underlying assets of each Everest Party do not constitute “plan assets” within the meaning of the Plan Asset Rules.

(k)Regulatory Compliance. Ensure that the Everest Parties observe and comply with all applicable acts, bye-laws and regulations (including, without limitation, under the Financial Services and Markets Acts 2000, the Handbook and any conditions or requirements prescribed thereunder) where the failure to observe or comply with which would reasonably be expected to have a Material Adverse Effect.

(l)[reserved].

(m)[reserved].

(n)[reserved].

(o)Pari Passu Ranking. The Borrower shall ensure that at all times any unsecured and unsubordinated claims of the Bank against it under the Credit Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred solely by any bankruptcy, insolvency or other similar law of general application governing the enforcement of creditors’ rights.

(p)Further Assurances. At the Borrower’s cost and expense, the Borrower will execute and deliver to the Bank such additional certificates, instruments and/or documents and takes such additional action as may be reasonably requested by the Bank to enable the Bank to Issue any Letter of Credit pursuant to this Agreement and the related Application, to protect, exercise and/or enforce the Bank’s rights and interests under any Credit Document and/or to give effect to the terms and provisions of any Credit Document.

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(q)Merger. Deliver to the Bank at least 30 days advance written notice of the consummation of any consolidation, amalgamation, merger or other transaction which results in a Person (other than a Credit Party) assuming any obligation under the Credit Documents.

8.FINANCIAL COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and all of the Commitments have terminated, the Borrower covenants and agrees to the following:

(a)Minimum Consolidated Tangible Net Worth. [*****]

(b)Financial Strength Ratings. [*****]

9.NEGATIVE COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and the Commitment terminated, the Borrower shall not:

(a)Changes in Business. At any time make, or permit or cause any of its Subsidiaries to make, any material change in the nature of their business as carried on at the date hereof that could be reasonably expected to have a Material Adverse Effect or enter into any new line of business that is not similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion thereof or ancillary thereto the business as carried on as of the date hereof.

(b)[Reserved].

(c)Accounting Changes. At any time make, or permit any of its Subsidiaries to make, any material change in its accounting policies or reporting practices, except as may be required or permitted by GAAP or SAP, as applicable.

(d)Liens. At any time when Cash Collateral has been provided pursuant to Section 2(l) or Section 11, create, incur, assume or suffer to exist any Lien upon any Collateral Account or any such Cash Collateral, except for Liens created pursuant to any Credit Document.

(e)[Reserved].

(f)Sanctions.

(i)Request or use any issued Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

(ii)Use any revenue or benefit derived from any activity or dealing with a Sanctioned Person, or permit any revenue or benefit derived from any activity or dealing with a Sanctioned Person to be used, to discharge any obligation due or owing to the Bank under the Credit Documents.

10.EVENTS OF DEFAULT. Each of the following shall be an “Event of Default” under this Agreement:

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(a)Failure to Reimburse Draws. The failure by the Borrower to reimburse or pay any drawing under any Letter of Credit or accrued interest thereon on the Due Date therefor.

(b)Failure to Pay Certain Other Amounts. The failure by the Borrower to pay any fee or other amount when due under or in connection with any Credit Document or any Letter of Credit within five (5) Business Days after the same shall become due and payable.

(c)Breach of Representation and Warranty. Any representation, warranty, certification or statement made or furnished by any Credit Party under or in connection with any Credit Document or as an inducement to the Bank to Issue a Letter of Credit shall be false, incorrect or misleading in any material respect when made.

(d)Failure to Perform or Observe Covenants.

(i)The failure of the Borrower to perform or observe any term, covenant or agreement contained in Section 7(c)(i), Section 7(g), Section8 or Section 9; or

(ii)The failure of any Credit Party to perform or observe any term, covenant or agreement contained in any Credit Document to which it is a party (other than those referred to in subsections (a), (b), (c), and (d)(i) of this Section 10), and with respect to any such failure or breach that by its nature can be cured, such failure or breach shall continue or remain unremedied for thirty (30) calendar days after the earlier of (1) the Bank’s delivery of written notice thereof to the Borrower and (2) any Credit Party having actual knowledge that such failure or breach has occurred.

(e)Insolvency Proceedings, Etc. Any Everest Party institutes or consents to the institution of any proceeding under any Bankruptcy Law; or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner, process adviser or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner, process adviser or similar officer is appointed without the application or consent of any Everest Party, as the case may be, and the appointment continues undischarged, undismissed or unstayed for sixty (60) calendar days; or any proceeding under any Bankruptcy Law relating to any Everest Party or to all or any material part of its property is instituted without the consent of such Everest Party, as the case may be, and continues undischarged, undismissed or unstayed for sixty (60) calendar days; or an order for relief is entered in any such proceeding; or any Everest Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due.

(f)Sale of Assets; Merger; Dissolution. There shall occur in one or a series of transactions: (i) the sale, assignment or transfer of all or substantially all of the assets of any Credit Party which results in a Rating Trigger or could reasonably be expected to result in a Rating Trigger; (ii) a merger, amalgamation or consolidation of any Credit Party (other than a merger, amalgamation or consolidation of the Borrower into the Guarantor) without the prior written consent of the Bank, except that any Credit Party may merge, amalgamate or consolidate with any Person so long as (A) either (x) such Credit Party is the surviving entity or (y) the Person formed by or surviving any such consolidation, amalgamation or merger is an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia, Bermuda or any other jurisdiction that would not result in any violation of Sanctions by the Bank; (B) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than a Credit Party) assumes all the obligations of the applicable Credit Party under the Credit Documents pursuant to agreements reasonably satisfactory to the Bank; and (C) such merger, amalgamation or consolidation does not, and could not reasonably be expected to, result in a Rating Trigger; or (iii) the dissolution of any Credit Party.

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(g)Credit Documents. Any provision of any Credit Document shall for any reason cease to be valid and binding or enforceable; or any Credit Party shall deny or disaffirm in writing the enforceability of any provision of any Credit Document to which it is a party.

(h)Indebtedness Cross-Default. Any Everest Party shall (i) default in the payment of any Indebtedness (other than the Obligations and obligations amongst such Everest Party and its affiliates) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the applicable Threshold Amount beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Obligations and obligations amongst such Everest Party and its affiliates) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the applicable Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist (other than the Obligations and obligations amongst such Everest Party and its affiliates), the effect of which default or other event or condition is to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to (A) become due, or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period having expired) or (B) be cash collateralized (it being understood that a pledge of cash collateral by an Everest Party to secure a Hedge Agreement as initial or variation margin does not trigger a violation of this clause (B)).

(i)Judgment. One or more judgments, orders or decrees (excluding those entered against a Credit Party in any arbitration or litigation related to (re)insurance coverage disputes arising in the ordinary course of business involving any reinsurance agreement (treaty or facultative), or direct insurance policy) shall be entered or filed against any Credit Party by any court and continues without having been dismissed, discharged, vacated or stayed within sixty (60) days after the entry thereof or is not otherwise being appropriately contested in good faith and such judgments, orders or decrees are either (i) for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage), equal to or in excess of the applicable Threshold Amount or (ii) for injunctive relief and could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

(j)EmployeeBenefitMatters.Except as would not reasonably be expected to result in a Material Adverse Effect, anyLienshallbeimposedontheassetsofany Credit Party under ERISA with respect to any Plan or under any foreign laws similar to ERISA governing foreign pensionplans.

(k)Change in Control. There occurs any Change in Control.

11.REMEDIES.

(a)Upon the occurrence of any Event of Default (other than an event with respect to the Borrower described in clause (e) of Section 10), the Bank may, by written notice to the Borrower, (i) terminate the Commitments, (ii) declare all Obligations to be immediately due and payable, whereupon the same shall forthwith become due and payable by the Borrower, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) demand that the Borrower provide Cash Collateral in an amount equal to 100% of the Letter of Credit Obligations, whereupon the Borrower shall be obligated to Cash Collateralize the Letter of Credit Obligations forthwith in an amount equal to 100% of the Letter of Credit Obligations; and, in case of any event with respect to the Borrower described in clause (e) of Section 10, all of the

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Commitments shall be immediately and automatically terminated, all Obligations shall become immediately and automatically due and payable, and the obligation of the Borrower to provide Cash Collateral as aforesaid shall automatically become effective, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

(b)If any Event of Default shall have occurred and be continuing:

(c)(i)    the Bank may without notice to the Borrower except as required by law and at any time or from time to time, charge, set-off, and otherwise apply any deposits of the Borrower held by the Bank or any Affiliate of the Bank (including unmatured time deposits and certificates of deposit) against the Obligations or any part thereof; and/or

(d)(ii)    the Bank may without notice to the Borrower, exercise all other rights and remedies available to the Bank under the Credit Documents.

(e)The enumeration of the rights and remedies of the Bank set forth in this Agreement is not intended to be exhaustive and the exercise by the Bank of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Credit Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or failure to take action on the part of the Bank in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Everest Parties, the Bank or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Credit Documents or to constitute a waiver of any Event of Default.

(f)In case of the pendency of any proceeding under any Bankruptcy Law or any other judicial proceeding relative to any Everest Party, the Bank (irrespective of whether any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Bank shall have made any demand on such Everest Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Bank (including any claim for the reasonable compensation, expenses, disbursements and advances of the Bank and its agents and counsel and all other amounts due to the Bank under Section 2(k), Section 5(a) or Section 5(d)) allowed in such judicial proceeding; and

(ii)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.

Nothing contained herein shall be deemed to authorize the Bank to consent to or accept or adopt any plan of reorganization, arrangement, adjustment, or composition affecting the obligations of the Borrower hereunder or the rights of the Bank.

12.CONFIDENTIALITY. The Bank agrees to keep confidential any Information provided to it by or on behalf of the Everest Parties other than Information which has been publicly disclosed or is otherwise publicly available (x) other than as a result of a breach of this Section 12 or (y) from a third party which to the knowledge of the Bank is prohibited from disclosing such information to the Bank pursuant to a contractual, legal or fiduciary obligation to a Group Member or a third party; provided that nothing herein shall prevent the Bank from disclosing any such Information (i) to any actual or potential

19

assignee of or participant in this Agreement or the Letters of Credit (and their respective affiliates and advisors) or any actual or prospective counterparty (and its affiliates and advisors) to any swap or derivative transaction relating to the Borrower and its obligations which agrees in writing to comply with the provisions of this Section; (ii) to rating agencies and their professional advisors; (iii) to its affiliates and related funds and the employees, officers, respective partners, directors, investors, potential investors, agents, trustees, advisors, representatives, attorneys, accountants, auditors, credit insurers, credit risk support providers, third party administration, settlement and similar service providers and other professional advisors of it and its affiliates and related funds, provided that such recipients are notified that they are obligated to keep the Information confidential; (iv) upon the request or demand of any Governmental Authority having jurisdiction over the Bank, including during the course of periodic examinations and reviews of the Bank; (v) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; (vi) in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder; (vii) to any Person to which it provides (or may potentially provide) a pledge or other security as permitted by this Agreement or any other Credit Document; (viii) with the consent of the Borrower; and (ix) if, prior to such Information having been so provided or obtained, such information was already in the Bank's possession on a non-confidential basis without, to the best of the Bank's knowledge, a duty of confidentiality to the Borrower being violated. For purposes of this Section, “Information” means all information received from any Everest Party, other than any such information that is available to the Bank on a nonconfidential basis prior to disclosure by any Everest Party, provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

13.TERM OF AGREEMENT. This Agreement shall remain in effect through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Credit Document shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired and the Commitment has been terminated. No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination.

14.USA PATRIOT ACT; ANTI-MONEY LAUNDERING LAWS. The Bank hereby notifies the Everest Parties that pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, it is required to obtain, verify and record information that identifies the Everest Parties, which information includes the name and address of each Everest Party and other information that will allow the Bank to identify the Everest Parties in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.

15.GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

16.CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS. THE BORROWER HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT WITHIN NEW YORK COUNTY, NEW YORK OR ANY FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK OR ANY APPELLATE COURT THEREOF FOR ANY PROCEEDING INSTITUTED HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS, OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS, OR ANY PROCEEDING TO WHICH BANK OR THE BORROWER IS A PARTY, INCLUDING ANY ACTIONS BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF

20

DEALING, STATEMENT (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BANK OR PROCEEDING TO WHICH BANK OR THE BORROWER IS A PARTY. BANK AND THE BORROWER IRREVOCABLY AGREE TO BE BOUND (SUBJECT TO ANY AVAILABLE RIGHT OF APPEAL) BY ANY JUDGMENT RENDERED OR RELIEF GRANTED THEREBY AND FURTHER WAIVES ANY OBJECTION THAT IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY SUCH PROCEEDING. BANK AND THE BORROWER IRREVOCABLY AGREE THAT SERVICE OF PROCESS MAY BE DULY EFFECTED UPON IT BY MAILING A COPY THEREOF, BY CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT ITS ADDRESS SET FORTH IN SECTION 19 BELOW. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR THE RIGHT OF BANK TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION.

On or prior to the Closing Date, the Borrower shall appoint [*****] (the “Process Agent”), with an office on the date hereof at[*****], as its agent to receive on its behalf service of the summons and complaints and any other process which may be served in any such action or proceeding, provided that a copy of such process is also mailed to the Borrower in the manner provided in Section 19. Such service may be made by mailing or delivering a copy of such process to the Borrower in care of the Process Agent at the Process Agent's above address, and the Borrower hereby authorizes and directs the Process Agent to receive such service on its behalf. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.

If the appointment of any person mentioned in this Section 16 ceases to be effective with respect to the Borrower, the Borrower must immediately appoint a further person in the State of New York to accept service of process on its behalf in the State of New York and, if the Borrower does not appoint a process agent within 15 days, the Borrower authorizes the Bank to appoint a process agent for the Borrower.

17.WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY WAIVE ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON, ARISING OUT OF, OR RELATING TO ANY CREDIT DOCUMENT OR LETTER OF CREDIT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES THERETO. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE BANK TO ISSUE LETTERS OF CREDIT.

18.BANKRUPTCY AND FORFEITURE REINSTATEMENT. If any consideration transferred to the Bank in payment of, or as collateral for, or in satisfaction of the Obligations, shall be voided in whole or in part as a result of (a) a subsequent bankruptcy or insolvency proceeding; (b) any forfeiture or seizure action or remedy; (c) any fraudulent transfer or preference action or remedy; or (d) any other civil, criminal or equitable proceeding or remedy, then the Bank’s claim to recover the voided consideration shall be a new and independent claim arising under the applicable Credit Document and shall be due and payable immediately by the Borrower that is obligated therefor under the terms of the Credit Documents.

19.NOTICES.

(a)Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein will be in writing and will be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by email as set out on Schedule 2.

(b)Notices sent by hand or overnight courier service, or mailed by certified or registered mail, will be deemed to have been given when received; notices sent by email will be

21

deemed to have been given when sent (except that, if not given during normal business hours for the recipient, will be deemed to have been given at the opening of business on the next Business Day for the recipient). The Borrower and the Bank may each change its address for purposes hereof by notice to the other party given in accordance with this Section 19.

(c)The Bank or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications (other than notices and other communications sent by email). Unless the Bank otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received (x) upon sending if the sender does not receive an error of transmission or similar error indicating non-delivery or (y) upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(d)[reserved].

(e)The Bank shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify Bank and its Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Bank may be recorded by the Bank, and each of the parties hereto hereby consents to such recording.

(f)The Borrower irrevocably consents that service of process may be made by registered or certified mail directed to the Borrower at the address of its agent for service of process in[*****].

20.WAIVERS AND AMENDMENTS. Except as set forth below or as specifically provided in any Credit Document, any term, covenant, agreement or condition of this Agreement or any of the other Credit Documents may be amended or waived by the Bank, and any consent given by the Bank, if, but only if, such amendment, waiver or consent is in writing signed by the Bank and, in the case of an amendment, signed by the Borrower.

21.SUCCESSORS AND ASSIGNS.

(a)The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither party hereto may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the other party hereto, except (i) the Borrower’s consent to an assignment by the Bank shall not be required if an Event of Default has occurred and is continuing and (ii) by way of a participation in accordance with the provisions of paragraph (b) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (c) of this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer

22

upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (e) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Bank) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)Participations. The Bank may at any time, without the consent of, or notice to, the Borrower, sell participations to any Person (other than a natural Person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Subsidiaries or Affiliates) (each, a “Participant”) in all or a portion of the Bank’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Reimbursement Obligations owing to it); provided that (i) the Bank’s obligations under this Agreement shall remain unchanged, (ii) the Bank shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with the Bank in connection with the Bank’s rights and obligations under this Agreement.

(c)The Bank, if it sells a participation, shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the obligations under the Credit Documents (the “Participant Register”); provided that the Bank shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, letters of credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Bank shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement, notwithstanding any notice to the contrary.

(d)Pledges of Security Interests. The Bank may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of the Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release the Bank from any of its obligations hereunder or substitute any such pledgee or assignee for the Bank as a party hereto.

22.SEVERABILITY. Whenever possible, each provision of each Credit Document shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of any Credit Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of such Credit Document.

23.ENTIRE AGREEMENT. This Agreement, together with the other Credit Documents and any other agreement, document or instrument referred to herein, constitute the final, exclusive and entire agreement and understanding of, and supersede all prior or contemporaneous, oral or written, agreements, understandings, representations and negotiations between, the parties relating to the subject matter of the Credit Documents.

24.ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN. Notwithstanding anything to the contrary in any Credit Documents or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the Write-

23

Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable:

(i)    a reduction in full or in part or cancellation of any such liability;

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or

(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

(c)Capitalized terms used in this Section 24 that are not otherwise defined in this Agreement have the meanings assigned to them below.

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

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“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

“Resolution Authority” means, with respect to any EEA Financial Institution, an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

25.NO ADVISORY OR FIDUCIARY RESPONSIBILITY. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Bank are arm's-length commercial transactions between the Everest Parties and their respective affiliates, on the one hand, and the Bank on the other hand, (B) the Everest Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate, and (C) the Everest Parties are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents; (ii) (A) the Bank has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Everest Parties or any of their Affiliates, or any other Person and (B) the Bank has no obligation to the Everest Parties or any of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; and (iii) the Bank and its Affiliates may be engaged in a broad range of transactions that

25

involve interests that differ from those of the Everest Parties and their affiliates, and the Bank has no obligation to disclose any of such interests to the Everest Parties or any of their affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Bank with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

26.COUNTERPARTS; ELECTRONIC EXECUTION. This Agreement may be executed (including by email with scan attachment or by DocuSign) in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement in electronic format shall be effective as delivery of a manually executed counterpart of this Agreement. The words “executed,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

27.FOREIGN CURRENCY. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Bank could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Bank hereunder shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Bank of any sum adjudged to be so due in the Judgment Currency, the Bank may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Bank in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Bank against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Bank in such currency, the Bank agrees to return the amount of any excess to the Borrower.

28.BACK-TO-BACK CREDITS. In the event that any Letter of Credit shall be issued to support a bank guarantee or standby letter of credit issued by a bank (regardless of whether such bank is another branch of the Bank, an affiliate thereof or a correspondent bank, the “Issuing Bank”; such supported bank guarantee or standby letter of credit, a “Back To Back Obligation”), the choice of Issuing Bank beneficiary of such Letter of Credit, and the terms and conditions under which such Back To Back Obligation is issued, shall be subject to approval by the Bank, with such terms and conditions detailed in the Application. Any Letter of Credit issued in favor of an Issuing Bank will be payable at sight and contain a condition that when any claim is made on the Bank by the Issuing Bank, the Issuing Bank shall declare in writing that it is effecting a payment under a Back To Back Obligation. If a Back To Back Obligation has no expiry date (i.e., open-ended), then the Letter of Credit shall have an automatic extension clause that is extendable, without amendment, on a yearly basis at the Bank’s discretion and include a mutually agreed number of days required to deliver any advance notice of non-extension thereof to the Borrower and the Issuing Bank in the event the Letter of Credit is not extended after the initial expiry date of one year from issuance date or any subsequent expiry dates thereafter. Notwithstanding anything to the contrary, it is understood that the Borrower shall repay the Bank for any drawings occurring in connection of the delivery of any such non-extension notices thereof by the Bank.

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(Signature pages to follow)

27

BORROWER:

EVEREST REINSURANCE COMPANY (IRELAND), DESIGNATED ACTIVITY COMPANY

By:

Name:

Title:

Signature Page to Letter of Credit Facility Agreement

COMMERZBANK AG, NEW YORK BRANCH,
as the Bank

By:______________________________________
Name:
Title:

By:______________________________________
Name:
Title:

Signature Page to Letter of Credit Facility Agreement

SCHEDULE 1

[*****]

Schedule 2 to Letter of Credit Facility Agreement

EX-21.1

EXHIBIT 21.1

Subsidiaries of Everest Group, Ltd.

The following is a list of Everest Group, Ltd. Subsidiaries:

Name of Subsidiary	Jurisdiction of Incorporation
Everest Underwriting Group (Ireland) Limited		Ireland
Everest Insurance Company of Canada		Canada
Premiere Insurance Underwriting Services		Canada
Everest Reinsurance Holdings, Inc.		Delaware
Everest Global Services, Inc.		Delaware
Everest Reinsurance Company		Delaware
Everest Indemnity Insurance Company		Delaware
Everest National Insurance Company		Delaware
Everest Reinsurance Company - Escritório de Representa ção No Brasil Ltda.		Brazil
Everest Security Insurance Company		Delaware
Mt. Whitney Securities, LLC		Delaware
Everest Denali Insurance Company		Delaware
Everest Premier Insurance Company		Delaware
Everest International Assurance, Ltd.		Bermuda
Everest Specialty Underwriters Services, LLC		Delaware
Mt. McKinley Managers, LLC		New Jersey
EverSports & Entertainment Insurance, Inc.		Indiana
SIG Sports, Leisure and Entertainment Risk Purchasing Group, LLC		Indiana
Salus Systems, LLC		Delaware
Everest Reinsurance (Bermuda), Ltd.		Bermuda
Everest International Reinsurance, Ltd.		Bermuda
Everest Compañia de Seguros Generales Colombia S.A.		Colombia
Everest Re Advisors, Ltd.		Bermuda
Everest Advisors (UK), Ltd.		United Kingdom
Everest Servicios Colombia S.A.S.		Colombia
Everest Compañia de Seguros Generales Chile S.A.		Chile
Compañia de Seguros Generales Everest Mexico S.A. de C.V.		Mexico
Everest, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable		Mexico
Mt. Logan Re, Ltd.		Bermuda
Mt. Logan Insurance Managers, Ltd.		Bermuda
Mt. Logan Management, Ltd.		Bermuda
Everest International Holdings (Bermuda), Ltd.		Bermuda
Everest Corporate Member Limited		United Kingdom
Everest Service Company (UK), Ltd.		United Kingdom
Mt. Logan Capital Management, Ltd.		Bermuda
Everest Preferred International Holdings, Ltd.		Bermuda
Everest Dublin Insurance Holdings Limited		Ireland
Everest Reinsurance Company (Ireland), dac		Ireland
Everest Insurance (Ireland), dac		Ireland

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the registration statements on Form S-3 (No. 333-282149) and Forms S-8 (Nos. 333-238962; 333-169698; 333-105483; and 333-97049) of our report dated February 27, 2025, with respect to the consolidated financial statements of Everest Group, Ltd. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

New York, New York

February 27, 2025

EX-23.2

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-282149) and Forms S-8 (Nos. 333-238962; 333-169698; 333-105483; and 333-97049) of Everest Group, Ltd. of our report dated February 28, 2024, except for the changes in segment presentation discussed in Note 6 to the consolidated financial statements, as to which the date is February 27, 2025 relating to the financial statements and financial statement schedules, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, NY

February 28, 2024, except for the changes in segment presentation discussed in Note 6 to the consolidated financial statements, as to which the date is February 27, 2025

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, James Williamson, certify that:

1.I have reviewed this annual report on Form 10-K of Everest Group, Ltd;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 27, 2025
	/S/ JAMES WILLIAMSON
	James Williamson
	President and
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Mark Kociancic, certify that:

1.I have reviewed this annual report on Form 10-K of Everest Group, Ltd;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 27, 2025
	/S/ MARK KOCIANCIC
	Mark Kociancic
	Executive Vice President and
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K for the year ended December 31, 2024 of Everest Group, Ltd., a company organized under the laws of Bermuda (the “Company”), filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. ss. 1350, as enacted by section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

February 27, 2025

/S/ JAMES WILLIAMSON

James Williamson

President and

Chief Executive Officer

/S/ MARK KOCIANCIC

Mark Kociancic

Executive Vice President and

Chief Financial Officer

XML

Cover - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2024

Feb. 01, 2025

Jun. 30, 2024

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2024

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-15731

Entity Registrant Name

EVEREST GROUP, LTD.

Entity Incorporation, State or Country Code

D0

Entity Tax Identification Number

98-0365432

Entity Address, Address Line One

Seon Place – 4th Floor

Entity Address, Address Line Two

141 Front Street

Entity Address, Address Line Three

PO Box HM 845

Entity Address, City or Town

Hamilton

Entity Address, Country

BM

Entity Address, Postal Zip Code

HM 19

City Area Code

441

Local Phone Number

295-0006

Title of 12(b) Security

Common Shares, $0.01 par value

Trading Symbol

EG

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction Flag

false

Entity Shell Company

false

Entity Public Float

$ 16.5

Entity Common Stock, Shares Outstanding

42,934,097

Documents Incorporated by Reference

Certain information required by Items 10, 11, 12, 13 and 14 of Form 10-K is incorporated by reference into Part III hereof from the registrant’s proxy statement for the 2025 Annual General Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days of the close of the registrant’s fiscal year ended December 31, 2024.

Entity Central Index Key

0001095073

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

FY

Amendment Flag

false

XML

Audit Information	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	185	238
Auditor Name	KPMG LLP	PricewaterhouseCoopers LLP
Auditor Location	New York, New York	New York, New York

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS:
Fixed maturities - available for sale, at fair value (amortized cost: 2024, $29,934; 2023, $28,568, credit allowances: 2024, $(36); 2023, $(48))	$ 28,908	$ 27,740
Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $759; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8))	757	855
Equity securities, at fair value	217	188
Other invested assets	5,392	4,794
Short-term investments	4,707	2,127
Cash	1,549	1,437
Total investments and cash	41,531	37,142
Accrued investment income	368	324
Premiums receivable (net of credit allowances: 2024, $(54); 2023, $(41))	5,378	4,768
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(41); 2023, $(26))	207	164
Reinsurance unpaid loss recoverables	2,915	2,098
Funds held by reinsureds	1,218	1,135
Deferred acquisition costs	1,461	1,247
Prepaid reinsurance premiums	869	713
Income tax asset, net	1,223	868
Other assets (net of credit allowances: 2024, $(9); 2023, $(9))	1,171	941
TOTAL ASSETS	56,341	49,399
LIABILITIES:
Reserve for losses and loss adjustment expenses	29,889	24,604
Unearned premium reserve	7,324	6,622
Funds held under reinsurance treaties	27	24
Amounts due to reinsurers	701	650
Losses in course of payment	241	171
Senior notes	2,350	2,349
Long-term notes	218	218
Borrowings from FHLB	1,019	819
Accrued interest on debt and borrowings	22	22
Unsettled securities payable	84	137
Other liabilities	590	582
TOTAL LIABILITIES	42,466	36,197
Commitments and contingencies (Note 11)
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	0	0
Common shares, par value: $0.01; 200.0 shares authorized; 74.3 (2024) and 74.2 (2023) outstanding before treasury shares	1	1
Additional paid-in capital	3,812	3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(177) at 2024 and $(99) at 2023	(1,138)	(934)
Treasury shares, at cost: 31.3 shares (2024) and 30.8 shares (2023)	(4,108)	(3,908)
Retained earnings	15,309	14,270
Total shareholders' equity	13,875	13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 56,341	$ 49,399

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS:
Fixed maturities, amortized cost	$ 29,934	$ 28,568
Fixed maturities, credit allowances	(36)	(48)
Fixed maturities - held to maturity, at amortized cost, fair value	759	854
Fixed maturities - held to maturity, at amortized cost, net of credit allowances	(8)	(8)
Premium receivable, allowance for credit loss	(54)	(41)
Reinsurance recoverables on paid losses, allowance	(41)	(26)
Other assets, allowance for credit loss	$ (9)	$ (9)
SHAREHOLDERS' EQUITY:
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000.0	50,000,000.0
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Common shares, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	200,000,000.0	200,000,000.0
Common shares, outstanding (in shares)	74,300,000	74,200,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (177)	$ (99)
Treasury shares (in shares)	31,300,000	30,800,000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Premiums earned	$ 15,187	$ 13,443	$ 11,787
Net investment income	1,954	1,434	830
Total net gains (losses) on investments	19	(276)	(455)
Other income (expense)	121	(14)	(102)
Total revenues	17,281	14,587	12,060
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	11,305	8,427	8,100
Commission, brokerage, taxes and fees	3,300	2,952	2,528
Other underwriting expenses	938	846	682
Corporate expenses	95	73	61
Interest, fees and bond issue cost amortization expense	149	134	101
Total claims and expenses	15,787	12,432	11,472
INCOME (LOSS) BEFORE TAXES	1,493	2,154	588
Income tax expense (benefit)	120	(363)	(9)
NET INCOME (LOSS)	1,373	2,517	597
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	(97)	743	(2,037)
Reclassification adjustment for realized losses (gains) included in net income (loss)	(12)	244	89
Total URA(D) on securities arising during the period	(109)	986	(1,948)
Foreign currency translation and other adjustments	(128)	59	(77)
Benefit plan actuarial net gain (loss) for the period	34	15	15
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	(1)	2	2
Total benefit plan net gain (loss) for the period	33	17	17
Total other comprehensive income (loss), net of tax	(204)	1,063	(2,008)
COMPREHENSIVE INCOME (LOSS)	$ 1,169	$ 3,580	$ (1,411)
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 31.78	$ 60.19	$ 15.19
Diluted (in dollars per share)	$ 31.78	$ 60.19	$ 15.19

XML

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	COMMON SHARES	ADDITIONAL PAID-IN CAPITAL:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES	RETAINED EARNINGS:	TREASURY SHARES AT COST:
Balance beginning of period (in shares) at Dec. 31, 2021		39.3
Balance beginning of period at Dec. 31, 2021		$ 1	$ 2,274	$ 12	$ 11,700	$ (3,847)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		0.1
Treasury shares acquired (in shares)		(0.2)
Share-based compensation plans			28
Net increase (decrease) during the period	$ (2,008)			(2,008)
Net income (loss)	597				597
Dividends declared ($7.75 per share 2024, $6.80 per share 2023 and $6.50 per share 2022)					(255)
Purchase of treasury shares						(61)
Balance end of period (in shares) at Dec. 31, 2022		39.2
Balance end of period at Dec. 31, 2022	8,441	$ 1	2,302	(1,996)	12,042	(3,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		4.2
Public offering of shares			1,445
Share-based compensation plans			26
Net increase (decrease) during the period	1,063			1,063
Net income (loss)	$ 2,517				2,517
Dividends declared ($7.75 per share 2024, $6.80 per share 2023 and $6.50 per share 2022)					(288)
Balance end of period (in shares) at Dec. 31, 2023	74.2	43.4
Balance end of period at Dec. 31, 2023	$ 13,202	$ 1	3,773	(934)	14,270	(3,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		0.1
Treasury shares acquired (in shares)		(0.5)
Share-based compensation plans			39
Net increase (decrease) during the period	(204)			(204)
Net income (loss)	$ 1,373				1,373
Dividends declared ($7.75 per share 2024, $6.80 per share 2023 and $6.50 per share 2022)					(334)
Purchase of treasury shares						(200)
Balance end of period (in shares) at Dec. 31, 2024	74.3	43.0
Balance end of period at Dec. 31, 2024	$ 13,875	$ 1	$ 3,812	$ (1,138)	$ 15,309	$ (4,108)

XML

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 7.75	$ 6.80	$ 6.50

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,373	$ 2,517	$ 597
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(715)	(1,064)	(435)
Decrease (increase) in funds held by reinsureds, net	(81)	(66)	(197)
Decrease (increase) in reinsurance recoverables	(1,091)	143	(413)
Decrease (increase) in income taxes	(277)	(559)	(181)
Decrease (increase) in prepaid reinsurance premiums	(232)	(46)	(166)
Increase (decrease) in reserve for losses and loss adjustment expenses	5,612	2,256	3,477
Increase (decrease) in unearned premiums	809	1,387	655
Increase (decrease) in amounts due to reinsurers	135	18	201
Increase (decrease) in losses in course of payment	75	93	(186)
Change in equity adjustments in limited partnerships	(261)	(168)	(94)
Distribution of limited partnership income	163	120	180
Change in other assets and liabilities, net	(431)	(339)	(297)
Non-cash compensation expense	63	49	45
Amortization of bond premium (accrual of bond discount)	(167)	(64)	55
Net (gains) losses on investments	(19)	276	455
Net cash provided by (used in) operating activities	4,957	4,553	3,695
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	3,783	2,310	2,626
Proceeds from fixed maturities sold - available for sale	6,257	3,849	1,403
Proceeds from fixed maturities matured/called/repaid - held to maturity	157	105	39
Proceeds from equity securities sold	37	126	2,217
Distributions from other invested assets	409	245	266
Cost of fixed maturities acquired - available for sale	(11,563)	(10,653)	(7,344)
Cost of fixed maturities acquired - held to maturity	(49)	(112)	(153)
Cost of equity securities acquired	(50)	(17)	(1,003)
Cost of other invested assets acquired	(936)	(902)	(1,547)
Net change in short-term investments	(2,494)	(1,034)	149
Net change in unsettled securities transactions	(27)	181	(71)
Net cash provided by (used in) investing activities	(4,478)	(5,902)	(3,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense	(24)	(23)	(17)
Proceeds from public offering of common shares	0	1,445	0
Purchase of treasury shares	(200)	0	(61)
Dividends paid to shareholders	(334)	(288)	(255)
Proceeds from issuance of senior notes	0	0	0
Cost of debt repurchase	0	0	(6)
Net FHLB borrowings (repayments)	200	300	0
Cost of shares withheld on settlements of share-based compensation awards	(25)	(24)	(20)
Net cash provided by (used in) financing activities	(383)	1,409	(359)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	16	(23)	39
Net increase (decrease) in cash	112	38	(42)
Cash, beginning of period	1,437	1,398	1,441
Cash, end of period	1,549	1,437	1,398
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	397	196	171
Interest paid	147	130	98
NON-CASH TRANSACTIONS:
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances	0	0	722
Non-cash limited partnership distribution	$ 23	$ 0	$ 0

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.Business and Basis of Presentation.

Everest Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets.  As used in this document, “Company” means Group and its subsidiaries.

Effective July 10, 2023, the Company changed Group’s name to Everest Group, Ltd. from Everest Re Group, Ltd. and started trading under a new ticker symbol (NYSE: EG) to reflect the evolution, global growth and diversification strategy of the Company.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group:  Everest International Reinsurance, Ltd. (“Everest International”), Everest Compañia de Seguros Generales Colombia S.A., Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (U.K.), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (U.K.), Ltd., Everest Compañia de Seguros Generales Chile S.A. (“Everest Chile”), Compañia de Seguros Generales Everest Mexico S.A. de C.V., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), dac (“Ireland Insurance”), Everest Reinsurance Company (Ireland), dac (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable and Everest Servicios Colombia S.A.S.  All intercompany accounts and transactions have been eliminated. All amounts are reported in United States (“U.S.”) dollars.

The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. See ITEM 7, “Management’s Discussion and Analysis of Critical Accounting Estimates”.

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2024 presentation.

B.Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a

change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit related or non-credit related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

Fixed maturity securities designated as held to maturity consist of debt securities for which the Company has both the positive intent and ability to hold to maturity or redemption and are reported at amortized cost, net of the current expected credit loss allowance.  Interest income for fixed maturity securities held to maturity is determined in the same manner as interest income for fixed maturity securities available for sale.  The Company evaluates fixed maturity securities classified as held to maturity for current expected credit losses utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses. The majority of these fixed maturities classified as held to maturity are of a high credit quality and are rated investment grade as of December 31, 2024.

Interest, dividend income and amortization of fixed maturity market premium and discounts, related to securities are recorded in net investment income, net of investment management and custody fees in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

For equity securities, the Company reflects changes in fair value as net gains (losses) on investments.  Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). 

Short-term investments comprise securities due to mature within one year from the date of purchase and are stated at cost, which approximates fair value.

Realized gains or losses on sales of investments are determined on the basis of identified cost. 

For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality and cash flow

characteristics of each security.  For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties.  All fair value estimates from investment managers are reviewed by the Company for reasonableness.  For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs.  When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. 

Other invested assets include limited partnerships, corporate-owned life insurance (“COLI”), rabbi trusts and other investments. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag and are included within net investment income. COLI policies are carried at policy cash surrender value and changes in the policy cash surrender value are included within net investment income.

Cash includes cash on hand. Restricted cash is included within cash in the consolidated balance sheets and represents amounts held for the benefit of third parties that is legally or contractually restricted as to its withdrawal or usage. Amounts include cash in trust funds set up for the benefit of ceding companies.

C.Allowance for Premium Receivable and Reinsurance Recoverables.

The Company applies the Current Expected Credit Losses methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts. 

Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/cedents. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate.

A portion of the Company's commercial lines business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is recorded within other assets in the consolidated balance sheets. The allowance is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios.

The Company records total credit loss expenses related to premiums receivable in other underwriting expenses and records credit loss expenses related to deductibles in incurred losses and loss adjustment expenses (“LAE”) in the Company’s consolidated statements of operations and comprehensive income (loss).

The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable includes an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible.

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios.

The Company records credit loss expenses related to reinsurance recoverable in incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

D.Deferred Acquisition Costs.

Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned.  Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. 

E.Reserve for Losses and LAE.

The reserve for losses and LAE is based on individual case estimates and reports received from ceding companies.  A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.  Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.  See also Note 4 of the Notes to these Consolidated Financial Statements.  The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made.  The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability.  Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract.  Changes in estimates for such arrangements are recorded as commission expense.  Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE.

F.Premium Revenues.

Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts.  Unearned premium reserves are established relative to the unexpired contract period.  For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data.  Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted.  The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued.  Premiums are net of ceded reinsurance.

During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used. The refined estimate resulted in an increase of gross written premium for the twelve months ended December 31, 2023, and has further aligned the estimation methodology across the reinsurance division globally. This change had no impact on the total written premium to be recognized over the term of the treaty. There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income or any related per-share amounts.

G.Prepaid Reinsurance Premiums.

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers.  Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2024 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

H.Income Taxes.

Holdings and its wholly owned subsidiaries file a consolidated U.S. federal income tax return.  Foreign subsidiaries and branches of subsidiaries file local tax returns as required.  Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required.  Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules.

As a result of Bermuda enacting a corporate income tax effective January 1, 2025, Group subsidiaries in Bermuda will file and pay income taxes subsequent to that date.

As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from Accumulated Other Comprehensive Income.

I.Foreign Currency.

The Company transacts business in numerous currencies through business units located around the world.  The functional currency for each business unit is determined by the local currency used for most economic activity in that area.  Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes.

The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income (loss).  Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated as a separate component of other comprehensive income (loss) in shareholders’ equity.

J.Treasury Shares.

Treasury shares are the Company’s common shares repurchased on the open market, by the Company. The cost of treasury shares includes the purchase price of shares acquired and direct costs to acquire shares, including commissions.

K.Earnings Per Common Share.

Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding.  Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.

Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding.

	Years Ended December 31,
(Amounts in millions, except per share amounts)	2024			2023			2022
Net income (loss) per share:
Numerator
Net income (loss)	$	1,373		$	2,517		$	597
Less:  dividends declared-common shares and unvested common shares	(334)			(288)			(255)
Undistributed earnings	1,039			2,229			342
Percentage allocated to common shareholders (1)	98.8		%	98.8		%	98.7		%
	1,027			2,203			337
Add:  dividends declared-common shareholders	331			285			252
Numerator for basic and diluted earnings per common share	$	1,358		$	2,488		$	589
Denominator
Denominator for basic earnings per weighted-average common shares	42.7			41.3			38.8
Effect of dilutive securities:
Options	—			—			—
Denominator for diluted earnings per adjusted weighted-average common shares	42.7			41.3			38.8
Per common share net income (loss)
Basic	$	31.78		$	60.19		$	15.19
Diluted	$	31.78		$	60.19		$	15.19
(1)Basic weighted-average common shares outstanding	42.7			41.3			38.8
Basic weighted-average common shares outstanding and unvested common shares expected to vest	43.2			41.8			39.3
Percentage allocated to common shareholders	98.8		%	98.8		%	98.7		%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of December 31, 2024 and 2023, respectively.

Options granted under share-based compensation plans have all expired as of September 19, 2022. There were no anti-diluted options outstanding as of December 31, 2023 or 2022.

L.Segmentation.

The Company, through its subsidiaries, conducts business through two reportable segments: Reinsurance and Insurance. During the fourth quarter of 2024, the Company revised the classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new operating segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are now managed due to changes in management beginning in the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. See also Note 6 of the Notes to these Consolidated Financial Statements.

M.Share-Based Compensation.

Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award.  The tax benefit on the recorded expense is deferred until the

time the award is exercised or vests (becomes unrestricted).  See Note 14 of the Notes to these Consolidated Financial Statements.

N.Recent Accounting Pronouncements.

Adoption of New Accounting Standards

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, which requires enhanced disclosures related to a public entity’s reportable segments. The Company adopted the accounting standard effective year end 2024. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements. The Company did not adopt any other new accounting standards that had a material impact in 2024.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 by the FASB on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2024. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.

Improvements to Income Tax Disclosures. In December 2023, the FASB issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued Accounting Standard Update No. 2024-03, which requires additional disclosure about specific expense categories included in the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

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INVESTMENTS

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	688	$	—	$	5	$	(24)	$	669
Obligations of U.S. states and political subdivisions	75		—		—		(5)		70
Corporate securities	7,288		(35)		57		(299)		7,010
Asset-backed securities	5,994		—		28		(39)		5,982
Mortgage-backed securities
Commercial	965		—		1		(66)		900
Agency residential	5,205		—		13		(287)		4,931
Non-agency residential	1,291		—		9		(11)		1,289
Foreign government securities	2,330		—		13		(147)		2,196
Foreign corporate securities	6,099		—		42		(279)		5,861
Total fixed maturity securities - available for sale	$	29,934	$	(36)	$	167	$	(1,157)	$	28,908

(Some amounts may not reconcile due to rounding.)

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	1,045	$	—	$	3	$	(52)	$	996
Obligations of U.S. states and political subdivisions	138		—		1		(11)		128
Corporate securities	7,587		(47)		135		(322)		7,353
Asset-backed securities	5,644		—		25		(51)		5,618
Mortgage-backed securities
Commercial	1,091		—		1		(92)		1,000
Agency residential	4,869		—		55		(229)		4,695
Non-agency residential	431		—		14		(2)		443
Foreign government securities	2,042		—		33		(108)		1,967
Foreign corporate securities	5,720		(1)		92		(271)		5,540
Total fixed maturity securities - available for sale	$	28,568	$	(48)	$	358	$	(1,137)	$	27,740

(Some amounts may not reconcile due to rounding.)

The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	177	$	(2)	$	5	$	(4)	$	175
Asset-backed securities	484		(4)		5		(8)		477
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		4		—		86
Total fixed maturity securities - held to maturity	$	765	$	(8)	$	14	$	(12)	$	759

(Some amounts may not reconcile due to rounding.)

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	150	$	(2)	$	1	$	(3)	$	146
Asset-backed securities	609		(5)		4		(10)		597
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		7		—		90
Total fixed maturity securities - held to maturity	$	864	$	(8)	$	12	$	(13)	$	854

(Some amounts may not reconcile due to rounding.)

The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At December 31, 2024				At December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - available for sale
Due in one year or less	$	1,116	$	1,080	$	1,289	$	1,261
Due after one year through five years	8,774		8,480		7,094		6,858
Due after five years through ten years	4,764		4,523		5,613		5,405
Due after ten years	1,826		1,723		2,537		2,460
Asset-backed securities	5,994		5,982		5,644		5,618
Mortgage-backed securities
Commercial	965		900		1,091		1,000
Agency residential	5,205		4,931		4,869		4,695
Non-agency residential	1,291		1,289		431		443
Total fixed maturity securities -available for sale	$	29,934	$	28,908	$	28,568	$	27,740

(Some amounts may not reconcile due to rounding.)

The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At December 31, 2024				At December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - held to maturity
Due in one year or less	$	7	$	7	$	5	$	5
Due after one year through five years	67		67		59		58
Due after five years through ten years	37		35		43		42
Due after ten years	150		152		127		131
Asset-backed securities	484		477		609		597
Mortgage-backed securities
Commercial	21		21		21		21
Total fixed maturity securities - held to maturity	$	765	$	759	$	864	$	854

(Some amounts may not reconcile due to rounding.)

During 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of December 31, 2024, $34 million of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy.

The changes in net URA(D) for the Company’s investments are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Increase (decrease) during the period between the fair value and cost
of investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities - available for sale and short-term investments	$	(203)	$	1,129
Equity method investments	18		—
Change in URA(D), pre-tax	(185)		1,129
Deferred tax benefit (expense)	76		(142)
Change in URA(D), net of deferred taxes, included in shareholders’ equity	$	(109)	$	986

(Some amounts may not reconcile due to rounding.)

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2024 by Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	80	$	(1)	$	398	$	(23)	$	478	$	(24)
Obligations of U.S. states and political subdivisions	9		—		40		(5)		48		(5)
Corporate securities	2,744		(76)		2,132		(221)		4,876		(297)
Asset-backed securities	958		(20)		537		(19)		1,495		(39)
Mortgage-backed securities
Commercial	53		(3)		757		(63)		810		(66)
Agency residential	2,754		(115)		1,226		(172)		3,980		(287)
Non-agency residential	654		(11)		25		—		678		(11)
Foreign government securities	851		(35)		828		(112)		1,679		(147)
Foreign corporate securities	2,484		(61)		1,785		(218)		4,269		(279)
Total	$	10,587	$	(323)	$	7,728	$	(833)	$	18,315	$	(1,156)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	10,604	$	(324)	$	7,728	$	(833)	$	18,332	$	(1,157)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2024 by Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	138	$	(5)	$	544	$	(34)	$	682	$	(39)
Due in one year through five years	3,503		(87)		2,770		(249)		6,273		(335)
Due in five years through ten years	1,850		(50)		1,382		(220)		3,232		(271)
Due after ten years	677		(32)		487		(76)		1,164		(107)
Asset-backed securities	958		(20)		537		(19)		1,495		(39)
Mortgage-backed securities	3,461		(129)		2,008		(235)		5,469		(364)
Total	$	10,587	$	(323)	$	7,728	$	(833)	$	18,315	$	(1,156)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	10,604	$	(324)	$	7,728	$	(833)	$	18,332	$	(1,157)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2024 were $18.3 billion and $1.2 billion, respectively. The fair value of securities

for the single issuer (the U.S. government) whose securities comprised the largest unrealized loss position at December 31, 2024, amounted to less than 1.6% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at December 31, 2024 comprised less than 0.9% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $324 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $319 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $833 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $810 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2024, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2023 by Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	122	$	(3)	$	772	$	(49)	$	893	$	(52)
Obligations of U.S. states and political subdivisions	3		—		74		(11)		77		(11)
Corporate securities	1,019		(58)		2,780		(263)		3,799		(321)
Asset-backed securities	196		(2)		2,014		(49)		2,210		(51)
Mortgage-backed securities
Commercial	181		(19)		742		(73)		923		(92)
Agency residential	423		(4)		2,126		(225)		2,549		(229)
Non-agency residential	126		(1)		4		—		130		—
Foreign government securities	172		(7)		985		(101)		1,156		(108)
Foreign corporate securities	324		(6)		2,726		(265)		3,050		(271)
Total	$	2,564	$	(101)	$	12,222	$	(1,035)	$	14,787	$	(1,136)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	2,566	$	(102)	$	12,222	$	(1,035)	$	14,789	$	(1,137)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2023 by Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	184	$	(3)	$	773	$	(30)	$	958	$	(33)
Due in one year through five years	699		(18)		3,841		(271)		4,540		(289)
Due in five years through ten years	328		(15)		2,306		(310)		2,633		(325)
Due after ten years	429		(39)		417		(77)		845		(116)
Asset-backed securities	196		(2)		2,014		(49)		2,210		(51)
Mortgage-backed securities	729		(24)		2,872		(298)		3,601		(323)
Total	$	2,564	$	(101)	$	12,222	$	(1,035)	$	14,787	$	(1,136)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	2,566	$	(102)	$	12,222	$	(1,035)	$	14,789	$	(1,137)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2023 were $14.8 billion and $1.1 billion, respectively. The fair value of securities for the single issuer (the U.S. government) whose securities comprised the largest unrealized loss position at December 31, 2023, amounted to less than 3.0% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.7% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $102 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $86 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $1.0 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $1.0 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

The components of net investment income are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturities	$	1,481	$	1,153	$	742
Equity securities	3		3		16
Short-term investments and cash	195		140		28
Other invested assets
Limited partnerships	206		122		75
Other	104		59		29
Gross investment income before adjustments	1,989		1,477		890
Funds held interest income (expense)	26		10		2
Future policy benefit reserve income (expense)	(1)		(1)		—
Gross investment income	2,013		1,486		892
Investment expenses	59		53		62
Net investment income	$	1,954	$	1,434	$	830

(Some amounts may not reconcile due to rounding.)

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“NAV”) of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter

lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $3.3 billion in limited partnerships and private placement loan securities at December 31, 2024. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2034.

In 2022, the Company entered into COLI policies, which are invested in private debt and private equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.7 billion and $1.3 billion as of December 31, 2024 and December 31, 2023, respectively.

Variable Interest Entities

The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements. As of December 31, 2024 and 2023, the Company did not hold any securities for which it is the primary beneficiary.

The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2024 and 2023 is limited to the total carrying value of $5.4 billion and $4.8 billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets. Exposure relating specifically to general and limited partnerships as of December 31, 2024 and December 31, 2023 is limited to the total carrying value of $3.6 billion and $3.4 billion.

As of December 31, 2024, the Company has outstanding commitments totaling $2.0 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.

In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations and are classified as fixed maturities - available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

The components of net gains (losses) on investments are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturity securities
Allowance for credit losses	$	13	$	7	$	(33)
Net realized gains (losses) from dispositions	6		(292)		(87)
Equity securities, fair value
Net realized gains (losses) from dispositions	1		8		112
Gains (losses) from fair value adjustments	(1)		—		(460)
Other invested assets	(1)		—		13
Short-term investments gain (loss)	1		—		—
Total net gains (losses) on investments	$	19	$	(276)	$	(455)

(Some amounts may not reconcile due to rounding.)

The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2024
	Corporate Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(47)	$	(1)	$	(48)
Credit losses on securities where credit losses were not previously recorded	(9)		—		(9)
Increases in allowance on previously impaired securities	—		—		—
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	20		1		21
Balance, end of period	$	(35)	$	—	$	(36)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2023
	Corporate Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(45)	$	(10)	$	(54)
Credit losses on securities where credit losses were not previously recorded	(23)		—		(24)
Increases in allowance on previously impaired securities	(1)		—		(1)
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	22		8		30
Balance, end of period	$	(47)	$	(1)	$	(48)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2024
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(5)	$	(1)	$	(8)
Credit losses on securities where credit losses were not previously recorded	—		—		(1)		(1)
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	—		1		—		1
Balance, end of period	$	(2)	$	(4)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2023
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(6)	$	(1)	$	(9)
Credit losses on securities where credit losses were not previously recorded	—		—		—		—
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities
Reduction in allowance due to disposals	—		1		—		1
Balance, end of period	$	(2)	$	(5)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)

The proceeds and split between gross gains and losses, from sales of fixed maturity securities - available for sale and equity securities, are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Proceeds from sales of fixed maturity securities - available for sale	$	6,257	$	3,849	$	1,403
Gross gains from sales	166		35		40
Gross losses from sales	(160)		(327)		(127)
Proceeds from sales of equity securities	$	37	$	126	$	2,217
Gross gains from sales	2		8		165
Gross losses from sales	(1)		—		(53)

Securities with a carrying value amount of $1.4 billion at December 31, 2024 were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws. See Note 10 of the Notes to these Consolidated Financial Statements.

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FAIR VALUE

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

FAIR VALUE

GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a

given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:	Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
Level 2:	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;
Level 3:	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information. When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third-party investment asset managers, review of pricing statistics and trends and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

At December 31, 2024 and 2023, $2.2 billion and $2.0 billion, respectively, of fixed maturities were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third-party valuations.

Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources.

Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third-party pricing services are in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third-party asset managers and the Company. If the broker quotes are

for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

•U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;

•Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;

•Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and

•Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.

The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	669	$	—	$	669	$	—
Obligations of U.S. States and political subdivisions	70		—		70		—
Corporate securities	7,010		—		6,492		518
Asset-backed securities	5,982		—		4,325		1,657
Mortgage-backed securities
Commercial	900		—		900		—
Agency residential	4,931		—		4,931		—
Non-agency residential	1,289		—		1,289		—
Foreign government securities	2,196		—		2,196		—
Foreign corporate securities	5,861		—		5,847		14
Total fixed maturities - available for sale	28,908		—		26,719		2,189
Equity securities, fair value	217		79		133		5

(Some amounts may not reconcile due to rounding.)

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	996	$	—	$	996	$	—
Obligations of U.S. States and political subdivisions	128		—		128		—
Corporate securities	7,353		—		6,681		672
Asset-backed securities	5,618		—		4,313		1,305
Mortgage-backed securities
Commercial	1,000		—		1,000		—
Agency residential	4,695		—		4,695		—
Non-agency residential	443		—		443		—
Foreign government securities	1,967		—		1,967		—
Foreign corporate securities	5,540		—		5,524		16
Total fixed maturities - available for sale	27,740		—		25,747		1,993
Equity securities, fair value	188		70		118		—

(Some amounts may not reconcile due to rounding.)

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

	Total Fixed Maturities - Available for Sale
	December 31, 2024								December 31, 2023
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total
Beginning balance fixed maturities	$	672	$	1,305	$	16	$	1,993	$	715	$	994	$	16	$	1,725
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(1)		—		1		—		4		—		—		4
Included in other comprehensive income (loss)	1		12		—		13		(2)		6		—		4
Purchases, issuances and settlements	(154)		339		(2)		183		(45)		305		—		260
Transfers in and/or (out) of Level 3 and reclassification
of securities in/(out) of investment categories	—		—		—		—		—		—		—		—
Ending balance	$	518	$	1,657	$	14	$	2,189	$	672	$	1,305	$	16	$	1,993
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date	$	(3)	$	—	$	—	$	(3)	$	9	$	—	$	—	$	9

(Some amounts may not reconcile due to rounding.)

There were no transfers of assets in/(out) of Level 3 during 2024 or 2023.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values and valuation hierarchy of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 8 and 9 of the Notes to these Consolidated Financial Statements, respectively. Short-term investments are stated at cost, which approximates fair value.  See Note 1 of the Notes to these Consolidated Financial Statements.

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 1 of the Notes to these Consolidated Financial Statements for details of investments in COLI policies.

In addition, $239 million and $274 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively, are not included within the fair value hierarchy tables, as the assets are measured at NAV as a practical expedient to determine fair value.

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RESERVE FOR LOSSES AND LAE

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

RESERVE FOR LOSSES AND LAE

RESERVE FOR LOSSES AND LAE

Reserve for losses and LAE.

The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Gross reserves beginning of period	$	24,604	$	22,065	$	19,009
Less reinsurance recoverables on unpaid losses	(2,098)		(2,105)		(1,946)
Net reserves beginning of period	22,506		19,960		17,063
Incurred related to:
Current year	9,967		8,432		8,102
Prior years	1,337		(5)		(2)
Total incurred losses and LAE	11,305		8,427		8,100
Paid related to:
Current year	1,258		1,379		1,220
Prior years	5,279		4,731		3,740
Total paid losses and LAE	6,537		6,110		4,960
Foreign exchange/translation adjustment	(298)		229		(243)
Net reserves end of period	26,975		22,506		19,960
Plus reinsurance recoverables on unpaid losses	2,915		2,098		2,105
Gross reserves end of period	$	29,889	$	24,604	$	22,065

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $10.0 billion, $8.4 billion and $8.1 billion in 2024, 2023 and 2022, respectively. The increase in current year incurred losses from 2023 to 2024 was primarily related to an increase of $1.1 billion in current year attritional losses, resulting from the impact of the increase in premiums earned and changes in the mix of business, as well as an increase of $423 million in current year catastrophe losses.

Gross and net reserves increased in 2023, reflecting an increase in underlying exposure due to premium growth, year over year and changes in the mix of business, partially offset by a decrease of $585 million in 2023 current year catastrophe losses compared to 2022.

Incurred prior years unfavorable development in losses was $1.3 billion in 2024. Incurred prior years favorable development in losses was $5 million in 2023 and $2 million in 2022. The net unfavorable development on prior year reserves of $1.3 billion in 2024 is primarily comprised of $1.1 billion of unfavorable development on prior years attritional losses for the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines and $403 million of unfavorable development on prior years attritional losses for Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $54 million resulting in a 3-year net asbestos survival ratio of 7 years. In addition, the Reinsurance segment recorded $684 million of unfavorable development on prior year casualty reserves. This unfavorable development in the Reinsurance segment was largely offset by favorable development booked on property and mortgage lines. The net favorable development on prior year reserves of $5 million in 2023 is comprised of $401 million of

favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, mostly offset by $285 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019 as well as $110 million of unfavorable development on prior years attritional losses for other lines. The favorable development on prior year reserves of $2 million in 2022 is primarily driven by better than expected loss emergence in workers’ compensation and surety lines of business, as well as attritional property.

The following is information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year.

The information about incurred and paid claims development for the years ended December 31, 2015 to December 31, 2023 is presented as supplementary information.

The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impractical to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident and Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group.

The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims.

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows:

	December 31, 2024
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	12,810
Reinsurance Property	6,028
Insurance Casualty	5,891
Insurance Property	762
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	25,491
Reinsurance recoverable on unpaid claims
Reinsurance Casualty	73
Reinsurance Property	624
Insurance Casualty	1,750
Insurance Property	237
Total reinsurance recoverable on unpaid claims (1)	2,683
Insurance lines other than short-duration	—
Unallocated claims adjustment expenses	316
Other (2)	1,400
	1,716
Total gross liability for unpaid claims and claim adjustment expense	$	29,889

(Some amounts may not reconcile due to rounding.)

(1) Amounts disclosed are for reinsurance and insurance reportable segments.

(2) The other amount is primarily comprised of the new Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The following tables present the ultimate loss and allocated LAE and the paid loss and allocated LAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business.

Reinsurance - Casualty Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	777	$	821	$	818	$	815	$	799	$	835	$	835	$	833	$	832	$	845	$	45	N/A
2016			792		870		867		862		938		940		970		1,000		1,022		52		N/A
2017					875		834		841		922		931		986		1,051		1,079		24		N/A
2018							1,447		1,445		1,522		1,553		1,621		1,718		1,775		246		N/A
2019									1,761		1,826		1,828		1,853		1,893		1,954		346		N/A
2020											1,957		1,928		1,907		1,869		1,911		588		N/A
2021													2,491		2,487		2,427		2,518		1,229		N/A
2022															2,730		2,688		2,739		1,658		N/A
2023																	2,958		3,123		2,315		N/A
2024																			3,275		2,756		N/A
																			$	20,240

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	56	$	158	$	265	$	410	$	499	$	567	$	613	$	650	$	677	$	702
2016			89		189		323		429		542		618		693		762		826
2017					80		186		317		458		582		681		790		917
2018							188		296		497		652		828		1,008		1,214
2019									239		364		533		735		963		1,234
2020											205		307		486		720		987
2021													206		319		542		845
2022															184		345		646
2023																	201		422
2024																			256
																			$	8,048
All outstanding liabilities prior to 2015, net of reinsurance																			617
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	12,810

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	8.4	%	6.7	%	10.4	%	11.6	%	11.6	%	10.4	%	9.2	%	7.9	%	4.9	%	2.9	%

Reinsurance - Property Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	1,378	$	1,037	$	956	$	930	$	933	$	925	$	927	$	924	$	921	$	911	$	—	N/A
2016			1,681		1,502		1,538		1,532		1,510		1,511		1,507		1,509		1,502		1		N/A
2017					2,773		3,396		3,507		3,636		3,681		3,692		3,705		3,724		3		N/A
2018							2,594		2,469		2,471		2,409		2,362		2,347		2,382		3		N/A
2019									2,005		2,036		1,981		1,866		1,869		1,920		2		N/A
2020											2,388		2,461		2,405		2,377		2,379		3		N/A
2021													2,745		2,770		2,692		2,582		14		N/A
2022															3,202		2,880		2,586		261		N/A
2023																	2,788		2,411		662		N/A
2024																			3,940		2,214		N/A
																			$	24,337

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	369	$	591	$	740	$	823	$	850	$	871	$	879	$	884	$	888	$	889
2016			459		946		1,056		1,080		1,089		1,081		1,082		1,084		1,128
2017					810		2,170		2,733		3,117		3,313		3,407		3,482		3,590
2018							534		1,509		1,857		2,047		2,121		2,184		2,307
2019									714		1,159		1,482		1,645		1,771		1,934
2020											571		1,302		1,706		1,989		2,251
2021													679		1,523		2,014		2,420
2022															619		1,364		1,896
2023																	600		1,165
2024																			774
																			$	18,355
All outstanding liabilities prior to 2015, net of reinsurance																			46
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	6,028

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	25.2	%	31.2	%	16.2	%	10.0	%	5.4	%	3.2	%	2.4	%	1.9	%	2.0	%	0.2	%

Insurance - Casualty Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	487	$	492	$	500	$	503	$	427	$	426	$	427	$	434	$	426	$	445	$	11	27,331
2016			504		510		538		557		489		474		478		488		494		17		31,267
2017					559		557		567		585		559		559		584		580		32		34,793
2018							643		648		679		685		697		772		811		64		34,838
2019									774		777		797		804		953		1,089		145		37,837
2020											912		989		977		975		1,096		273		39,675
2021													1,117		1,159		1,153		1,353		464		44,458
2022															1,241		1,239		1,597		739		46,433
2023																	1,424		1,740		1,125		44,372
2024																			1,788		1,546		33,512
																			$	10,993

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	43	$	127	$	208	$	270	$	325	$	351	$	379	$	397	$	409	$	417
2016			51		156		253		314		362		398		430		448		460
2017					52		165		263		343		404		467		493		527
2018							61		196		296		407		539		623		678
2019									69		218		364		498		646		828
2020											63		229		372		531		659
2021													105		246		428		655
2022															79		282		578
2023																	93		311
2024																			85
																			$	5,200
All outstanding liabilities prior to 2015, net of reinsurance																			97
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,891

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	6.4	%	14.3	%	15.3	%	14.2	%	12.7	%	11.5	%	6.1	%	4.6	%	2.6	%	1.9	%

Insurance - Property Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	179	$	169	$	159	$	160	$	161	$	162	$	163	$	165	$	164	$	165	$	1	N/A
2016			289		281		284		292		297		299		300		302		301		2		N/A
2017					486		494		486		494		496		508		509		506		1		N/A
2018							403		399		401		410		428		436		435		3		N/A
2019									347		352		350		365		380		375		6		N/A
2020											601		508		498		503		492		10		N/A
2021													646		585		602		628		37		N/A
2022															770		796		698		42		N/A
2023																	717		669		94		N/A
2024																			597		192		N/A
																			$	4,864

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	107	$	153	$	155	$	158	$	160	$	161	$	162	$	163	$	163	$	164
2016			167		249		272		290		296		297		299		299		299
2017					176		416		452		477		493		505		504		505
2018							240		356		376		407		424		429		431
2019									226		313		335		355		363		368
2020											292		413		450		465		473
2021													325		482		544		565
2022															377		567		594
2023																	400		503
2024																			200
																			$	4,102
All outstanding liabilities prior to 2015, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			762

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	54.0	%	30.4	%	6.3	%	4.6	%	2.5	%	1.4	%	0.3	%	0.1	%	—	%	0.3	%

Reserving Methodology

The Company maintains reserves equal to management’s estimated ultimate liability for losses and LAE for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded.

The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded in the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced Claims staff handle individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting and Internal Audit departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits.

The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss

development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 250 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less uncertainty than those for the longer tail lines.

The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group.

Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year.

Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time, or which are more volatile.

Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. IBNR reserves are calculated using earned premium, an a priori loss ratio and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method.

For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses at an earlier stage than for long tail lines. For immature underwriting or accident years, the initial expected loss ratios are key inputs that involve management’s judgment and are based on a variety of factors, including: (1) expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment.

Carried reserves at each reporting date are the management’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.

Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. Rather, loss and LAE reserves are estimated by management by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss. The analysis uses inputs from various sources and methodology, to build up a comprehensive perspective. Such analysis generally involves: (1) estimating the size of insured industry losses; (2) reviewing portfolios to identify contracts which are exposed; (3) reviewing information reported or otherwise provided by customers and brokers; (4) discussing the loss with customers

and brokers; and (5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the loss on a contract-by-contract basis and in aggregate for the event. Due to the inherent uniqueness or specific nature of a catastrophic event, each event has its own unique assessment, and different weights may be applied to various inputs based on management’s judgment. Once a loss has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the loss. The Company’s estimate of loss and LAE reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss. The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss.

Because catastrophe losses are typically due to prominent, public events such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process. The Company also reviews catastrophe bulletins published by various statistical modeling agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event. For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical modeling agencies to assist in determining what events occurred during the reporting period than the Company does for large events. This includes reviewing catastrophe bulletins published by Property Claim Services for U.S. catastrophes. The Company sets its initial estimates of reserves for loss and LAE for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical modeling agencies, although management may make significant adjustments based on the Company’s current exposure to the geographic region involved as well as the size of the loss and the peril involved.

In general, reserves for the Company’s more recent large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses, uncertainty as to which contracts have been exposed, uncertainty due to complex legal and coverage issues that can arise out of large or complex losses and uncertainty as to the magnitude of losses and LAE incurred by the Company’s customers. As the Company’s losses age, more information becomes available, and the Company believes its estimates become more certain.

The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.

The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from Mt. McKinley Insurance Company’s (“Mt. McKinley”), a former wholly owned subsidiary that was sold in 2015, direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago.  There are significant uncertainties surrounding the Company’s reserves for its A&E losses.

A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy.  The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023		2022
Gross basis:
Beginning of period reserves	$	247	$	278	$	175
Incurred losses	62		—		144
Paid losses	(49)		(31)		(42)
End of period reserves	$	260	$	247	$	278
Net basis:
Beginning of period reserves	$	232	$	257	$	156
Incurred losses	54		—		138
Paid losses	(43)		(25)		(37)
End of period reserves	$	242	$	232	$	257

(Some amounts may not reconcile due to rounding.)

In 2015, the Company sold Mt. McKinley to Clearwater Insurance Company (“Clearwater”), a subsidiary of Fairfax Financial. Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater.  Per the retrocession treaty, the Company retroceded 100% of the liabilities associated with certain Mt. McKinley policies, which related entirely to A&E business and had been reinsured by Bermuda Re.  As consideration for entering into the retrocession treaty, Everest Re Bermuda transferred cash of $140 million, an amount equal to the net loss reserves as of the closing date.  The maximum liability retroceded under the retrocession treaty will be $440 million, equal to the retrocession payment plus $300 million.  The Company will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty.

On December 20, 2019, the retrocession treaty was amended and included a partial commutation. As a result of this amendment and partial commutation, gross A&E reserves and correspondingly reinsurance receivable were reduced by $43 million. In addition, the maximum liability permitted to be retroceded increased to $450 million.

Reinsurance Recoverables.

Reinsurance recoverables for both paid and unpaid losses totaled $3.1 billion and $2.3 billion at December 31, 2024 and December 31, 2023, respectively. At December 31, 2024, $395 million, or 12.6%, was receivable from Mt. Logan Re, Ltd. (“Mt. Logan Re”) collateralized segregated accounts; $316 million, or 10.1%, was receivable from Munich Reinsurance America, Inc. and $187 million, or 6.0%, was recoverable from Endurance Reinsurance Corporation of America. No other retrocessionaire accounted for more than 5% of our receivables.

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REINSURANCE

12 Months Ended

Dec. 31, 2024

Reinsurance Disclosures [Abstract]

REINSURANCE

REINSURANCE

The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences.  These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders.  Losses and LAE incurred and premiums earned are reported after deduction for reinsurance.  In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances.  The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and LAE reserves that may be ceded under the terms of the reinsurance agreements, including IBNR unpaid losses. The Company’s estimate of losses and LAE reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and LAE. The Company may hold partial collateral, including letters of credit and funds held, under these agreements.  See also Note 1C, Note 4 and Note 10 of the Notes to these Consolidated Financial Statements.

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets.

See Note 1C of the Notes to these Consolidated Financial Statements for discussion of allowance on reinsurance recoverables.

Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults.

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Written premiums:
Direct	$	5,115	$	5,031	$	4,602
Assumed	13,117		11,606		9,350
Ceded	(2,418)		(1,907)		(1,608)
Net written premiums	$	15,814	$	14,730	$	12,344
Premiums earned:
Direct	$	4,977	$	4,733	$	4,218
Assumed	12,458		10,518		9,082
Ceded	(2,248)		(1,807)		(1,513)
Net premiums earned	$	15,187	$	13,443	$	11,787
Incurred losses and LAE:
Direct	$	5,465	$	3,209	$	2,804
Assumed	7,464		5,870		6,285
Ceded	(1,624)		(651)		(988)
Net incurred losses and LAE	$	11,305	$	8,427	$	8,100

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SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company conducts business through two reportable segments: Reinsurance and Insurance. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom (“U.K.”) and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the U.K., Ireland, and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy and Spain. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

Our two reportable segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management implemented during the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively within this Form 10-K, including Schedule III - Supplementary Insurance Information. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

The following tables present segment underwriting results for the periods indicated:

	Year Ended December 31, 2024
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	12,941	$	5,078	$	212	$	18,232
Net written premiums	11,969		3,678		167		15,814
Premiums earned	$	11,412	$	3,579	$	197	$	15,187
Incurred losses and LAE	7,103		3,622		580		11,305
Commission and brokerage	2,837		439		24		3,300
Other underwriting expenses	290		615		33		938
Underwriting gain (loss)	$	1,181	$	(1,097)	$	(440)	$	(356)
Net investment income							1,954
Net gains (losses) on investments							19
Corporate expenses							(95)
Interest, fee and bond issue cost amortization expense							(149)
Other income (expense)							121
Income (loss) before taxes							$	1,493

	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	11,460	$	4,888	$	289	$	16,637
Net written premiums	10,802		3,704		225		14,730
Premiums earned	$	9,799	$	3,420	$	225	$	13,443
Incurred losses and LAE	5,690		2,471		266		8,427
Commission and brokerage	2,520		410		22		2,952
Other underwriting expenses	254		556		35		846
Underwriting gain (loss)	$	1,334	$	(18)	$	(98)	$	1,219
Net investment income							1,434
Net gains (losses) on investments							(276)
Corporate expenses							(73)
Interest, fee and bond issue cost amortization expense							(134)
Other income (expense)							(14)
Income (loss) before taxes							$	2,154

	Year Ended December 31, 2022
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	9,246	$	4,426	$	279	$	13,952
Net written premiums	8,917		3,223		204		12,344
Premiums earned	$	8,596	$	2,998	$	194	$	11,787
Incurred losses and LAE	5,962		2,040		98		8,100
Commission and brokerage	2,116		399		14		2,528
Other underwriting expenses	216		438		28		682
Underwriting gain (loss)	$	302	$	121	$	54	$	477
Net investment income							830
Net gains (losses) on investments							(455)
Corporate expenses							(61)
Interest, fee and bond issue cost amortization expense							(101)
Other income (expense)							(102)
Income (loss) before taxes							$	588

The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.

	United States		Europe		All other
2024	57	%	25	%	18	%
2023	58	%	24	%	18	%
2022	63	%	22	%	15	%

Approximately 21.9%, 20.4% and 20.0% of the Company’s gross written premiums in 2024, 2023 and 2022, respectively, were sourced through the Company’s largest intermediary.

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CREDIT FACILITIES

12 Months Ended

Dec. 31, 2024

Line of Credit Facility [Abstract]

CREDIT FACILITIES

CREDIT FACILITIES

As of December 31, 2024, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.7 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £113 million and €75 million, respectively. The Company also has additional uncommitted letter of

credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date.

The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these Consolidated Financial Statements for collateral posted related to secured letters of credit.

Bermuda Re Wells Fargo Bilateral Letter of Credit Facility

Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo, referred to as the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. Effective June 10, 2024, the agreement was amended to extend the availability of committed issuance for one year.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility	$	500	$	455	12/31/2025	$	500	$	97	6/24/2024
								71		6/28/2024
								318		12/31/2024
	$	500	$	455		$	500	$	486

(Some amounts may not reconcile due to rounding.)

Bermuda Re Citibank Letter of Credit Facility

Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. referred to as the “Bermuda Re Citibank Letter of Credit Facility”. The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Citibank LOC Facility- Committed	$	230	$	—	1/21/2025	$	230	$	—	01/21/2024
			4		2/28/2025			4		02/29/2024
			2		3/1/2025			1		3/1/2024
			1		3/15/2025			3		9/23/2024
			3		9/23/2025			1		12/1/2024
			1		12/1/2025			—		12/16/2024
			—		12/16/2025			—		12/20/2024
			—		12/20/2025			217		12/31/2024
			197		12/31/2025			1		8/15/2025
			1		8/15/2026
Bermuda Re Citibank LOC Facility - Uncommitted	140		75		12/31/2025	140		105		12/31/2024
			7		12/30/2028			7		12/30/2027
Total Citibank Bilateral Agreement	$	370	$	293		$	370	$	340

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re

Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed	$	200	$	193	12/31/2025	$	200	$	192	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed	$	150	$	150	12/31/2025	$	150	$	150	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Lloyd’s Bank Letter of Credit Facility.

Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Ireland Insurance as an account party with access to a $15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Lloyd's Bank Credit Facility-Committed	$	250	$	244	12/31/2025	$	250	$	235	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Barclays Bank Credit Facility

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	150	12/30/2025	$	200	$	168	12/30/2024
	—		14		12/31/2025	—		14		12/31/2024
Total Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	164		$	200	$	182

(Some amounts may not reconcile due to rounding.)

Bermuda Re Nordea Bank Letter of Credit Facility

Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Nordea Bank Letter of Credit Facility - Committed	$	200	$	200	12/31/2025	$	200	$	200	12/31/2024
Nordea Bank Letter of Credit Facility - Uncommitted	100		100		12/31/2025	100		100		12/31/2024
Total Nordea Bank ABP, NY LOC Facility	$	300	$	300		$	300	$	300

(Some amounts may not reconcile due to rounding.)

Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility

Effective October 30, 2024, Everest International entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch, referred to as the “Funds at Lloyds Syndicated Letter of Credit Facility”. The Everest International Reinsurance Funds at Lloyds Syndicated Letter of Credit Facility provides for the committed issuance of up to £113 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility	£	113	£	107	11/1/2028

(Some amounts may not reconcile due to rounding.)

Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility

Effective December 30, 2024, Ireland Re entered into a letter of credit issuance facility with Commerzbank AG, New York Branch, referred to as the “Commerzbank Letter of Credit Facility”. The Ireland Re Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility	€	75	€	20	12/31/2025

(Some amounts may not reconcile due to rounding.)

Federal Home Loan Bank Membership

Everest Re is 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 December 31, 2024, Everest Re had statutory admitted assets of approximately $30.8 billion which provides borrowing capacity of up to approximately $3.1 billion. As of December 31, 2024, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $45 million and $30 million for the years ended December 31, 2024 and 2023, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged. As of December 31, 2024, Everest Re had $1.3 billion of collateral pledged.SENIOR NOTES

The table below displays Holdings’ outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

					December 31, 2024				December 31, 2023
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	6/5/2014	6/1/2044	$	400	$	398	$	347	$	398	$	369
3.5% Senior notes	10/7/2020	10/15/2050	1,000		982		681		981		742
3.125% Senior notes	10/4/2021	10/15/2052	1,000		971		620		970		688
			$	2,400	$	2,350	$	1,648	$	2,349	$	1,799

(Some amounts may not reconcile due to rounding.)

Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2024		2023		2022
4.868% Senior Notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior Notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior Notes	semi-annually	April 15/October 15	32		32		32
			$	86	$	86	$	86

(Some amounts may not reconcile due to rounding.)

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SENIOR NOTES

12 Months Ended

Dec. 31, 2024

Senior Notes [Abstract]

SENIOR NOTES

CREDIT FACILITIES

As of December 31, 2024, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.7 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £113 million and €75 million, respectively. The Company also has additional uncommitted letter of

credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date.

The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these Consolidated Financial Statements for collateral posted related to secured letters of credit.

Bermuda Re Wells Fargo Bilateral Letter of Credit Facility

Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo, referred to as the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. Effective June 10, 2024, the agreement was amended to extend the availability of committed issuance for one year.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility	$	500	$	455	12/31/2025	$	500	$	97	6/24/2024
								71		6/28/2024
								318		12/31/2024
	$	500	$	455		$	500	$	486

(Some amounts may not reconcile due to rounding.)

Bermuda Re Citibank Letter of Credit Facility

Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. referred to as the “Bermuda Re Citibank Letter of Credit Facility”. The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Citibank LOC Facility- Committed	$	230	$	—	1/21/2025	$	230	$	—	01/21/2024
			4		2/28/2025			4		02/29/2024
			2		3/1/2025			1		3/1/2024
			1		3/15/2025			3		9/23/2024
			3		9/23/2025			1		12/1/2024
			1		12/1/2025			—		12/16/2024
			—		12/16/2025			—		12/20/2024
			—		12/20/2025			217		12/31/2024
			197		12/31/2025			1		8/15/2025
			1		8/15/2026
Bermuda Re Citibank LOC Facility - Uncommitted	140		75		12/31/2025	140		105		12/31/2024
			7		12/30/2028			7		12/30/2027
Total Citibank Bilateral Agreement	$	370	$	293		$	370	$	340

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re

Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed	$	200	$	193	12/31/2025	$	200	$	192	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed	$	150	$	150	12/31/2025	$	150	$	150	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Lloyd’s Bank Letter of Credit Facility.

Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Ireland Insurance as an account party with access to a $15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Lloyd's Bank Credit Facility-Committed	$	250	$	244	12/31/2025	$	250	$	235	12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Barclays Bank Credit Facility

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	150	12/30/2025	$	200	$	168	12/30/2024
	—		14		12/31/2025	—		14		12/31/2024
Total Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	164		$	200	$	182

(Some amounts may not reconcile due to rounding.)

Bermuda Re Nordea Bank Letter of Credit Facility

Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Nordea Bank Letter of Credit Facility - Committed	$	200	$	200	12/31/2025	$	200	$	200	12/31/2024
Nordea Bank Letter of Credit Facility - Uncommitted	100		100		12/31/2025	100		100		12/31/2024
Total Nordea Bank ABP, NY LOC Facility	$	300	$	300		$	300	$	300

(Some amounts may not reconcile due to rounding.)

Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility

Effective October 30, 2024, Everest International entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch, referred to as the “Funds at Lloyds Syndicated Letter of Credit Facility”. The Everest International Reinsurance Funds at Lloyds Syndicated Letter of Credit Facility provides for the committed issuance of up to £113 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility	£	113	£	107	11/1/2028

(Some amounts may not reconcile due to rounding.)

Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility

Effective December 30, 2024, Ireland Re entered into a letter of credit issuance facility with Commerzbank AG, New York Branch, referred to as the “Commerzbank Letter of Credit Facility”. The Ireland Re Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility	€	75	€	20	12/31/2025

(Some amounts may not reconcile due to rounding.)

Federal Home Loan Bank Membership

Everest Re is 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 December 31, 2024, Everest Re had statutory admitted assets of approximately $30.8 billion which provides borrowing capacity of up to approximately $3.1 billion. As of December 31, 2024, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $45 million and $30 million for the years ended December 31, 2024 and 2023, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged. As of December 31, 2024, Everest Re had $1.3 billion of collateral pledged.SENIOR NOTES

The table below displays Holdings’ outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

					December 31, 2024				December 31, 2023
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	6/5/2014	6/1/2044	$	400	$	398	$	347	$	398	$	369
3.5% Senior notes	10/7/2020	10/15/2050	1,000		982		681		981		742
3.125% Senior notes	10/4/2021	10/15/2052	1,000		971		620		970		688
			$	2,400	$	2,350	$	1,648	$	2,349	$	1,799

(Some amounts may not reconcile due to rounding.)

Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2024		2023		2022
4.868% Senior Notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior Notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior Notes	semi-annually	April 15/October 15	32		32		32
			$	86	$	86	$	86

(Some amounts may not reconcile due to rounding.)

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LONG-TERM SUBORDINATED NOTES

12 Months Ended

Dec. 31, 2024

Long-Term Debt, Unclassified [Abstract]

LONG-TERM SUBORDINATED NOTES

LONG-TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, these Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.

Maturity Date

December 31, 2024

December 31, 2023

(Dollars in millions)

Date Issued

Original Principal Amount

Scheduled

Final

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

Subordinated Notes Issued 2007

4/26/2007

$

400

5/15/2037

5/1/2067

$

218

$

215

$

218

$

187

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest was initially on the 3-month London Interbank Offered Rate (“LIBOR”) plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for November 15, 2024 to February 18,

2025 is 7.17%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on the 3-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus a spread.

Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of the Senior Note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the Subordinated Notes Issued 2007. The Company’s Senior Notes are the Company’s long-term indebtedness that rank senior to the Subordinated Notes Issued 2007.

In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes. In addition, the Company repurchased and retired $6 million of the outstanding long-term subordinated notes for the year ended December 31, 2022. The Company realized a gain of $1 million on the repurchases made during 2022.

Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Interest expense incurred	$	17	$	17	$	9

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

12 Months Ended

Dec. 31, 2024

Collateralized Reinsurance And Trust Agreements [Abstract]

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:

	At December 31,
(Dollars in millions)	2024		2023
Collateral in trust for non-affiliated agreements	$	3,241	$	3,208
Collateral for secured letter of credit facilities	1,386		1,438
Collateral for FHLB borrowings	1,294		1,077
Securities on deposit with or regulated by government authorities	1,406		1,447
Funds at Lloyd's	341		538
Funds held by reinsureds	1,218		1,135
Total restricted assets	$	8,885	$	8,843

Restricted cash is included in cash on the consolidated balance sheets. At December 31, 2024 and December 31, 2023, the Company had restricted cash of $397 million and $243 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements and secured letter of credit facilities.

The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt. Logan Re. Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

	Years Ended December 31,
Mt. Logan Re Segregated Accounts	2024	2023	2022
(Dollars in millions)
Ceded written premiums	433	246	201
Ceded earned premiums	376	242	206
Ceded losses and LAE	188	64	191
Assumed written premiums	10	6	5
Assumed earned premiums	10	6	5

Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt. Logan Re segregated accounts to retrocede $269 million of casualty reserves held by Bermuda Re related to accident years 2002 through 2015. As consideration for entering the agreement, the Company transferred cash of $252 million to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $319 million. The Company will retain liability for any amounts exceeding the maximum liability. Effective July 1, 2022, the Company commuted this reinsurance agreement with Mt. Logan segregated account.

The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements.

(Dollars in millions)
Class	Description	Effective Date	Expiration Date	Limit		Coverage Basis
Series 2021-1 Class A-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	150		Occurrence
Series 2021-1 Class B-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class C-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	150		Occurrence
Series 2021-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2021-1 Class C-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2022-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/22/2022	6/25/2025	300		Aggregate
Series 2024-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/27/2024	6/30/2028	75		Occurrence
Series 2024-1 Class B	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/27/2024	6/30/2028	125		Occurrence
	Total available limit as of December 31, 2024			$	1,150

Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its

positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

The Company has entered into separate annuity agreements with The Prudential Insurance of America (“The Prudential”), an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
The Prudential	$	136	$	136
Other unaffiliated life insurance company	$	32	$	34

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LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

LEASES

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

Supplemental information related to operating leases is as follows for the periods indicated:

	Year Ended December 31,
(Dollars in millions)	2024		2023
Lease expense incurred:
Operating lease cost	$	32	$	30

	At December 31,
(Dollars in millions)	2024		2023
Operating lease right of use assets (1)	$	108	$	123
Operating lease liabilities (1)	126		143

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.

	Year Ended December 31,
(Dollars in millions)	2024		2023
Operating cash flows from operating leases	$	(24)	$	(22)

	At December 31,
	2024		2023
Weighted average remaining operating lease term	9.2 years		9.8 years
Weighted average discount rate on operating leases	4.14	%	4.03	%

Maturities of the existing lease liabilities are expected to occur as follows:

(Dollars in millions)	As of December 31,
2025	$	21
2026	20
2027	17
2028	14
2029	13
Thereafter	67
Undiscounted lease payments	152
Less: present value adjustment	25
Total operating lease liability	$	126

(Some amounts may not reconcile due to rounding.)

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OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss), Tax [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

	Years Ended December 31,
	2024						2023						2022
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) of securities (1)	$	(167)	$	70	$	(97)	$	843	$	(101)	$	743	$	(2,332)	$	295	$	(2,037)
Reclassification of net realized losses (gains)
included in net income (loss) (1)	(18)		6		(12)		285		(41)		244		107		(18)		89
Foreign currency translation and other adjustments	(139)		11		(128)		64		(5)		59		(82)		5		(77)
Benefit plan actuarial net gain (loss)	43		(9)		34		19		(4)		15		18		(4)		15
Reclassification of benefit plan liability amortization
included in net income (loss)	(2)		—		(1)		2		—		2		3		(1)		2
Total other comprehensive income (loss)	$	(283)	$	79	$	(204)	$	1,214	$	(151)	$	1,063	$	(2,285)	$	277	$	(2,008)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.

The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:

	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2024		2023
(Dollars in millions)
URA(D) of securities (1)	$	(18)	$	285	Net gains (losses) on investments
	6		(41)		Income tax expense (benefit)
	$	(12)	$	244	Net income (loss)
Benefit plan net gain (loss)	$	(2)	$	2	Other underwriting expenses
	—		—		Income tax expense (benefit)
	$	(1)	$	2	Net income (loss)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Beginning balance of URA(D) of securities (1)	$	(723)	$	(1,709)
Current period change in URA(D) of securities	(109)		986
Ending balance of URA(D) of securities	(831)		(723)
Beginning balance of foreign currency translation and other adjustments	(195)		(254)
Current period change in foreign currency translation and other adjustments	(128)		59
Ending balance of foreign currency translation and other adjustments	(323)		(195)
Beginning balance of benefit plan net gain (loss)	(16)		(33)
Current period change in benefit plan net gain (loss)	33		17
Ending balance of benefit plan net gain (loss)	16		(16)
Ending balance of accumulated other comprehensive income (loss)	$	(1,138)	$	(934)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

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SHARE-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS

The Company has a 2020 Stock Incentive Plan (“2020 Employee Plan”), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan (“2009 Director Plan”) and a 2003 Non-Employee Director Equity Compensation Plan (“2003 Director Plan”).

The 2020 Employee Plan was established in June 2020. Under the 2020 Employee Plan, 1,400,000 common shares have been authorized to be granted as non-qualified share options, share appreciation rights, restricted share awards or performance share unit (“PSU”) awards to officers and key employees of the Company. At December 31, 2024, there were 554,882 remaining shares available to be granted under the 2020 Employee Plan. Through December 31, 2024, only non-qualified share options, restricted share awards and PSU awards had been granted under the employee plans. Under the 2009 Director Plan, 37,439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company. At December 31, 2024, there were 34,617 remaining shares available to be granted under the 2009 Director Plan. Under the 2003 Director Plan, 500,000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the Company. At December 31, 2024, there were 264,704 remaining shares available to be granted under the 2003 Director Plan.

Options and restricted shares granted under the 2020 Employee Plan prior to January 1, 2024 vest at the earliest of 20% per year over five years or in accordance with any applicable employment agreement. Restricted shares granted under the 2020 Employee Plan after January 1, 2024 vest at the earliest of 33.3% per year over three years or in accordance with any applicable employment agreement. Options and restricted shares granted under the 2003 Director Plan generally vest at 33% per year over three years, unless an alternate vesting period is authorized by the Board. Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement. All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant.

PSU awards granted under the 2020 Employee Plan will vest 100% after three years. The PSU awards represent the right to receive between 0 and 1.75 shares of stock for each unit awarded depending upon performance in relation to certain metrics. The PSU valuation will be based partly on growth in book value per share over the three year vesting period, compared to designated peer companies. The remaining portion of the PSU valuation will be based upon operating return on equity for each of the separate operating years within the vesting period.

For share options, restricted shares and PSU awards granted under the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $63 million, $49 million and $45 million for the years ended December 31, 2024, 2023

and 2022, respectively. The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $8 million, $7 million and $4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

For the year ended December 31, 2024, a total of 222,196 shares of restricted stock were granted on February 28, 2024, February 29, 2024, May 15, 2024, September 12, 2024 and November 7, 2024, with a fair value of $369.52, $367.04, $377.80, $376.58 and $365.61 per share, respectively. Additionally, 18,713 PSU awards were granted on February 28, 2024, with a fair value of $369.52 per unit. No share options were granted during the year ended December 31, 2024. For share options granted during previous years, the fair value per option was calculated on the date of the grant using the Black-Scholes option valuation model.

The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $0.6 million, $0.5 million and $0.6 million, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares.

There have been no stock options granted since 2012. As of December 31, 2024, there were no stock options outstanding. Any remaining stock options were exercised in 2022. The aggregate intrinsic value (market price less exercise price) of options exercised during 2022 was $10 million. The cash received from the exercised share options during 2022 was $4 million. The tax benefit realized from the options exercised during 2022 was $2 million.

The following table summarizes the status of the Company’s restricted non-vested shares and changes for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
Restricted (non-vested) Shares	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1,	461,537	$	313.05	479,630	$	268.82	496,094	$	247.76
Granted	222,196	369.62		181,646	382.01		203,598	300.38
Vested	147,655	292.15		155,110	261.60		162,579	246.41
Forfeited	68,893	333.54		44,629	297.23		57,483	262.28
Outstanding at December 31,	467,185	343.53		461,537	313.05		479,630	268.82

As of December 31, 2024, there was $113 million of total unrecognized compensation cost related to non-vested share-based compensation expense. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $43 million, $41 million and $40 million, respectively. The tax benefit realized from the shares vested for the years ended December 31, 2024, 2023 and 2022 were $9 million, $11 million and $9 million, respectively.

In addition to the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 324 common shares in 2024, 447 common shares in 2023 and 774 common shares in 2022 to the Company’s non-employee directors as compensation for their service as directors. These issuances had aggregate values of $0.1 million, $0.2 million and $0.2 million in 2024, 2023 and 2022.

The Company acquired 54,537, 56,832 and 69,833 common shares at a cost of $20 million, $22 million and $21 million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares.

The following table summarizes the status of the Company’s non-vested PSU awards and changes for the period indicated:

	Years Ended December 31,
	2024			2023			2022
Performance Share Unit Awards	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1,	51,000	$	—	54,861	$	—	50,495	$	—
Granted	18,713	369.52		14,975	382.39		18,340	301.54
Increase/(Decrease) on vesting units due to performance	8,354	—		(4,063)	—		3,028	—
Vested	24,053	386.81		14,023	340.44		15,919	274.37
Forfeited	1,332	—		750	—		1,083	—
Outstanding at December 31,	52,682	—		51,000	—		54,861	—

The Company acquired 11,336, 6,117 and 6,175 common shares at a cost of $4 million, $2 million and $2 million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes on PSU settlements by withholding shares.

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EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans.

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010.  Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service.  The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to the U.S. Internal Revenue Code (the “IRC”) limitations.  Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan no longer accrue additional service benefits. Additionally, on November 15, 2023, the Company's Board approved the termination of the qualified defined benefit pension plan. In June 2024, the Company amended the qualified defined benefit pension plan to freeze all benefits accruals and terminate the plan effective June 30, 2024. Plan participants no longer accrue future plan benefits after June 30, 2024.

Plan assets consist primarily of shares in investment trusts with 100% of the underlying assets consisting of short-term investments.  The Company manages the qualified plan investments for U.S. employees.

Although not required to make contributions under U.S. Internal Revenue Service (the “IRS”) regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Company contributions	$	3	$	1	$	6

The following table summarizes the Company’s pension expense for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Pension expense	$	(15)	$	5	$	(2)

The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	295	$	291
Service cost	3		5
Interest cost	14		14
Actuarial (gain)/loss	(17)		9
Curtailment	(21)		—
Benefits paid	(15)		(25)
Projected benefit obligation at end of year	259		295
Change in plan assets:
Fair value of plan assets at beginning of year	308		285
Actual return on plan assets	35		48
Actual contributions during the year	3		1
Benefits paid	(15)		(25)
Fair value of plan assets at end of year	331		308
Funded status at end of year	$	73	$	13

(Some amounts may not reconcile due to rounding.)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Other assets (due beyond one year)	$	76	$	19
Other liabilities (due within one year)	(1)		(3)
Other liabilities (due beyond one year)	(3)		(3)
Net amount recognized in the consolidated balance sheets	$	73	$	13

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Accumulated income (loss)	$	9	$	(33)
Accumulated other comprehensive income (loss)	$	9	$	(33)

(Some amounts may not reconcile due to rounding.)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Other comprehensive income (loss) at December 31, prior year	$	(33)	$	(56)
Net gain (loss) arising during period	51		19
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	(9)		4
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	9	$	(33)

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Service cost	$	3	$	5	$	9
Interest cost	14		14		10
Expected return on assets	(22)		(19)		(25)
Amortization of actuarial loss from earlier periods	—		4		4
Settlement	(9)		—		1
Net periodic benefit cost	$	(15)	$	5	$	(2)
Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	(42)		(23)
Total recognized in net periodic benefit cost and other
comprehensive income (loss)	$	(57)	$	(18)

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were 5.00%, 5.25% and 2.86%, respectively.  The rate of compensation increase used to determine the net periodic benefit cost for January 2024 through April 2024 was 4.00%. The net periodic benefit cost was remeasured at May 1, 2024 due to plan curtailment. Rate of compensation increase is not applicable to calculate the net periodic benefit cost for May 2024 through December 2024. The rate of compensation increase used to determine the net periodic benefit cost for 2023 and 2022 was 4.00%.  The expected long-term rate of return on plan assets for 2024, 2023 and 2022 was 7.25%, 7.00% and 6.75% respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023 and 2022 were 5.00% and 5.25%, respectively. In 2024, the weighted average discount rate used to determine the actuarial present value of the projected benefit obligation, based on plan termination rates, was 4.75% for annuities and ranged from 4.66% to 5.57% for lump sums.

The following table summarizes the accumulated benefit obligation for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Qualified Plan	$	255	$	263
Non-qualified Plan	3		6
Total	$	259	$	269

(Some amounts may not reconcile due to rounding.)

The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Non-qualified Plan
Projected benefit obligation	$	3	$	6
Fair value of plan assets	—		—

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Non-qualified Plan
Accumulated benefit obligation	$	3	$	6
Fair value of plan assets	—		—

The following table displays the expected benefit payments in the periods indicated:

(Dollars in millions)
2025	$	256
2026	1
2027	1
2028	—
2029	—
Next 5 years	1

The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	331	$	331	$	—	$	—
Total	$	331	$	331	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	2	$	2	$	—	$	—
Mutual funds, fair value
Fixed income (b)	73		73		—		—
Equities (c)	232		232		—		—
Total	$	308	$	308	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.

No contributions were made to the qualified pension benefit plan for the years ended December 31, 2024 and 2023.

Defined Contribution Plans.

The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees.  Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee.  The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to IRC limitations.  In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age.  These contributions will be 100% vested after three years. The Company incurred expenses related to these plans of $26 million, $22 million and $18 million for the years ended December 31, 2024, 2023 and 2022, respectively.

In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees.  Each international office maintains a separate plan for the non-U.S. employees working in that location.  The Company contributes various amounts based on salary, age and/or years of service.  In the current year, the contributions as a percentage of salary for the international offices ranged from 5.3% to 33.5%.  The contributions are generally used to purchase pension benefits from local insurance providers.  The Company incurred expenses related to these plans of $9 million, $6 million and $4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Post-Retirement Plan.

The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010.  This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage.  The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for

the Company.  The cost of these benefits is shared with the retiree.  The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 6.75% in 2024 was assumed to decrease gradually to 4.75% in 2030 and then remain at that level. The Company incurred expenses of $(0.4) million, $(1) million and $1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following table summarizes the status of this plan for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	22	$	21
Service cost	—		1
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	(1)		(1)
Benefits paid	(1)		—
Benefit obligation at end of year	21		22
Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	1		—
Benefits paid	(1)		—
Fair value of plan assets at end of year	—		—
Funded status at end of year	$	(21)	$	(22)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(21)		(21)
Net amount recognized in the consolidated balance sheets	$	(21)	$	(22)

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Accumulated income (loss)	$	11	$	11
Accumulated prior service credit (cost)	—		1
Accumulated other comprehensive income (loss)	$	12	$	12

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Other comprehensive income (loss) at December 31, prior year	$	12	$	14
Net gain (loss) arising during period	1		1
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(1)		(2)
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	12	$	12

Net periodic benefit cost included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Service cost	$	—	$	1	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		—
Net gain recognition	(1)		(2)		—
Net periodic cost	$	—	$	(1)	$	1
Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	1		2
Total recognized in net periodic benefit cost and
other comprehensive income (loss)	$	—	$	1

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were 5.00%, 5.25% and 2.86%, respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year-end 2024, 2023 and 2022 were 5.64%, 5.00% and 5.25%, respectively.

The following table displays the expected benefit payments in the years indicated:

(Dollars in millions)
2025	$	1
2026	1
2027	1
2028	1
2029	1
Next 5 years	7

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INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response

to this Guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity.

The significant components of the provision are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Current tax expense (benefit):
U.S.	$	152	$	284	$	76
Non-U.S.	19		7		5
Total current tax expense (benefit)	171		291		81
Deferred tax expense (benefit):
U.S.	(52)		(76)		(90)
Non-U.S.	1		(578)		—
Total deferred tax expense (benefit)	(51)		(654)		(90)
Total income tax expense (benefit)	$	120	$	(363)	$	(9)

(Some amounts may not reconcile due to rounding.)

The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below:

	Years Ended December 31,
	2024				2023				2022
(Dollars in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Underwriting gain (loss)	$	(891)	$	536	$	533	$	686	$	(81)	$	558
Net investment income	1,219		734		954		479		607		223
Net realized capital gains (losses)	34		(15)		(190)		(86)		(426)		(29)
Net derivative gain (loss)	—		—		—		1		—		—
Corporate expenses	(19)		(76)		(18)		(55)		(26)		(35)
Interest, fee and bond issue cost amortization expense	(150)		1		(134)		—		(101)		—
Other income (expense)	64		57		(13)		(3)		(6)		(96)
Pre-tax income (loss)	$	257	$	1,237	$	1,132	$	1,022	$	(32)	$	620
Expected tax provision at the applicable statutory rate(s)	54		19		238		26		(9)		—
Increase (decrease) in taxes resulting from:
Tax exempt income	(1)		—		(3)		—		(4)		—
Dividend received deduction	(3)		—		(2)		—		(3)		—
Proration	1		—		1		—		1		—
Affiliated preferred stock dividends	7		—		7		—		7		—
Creditable foreign premium tax	(14)		—		(14)		—		(11)		—
Share-based compensation tax benefits formerly in APIC	(1)		—		(3)		—		(3)		—
BEAT Tax	66		—		—		—		—		—
Valuation allowance	—		—		—		(13)		—		5
Bermuda corporate income tax	—		—		—		(578)		—		5
Insurance corporate-owned life insurance	(18)		—		(13)		—		(1)		—
Other	9		1		(3)		(6)		6		—
Total income tax provision	$	100	$	20	$	208	$	(571)	$	(14)	$	5

(Some amounts may not reconcile due to rounding.)

At December 31, 2024, 2023 and 2022, the Company had no Uncertain Tax Positions.

The Company’s 2014 through 2018 U.S. Federal tax returns are under audit by the IRS. Over several years, the Company had received and responded to a substantial number of Information Document Requests. In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment and then a final Revenue Agent Report (“RAR”). In 2024, the Company responded to the RAR with substantial additional information which the IRS has been processing. The IRS requested, and we have signed, an extension of the audit to December 31, 2025.

For tax years 2019 and 2020, the Statute of Limitations has expired and, thus, the Federal income tax return for those years is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2021, 2022, and 2023 are open for examination by the U.S. Federal income tax jurisdiction.

Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values are measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Deferred tax assets:
Bermuda economic transition adjustment	$	536	$	536
Loss reserves	313		270
Unearned premium reserves	152		143
Net unrealized investment losses	138		67
Depreciation	55		44
Unrealized foreign currency losses	35		15
Net operating loss carryforward	24		18
Lease liability	23		27
Foreign tax credits	16		—
Capital loss carryforward	14		—
Equity compensation	10		8
Investment impairments	10		12
Uncollectible reinsurance reserves	—		3
Net unrealized losses on benefit plans	—		4
Other assets	21		22
Total deferred tax assets	1,347		1,169
Deferred tax liabilities:
Deferred acquisition costs	171		139
Net fair value income	74		74
Partnership investments	43		49
Right of use asset	19		23
Deferred investment income	12		—
Benefit plan asset	—		3
Other liabilities	13		11
Total deferred tax liabilities	332		299
Net deferred tax assets	1,015		870
Less:  Valuation allowance	(25)		(15)
Total net deferred tax assets/(liabilities)	$	990	$	855

(Some amounts may not reconcile due to rounding.)

At December 31, 2024 and 2023, the Company had $25 million and $15 million of Valuation Allowances (“VA”), respectively. The VA is a result of our conclusion under U.S. GAAP accounting principles that the Australia, Colombia, Netherlands, Ireland, Italy, Switzerland, France, Germany, Singapore, Mexico, U.K., and U.S. jurisdictions could not demonstrate that it was more likely than not that the related deferred tax assets will be realized. This was primarily due to factors such as cumulative operating losses in recent years, cumulative capital losses and, therefore, an inability to demonstrate overall profitability within the specific jurisdiction. During the year ended December 31, 2024, the Company recorded an overall increase in its VA of $10 million. Tax effected U.K. Net Operating Losses (“NOLs”) of $11 million do not expire. Tax effected Irish NOLs of $4 million do not expire. Tax effected Spanish NOLs of $2 million do not expire. The remaining tax effected NOLs of $8 million arose in various jurisdictions and do not expire. Note that not all NOLs had a VA up against them.

At December 31, 2024 and 2023, the Company had $16 million and $0 million respectively of foreign tax credit (“FTC”) carryforwards. In 2024, there were approximately $9 million of U.S. FTCs and $7 million of non-US FTCs. The U.S. FTCs expire in 2034. The non-U.S. FTCs do not expire.

At December 31, 2024, $138 million of the Company’s deferred tax asset relates primarily to unrealized losses on available for sale fixed maturity securities. The unrealized losses on available for sale fixed maturity securities, primarily occurring in 2022, were the result of market conditions, including rising interest rates. Ultimate realization of these deferred tax assets depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature. As of December 31, 2024, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expected to be realized.

The Company follows ASU 2016-09 regarding the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits of $1 million, $2 million and $2 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2024, 2023 and, 2022, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $0.7 million, $0.6 million and $0.6 million in 2024, 2023 and 2022, respectively.

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]

DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Group and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain.  These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets.  Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law.   Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the Bermuda Monetary Authority (the “BMA”) and Everest Re is subject to the Risk-Based Capital Model (“RBC”) developed by the U.S. National Association of Insurance Commissioners (“NAIC”).  These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus.

Dividend Restrictions.

Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts.  Group’s ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries.

Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio.  As a long-term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long-term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $0.3 million minimum solvency margin. 

Prior approval of the BMA is required if Bermuda Re’s dividend payments would exceed 25% of their prior year-end total statutory capital and surplus.

Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations.  The statutory capital and surplus of Bermuda Re was $4.3 billion and $3.7 billion at December 31, 2024 and 2023, respectively.  The statutory net income of Bermuda Re was $1.4 billion, $1.5 billion and $603 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement.  In addition, no dividend may be paid in excess of unassigned earned surplus.  Accordingly, as of

December 31, 2024, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $813 million.

Statutory Financial Information.

Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department.  Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual.  The capital and statutory surplus of Everest Re was $8.1 billion and $7.0 billion at December 31, 2024 and 2023, respectively.  The statutory net income of Everest Re was $74 million, $877 million and $294 million for the years ended December 31, 2024, 2023 and 2022.

There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances.  The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.

Capital Restrictions.

In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA.  No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model.  In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement.

In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital.  As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company.

The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:

	Bermuda Re (1)				Everest Re (2)
	At December 31,				At December 31,
(Dollars in millions)	2024⁽³⁾		2023		2024		2023
Regulatory targeted capital	$	—	$	2,669	$	4,799	$	4,242
Actual capital	$	4,323	$	3,711	$	8,126	$	6,963

(1)Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation.

(2)Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year.

(3)The 2024 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2024 actual capital will exceed the targeted capital level. In accordance with guidance issued by the BMA in 2025, Bermuda Re has reflected the impacts of the ETA recognized in response to The 2023 Act in its 2024 regulatory targeted capital and actual capital.

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SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company has evaluated known recognized and non-recognized subsequent events. In January 2025, wildfires impacted Southern California. The Company is estimating pre-tax net catastrophe losses to be in the range of $350 to $450 million for the first quarter 2025, net of any estimated recoveries or reinstatement premiums. The Company does not have any other subsequent events to report.

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SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I — SUMMARY OF INVESTMENTS —

OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2024

Column A	Column B		Column C		Column D
(Dollars in millions)	Cost		Fair Value		Amount Shown in Balance Sheet
Fixed maturities - available for sale
Bonds:
U.S. government and government agencies	$	688	$	669	$	669
State, municipalities and political subdivisions	75		70		70
Foreign government securities	2,330		2,196		2,196
Foreign corporate securities	6,099		5,861		5,861
Public utilities	449		424		424
All other corporate bonds	12,369		12,105		12,105
Mortgage - backed securities:
Commercial	965		900		900
Agency residential	5,205		4,931		4,931
Non-agency residential	1,291		1,289		1,289
Redeemable preferred stock	464		464		464
Total fixed maturities-available for sale	29,934		28,908		28,908
Fixed maturities - held to maturity
Bonds:
Foreign corporate securities	84		86		83
Public utilities	4		5		4
All other corporate bonds	656		647		650
Mortgage - backed securities:
Commercial	21		21		20
Total fixed maturities-held to maturity	765		759		757
Equity securities - at fair value (1)	212		217		217
Short-term investments	4,707		4,707		4,707
Other invested assets	5,392		5,392		5,392
Cash	1,549		1,549		1,549
Total investments and cash	$	42,560	$	41,533	$	41,531

(Some amounts may not reconcile due to rounding.)

(1)Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss).

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

	December 31,
(Dollars and share amounts in millions, except par value per share)	2024		2023
ASSETS:
Other invested assets (cost: 2024, $63; 2023, $38)	$	63	$	38
Short-term investments	8		—
Cash	5		9
Investment in subsidiaries, at equity in the underlying net assets	15,329		14,832
Long-term notes receivable, affiliated	600		50
Accrued investment income	—		2
Receivable from subsidiaries	17		13
Other assets	37		46
TOTAL ASSETS	$	16,059	$	14,989
LIABILITIES:
Long-term notes payable, affiliated	$	2,173	$	1,773
Due to subsidiaries	9		8
Other liabilities	2		6
Total liabilities	2,184		1,787
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	—		—
Common shares, par value: $0.01; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares	1		1
Additional paid-in capital	3,812		3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($177) at 2024 and $(99) at 2023	(1,138)		(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)	(4,108)		(3,908)
Retained earnings	15,309		14,270
Total shareholders' equity	13,875		13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	16,059	$	14,989

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF OPERATIONS

	Years Ended December 31,
	2024		2023		2022
(Dollars in millions)
REVENUES:
Net investment income	$	5	$	4	$	—
Other income (expense)	7		8		—
Net income (loss) of subsidiaries	1,510		2,641		648
Total revenues	1,522		2,653		648
EXPENSES:
Interest expense - affiliated	77		87		13
Other expenses	71		49		38
Total expenses	148		136		51
INCOME (LOSS) BEFORE TAXES	1,373		2,517		597
NET INCOME (LOSS)	$	1,373	$	2,517	$	597
Other comprehensive income (loss) of subsidiaries, net of tax	(204)		1,063		(2,008)
COMPREHENSIVE INCOME (LOSS)	$	1,169	$	3,580	$	(1,411)

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollars in millions, except share amounts)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,373	$	2,517	$	597
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in retained (earnings) deficit of subsidiaries	(1,510)		(2,641)		(648)
Cash dividends received from subsidiaries	969		365		476
Change in other assets and liabilities, net	7		(8)		28
Increase (decrease) in due to/from affiliates	(3)		2		2
Non-cash compensation expense	2		3		2
Net cash provided by (used in) operating activities	839		238		457
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries	(161)		(377)		(824)
Proceeds from fixed maturities sold - available for sale	—		23		—
Distribution from other invested assets	826		441		237
Cost of fixed maturities acquired - available for sale	—		(23)		—
Cost of other invested assets acquired	(852)		(479)		(26)
Net change in short-term investments	(8)		—		—
Proceeds from repayment of long term notes receivable - affiliated	50		50		—
(Issuance) of long term notes receivable - affiliated	(600)		(100)		—
Net cash provided by (used in) investing activities	(745)		(465)		(613)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period, net	36		23		26
Proceeds from public offering of common shares	—		1,445		—
Purchase of treasury shares	(200)		—		(61)
Dividends paid to shareholders	(334)		(288)		(255)
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated	400		(965)		465
Net cash provided by (used in) financing activities	(98)		215		175
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—		—
Net increase (decrease) in cash	(4)		(13)		19
Cash, beginning of period	9		22		3
Cash, end of period	$	5	$	9	$	22
Non-Cash Transactions:
Dividend of 4,297,463 shares of Everest Group, Ltd. (“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary	$	—	$	—	$	1,405
Issuance of $1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings	—		—		1,773
Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd.	—		—		3,178

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

NOTES TO CONDENSED FINANCIAL INFORMATION

1.)The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related notes of Everest Group, Ltd. and its subsidiaries.

2.)Everest Group, Ltd. entered into a $300 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of December, 2019. The note was scheduled to pay interest annually at a rate of 1.69% and was scheduled to mature in December 2028. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

3.)Everest Group, Ltd. entered into a $200 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of August 2021. The note was scheduled to pay interest annually at a rate of 1.00% and was scheduled to mature in August 2030. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

4.)Everest Group, Ltd. entered into a $215 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of June 2022. The note was scheduled to pay interest annually at a rate of 3.11% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

5.)Everest Group, Ltd. entered into a $125 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

6.)Everest Group, Ltd. entered into a $125 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in December 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

7.)Everest Group, Ltd. entered into a $1.8 billion long-term note agreement with Everest Preferred International Holdings, an affiliated company, as of December 2022. The note will pay interest annually at a rate of 4.34% and is scheduled to mature in December 2052. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

8.)Everest Group, Ltd. issued a $100 million long-term note agreement to Everest Reinsurance Bermuda, an affiliated company, as of May 2023. The note will pay interest annually at a rate of 3.72% and is scheduled to mature in May 2053. Everest Reinsurance Bermuda repaid $50 million to Everest Group, Ltd. in September 2023 and $50 million in May 2024 and the note is no longer outstanding as of December 31, 2024.

9.)Everest Group, Ltd. issued a $600 million long-term note agreement to Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes receivable, affiliated in the condensed balance sheets of Everest Group, Ltd.

10.)Everest Group, Ltd. entered into a $100 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

11.)Everest Group, Ltd. entered into a $300 million long-term note agreement with Everest Reinsurance Bermuda, an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

12.)Everest Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, an affiliated entity. On the condensed balance sheets, investments in Mt. Logan Re valued at $39 million and $46 million as of December 31,

2024 and 2023, respectively, have been recorded within other assets. On the condensed statements of operations, income (expense) of $8 million, $8 million and $(1) million for the years ended December 31, 2024, 2023 and 2022, respectively, have been recorded in other income (expense).

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SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

Column A	Column B		Column C		Column D		Column E		Column F		Column G		Column H		Column I		Column J
	Deferred Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premium Reserves		Premiums Earned		Net Investment Income		Incurred Loss and Loss Adjustment Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Written Premium
Segment
(Dollars in millions)
As of and Year Ended December 31, 2024
Reinsurance	$	1,185	$	19,708	$	4,621	$	11,412	$	1,255	$	7,103	$	2,837	$	290	$	11,969
Insurance	270		8,841		2,635		3,579		605		3,622		439		615		3,678
Other	6		1,340		68		197		94		580		24		33		167
Total	$	1,461	$	29,889	$	7,324	$	15,187	$	1,954	$	11,305	$	3,300	$	938	$	15,814
As of and Year Ended December 31, 2023
Reinsurance	$	967	$	17,327	$	4,009	$	9,799	$	984	$	5,690	$	2,520	$	254	$	10,802
Insurance	271		6,338		2,504		3,420		391		2,471		410		556		3,704
Other	9		939		109		225		59		266		22		35		225
Total	$	1,247	$	24,604	$	6,622	$	13,443	$	1,434	$	8,427	$	2,952	$	846	$	14,730
As of and Year Ended December 31, 2022
Reinsurance	$	708	$	15,756	$	2,881	$	8,596	$	574	$	5,962	$	2,116	$	216	$	8,917
Insurance	243		5,438		2,153		2,998		219		2,040		399		438		3,223
Other	11		871		113		194		37		98		14		28		204
Total	$	962	$	22,065	$	5,147	$	11,787	$	830	$	8,100	$	2,528	$	682	$	12,344

(Some amounts may not reconcile due to rounding.)

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SCHEDULE IV — REINSURANCE

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE IV — REINSURANCE

SCHEDULE IV — REINSURANCE

Column A	Column B		Column C		Column D		Column E		Column F
(Dollars in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Assumed to Net
December 31, 2024
Total property and liability insurance premiums earned	$	4,977	$	2,248	$	12,458	$	15,187	82.0	%
December 31, 2023
Total property and liability insurance premiums earned	$	4,733	$	1,807	$	10,518	$	13,443	78.2	%
December 31, 2022
Total property and liability insurance premiums earned	$	4,218	$	1,513	$	9,082	$	11,787	77.1	%

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Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 1,373	$ 2,517	$ 597

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Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

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Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2024

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Everest has aligned and operationalized its cybersecurity program and controls to the National Institute of Standards and Technology (“NIST”) Cybersecurity Incident Response Framework to provide preventative, detective and responsive measures that are timely, comprehensive, systematic, and in alignment with industry standards, regulatory requirements, and the Company’s risk management framework. As part of the Company’s cybersecurity program, Everest has established cross-functional teams with roles and responsibilities for cybersecurity incident response. The Company has a formal incident response escalation process, which involves a dedicated Security Operation Center (“SOC”) as well as a incident response team (“IRT”), to further escalate to senior management and the Board, as appropriate. While the actual methods of incident response employed may differ based on the type and nature of the incident, our approach uses a combination of internal teams, external advisors and vendors with specialized skills to support the response and recovery efforts, including a process for escalating issues as needed to senior management and providing timely notification of incidents to law enforcement and regulatory bodies, as appropriate.

Everest uses a multi-layered process for assessing, identifying and managing material risks from cybersecurity threats and manages its systems and processes both internally and with the assistance of specialized third-party service providers. The Company obtains timely cyber-threat intelligence from various sources and maintains intrusion detection, network firewall protections, advanced threat protection, endpoint detection and response, email filtering, distributed denial-of-service and other protections to secure the company’s critical infrastructure. The SOC provides enhanced early detection of threat intelligence services, actively manages security tools, and monitors and responds to security alerts. The SOC also initiates incident response protocols, including escalating threats as needed to the IRT, including the Chief Information Security Officer (“CISO“), who can further escalate to other members of senior management and the Board, as may be appropriate. Various processes, including compiling security metrics, vulnerability scans, regular patching of software and hardware vulnerabilities, external penetration testing, internal phishing tests, red team exercises and incident response exercises are used to test the effectiveness of the overall cybersecurity control environment. In addition to periodic self-assessment of various cybersecurity controls, the Company conducts annual independent NIST assessments to review its cybersecurity posture and to identify opportunities to enhance its cybersecurity controls and mitigate cybersecurity risk.

Everest outsources certain business, technological and administrative functions and relies on third-party vendors to perform certain functions or provide certain services on its behalf. The Company negotiates contractual provisions to address identified cybersecurity risk(s) with third-party vendors. Third party security assessments of these vendors are also performed as part of the Company’s third-party vendor management processes. The Company also maintains processes to oversee and manage material risks from cybersecurity threats associated with its use of third-party service providers.

Everest provides resources and learning opportunities to educate all of our colleagues on how to identify, report and be vigilant against cybersecurity threats in the workplace. In addition, we conduct cybersecurity incident simulation exercises with business, information technology, management and other key stakeholders to practice and test response processes. Furthermore, the Company collaborates with industry associations, government and regulatory authorities, peer companies and external advisors to monitor the threat environment and to inform its cybersecurity practices.

For the year ended December 31, 2024, Everest has not experienced any cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial conditions.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Everest has aligned and operationalized its cybersecurity program and controls to the National Institute of Standards and Technology (“NIST”) Cybersecurity Incident Response Framework to provide preventative, detective and responsive measures that are timely, comprehensive, systematic, and in alignment with industry standards, regulatory requirements, and the Company’s risk management framework. As part of the Company’s cybersecurity program, Everest has established cross-functional teams with roles and responsibilities for cybersecurity incident response. The Company has a formal incident response escalation process, which involves a dedicated Security Operation Center (“SOC”) as well as a incident response team (“IRT”), to further escalate to senior management and the Board, as appropriate. While the actual methods of incident response employed may differ based on the type and nature of the incident, our approach uses a combination of internal teams, external advisors and vendors with specialized skills to support the response and recovery efforts, including a process for escalating issues as needed to senior management and providing timely notification of incidents to law enforcement and regulatory bodies, as appropriate.

Cybersecurity Risk Management Third Party Engaged [Flag]

false

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity threats present a persistent and dynamic threat to our entire industry. The Company views cybersecurity risk as an enterprise-wide concern that involves people, processes and technology. The Company’s Board, through its committees, referenced above in ITEM 1 “Business” - Enterprise Risk Management, has ultimate responsibility for risk oversight. In 2024, a Technology and Cyber Board Committee was established to further assist the Company Board’s oversight responsibilities with respect to information technology governance, strategy, delivery and risk management, including cybersecurity and data privacy. Management is tasked with the day-to-day management of the Company’s cybersecurity risks. The Company’s Board has a practical understanding of information systems and technology use in our business operations and processes, as well as a recognition of the risk management aspects of cyber risks and cybersecurity. In addition, the Company’s subsidiary boards of directors may also provide additional oversight.

The Company also appointed a certified CISO who has significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps

necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the ERC, referenced above in ITEM 1 “Business” - Enterprise Risk Management, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company. The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our business. The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, review overall cybersecurity strategies and policies and to report on material cybersecurity risks.

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee. The topics covered by these updates include the Company's activities, policies and procedures to prevent, detect and respond to cybersecurity incidents, as well as lessons learned from cybersecurity incidents and internal and external testing of our cyber defenses.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Company’s Board, through its committees, referenced above in ITEM 1 “Business” - Enterprise Risk Management, has ultimate responsibility for risk oversight. In 2024, a Technology and Cyber Board Committee was established to further assist the Company Board’s oversight responsibilities with respect to information technology governance, strategy, delivery and risk management, including cybersecurity and data privacy.

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee.

Cybersecurity Risk Role of Management [Text Block]

The Company also appointed a certified CISO who has significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps

necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the ERC, referenced above in ITEM 1 “Business” - Enterprise Risk Management, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company. The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our business. The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, review overall cybersecurity strategies and policies and to report on material cybersecurity risks.

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

The Company also appointed a certified CISO who has significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps

necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the ERC, referenced above in ITEM 1 “Business” - Enterprise Risk Management, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company. The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our business. The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, review overall cybersecurity strategies and policies and to report on material cybersecurity risks.

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee.

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The Company also appointed a certified CISO who has significant public and private cybersecurity experience.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee. The topics covered by these updates include the Company's activities, policies and procedures to prevent, detect and respond to cybersecurity incidents, as well as lessons learned from cybersecurity incidents and internal and external testing of our cyber defenses.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group:  Everest International Reinsurance, Ltd. (“Everest International”), Everest Compañia de Seguros Generales Colombia S.A., Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (U.K.), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (U.K.), Ltd., Everest Compañia de Seguros Generales Chile S.A. (“Everest Chile”), Compañia de Seguros Generales Everest Mexico S.A. de C.V., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), dac (“Ireland Insurance”), Everest Reinsurance Company (Ireland), dac (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable and Everest Servicios Colombia S.A.S.

Consolidation

All intercompany accounts and transactions have been eliminated. All amounts are reported in United States (“U.S.”) dollars.

Consolidation of Variable Interest Entity

The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. See ITEM 7, “Management’s Discussion and Analysis of Critical Accounting Estimates”.

Investments

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a

change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit related or non-credit related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

Fixed maturity securities designated as held to maturity consist of debt securities for which the Company has both the positive intent and ability to hold to maturity or redemption and are reported at amortized cost, net of the current expected credit loss allowance.  Interest income for fixed maturity securities held to maturity is determined in the same manner as interest income for fixed maturity securities available for sale.  The Company evaluates fixed maturity securities classified as held to maturity for current expected credit losses utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses. The majority of these fixed maturities classified as held to maturity are of a high credit quality and are rated investment grade as of December 31, 2024.

Interest, dividend income and amortization of fixed maturity market premium and discounts, related to securities are recorded in net investment income, net of investment management and custody fees in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

For equity securities, the Company reflects changes in fair value as net gains (losses) on investments.  Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). 

Short-term investments comprise securities due to mature within one year from the date of purchase and are stated at cost, which approximates fair value.

Realized gains or losses on sales of investments are determined on the basis of identified cost. 

For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality and cash flow

characteristics of each security.  For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties.  All fair value estimates from investment managers are reviewed by the Company for reasonableness.  For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs.  When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

Cash

Other invested assets include limited partnerships, corporate-owned life insurance (“COLI”), rabbi trusts and other investments. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag and are included within net investment income. COLI policies are carried at policy cash surrender value and changes in the policy cash surrender value are included within net investment income.

Cash includes cash on hand. Restricted cash is included within cash in the consolidated balance sheets and represents amounts held for the benefit of third parties that is legally or contractually restricted as to its withdrawal or usage. Amounts include cash in trust funds set up for the benefit of ceding companies.

Allowance for Premium Receivable and Reinsurance Recoverables

The Company applies the Current Expected Credit Losses methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts. 

Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/cedents. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate.

A portion of the Company's commercial lines business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is recorded within other assets in the consolidated balance sheets. The allowance is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios.

The Company records total credit loss expenses related to premiums receivable in other underwriting expenses and records credit loss expenses related to deductibles in incurred losses and loss adjustment expenses (“LAE”) in the Company’s consolidated statements of operations and comprehensive income (loss).

The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable includes an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible.

Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period.

The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios.

The Company records credit loss expenses related to reinsurance recoverable in incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

Deferred Acquisition Costs

Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned.  Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income.

Reserve for Losses and LAE

The reserve for losses and LAE is based on individual case estimates and reports received from ceding companies.  A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.  Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.  See also Note 4 of the Notes to these Consolidated Financial Statements.  The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made.  The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability.  Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract.  Changes in estimates for such arrangements are recorded as commission expense.  Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE.

Premium Revenues

Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts.  Unearned premium reserves are established relative to the unexpired contract period.  For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data.  Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted.  The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued.  Premiums are net of ceded reinsurance.

During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used. The refined estimate resulted in an increase of gross written premium for the twelve months ended December 31, 2023, and has further aligned the estimation methodology across the reinsurance division globally. This change had no impact on the total written premium to be recognized over the term of the treaty. There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income or any related per-share amounts.

Prepaid Reinsurance Premiums

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers.  Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2024 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

Income Taxes

Holdings and its wholly owned subsidiaries file a consolidated U.S. federal income tax return.  Foreign subsidiaries and branches of subsidiaries file local tax returns as required.  Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required.  Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules.

As a result of Bermuda enacting a corporate income tax effective January 1, 2025, Group subsidiaries in Bermuda will file and pay income taxes subsequent to that date.

As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from Accumulated Other Comprehensive Income.

Foreign Currency

The Company transacts business in numerous currencies through business units located around the world.  The functional currency for each business unit is determined by the local currency used for most economic activity in that area.  Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes.

The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income (loss).  Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated as a separate component of other comprehensive income (loss) in shareholders’ equity.

Treasury Shares

Treasury shares are the Company’s common shares repurchased on the open market, by the Company. The cost of treasury shares includes the purchase price of shares acquired and direct costs to acquire shares, including commissions.

Earnings Per Common Share

Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding.  Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.

Segmentation

The Company, through its subsidiaries, conducts business through two reportable segments: Reinsurance and Insurance. During the fourth quarter of 2024, the Company revised the classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new operating segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are now managed due to changes in management beginning in the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively.

Share-Based Compensation

Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award.  The tax benefit on the recorded expense is deferred until the

time the award is exercised or vests (becomes unrestricted).

Recent Accounting Pronouncements

Adoption of New Accounting Standards

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, which requires enhanced disclosures related to a public entity’s reportable segments. The Company adopted the accounting standard effective year end 2024. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements. The Company did not adopt any other new accounting standards that had a material impact in 2024.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 by the FASB on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2024. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.

Improvements to Income Tax Disclosures. In December 2023, the FASB issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued Accounting Standard Update No. 2024-03, which requires additional disclosure about specific expense categories included in the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

Fair Value Measurement

GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a

given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:	Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
Level 2:	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;
Level 3:	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information. When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third-party investment asset managers, review of pricing statistics and trends and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

Fair Value of Financial Instruments

Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources.

Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third-party pricing services are in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third-party asset managers and the Company. If the broker quotes are

for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

•U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;

•Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

•Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;

•Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and

•Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Net Income (Loss) Per Common Share

Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding.

	Years Ended December 31,
(Amounts in millions, except per share amounts)	2024			2023			2022
Net income (loss) per share:
Numerator
Net income (loss)	$	1,373		$	2,517		$	597
Less:  dividends declared-common shares and unvested common shares	(334)			(288)			(255)
Undistributed earnings	1,039			2,229			342
Percentage allocated to common shareholders (1)	98.8		%	98.8		%	98.7		%
	1,027			2,203			337
Add:  dividends declared-common shareholders	331			285			252
Numerator for basic and diluted earnings per common share	$	1,358		$	2,488		$	589
Denominator
Denominator for basic earnings per weighted-average common shares	42.7			41.3			38.8
Effect of dilutive securities:
Options	—			—			—
Denominator for diluted earnings per adjusted weighted-average common shares	42.7			41.3			38.8
Per common share net income (loss)
Basic	$	31.78		$	60.19		$	15.19
Diluted	$	31.78		$	60.19		$	15.19
(1)Basic weighted-average common shares outstanding	42.7			41.3			38.8
Basic weighted-average common shares outstanding and unvested common shares expected to vest	43.2			41.8			39.3
Percentage allocated to common shareholders	98.8		%	98.8		%	98.7		%

(Some amounts may not reconcile due to rounding.)

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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities

The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	688	$	—	$	5	$	(24)	$	669
Obligations of U.S. states and political subdivisions	75		—		—		(5)		70
Corporate securities	7,288		(35)		57		(299)		7,010
Asset-backed securities	5,994		—		28		(39)		5,982
Mortgage-backed securities
Commercial	965		—		1		(66)		900
Agency residential	5,205		—		13		(287)		4,931
Non-agency residential	1,291		—		9		(11)		1,289
Foreign government securities	2,330		—		13		(147)		2,196
Foreign corporate securities	6,099		—		42		(279)		5,861
Total fixed maturity securities - available for sale	$	29,934	$	(36)	$	167	$	(1,157)	$	28,908

(Some amounts may not reconcile due to rounding.)

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	1,045	$	—	$	3	$	(52)	$	996
Obligations of U.S. states and political subdivisions	138		—		1		(11)		128
Corporate securities	7,587		(47)		135		(322)		7,353
Asset-backed securities	5,644		—		25		(51)		5,618
Mortgage-backed securities
Commercial	1,091		—		1		(92)		1,000
Agency residential	4,869		—		55		(229)		4,695
Non-agency residential	431		—		14		(2)		443
Foreign government securities	2,042		—		33		(108)		1,967
Foreign corporate securities	5,720		(1)		92		(271)		5,540
Total fixed maturity securities - available for sale	$	28,568	$	(48)	$	358	$	(1,137)	$	27,740

(Some amounts may not reconcile due to rounding.)

The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:

	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	177	$	(2)	$	5	$	(4)	$	175
Asset-backed securities	484		(4)		5		(8)		477
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		4		—		86
Total fixed maturity securities - held to maturity	$	765	$	(8)	$	14	$	(12)	$	759

(Some amounts may not reconcile due to rounding.)

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	150	$	(2)	$	1	$	(3)	$	146
Asset-backed securities	609		(5)		4		(10)		597
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		7		—		90
Total fixed maturity securities - held to maturity	$	864	$	(8)	$	12	$	(13)	$	854

(Some amounts may not reconcile due to rounding.)

Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity

The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At December 31, 2024				At December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - available for sale
Due in one year or less	$	1,116	$	1,080	$	1,289	$	1,261
Due after one year through five years	8,774		8,480		7,094		6,858
Due after five years through ten years	4,764		4,523		5,613		5,405
Due after ten years	1,826		1,723		2,537		2,460
Asset-backed securities	5,994		5,982		5,644		5,618
Mortgage-backed securities
Commercial	965		900		1,091		1,000
Agency residential	5,205		4,931		4,869		4,695
Non-agency residential	1,291		1,289		431		443
Total fixed maturity securities -available for sale	$	29,934	$	28,908	$	28,568	$	27,740

(Some amounts may not reconcile due to rounding.)

The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At December 31, 2024				At December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - held to maturity
Due in one year or less	$	7	$	7	$	5	$	5
Due after one year through five years	67		67		59		58
Due after five years through ten years	37		35		43		42
Due after ten years	150		152		127		131
Asset-backed securities	484		477		609		597
Mortgage-backed securities
Commercial	21		21		21		21
Total fixed maturity securities - held to maturity	$	765	$	759	$	864	$	854

(Some amounts may not reconcile due to rounding.)

Schedule of Changes in Net Unrealized Appreciation (Depreciation) for Company's Investments

The changes in net URA(D) for the Company’s investments are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Increase (decrease) during the period between the fair value and cost
of investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities - available for sale and short-term investments	$	(203)	$	1,129
Equity method investments	18		—
Change in URA(D), pre-tax	(185)		1,129
Deferred tax benefit (expense)	76		(142)
Change in URA(D), net of deferred taxes, included in shareholders’ equity	$	(109)	$	986

(Some amounts may not reconcile due to rounding.)

Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2024 by Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	80	$	(1)	$	398	$	(23)	$	478	$	(24)
Obligations of U.S. states and political subdivisions	9		—		40		(5)		48		(5)
Corporate securities	2,744		(76)		2,132		(221)		4,876		(297)
Asset-backed securities	958		(20)		537		(19)		1,495		(39)
Mortgage-backed securities
Commercial	53		(3)		757		(63)		810		(66)
Agency residential	2,754		(115)		1,226		(172)		3,980		(287)
Non-agency residential	654		(11)		25		—		678		(11)
Foreign government securities	851		(35)		828		(112)		1,679		(147)
Foreign corporate securities	2,484		(61)		1,785		(218)		4,269		(279)
Total	$	10,587	$	(323)	$	7,728	$	(833)	$	18,315	$	(1,156)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	10,604	$	(324)	$	7,728	$	(833)	$	18,332	$	(1,157)

(Some amounts may not reconcile due to rounding.)

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2023 by Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	122	$	(3)	$	772	$	(49)	$	893	$	(52)
Obligations of U.S. states and political subdivisions	3		—		74		(11)		77		(11)
Corporate securities	1,019		(58)		2,780		(263)		3,799		(321)
Asset-backed securities	196		(2)		2,014		(49)		2,210		(51)
Mortgage-backed securities
Commercial	181		(19)		742		(73)		923		(92)
Agency residential	423		(4)		2,126		(225)		2,549		(229)
Non-agency residential	126		(1)		4		—		130		—
Foreign government securities	172		(7)		985		(101)		1,156		(108)
Foreign corporate securities	324		(6)		2,726		(265)		3,050		(271)
Total	$	2,564	$	(101)	$	12,222	$	(1,035)	$	14,787	$	(1,136)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	2,566	$	(102)	$	12,222	$	(1,035)	$	14,789	$	(1,137)

(Some amounts may not reconcile due to rounding.)

Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity

	Duration of Unrealized Loss at December 31, 2024 by Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	138	$	(5)	$	544	$	(34)	$	682	$	(39)
Due in one year through five years	3,503		(87)		2,770		(249)		6,273		(335)
Due in five years through ten years	1,850		(50)		1,382		(220)		3,232		(271)
Due after ten years	677		(32)		487		(76)		1,164		(107)
Asset-backed securities	958		(20)		537		(19)		1,495		(39)
Mortgage-backed securities	3,461		(129)		2,008		(235)		5,469		(364)
Total	$	10,587	$	(323)	$	7,728	$	(833)	$	18,315	$	(1,156)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	10,604	$	(324)	$	7,728	$	(833)	$	18,332	$	(1,157)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2023 by Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	184	$	(3)	$	773	$	(30)	$	958	$	(33)
Due in one year through five years	699		(18)		3,841		(271)		4,540		(289)
Due in five years through ten years	328		(15)		2,306		(310)		2,633		(325)
Due after ten years	429		(39)		417		(77)		845		(116)
Asset-backed securities	196		(2)		2,014		(49)		2,210		(51)
Mortgage-backed securities	729		(24)		2,872		(298)		3,601		(323)
Total	$	2,564	$	(101)	$	12,222	$	(1,035)	$	14,787	$	(1,136)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	2,566	$	(102)	$	12,222	$	(1,035)	$	14,789	$	(1,137)

(Some amounts may not reconcile due to rounding.)

Schedule of Components of Net Investment Income

The components of net investment income are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturities	$	1,481	$	1,153	$	742
Equity securities	3		3		16
Short-term investments and cash	195		140		28
Other invested assets
Limited partnerships	206		122		75
Other	104		59		29
Gross investment income before adjustments	1,989		1,477		890
Funds held interest income (expense)	26		10		2
Future policy benefit reserve income (expense)	(1)		(1)		—
Gross investment income	2,013		1,486		892
Investment expenses	59		53		62
Net investment income	$	1,954	$	1,434	$	830

(Some amounts may not reconcile due to rounding.)

Schedule of Components of Net Gains (Losses) on Investments

The components of net gains (losses) on investments are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Fixed maturity securities
Allowance for credit losses	$	13	$	7	$	(33)
Net realized gains (losses) from dispositions	6		(292)		(87)
Equity securities, fair value
Net realized gains (losses) from dispositions	1		8		112
Gains (losses) from fair value adjustments	(1)		—		(460)
Other invested assets	(1)		—		13
Short-term investments gain (loss)	1		—		—
Total net gains (losses) on investments	$	19	$	(276)	$	(455)

(Some amounts may not reconcile due to rounding.)

Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale

The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2024
	Corporate Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(47)	$	(1)	$	(48)
Credit losses on securities where credit losses were not previously recorded	(9)		—		(9)
Increases in allowance on previously impaired securities	—		—		—
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	20		1		21
Balance, end of period	$	(35)	$	—	$	(36)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2023
	Corporate Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(45)	$	(10)	$	(54)
Credit losses on securities where credit losses were not previously recorded	(23)		—		(24)
Increases in allowance on previously impaired securities	(1)		—		(1)
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	22		8		30
Balance, end of period	$	(47)	$	(1)	$	(48)

(Some amounts may not reconcile due to rounding.)

Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2024
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(5)	$	(1)	$	(8)
Credit losses on securities where credit losses were not previously recorded	—		—		(1)		(1)
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	—		1		—		1
Balance, end of period	$	(2)	$	(4)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2023
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(6)	$	(1)	$	(9)
Credit losses on securities where credit losses were not previously recorded	—		—		—		—
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities
Reduction in allowance due to disposals	—		1		—		1
Balance, end of period	$	(2)	$	(5)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)

Schedule of Proceeds and Split Between Gross Gains and Losses, from Sales of Fixed Maturity Securities

The proceeds and split between gross gains and losses, from sales of fixed maturity securities - available for sale and equity securities, are presented in the table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Proceeds from sales of fixed maturity securities - available for sale	$	6,257	$	3,849	$	1,403
Gross gains from sales	166		35		40
Gross losses from sales	(160)		(327)		(127)
Proceeds from sales of equity securities	$	37	$	126	$	2,217
Gross gains from sales	2		8		165
Gross losses from sales	(1)		—		(53)

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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Levels for all Assets and Liabilities

The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	669	$	—	$	669	$	—
Obligations of U.S. States and political subdivisions	70		—		70		—
Corporate securities	7,010		—		6,492		518
Asset-backed securities	5,982		—		4,325		1,657
Mortgage-backed securities
Commercial	900		—		900		—
Agency residential	4,931		—		4,931		—
Non-agency residential	1,289		—		1,289		—
Foreign government securities	2,196		—		2,196		—
Foreign corporate securities	5,861		—		5,847		14
Total fixed maturities - available for sale	28,908		—		26,719		2,189
Equity securities, fair value	217		79		133		5

(Some amounts may not reconcile due to rounding.)

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	996	$	—	$	996	$	—
Obligations of U.S. States and political subdivisions	128		—		128		—
Corporate securities	7,353		—		6,681		672
Asset-backed securities	5,618		—		4,313		1,305
Mortgage-backed securities
Commercial	1,000		—		1,000		—
Agency residential	4,695		—		4,695		—
Non-agency residential	443		—		443		—
Foreign government securities	1,967		—		1,967		—
Foreign corporate securities	5,540		—		5,524		16
Total fixed maturities - available for sale	27,740		—		25,747		1,993
Equity securities, fair value	188		70		118		—

(Some amounts may not reconcile due to rounding.)

Schedule of Activity under Level 3, Fair Value Measurements using Significant Unobservable Inputs by Asset Type

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

	Total Fixed Maturities - Available for Sale
	December 31, 2024								December 31, 2023
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total
Beginning balance fixed maturities	$	672	$	1,305	$	16	$	1,993	$	715	$	994	$	16	$	1,725
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(1)		—		1		—		4		—		—		4
Included in other comprehensive income (loss)	1		12		—		13		(2)		6		—		4
Purchases, issuances and settlements	(154)		339		(2)		183		(45)		305		—		260
Transfers in and/or (out) of Level 3 and reclassification
of securities in/(out) of investment categories	—		—		—		—		—		—		—		—
Ending balance	$	518	$	1,657	$	14	$	2,189	$	672	$	1,305	$	16	$	1,993
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date	$	(3)	$	—	$	—	$	(3)	$	9	$	—	$	—	$	9

(Some amounts may not reconcile due to rounding.)

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RESERVE FOR LOSSES AND LAE (Tables)

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Schedule of Roll Forward of the Company’s Beginning and Ending Reserve for Losses and LAE

The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Gross reserves beginning of period	$	24,604	$	22,065	$	19,009
Less reinsurance recoverables on unpaid losses	(2,098)		(2,105)		(1,946)
Net reserves beginning of period	22,506		19,960		17,063
Incurred related to:
Current year	9,967		8,432		8,102
Prior years	1,337		(5)		(2)
Total incurred losses and LAE	11,305		8,427		8,100
Paid related to:
Current year	1,258		1,379		1,220
Prior years	5,279		4,731		3,740
Total paid losses and LAE	6,537		6,110		4,960
Foreign exchange/translation adjustment	(298)		229		(243)
Net reserves end of period	26,975		22,506		19,960
Plus reinsurance recoverables on unpaid losses	2,915		2,098		2,105
Gross reserves end of period	$	29,889	$	24,604	$	22,065

(Some amounts may not reconcile due to rounding.)

Schedule of Reconciliation of the Net Incurred and Paid Claims and Ultimate Loss and ALAE and Paid Loss and ALAE, Net of Reinsurance

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows:

	December 31, 2024
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	12,810
Reinsurance Property	6,028
Insurance Casualty	5,891
Insurance Property	762
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	25,491
Reinsurance recoverable on unpaid claims
Reinsurance Casualty	73
Reinsurance Property	624
Insurance Casualty	1,750
Insurance Property	237
Total reinsurance recoverable on unpaid claims (1)	2,683
Insurance lines other than short-duration	—
Unallocated claims adjustment expenses	316
Other (2)	1,400
	1,716
Total gross liability for unpaid claims and claim adjustment expense	$	29,889

(Some amounts may not reconcile due to rounding.)

(1) Amounts disclosed are for reinsurance and insurance reportable segments.

(2) The other amount is primarily comprised of the new Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The following tables present the ultimate loss and allocated LAE and the paid loss and allocated LAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business.

Reinsurance - Casualty Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	777	$	821	$	818	$	815	$	799	$	835	$	835	$	833	$	832	$	845	$	45	N/A
2016			792		870		867		862		938		940		970		1,000		1,022		52		N/A
2017					875		834		841		922		931		986		1,051		1,079		24		N/A
2018							1,447		1,445		1,522		1,553		1,621		1,718		1,775		246		N/A
2019									1,761		1,826		1,828		1,853		1,893		1,954		346		N/A
2020											1,957		1,928		1,907		1,869		1,911		588		N/A
2021													2,491		2,487		2,427		2,518		1,229		N/A
2022															2,730		2,688		2,739		1,658		N/A
2023																	2,958		3,123		2,315		N/A
2024																			3,275		2,756		N/A
																			$	20,240

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	56	$	158	$	265	$	410	$	499	$	567	$	613	$	650	$	677	$	702
2016			89		189		323		429		542		618		693		762		826
2017					80		186		317		458		582		681		790		917
2018							188		296		497		652		828		1,008		1,214
2019									239		364		533		735		963		1,234
2020											205		307		486		720		987
2021													206		319		542		845
2022															184		345		646
2023																	201		422
2024																			256
																			$	8,048
All outstanding liabilities prior to 2015, net of reinsurance																			617
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	12,810

(Some amounts may not reconcile due to rounding.)

Reinsurance - Property Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	1,378	$	1,037	$	956	$	930	$	933	$	925	$	927	$	924	$	921	$	911	$	—	N/A
2016			1,681		1,502		1,538		1,532		1,510		1,511		1,507		1,509		1,502		1		N/A
2017					2,773		3,396		3,507		3,636		3,681		3,692		3,705		3,724		3		N/A
2018							2,594		2,469		2,471		2,409		2,362		2,347		2,382		3		N/A
2019									2,005		2,036		1,981		1,866		1,869		1,920		2		N/A
2020											2,388		2,461		2,405		2,377		2,379		3		N/A
2021													2,745		2,770		2,692		2,582		14		N/A
2022															3,202		2,880		2,586		261		N/A
2023																	2,788		2,411		662		N/A
2024																			3,940		2,214		N/A
																			$	24,337

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	369	$	591	$	740	$	823	$	850	$	871	$	879	$	884	$	888	$	889
2016			459		946		1,056		1,080		1,089		1,081		1,082		1,084		1,128
2017					810		2,170		2,733		3,117		3,313		3,407		3,482		3,590
2018							534		1,509		1,857		2,047		2,121		2,184		2,307
2019									714		1,159		1,482		1,645		1,771		1,934
2020											571		1,302		1,706		1,989		2,251
2021													679		1,523		2,014		2,420
2022															619		1,364		1,896
2023																	600		1,165
2024																			774
																			$	18,355
All outstanding liabilities prior to 2015, net of reinsurance																			46
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	6,028

(Some amounts may not reconcile due to rounding.)

Insurance - Casualty Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	487	$	492	$	500	$	503	$	427	$	426	$	427	$	434	$	426	$	445	$	11	27,331
2016			504		510		538		557		489		474		478		488		494		17		31,267
2017					559		557		567		585		559		559		584		580		32		34,793
2018							643		648		679		685		697		772		811		64		34,838
2019									774		777		797		804		953		1,089		145		37,837
2020											912		989		977		975		1,096		273		39,675
2021													1,117		1,159		1,153		1,353		464		44,458
2022															1,241		1,239		1,597		739		46,433
2023																	1,424		1,740		1,125		44,372
2024																			1,788		1,546		33,512
																			$	10,993

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	43	$	127	$	208	$	270	$	325	$	351	$	379	$	397	$	409	$	417
2016			51		156		253		314		362		398		430		448		460
2017					52		165		263		343		404		467		493		527
2018							61		196		296		407		539		623		678
2019									69		218		364		498		646		828
2020											63		229		372		531		659
2021													105		246		428		655
2022															79		282		578
2023																	93		311
2024																			85
																			$	5,200
All outstanding liabilities prior to 2015, net of reinsurance																			97
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,891

(Some amounts may not reconcile due to rounding.)

Insurance - Property Business

																					At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	179	$	169	$	159	$	160	$	161	$	162	$	163	$	165	$	164	$	165	$	1	N/A
2016			289		281		284		292		297		299		300		302		301		2		N/A
2017					486		494		486		494		496		508		509		506		1		N/A
2018							403		399		401		410		428		436		435		3		N/A
2019									347		352		350		365		380		375		6		N/A
2020											601		508		498		503		492		10		N/A
2021													646		585		602		628		37		N/A
2022															770		796		698		42		N/A
2023																	717		669		94		N/A
2024																			597		192		N/A
																			$	4,864

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023 (unaudited)		2024
(Dollars in millions)
2015	$	107	$	153	$	155	$	158	$	160	$	161	$	162	$	163	$	163	$	164
2016			167		249		272		290		296		297		299		299		299
2017					176		416		452		477		493		505		504		505
2018							240		356		376		407		424		429		431
2019									226		313		335		355		363		368
2020											292		413		450		465		473
2021													325		482		544		565
2022															377		567		594
2023																	400		503
2024																			200
																			$	4,102
All outstanding liabilities prior to 2015, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			762

(Some amounts may not reconcile due to rounding.)

Schedule of Average Annual Percentage Payout Incurred Loss by Age, Net of Reinsurance

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	8.4	%	6.7	%	10.4	%	11.6	%	11.6	%	10.4	%	9.2	%	7.9	%	4.9	%	2.9	%

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	25.2	%	31.2	%	16.2	%	10.0	%	5.4	%	3.2	%	2.4	%	1.9	%	2.0	%	0.2	%

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	6.4	%	14.3	%	15.3	%	14.2	%	12.7	%	11.5	%	6.1	%	4.6	%	2.6	%	1.9	%

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	54.0	%	30.4	%	6.3	%	4.6	%	2.5	%	1.4	%	0.3	%	0.1	%	—	%	0.3	%

Schedule of Incurred Losses with Respect to A&E Reserve on both Gross and Net of Reinsurance Basis

The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023		2022
Gross basis:
Beginning of period reserves	$	247	$	278	$	175
Incurred losses	62		—		144
Paid losses	(49)		(31)		(42)
End of period reserves	$	260	$	247	$	278
Net basis:
Beginning of period reserves	$	232	$	257	$	156
Incurred losses	54		—		138
Paid losses	(43)		(25)		(37)
End of period reserves	$	242	$	232	$	257

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REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2024

Reinsurance Disclosures [Abstract]

Schedule of Premiums Written and Earned and Incurred Losses and LAE

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Written premiums:
Direct	$	5,115	$	5,031	$	4,602
Assumed	13,117		11,606		9,350
Ceded	(2,418)		(1,907)		(1,608)
Net written premiums	$	15,814	$	14,730	$	12,344
Premiums earned:
Direct	$	4,977	$	4,733	$	4,218
Assumed	12,458		10,518		9,082
Ceded	(2,248)		(1,807)		(1,513)
Net premiums earned	$	15,187	$	13,443	$	11,787
Incurred losses and LAE:
Direct	$	5,465	$	3,209	$	2,804
Assumed	7,464		5,870		6,285
Ceded	(1,624)		(651)		(988)
Net incurred losses and LAE	$	11,305	$	8,427	$	8,100

XML

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Underwriting Results for Segments

The following tables present segment underwriting results for the periods indicated:

	Year Ended December 31, 2024
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	12,941	$	5,078	$	212	$	18,232
Net written premiums	11,969		3,678		167		15,814
Premiums earned	$	11,412	$	3,579	$	197	$	15,187
Incurred losses and LAE	7,103		3,622		580		11,305
Commission and brokerage	2,837		439		24		3,300
Other underwriting expenses	290		615		33		938
Underwriting gain (loss)	$	1,181	$	(1,097)	$	(440)	$	(356)
Net investment income							1,954
Net gains (losses) on investments							19
Corporate expenses							(95)
Interest, fee and bond issue cost amortization expense							(149)
Other income (expense)							121
Income (loss) before taxes							$	1,493

	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	11,460	$	4,888	$	289	$	16,637
Net written premiums	10,802		3,704		225		14,730
Premiums earned	$	9,799	$	3,420	$	225	$	13,443
Incurred losses and LAE	5,690		2,471		266		8,427
Commission and brokerage	2,520		410		22		2,952
Other underwriting expenses	254		556		35		846
Underwriting gain (loss)	$	1,334	$	(18)	$	(98)	$	1,219
Net investment income							1,434
Net gains (losses) on investments							(276)
Corporate expenses							(73)
Interest, fee and bond issue cost amortization expense							(134)
Other income (expense)							(14)
Income (loss) before taxes							$	2,154

	Year Ended December 31, 2022
(Dollars in millions)	Reinsurance		Insurance		Other		Total
Gross written premiums	$	9,246	$	4,426	$	279	$	13,952
Net written premiums	8,917		3,223		204		12,344
Premiums earned	$	8,596	$	2,998	$	194	$	11,787
Incurred losses and LAE	5,962		2,040		98		8,100
Commission and brokerage	2,116		399		14		2,528
Other underwriting expenses	216		438		28		682
Underwriting gain (loss)	$	302	$	121	$	54	$	477
Net investment income							830
Net gains (losses) on investments							(455)
Corporate expenses							(61)
Interest, fee and bond issue cost amortization expense							(101)
Other income (expense)							(102)
Income (loss) before taxes							$	588

Schedule of Gross Written Premium by Geographic Region

The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.

	United States		Europe		All other
2024	57	%	25	%	18	%
2023	58	%	24	%	18	%
2022	63	%	22	%	15	%

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CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Line of Credit Facility [Abstract]

Schedule of Outstanding Letters of Credit and Borrowings

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility	$	500	$	455	12/31/2025	$	500	$	97	6/24/2024
								71		6/28/2024
								318		12/31/2024
	$	500	$	455		$	500	$	486

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Citibank LOC Facility- Committed	$	230	$	—	1/21/2025	$	230	$	—	01/21/2024
			4		2/28/2025			4		02/29/2024
			2		3/1/2025			1		3/1/2024
			1		3/15/2025			3		9/23/2024
			3		9/23/2025			1		12/1/2024
			1		12/1/2025			—		12/16/2024
			—		12/16/2025			—		12/20/2024
			—		12/20/2025			217		12/31/2024
			197		12/31/2025			1		8/15/2025
			1		8/15/2026
Bermuda Re Citibank LOC Facility - Uncommitted	140		75		12/31/2025	140		105		12/31/2024
			7		12/30/2028			7		12/30/2027
Total Citibank Bilateral Agreement	$	370	$	293		$	370	$	340

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed	$	200	$	193	12/31/2025	$	200	$	192	12/31/2024

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed	$	150	$	150	12/31/2025	$	150	$	150	12/31/2024

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Lloyd's Bank Credit Facility-Committed	$	250	$	244	12/31/2025	$	250	$	235	12/31/2024

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	150	12/30/2025	$	200	$	168	12/30/2024
	—		14		12/31/2025	—		14		12/31/2024
Total Bermuda Re Barclays Bilateral Letter of Credit Facility	$	200	$	164		$	200	$	182

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024					At December 31, 2023
Letter of Credit Facility	Commitment		In Use		Date of Expiry	Commitment		In Use		Date of Expiry
Nordea Bank Letter of Credit Facility - Committed	$	200	$	200	12/31/2025	$	200	$	200	12/31/2024
Nordea Bank Letter of Credit Facility - Uncommitted	100		100		12/31/2025	100		100		12/31/2024
Total Nordea Bank ABP, NY LOC Facility	$	300	$	300		$	300	$	300

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility	£	113	£	107	11/1/2028

(Some amounts may not reconcile due to rounding.)

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions)	At December 31, 2024
Letter of Credit Facility	Commitment		In Use		Date of Expiry
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility	€	75	€	20	12/31/2025

(Some amounts may not reconcile due to rounding.)

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SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2024

Senior Notes [Abstract]

Schedule of Outstanding Senior Notes

The table below displays Holdings’ outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

					December 31, 2024				December 31, 2023
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	6/5/2014	6/1/2044	$	400	$	398	$	347	$	398	$	369
3.5% Senior notes	10/7/2020	10/15/2050	1,000		982		681		981		742
3.125% Senior notes	10/4/2021	10/15/2052	1,000		971		620		970		688
			$	2,400	$	2,350	$	1,648	$	2,349	$	1,799

(Some amounts may not reconcile due to rounding.)

Schedule of Interest Expense Incurred with Senior Notes

Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2024		2023		2022
4.868% Senior Notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior Notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior Notes	semi-annually	April 15/October 15	32		32		32
			$	86	$	86	$	86

(Some amounts may not reconcile due to rounding.)

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LONG-TERM SUBORDINATED NOTES (Tables)

12 Months Ended

Dec. 31, 2024

Long-Term Debt, Unclassified [Abstract]

Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes

The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, these Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.

Maturity Date

December 31, 2024

December 31, 2023

(Dollars in millions)

Date Issued

Original Principal Amount

Scheduled

Final

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

Subordinated Notes Issued 2007

4/26/2007

$

400

5/15/2037

5/1/2067

$

218

$

215

$

218

$

187

Schedule of Interest Expense Incurred Long Term Subordinated Notes

Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Interest expense incurred	$	17	$	17	$	9

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Collateralized Reinsurance And Trust Agreements [Abstract]

Schedule of Restricted Assets

The following table summarizes the Company’s restricted assets:

	At December 31,
(Dollars in millions)	2024		2023
Collateral in trust for non-affiliated agreements	$	3,241	$	3,208
Collateral for secured letter of credit facilities	1,386		1,438
Collateral for FHLB borrowings	1,294		1,077
Securities on deposit with or regulated by government authorities	1,406		1,447
Funds at Lloyd's	341		538
Funds held by reinsureds	1,218		1,135
Total restricted assets	$	8,885	$	8,843

Schedule of Premiums and Losses Ceded

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

	Years Ended December 31,
Mt. Logan Re Segregated Accounts	2024	2023	2022
(Dollars in millions)
Ceded written premiums	433	246	201
Ceded earned premiums	376	242	206
Ceded losses and LAE	188	64	191
Assumed written premiums	10	6	5
Assumed earned premiums	10	6	5

Schedule of Collateralized Reinsurance Agreements

The table below summarizes the various agreements.

(Dollars in millions)
Class	Description	Effective Date	Expiration Date	Limit		Coverage Basis
Series 2021-1 Class A-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	150		Occurrence
Series 2021-1 Class B-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class C-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	150		Occurrence
Series 2021-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2021-1 Class C-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2022-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/22/2022	6/25/2025	300		Aggregate
Series 2024-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/27/2024	6/30/2028	75		Occurrence
Series 2024-1 Class B	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/27/2024	6/30/2028	125		Occurrence
	Total available limit as of December 31, 2024			$	1,150

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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Cost to Replace Annuities

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
The Prudential	$	136	$	136
Other unaffiliated life insurance company	$	32	$	34

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LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Supplemental Information Related to Operating Leases

Supplemental information related to operating leases is as follows for the periods indicated:

	Year Ended December 31,
(Dollars in millions)	2024		2023
Lease expense incurred:
Operating lease cost	$	32	$	30

	At December 31,
(Dollars in millions)	2024		2023
Operating lease right of use assets (1)	$	108	$	123
Operating lease liabilities (1)	126		143

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.

	Year Ended December 31,
(Dollars in millions)	2024		2023
Operating cash flows from operating leases	$	(24)	$	(22)

	At December 31,
	2024		2023
Weighted average remaining operating lease term	9.2 years		9.8 years
Weighted average discount rate on operating leases	4.14	%	4.03	%

Schedule of Maturities of Lease Liabilities

Maturities of the existing lease liabilities are expected to occur as follows:

(Dollars in millions)	As of December 31,
2025	$	21
2026	20
2027	17
2028	14
2029	13
Thereafter	67
Undiscounted lease payments	152
Less: present value adjustment	25
Total operating lease liability	$	126

(Some amounts may not reconcile due to rounding.)

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OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss), Tax [Abstract]

Schedule of Components of Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

	Years Ended December 31,
	2024						2023						2022
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) of securities (1)	$	(167)	$	70	$	(97)	$	843	$	(101)	$	743	$	(2,332)	$	295	$	(2,037)
Reclassification of net realized losses (gains)
included in net income (loss) (1)	(18)		6		(12)		285		(41)		244		107		(18)		89
Foreign currency translation and other adjustments	(139)		11		(128)		64		(5)		59		(82)		5		(77)
Benefit plan actuarial net gain (loss)	43		(9)		34		19		(4)		15		18		(4)		15
Reclassification of benefit plan liability amortization
included in net income (loss)	(2)		—		(1)		2		—		2		3		(1)		2
Total other comprehensive income (loss)	$	(283)	$	79	$	(204)	$	1,214	$	(151)	$	1,063	$	(2,285)	$	277	$	(2,008)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.

Schedule of Amount Reclassified from Accumulated Other Comprehensive Income (Loss)

The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:

	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2024		2023
(Dollars in millions)
URA(D) of securities (1)	$	(18)	$	285	Net gains (losses) on investments
	6		(41)		Income tax expense (benefit)
	$	(12)	$	244	Net income (loss)
Benefit plan net gain (loss)	$	(2)	$	2	Other underwriting expenses
	—		—		Income tax expense (benefit)
	$	(1)	$	2	Net income (loss)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Beginning balance of URA(D) of securities (1)	$	(723)	$	(1,709)
Current period change in URA(D) of securities	(109)		986
Ending balance of URA(D) of securities	(831)		(723)
Beginning balance of foreign currency translation and other adjustments	(195)		(254)
Current period change in foreign currency translation and other adjustments	(128)		59
Ending balance of foreign currency translation and other adjustments	(323)		(195)
Beginning balance of benefit plan net gain (loss)	(16)		(33)
Current period change in benefit plan net gain (loss)	33		17
Ending balance of benefit plan net gain (loss)	16		(16)
Ending balance of accumulated other comprehensive income (loss)	$	(1,138)	$	(934)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Non-Vested Shares and Changes

The following table summarizes the status of the Company’s restricted non-vested shares and changes for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
Restricted (non-vested) Shares	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1,	461,537	$	313.05	479,630	$	268.82	496,094	$	247.76
Granted	222,196	369.62		181,646	382.01		203,598	300.38
Vested	147,655	292.15		155,110	261.60		162,579	246.41
Forfeited	68,893	333.54		44,629	297.23		57,483	262.28
Outstanding at December 31,	467,185	343.53		461,537	313.05		479,630	268.82

Schedule of Non-Vested Performance Share Unit Awards

The following table summarizes the status of the Company’s non-vested PSU awards and changes for the period indicated:

	Years Ended December 31,
	2024			2023			2022
Performance Share Unit Awards	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Outstanding at January 1,	51,000	$	—	54,861	$	—	50,495	$	—
Granted	18,713	369.52		14,975	382.39		18,340	301.54
Increase/(Decrease) on vesting units due to performance	8,354	—		(4,063)	—		3,028	—
Vested	24,053	386.81		14,023	340.44		15,919	274.37
Forfeited	1,332	—		750	—		1,083	—
Outstanding at December 31,	52,682	—		51,000	—		54,861	—

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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Contributions to Defined Benefit Pension Plans

Although not required to make contributions under U.S. Internal Revenue Service (the “IRS”) regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Company contributions	$	3	$	1	$	6

Schedule of Pension Expenses

The following table summarizes the Company’s pension expense for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Pension expense	$	(15)	$	5	$	(2)

Schedule of Status of Defined Benefit Plan

The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	295	$	291
Service cost	3		5
Interest cost	14		14
Actuarial (gain)/loss	(17)		9
Curtailment	(21)		—
Benefits paid	(15)		(25)
Projected benefit obligation at end of year	259		295
Change in plan assets:
Fair value of plan assets at beginning of year	308		285
Actual return on plan assets	35		48
Actual contributions during the year	3		1
Benefits paid	(15)		(25)
Fair value of plan assets at end of year	331		308
Funded status at end of year	$	73	$	13

(Some amounts may not reconcile due to rounding.)

The following table summarizes the status of this plan for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	22	$	21
Service cost	—		1
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	(1)		(1)
Benefits paid	(1)		—
Benefit obligation at end of year	21		22
Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	1		—
Benefits paid	(1)		—
Fair value of plan assets at end of year	—		—
Funded status at end of year	$	(21)	$	(22)

Schedule of Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Other assets (due beyond one year)	$	76	$	19
Other liabilities (due within one year)	(1)		(3)
Other liabilities (due beyond one year)	(3)		(3)
Net amount recognized in the consolidated balance sheets	$	73	$	13

(Some amounts may not reconcile due to rounding.)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(21)		(21)
Net amount recognized in the consolidated balance sheets	$	(21)	$	(22)

(Some amounts may not reconcile due to rounding.)

Schedule of Net Periodic Benefit Cost Included in AOCI

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Accumulated income (loss)	$	9	$	(33)
Accumulated other comprehensive income (loss)	$	9	$	(33)

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Accumulated income (loss)	$	11	$	11
Accumulated prior service credit (cost)	—		1
Accumulated other comprehensive income (loss)	$	12	$	12

Schedule of Other Changes in Other Comprehensive Income (Loss)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Other comprehensive income (loss) at December 31, prior year	$	(33)	$	(56)
Net gain (loss) arising during period	51		19
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	(9)		4
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	9	$	(33)

(Some amounts may not reconcile due to rounding.)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Other comprehensive income (loss) at December 31, prior year	$	12	$	14
Net gain (loss) arising during period	1		1
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(1)		(2)
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	12	$	12

Schedule of Net Periodic Benefit Cost

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Service cost	$	3	$	5	$	9
Interest cost	14		14		10
Expected return on assets	(22)		(19)		(25)
Amortization of actuarial loss from earlier periods	—		4		4
Settlement	(9)		—		1
Net periodic benefit cost	$	(15)	$	5	$	(2)
Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	(42)		(23)
Total recognized in net periodic benefit cost and other
comprehensive income (loss)	$	(57)	$	(18)

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Service cost	$	—	$	1	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		—
Net gain recognition	(1)		(2)		—
Net periodic cost	$	—	$	(1)	$	1
Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	1		2
Total recognized in net periodic benefit cost and
other comprehensive income (loss)	$	—	$	1

Schedule of Accumulated Benefit Obligation

The following table summarizes the accumulated benefit obligation for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Qualified Plan	$	255	$	263
Non-qualified Plan	3		6
Total	$	259	$	269

(Some amounts may not reconcile due to rounding.)

Schedule of Projected Benefit Obligations in Excess of Plan Assets

The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Non-qualified Plan
Projected benefit obligation	$	3	$	6
Fair value of plan assets	—		—

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2024		2023
Non-qualified Plan
Accumulated benefit obligation	$	3	$	6
Fair value of plan assets	—		—

Schedule of Expected Benefit Payments

The following table displays the expected benefit payments in the periods indicated:

(Dollars in millions)
2025	$	256
2026	1
2027	1
2028	—
2029	—
Next 5 years	1

The following table displays the expected benefit payments in the years indicated:

(Dollars in millions)
2025	$	1
2026	1
2027	1
2028	1
2029	1
Next 5 years	7

Schedule of Fair Value Measurement Levels for Qualified Plan Assets

The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	331	$	331	$	—	$	—
Total	$	331	$	331	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	2	$	2	$	—	$	—
Mutual funds, fair value
Fixed income (b)	73		73		—		—
Equities (c)	232		232		—		—
Total	$	308	$	308	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of the Provision

The significant components of the provision are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Current tax expense (benefit):
U.S.	$	152	$	284	$	76
Non-U.S.	19		7		5
Total current tax expense (benefit)	171		291		81
Deferred tax expense (benefit):
U.S.	(52)		(76)		(90)
Non-U.S.	1		(578)		—
Total deferred tax expense (benefit)	(51)		(654)		(90)
Total income tax expense (benefit)	$	120	$	(363)	$	(9)

(Some amounts may not reconcile due to rounding.)

Schedule of Reconciliation of Provision for Income Taxes and Expected Tax Provision

Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below:

	Years Ended December 31,
	2024				2023				2022
(Dollars in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Underwriting gain (loss)	$	(891)	$	536	$	533	$	686	$	(81)	$	558
Net investment income	1,219		734		954		479		607		223
Net realized capital gains (losses)	34		(15)		(190)		(86)		(426)		(29)
Net derivative gain (loss)	—		—		—		1		—		—
Corporate expenses	(19)		(76)		(18)		(55)		(26)		(35)
Interest, fee and bond issue cost amortization expense	(150)		1		(134)		—		(101)		—
Other income (expense)	64		57		(13)		(3)		(6)		(96)
Pre-tax income (loss)	$	257	$	1,237	$	1,132	$	1,022	$	(32)	$	620
Expected tax provision at the applicable statutory rate(s)	54		19		238		26		(9)		—
Increase (decrease) in taxes resulting from:
Tax exempt income	(1)		—		(3)		—		(4)		—
Dividend received deduction	(3)		—		(2)		—		(3)		—
Proration	1		—		1		—		1		—
Affiliated preferred stock dividends	7		—		7		—		7		—
Creditable foreign premium tax	(14)		—		(14)		—		(11)		—
Share-based compensation tax benefits formerly in APIC	(1)		—		(3)		—		(3)		—
BEAT Tax	66		—		—		—		—		—
Valuation allowance	—		—		—		(13)		—		5
Bermuda corporate income tax	—		—		—		(578)		—		5
Insurance corporate-owned life insurance	(18)		—		(13)		—		(1)		—
Other	9		1		(3)		(6)		6		—
Total income tax provision	$	100	$	20	$	208	$	(571)	$	(14)	$	5

(Some amounts may not reconcile due to rounding.)

Schedule of Net Deferred Income Tax Assets/(Liabilities)

The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2024		2023
Deferred tax assets:
Bermuda economic transition adjustment	$	536	$	536
Loss reserves	313		270
Unearned premium reserves	152		143
Net unrealized investment losses	138		67
Depreciation	55		44
Unrealized foreign currency losses	35		15
Net operating loss carryforward	24		18
Lease liability	23		27
Foreign tax credits	16		—
Capital loss carryforward	14		—
Equity compensation	10		8
Investment impairments	10		12
Uncollectible reinsurance reserves	—		3
Net unrealized losses on benefit plans	—		4
Other assets	21		22
Total deferred tax assets	1,347		1,169
Deferred tax liabilities:
Deferred acquisition costs	171		139
Net fair value income	74		74
Partnership investments	43		49
Right of use asset	19		23
Deferred investment income	12		—
Benefit plan asset	—		3
Other liabilities	13		11
Total deferred tax liabilities	332		299
Net deferred tax assets	1,015		870
Less:  Valuation allowance	(25)		(15)
Total net deferred tax assets/(liabilities)	$	990	$	855

(Some amounts may not reconcile due to rounding.)

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]

Schedule of Regulatory Targeted Capital and Actual Statutory Capital

The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:

	Bermuda Re (1)				Everest Re (2)
	At December 31,				At December 31,
(Dollars in millions)	2024⁽³⁾		2023		2024		2023
Regulatory targeted capital	$	—	$	2,669	$	4,799	$	4,242
Actual capital	$	4,323	$	3,711	$	8,126	$	6,963

(1)Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation.

(2)Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year.

(3)The 2024 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2024 actual capital will exceed the targeted capital level. In accordance with guidance issued by the BMA in 2025, Bermuda Re has reflected the impacts of the ETA recognized in response to The 2023 Act in its 2024 regulatory targeted capital and actual capital.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Accounting Policies [Abstract]
Options outstanding	0	0
Anti-dilutive securities (in shares)		0	0
Number of operating segments | segment	2

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income (loss)	$ 1,373	$ 2,517	$ 597
Less:  dividends declared-common shares and unvested common shares	(334)	(288)	(255)
Undistributed earnings, basic	1,039	2,229	342
Undistributed earnings, diluted	$ 1,039	$ 2,229	$ 342
Percentage allocated to common shareholders	98.80%	98.80%	98.70%
Net income (loss) available to common stockholders, basic before dividends, common stock	$ 1,027	$ 2,203	$ 337
Net income (loss) available to common stockholders, diluted before dividends, common stock	1,027	2,203	337
Add:  dividends declared-common shareholders	331	285	252
Numerator for basic earnings per common share	1,358	2,488	589
Numerator for diluted earnings per common share	$ 1,358	$ 2,488	$ 589
Denominator
Denominator for basic earnings per weighted-average common shares	42.7	41.3	38.8
Effect of dilutive securities:
Options	0.0	0.0	0.0
Denominator for diluted earnings per adjusted weighted-average common shares	42.7	41.3	38.8
Per common share net income (loss)
Basic (in dollars per share)	$ 31.78	$ 60.19	$ 15.19
Diluted (in dollars per share)	$ 31.78	$ 60.19	$ 15.19
Basic weighted-average common shares outstanding	42.7	41.3	38.8
Basic weighted-average common shares outstanding and unvested common shares expected to vest	43.2	41.8	39.3

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INVESTMENTS - Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fixed maturity securities - available for sale
Amortized Cost	$ 29,934	$ 28,568
Allowance for Credit Losses	(36)	(48)	$ (54)
Unrealized Appreciation	167	358
Unrealized Depreciation	(1,157)	(1,137)
Fair Value	28,908	27,740
Fixed maturity securities - held to maturity
Amortized Cost	765	864
Allowance for Credit Losses	(8)	(8)	(9)
Unrealized Appreciation	14	12
Unrealized Depreciation	(12)	(13)
Fair Value	759	854
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fixed maturity securities - available for sale
Amortized Cost	688	1,045
Allowance for Credit Losses	0	0
Unrealized Appreciation	5	3
Unrealized Depreciation	(24)	(52)
Fair Value	669	996
Obligations of U.S. States and political subdivisions
Fixed maturity securities - available for sale
Amortized Cost	75	138
Allowance for Credit Losses	0	0
Unrealized Appreciation	0	1
Unrealized Depreciation	(5)	(11)
Fair Value	70	128
Corporate securities
Fixed maturity securities - available for sale
Amortized Cost	7,288	7,587
Allowance for Credit Losses	(35)	(47)	(45)
Unrealized Appreciation	57	135
Unrealized Depreciation	(299)	(322)
Fair Value	7,010	7,353
Fixed maturity securities - held to maturity
Amortized Cost	177	150
Allowance for Credit Losses	(2)	(2)	(2)
Unrealized Appreciation	5	1
Unrealized Depreciation	(4)	(3)
Fair Value	175	146
Asset-backed securities
Fixed maturity securities - available for sale
Amortized Cost	5,994	5,644
Allowance for Credit Losses	0	0
Unrealized Appreciation	28	25
Unrealized Depreciation	(39)	(51)
Fair Value	5,982	5,618
Fixed maturity securities - held to maturity
Amortized Cost	484	609
Allowance for Credit Losses	(4)	(5)	(6)
Unrealized Appreciation	5	4
Unrealized Depreciation	(8)	(10)
Fair Value	477	597
Commercial
Fixed maturity securities - available for sale
Amortized Cost	965	1,091
Allowance for Credit Losses	0	0
Unrealized Appreciation	1	1
Unrealized Depreciation	(66)	(92)
Fair Value	900	1,000
Fixed maturity securities - held to maturity
Amortized Cost	21	21
Allowance for Credit Losses	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	0	0
Fair Value	21	21
Agency residential
Fixed maturity securities - available for sale
Amortized Cost	5,205	4,869
Allowance for Credit Losses	0	0
Unrealized Appreciation	13	55
Unrealized Depreciation	(287)	(229)
Fair Value	4,931	4,695
Non-agency residential
Fixed maturity securities - available for sale
Amortized Cost	1,291	431
Allowance for Credit Losses	0	0
Unrealized Appreciation	9	14
Unrealized Depreciation	(11)	(2)
Fair Value	1,289	443
Foreign government securities
Fixed maturity securities - available for sale
Amortized Cost	2,330	2,042
Allowance for Credit Losses	0	0
Unrealized Appreciation	13	33
Unrealized Depreciation	(147)	(108)
Fair Value	2,196	1,967
Foreign corporate securities
Fixed maturity securities - available for sale
Amortized Cost	6,099	5,720
Allowance for Credit Losses	0	(1)	(10)
Unrealized Appreciation	42	92
Unrealized Depreciation	(279)	(271)
Fair Value	5,861	5,540
Fixed maturity securities - held to maturity
Amortized Cost	84	84
Allowance for Credit Losses	(1)	(1)	$ (1)
Unrealized Appreciation	4	7
Unrealized Depreciation	0	0
Fair Value	$ 86	$ 90

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INVESTMENTS - Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities - available for sale
Due in one year or less, Amortized Cost	$ 1,116	$ 1,289
Due after one year through five years, Amortized Cost	8,774	7,094
Due after five years through ten years, Amortized Cost	4,764	5,613
Due after ten years, Amortized Cost	1,826	2,537
Amortized Cost	29,934	28,568
Due in one year or less, Fair Value	1,080	1,261
Due after one year through five years, Fair Value	8,480	6,858
Due after five years through ten years, Fair Value	4,523	5,405
Due after ten years, Fair Value	1,723	2,460
Fair Value	28,908	27,740
Fixed maturity securities - held to maturity
Due in one year or less, Amortized Cost	7	5
Due after one year through five years, Amortized Cost	67	59
Due after five years through ten years, Amortized Cost	37	43
Due after ten years, Amortized Cost	150	127
Amortized Cost	765	864
Due in one year or less, Fair Value	7	5
Due after one year through five years, Fair Value	67	58
Due after five years through ten years, Fair Value	35	42
Due after ten years, Fair Value	152	131
Fair Value	759	854
Asset-backed securities
Fixed maturity securities - available for sale
Amortized Cost	5,994	5,644
Fair Value	5,982	5,618
Fixed maturity securities - held to maturity
Amortized Cost	484	609
Fair Value	477	597
Commercial
Fixed maturity securities - available for sale
Amortized Cost	965	1,091
Fair Value	900	1,000
Fixed maturity securities - held to maturity
Amortized Cost	21	21
Fair Value	21	21
Agency residential
Fixed maturity securities - available for sale
Amortized Cost	5,205	4,869
Fair Value	4,931	4,695
Non-agency residential
Fixed maturity securities - available for sale
Amortized Cost	1,291	431
Fair Value	$ 1,289	$ 443

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INVESTMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances	$ 0	$ 0	$ 722
Unrealized loss from transfer	34
Aggregate market value of investments in unrealized loss position	18,332	14,789
Gross unrealized losses on investments in unrealized loss position	1,157	1,137
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	324	102
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	833	1,035
Additional contractual commitments	3,300
Other invested assets	$ 1,700	$ 1,300
Number of securities held as primary beneficiary | security	0	0
Securities, carrying value	$ 1,400
Variable Interest Entity, Not Primary Beneficiary
Debt Securities, Available-for-Sale [Line Items]
Maximum exposure to loss	5,400	$ 4,800
Commitments to fund investments	2,000
Partnership Interest
Debt Securities, Available-for-Sale [Line Items]
Maximum exposure to loss	$ 3,600	$ 3,400
Investments, Debt Securities Benchmark | Issuer Concentration Risk | Issuer One
Debt Securities, Available-for-Sale [Line Items]
Percentage threshold of unrealized losses not exceeded by any one single issuer	1.60%	3.00%
Investments, Debt Securities Benchmark | Issuer Concentration Risk | Issuer Two
Debt Securities, Available-for-Sale [Line Items]
Percentage threshold of unrealized losses not exceeded by any one single issuer	0.90%	0.70%
Fixed maturity securities
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation		$ 102
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	$ 833	1,000
Investment Grade
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	319	86
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	$ 810	$ 1,000

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INVESTMENTS - Schedule of Changes in Net Unrealized Appreciation (Depreciation) for Company's Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities - available for sale and short-term investments	$ (203)	$ 1,129
Equity method investments	18	0
Change in URA(D), pre-tax	(185)	1,129
Deferred tax benefit (expense)	76	(142)
Total URA(D) on securities arising during the period	$ (109)	$ 986

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INVESTMENTS - Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 10,604	$ 2,566
Greater than 12 months	7,728	12,222
Total	18,332	14,789
Gross Unrealized Depreciation
Less than 12 months	(324)	(102)
Greater than 12 months	(833)	(1,035)
Total	(1,157)	(1,137)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	10,587	2,564
Greater than 12 months	7,728	12,222
Total	18,315	14,787
Gross Unrealized Depreciation
Less than 12 months	(323)	(101)
Greater than 12 months	(833)	(1,035)
Total	(1,156)	(1,136)
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value
Less than 12 months	80	122
Greater than 12 months	398	772
Total	478	893
Gross Unrealized Depreciation
Less than 12 months	(1)	(3)
Greater than 12 months	(23)	(49)
Total	(24)	(52)
Obligations of U.S. States and political subdivisions
Fair Value
Less than 12 months	9	3
Greater than 12 months	40	74
Total	48	77
Gross Unrealized Depreciation
Less than 12 months	0	0
Greater than 12 months	(5)	(11)
Total	(5)	(11)
Corporate securities
Fair Value
Less than 12 months	2,744	1,019
Greater than 12 months	2,132	2,780
Total	4,876	3,799
Gross Unrealized Depreciation
Less than 12 months	(76)	(58)
Greater than 12 months	(221)	(263)
Total	(297)	(321)
Asset-backed securities
Fair Value
Less than 12 months	958	196
Greater than 12 months	537	2,014
Total	1,495	2,210
Gross Unrealized Depreciation
Less than 12 months	(20)	(2)
Greater than 12 months	(19)	(49)
Total	(39)	(51)
Commercial
Fair Value
Less than 12 months	53	181
Greater than 12 months	757	742
Total	810	923
Gross Unrealized Depreciation
Less than 12 months	(3)	(19)
Greater than 12 months	(63)	(73)
Total	(66)	(92)
Agency residential
Fair Value
Less than 12 months	2,754	423
Greater than 12 months	1,226	2,126
Total	3,980	2,549
Gross Unrealized Depreciation
Less than 12 months	(115)	(4)
Greater than 12 months	(172)	(225)
Total	(287)	(229)
Non-agency residential
Fair Value
Less than 12 months	654	126
Greater than 12 months	25	4
Total	678	130
Gross Unrealized Depreciation
Less than 12 months	(11)	(1)
Greater than 12 months	0	0
Total	(11)	0
Foreign government securities
Fair Value
Less than 12 months	851	172
Greater than 12 months	828	985
Total	1,679	1,156
Gross Unrealized Depreciation
Less than 12 months	(35)	(7)
Greater than 12 months	(112)	(101)
Total	(147)	(108)
Foreign corporate securities
Fair Value
Less than 12 months	2,484	324
Greater than 12 months	1,785	2,726
Total	4,269	3,050
Gross Unrealized Depreciation
Less than 12 months	(61)	(6)
Greater than 12 months	(218)	(265)
Total	(279)	(271)
Securities where an allowance for credit loss was recorded
Fair Value
Less than 12 months	17	2
Greater than 12 months	0	0
Total	17	2
Gross Unrealized Depreciation
Less than 12 months	(1)	(1)
Greater than 12 months	0	0
Total	$ (1)	$ (1)

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INVESTMENTS - Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 10,604	$ 2,566
Greater than 12 months	7,728	12,222
Total	18,332	14,789
Gross Unrealized Depreciation
Less than 12 months	(324)	(102)
Greater than 12 months	(833)	(1,035)
Total	(1,157)	(1,137)
Fixed maturity securities
Gross Unrealized Depreciation
Less than 12 months		(102)
Greater than 12 months	(833)	(1,000)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	10,587	2,564
Greater than 12 months	7,728	12,222
Total	18,315	14,787
Gross Unrealized Depreciation
Less than 12 months	(323)	(101)
Greater than 12 months	(833)	(1,035)
Total	(1,156)	(1,136)
Due in one year or less
Fair Value
Less than 12 months	138	184
Greater than 12 months	544	773
Total	682	958
Gross Unrealized Depreciation
Less than 12 months	(5)	(3)
Greater than 12 months	(34)	(30)
Total	(39)	(33)
Due in one year through five years
Fair Value
Less than 12 months	3,503	699
Greater than 12 months	2,770	3,841
Total	6,273	4,540
Gross Unrealized Depreciation
Less than 12 months	(87)	(18)
Greater than 12 months	(249)	(271)
Total	(335)	(289)
Due in five years through ten years
Fair Value
Less than 12 months	1,850	328
Greater than 12 months	1,382	2,306
Total	3,232	2,633
Gross Unrealized Depreciation
Less than 12 months	(50)	(15)
Greater than 12 months	(220)	(310)
Total	(271)	(325)
Due after ten years
Fair Value
Less than 12 months	677	429
Greater than 12 months	487	417
Total	1,164	845
Gross Unrealized Depreciation
Less than 12 months	(32)	(39)
Greater than 12 months	(76)	(77)
Total	(107)	(116)
Asset-backed securities
Fair Value
Less than 12 months	958	196
Greater than 12 months	537	2,014
Total	1,495	2,210
Gross Unrealized Depreciation
Less than 12 months	(20)	(2)
Greater than 12 months	(19)	(49)
Total	(39)	(51)
Mortgage-backed securities
Fair Value
Less than 12 months	3,461	729
Greater than 12 months	2,008	2,872
Total	5,469	3,601
Gross Unrealized Depreciation
Less than 12 months	(129)	(24)
Greater than 12 months	(235)	(298)
Total	(364)	(323)
Securities where an allowance for credit loss was recorded
Fair Value
Less than 12 months	17	2
Greater than 12 months	0	0
Total	17	2
Gross Unrealized Depreciation
Less than 12 months	(1)	(1)
Greater than 12 months	0	0
Total	$ (1)	$ (1)

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INVESTMENTS - Schedule of Components of Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 1,989	$ 1,477	$ 890
Funds held interest income (expense)	26	10	2
Future policy benefit reserve income (expense)	(1)	(1)	0
Gross investment income	2,013	1,486	892
Investment expenses	59	53	62
Net investment income	1,954	1,434	830
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	1,481	1,153	742
Equity securities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	3	3	16
Short-term investments and cash
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	195	140	28
Limited partnerships
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	206	122	75
Other
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 104	$ 59	$ 29

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INVESTMENTS - Schedule of Components of Net Gains (Losses) on Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Total net gains (losses) on investments	$ 19	$ (276)	$ (455)
Fixed maturity securities
Debt Securities, Available-for-Sale [Line Items]
Allowance for credit losses	13	7	(33)
Fixed maturity securities | Market Value
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	6	(292)	(87)
Equity method investments | Market Value
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	1	8	112
Equity method investments | Fair Value
Debt Securities, Available-for-Sale [Line Items]
Gains (losses) from fair value adjustments	(1)	0	(460)
Other invested assets
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	(1)	0	13
Short-term investments gain (loss)
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	$ 1	$ 0	$ 0

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INVESTMENTS - Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (48)	$ (54)
Credit losses on securities where credit losses were not previously recorded	(9)	(24)
Increases in allowance on previously impaired securities	0	(1)
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	21	30
Balance, end of period	(36)	(48)
Corporate Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	(47)	(45)
Credit losses on securities where credit losses were not previously recorded	(9)	(23)
Increases in allowance on previously impaired securities	0	(1)
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	20	22
Balance, end of period	(35)	(47)
Foreign Corporate Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	(10)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	1	8
Balance, end of period	$ 0	$ (1)

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INVESTMENTS - Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (8)	$ (9)
Credit losses on securities where credit losses were not previously recorded	(1)	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	1	1
Balance, end of period	(8)	(8)
Corporate Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	(2)	(2)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	0	0
Balance, end of period	(2)	(2)
Asset-Backed Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	(5)	(6)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	1	1
Balance, end of period	(4)	(5)
Foreign Corporate Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	(1)
Credit losses on securities where credit losses were not previously recorded	(1)	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	0	0
Balance, end of period	$ (1)	$ (1)

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INVESTMENTS - Schedule of Proceeds and Split Between Gross Gains and Losses, from Sales of Fixed Maturity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of fixed maturity securities - available for sale	$ 6,257	$ 3,849	$ 1,403
Gross gains from sales	166	35	40
Gross losses from sales	(160)	(327)	(127)
Proceeds from sales of equity securities	37	126	2,217
Gross gains from sales	2	8	165
Gross losses from sales	$ (1)	$ 0	$ (53)

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FAIR VALUE - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 28,908,000,000	$ 27,740,000,000
Transfer in and/or (out) of Level 3	0	0
Other assets	1,171,000,000	941,000,000
Fixed maturity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,200,000,000	2,000,000,000.0
Fair Value | Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	$ 239,000,000	$ 274,000,000

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FAIR VALUE - Schedule of Fair Value Measurement Levels for all Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 28,908	$ 27,740
Equity securities, fair value	217	188
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Equity securities, fair value	79	70
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	26,719	25,747
Equity securities, fair value	133	118
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,189	1,993
Equity securities, fair value	5	0
U.S. government agencies and corporations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	669	996
U.S. government agencies and corporations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
U.S. government agencies and corporations | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	669	996
U.S. government agencies and corporations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. States and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	70	128
Obligations of U.S. States and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. States and political subdivisions | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	70	128
Obligations of U.S. States and political subdivisions | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	7,010	7,353
Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	6,492	6,681
Corporate securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	518	672
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,982	5,618
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Asset-backed securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,325	4,313
Asset-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,657	1,305
Commercial
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	900	1,000
Commercial | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Commercial | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	900	1,000
Commercial | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,931	4,695
Agency residential | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,931	4,695
Agency residential | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,289	443
Non-agency residential | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,289	443
Non-agency residential | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,196	1,967
Foreign government securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,196	1,967
Foreign government securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,861	5,540
Foreign corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,847	5,524
Foreign corporate securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 14	$ 16

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FAIR VALUE - Schedule of Activity under Level 3, Fair Value Measurements using Significant Unobservable Inputs by Asset Type (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total gains or (losses) (realized/unrealized)
Transfer in and/or (out) of Level 3	$ 0	$ 0
Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	1,993,000,000	1,725,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	0	4,000,000
Included in other comprehensive income (loss)	$ 13,000,000	$ 4,000,000
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Net increase (decrease) during the period	Net increase (decrease) during the period
Purchases, issuances and settlements	$ 183,000,000	$ 260,000,000
Transfer in and/or (out) of Level 3	0	0
Ending balance	2,189,000,000	1,993,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	(3,000,000)	9,000,000
Corporate Securities | Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	672,000,000	715,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(1,000,000)	4,000,000
Included in other comprehensive income (loss)	1,000,000	(2,000,000)
Purchases, issuances and settlements	(154,000,000)	(45,000,000)
Transfer in and/or (out) of Level 3	0	0
Ending balance	518,000,000	672,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	(3,000,000)	9,000,000
Asset-Backed Securities | Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	1,305,000,000	994,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	0	0
Included in other comprehensive income (loss)	12,000,000	6,000,000
Purchases, issuances and settlements	339,000,000	305,000,000
Transfer in and/or (out) of Level 3	0	0
Ending balance	1,657,000,000	1,305,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	0	0
Foreign Corporate | Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	16,000,000	16,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	1,000,000	0
Included in other comprehensive income (loss)	0	0
Purchases, issuances and settlements	(2,000,000)	0
Transfer in and/or (out) of Level 3	0	0
Ending balance	14,000,000	16,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$ 0	$ 0

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RESERVE FOR LOSSES AND LAE - Schedule of Roll Forward of the Company’s Beginning and Ending Reserve for Losses and LAE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves beginning of period	$ 24,604	$ 22,065	$ 19,009
Less reinsurance recoverables on unpaid losses	(2,098)	(2,105)	(1,946)
Net reserves beginning of period	22,506	19,960	17,063
Incurred related to:
Current year	9,967	8,432	8,102
Prior years	1,337	(5)	(2)
Total incurred losses and LAE	11,305	8,427	8,100
Paid related to:
Current year	1,258	1,379	1,220
Prior years	5,279	4,731	3,740
Total paid losses and LAE	6,537	6,110	4,960
Foreign exchange/translation adjustment	(298)	229	(243)
Net reserves end of period	26,975	22,506	19,960
Plus reinsurance recoverables on unpaid losses	2,915	2,098	2,105
Gross reserves end of period	$ 29,889	$ 24,604	$ 22,065

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RESERVE FOR LOSSES AND LAE - Narrative (Details) $ in Millions		12 Months Ended
	Dec. 20, 2019 USD ($)	Dec. 31, 2024 USD ($) group	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2015 USD ($)
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Current year losses		$ 9,967	$ 8,432	$ 8,102
Prior years		$ 1,337	(5)	(2)
Number of exposure groupings | group		250
Contracts of insurance and reinsurance received claims during the past three years, in years		20 years
Liabilities retroceded, percentage					100.00%
Retrocession agreement, consideration transferred					$ 140
Maximum liability retroceded	$ 450				440
Total amount of liabilities retroceded					$ 300
Decrease in amount of liabilities retroceded	$ 43
Reinsurance recoverable for paid and unpaid losses		$ 3,100	2,300
Asbestos And Environmental Reserves
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Prior years		54
Munich Reinsurance Company
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Reinsurance recoverable for paid and unpaid losses		316
Endurance Re
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Reinsurance recoverable for paid and unpaid losses		$ 187
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | Munich Reinsurance Company
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Concentration risk, percentage		10.10%
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | Endurance Re
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Concentration risk, percentage		6.00%
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | Other Retrocessionaire
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Concentration risk, percentage		5.00%
Higher Premiums Earned
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Current year losses		$ 1,100
Higher Premiums Earned | Reinsurance
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Prior years		684
Catastrophe Losses
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Current year losses		423	585
Attritional Losses
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Prior years			(401)	$ 110
Attritional Losses | Insurance
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Prior years		1,100	$ 285
Attritional Losses | Other
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Prior years		403
Mt Logan Re
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Reinsurance recoverable for paid and unpaid losses		$ 395
Mt Logan Re | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items]
Concentration risk, percentage		12.60%

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RESERVE FOR LOSSES AND LAE - Schedule of Reconciliation of the Net Incurred and Paid Claims Development (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reinsurance recoverable on unpaid claims	$ 2,915	$ 2,098
Insurance lines other than short-duration	0
Unallocated claims adjustment expenses	316
Other	1,400
Total expenses	1,716
Total gross liability for unpaid claims and claim adjustment expense	29,889	$ 24,604	$ 22,065	$ 19,009
Reinsurance And Insurance Segments
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	25,491
Total reinsurance recoverable on unpaid claims	2,683
Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	12,810
Total reinsurance recoverable on unpaid claims	73
Reinsurance | Property Insurance
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	6,028
Total reinsurance recoverable on unpaid claims	624
Insurance | Property, Liability and Casualty Insurance Product Line
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	5,891
Total reinsurance recoverable on unpaid claims	1,750
Insurance | Property Insurance
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	762
Total reinsurance recoverable on unpaid claims	$ 237

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RESERVE FOR LOSSES AND LAE - Schedule of Ultimate Loss and ALAE and Paid Loss and ALAE, Net of Reinsurance (Details) $ in Millions	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Reinsurance | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	$ 20,240
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	8,048
All outstanding liabilities prior to 2015, net of reinsurance	617
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	12,810
Reinsurance | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	24,337
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	18,355
All outstanding liabilities prior to 2015, net of reinsurance	46
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	6,028
Reinsurance | Accident Year 2015 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	845	$ 832	$ 833	$ 835	$ 835	$ 799	$ 815	$ 818	$ 821	$ 777
Total of IBNR Liabilities Plus Expected Development on Reported Claims	45
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	702	677	650	613	567	499	410	265	158	56
Reinsurance | Accident Year 2015 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	911	921	924	927	925	933	930	956	1,037	1,378
Total of IBNR Liabilities Plus Expected Development on Reported Claims	0
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	889	888	884	879	871	850	823	740	591	369
Reinsurance | Accident Year 2016 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,022	1,000	970	940	938	862	867	870	792
Total of IBNR Liabilities Plus Expected Development on Reported Claims	52
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	826	762	693	618	542	429	323	189	89
Reinsurance | Accident Year 2016 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,502	1,509	1,507	1,511	1,510	1,532	1,538	1,502	1,681
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	1,128	1,084	1,082	1,081	1,089	1,080	1,056	946	459
Reinsurance | Accident Year 2017 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,079	1,051	986	931	922	841	834	875
Total of IBNR Liabilities Plus Expected Development on Reported Claims	24
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	917	790	681	582	458	317	186	80
Reinsurance | Accident Year 2017 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	3,724	3,705	3,692	3,681	3,636	3,507	3,396	2,773
Total of IBNR Liabilities Plus Expected Development on Reported Claims	3
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	3,590	3,482	3,407	3,313	3,117	2,733	2,170	810
Reinsurance | Accident Year 2018 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,775	1,718	1,621	1,553	1,522	1,445	1,447
Total of IBNR Liabilities Plus Expected Development on Reported Claims	246
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	1,214	1,008	828	652	497	296	188
Reinsurance | Accident Year 2018 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,382	2,347	2,362	2,409	2,471	2,469	2,594
Total of IBNR Liabilities Plus Expected Development on Reported Claims	3
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	2,307	2,184	2,121	2,047	1,857	1,509	534
Reinsurance | Accident Year 2019 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,954	1,893	1,853	1,828	1,826	1,761
Total of IBNR Liabilities Plus Expected Development on Reported Claims	346
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	1,234	963	735	533	364	239
Reinsurance | Accident Year 2019 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,920	1,869	1,866	1,981	2,036	2,005
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	1,934	1,771	1,645	1,482	1,159	714
Reinsurance | Accident Year 2020 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,911	1,869	1,907	1,928	1,957
Total of IBNR Liabilities Plus Expected Development on Reported Claims	588
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	987	720	486	307	205
Reinsurance | Accident Year 2020 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,379	2,377	2,405	2,461	2,388
Total of IBNR Liabilities Plus Expected Development on Reported Claims	3
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	2,251	1,989	1,706	1,302	571
Reinsurance | Accident Year 2021 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,518	2,427	2,487	2,491
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1,229
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	845	542	319	206
Reinsurance | Accident Year 2021 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,582	2,692	2,770	2,745
Total of IBNR Liabilities Plus Expected Development on Reported Claims	14
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	2,420	2,014	1,523	679
Reinsurance | Accident Year 2022 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,739	2,688	2,730
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1,658
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	646	345	184
Reinsurance | Accident Year 2022 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,586	2,880	3,202
Total of IBNR Liabilities Plus Expected Development on Reported Claims	261
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	1,896	1,364	619
Reinsurance | Accident Year 2023 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	3,123	2,958
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2,315
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	422	201
Reinsurance | Accident Year 2023 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	2,411	2,788
Total of IBNR Liabilities Plus Expected Development on Reported Claims	662
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	1,165	600
Reinsurance | Accident Year 2024 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	3,275
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2,756
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	256
Reinsurance | Accident Year 2024 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	3,940
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2,214
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	774
Insurance | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	10,993
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	5,200
All outstanding liabilities prior to 2015, net of reinsurance	97
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	5,891
Insurance | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	4,864
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	4,102
All outstanding liabilities prior to 2015, net of reinsurance	0
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	762
Insurance | Accident Year 2015 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	445	426	434	427	426	427	503	500	492	487
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 11
Cumulative Number of Reported Claims | claim	27,331
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 417	409	397	379	351	325	270	208	127	43
Insurance | Accident Year 2015 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	165	164	165	163	162	161	160	159	169	179
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	164	163	163	162	161	160	158	155	153	$ 107
Insurance | Accident Year 2016 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	494	488	478	474	489	557	538	510	504
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 17
Cumulative Number of Reported Claims | claim	31,267
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 460	448	430	398	362	314	253	156	51
Insurance | Accident Year 2016 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	301	302	300	299	297	292	284	281	289
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	299	299	299	297	296	290	272	249	$ 167
Insurance | Accident Year 2017 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	580	584	559	559	585	567	557	559
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 32
Cumulative Number of Reported Claims | claim	34,793
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 527	493	467	404	343	263	165	52
Insurance | Accident Year 2017 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	506	509	508	496	494	486	494	486
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	505	504	505	493	477	452	416	$ 176
Insurance | Accident Year 2018 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	811	772	697	685	679	648	643
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 64
Cumulative Number of Reported Claims | claim	34,838
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 678	623	539	407	296	196	61
Insurance | Accident Year 2018 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	435	436	428	410	401	399	403
Total of IBNR Liabilities Plus Expected Development on Reported Claims	3
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	431	429	424	407	376	356	$ 240
Insurance | Accident Year 2019 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,089	953	804	797	777	774
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 145
Cumulative Number of Reported Claims | claim	37,837
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 828	646	498	364	218	69
Insurance | Accident Year 2019 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	375	380	365	350	352	347
Total of IBNR Liabilities Plus Expected Development on Reported Claims	6
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	368	363	355	335	313	$ 226
Insurance | Accident Year 2020 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,096	975	977	989	912
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 273
Cumulative Number of Reported Claims | claim	39,675
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 659	531	372	229	63
Insurance | Accident Year 2020 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	492	503	498	508	601
Total of IBNR Liabilities Plus Expected Development on Reported Claims	10
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	473	465	450	413	$ 292
Insurance | Accident Year 2021 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,353	1,153	1,159	1,117
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 464
Cumulative Number of Reported Claims | claim	44,458
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 655	428	246	105
Insurance | Accident Year 2021 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	628	602	585	646
Total of IBNR Liabilities Plus Expected Development on Reported Claims	37
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	565	544	482	$ 325
Insurance | Accident Year 2022 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,597	1,239	1,241
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 739
Cumulative Number of Reported Claims | claim	46,433
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 578	282	79
Insurance | Accident Year 2022 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	698	796	770
Total of IBNR Liabilities Plus Expected Development on Reported Claims	42
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	594	567	$ 377
Insurance | Accident Year 2023 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,740	1,424
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 1,125
Cumulative Number of Reported Claims | claim	44,372
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 311	93
Insurance | Accident Year 2023 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	669	717
Total of IBNR Liabilities Plus Expected Development on Reported Claims	94
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	503	$ 400
Insurance | Accident Year 2024 | Property, Liability and Casualty Insurance Product Line
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	1,788
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 1,546
Cumulative Number of Reported Claims | claim	33,512
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 85
Insurance | Accident Year 2024 | Property Insurance
Claims Development [Line Items]
Ultimate incurred loss and allocated loss adjustment expenses, net of reinsurance	597
Total of IBNR Liabilities Plus Expected Development on Reported Claims	192
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance	$ 200

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RESERVE FOR LOSSES AND LAE - Schedule of Average Annual Percentage Payout Incurred Loss by Age, Net of Reinsurance (Details)	Dec. 31, 2024
Reinsurance | Property Insurance
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year one	25.20%
Year two	31.20%
Year three	16.20%
Year four	10.00%
Year five	5.40%
Year six	3.20%
Year seven	2.40%
Year eight	1.90%
Year nine	2.00%
Year ten	0.20%
Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year one	8.40%
Year two	6.70%
Year three	10.40%
Year four	11.60%
Year five	11.60%
Year six	10.40%
Year seven	9.20%
Year eight	7.90%
Year nine	4.90%
Year ten	2.90%
Insurance | Property Insurance
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year one	54.00%
Year two	30.40%
Year three	6.30%
Year four	4.60%
Year five	2.50%
Year six	1.40%
Year seven	0.30%
Year eight	0.10%
Year nine	0.00%
Year ten	0.30%
Insurance | Property, Liability and Casualty Insurance Product Line
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year one	6.40%
Year two	14.30%
Year three	15.30%
Year four	14.20%
Year five	12.70%
Year six	11.50%
Year seven	6.10%
Year eight	4.60%
Year nine	2.60%
Year ten	1.90%

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RESERVE FOR LOSSES AND LAE - Schedule of Incurred Losses with Respect to A&E Reserve on both Gross and Net of Reinsurance Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gross basis:
Beginning of period reserves	$ 247	$ 278	$ 175
Incurred losses	62	0	144
Paid losses	(49)	(31)	(42)
End of period reserves	260	247	278
Net basis:
Beginning of period reserves	232	257	156
Incurred losses	54	0	138
Paid losses	(43)	(25)	(37)
End of period reserves	$ 242	$ 232	$ 257

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REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Written premiums, Direct	$ 5,115	$ 5,031	$ 4,602
Written premiums, Assumed	13,117	11,606	9,350
Written premiums, Ceded	(2,418)	(1,907)	(1,608)
Net written premiums	15,814	14,730	12,344
Premiums earned, Direct	4,977	4,733	4,218
Premiums earned, Assumed	12,458	10,518	9,082
Premiums earned, Ceded	(2,248)	(1,807)	(1,513)
Net premiums earned	15,187	13,443	11,787
Incurred losses and LAE, Direct	5,465	3,209	2,804
Incurred losses and LAE, Assumed	7,464	5,870	6,285
Incurred losses and LAE, Ceded	(1,624)	(651)	(988)
Net incurred losses and LAE	$ 11,305	$ 8,427	$ 8,100

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SEGMENT REPORTING - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of reportable segments	2
Percentage threshold of Company revenue not exceeded by any other country	21.90%	20.40%	20.00%

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SEGMENT REPORTING - Schedule of Underwriting Results for Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 18,232	$ 16,637	$ 13,952
Net written premiums	15,814	14,730	12,344
Premiums earned	15,187	13,443	11,787
Incurred losses and LAE	11,305	8,427	8,100
Commission and brokerage	3,300	2,952	2,528
Other underwriting expenses	938	846	682
Underwriting gain (loss)	(356)	1,219	477
Net investment income	1,954	1,434	830
Net gains (losses) on investments	19	(276)	(455)
Corporate expenses	(95)	(73)	(61)
Interest, fee and bond issue cost amortization expense	(149)	(134)	(101)
Other income (expense)	121	(14)	(102)
INCOME (LOSS) BEFORE TAXES	1,493	2,154	588
Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	12,941	11,460	9,246
Net written premiums	11,969	10,802	8,917
Premiums earned	11,412	9,799	8,596
Incurred losses and LAE	7,103	5,690	5,962
Commission and brokerage	2,837	2,520	2,116
Other underwriting expenses	290	254	216
Underwriting gain (loss)	1,181	1,334	302
Insurance
Segment Reporting Information [Line Items]
Gross written premiums	5,078	4,888	4,426
Net written premiums	3,678	3,704	3,223
Premiums earned	3,579	3,420	2,998
Incurred losses and LAE	3,622	2,471	2,040
Commission and brokerage	439	410	399
Other underwriting expenses	615	556	438
Underwriting gain (loss)	(1,097)	(18)	121
Other
Segment Reporting Information [Line Items]
Gross written premiums	212	289	279
Net written premiums	167	225	204
Premiums earned	197	225	194
Incurred losses and LAE	580	266	98
Commission and brokerage	24	22	14
Other underwriting expenses	33	35	28
Underwriting gain (loss)	$ (440)	$ (98)	$ 54

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SEGMENT REPORTING - Schedule of Gross Written Premium (Details) - Geographic Concentration Risk - Gross Written Premiums Benchmark	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
United States
Segment Reporting Information [Line Items]
Percentage of gross written premiums	57.00%	58.00%	63.00%
Europe
Segment Reporting Information [Line Items]
Percentage of gross written premiums	25.00%	24.00%	22.00%
All other
Segment Reporting Information [Line Items]
Percentage of gross written premiums	18.00%	18.00%	15.00%

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CREDIT FACILITIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 GBP (£)	Dec. 30, 2024 EUR (€)	Oct. 30, 2024 GBP (£)	Aug. 16, 2024	Dec. 27, 2023 USD ($)	Dec. 13, 2023	Aug. 18, 2023 USD ($)	Dec. 30, 2022 USD ($)	Nov. 21, 2022 USD ($)	Nov. 03, 2021 USD ($)	Aug. 27, 2021 USD ($)	May 05, 2021 USD ($)	Feb. 23, 2021 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, commitment	$ 1,700,000,000
Maximum uncommitted amount available	240,000,000
Extension period for availability									2 years
Borrowings from FHLB	1,019,000,000	$ 819,000,000
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Extension period for availability							3 years
Everest Reinsurance Company (Everest Re)
Line of Credit Facility [Line Items]
Borrowings from FHLB	$ 1,000,000,000.0
Federal Home Loan Bank Membership | Everest Reinsurance Company (Everest Re)
Line of Credit Facility [Line Items]
Maximum percentage of admitted assets allowed for borrowing base	10.00%		10.00%	10.00%
Admitted assets for FHLB	$ 30,800,000,000
Maximum amount available under FHLB	3,100,000,000
Interest expense	$ 45,000,000	30,000,000
Amount of borrowed funds required to be used to acquire additional membership stock, percentage	4.50%
Qualifying collateral pledged	$ 1,300,000,000
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment | £				£ 113,000,000		£ 113,000,000
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment | €			€ 75,000,000		€ 75,000,000
Bermuda Re Wells Fargo Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	500,000,000	500,000,000													$ 500,000,000	$ 50,000,000
Bermuda Re Citibank Letter of Credit Facility - Uncommitted
Line of Credit Facility [Line Items]
Maximum uncommitted amount available	140,000,000
Bermuda Re Citibank Letter of Credit Facility One
Line of Credit Facility [Line Items]
Line of credit facility, commitment	230,000,000	230,000,000
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000	200,000,000												$ 200,000,000
Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	150,000,000	150,000,000									$ 150,000,000
Bermuda Re Lloyd's Bank Credit Facility-Committed
Line of Credit Facility [Line Items]
Line of credit facility, commitment	250,000,000	250,000,000						$ 15,000,000		$ 250,000,000
Bermuda Re Barclays Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000	200,000,000											$ 200,000,000
Extension period for availability						3 years
Bermuda Re Nordea Bank Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	300,000,000	300,000,000										$ 300,000,000
Nordea Bank Letter of Credit Facility - Committed
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000	200,000,000										200,000,000
Nordea Bank Letter of Credit Facility - Uncommitted
Line of Credit Facility [Line Items]
Line of credit facility, commitment	$ 100,000,000	$ 100,000,000										$ 100,000,000

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CREDIT FACILITIES - Schedule of Outstanding Letters of Credit and Borrowings (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 GBP (£)	Dec. 30, 2024 EUR (€)	Oct. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 27, 2023 USD ($)	Aug. 18, 2023 USD ($)	Dec. 30, 2022 USD ($)	Nov. 21, 2022 USD ($)	Nov. 03, 2021 USD ($)	Aug. 27, 2021 USD ($)	May 05, 2021 USD ($)	Feb. 23, 2021 USD ($)
Line of Credit Facility [Line Items]
Commitment	$ 1,700,000,000
Bermuda Re Wells Fargo Bank Bilateral LOC Facility
Line of Credit Facility [Line Items]
Commitment	500,000,000					$ 500,000,000							$ 500,000,000	$ 50,000,000
In Use	455,000,000					486,000,000
Wells Fargo Bank Bilateral LOC Agreement One
Line of Credit Facility [Line Items]
Commitment	500,000,000					500,000,000
In Use	455,000,000					97,000,000
Wells Fargo Bank Bilateral LOC Agreement Two
Line of Credit Facility [Line Items]
In Use						71,000,000
Wells Fargo Bank Bilateral LOC Agreement Three
Line of Credit Facility [Line Items]
In Use						318,000,000
Total Citibank Bilateral Agreement
Line of Credit Facility [Line Items]
Commitment	370,000,000					370,000,000
In Use	293,000,000					340,000,000
Bermuda Re Citibank LOC Facility- Committed One
Line of Credit Facility [Line Items]
Commitment	230,000,000					230,000,000
In Use	0					0
Bermuda Re Citibank LOC Facility- Committed Two
Line of Credit Facility [Line Items]
In Use	4,000,000					4,000,000
Bermuda Re Citibank LOC Facility- Committed Three
Line of Credit Facility [Line Items]
In Use	2,000,000					1,000,000
Bermuda Re Citibank LOC Facility- Committed Four
Line of Credit Facility [Line Items]
In Use	1,000,000					3,000,000
Bermuda Re Citibank LOC Facility- Committed Five
Line of Credit Facility [Line Items]
In Use	3,000,000					1,000,000
Bermuda Re Citibank LOC Facility- Committed Six
Line of Credit Facility [Line Items]
In Use	1,000,000					0
Bermuda Re Citibank LOC Facility- Committed Seven
Line of Credit Facility [Line Items]
In Use	0					0
Bermuda Re Citibank LOC Facility- Committed Eight
Line of Credit Facility [Line Items]
In Use	0					217,000,000
Bermuda Re Citibank Letter of Credit Facility Nine
Line of Credit Facility [Line Items]
In Use	197,000,000					1,000,000
Bermuda Re Citibank Letter of Credit Facility Ten
Line of Credit Facility [Line Items]
In Use	1,000,000
Bermuda Re Citibank LOC Facility - Uncommitted Facility One
Line of Credit Facility [Line Items]
Commitment	140,000,000					140,000,000
In Use	75,000,000					105,000,000
Bermuda Re Citibank LOC Facility - Uncommitted Facility Two
Line of Credit Facility [Line Items]
In Use	7,000,000					7,000,000
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed
Line of Credit Facility [Line Items]
Commitment	200,000,000					200,000,000						$ 200,000,000
In Use	193,000,000					192,000,000
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed
Line of Credit Facility [Line Items]
Commitment	150,000,000					150,000,000			$ 150,000,000
In Use	150,000,000					150,000,000
Bermuda Re Lloyd's Bank Credit Facility-Committed
Line of Credit Facility [Line Items]
Commitment	250,000,000					250,000,000	$ 15,000,000	$ 250,000,000
In Use	244,000,000					235,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment	200,000,000					200,000,000					$ 200,000,000
In Use	164,000,000					182,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility One
Line of Credit Facility [Line Items]
Commitment	200,000,000					200,000,000
In Use	150,000,000					168,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility Two
Line of Credit Facility [Line Items]
Commitment	0					0
In Use	14,000,000					14,000,000
Total Nordea Bank ABP, NY LOC Facility
Line of Credit Facility [Line Items]
Commitment	300,000,000					300,000,000				$ 300,000,000
In Use	300,000,000					300,000,000
Nordea Bank Letter of Credit Facility - Committed
Line of Credit Facility [Line Items]
Commitment	200,000,000					200,000,000				200,000,000
In Use	200,000,000					200,000,000
Nordea Bank Letter of Credit Facility - Uncommitted
Line of Credit Facility [Line Items]
Commitment	100,000,000					100,000,000				$ 100,000,000
In Use	$ 100,000,000					$ 100,000,000
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment | £			£ 113,000,000		£ 113,000,000
In Use | £			£ 107,000,000
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment | €		€ 75,000,000		€ 75,000,000
In Use | €		€ 20,000,000

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SENIOR NOTES - Schedule of Outstanding Senior Notes (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 2,350,000,000	$ 2,349,000,000
Senior Notes
Debt Instrument [Line Items]
Principal Amounts	2,400,000,000
Consolidated Balance Sheet Amount	2,350,000,000	2,349,000,000
Fair Value	$ 1,648,000,000	1,799,000,000
Senior Notes | 4.868% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Principal Amounts	$ 400,000,000
Consolidated Balance Sheet Amount	398,000,000	398,000,000
Fair Value	$ 347,000,000	369,000,000
Senior Notes | 3.5% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	982,000,000	981,000,000
Fair Value	$ 681,000,000	742,000,000
Senior Notes | 3.125% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	971,000,000	970,000,000
Fair Value	$ 620,000,000	$ 688,000,000

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SENIOR NOTES - Schedule of Interest Expense Incurred with Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest expense	$ 86	$ 86	$ 86
4.868% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Interest expense	$ 19	19	19
3.5% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Interest expense	$ 35	35	35
3.125% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Interest expense	$ 32	$ 32	$ 32

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LONG-TERM SUBORDINATED NOTES - Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 218,000,000	$ 218,000,000
Subordinated Debt | 6.6 % Long Term Subordinated Notes
Debt Instrument [Line Items]
Original Principal Amount	400,000,000
Consolidated Balance Sheet Amount	218,000,000	218,000,000
Fair Value	$ 215,000,000	$ 187,000,000

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LONG-TERM SUBORDINATED NOTES - Narrative (Details) - Subordinated Debt - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Feb. 18, 2025	May 14, 2017
Debt Instrument [Line Items]
Outstanding debt reduction		$ 6
6.6 % Long Term Subordinated Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate				6.60%
Basis spread on variable rate	2.385%
Percentage of principal amount required for redemption	100.00%
Gain on repurchase and retirement of debt		$ 1
6.6 % Long Term Subordinated Notes | Forecast
Debt Instrument [Line Items]
Reset quarterly interest rate			7.17%
6.6 % Long Term Subordinated Notes | Maximum
Debt Instrument [Line Items]
Right to defer interest on one or more occasions for up to number of consecutive years	10 years

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LONG-TERM SUBORDINATED NOTES - Schedule of Interest Expense Incurred Long Term Subordinated Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subordinated Debt
Debt Instrument [Line Items]
Interest expense incurred	$ 17	$ 17	$ 9

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Restricted Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Collateral in trust for non-affiliated or affiliated agreements	$ 3,241	$ 3,208
Collateral for secured letter of credit facilities	1,386	1,438
Collateral for FHLB borrowings	1,294	1,077
Securities on deposit with or regulated by government authorities	1,406	1,447
Funds at Lloyd's	341	538
Funds held by reinsureds	1,218	1,135
Total restricted assets	$ 8,885	$ 8,843

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Restricted cash		$ 397	$ 243
Mt Logan Re
Effects of Reinsurance [Line Items]
Percentage of voting common shares owned by group		100.00%
Retrocede amount	$ 269
Cash transferred	252
Mt Logan Re | Maximum
Effects of Reinsurance [Line Items]
Liability retroceded	$ 319

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Premiums and Losses Ceded (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Ceded written premiums	$ 2,418	$ 1,907	$ 1,608
Assumed written premiums	13,117	11,606	9,350
Mt Logan Re
Effects of Reinsurance [Line Items]
Ceded written premiums	433	246	201
Ceded earned premiums	376	242	206
Ceded losses and LAE	188	64	191
Assumed written premiums	10	6	5
Assumed earned premiums	$ 10	$ 6	$ 5

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Collateralized Reinsurance Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Limit	$ 2,418	$ 1,907	$ 1,608
Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	1,150
Reinsurance Contract [Axis]: Series 2021-1 Class A-1 | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	150
Reinsurance Contract [Axis]: Series 2021-1 Class A-2 | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	150
Reinsurance Contract [Axis]: Series 2021-1 Class B-1 | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	85
Reinsurance Contract [Axis]: Series 2021-1 Class B-2 | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	90
Reinsurance Contract [Axis]: Series 2021-1 Class C-1 | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	85
Reinsurance Contract [Axis]: Series 2021-1 Class C-2 | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	90
Reinsurance Contract [Axis]: Series 2022-1 Class A | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	300
Reinsurance Contract [Axis]: Series 2024-1 Class A | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	75
Reinsurance Contract [Axis]: Series 2024-1 Class B | Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	$ 125

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
The Prudential
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 136	$ 136
Other unaffiliated life insurance company
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 32	$ 34

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LEASES - Schedule of Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 32	$ 30
Operating lease right of use assets	$ 108	$ 123
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Operating lease liabilities	$ 126	$ 143
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Operating cash flows from operating leases	$ (24)	$ (22)
Weighted average remaining operating lease term	9 years 2 months 12 days	9 years 9 months 18 days
Weighted average discount rate on operating leases	4.14%	4.03%

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LEASES - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 21
2026	20
2027	17
2028	14
2029	13
Thereafter	67
Undiscounted lease payments	152
Less: present value adjustment	25
Total operating lease liability	$ 126	$ 143

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OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Before Tax
Total other comprehensive income (loss), before tax	$ (283)	$ 1,214	$ (2,285)
Tax Effect
Total other comprehensive income (loss), tax effect	79	(151)	277
Net of Tax
Total other comprehensive income (loss), net of tax	(204)	1,063	(2,008)
URA(D) of securities
Before Tax
OCI before reclassification, before tax	(167)	843	(2,332)
Reclassification from AOCI, before tax	(18)	285	107
Tax Effect
OCI before reclassification, tax effect	70	(101)	295
Reclassification from AOCI, tax effect	6	(41)	(18)
Net of Tax
OCI before reclassifications, net of tax	(97)	743	(2,037)
Reclassification from AOCI, net of tax	(12)	244	89
Total other comprehensive income (loss), net of tax	(109)	986
Foreign Currency Translation Adjustment
Before Tax
OCI before reclassification, before tax	(139)	64	(82)
Tax Effect
OCI before reclassification, tax effect	11	(5)	5
Net of Tax
OCI before reclassifications, net of tax	(128)	59	(77)
Total other comprehensive income (loss), net of tax	(128)	59
Benefit plan net gain (loss)
Before Tax
OCI before reclassification, before tax	43	19	18
Reclassification from AOCI, before tax	(2)	2	3
Tax Effect
OCI before reclassification, tax effect	(9)	(4)	(4)
Reclassification from AOCI, tax effect	0	0	(1)
Net of Tax
OCI before reclassifications, net of tax	34	15	15
Reclassification from AOCI, net of tax	(1)	2	$ 2
Total other comprehensive income (loss), net of tax	$ 33	$ 17

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OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Amount Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized capital gains (losses)	$ 19	$ (276)	$ (455)
Income tax expense (benefit)	(120)	363	9
Other underwriting expenses	(938)	(846)	(682)
Net income (loss)	1,373	2,517	$ 597
URA(D) of securities | Reclassification from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized capital gains (losses)	(18)	285
Income tax expense (benefit)	6	(41)
Net income (loss)	(12)	244
Benefit plan net gain (loss) | Reclassification from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)	0	0
Other underwriting expenses	(2)	2
Net income (loss)	$ (1)	$ 2

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OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	$ 13,202	$ 8,441
Current period change	(204)	1,063	$ (2,008)
Balance end of period	13,875	13,202	8,441
URA(D) of securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	(723)	(1,709)
Current period change	(109)	986
Balance end of period	(831)	(723)	(1,709)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	(195)	(254)
Current period change	(128)	59
Balance end of period	(323)	(195)	(254)
Benefit plan net gain (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	(16)	(33)
Current period change	33	17
Balance end of period	16	(16)	(33)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning of period	(934)	(1,996)	12
Current period change	(204)	1,063	(2,008)
Balance end of period	$ (1,138)	$ (934)	$ (1,996)

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SHARE-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended			156 Months Ended
	Nov. 07, 2024	Sep. 12, 2024	Mar. 15, 2024	Feb. 29, 2024	Feb. 28, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Jun. 30, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense						$ 63.0	$ 49.0	$ 45.0
Income tax benefit recorded						8.0	7.0	4.0
Additional paid-in capital due to tax benefit from dividends on restricted shares						$ 0.6	$ 0.5	0.6
Options outstanding						0	0		0
Unrecognized compensation cost						$ 113.0
Unrecognized compensation cost expected to be recognized over a weighted-average period, years						2 years 4 months 24 days
Fair value of shares vested						$ 43.0	$ 41.0	40.0
Tax benefit from stock options vested						$ 9.0	$ 11.0	$ 9.0
2020 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized										1,400,000
Remaining shares						554,882
2009 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized						37,439			37,439
Remaining shares						34,617
2003 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized						500,000			500,000
Remaining shares						264,704
Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares, issued (in shares)						324	447	774	324
Aggregate value of issuances						$ 0.1	$ 0.2	$ 0.2
Options and Restricted Shares | 2020 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period, years						3 years	5 years
Options and Restricted Shares | 2020 Employee Plan | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						33.30%	20.00%
Options and Restricted Shares | 2020 Employee Plan | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						33.30%	20.00%
Options and Restricted Shares | 2020 Employee Plan | Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						33.30%	20.00%
Options and Restricted Shares | 2020 Employee Plan | Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							20.00%
Options and Restricted Shares | 2020 Employee Plan | Share-Based Payment Arrangement, Tranche Five
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							20.00%
Options and Restricted Shares | 2009 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period, in years						10 years
Options and Restricted Shares | 2003 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period, years						3 years
Options and Restricted Shares | 2003 Director Plan | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						33.00%
Options and Restricted Shares | 2003 Director Plan | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						33.00%
Options and Restricted Shares | 2003 Director Plan | Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						33.00%
Options and Restricted Shares | Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock acquired for net-share settlement (in shares)						54,537	56,832	69,833
Common stock values of shares acquired for net-share settlement						$ 20.0	$ 22.0	$ 21.0
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)					18,713
Weighted-average grant-date fair value of options granted (in dollars per share)					$ 369.52
Performance Shares | 2020 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage						100.00%
Vesting period, years						3 years
Performance Shares | 2020 Employee Plan | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of stock per unit awarded (in shares)						0
Performance Shares | 2020 Employee Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of stock per unit awarded (in shares)						1.75
Performance Shares | Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock acquired for net-share settlement (in shares)						11,336	6,117	6,175
Common stock values of shares acquired for net-share settlement						$ 4.0	$ 2.0	$ 2.0
Restricted Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)						222,196
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 365.61	$ 376.58	$ 377.80	$ 367.04	$ 369.52
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)						0			0
Aggregate intrinsic value of options exercised								10.0
Cash received from the exercised share options								4.0
Tax benefit from options exercised								$ 2.0

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SHARE-BASED COMPENSATION PLANS - Schedule of Non-Vested Shares and Changes (Details) - Restricted Shares - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning balance (in shares)	461,537	479,630	496,094
Granted (in shares)	222,196	181,646	203,598
Vested (in shares)	147,655	155,110	162,579
Forfeited (in shares)	68,893	44,629	57,483
Ending balance (in shares)	467,185	461,537	479,630
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 313.05	$ 268.82	$ 247.76
Granted (in dollars per share)	369.62	382.01	300.38
Vested (in dollars per share)	292.15	261.60	246.41
Forfeited (in dollars per share)	333.54	297.23	262.28
Ending balance (in dollars per share)	$ 343.53	$ 313.05	$ 268.82

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SHARE-BASED COMPENSATION PLANS - Schedule of Non-Vested Performance Share Unit Awards (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning balance (in shares)	51,000	54,861	50,495
Granted (in shares)	18,713	14,975	18,340
Increase/(Decrease) on vesting units due to performance (in shares)	8,354	(4,063)	3,028
Vested (in shares)	24,053	14,023	15,919
Forfeited (in shares)	1,332	750	1,083
Ending balance (in shares)	52,682	51,000	54,861
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0	$ 0	$ 0
Granted (in dollars per share)	369.52	382.39	301.54
Increase/(Decrease) on vesting units due to performance (in dollars per share)	0	0	0
Vested (in dollars per share)	386.81	340.44	274.37
Forfeited (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 0	$ 0	$ 0

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EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2030	Apr. 30, 2024
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase to determine the net periodic benefit cost		4.00%	4.00%		4.00%
Company contributions	$ 3,000,000	$ 1,000,000	$ 6,000,000
Pension expense
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate used to determine net periodic benefit cost	5.00%	5.25%	2.86%
Expected long-term rate of return on plan assets	7.25%	7.00%	6.75%
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation	4.75%	5.00%	5.25%
Company contributions	$ 3,000,000	$ 1,000,000
Pension expense | Minimum
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation	4.66%
Pension expense | Maximum
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation	5.57%
Pension expense | U.S. Employees
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plans, employer contribution percentage, for new hires, minimum	3.00%
Defined contribution plans, employer contribution percentage, for new hires, maximum	8.00%
Defined contribution plan employer contribution percentage vested after three years	100.00%
Defined contribution plan vesting period	3 years
Incurred expenses	$ 26,000,000	22,000,000	$ 18,000,000
Pension expense | U.S. Employees | Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum	3.00%
Pension expense | Non-U.S. Employees
Defined Benefit Plan Disclosure [Line Items]
Incurred expenses	$ 9,000,000	6,000,000	$ 4,000,000
Defined contribution plan employer contribution percentage for branch offices, minimum	5.30%
Defined contribution plan employer contribution percentage for branch offices, maximum	33.50%
Pension expense | Cash
Defined Benefit Plan Disclosure [Line Items]
Plan assets consist of shares in investment trusts, percentage	100.00%
Pension expense | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 0	$ 0
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate used to determine net periodic benefit cost	5.00%	5.25%	2.86%
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation	5.64%	5.00%	5.25%
Company contributions	$ 1,000,000	$ 0
Incurred expenses	$ (400,000)	$ (1,000,000)	$ 1,000,000
Healthcare inflation rate	6.75%
Post-Retirement Plan | Forecast
Defined Benefit Plan Disclosure [Line Items]
Healthcare inflation rate				4.75%

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EMPLOYEE BENEFIT PLANS - Schedule of Contributions to Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Company contributions	$ 3	$ 1	$ 6

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EMPLOYEE BENEFIT PLANS - Schedule of Pension Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension expense
Defined Benefit Plan Disclosure [Line Items]
Pension expense	$ (15)	$ 5	$ (2)

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EMPLOYEE BENEFIT PLANS - Schedule of Status of Defined Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in plan assets:
Actual contributions during the year	$ 3	$ 1	$ 6
Pension expense
Change in projected benefit obligation:
Benefit obligation at beginning of year	295	291
Service cost	3	5	9
Interest cost	14	14	10
Actuarial (gain)/loss	(17)	9
Curtailment	(21)	0
Benefits paid	(15)	(25)
Projected benefit obligation at end of year	259	295	291
Change in plan assets:
Fair value of plan assets at beginning of year	308	285
Actual return on plan assets	35	48
Actual contributions during the year	3	1
Benefits paid	(15)	(25)
Fair value of plan assets at end of year	331	308	285
Funded status at end of year	73	13
Post-Retirement Plan
Change in projected benefit obligation:
Benefit obligation at beginning of year	22	21
Service cost	0	1	1
Interest cost	1	1	1
Amendments	0	0
Actuarial (gain)/loss	(1)	(1)
Benefits paid	(1)	0
Projected benefit obligation at end of year	21	22	21
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual contributions during the year	1	0
Benefits paid	(1)	0
Fair value of plan assets at end of year	0	0	$ 0
Funded status at end of year	$ (21)	$ (22)

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EMPLOYEE BENEFIT PLANS - Schedule of Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension expense
Defined Benefit Plan Disclosure [Line Items]
Other assets (due beyond one year)	$ 76	$ 19
Other liabilities (due within one year)	(1)	(3)
Other liabilities (due beyond one year)	(3)	(3)
Net amount recognized in the consolidated balance sheets	73	13
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Other liabilities (due within one year)	(1)	(1)
Other liabilities (due beyond one year)	(21)	(21)
Net amount recognized in the consolidated balance sheets	$ (21)	$ (22)

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EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Cost Included in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension expense
Defined Benefit Plan Disclosure [Line Items]
Accumulated income (loss)	$ 9	$ (33)
Accumulated other comprehensive income (loss)	9	(33)	$ (56)
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated income (loss)	11	11
Accumulated prior service credit (cost)	0	1
Accumulated other comprehensive income (loss)	$ 12	$ 12	$ 14

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EMPLOYEE BENEFIT PLANS - Schedule of Other Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension expense
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Before Tax [Roll Forward]
Other comprehensive income (loss), beginning balance	$ 33	$ 56
Net gain (loss) arising during period	51	19
Actuarial loss (gain)	(9)	4
Curtailment loss recognized	0	0
Other comprehensive income (loss), ending balance	(9)	33
Post-Retirement Plan
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Before Tax [Roll Forward]
Other comprehensive income (loss), beginning balance	(12)	(14)
Net gain (loss) arising during period	1	1
Prior Service credit (cost) arising during period	0	0
Actuarial loss (gain)	(1)	(2)
Prior service cost	0	0
Other comprehensive income (loss), ending balance	$ (12)	$ (12)

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EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension expense
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3	$ 5	$ 9
Interest cost	14	14	10
Expected return on assets/Net gain recognition	(22)	(19)	(25)
Amortization of actuarial loss from earlier periods	0	4	4
Settlement	(9)	0	1
Net periodic benefit cost	(15)	5	(2)
Other comprehensive income (loss) attributable to change from prior year	(42)	(23)
other comprehensive income (loss)	(57)	(18)
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	1
Interest cost	1	1	1
Prior service credit recognition	0	0	0
Expected return on assets/Net gain recognition	(1)	(2)	0
Net periodic benefit cost	0	(1)	$ 1
Other comprehensive income (loss) attributable to change from prior year	1	2
other comprehensive income (loss)	$ 0	$ 1

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EMPLOYEE BENEFIT PLANS - Schedule of Accumulated Benefit Obligation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 259	$ 269
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	255	263
Non-qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 3	$ 6

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EMPLOYEE BENEFIT PLANS - Schedule of Projected Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 3	$ 6
Fair value of plan assets	$ 0	$ 0

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EMPLOYEE BENEFIT PLANS - Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 3	$ 6
Fair value of plan assets	$ 0	$ 0

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EMPLOYEE BENEFIT PLANS - Schedule of Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension expense
Defined Benefit Plan Disclosure [Line Items]
2025	$ 256
2026	1
2027	1
2028	0
2029	0
Next 5 years	1
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
2025	1
2026	1
2027	1
2028	1
2029	1
Next 5 years	$ 7

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EMPLOYEE BENEFIT PLANS - Schedule of Fair Value Measurement Levels for Qualified Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	$ 2	$ 331
Total	$ 308	331
Percent of fixed income funds in US securities	90.00%
Percent of fixed income funds in international securities	10.00%
Percent of equities mutual funds in US equities	100.00%
Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	$ 73
Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	232
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	2	331
Total	308	331
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	73
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	232
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	0	0
Total	0	0
Significant Other Observable Inputs (Level 2) | Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	0
Significant Other Observable Inputs (Level 2) | Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	0
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	0	0
Total	0	$ 0
Significant Unobservable Inputs (Level 3) | Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	0
Significant Unobservable Inputs (Level 3) | Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	$ 0

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INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Accrual withholding taxes, percent	5.00%
Increase (decrease) in unrecognized tax benefits attributable to uncertain tax positions	$ 0	$ 0	$ 0
Deferred tax assets, valuation allowance	25,000,000	15,000,000
Foreign tax credits	16,000,000	0
Unrealized losses on available for sale fixed maturity securities	138,000,000	67,000,000
Tax benefits related to restricted stock vestings and stock options exercises	1,000,000	2,000,000	2,000,000
Tax benefits related to payment of dividends on restricted stock	700,000	$ 600,000	$ 600,000
His Majesty's Revenue and Customs (HMRC)
Income Taxes [Line Items]
Net operating loss carryforwards, not subject to expiration	11,000,000
Revenue Commissioners, Ireland
Income Taxes [Line Items]
Net operating loss carryforwards, not subject to expiration	4,000,000
Spanish Federal Tax Administration (FTA)
Income Taxes [Line Items]
Net operating loss carryforwards, not subject to expiration	2,000,000
Internal Revenue Service (IRS)
Income Taxes [Line Items]
Net operating loss carryforwards, not subject to expiration	8,000,000
Non-U.S.
Income Taxes [Line Items]
Increase (decrease) in valuation allowance	10,000,000
Foreign tax credits	7,000,000
U.S.
Income Taxes [Line Items]
Foreign tax credits	$ 9,000,000

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INCOME TAXES - Schedule of Components of the Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax expense (benefit):
U.S.	$ 152	$ 284	$ 76
Non-U.S.	19	7	5
Total current tax expense (benefit)	171	291	81
Deferred tax expense (benefit):
U.S.	(52)	(76)	(90)
Non-U.S.	1	(578)	0
Total deferred tax expense (benefit)	(51)	(654)	(90)
Total income tax expense (benefit)	$ 120	$ (363)	$ (9)

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INCOME TAXES - Schedule of Reconciliation of Provision for Income Taxes and Expected Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Underwriting gain (loss)	$ (356)	$ 1,219	$ 477
Net investment income	1,954	1,434	830
Net realized capital gains (losses)	19	(276)	(455)
Corporate expenses	(95)	(73)	(61)
Interest, fee and bond issue cost amortization expense	(149)	(134)	(101)
Other income (expense)	121	(14)	(102)
INCOME (LOSS) BEFORE TAXES	1,493	2,154	588
Increase (decrease) in taxes resulting from:
Total income tax expense (benefit)	120	(363)	(9)
U.S.
Income Taxes [Line Items]
Underwriting gain (loss)	(891)	533	(81)
Net investment income	1,219	954	607
Net realized capital gains (losses)	34	(190)	(426)
Net derivative gain (loss)	0	0	0
Corporate expenses	(19)	(18)	(26)
Interest, fee and bond issue cost amortization expense	(150)	(134)	(101)
Other income (expense)	64	(13)	(6)
INCOME (LOSS) BEFORE TAXES	257	1,132	(32)
Expected tax provision at the applicable statutory rate(s)	54	238	(9)
Increase (decrease) in taxes resulting from:
Tax exempt income	(1)	(3)	(4)
Dividend received deduction	(3)	(2)	(3)
Proration	1	1	1
Affiliated preferred stock dividends	7	7	7
Creditable foreign premium tax	(14)	(14)	(11)
Share-based compensation tax benefits formerly in APIC	(1)	(3)	(3)
BEAT Tax	66	0	0
Valuation allowance	0	0	0
Bermuda corporate income tax	0	0	0
Insurance corporate-owned life insurance	(18)	(13)	(1)
Other	9	(3)	6
Total income tax expense (benefit)	100	208	(14)
Non-U.S.
Income Taxes [Line Items]
Underwriting gain (loss)	536	686	558
Net investment income	734	479	223
Net realized capital gains (losses)	(15)	(86)	(29)
Net derivative gain (loss)	0	1	0
Corporate expenses	(76)	(55)	(35)
Interest, fee and bond issue cost amortization expense	1	0	0
Other income (expense)	57	(3)	(96)
INCOME (LOSS) BEFORE TAXES	1,237	1,022	620
Expected tax provision at the applicable statutory rate(s)	19	26	0
Increase (decrease) in taxes resulting from:
Tax exempt income	0	0	0
Dividend received deduction	0	0	0
Proration	0	0	0
Affiliated preferred stock dividends	0	0	0
Creditable foreign premium tax	0	0	0
Share-based compensation tax benefits formerly in APIC	0	0	0
BEAT Tax	0	0	0
Valuation allowance	0	(13)	5
Bermuda corporate income tax	0	(578)	5
Insurance corporate-owned life insurance	0	0	0
Other	1	(6)	0
Total income tax expense (benefit)	$ 20	$ (571)	$ 5

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INCOME TAXES - Schedule of Net Deferred Income Tax Assets/(Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Bermuda economic transition adjustment	$ 536	$ 536
Loss reserves	313	270
Unearned premium reserves	152	143
Net unrealized investment losses	138	67
Depreciation	55	44
Unrealized foreign currency losses	35	15
Net operating loss carryforward	24	18
Lease liability	23	27
Foreign tax credits	16	0
Capital loss carryforward	14	0
Equity compensation	10	8
Investment impairments	10	12
Uncollectible reinsurance reserves	0	3
Net unrealized losses on benefit plans	0	4
Other assets	21	22
Total deferred tax assets	1,347	1,169
Deferred tax liabilities:
Deferred acquisition costs	171	139
Net fair value income	74	74
Partnership investments	43	49
Right of use asset	19	23
Deferred investment income	12	0
Benefit plan asset	0	3
Other liabilities	13	11
Total deferred tax liabilities	332	299
Net deferred tax assets	1,015	870
Less:  Valuation allowance	(25)	(15)
Total net deferred tax assets/(liabilities)	$ 990	$ 855

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Dividend Restrictions And Statutory Financial Information [Line Items]
Minimum solvency margin	$ 0.3
Prior approval of the Bermuda Monetary Authority is required for dividend payments, if percentage exceeds in prior-year end total statutory capital	0.25
Dividend payment restrictions, period in months	12 months
Dividend payment restrictions, percentage of statutory surplus required	10.00%
Bermuda Re
Dividend Restrictions And Statutory Financial Information [Line Items]
Statutory capital and surplus	$ 4,300.0	$ 3,700.0
Statutory net income (loss)	1,400.0	1,500.0	$ 603.0
Everest Re
Dividend Restrictions And Statutory Financial Information [Line Items]
Statutory capital and surplus	8,100.0	7,000.0
Statutory net income (loss)	74.0	$ 877.0	$ 294.0
Available for payment of dividends in 2016 without need for prior regulatory approval	$ 813.0

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION - Schedule of Regulatory Targeted Capital and Actual Statutory Capital (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Bermuda Re
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory targeted capital	$ 0	$ 2,669
Actual capital	4,323	3,711
Everest Re
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory targeted capital	4,799	4,242
Actual capital	$ 8,126	$ 6,963

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SUBSEQUENT EVENTS (Details) - Subsequent Event - Forecast - Environmental Issue $ in Millions	Mar. 31, 2025 USD ($)
Minimum
Subsequent Event [Line Items]
Pre-tax net catastrophe losses	$ 350
Maximum
Subsequent Event [Line Items]
Pre-tax net catastrophe losses	$ 450

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SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Millions	Dec. 31, 2024 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 42,560
Fair Value	41,533
Amount Shown in Balance Sheet	41,531
Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	29,934
Fair Value	28,908
Amount Shown in Balance Sheet	28,908
Held-to-Maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	765
Fair Value	759
Amount Shown in Balance Sheet	757
U.S. government agencies and corporations | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	688
Fair Value	669
Amount Shown in Balance Sheet	669
State, municipalities and political subdivisions | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	75
Fair Value	70
Amount Shown in Balance Sheet	70
Foreign government securities | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,330
Fair Value	2,196
Amount Shown in Balance Sheet	2,196
Foreign corporate securities | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	6,099
Fair Value	5,861
Amount Shown in Balance Sheet	5,861
Foreign corporate securities | Held-to-Maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	84
Fair Value	86
Amount Shown in Balance Sheet	83
Public utilities | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	449
Fair Value	424
Amount Shown in Balance Sheet	424
Public utilities | Held-to-Maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	4
Fair Value	5
Amount Shown in Balance Sheet	4
All other corporate bonds | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	12,369
Fair Value	12,105
Amount Shown in Balance Sheet	12,105
All other corporate bonds | Held-to-Maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	656
Fair Value	647
Amount Shown in Balance Sheet	650
Commercial | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	965
Fair Value	900
Amount Shown in Balance Sheet	900
Commercial | Held-to-Maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	21
Fair Value	21
Amount Shown in Balance Sheet	20
Agency residential | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,205
Fair Value	4,931
Amount Shown in Balance Sheet	4,931
Non-agency residential | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,291
Fair Value	1,289
Amount Shown in Balance Sheet	1,289
Redeemable preferred stock | Available For Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	464
Fair Value	464
Amount Shown in Balance Sheet	464
Equity securities - at fair value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	212
Fair Value	217
Amount Shown in Balance Sheet	217
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	4,707
Fair Value	4,707
Amount Shown in Balance Sheet	4,707
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,392
Fair Value	5,392
Amount Shown in Balance Sheet	5,392
Cash
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,549
Fair Value	1,549
Amount Shown in Balance Sheet	$ 1,549

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Other invested assets (cost: 2024, $63; 2023, $38)	$ 5,392	$ 4,794
Short-term investments	4,707	2,127
Cash	1,549	1,437
Accrued investment income	368	324
Other assets	1,171	941
TOTAL ASSETS	56,341	49,399
LIABILITIES:
Other liabilities	590	582
TOTAL LIABILITIES	42,466	36,197
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	0	0
Common shares, par value: $0.01; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares	1	1
Additional paid-in capital	3,812	3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($177) at 2024 and $(99) at 2023	(1,138)	(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)	(4,108)	(3,908)
Retained earnings	15,309	14,270
Total shareholders' equity	13,875	13,202	$ 8,441
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	56,341	49,399
Parent Company
ASSETS:
Other invested assets (cost: 2024, $63; 2023, $38)	63	38
Short-term investments	8	0
Cash	5	9
Investment in subsidiaries, at equity in the underlying net assets	15,329	14,832
Long-term notes receivable, affiliated	600	50
Accrued investment income	0	2
Receivable from subsidiaries	17	13
Other assets	37	46
TOTAL ASSETS	16,059	14,989
LIABILITIES:
Long-term notes payable, affiliated	2,173	1,773
Due to subsidiaries	9	8
Other liabilities	2	6
TOTAL LIABILITIES	2,184	1,787
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	0	0
Common shares, par value: $0.01; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares	1	1
Additional paid-in capital	3,812	3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($177) at 2024 and $(99) at 2023	(1,138)	(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)	(4,108)	(3,908)
Retained earnings	15,309	14,270
Total shareholders' equity	13,875	13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 16,059	$ 14,989

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED BALANCE SHEETS (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000.0	50,000,000.0
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Common shares, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	200,000,000.0	200,000,000.0
Common shares, outstanding (in shares)	74,300,000	74,200,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (177)	$ (99)
Treasury shares (in shares)	31,300,000	30,800,000
Cash	$ 1,549	$ 1,437
Parent Company
Condensed Financial Statements, Captions [Line Items]
Other invested assets, at cost	$ 63	$ 38
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000.0	50,000,000.0
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Common shares, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	200,000,000.0	200,000,000.0
Common shares, outstanding (in shares)	74,300,000	74,200,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (177)	$ (99)
Treasury shares (in shares)	31,300,000	30,800,000
Cash	$ 5	$ 9

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Net investment income	$ 1,954	$ 1,434	$ 830
Other income (expense)	121	(14)	(102)
Total revenues	17,281	14,587	12,060
Interest expense - affiliated	149	134	101
Total claims and expenses	15,787	12,432	11,472
INCOME (LOSS) BEFORE TAXES	1,493	2,154	588
NET INCOME (LOSS)	1,373	2,517	597
Other comprehensive income (loss) of subsidiaries, net of tax	(204)	1,063	(2,008)
COMPREHENSIVE INCOME (LOSS)	1,169	3,580	(1,411)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net investment income	5	4	0
Other income (expense)	7	8	0
Net income (loss) of subsidiaries	1,510	2,641	648
Total revenues	1,522	2,653	648
Interest expense - affiliated	77	87	13
Other expenses	71	49	38
Total claims and expenses	148	136	51
INCOME (LOSS) BEFORE TAXES	1,373	2,517	597
NET INCOME (LOSS)	1,373	2,517	597
Other comprehensive income (loss) of subsidiaries, net of tax	(204)	1,063	(2,008)
COMPREHENSIVE INCOME (LOSS)	$ 1,169	$ 3,580	$ (1,411)

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	May 31, 2024	Sep. 30, 2023	May 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)				$ 1,373	$ 2,517	$ 597
Adjustments to reconcile net income to net cash provided by operating activities:
Change in other assets and liabilities, net				(431)	(339)	(297)
Non-cash compensation expense				63	49	45
Net cash provided by (used in) operating activities				4,957	4,553	3,695
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities sold - available for sale				6,257	3,849	1,403
Distributions from other invested assets				409	245	266
Cost of other invested assets acquired				(936)	(902)	(1,547)
Net change in short-term investments				(2,494)	(1,034)	149
Net cash provided by (used in) investing activities				(4,478)	(5,902)	(3,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury shares				(200)	0	(61)
Dividends paid to shareholders				(334)	(288)	(255)
Net cash provided by (used in) financing activities				(383)	1,409	(359)
EFFECT OF EXCHANGE RATE CHANGES ON CASH				16	(23)	39
Net increase (decrease) in cash				112	38	(42)
Cash, beginning of period				1,437	1,398	1,441
Cash, end of period				1,549	1,437	1,398
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)				1,373	2,517	597
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in retained (earnings) deficit of subsidiaries				(1,510)	(2,641)	(648)
Cash dividends received from subsidiaries				969	365	476
Change in other assets and liabilities, net				7	(8)	28
Increase (decrease) in due to/from affiliates				(3)	2	2
Non-cash compensation expense				2	3	2
Net cash provided by (used in) operating activities				839	238	457
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries				(161)	(377)	(824)
Proceeds from fixed maturities sold - available for sale				0	23	0
Distributions from other invested assets				826	441	237
Cost of fixed maturities acquired - available for sale				0	(23)	0
Cost of other invested assets acquired				(852)	(479)	(26)
Net change in short-term investments				(8)	0	0
Proceeds from repayment of long term notes receivable - affiliated	$ 50	$ 50		50	50	0
(Issuance) of long term notes receivable - affiliated			$ (100)	(600)	(100)	0
Net cash provided by (used in) investing activities				(745)	(465)	(613)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period, net				36	23	26
Proceeds from public offering of common shares				0	1,445	0
Purchase of treasury shares				(200)	0	(61)
Dividends paid to shareholders				(334)	(288)	(255)
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated				400	(965)	465
Net cash provided by (used in) financing activities				(98)	215	175
EFFECT OF EXCHANGE RATE CHANGES ON CASH				0	0	0
Net increase (decrease) in cash				(4)	(13)	19
Cash, beginning of period				9	22	3
Cash, end of period				5	9	22
NON-CASH TRANSACTIONS:
Dividend of 4,297,463 shares of Everest Group, Ltd. (“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary				0	0	1,405
Issuance of $1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings				0	0	1,773
Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd.				$ 0	$ 0	$ 3,178

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED STATEMENTS OF CASH FLOWS (Additional Information) (Details) - Parent Company - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Dividend, shares received			4,297,463
Debt conversion, original debt	$ 0	$ 0	$ 1,773
Issuance of promissory note, shares exchanged			5,422,508
Capital contribution, shares			9,719,971

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
	May 31, 2024	Sep. 30, 2023	May 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Aug. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term notes				$ 218,000,000	$ 218,000,000
Other assets				1,171,000,000	941,000,000
Other income (expense)				121,000,000	(14,000,000)	$ (102,000,000)
Parent Company
Debt Instrument [Line Items]
Issuance of long term notes receivable - affiliated			$ 100,000,000	600,000,000	100,000,000	0
Long-term note, stated interest rate			3.72%
Proceeds from repayment of long term notes receivable - affiliated	$ 50,000,000	$ 50,000,000		50,000,000	50,000,000	0
Long-term notes receivable, affiliated				600,000,000	50,000,000
Other assets				37,000,000	46,000,000
Other income (expense)				7,000,000	8,000,000	0
Parent Company | Affiliated Entity
Debt Instrument [Line Items]
Issuance of long term notes receivable - affiliated				$ 600,000,000
Long-term note, stated interest rate				4.30%
Parent Company | Notes Payable Affiliated | 1.69% Matures December 2028 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount									$ 300,000,000
Debt instrument, stated interest rate									1.69%
Long-term notes					0
Parent Company | Notes Payable Affiliated | 1.00% Matures August 2030 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount								$ 200,000,000
Debt instrument, stated interest rate								1.00%
Long-term notes					0
Parent Company | Notes Payable Affiliated | 3.11% Matures June 2052 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount							$ 215,000,000
Debt instrument, stated interest rate							3.11%
Long-term notes					0
Parent Company | Notes Payable Affiliated | 4.34% Matures June 2052 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount						$ 125,000,000
Debt instrument, stated interest rate						4.34%
Long-term notes					0
Parent Company | Notes Payable Affiliated | 4.34% Matures December 2052 - 1 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount						$ 125,000,000
Debt instrument, stated interest rate						4.34%
Long-term notes					0
Parent Company | Notes Payable Affiliated | 4.34% Matures December 2052 - 2 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount						$ 1,800,000,000
Debt instrument, stated interest rate						4.34%
Parent Company | Notes Payable Affiliated | 4.30% Matures December 2027-1 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount				$ 100,000,000
Debt instrument, stated interest rate				4.30%
Parent Company | Notes Payable Affiliated | 4.30% Matures December 2027-2 | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument face amount				$ 300,000,000
Debt instrument, stated interest rate				4.30%
Mt Logan Re
Debt Instrument [Line Items]
Other assets				$ 39,000,000	46,000,000
Other income (expense)				$ 8,000,000	$ 8,000,000	$ (1,000,000)

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SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	$ 1,461	$ 1,247	$ 962
Reserve for Losses and Loss Adjustment Expenses	29,889	24,604	22,065
Unearned Premium Reserves	7,324	6,622	5,147
Premiums Earned	15,187	13,443	11,787
Net Investment Income	1,954	1,434	830
Incurred Loss and Loss Adjustment Expenses	11,305	8,427	8,100
Amortization of Deferred Acquisition Costs	3,300	2,952	2,528
Other Operating Expenses	938	846	682
Net Written Premium	15,814	14,730	12,344
Reinsurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	1,185	967	708
Reserve for Losses and Loss Adjustment Expenses	19,708	17,327	15,756
Unearned Premium Reserves	4,621	4,009	2,881
Premiums Earned	11,412	9,799	8,596
Net Investment Income	1,255	984	574
Incurred Loss and Loss Adjustment Expenses	7,103	5,690	5,962
Amortization of Deferred Acquisition Costs	2,837	2,520	2,116
Other Operating Expenses	290	254	216
Net Written Premium	11,969	10,802	8,917
Insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	270	271	243
Reserve for Losses and Loss Adjustment Expenses	8,841	6,338	5,438
Unearned Premium Reserves	2,635	2,504	2,153
Premiums Earned	3,579	3,420	2,998
Net Investment Income	605	391	219
Incurred Loss and Loss Adjustment Expenses	3,622	2,471	2,040
Amortization of Deferred Acquisition Costs	439	410	399
Other Operating Expenses	615	556	438
Net Written Premium	3,678	3,704	3,223
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	6	9	11
Reserve for Losses and Loss Adjustment Expenses	1,340	939	871
Unearned Premium Reserves	68	109	113
Premiums Earned	197	225	194
Net Investment Income	94	59	37
Incurred Loss and Loss Adjustment Expenses	580	266	98
Amortization of Deferred Acquisition Costs	24	22	14
Other Operating Expenses	33	35	28
Net Written Premium	$ 167	$ 225	$ 204

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SCHEDULE IV — REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	$ 4,977	$ 4,733	$ 4,218
Ceded to Other Companies	2,248	1,807	1,513
Assumed from Other Companies	12,458	10,518	9,082
Net Amount	15,187	13,443	11,787
Total property and liability insurance premiums earned
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	4,977	4,733	4,218
Ceded to Other Companies	2,248	1,807	1,513
Assumed from Other Companies	12,458	10,518	9,082
Net Amount	$ 15,187	$ 13,443	$ 11,787
Assumed to Net	82.00%	78.20%	77.10%