10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

☑

 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended

June 30, 2022

☐

 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number

1-14527

EVEREST REINSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

22-3263609

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

100 Everest Way

Warren

,

New Jersey

07059

 (

908

)

604-3000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive office)

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

☑

 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 during the preceding 12 months (or for such shorter period that the registrant was

required to submit such files).

YES

☑

 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

☐

Accelerated filer

☐

Non-accelerated Filer

☑

Smaller reporting company

☐

Emerging growth company

☐

Indicate by check mark if the registrant is an emerging growth company and 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

☑

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

YES 

☐

 NO

☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Number of Shares Outstanding

Class

At August 1, 2022

Common Shares, $0.01 par value

1,000

The Registrant meets the conditions set forth in General Instruction H (1)(a) and (b) of Form 10-Q and is therefore filing this

form with the reduced disclosure format permitted by General Instruction H of Form 10-Q. 

EVEREST REINSURANCE HOLDINGS, INC.

Table of Contents

Form 10-Q

Page

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31,

2021

1

Consolidated Statements of Operations and Comprehensive Income (Loss) for

the three and six months ended June 30, 2022 and 2021 (unaudited)

2

Consolidated Statements of Changes in Stockholder’s Equity for the three and

six months ended June 30, 2022 and 2021 (unaudited)

3

Consolidated Statements of Cash Flows for the six months ended June 30, 2022

and 2021 (unaudited)

4

Notes to Consolidated Interim Financial Statements (unaudited)

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of

Operation

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

46

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

47

Item 6.

Exhibits

47

1

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts and par value per share)

June 30, 2022

December 31, 2021

(unaudited)

ASSETS:

 Fixed maturities - available for sale, at fair value

$

12,873,421

$

12,860,395

(amortized cost: 2022, $

13,754,572

; 2021, $

12,733,499

, allowances for credit losses: 2022, ($

27,274

); 2021, ($

27,491

))

Fixed maturities - held to maturity, at amortized cost, net of credit allowances 

71,390

-

(fair value: 2022, $

71,245

, credit allowances: 2022, ($

366

))

Equity securities, at fair value

1,249,310

1,757,792

Short-term investments (cost: 2022, $230,929; 2021, $695,935)

230,929

695,886

Other invested assets

1,791,521

1,674,639

Other invested assets, at fair value

1,791,539

2,030,816

Cash

843,746

699,266

Total investments and cash

18,851,856

19,718,794

Notes receivable - affiliated

715,000

500,000

Accrued investment income

119,010

89,966

Premiums receivable

1,707,740

1,719,961

Reinsurance recoverables - unaffiliated

1,660,791

1,569,328

Reinsurance recoverables - affiliated

2,096,416

2,298,769

Funds held by reinsureds

299,030

299,204

Deferred acquisition costs

438,412

471,931

Prepaid reinsurance premiums

474,936

431,055

Income tax asset, net 

106,686

-

Other assets

638,134

595,970

TOTAL ASSETS

$

27,108,011

$

27,694,978

LIABILITIES:

Reserve for losses and loss adjustment expenses

$

13,738,357

$

13,121,177

Unearned premium reserve

3,042,059

2,992,878

Funds held under reinsurance treaties

42,230

48,410

Other net payable to reinsurers

425,910

391,577

Losses in course of payment

97,508

272,592

Income tax liability, net 

-

246,348

Senior notes

2,346,495

2,345,800

Long term notes

223,824

223,774

Borrowings from FHLB

519,000

519,000

Accrued interest on debt and borrowings

16,664

17,348

Unsettled securities payable

56,336

15,196

Other liabilities

453,217

462,831

 Total liabilities

20,961,600

20,656,931

Commitments and Contingencies (Note 6)

(nil)

(nil)

STOCKHOLDER'S EQUITY:

Common stock, par value: $

0.01

;

3,000

 shares authorized; 

1,000

 shares issued and outstanding (2022 and 2021)

-

-

Additional paid-in capital

1,101,750

1,101,527

Accumulated other comprehensive income (loss), net of deferred income

 tax expense (benefit) of ($

189,705

) at 2022 and $

24,279

 at 2021

(715,759)

91,469

Retained earnings

5,760,420

5,845,051

Total stockholder's equity

6,146,411

7,038,047

TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY

$

27,108,011

$

27,694,978

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

2

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

(unaudited)

(unaudited)

REVENUES:

Premiums earned 

$

1,954,229

$

1,766,555

$

3,782,821

$

3,463,455

Net investment income

176,499

248,135

332,633

395,858

Net gains (losses) on investments:

Credit allowances on fixed maturity securities

1,500

(15,075)

(149)

(22,217)

Gains (losses) from fair value adjustments

(340,523)

191,376

(555,944)

322,005

Net realized gains (losses) from dispositions

(39,250)

7,462

(48,767)

18,986

Total net gains (losses) on investments

(378,273)

183,763

(604,860)

318,774

Other income (expense)

493

(1,867)

(8,904)

2,112

Total revenues

1,752,948

2,196,586

3,501,690

4,180,199

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses 

1,303,937

1,095,618

2,529,627

2,449,702

Commission, brokerage, taxes and fees

408,663

386,848

793,293

736,702

Other underwriting expenses 

120,263

109,930

238,018

219,725

Corporate expenses

5,886

7,618

11,652

12,199

Interest, fees and bond issue cost amortization expense

24,398

15,537

48,476

31,071

Total claims and expenses

1,863,147

1,615,551

3,621,066

3,449,399

INCOME (LOSS) BEFORE TAXES 

(110,199)

581,035

(119,376)

730,800

Income tax expense (benefit) 

(24,516)

115,228

(34,745)

145,550

NET INCOME (LOSS) 

$

(85,683)

$

465,807

$

(84,631)

$

585,250

Other comprehensive income (loss), net of tax:

Unrealized appreciation (depreciation) ("URA(D)") on securities arising 

 during the period

(411,103)

43,410

(805,382)

(66,448)

Less: reclassification adjustment for realized losses (gains) included 

 in net income (loss)

6,171

6,442

8,426

7,932

Total URA(D) on securities arising during the period

(404,932)

49,852

(796,956)

(58,516)

Foreign currency translation adjustments

(9,849)

13,985

(11,788)

16,247

Reclassification adjustment for amortization of net (gain) loss included 

 in net income (loss)

758

2,043

1,515

4,086

Total benefit plan net gain (loss) for the period

758

2,043

1,515

4,086

Total other comprehensive income (loss), net of tax

(414,023)

65,880

(807,228)

(38,183)

COMPREHENSIVE INCOME (LOSS) 

$

(499,706)

$

531,687

$

(891,859)

$

547,067

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

3

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF 

CHANGES IN STOCKHOLDER’S EQUITY

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands, except share amounts)

2022

2021

2022

2021

(unaudited)

(unaudited)

COMMON STOCK (shares outstanding):

Balance, beginning of period

1,000

1,000

1,000

1,000

Balance, end of period

1,000

1,000

1,000

1,000

ADDITIONAL PAID-IN CAPITAL:

Balance, beginning of period

$

1,101,640

$

1,101,200

$

1,101,527

$

1,101,092

Share-based compensation plans

110

116

223

224

Balance, end of period

1,101,750

1,101,316

1,101,750

1,101,316

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),

NET OF DEFERRED INCOME TAXES:

Balance, beginning of period

(301,735)

163,955

91,469

268,018

Net increase (decrease) during the period

(414,023)

65,880

(807,228)

(38,183)

Balance, end of period

(715,759)

229,835

(715,759)

229,835

RETAINED EARNINGS:

Balance, beginning of period

5,846,103

5,164,646

5,845,051

5,045,203

Net income (loss) 

(85,683)

465,807

(84,631)

585,250

Balance, end of period

5,760,420

5,630,453

5,760,420

5,630,453

TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD

$

6,146,411

$

6,961,604

$

6,146,411

$

6,961,604

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

4

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

June 30,

(Dollars in thousands)

2022

2021

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) 

$

(84,631)

$

585,250

Adjustments to reconcile net income to net cash provided by operating activities:

Decrease (increase) in premiums receivable

9,684

(233,770)

Decrease (increase) in funds held by reinsureds, net

(6,320)

(21,256)

Decrease (increase) in reinsurance recoverables

105,327

226,291

Decrease (increase) in income taxes 

(139,313)

116,483

Decrease (increase) in prepaid reinsurance premiums

(44,429)

(40,542)

Increase (decrease) in reserve for losses and loss adjustment expenses

636,696

807,984

Increase (decrease) in unearned premiums

51,183

272,722

Increase (decrease) in other net payable to reinsurers

35,068

66,461

Increase (decrease) in losses in course of payment

(174,622)

39,117

Change in equity adjustments in limited partnerships

(109,613)

(201,379)

Distribution of limited partnership income

48,802

27,905

Change in other assets and liabilities, net

(19,372)

(88,949)

Non-cash compensation expense

19,766

18,406

Amortization of bond premium (accrual of bond discount)

14,784

15,535

Net (gains) losses on investments

604,860

(318,774)

Net cash provided by (used in) operating activities

947,870

1,271,484

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from fixed maturities matured/called/repaid - available for sale

875,642

1,153,258

Proceeds from fixed maturities sold - available for sale

511,218

242,072

Proceeds from fixed maturities matured/called/repaid - held to maturity

333

-

Proceeds from equity securities sold - at fair value

425,380

346,088

Proceeds from distributions and sales of other invested assets

98,653

70,811

Cost of fixed maturities acquired - available for sale

(2,464,587)

(2,401,534)

Cost of fixed maturities acquired - held to maturity

(72,061)

-

Cost of equity securities acquired - at fair value

(271,842)

(358,790)

Cost of other invested assets acquired

(153,486)

(210,373)

Net change in short-term investments

465,116

205,323

Net change in unsettled securities transactions

28,647

(129,026)

Proceeds from repayment (cost of issuance) of note receivable - affiliated

(215,000)

-

Net cash provided by (used in) investing activities

(771,987)

(1,082,171)

CASH FLOWS FROM FINANCING ACTIVITIES:

Tax benefit from share-based compensation, net of expense

(19,543)

(18,182)

Net cash provided by (used in) financing activities

(19,543)

(18,182)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(11,860)

(3,903)

Net increase (decrease) in cash

144,480

167,228

Cash, beginning of period

699,266

378,518

Cash, end of period

$

843,746

$

545,746

SUPPLEMENTAL CASH FLOW INFORMATION:

Income taxes paid (recovered)

$

104,325

$

28,859

Interest paid

48,414

31,520

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

5

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended June 30, 2022, and 2021

1. GENERAL

Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting

Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Re Group, Ltd. (“Group”),

through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States

of America and internationally. As used in this document, “Company” means Holdings and its subsidiaries.

“Bermuda Re” means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; “Everest Re” means Everest

Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires).

2. BASIS OF PRESENTATION

The unaudited consolidated financial statements of the Company as of June 30, 2022 and December 31, 2021 and

for the three and six months ended June 30, 2022 and 2021 include all adjustments, consisting of normal recurring

accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim

basis. Certain financial information, which is normally included in annual financial statements prepared in

accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been

omitted since it is not required for interim reporting purposes. The December 31, 2021 consolidated balance sheet

data was derived from audited financial statements but does not include all disclosures required by GAAP. The

results for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results for

a full year. These financial statements should be read in conjunction with the audited consolidated financial

statements and notes thereto for the years ended December 31, 2021, 2020 and 2019, included in the Company’s

most recent Form 10-K filing.

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. 

All intercompany accounts and transactions have been eliminated. 

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2022

presentation. 

Application of Recently Issued Accounting Standard Changes. 

The Company did not adopt any new accounting standards that had a material impact during the three and six

months ended June 30, 2022. The Company assessed the adoption impacts of recently issued accounting standards

by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as

material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year

ended December 31, 2021. There were no new material accounting standards issued in the six months ended June

30, 2022, that impacted Holdings.

Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the

Company to be either not applicable or immaterial to its financial statements.

6

3. INVESTMENTS

The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation, gross

unrealized depreciation and fair value of available for sale, fixed maturity securities available for sale as of the

dates indicated:

At June 30, 2022

Amortized

Allowances for 

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

Credit Losses

Appreciation

Depreciation

Value

Fixed maturity securities – available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations 

$

615,312

$

-

$

618

$

(26,187)

$

589,743

Obligations of U.S. states and political

 subdivisions

528,830

(151)

3,951

(24,349)

508,281

Corporate securities

4,355,517

(25,584)

15,127

(337,377)

4,007,683

Asset-backed securities

3,928,582

-

679

(177,890)

3,751,371

Mortgage-backed securities

Commercial

566,417

-

-

(41,999)

524,418

Agency residential

1,522,073

-

185

(112,358)

1,409,900

Non-agency residential

3,536

-

-

(143)

3,393

Foreign government securities

697,135

-

6,339

(38,860)

664,614

Foreign corporate securities

1,537,170

(1,539)

4,439

(126,052)

1,414,018

Total fixed maturity securities – available for sale

$

13,754,572

$

(27,274)

$

31,338

$

(885,215)

$

12,873,421

At December 31, 2021

Amortized

Allowances for

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

Credit Losses

Appreciation

Depreciation

Value

Fixed maturity securities – available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations 

$

656,742

$

-

$

9,303

$

(3,296)

$

662,749

Obligations of U.S. states and political

 subdivisions

558,842

(151)

29,080

(1,150)

586,621

Corporate securities

4,036,000

(19,267)

89,172

(31,000)

4,074,905

Asset-backed securities

3,464,248

(7,680)

20,732

(11,014)

3,466,286

Mortgage-backed securities

Commercial

586,441

-

20,538

(4,085)

602,894

Agency residential

1,255,186

-

15,568

(10,076)

1,260,678

Non-agency residential

4,398

-

16

(6)

4,408

Foreign government securities

677,327

-

21,658

(7,005)

691,980

Foreign corporate securities

1,494,315

(393)

34,449

(18,497)

1,509,874

Total fixed maturity securities – available for sale

$

12,733,499

$

(27,491)

$

240,516

$

(86,129)

$

12,860,395

7

The amortized cost and fair value of fixed maturity securities available for sale are shown in the following tables 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.

At June 30, 2022

At December 31, 2021

Amortized

Fair

Amortized

Fair

(Dollars in thousands)

Cost

Value

Cost

Value

Fixed maturity securities – available for sale

Due in one year or less

$

550,584

$

545,751

$

586,432

$

583,676

Due after one year through five years

3,688,680

3,513,385

3,488,358

3,526,854

Due after five years through ten years

2,134,269

1,933,772

2,260,481

2,309,870

Due after ten years

1,360,431

1,191,431

1,087,955

1,105,729

Asset-backed securities

3,928,582

3,751,371

3,464,248

3,466,286

Mortgage-backed securities

Commercial

566,417

524,418

586,441

602,894

Agency residential

1,522,073

1,409,900

1,255,186

1,260,678

Non-agency residential

3,536

3,393

4,398

4,408

Total fixed maturity securities

$

13,754,572

$

12,873,421

$

12,733,499

$

12,860,395

During the second quarter of 2022, the Company purchased fixed maturity securities classified as held to maturity

with an amortized cost of $

71.8

 million and a fair value of $

71.2

 million as of June 30, 2022. Fixed maturity

securities 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.

These fixed maturity securities held to maturity are comprised of asset-backed securities, with an amortized cost

of $

62.8

 million, gross unrealized appreciation of $

0.1

 million, gross unrealized depreciation of $

0.2

 million, and

fair value of $

62.4

 million, and corporate securities, with an amortized cost of $

9.0

 million, unrealized appreciation

of $

0.0

 million, unrealized depreciation of $

0.1

 million, and fair value of $

8.8

 million, as of June 30, 2022. The

contractual maturity of the corporate securities held to maturity is

5 years

 as of June 30, 2022. The stated maturity

of asset-backed securities held to maturity may not be indicative of actual maturities.

The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as

of June 30, 2022 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. These fixed maturities classified as held to maturity are of a high credit quality

and are all rated investment grade as of June 30, 2022. The allowance for credit losses expected to be recognized

over the remaining life of the fixed maturity securities classified as held to maturity is $

0.4

 million as of June 30,

2022.

8

The changes in net unrealized appreciation (depreciation) for the Company’s available for sale and short term

investments are derived from the following sources for the periods as indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

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

$

(512,342)

$

63,124

$

(1,008,216)

$

(74,026)

Change in unrealized appreciation (depreciation), pre-tax

(512,342)

63,124

(1,008,216)

(74,026)

Deferred tax benefit (expense) 

107,410

(13,272)

211,260

15,510

Change in unrealized appreciation (depreciation), net of deferred taxes, included

in stockholder's equity 

$

(404,932)

$

49,852

$

(796,956)

$

(58,516)

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 individual securities had been in a continuous unrealized loss position for the periods indicated:

Duration of Unrealized Loss at June 30, 2022 By Security Type

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities -

 available for sale

U.S. Treasury securities and

 obligations of U.S. government

 agencies and corporations

$

520,687

$

(23,947)

$

26,566

$

(2,240)

$

547,253

$

(26,187)

Obligations of U.S. states and

 political subdivisions

207,489

(21,199)

15,223

(3,102)

222,712

(24,301)

Corporate securities

2,907,008

(282,978)

411,811

(53,735)

3,318,819

(336,713)

Asset-backed securities

3,518,224

(177,153)

9,307

(737)

3,527,531

(177,890)

Mortgage-backed securities

Commercial

515,599

(40,620)

8,818

(1,379)

524,417

(41,999)

Agency residential

1,130,396

(77,988)

266,332

(34,370)

1,396,728

(112,358)

Non-agency residential

3,393

(143)

-

-

3,393

(143)

Foreign government securities

475,696

(29,114)

66,955

(9,746)

542,651

(38,860)

Foreign corporate securities

1,102,644

(109,378)

132,205

(16,531)

1,234,849

(125,909)

Total 

10,381,136

(762,520)

937,217

(121,840)

11,318,353

(884,360)

Securities where an allowance for

credit losses was recorded

7,054

(855)

-

-

7,054

(855)

Total fixed maturity securities

$

10,388,190

$

(763,375)

$

937,217

$

(121,840)

$

11,325,407

$

(885,215)

9

Duration of Unrealized Loss at June 30, 2022 By Maturity

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities - available for sale

Due in one year or less

$

342,251

$

(2,566)

$

39,994

$

(3,187)

$

382,245

$

(5,753)

Due in one year through five years

2,518,832

(149,344)

315,227

(23,856)

2,834,059

(173,200)

Due in five years through ten years

1,401,318

(158,998)

248,982

(46,474)

1,650,300

(205,472)

Due after ten years

951,123

(155,708)

48,557

(11,837)

999,680

(167,545)

Asset-backed securities

3,518,224

(177,153)

9,307

(737)

3,527,531

(177,890)

Mortgage-backed securities

1,649,388

(118,751)

275,150

(35,749)

1,924,538

(154,500)

Total 

10,381,136

(762,520)

937,217

(121,840)

11,318,353

(884,360)

Securities where an allowance for credit

losses was recorded

7,054

(855)

-

-

7,054

(855)

Total fixed maturity securities

$

10,388,190

$

(763,375)

$

937,217

$

(121,840)

$

11,325,407

$

(885,215)

The aggregate fair value and gross unrealized losses related to fixed maturity securities available for sale in an

unrealized loss position at June 30, 2022 were $

11.3

 billion and $

885.2

 million, respectively. The fair value of

securities for the single issuer (the United States government) whose securities comprised the largest unrealized

loss position at June 30, 2022, did not exceed

4.3

% 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 June 30, 2022, comprised less than

2.2

% 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 $

763.4

 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 and agency residential mortgage backed securities. Of these

unrealized losses, $

662.6

 million were related to securities that were rated investment grade by at least one

nationally recognized rating agency. The $

121.8

 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 as well as agency residential mortgage-backed securities. Of these unrealized losses $

114.2

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 June 30, 2022, 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 Company, given the size of its investment portfolio and capital position, does not have the intent to sell these

securities; and it is more likely than not that the Company will not have to sell the security before recovery of its

cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal

and interest payments.

10

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 individual securities had been in a continuous unrealized loss position for the periods indicated. The amounts

presented in the tables below include $

15.7

 million of fair value and $(

0.4

) million of gross unrealized depreciation

as of December 31, 2021 related to fixed maturity securities available for sale for which the Company has recorded

an allowance for credit losses.

Duration of Unrealized Loss at December 31, 2021 By Security Type

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities -

 available for sale

U.S. Treasury securities and

 obligations of U.S. government

 agencies and corporations

$

266,953

$

(3,296)

$

-

$

-

$

266,953

$

(3,296)

Obligations of U.S. states and

 political subdivisions

51,094

(1,038)

2,558

(112)

53,652

(1,150)

Corporate securities

1,465,259

(24,853)

200,637

(6,147)

1,665,896

(31,000)

Asset-backed securities

1,890,876

(10,713)

37,910

(301)

1,928,786

(11,014)

Mortgage-backed securities

Commercial

138,934

(2,467)

34,967

(1,618)

173,901

(4,085)

Agency residential

698,896

(6,879)

167,923

(3,197)

866,819

(10,076)

Non-agency residential

1,401

(4)

156

(2)

1,557

(6)

Foreign government securities

200,294

(4,778)

14,612

(2,227)

214,906

(7,005)

Foreign corporate securities

676,609

(16,871)

33,057

(1,626)

709,666

(18,497)

Total fixed maturity securities

$

5,390,316

$

(70,899)

$

491,820

$

(15,230)

$

5,882,136

$

(86,129)

Duration of Unrealized Loss at December 31, 2021 By Maturity

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities - available for

sale

Due in one year or less

$

81,412

$

(1,878)

$

35,515

$

(3,829)

$

116,927

$

(5,707)

Due in one year through five years

1,209,378

(18,614)

154,449

(3,418)

1,363,827

(22,032)

Due in five years through ten years

852,857

(20,678)

34,164

(1,977)

887,021

(22,655)

Due after ten years

516,562

(9,666)

26,736

(888)

543,298

(10,554)

Asset-backed securities

1,890,876

(10,713)

37,910

(301)

1,928,786

(11,014)

Mortgage-backed securities

839,231

(9,350)

203,046

(4,817)

1,042,277

(14,167)

Total fixed maturity securities

$

5,390,316

$

(70,899)

$

491,820

$

(15,230)

$

5,882,136

$

(86,129)

The aggregate fair value and gross unrealized losses related to investments in an unrealized loss position at

December 31, 2021 were $

5.9

 billion and $

86.1

 million, respectively. The fair value of securities for the issuer (the

United States government) whose securities comprised the largest unrealized loss position at December 31, 2021,

did not exceed

2.1

% 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

0.4

% 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 $

70.9

 million of unrealized losses

related to fixed maturity securities that have been in an unrealized loss position for less than one year were

generally comprised of domestic and foreign corporate securities, foreign government securities, asset backed

securities and agency residential mortgage backed securities. Of these unrealized losses, $

61.5

 million were

related to securities that were rated investment grade by at least one nationally recognized rating agency. The

$

15.2

 million of unrealized losses related to fixed maturity securities available for sale in an unrealized loss position

11

for more than one year related primarily to domestic and foreign corporate securities as well as agency residential

mortgage backed securities. Of these unrealized losses $

12.3

 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. 

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

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Fixed maturities

$

115,510

$

91,895

$

209,941

$

177,016

Equity securities

4,600

3,385

8,746

6,308

Short-term investments and cash

635

83

850

236

Other invested assets

Limited partnerships

45,244

126,407

88,766

178,558

Dividends from preferred shares of affiliate

7,758

7,758

15,516

15,516

Other 

13,991

25,856

25,822

31,875

Gross investment income before adjustments

187,738

255,384

349,641

409,509

Funds held interest income (expense)

525

2,732

3,348

6,221

Interest income from Parent

1,800

1,281

3,568

2,549

Gross investment income 

190,063

259,397

356,557

418,279

Investment expenses

(13,564)

(11,262)

(23,924)

(22,421)

Net investment income

$

176,499

$

248,135

$

332,633

$

395,858

(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 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 $

983.5

 million in limited partnerships

and private placement loan securities at June 30, 2022. These commitments will be funded when called in

accordance with the partnership and loan agreements, which have investment periods that expire, unless

extended, through

2026

.

The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the

facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in

high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the

facility. As of June 30, 2022, the fair value of investments in the facility consolidated within the Company’s balance

sheets was $

262.3

 million. 

Other invested assets, at fair value, as of June 30, 2022 and December 31, 2021, were comprised of preferred

shares held in Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), a wholly-owned subsidiary of

Group.

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

12

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 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 June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31,

2021 is limited to the total carrying value of $

1.8

 billion and $

1.7

 billion, respectively, which are included in general

and limited partnerships and other alternative investments in Other Invested Assets in the Company's

Consolidated Balance Sheets. As of June 30, 2022, the Company has outstanding commitments totaling $

0.8

 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 reported in fixed maturities available-for-sale and fixed maturities held to maturity. 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 and 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:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Fixed maturity securities:

Allowances for credit losses

$

1,500

$

(15,075)

$

(149)

$

(22,217)

Net realized gains (losses) from dispositions

(9,875)

4,128

(14,964)

8,055

Equity securities, fair value:

Net realized gains (losses) from dispositions

(30,009)

585

(38,277)

6,823

Gains (losses) from fair value adjustments

(185,865)

103,824

(316,667)

141,375

Other invested assets

583

2,748

4,502

4,094

Other invested assets, fair value:

Gains (losses) from fair value adjustments

(154,658)

87,552

(239,277)

180,630

Short-term investment gains (losses)

51

1

(28)

14

Total net gains (losses) on investments

$

(378,273)

$

183,763

$

(604,860)

$

318,774

13

Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

Asset

Obligations of U.S.

states and

political

subdivisions

Foreign

Asset

Obligations of

U.S. states and

political

subdivisions

Foreign

Corporate

Backed

Corporate

Corporate

Backed

Corporate

Securities

Securities

Securities

Total

Securities

Securities

Securities

Total

Beginning Balance

$

(20,049)

$

(7,680)

$

(151)

$

(1,260)

$

(29,140)

$

(19,267)

$

(7,680)

$

(151)

$

(393)

$

(27,491)

Credit losses on securities where credit

losses were not previously recorded

(4,888)

-

-

(172)

(5,060)

(6,817)

-

-

(1,141)

(7,958)

Increases in allowance on previously

impaired securities

(653)

-

-

(107)

(760)

(653)

-

-

(107)

(760)

Decreases in allowance on previously 

impaired securities

-

-

-

-

-

-

-

-

-

-

Reduction in allowance due to disposals

6

7,680

-

-

7,686

1,153

7,680

-

102

8,935

Balance as of June 30, 2022

$

(25,584)

$

-

$

(151)

$

(1,539)

$

(27,274)

$

(25,584)

$

-

$

(151)

$

(1,539)

$

(27,274)

Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Asset

Foreign

Asset

Foreign

Corporate

Backed

Corporate

Corporate

Backed

Corporate

Securities

Securities

Securities

Total

Securities

Securities

Securities

Total

Beginning Balance

$

(3,588)

$

(4,915)

$

(205)

$

(8,708)

$

(1,205)

$

-

$

(361)

$

(1,566)

Credit losses on securities where credit

losses were not previously recorded

(13,538)

-

(188)

(13,726)

(15,921)

(4,915)

(188)

(21,024)

Increases in allowance on previously

impaired securities

(1,468)

-

-

(1,468)

(1,468)

-

-

(1,468)

Decreases in allowance on previously 

impaired securities

-

-

-

-

-

-

-

-

Reduction in allowance due to disposals

119

-

-

119

119

-

156

275

Balance as of June 30, 2021

$

(18,475)

$

(4,915)

$

(393)

$

(23,783)

$

(18,475)

$

(4,915)

$

(393)

$

(23,783)

The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities, are

presented in the table below for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Proceeds from sales of fixed maturity securities, available for sale

$

244,553

$

165,443

$

511,218

$

242,072

Gross gains from dispositions

3,119

8,850

6,274

15,199

Gross losses from dispositions

(12,994)

(4,722)

(21,238)

(7,144)

Proceeds from sales of equity securities

$

343,405

$

64,775

$

425,380

$

346,088

Gross gains from dispositions

4,126

2,633

7,634

14,937

Gross losses from dispositions

(34,135)

(2,048)

(45,911)

(8,114)

14

4. RESERVES FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE 

Activity in the reserve for losses and LAE is summarized for the periods indicated:

Six Months Ended June 30,

(Dollars in thousands)

2022

2021

Gross reserves beginning of period

$

13,121,177

$

11,578,096

Less reinsurance recoverables on unpaid losses

(3,650,716)

(3,951,474)

Net reserves beginning of period

9,470,461

7,626,622

Incurred related to:

Current year

2,520,596

2,450,567

Prior years

9,031

(865)

Total incurred losses and LAE

2,529,627

2,449,702

Paid related to:

Current year 

775,023

550,907

Prior years

1,063,144

903,025

Total paid losses and LAE

1,838,167

1,453,932

Foreign exchange/translation adjustment 

(16,668)

9,986

Net reserves end of period

10,145,252

8,632,376

Plus reinsurance recoverables on unpaid losses

3,593,105

3,772,228

Gross reserves end of period

$

13,738,357

$

12,404,604

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $

2.5

 billion and $

2.5

 billion for the six months ended June 30, 2022 and 2021,

respectively. Gross and net reserves increased for the six months ended June 30, 2022, reflecting an increase in

underlying exposure due to premium growth and the impact of $

24.6

 million of incurred losses related to the

Ukraine/Russia war, partially offset by a reduction of $

150.0

 million in current year catastrophe losses. Prior year

incurred development of $

9.0

 million is primarily driven by unfavorable movement on prior year catastrophes.

The war in the Ukraine is ongoing and an evolving event. Economic and legal sanctions have been levied against

Russia, specific named individuals and entities connected to the Russian government, as well as businesses located

in the Russian Federation and/or owned by Russian nationals by numerous countries, including the United States.

The significant political and economic uncertainty surrounding the war and associated sanctions have impacted

economic and investment markets both within Russia and around the world. The Company has recorded $

24.6

million of incurred underwriting losses related to the Ukraine and Russia conflict for the three and six months

ended June 30, 2022.

5. 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. 

15

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 primarily managed by third party investment asset

managers. The investment asset managers managing publicly traded securities obtain prices from nationally

recognized pricing services. These services seek to utilize market data and observations in their evaluation process.

They use pricing applications that vary by asset class and incorporate available market information and 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 investment asset managers do not make any changes to prices received from either the pricing services or the

investment brokers. In addition, the investment asset managers have 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 June 30, 2022,

$

2.2

 billion 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. At December 31, 2021, $

2.0

 billion of fixed maturities were fair valued using unobservable

inputs. 

The Company internally manages a public equity portfolio which had a fair value at June 30, 2022 and

December 31, 2021 of $

896.9

 million and $

1.3

 billion, respectively. During the fourth quarter of 2021, the

Company began to internally manage a portfolio of collateralized loan obligations included in asset-backed

securities available for sale, which had a fair value of $

2.1

 billion and $

2.0

 billion at June 30, 2022 and December

31, 2021, respectively. All prices for these securities were obtained from publicly published sources or nationally

recognized pricing vendors. 

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 below are generally 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 in local currencies, and where applicable, are converted to U.S. dollars using currency

exchange rates from nationally recognized sources.

16

In addition to the valuations from investment managers, some of the fixed maturities with fair values categorized

as Level 3 result when prices are not available from the nationally recognized pricing services. The asset 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,

converted to U.S. dollars using an exchange rate from a nationally recognized source;

●

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,

converted to U.S. dollars using an exchange rate from a nationally recognized source.

17

The following table presents the fair value measurement levels for all assets, which the Company has recorded at

fair value as of the period indicated:

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

June 30, 2022

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations

$

589,743

$

-

$

589,743

$

-

Obligations of U.S. states and political subdivisions

508,281

-

508,281

-

Corporate securities

4,007,683

-

3,145,256

862,427

Asset-backed securities

3,751,371

-

2,495,974

1,255,397

Mortgage-backed securities

Commercial

524,418

-

518,727

5,691

Agency residential

1,409,900

-

1,409,900

-

Non-agency residential

3,393

-

3,393

-

Foreign government securities

664,614

-

664,614

-

Foreign corporate securities

1,414,018

-

1,374,057

39,961

Total fixed maturities, available for sale

12,873,421

-

10,709,945

2,163,476

Equity securities, fair value

1,249,310

1,226,921

22,389

-

Other invested assets, fair value

1,791,539

-

-

1,791,539

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

December 31, 2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations

$

662,749

$

-

$

662,749

$

-

Obligations of U.S. states and political subdivisions

586,621

-

586,621

-

Corporate securities

4,074,905

-

3,344,980

729,925

Asset-backed securities

3,466,286

-

2,215,005

1,251,281

Mortgage-backed securities

Commercial

602,894

-

602,894

-

Agency residential

1,260,678

-

1,260,678

-

Non-agency residential

4,408

-

4,408

-

Foreign government securities

691,980

-

691,980

-

Foreign corporate securities

1,509,874

-

1,493,859

16,015

Total fixed maturities, available for sale

12,860,395

-

10,863,174

1,997,221

Equity securities, fair value

1,757,792

1,721,762

36,030

-

Other invested assets, fair value

2,030,816

-

-

2,030,816

18

In addition, $

297.2

 million and $

286.6

 million of investments within other invested assets on the consolidated

balance sheets as of June 30, 2022 and December 31, 2021, 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. 

The following tables present 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

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

Corporate

Asset Backed

Foreign

Corporate

Asset Backed

Foreign

(Dollars in thousands)

Securities

Securities

CMBS

Corporate

Total

Securities

Securities

CMBS

Corporate

Total

Beginning balance fixed maturities

$

714,656

$

1,388,691

$

5,890

$

15,926

$

2,125,163

$

729,925

$

1,251,281

$

-

$

16,015

$

1,997,221

Total gains or (losses) (realized/unrealized)

Included in earnings

(4,534)

35

-

16

(4,483)

(3,105)

137

-

29

(2,939)

Included in other comprehensive

 income (loss)

(3,003)

(47,202)

(199)

(3,747)

(54,151)

(7,170)

(75,990)

(222)

(3,808)

(87,190)

Purchases, issuances and settlements

27,750

61,565

-

7,632

96,947

15,219

227,661

5,913

7,591

256,384

Transfers in (out) of Level 3 and reclassification of

securities in/(out) investment categories 

127,558

(147,692)

-

20,134

-

127,558

(147,692)

-

20,134

-

Ending balance

$

862,427

$

1,255,397

$

5,691

$

39,961

$

2,163,476

$

862,427

$

1,255,397

$

5,691

$

39,961

$

2,163,476

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

$

(5,261)

$

7,679

$

-

$

-

$

2,418

$

(4,943)

$

7,679

$

-

$

-

$

2,736

(Some amounts may not reconcile due to rounding.)

Total Fixed Maturities, Available for Sale

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Corporate

Asset Backed

Foreign

Corporate

Asset Backed

Foreign

(Dollars in thousands)

Securities

Securities

Corporate

Total

Securities

Securities

Corporate

Total

Beginning balance fixed maturities

$

633,893

$

785,360

$

5,598

$

1,424,851

$

630,843

$

623,033

$

5,700

$

1,259,576

Total gains or (losses) (realized/unrealized)

Included in earnings

(13,762)

206

138

(13,418)

(15,550)

(3,962)

140

(19,372)

Included in other comprehensive income (loss)

4,583

7,610

(85)

12,108

7,418

4,475

(36)

11,857

Purchases, issuances and settlements

10,209

22,100

(765)

31,544

12,212

191,730

(918)

203,024

Transfers in (out) of Level 3 and reclassification of

securities in/(out) investment categories 

-

-

-

-

-

-

-

-

Ending balance

$

634,923

$

815,276

$

4,886

$

1,455,085

$

634,923

$

815,276

$

4,886

$

1,455,085

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

$

(17,279)

$

(4,915)

$

-

$

(22,194)

$

(17,279)

$

(4,915)

$

-

$

(22,194)

(Some amounts may not reconcile due to rounding.)

19

The Company’s fixed maturity securities held to maturity are recorded at amortized cost net of credit allowances,

with a carrying value of $

71.4

 million and a fair value of $

71.2

 million as of June 30, 2022. The fair values of these

securities are determined in a similar manner as the Company’s fixed maturity securities available for sale as

described above. 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 as of June 30, 2022.

6. 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 loss adjustment expenses. 

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.

7. COMPREHENSIVE INCOME (LOSS)

The following tables present the components of comprehensive income (loss) in the consolidated statements of

operations and comprehensive income (loss) for the periods indicated:

Three Months Ended 

June 30, 2022

Six Months Ended 

June 30, 2022

(Dollars in thousands)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)")

on securities - non-credit related

$

(520,134)

109,031

$

(411,103)

$

(1,018,827)

213,445

$

(805,382)

Reclassification of net realized losses (gains)

included in net income (loss)

7,793

(1,622)

6,171

10,611

(2,185)

8,426

Foreign currency translation adjustments

(12,475)

2,626

(9,849)

(14,915)

3,127

(11,788)

Reclassification of amortization of net gain (loss)

included in net income (loss)

959

(202)

758

1,919

(404)

1,515

Total other comprehensive income (loss)

$

(523,857)

$

109,833

$

(414,023)

$

(1,021,212)

$

213,983

$

(807,228)

(Some amounts may not reconcile due to rounding)

20

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2021

(Dollars in thousands)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)")

on securities - non-credit related

$

54,925

(11,515)

$

43,410

$

(84,094)

17,646

$

(66,448)

Reclassification of net realized losses (gains)

included in net income (loss)

8,198

(1,757)

6,442

10,068

(2,136)

7,932

Foreign currency translation adjustments

17,712

(3,727)

13,985

20,568

(4,321)

16,247

Reclassification of amortization of net gain (loss)

included in net income (loss)

2,586

(543)

2,043

5,172

(1,086)

4,086

Total other comprehensive income (loss)

$

83,421

$

(17,542)

$

65,880

$

(48,286)

$

10,103

$

(38,183)

(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

Three Months Ended

Six Months Ended

Affected line item within the

June 30,

June 30,

statements of operations and 

AOCI component

2022

2021

2022

2021

comprehensive income (loss)

(Dollars in thousands)

URA(D) on securities

$

7,793

$

8,198

$

10,611

$

10,068

Other net gains (losses) on investments

(1,622)

(1,757)

(2,185)

(2,136)

Income tax expense (benefit)

$

6,171

$

6,442

$

8,426

$

7,932

Net income (loss)

Benefit plan net gain (loss)

$

959

$

2,586

$

1,919

$

5,172

Other underwriting expenses

(202)

(543)

(404)

(1,086)

Income tax expense (benefit)

$

758

$

2,043

$

1,515

$

4,086

Net income (loss)

(Some amounts may not reconcile due to rounding)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the

consolidated balance sheets for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands) 

2022

2021

2022

2021

Beginning balance of URA (D) on securities

$

(270,155)

$

204,793

$

121,869

$

313,161

Current period change in URA (D) of investments - non-credit related

(404,932)

49,852

(796,956)

(58,516)

Ending balance of URA (D) on securities

(675,087)

254,645

(675,087)

254,645

Beginning balance of foreign currency translation adjustments

18,053

30,989

19,992

28,727

Current period change in foreign currency translation adjustments

(9,849)

13,985

(11,788)

16,247

Ending balance of foreign currency translation adjustments 

8,204

44,974

8,204

44,974

Beginning balance of benefit plan net gain (loss)

(49,634)

(71,827)

(50,392)

(73,870)

Current period change in benefit plan net gain (loss)

758

2,043

1,515

4,086

Ending balance of benefit plan net gain (loss)

(48,876)

(69,784)

(48,876)

(69,784)

Ending balance of accumulated other comprehensive income (loss)

$

(715,759)

$

229,835

$

(715,759)

$

229,835

21

8. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS 

A subsidiary of the Company, Everest Reinsurance company (“Everest Re”), has established a trust agreement,

which effectively uses Everest Re’s investments as collateral, as security for assumed losses payable to non-

affiliated ceding companies. At June 30, 2022, the total amount on deposit in the trust account was $

554.1

 million.

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 thousands)

Class

Description

Effective Date

Expiration Date

Limit

Coverage Basis

Series 2018-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/30/2018

5/5/2023

62,500

Aggregate

Series 2018-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/30/2018

5/5/2023

200,000

Aggregate

Series 2019-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2023

150,000

Occurrence

Series 2019-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2023

275,000

Aggregate

Series 2019-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2024

150,000

Occurrence

Series 2019-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2024

275,000

Aggregate

Series 2021-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

150,000

Occurrence

Series 2021-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

85,000

Aggregate

Series 2021-1 Class C-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

85,000

Aggregate

Series 2021-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

150,000

Occurrence

Series 2021-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

90,000

Aggregate

Series 2021-1 Class C-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

90,000

Aggregate

Series 2022-1 Class A

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/22/2022

6/22/2025

300,000

Aggregate

Total available limit as of June 30, 2022

$

2,062,500

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. Currently, none of the published insured loss estimates for catastrophe

events during the applicable covered periods of the various agreements have exceeded the single event retentions

or aggregate retentions under the terms of the agreements that would result in a recovery. 

22

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to

unrelated, external investors. The proceeds from the issuance of the Notes listed below are held in reinsurance

trusts throughout the duration of the applicable reinsurance agreements and invested solely in US government

money market funds with a rating of at least “AAAm” by Standard & Poor’s.

(Dollars in thousands)

Note Series

Issue Date

Maturity Date

Amount

Series 2018-1 Class A-2

4/30/2018

5/5/2023

62,500

Series 2018-1 Class B-2

4/30/2018

5/5/2023

200,000

Series 2019-1 Class A-1

12/12/2019

12/19/2023

150,000

Series 2019-1 Class B-1

12/12/2019

12/19/2023

275,000

Series 2019-1 Class A-2

12/12/2019

12/19/2024

150,000

Series 2019-1 Class B-2

12/12/2019

12/19/2024

275,000

Series 2021-1 Class A-1

4/8/2021

4/21/2025

150,000

Series 2021-1 Class B-1

4/8/2021

4/21/2025

85,000

Series 2021-1 Class C-1

4/8/2021

4/21/2025

85,000

Series 2021-1 Class A-2

4/8/2021

4/20/2026

150,000

Series 2021-1 Class B-2

4/8/2021

4/20/2026

90,000

Series 2021-1 Class C-2

4/8/2021

4/20/2026

90,000

Series 2022-1 Class A

6/22/2022

6/22/2025

300,000

$

2,062,500

9. SENIOR NOTES

The table below displays Holdings’ outstanding senior notes. Fair value is based on quoted market prices, but due

to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

June 30, 2022

December 31, 2021

Consolidated

Consolidated

Principal 

Balance Sheet

Fair

Balance Sheet

Fair

(Dollars in thousands)

Date Issued

Date Due

Amounts

Amount

Value

Amount

Value

4.868

% Senior notes

06/05/2014

06/01/2044

400,000

$

397,373

$

374,212

$

397,314

$

503,840

3.5

% Senior notes

10/07/2020

10/15/2050

1,000,000

$

980,310

$

769,220

$

980,046

$

1,054,520

3.125

% Senior notes

10/04/2021

10/15/2052

1,000,000

$

968,811

$

701,820

$

968,440

$

983,140

2,400,000

$

2,346,495

$

1,845,252

$

2,345,800

$

2,541,500

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Interest expense incurred

4.868

% Senior notes

$

4,868

$

4,868

$

9,736

$

9,736

Interest expense incurred

3.5

% Senior notes

$

8,807

$

8,805

$

17,614

$

17,610

Interest expense incurred

3.125

% Senior notes

$

7,827

$

-

$

15,741

$

-

$

21,502

$

13,673

$

43,090

$

27,346

23

10. LONG TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes. Fair value is

based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level

2 in the fair value hierarchy.

June 30, 2022

December 31, 2021

Original

Consolidated

Consolidated

Principal

Maturity Date

Balance

Fair

Balance

Fair

(Dollars in thousands)

Date Issued

Amount

Scheduled

Final

Sheet Amount

Value

Sheet Amount

Value

Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

223,824

$

189,012

$

223,774

$

216,289

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 will be based on the 3

month 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 May 16, 2022 to

August 14, 2022 is

3.80

%. 

Holdings may redeem the long term subordinated notes 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

certain 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. The Company’s

4.868

% senior

notes, due on

June 1, 2044

,

3.5

% senior notes due on

October 15, 2050

 and

3.125

% senior notes due on

October

15, 2052

 are the Company’s long term indebtedness that rank senior to the long term subordinated notes.

Interest expense incurred in connection with these long term subordinated notes is as follows for the periods

indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Interest expense incurred

$

1,927

$

1,460

$

3,458

$

2,922

11. 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 June 30, 2022, Everest Re had admitted assets of

approximately $

20.8

 billion which provides borrowing capacity of up to approximately $

2.1

 billion. As of June 30,

2022, Everest Re has $

519.0

 million of borrowings outstanding, with maturities in November and December 2022

and interest payable at interest rates between

0.53

% and

0.65

%. Everest Re incurred interest expense of $

0.8

million and $

0.3

 million for the three months ended June 30, 2022 and 2021, respectively. Everest Re incurred

interest expense of $

1.5

 million and $

0.6

 million for the six months ended June 30, 2022 and 2021, respectively.

The FHLBNY membership agreement requires that

4.5

% of borrowed funds be used to acquire additional

membership stock.

12. SEGMENT REPORTING

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. 

24

Business is written in the United States as well as through branches in Canada and Singapore. The Insurance

operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general

agents within the United States. 

These 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 these operating 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. 

The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the

Company does not review and evaluate the financial results of its operating segments based upon balance sheet

data. 

The following tables present the underwriting results for the operating segments for the periods indicated:

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

(Dollars in thousands)

Reinsurance

Insurance

Total 

Reinsurance

Insurance

Total 

Gross written premiums

$

1,394,004

$

1,042,883

$

2,436,887

$

2,773,675

$

1,868,220

$

4,641,895

Net written premiums

1,245,074

749,551

1,994,625

2,430,415

1,360,419

3,790,834

Premiums earned

$

1,294,903

$

659,326

$

1,954,229

$

2,504,217

$

1,278,605

$

3,782,821

Incurred losses and LAE

875,402

428,536

1,303,937

1,695,872

833,755

2,529,627

Commission and brokerage

331,917

76,747

408,663

647,246

146,047

793,293

Other underwriting expenses

32,451

87,812

120,263

63,425

174,594

238,018

Underwriting gain (loss)

$

55,134

$

66,232

$

121,366

$

97,674

$

124,209

$

221,883

Net investment income

176,499

332,633

Net gains (losses) on investments

(378,273)

(604,860)

Corporate expense

(5,886)

(11,652)

Interest, fee and bond issue cost amortization expense

(24,398)

(48,476)

Other income (expense) 

493

(8,904)

Income (loss) before taxes

$

(110,199)

$

(119,376)

25

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

(Dollars in thousands)

Reinsurance

Insurance

Total 

Reinsurance

Insurance

Total 

Gross written premiums

$

1,439,254

$

877,776

$

2,317,030

$

2,859,337

$

1,591,028

$

4,450,365

Net written premiums

1,291,229

637,106

1,928,335

2,500,042

1,193,636

3,693,678

Premiums earned

$

1,232,157

$

534,398

$

1,766,555

$

2,409,327

$

1,054,128

$

3,463,455

Incurred losses and LAE

739,440

356,177

1,095,618

1,709,757

739,944

2,449,702

Commission and brokerage

324,989

61,859

386,848

615,545

121,157

736,702

Other underwriting expenses

32,999

76,932

109,930

69,288

150,437

219,725

Underwriting gain (loss)

$

134,729

$

39,430

$

174,159

$

14,737

$

42,590

$

57,327

Net investment income

248,135

395,858

Net gains (losses) on investments

183,763

318,774

Corporate expense

(7,618)

(12,199)

Interest, fee and bond issue cost amortization expense

(15,537)

(31,071)

Other income (expense) 

(1,867)

2,112

Income (loss) before taxes

$

581,035

$

730,800

The Company produces business in the U.S. and internationally. The net income deriving from assets residing in

the individual foreign countries in which the Company writes business are not identifiable in the Company’s

financial records. Based on gross written premium, the table below presents the largest country, other than the

U.S., in which the Company writes business, for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Canada gross written premiums

$

80,714

$

68,955

$

148,479

$

103,285

No other country represented more than

5

% of the Company’s revenues.

13. RELATED-PARTY TRANSACTIONS

Parent

Group entered into a $

300.0

 million long term note agreement with Everest Re as of December 17, 2019. The note

pays interest annually at a rate of

1.69

% and is scheduled to mature in December, 2028. The Company recognized

interest income related to this long term note of $

1.3

 million and $

1.3

 million for the three months ended June 30,

2022 and 2021, respectively and $

2.5

 million and $

2.5

 million for the six months ended June 30, 2022 and 2021,

respectively. 

Group entered into a $

200.0

 million long term note agreement with Everest Re as of August 5, 2021. The note pays

interest annually at a rate of

1.00

% and is scheduled to mature in August, 2030. The Company recognized interest

income related to this long term note of $

0.5

 million and $

0

 million for the three months ended June 30, 2022 and

2021, respectively and $

1.0

 million and $

0

 million for the six months ended June 30, 2022 and 2021, respectively. 

Group entered into a $

215.0

 million long term note agreement with Holdings as of June 29, 2022. The note pays

interest annually at a rate of

3.11

% and is scheduled to mature in June, 2052.

26

Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its

subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated

transactions or both. The most recent amendment from the Board, approved on May 22, 2020, increased the

cumulative number of shares that may be repurchased under the program to

32.0

 million shares.

Holdings had purchased and held

9,719,971

 Common Shares of Group, which were purchased in the open market

between February 2007 and March 2011.

In December, 2015, Holdings transferred the

9,719,971

 Common Shares of Group, which it held as other invested

assets, at fair value, valued at $

1.8

 billion, to Preferred Holdings in exchange for

1,773.214

 preferred shares of

Preferred Holdings with a $

1.0

 million par value and

1.75

% annual dividend rate. After the exchange, Holdings no

longer holds any shares or has any ownership interest in Group. 

Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the

consolidated balance sheets with changes in fair value re-measurement recorded in net gains (losses) on

investments in the consolidated statements of operations and comprehensive income (loss). The following table

presents the dividends received on the preferred shares of Preferred Holdings and on the Parent shares that are

reported as net investment income in the consolidated statements of operations and comprehensive income (loss)

for the period indicated.

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Dividends received on preferred stock of affiliate

$

7,758

$

7,758

$

15,516

$

15,516

Affiliates

The Company has engaged in reinsurance transactions with Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”),

Everest Reinsurance Company (Ireland) dac (“Ireland Re”), Everest Insurance (Ireland) dac (“Ireland Insurance”),

Everest International Reinsurance Ltd. (“Everest International”), Everest Insurance Company of Canada (“Everest

Canada”), Lloyd’s Syndicate 2786 and Mt. Logan Re, which are affiliated companies primarily driven by enterprise

risk and capital management considerations under which business is ceded at market rates and terms.

The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all

new and renewal business for the indicated coverage period:

(Dollars in thousands)

Single 

Percent

Assuming

Occurrence

Aggregate

Coverage Period

Ceding Company

Ceded 

Company

Type of Business

Limit

Limit 

01/01/2010-12/31/2010

Everest Re

44.0

%

Bermuda Re

property / casualty business

150,000

325,000

01/01/2011-12/31/2011

Everest Re

50.0

%

Bermuda Re

property / casualty business

150,000

300,000

01/01/2012-12/31/2014

Everest Re

50.0

%

Bermuda Re

property / casualty business

100,000

200,000

01/01/2015-12/31/2016

Everest Re

50.0

%

Bermuda Re

property / casualty business

162,500

325,000

01/01/2017-12/31/2017

Everest Re

60.0

%

Bermuda Re

property / casualty business

219,000

438,000

01/01/2010-12/31/2010

Everest Re- Canadian Branch

60.0

%

Bermuda Re

property business

350,000

(1)

-

01/01/2011-12/31/2011

Everest Re- Canadian Branch

60.0

%

Bermuda Re

property business

350,000

(1)

-

01/01/2012-12/31/2012

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

206,250

(1)

412,500

(1)

01/01/2013-12/31/2013

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

150,000

(1)

412,500

(1)

01/01/2014-12/31/2017

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

262,500

(1)

412,500

(1)

01/01/2012-12/31/2017

Everest Canada

80.0

%

Everest Re- Canadian

Branch

property business

-

-

01/01/2020

Everest International Assurance

100.0

%

Bermuda Re

life business

-

-

(1)

Amounts shown are Canadian dollars.

Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance

contract (“stop loss agreement”) with Bermuda Re. The stop loss agreement provides coverage for ultimate net

27

losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and

conditions. The stop loss agreement was most recently renewed effective January 1, 2022. 

Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective

January 1, 2021 through December 31, 2021, subject to renewal thereafter. The contract provides Bermuda Re (UK

Branch), with up to £

100.0

 million of reinsurance coverage for each catastrophe occurrence above £

40.0

 million. 

Bermuda Re (UK Branch) paid Everest Re £

3.5

 million for this coverage. This contract was most recently renewed

effective January 1, 2022.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1,

2021 through January 31, 2022, subject to renewal thereafter. The contract provides Ireland Re with up to €

145.0

million of reinsurance coverage for each catastrophe occurrence above €

16.0

 million. Ireland Re paid Everest Re

€

9.8

 million for this coverage. This contract was most recently renewed effective February 1, 2022.

The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance

exposures and reserves were transferred to an affiliate.

(Dollars in thousands)

Effective

Transferring

Assuming

% of Business or 

Covered Period 

Date

Company 

Company

Amount of Transfer

of Transfer

10/01/2001

Everest Re (Belgium Branch)

Bermuda Re

100

%

All years

10/01/2008

Everest Re

Bermuda Re

$

747,022

01/01/2002-12/31/2007

12/31/2017

Everest Re

Bermuda Re

$

970,000

All years

On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re. The LPT agreement covers

subject loss reserves of $

2.3

 billion for accident years 2017 and prior. As a result of the LPT agreement, the

Company transferred $

1.0

 billion of cash and fixed maturity securities and transferred $

970.0

 million of loss

reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $

500.0

 million of

adverse development coverage on the subject loss reserves. As of June 30, 2022, and December 31, 2021, the

Company has a reinsurance recoverable of $

854.0

 million and $

856.4

 million, respectively, recorded on its balance

sheet due from Bermuda Re.

The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest

International, respectively, and premiums and losses assumed by the Company from Everest Canada, Everest

Ireland and Lloyd’s syndicate 2786 for the periods indicated:

Three Months Ended

Six Months Ended

Bermuda Re

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Ceded written premiums

$

91,385

$

74,948

$

183,823

$

145,801

Ceded earned premiums

91,370

73,799

183,807

144,676

Ceded losses and LAE

2,955

20,990

1,111

(9,114)

Assumed written premiums

1,065

-

3,323

-

Assumed earned premiums

1,065

62

4,504

123

Assumed losses and LAE

3

40

(191)

66

28

Three Months Ended

Six Months Ended

Everest International & Canada

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

-

-

-

-

Assumed earned premiums

-

-

-

-

Assumed losses and LAE

45

7

(1,824)

66

Three Months Ended

Six Months Ended

Ireland Re

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

2,037

$

2,978

$

4,338

$

5,901

Assumed earned premiums

2,037

2,978

4,549

4,927

Assumed losses and LAE

-

-

2,441

-

Three Months Ended

Six Months Ended

Ireland Insurance

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

1,905

$

1,489

$

3,864

$

2,790

Assumed earned premiums

2,338

1,252

3,978

2,514

Assumed losses and LAE

(4,784)

308

1,608

1,005

Three Months Ended

Six Months Ended

Lloyd's Syndicate 2786

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

(250)

$

73

$

(257)

$

672

Assumed earned premiums

(250)

112

(257)

641

Assumed losses and LAE

132

1,796

387

214

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.

Three Months Ended

Six Months Ended

Mt. Logan Re Segregated Accounts

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Ceded written premiums

$

21,760

$

46,571

$

62,426

$

127,943

Ceded earned premiums

29,171

60,117

71,655

126,105

Ceded losses and LAE 

22,884

21,613

59,648

94,607

14. INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with

significant branches in Canada and Singapore. The Company’s non-U.S. branches are subject to income taxation at

varying rates in their respective domiciles. 

The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for

interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annual effective tax rate

approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/(loss)to

determine the income tax expense or benefit for the year-to-date period. The tax expense or benefit for the

quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date

period less such amount for the immediately preceding year-to-date period. Management considers the impact of

all known events in its estimation of the Company’s annual pre-tax income/(loss) and effective tax rate.

29

15. SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not

have any subsequent events to report.

30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Industry Conditions.

The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and

market. As such, financial results tend to fluctuate with periods of constrained availability, higher rates and

stronger profits followed by periods of abundant capacity, lower rates and constrained profitability. Competition

in the types of reinsurance and insurance business that we underwrite is based on many factors, including the

perceived overall financial strength of the reinsurer or insurer, ratings of the reinsurer or insurer by A.M. Best

and/or Standard & Poor’s, underwriting expertise, the jurisdictions where the reinsurer or insurer is licensed or

otherwise authorized, capacity and coverages offered, premiums charged, other terms and conditions of the

reinsurance and insurance business offered, services offered, speed of claims payment and reputation and

experience in lines written. Furthermore, the market impact from these competitive factors related to reinsurance

and insurance is generally not consistent across lines of business, domestic and international geographical areas

and distribution channels. 

We compete in the U.S. and international reinsurance and insurance markets with numerous global competitors.

Our competitors include independent reinsurance and insurance companies, subsidiaries or affiliates of

established worldwide insurance companies, reinsurance departments of certain insurance companies, domestic

and international underwriting operations, and certain government sponsored risk transfer vehicles. Some of these

competitors have greater financial resources than we do and have established long term and continuing business

relationships, which can be a significant competitive advantage. In addition, the lack of strong barriers to entry

into the reinsurance business and recently, the securitization of reinsurance and insurance risks through capital

markets provide additional sources of potential reinsurance and insurance capacity and competition. 

Worldwide insurance and reinsurance market conditions historically have been competitive. Generally, there was

ample insurance and reinsurance capacity relative to demand, as well as additional capital from the capital

markets through insurance linked financial instruments. These financial instruments such as side cars, catastrophe

bonds and collateralized reinsurance funds, provided capital markets with access to insurance and reinsurance risk

exposure. The capital markets demand for these products was being primarily driven by a low interest

environment and the desire to achieve greater risk diversification and potentially higher returns on their

investments. This increased competition was generally having a negative impact on rates, terms and conditions;

however, the impact varies widely by market and coverage.

The industry continues to deal with the impacts of a global pandemic, COVID-19 and its subsequent variants. We

continue to service and meet the needs of our clients while ensuring the safety and health of our employees and

customers.

Prior to the pandemic, there was a growing industry consensus that there was some firming of (re)insurance rates

for the areas impacted by the recent catastrophes. The increased frequency of catastrophe losses that continued

to be experienced in 2022 and throughout 2021 appears to be further pressuring the increase of rates. As business

activity continues to regain strength, rates also appear to be firming in most lines of business, particularly in the

casualty lines that had seen significant losses such as excess casualty and directors’ and officers’ liability. Other

casualty lines are experiencing modest rate increase, while some lines such as workers’ compensation were

experiencing softer market conditions. It is too early to tell what the impact on pricing conditions will be, but it is

likely to change depending on the line of business and geography.

While we are unable to predict the full impact the pandemic will have on the insurance industry as it continues to

have a negative impact on the global economy, we are well positioned to continue to service our clients. Our

capital position remains a source of strength, with high quality invested assets, significant liquidity and a low

operating expense ratio. Our diversified global platform with its broad mix of products, distribution and geography

is resilient.

31

The war in the Ukraine is ongoing and an evolving event. Economic and legal sanctions have been levied against

Russia, specific named individuals and entities connected to the Russian government, as well as businesses located

in the Russian Federation and/or owned by Russian nationals by numerous countries, including the United States.

The significant political and economic uncertainty surrounding the war and associated sanctions have impacted

economic and investment markets both within Russia and around the world. The Company has recorded $24.6

million of incurred underwriting losses related to the Ukraine and Russia conflict as of the three and six months

ended June 30, 2022.

32

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 stockholder’s equity for the periods indicated: 

Three Months Ended

 Percentage 

Six Months Ended

 Percentage 

June 30,

Increase/

June 30,

Increase/

(Dollars in millions)

2022

2021

(Decrease)

2022

2021

(Decrease)

Gross written premiums

$

2,436.9

$

2,317.1

5.2%

$

4,641.9

$

4,450.4

4.3%

Net written premiums

1,994.6

1,928.4

3.4%

3,790.8

3,693.7

2.6%

REVENUES:

Premiums earned

$

1,954.2

$

1,766.6

10.6%

$

3,782.8

$

3,463.5

9.2%

Net investment income

176.5

248.1

-28.9%

332.6

395.9

-16.0%

Net gains (losses) on investments

(378.3)

183.8

NM

(604.9)

318.8

NM

Other income (expense)

0.5

(1.9)

NM

(8.9)

2.1

NM

Total revenues

1,753.0

2,196.5

-20.2%

3,501.7

4,180.2

-16.2%

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses

1,303.9

1,095.6

19.0%

2,529.6

2,449.7

3.3%

Commission, brokerage, taxes and fees

408.7

386.8

5.6%

793.3

736.7

7.7%

Other underwriting expenses

120.3

109.9

9.4%

238.0

219.7

8.3%

Corporate expense

5.9

7.6

-22.7%

11.7

12.2

-4.5%

Interest, fee and bond issue cost amortization expense

24.4

15.6

56.5%

48.5

31.1

56.0%

Total claims and expenses

1,863.1

1,615.5

15.3%

3,621.1

3,449.4

5.0%

INCOME (LOSS) BEFORE TAXES

(110.2)

581.0

-119.0%

(119.4)

730.8

-116.3%

Income tax expense (benefit)

(24.5)

115.3

-121.3%

(34.7)

145.6

-123.9%

NET INCOME (LOSS) 

$

(85.7)

$

465.8

-118.4%

$

(84.6)

$

585.3

-114.5%

RATIOS:

Point

Change

Point

Change

Loss ratio

66.7%

62.0%

4.7

66.9%

70.7%

(3.8)

Commission and brokerage ratio

20.9%

21.9%

(1.0)

21.0%

21.3%

(0.3)

Other underwriting expense ratio

6.2%

6.2%

-

6.3%

6.3%

-

Combined ratio

93.8%

90.1%

3.7

94.1%

98.3%

(4.2)

At

At

 Percentage 

June 30,

December 31,

Increase/

(Dollars in millions)

2022

2021

(Decrease)

Balance sheet data:

Total investments and cash

$

18,851.9

$

19,718.8

-4.4%

Total assets

27,108.0

27,695.0

-2.1%

Loss and loss adjustment expense reserves

13,738.4

13,121.2

4.7%

Total debt

3,089.3

3,088.6

0.0%

Total liabilities

20,961.6

20,656.9

1.5%

Stockholder's equity

6,146.4

7,038.0

-12.7%

(Some amounts may not reconcile due to rounding)

(NM, not meaningful)

33

Revenues.

Premiums. Gross written premiums increased by 5.2% to $2.4 billion for the three months ended June 30, 2022,

compared to $2.3 billion for the three months ended June 30, 2021, reflecting a $165.1 million, or 18.8%, increase

in our Insurance business and a $45.3 million, or 3.1%, decrease in our reinsurance business. The rise in insurance

premiums was primarily due to increases across most lines of business, notably specialty casualty business,

professional liability business and other specialty business. The decrease in reinsurance premiums was mainly due

to a decline property pro rata business. Gross written premiums increased by 4.3% to $4.6 billion for the six

months ended June 30, 2022, compared to $4.5 billion for the six months ended June 30, 2021, reflecting a $277.2

million, or 17.4%, increase in our Insurance business and a $85.7 million, or 3.0%, decrease in our reinsurance

business. The rise in insurance premiums was primarily due to increases in most lines of business, notably specialty

casualty business, professional liability business and other specialty business. The decrease in reinsurance

premiums was mainly due to a decline property pro rata business.

Net written premiums increased by 3.4% to $2.0 billion for the three months ended June 30, 2022, compared to

$1.9 billion for the three months ended June 30, 2021 and increased by 2.6% to $3.8 billion for the six months

ended June 30, 2022, compared to $3.7 billion for the six months ended June 30, 2021. The percentage increases

in net written premiums are consistent with the percentage changes in gross written premiums. Premiums earned

increased by 10.6% to $2.0 billion for the three months ended June 30, 2022, compared to $1.8 billion for the

three months ended June 30, 2021 and increased by 9.2% to $3.8 billion for the six months ended June 30, 2022,

compared to $3.5 billion for the six months ended June 30, 2021. 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 recorded at the initiation of the coverage period. Accordingly, the significant increases in

gross written premiums from pro rata business during the latter half of 2021 contributed to the current quarter

percentage increase in net earned premiums.

Other Income (Expense). We recorded other income of $0.5 million and other expense of $1.9 million for the

three months ended June 30, 2022 and 2021, respectively. We recorded other expense of $8.9 million and other

income of $2.1 million for the six months ended June 30, 2022 and 2021, respectively. The change was primarily

the result of fluctuations in foreign currency exchange rates. 

Net Investment Income. Refer to Consolidated Investments Results Section below.

Net Gains (Losses) on Investments. Refer to Consolidated Investments Results Section below. 

34

Claims and Expenses.

Incurred Losses and Loss Adjustment Expenses. The following table presents our incurred losses and loss

adjustment expenses (“LAE”) for the periods indicated. 

Three Months Ended June 30,

Current

Ratio %/

Prior

Ratio %/

Total

Ratio %/

(Dollars in millions)

Year

Pt Change

Years

Pt Change

Incurred

Pt Change

2022

Attritional

$

1,236.6

63.3%

$

-

0.0%

$

1,236.6

63.3%

Catastrophes

65.0

3.3%

2.3

0.1%

67.3

3.4%

Total

$

1,301.7

66.6%

$

2.3

0.1%

$

1,303.9

66.7%

2021

Attritional

$

1,076.7

60.9%

$

(0.5)

0.0%

$

1,076.2

60.9%

Catastrophes

35.0

2.0%

(15.6)

-0.9%

19.4

1.1%

Total

$

1,111.7

62.9%

$

(16.1)

-0.9%

$

1,095.6

62.0%

Variance 2022/2021

Attritional

$

160.0

2.4

pts

$

0.5

-

pts

$

160.5

2.4

pts

Catastrophes

30.0

1.3

pts

17.8

1.0

pts

47.9

2.3

pts

Total

$

190.0

3.7

pts

$

18.3

1.0

pts

$

208.3

4.7

pts

Six Months Ended June 30,

Current

Ratio %/

Prior

Ratio %/

Total

Ratio %/

(Dollars in millions)

Year

Pt Change

Years

Pt Change

Incurred

Pt Change

2022

Attritional

$

2,375.1

62.8%

$

-

0.0%

$

2,375.1

62.7%

Catastrophes

145.5

3.8%

9.0

0.2%

154.5

4.0%

Total

$

2,520.6

66.6%

$

9.0

0.2%

$

2,529.6

66.9%

2021

Attritional

$

2,155.1

62.2%

$

(1.5)

0.0%

$

2,153.6

62.2%

Catastrophes

295.5

8.5%

0.6

0.0%

296.1

8.5%

Total

$

2,450.6

70.7%

$

(0.9)

0.0%

$

2,449.7

70.7%

Variance 2022/2021

Attritional

$

220.0

0.6

pts

$

1.5

-

pts

$

221.5

0.6

pts

Catastrophes

(150.0)

(4.7)

pts

8.4

0.2

pts

(141.6)

(4.5)

pts

Total

$

70.0

(4.1)

pts

$

9.9

0.2

pts

$

79.9

(3.8)

pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 19.0% to $1.3 billion for the three months ended June 30, 2022 compared to

$1.1 billion for the three months ended June 30, 2021, primarily due to an increase of $160.0 million in current

year attritional losses and an increase of $30.0 million in current year catastrophe losses. The increase in current

year attritional losses was mainly due to the impact of the increase in premiums earned and $24.6 million of

attritional losses incurred due to the Ukraine/Russia war. The current year catastrophe losses of $65.0 million for

the three months ended June 30, 2022 mainly related to 2022 South Africa flood ($37.5 million), the 2022 Canada

derecho ($16.0 million) and the 2022 2

nd

 quarter U.S. storms ($12.0 million). The current year catastrophe losses of

$35.0 million for the three months ended June 30, 2021 related to Tropical Storm Claudette, Texas winter storms,

and the Victoria Australia floods.

Incurred losses and LAE increased by 3.3% to $2.5 billion for the six months ended June 30, 2022 compared to $2.4

billion for the six months ended June 30, 2021, primarily due to an increase of $220.0 million in current year

attritional losses, partially offset by a decline of $150.0 million in current year catastrophe losses. The increase in

current year attritional losses was mainly due to the impact of the increase in premiums earned and $24.6 million

35

of attritional losses incurred due to the Ukraine/Russia war. The current year catastrophe losses of $145.5 million

for the six months ended June 30, 2022 related to 2022 Australia floods ($71.4 million), 2022 South Africa flood

($37.5 million), the 2022 Canada derecho ($16.0 million), 2022 2

nd

 quarter U.S. storms ($12.0 million), and the

2022 March U.S. storms ($8.6 million). The current year catastrophe losses of $295.5 million for the six months

ended June 30, 2021 primarily related to the Texas winter storms ($263.0 million), with the remaining losses

emanating from Tropical Storm Claudette, Victoria Australia floods and the 2021 Australia floods.

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased to $408.7 million for

the three months ended June 30, 2022 compared to $386.8 million for the three months ended June 30, 2021.

Commission, brokerage, taxes and fees increased to $793.3 million for the six months ended June 30, 2022

compared to $736.7 million for the six months ended June 30, 2021. The increase s were mainly due to the impact

of the increase in premiums earned and changes in the mix of business.

Other Underwriting Expenses. Other underwriting expenses increased to $120.3 million for the three months

ended June 30, 2022 compared to $109.9 million for the three months ended June 30, 2021. Other underwriting

expenses increased to $238.0 million for the six months ended June 30, 2022 compared to $219.7 million for the

six months ended June 30, 2021. The increases were mainly due to the impact of increase in premiums earned and

costs incurred to support the expansion of the insurance business. 

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to

segments, have decreased to $5.9 million from $7.6 million for the three months ended June 30, 2022 and 2021,

respectively and decreased slightly to $11.7 million from $12.2 million for the six months ended June 30, 2022 and

2021, respectively. The variances are mainly due to changes in variable incentive compensation expenses.

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense was

$24.4 million and $15.6 million for the three months ended June 30, 2022 and 2021, respectively. Interest, fees

and other bond amortization expense was $48.5 million and $31.1 million for the six months ended June 30, 2022

and 2021, respectively. The variances in expenses were primarily due to the issuance of $1.0 billion of senior notes

in October 2021. Interest expense was also impacted by the movements in the floating interest rate related to the

long term subordinated notes, which is reset quarterly per the note agreement. The floating rate was 3.80% as of

June 30, 2022. 

Income Tax Expense (Benefit). We had income tax benefit of $24.5 million and $34.7 million for the three and six

months ended June 30, 2022, respectively. We had an income tax expense of $115.3 million and $145.6 million for

the three and six months ended June 30, 2021, respectively. Income tax expense 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, foreign exchange gains (losses) and net gains (losses) on investments, among jurisdictions with

different tax rates. 

Net Income (Loss).

Our net loss was $85.7 million and net income was $465.8 million, for the three months ended June 30, 2022 and

2021 respectively. Our net loss was $84.6 million and net income was $585.3 million, for the six months ended

June 30, 2022 and 2021 respectively. The changes were primarily driven by the financial component fluctuations

explained above. 

36

Ratios.

Our combined ratio increased by 3.7 points to 93.8% for the three months ended June 30, 2022, compared to

90.1% for the three months ended June 30, 2021 and decreased by 4.2 points to 94.1% for the six months ended

June 30, 2022 compared to 98.3% for the six months ended June 30, 2021. The loss ratio component increased by

4.7 points for the three months ended June 30, 2022 over the same period last year mainly due to an increase of

$30.0 million in current year catastrophe losses and an increase of $24.6 million in current year attritional losses

due to the Ukraine/Russia war. The loss ratio component decreased by 3.8 points for the six months ended June

30, 2022 over the same period last year mainly due to a decline of $150.0 million in current year catastrophe

losses, partially offset by an increase of $24.6 million in current year attritional losses due to the Ukraine Russia

conflict. The commission and brokerage ratio components decreased to 20.9% for the three months ended June

30, 2022 compared to 21.9% for the three months ended June 30, 2021 and decreased slightly to 21.0% for the six

months ended June 30, 2022 compared to 21.3% for the six months ended June 30, 2021. These changes were

mainly due to changes in the mix of business. The other underwriting expense ratios remained the same at 6.2%

for the three months ended June 30, 2022 and 2021, respectively and remained the same at 6.3% for the six

months ended June 30, 2022 and 2021, respectively. 

Stockholder's Equity. 

Stockholder’s equity decreased by $891.6 million to $6.1 billion at June 30, 2022 from $7.0 billion at December 31,

2021, principally as a result of $797.0 million of net unrealized depreciation on investments, net of tax, $84.6

million of net loss and $11.8 million of net foreign currency translation adjustments , partially offset by $1.5 million

of net benefit plan obligation adjustments, net of tax. The movement in the unrealized depreciation on

investments was driven by the change in interest rates on the Company’s fixed maturity portfolio. 

Consolidated Investment Results 

Net Investment Income. 

Net investment income decreased to $176.5 million for the three months ended June 30, 2022 compared to

$248.1 million for the three months ended June 30, 2021. Net investment income decreased to $332.6 million for

the six months ended June 30, 2022 compared to $395.9 million for the six months ended June 30, 2021. The

decreases were primarily the result of reductions in income from limited partnerships and other alternative

investments, partially offset by an increase in income from fixed maturity securities. 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 future increases or decreases in the asset

value, and the results may be volatile.

37

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

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in millions)

2022

2021

2022

2021

Fixed maturities

$

115.5

$

91.9

$

209.9

$

177.0

Equity securities 

4.6

3.4

8.7

6.3

Short-term investments and cash

0.7

0.1

0.9

0.2

Other invested assets

Limited partnerships

45.3

126.4

88.8

178.6

Dividends from preferred shares of affiliate

7.7

7.7

15.5

15.5

Other 

14.0

25.9

25.8

31.9

Gross investment income before adjustments

187.8

255.4

349.6

409.5

Funds held interest income (expense)

0.5

2.7

3.3

6.2

Interest income from Parent

1.8

1.2

3.6

2.6

Gross investment income

191.1

259.3

356.5

418.3

Investment expenses

13.6

11.2

23.9

22.4

Net investment income

$

176.5

$

248.1

$

332.6

$

395.9

(Some amounts may not reconcile due to rounding.)

The following table shows a comparison of various investment yields for the periods indicated.

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

Annualized pre-tax yield on average cash and invested assets

3.6%

6.1%

3.5%

5.0%

Annualized after-tax yield on average cash and invested assets

2.9%

4.9%

2.8%

4.0%

38

Net Gains (Losses) on Investments.

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

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

2022

2021

Variance

2022

2021

Variance

Realized gains (losses) from dispositions:

Fixed maturity securities available for sale

Gains

$

3.1

$

8.9

$

(5.8)

$

6.3

$

15.2

$

(8.9)

Losses

(13.0)

(4.7)

(8.4)

(21.2)

(7.1)

(14.1)

Total

(10.0)

4.2

(14.1)

(15.0)

8.1

(23.1)

Equity securities, fair value

Gains

4.1

2.6

1.5

7.6

14.9

(7.3)

Losses

(34.1)

(2.0)

(32.1)

(45.9)

(8.1)

(37.8)

Total

(30.0)

0.6

(30.5)

(38.3)

6.8

(45.1)

Other invested assets

Gains

3.3

4.2

(0.9)

7.6

5.6

2.0

Losses

(2.8)

(1.5)

(1.4)

(3.1)

(1.6)

(1.6)

Total

0.5

2.8

(2.3)

4.5

4.1

0.4

Total net realized gains (losses) from dispositions

Gains

10.5

15.7

(5.2)

21.5

35.7

(14.2)

Losses

(50.0)

(8.2)

(41.8)

(70.4)

(16.8)

(53.6)

Total

(39.4)

7.5

(47.0)

(48.8)

19.0

(67.8)

Allowances for credit losses:

1.5

(15.1)

16.6

(0.1)

(22.2)

22.1

Gains (losses) from fair value adjustments:

Equity securities, fair value

(185.9)

103.8

(289.7)

(316.7)

141.4

(458.1)

Other invested assets, fair value

(154.7)

87.5

(242.2)

(239.3)

180.6

(419.9)

Total

(340.5)

191.4

(531.9)

(555.9)

322.0

(877.9)

Total net gains (losses) on investments

$

(378.5)

$

183.8

$

(562.3)

$

(604.9)

$

318.8

$

(923.7)

(Some amounts may not reconcile due to rounding.)

Net gains (losses) on investments during the three months ended June 30, 2022 primarily relate to net losses from

fair value adjustments on equity securities of $185.9 million as a result of equity market declines during the second

quarter of 2022, net losses of $154.7 million from fair value adjustments on other invested assets and $39.4 million

of net realized losses from disposition of investments.

Net gains (losses) on investments during the six months ended June 30, 2022 primarily relate to net losses from fair

value adjustments on equity securities of $316.7 million as a result of equity market declines during the first six

months of 2022, net losses of $239.3 million from fair value adjustments on other invested assets and $48.8 million

of net realized losses from disposition of investments.

Segment Results.

The Company manages its reinsurance and insurance operations as autonomous units and key strategic decisions

are based on the aggregate operating results and projections for these segments of business. 

The Reinsurance operation writes risks on a worldwide basis in 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 as well as through branches in Canada and Singapore. The

Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and

general agents within the United States. 

39

These 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 these operating 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. 

The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the

Company does not review and evaluate the financial results of its operating segments based upon balance sheet

data. 

Our loss and LAE reserves are management’s best estimate of our ultimate liability for unpaid claims. We re-

evaluate our estimates on an ongoing basis, including all prior period reserves, taking into consideration all

available information and, in particular, recently reported loss claim experience and trends related to prior

periods. Such re-evaluations are recorded in incurred losses in the period in which the re-evaluation is made. 

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. 

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

2022

2021

Variance

% Change

2022

2021

Variance

% Change

Gross written premiums

$

1,394.0

$

1,439.3

$

(45.3)

-3.1%

$

2,773.7

$

2,859.3

$

(85.7)

-3.0%

Net written premiums

1,245.1

1,291.2

(46.2)

-3.6%

2,430.4

2,500.0

(69.6)

-2.8%

Premiums earned

$

1,294.9

$

1,232.2

$

62.7

5.1%

$

2,504.2

$

2,409.3

$

94.9

3.9%

Incurred losses and LAE

875.4

739.4

136.0

18.4%

1,695.9

1,709.8

(13.9)

-0.8%

Commission and brokerage

331.9

325.0

6.9

2.1%

647.2

615.5

31.7

5.1%

Other underwriting expenses

32.5

33.0

(0.5)

-1.5%

63.4

69.3

(5.9)

-8.5%

Underwriting gain (loss)

$

55.1

$

134.7

$

(79.6)

-59.1%

$

97.7

$

14.7

$

82.9

NM

Point Chg

Point Chg

Loss ratio

67.6%

60.0%

7.6

67.7%

71.0%

(3.3)

Commission and brokerage ratio

25.6%

26.4%

(0.8)

25.8%

25.5%

0.3

Other underwriting ratio

2.5%

2.7%

(0.2)

2.5%

2.9%

(0.4)

Combined ratio

95.7%

89.1%

6.6

96.1%

99.4%

(3.3)

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

Premiums.

Gross written premiums decreased by 3.1% to $1.39 billion for the three months ended June 30, 2022

from $1.44 billion for the three months ended June 30, 2021 primarily due to a decline in property pro rata

business. Net written premiums decreased by 3.6% to $1.25 billion for the three months ended June 30, 2022

compared to $1.29 billion for the three months ended June 30, 2021, which is consistent with the change in gross

written premiums. Premiums earned increased 5.1% to $1.3 billion for the three months ended June 30, 2022

compared to $1.2 billion for the three months ended June 30, 2021. The change in premiums earned relative to

net written premiums is the result of timing; premiums are earned ratably over the coverage period whereas

written premiums are recorded at the initiation of the coverage period. Accordingly, the increases in gross written

premiums from pro rata business during the latter half of 2021 contributed to the current quarter percentage

increase in net earned premiums.

Gross written premiums decreased by 3.0% to $2.8 billion for the six months ended June 30, 2022 from $2.9 billion

for the six months ended June 30, 2021 primarily due to a decline in property pro rata business. Net written

40

premiums decreased by 2.8% to $2.4 billion for the six months ended June 30, 2022 compared to $2.5 billion for

the six months ended June 30, 2021, which is consistent with the change in gross written premiums. Premiums

earned increased 3.9% to $2.5 billion for the six months ended June 30, 2022 compared to $2.4 billion for the six

months ended June 30, 2021. The change in premiums earned relative to net written premiums is the result of

timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the

initiation of the coverage period. Accordingly, the increases in gross written premiums from pro rata business

during the latter half of 2021 contributed to the current quarter percentage increase in net earned premiums.

Incurred Losses and LAE.

The following tables present the incurred losses and LAE for the Reinsurance segment for

the periods indicated.

Three Months Ended June 30,

Current

Ratio %/

Prior

Ratio %/

Total

Ratio %/

(Dollars in millions)

Year

Pt Change

Years

Pt Change

Incurred

Pt Change

2022

Attritional

$

812.8

62.8%

$

-

0.0%

$

812.8

62.8%

Catastrophes

60.0

4.6%

2.6

0.2%

62.6

4.8%

Total segment

$

872.8

67.4%

$

2.6

0.2%

$

875.4

67.6%

2021

Attritional

$

730.7

59.3%

$

0.5

0.0%

$

731.2

59.3%

Catastrophes

25.0

2.0%

(16.7)

-1.4%

8.3

0.7%

Total segment

$

755.7

61.3%

$

(16.2)

-1.3%

$

739.4

60.0%

Variance 2022/2021

Attritional

$

82.1

3.5

pts

$

(0.5)

-

pts

$

81.6

3.5

pts

Catastrophes

35.0

2.6

pts

19.3

1.6

pts

54.3

4.1

pts

Total segment

$

117.1

6.1

pts

$

18.8

1.6

pts

$

136.0

7.6

pts

Six Months Ended June 30,

Current

Ratio %/

Prior

Ratio %/

Total

Ratio %/

(Dollars in millions)

Year

Pt Change

Years

Pt Change

Incurred

Pt Change

2022

Attritional

$

1,550.4

61.9%

$

0.4

0.0%

$

1,550.8

61.9%

Catastrophes

135.5

5.4%

9.6

0.4%

145.1

5.8%

Total segment

$

1,685.9

67.3%

$

10.0

0.4%

$

1,695.9

67.7%

2021

Attritional

$

1,472.5

61.1%

$

0.5

0.0%

$

1,472.9

61.1%

Catastrophes

238.0

9.9%

(1.2)

0.0%

236.8

9.8%

Total segment

$

1,710.5

71.0%

$

(0.7)

0.0%

$

1,709.8

71.0%

Variance 2022/2021

Attritional

$

77.9

0.8

pts

$

(0.1)

-

pts

$

77.8

0.8

pts

Catastrophes

(102.5)

(4.5)

pts

10.8

0.4

pts

(91.7)

(4.0)

pts

Total segment

$

(24.6)

(3.7)

pts

$

10.7

0.4

pts

$

(13.9)

(3.3)

pts

(Some amounts may not reconcile due to rounding.)

Incurred losses increased by 18.4% to $875.4 million for the three months ended June 30, 2022, compared to

$739.4 million for the three months ended June 30, 2021. The increase was primarily due to an increase of $82.1

million in current year attritional losses and an increase of $35.0 million in current year catastrophe losses. The

increase in current year attritional losses was mainly related to the impact of the increase in premiums earned and

$24.6 million of attritional losses incurred due to the Ukraine /Russia war. The current year catastrophe losses of

$60.0 million for the three months ended June 30, 2022 related primarily to 2022 South Africa flood ($37.5

million), the 2022 Canada derecho ($16.0 million) and the 2022 2

nd

 quarter U.S. storms ($7.0 million). The $25.0

41

million of current year catastrophe losses for the three months ended June 30, 2021 related to Tropical Storm

Claudette and the Victoria Australia floods.

Incurred losses decreased by 0.8% to $1.70 billion for the six months ended June 30, 2022, compared to $1.71

billion for the six months ended June 30, 2021. The decrease was primarily due to a decline of $102.5 million in

current year catastrophe losses, partially offset by an increase of $77.9 million in current year attritional losses.

The increase in current year attritional losses was mainly related to the impact of the increase in premiums earned

and $24.6 million of attritional losses incurred due to the Ukraine/Russia war. The current year catastrophe losses

of $135.5 million for the six months ended June 30, 2022 related primarily to 2022 Australia floods ($71.4 million),

2022 South Africa flood ($37.5 million), the 2022 Canada derecho ($16.0 million), 2022 2

nd

 quarter U.S. storms

($7.0 million), and the 2022 March U.S. storms ($3.6 million). The $238.0 million of current year catastrophe losses

for the six months ended June 30, 2021 primarily related to the Texas winter storms ($205.5 million), with the

remaining losses emanating from Tropical Storm Claudette, Victoria Australia floods and the 2021 Australia floods.

Segment Expenses. Commission and brokerage expense increased by 2.1% to $331.9 million for the three months

ended June 30, 2022 compared to $325.0 million for the three months ended June 30, 2021. Commission and

brokerage expense increased by 5.1% to $647.2 million for the six months ended June 30, 2022 compared to

$615.5 million for the six months ended June 30, 2021. The increases were mainly due to changes in the mix of

business. 

Segment other underwriting expenses decreased to $32.5 million for the three months ended June 30, 2022 from

$33.0 million for the three months ended June 30, 2021. Segment other underwriting expenses decreased to $63.4

million for the six months ended June 30, 2022 from $69.3 million for the six months ended June 30, 2021. The

decreases were mainly due to the impact of decreases in premiums earned and changes in the mix of business. 

Insurance.

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

indicated. 

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

2022

2021

Variance

% Change

2022

2021

Variance

% Change

Gross written premiums

$

1,042.9

$

877.8

$

165.1

18.8%

$

1,868.2

$

1,591.0

$

277.2

17.4%

Net written premiums

749.6

637.1

112.4

17.6%

1,360.4

1,193.6

166.8

14.0%

Premiums earned

$

659.3

$

534.4

$

124.9

23.4%

$

1,278.6

$

1,054.1

$

224.5

21.4%

Incurred losses and LAE

428.5

356.2

72.4

20.3%

833.8

739.9

93.8

12.7%

Commission and brokerage

76.7

61.9

14.9

24.1%

146.0

121.2

24.9

20.6%

Other underwriting expenses

87.8

76.9

10.9

14.2%

174.6

150.4

24.2

16.1%

Underwriting gain (loss)

$

66.2

$

39.4

$

26.8

68.0%

$

124.2

$

42.6

$

81.6

191.6%

Point Chg

Point Chg

Loss ratio

65.0%

66.7%

(1.7)

65.2%

70.2%

(5.0)

Commission and brokerage ratio

11.6%

11.6%

-

11.4%

11.5%

(0.1)

Other underwriting ratio

13.3%

14.4%

(0.9)

13.7%

14.3%

(0.6)

Combined ratio

90.0%

92.6%

(2.6)

90.3%

96.0%

(5.7)

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

42

Premiums.

Gross written premiums increased by 18.8% to $1.0 billion for the three months ended June 30, 2022

compared to $877.8 million for the three months ended June 30, 2021. The rise in gross written premiums was

primarily related to increases across most lines of business, notably specialty casualty business, professional

liability business and other specialty business. Net written premiums increased by 17.6% to $749.6 million for the

three months ended June 30, 2022 compared to $637.1 million for the three months ended June 30, 2021, which is

consistent with the change in gross written premiums. Premiums earned increased 23.4% to $659.3 million for the

three months ended June 30, 2022 compared to $534.4 million for the three months ended June 30, 2021. The

change in premiums earned is the result of timing; premiums are earned ratably over the coverage period whereas

written premiums are recorded at the initiation of the coverage period. Accordingly, the significant increases in

gross written premiums during the latter half of 2021 contributed to the current quarter percentage increase in

net earned premiums.

Gross written premiums increased by 17.4% to $1.9 billion for the six months ended June 30, 2022 compared to

$1.6 billion for the six months ended June 30, 2021. The rise in gross written premiums was primarily related to

increases across most lines of business, notably specialty casualty business, professional liability business and

other specialty business. Net written premiums increased by 14.0% to $1.4 billion for the six months ended June

30, 2022 compared to $1.2 billion for the six months ended June 30, 2021, which is consistent with the change in

gross written premiums. Premiums earned increased 21.4% to $1.3 billion for the six months ended June 30, 2022

compared to $1.1 billion for the six months ended June 30, 2021. The change in premiums earned is the result of

timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the

initiation of the coverage period. Accordingly, the significant increases in gross written premiums during the latter

half of 2021 contributed to the current quarter percentage increase in net earned premiums.

Incurred Losses and LAE.

The following tables present the incurred losses and LAE for the Insurance segment for

the periods indicated. 

Three Months Ended June 30,

Current

Ratio %/

Prior

Ratio %/

Total

Ratio %/

(Dollars in millions)

Year

Pt Change

Years

Pt Change

Incurred

Pt Change

2022

Attritional

$

423.9

64.3%

$

-

0.0%

$

423.9

64.3%

Catastrophes

5.0

0.8%

(0.3)

0.0%

4.7

0.7%

Total segment

$

428.9

65.0%

$

(0.3)

0.0%

$

428.5

65.0%

2021

Attritional

$

346.0

64.7%

$

(1.0)

-0.2%

$

345.0

64.6%

Catastrophes

10.0

1.9%

1.1

0.2%

11.1

2.1%

Total segment

$

356.0

66.6%

$

0.2

0.0%

$

356.2

66.7%

Variance 2022/2021

Attritional

$

77.9

(0.4)

pts

$

1.0

0.2

pts

$

78.8

(0.3)

pts

Catastrophes

(5.0)

(1.1)

pts

(1.5)

(0.2)

pts

(6.5)

(1.4)

pts

Total segment

$

72.9

(1.5)

pts

$

(0.5)

-

pts

$

72.4

(1.7)

pts

43

Six Months Ended June 30,

Current

Ratio %/

Prior

Ratio %/

Total

Ratio %/

(Dollars in millions)

Year

Pt Change

Years

Pt Change

Incurred

Pt Change

2022

Attritional

$

824.7

64.5%

$

(0.4)

0.0%

$

824.3

64.5%

Catastrophes

10.0

0.8%

(0.6)

0.0%

9.4

0.7%

Total segment

$

834.7

65.3%

$

(1.0)

0.0%

$

833.8

65.2%

2021

Attritional

$

682.6

64.8%

$

(2.0)

-0.2%

$

680.6

64.6%

Catastrophes

57.5

5.5%

1.8

0.2%

59.3

5.6%

Total segment

$

740.1

70.2%

$

(0.2)

0.0%

$

739.9

70.2%

Variance 2022/2021

Attritional

$

142.1

(0.3)

pts

$

1.6

0.2

pts

$

143.7

(0.1)

pts

Catastrophes

(47.5)

(4.7)

pts

(2.4)

(0.2)

pts

(49.9)

(4.9)

pts

Total segment

$

94.6

(5.0)

pts

$

(0.8)

-

pts

$

93.8

(5.0)

pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 20.3% to $428.5 million for the three months ended June 30, 2022 compared

to $356.2 million for the three months ended June 30, 2021, mainly due to an increase of $77.9 million in current

year attritional losses which is primarily related to the impact of the increase in premiums earned, partially offset

by a decrease of $5.0 million in current year catastrophe losses. The $5.0 million of current year catastrophe losses

for the three months ended June 30, 2022, related to the 2022 2

nd

 quarter U.S. storms ($5.0 million) . The $10.0

million of current year catastrophe losses for the three months ended June 30, 2021, related to Texas winter

storms.

Incurred losses and LAE increased by 12.7% to $833.8 million for the six months ended June 30, 2022 compared to

$739.9 million for the six months ended June 30, 2021, mainly due to an increase of $142.1 million in current year

attritional losses which is primarily related to the impact of the increase in premiums earned, partially offset by a

decrease of $47.5 million in current year catastrophe losses. The $10.0 million of current year catastrophe losses

for the six months ended June 30, 2022, related to the 2022 2

nd

 quarter U.S. storms ($5.0 million) and the 2022

March U.S. storms ($5.0 million). The $57.5 million of current year catastrophe losses for the six months ended

June 30, 2021, related to Texas winter storms.

Segment Expenses. Commission and brokerage increased by 24.1% to $76.7 million for the three months ended

June 30, 2022 compared to $61.9 million for the three months ended June 30, 2021. Commission and brokerage

increased by 20.6% to $146.0 million for the six months ended June 30, 2022 compared to $121.2 million for the

six months ended June 30, 2021. These increases were mainly due to the impact of the increase in premiums

earned. 

Segment other underwriting expenses increased to $87.8 million for the three months ended June 30, 2022

compared to $76.9 million for the three months ended June 30, 2021. Segment other underwriting expenses

increased to $174.6 million for the six months ended June 30, 2022 compared to $150.4 million for the six months

ended June 30, 2021. These increases were mainly due to the impact of the increases in premiums earned and

increased expenses related to the continued build out of the insurance business. 

Market Sensitive Instruments.

The SEC’s Financial Reporting Release #48 requires registrants 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. 

44

Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, taxable

and tax -preferenced fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of taxable

and tax-preferenced investments is adjusted periodically, consistent with our current and projected operating

results, market conditions and our tax position. The fixed maturity securities in the investment portfolio are

comprised of non-trading available for sale 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. 

Interest Rate Risk. Our $18.9 billion investment portfolio, at June 30, 2022, 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 is the potential change in value of the fixed maturity securities portfolio, including short-term

investments, from a change in market interest rates. In a declining interest rate environment, it includes

prepayment risk on the $1.9 billion of mortgage-backed securities in the $12.9 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 table below displays the potential impact of fair value fluctuations and after-tax unrealized appreciation on

our fixed maturity portfolio (including $230.9 million 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 estimate on mortgage-backed securities, changes in prepayment expectations under different

interest rate environments were taken into account. For legal entities with 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. 

Impact of Interest Rate Shift in Basis Points

At June 30, 2022

(Dollars in millions)

-200

-100

0

100

200

Total Fair Value

$

13,937.1

$

13,556.4

$

13,175.7

$

12,795.0

$

12,414.4

Fair Value Change from Base (%)

5.8%

2.9%

0.0%

-2.9%

-5.8%

Change in Unrealized Appreciation

After-tax from Base ($)

$

601.5

$

300.7

$

-

$

(300.7)

$

(601.5)

We had $13.7 billion and $13.1 billion of gross reserves for losses and LAE as of June 30, 2022 and December 31,

2021, 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

the opposite of the interest rate impacts on the fair value of investments. 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 that is reasonably consistent with our fixed income portfolio. 

45

Equity Risk. Equity risk is the potential change in fair value of the common stock, preferred stock and mutual fund

portfolios arising from changing prices. Our equity investments consist of a diversified portfolio of individual

securities. The primary objective of the equity portfolio is to obtain greater total return relative to our core bonds

over time through market appreciation and income. 

The table below displays the impact on fair value and after-tax change in fair value of a 10% and 20% change in

equity prices up and down for the periods indicated. 

Impact of Percentage Change in Equity Fair Value

At June 30, 2022

(Dollars in millions)

-20%

-10%

0%

10%

20%

Fair Value of the Equity Portfolio

$

999.4

$

1,124.4

$

1,249.3

$

1,374.2

$

1,499.2

After-tax Change in Fair Value

(197.4)

(98.7)

-

98.7

197.4

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. (“foreign”) operations maintains capital

in the currency of the country of its geographic location consistent with local regulatory guidelines. Each foreign

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 foreign operations are the Singapore and Canadian

Dollars. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to

our corresponding operating liabilities. In accordance with FASB 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. 

SAFE HARBOR DISCLOSURE

This report contains forward -looking statements within the meaning of the U.S. federal securities laws. We intend

these forward -looking statement s 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 contained in this report include information regarding our

reserves for losses and LAE, the CARES Act, the impact of the TCJA, the adequacy of our provision for uncollectible

balances, estimates of our catastrophe exposure, the effects of catastrophic and pandemic events on our financial

statements and the ability of our subsidiaries to pay dividends. 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 our expectations. Important factors that could

cause our actual events or results to be materially different from our expectations include those discussed under

the caption ITEM 1A, “Risk Factors” in the Company’s most recent 10-K filing. We undertake no obligation to

update or revise publicly any forward-looking statements, whether as a result of new information, future events or

otherwise. 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Instruments. 

See “Market Sensitive Instruments” in PART I – ITEM 2. 

46

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, our management carried out an evaluation, with the

participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure

controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange

Act”)). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our

disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the

reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within

the time periods specified in the Securities and Exchange Commission’s rules and forms. Our management, with

the participation of the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our

internal control over financial reporting to determine whether any changes occurred during the quarter covered by

this report that have materially affected, or are reasonably likely to materially affect, our internal control over

financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this

report. 

PART II 

ITEM 1. 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 loss adjustment expenses. 

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 1A. RISK FACTORS

No material changes.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

47

ITEM 5. OTHER INFORMATION

None. 

ITEM 6. EXHIBITS

Exhibit Index:

Exhibit No.

Description

31.1

Section 302 Certification of Juan

 C. Andrade

31.2

Section 302 Certification of Mark

 Kociancic

32.1

Section 906 Certification of Juan C. Andrade and Mark

 Kociancic

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 Labels Linkbase

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

48

Everest Reinsurance Holdings, Inc.

Signatures

Pursuant to the requirements 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.

Everest Reinsurance Holdings, Inc.

(Registrant)

/S/ MARK KOCIANCIC

Mark Kociancic

Executive Vice President and

Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)

Dated: August 11, 2022

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Juan C. Andrade, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;

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.

August 11, 2022

/S/ JUAN C. ANDRADE

Juan C. Andrade

Chairman, President and

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Mark Kociancic, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;

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 repor ting; 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.

August 11, 2022

/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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 of Everest Reinsurance

Holdings, Inc., a corporation organized under the laws of Delaware (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.

August 11, 2022

/S/ JUAN C. ANDRADE

Juan C. Andrade

Chairman, President and

Chief Executive Officer

/S/ MARK KOCIANCIC

Mark Kociancic

Executive Vice President and

Chief Financial Officer

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Transition Report	false
Entity File Number	1-14527
Entity Registrant Name	EVEREST REINSURANCE HOLDINGS, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	22-3263609
Entity Address Address Line 1	100 Everest Way
Entity Address City Or Town	Warren
Entity Address, State or Province	NJ
Entity Address Postal Zip Code	07059
City Area Code	908
Local Phone Number	604-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Amendment Flag	false
Entity Central Index Key	0000914748
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS:
Fixed maturities- available for sale, at fair value (amortized cost: 2022, $13,754,572; 2021, $12,733,499, allowances for credit losses: 2022, ($27,274): 2021, ($27,491))	$ 12,873,421	$ 12,860,395
Fixed maturities - held to maturity, at amortized cost, net of credit allowances (fair value: 2022, $71,245, credit allowances: 2022, $(366))	71,390
Equity securities, at fair value	1,249,310	1,757,792
Short-term investments (cost: 2022, $230,929; 2021, $695,935)	230,929	695,886
Other invested assets	1,791,521	1,674,639
Other invested assets, at fair value	1,791,539	2,030,816
Cash	843,746	699,266
Total investments and cash	18,851,856	19,718,794
Notes Receivable - affiliated	715,000	500,000
Accrued investment income	119,010	89,966
Premiums receivable	1,707,740	1,719,961
Reinsurance recoverables - unaffiliated	1,660,791	1,569,328
Reinsurance recoverables - affiliated	2,096,416	2,298,769
Funds held by reinsureds	299,030	299,204
Deferred acquisition costs	438,412	471,931
Prepaid reinsurance premiums	474,936	431,055
Income tax asset, net	106,686
Other assets	638,134	595,970
TOTAL ASSETS	27,108,011	27,694,978
LIABILITIES:
Reserve for losses and loss adjustment expenses	13,738,357	13,121,177
Unearned premium reserve	3,042,059	2,992,878
Funds held under reinsurance treaties	42,230	48,410
Other net payable to reinsurers	425,910	391,577
Losses in course of payment	97,508	272,592
Income tax liability, net		246,348
Senior notes	2,346,495	2,345,800
Long term notes	223,824	223,774
Borrowings from FHLB	519,000	519,000
Accrued interest on debt and borrowings	16,664	17,348
Unsettled securities payable	56,336	15,196
Other liabilities	453,217	462,831
Total liabilities	20,961,600	20,656,931
Commitments and Contingencies (Note 6)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2022 and 2021)
Additional paid-in capital	1,101,750	1,101,527
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) ($189,705) at 2022 and $24,279 at 2021	(715,759)	91,469
Retained earnings	5,760,420	5,845,051
Total stockholder's equity	6,146,411	7,038,047
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 27,108,011	$ 27,694,978

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fixed maturities - available for sale, at fair value, amortized cost	$ 13,754,572	$ 12,733,499
Fixed maturities - available for sale, at fair value, allowance for credit loss	27,274	27,491
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	71,245
Fixed maturities - held to maturity, at amortized cost, credit allowances	366
Short-term investments, cost	$ 230,929	$ 695,935
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
Accumulated other comprehensive income (loss), deferred income tax expense (benefit)	$ (189,705)	$ 24,279

XML

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Premiums earned	$ 1,954,229	$ 1,766,555	$ 3,782,821	$ 3,463,455
Net investment income	176,499	248,135	332,633	395,858
Net gains (losses) on investments:
Credit allowances on fixed maturity securities	1,500	(15,075)	(149)	(22,217)
Gains (losses) from fair value adjustments	(340,523)	191,376	(555,944)	322,005
Net realized gains (losses) from dispositions	(39,250)	7,462	(48,767)	18,986
Total net gains (losses) on investments	(378,273)	183,763	(604,860)	318,774
Other income (expense)	493	(1,867)	(8,904)	2,112
Total revenues	1,752,948	2,196,586	3,501,690	4,180,199
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	1,303,937	1,095,618	2,529,627	2,449,702
Commission, brokerage, taxes and fees	408,663	386,848	793,293	736,702
Other underwriting expenses	120,263	109,930	238,018	219,725
Corporate expenses	5,886	7,618	11,652	12,199
Interest, fee and bond issue cost amortization expense	24,398	15,537	48,476	31,071
Total claims and expenses	1,863,147	1,615,551	3,621,066	3,449,399
INCOME (LOSS) BEFORE TAXES	(110,199)	581,035	(119,376)	730,800
Income tax expense (benefit)	(24,516)	115,228	(34,745)	145,550
NET INCOME (LOSS)	(85,683)	465,807	(84,631)	585,250
Other comprehensive income (loss), net of tax :
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	(411,103)	43,410	(805,382)	(66,448)
Less: reclassification adjustment for realized losses (gains) included in net income (loss)	6,171	6,442	8,426	7,932
Total URA(D) on securities arising during the period	(404,932)	49,852	(796,956)	(58,516)
Foreign currency translation adjustments	(9,849)	13,985	(11,788)	16,247
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	758	2,043	1,515	4,086
Total benefit plan net gain (loss) for the period	758	2,043	1,515	4,086
Total other comprehensive income (loss), net of tax	(414,023)	65,880	(807,228)	(38,183)
COMPREHENSIVE INCOME (LOSS)	$ (499,706)	$ 531,687	$ (891,859)	$ 547,067

XML

Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member]	Retained Earnings [Member]
Beginning balance at Dec. 31, 2020			$ 1,101,092	$ 268,018	$ 5,045,203
Beginning balance, shares at Dec. 31, 2020		1,000
Share-based compensation plans			224
Net increase (decrease) during the period	$ (38,183)			(38,183)
Net income (loss)	585,250				585,250
Ending balance at Jun. 30, 2021	6,961,604		1,101,316	229,835	5,630,453
Ending balance, shares at Jun. 30, 2021		1,000
Beginning balance at Mar. 31, 2021			1,101,200	163,955	5,164,646
Beginning balance, shares at Mar. 31, 2021		1,000
Share-based compensation plans			116
Net increase (decrease) during the period	65,880			65,880
Net income (loss)	465,807				465,807
Ending balance at Jun. 30, 2021	6,961,604		1,101,316	229,835	5,630,453
Ending balance, shares at Jun. 30, 2021		1,000
Beginning balance at Dec. 31, 2021	$ 7,038,047		1,101,527	91,469	5,845,051
Beginning balance, shares at Dec. 31, 2021	1,000	1,000
Share-based compensation plans			223
Net increase (decrease) during the period	$ (807,228)			(807,228)
Net income (loss)	(84,631)				(84,631)
Ending balance at Jun. 30, 2022	$ 6,146,411		1,101,750	(715,759)	5,760,420
Ending balance, shares at Jun. 30, 2022	1,000	1,000
Beginning balance at Mar. 31, 2022			1,101,640	(301,735)	5,846,103
Beginning balance, shares at Mar. 31, 2022		1,000
Share-based compensation plans			110
Net increase (decrease) during the period	$ (414,023)			(414,023)
Net income (loss)	(85,683)				(85,683)
Ending balance at Jun. 30, 2022	$ 6,146,411		$ 1,101,750	$ (715,759)	$ 5,760,420
Ending balance, shares at Jun. 30, 2022	1,000	1,000

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (84,631)	$ 585,250
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	9,684	(233,770)
Decrease (increase) in funds held by reinsureds, net	(6,320)	(21,256)
Decrease (increase) in reinsurance recoverables	105,327	226,291
Decrease (increase) in income taxes	(139,313)	116,483
Decrease (increase) in prepaid reinsurance premiums	(44,429)	(40,542)
Increase (decrease) in reserve for losses and loss adjustment expenses	636,696	807,984
Increase (decrease) in unearned premiums	51,183	272,722
Increase (decrease) in other net payable to reinsurers	35,068	66,461
Increase (decrease) in losses in course of payment	(174,622)	39,117
Change in equity adjustments in limited partnerships	(109,613)	(201,379)
Distribution of limited partnership income	48,802	27,905
Change in other assets and liabilities, net	(19,372)	(88,949)
Non-cash compensation expense	19,766	18,406
Amortization of bond premium (accrual of bond discount)	14,784	15,535
Net (gains) losses on investments	604,860	(318,774)
Net cash provided by (used in) operating activities	947,870	1,271,484
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	875,642	1,153,258
Proceeds from fixed maturities sold - available for sale	511,218	242,072
Proceeds from fixed maturities matured/called/repaid - held to maturity	333
Proceeds from equity securities sold - at fair value	425,380	346,088
Proceeds from distributions and sales of other invested assets	98,653	70,811
Cost of fixed maturities acquired - available for sale	(2,464,587)	(2,401,534)
Cost of fixed maturities acquired - held to maturity	(72,061)
Cost of equity securities acquired- at fair value	(271,842)	(358,790)
Cost of other invested assets acquired	(153,486)	(210,373)
Net change in short-term investments	465,116	205,323
Net change in unsettled securities transactions	28,647	(129,026)
Proceeds from repayment (cost of issuance) of note receivable - affiliated	(215,000)
Net cash provided by (used in) investing activities	(771,987)	(1,082,171)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation, net of expense	(19,543)	(18,182)
Net cash provided by (used in) financing activities	(19,543)	(18,182)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(11,860)	(3,903)
Net increase (decrease) in cash	144,480	167,228
Cash, beginning of period	699,266	378,518
Cash, end of period	843,746	545,746
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	104,325	28,859
Interest paid	$ 48,414	$ 31,520

XML

General

6 Months Ended

Jun. 30, 2022

General [Abstract]

General

1. GENERAL

Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting

Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Re Group, Ltd. (“Group”),

through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States

of America and internationally. As used in this document, “Company” means Holdings and its subsidiaries.

“Bermuda Re” means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; “Everest Re” means Everest

Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires).

XML

Basis Of Presentation

6 Months Ended

Jun. 30, 2022

Basis Of Presentation [Abstract]

Basis Of Presentation

2. BASIS OF PRESENTATION

The unaudited consolidated financial statements of the Company as of June 30, 2022 and December 31, 2021 and

for the three and six months ended June 30, 2022 and 2021 include all adjustments, consisting of normal recurring

accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim

basis. Certain financial information, which is normally included in annual financial statements prepared in

accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been

omitted since it is not required for interim reporting purposes. The December 31, 2021 consolidated balance sheet

data was derived from audited financial statements but does not include all disclosures required by GAAP. The

results for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results for

a full year. These financial statements should be read in conjunction with the audited consolidated financial

statements and notes thereto for the years ended December 31, 2021, 2020 and 2019, included in the Company’s

most recent Form 10-K filing.

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. 

All intercompany accounts and transactions have been eliminated. 

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2022

presentation. 

Application of Recently Issued Accounting Standard Changes. 

The Company did not adopt any new accounting standards that had a material impact during the three and six

months ended June 30, 2022. The Company assessed the adoption impacts of recently issued accounting standards

by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as

material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year

ended December 31, 2021. There were no new material accounting standards issued in the six months ended June

30, 2022, that impacted Holdings.

Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the

Company to be either not applicable or immaterial to its financial statements.

XML

Investments

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Investments

3. INVESTMENTS

The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation, gross

unrealized depreciation and fair value of available for sale, fixed maturity securities available for sale as of the

dates indicated:

At June 30, 2022

Amortized

Allowances for 

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

Credit Losses

Appreciation

Depreciation

Value

Fixed maturity securities – available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations 

$

615,312

$

-

$

618

$

(26,187)

$

589,743

Obligations of U.S. states and political

 subdivisions

528,830

(151)

3,951

(24,349)

508,281

Corporate securities

4,355,517

(25,584)

15,127

(337,377)

4,007,683

Asset-backed securities

3,928,582

-

679

(177,890)

3,751,371

Mortgage-backed securities

Commercial

566,417

-

-

(41,999)

524,418

Agency residential

1,522,073

-

185

(112,358)

1,409,900

Non-agency residential

3,536

-

-

(143)

3,393

Foreign government securities

697,135

-

6,339

(38,860)

664,614

Foreign corporate securities

1,537,170

(1,539)

4,439

(126,052)

1,414,018

Total fixed maturity securities – available for sale

$

13,754,572

$

(27,274)

$

31,338

$

(885,215)

$

12,873,421

At December 31, 2021

Amortized

Allowances for

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

Credit Losses

Appreciation

Depreciation

Value

Fixed maturity securities – available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations 

$

656,742

$

-

$

9,303

$

(3,296)

$

662,749

Obligations of U.S. states and political

 subdivisions

558,842

(151)

29,080

(1,150)

586,621

Corporate securities

4,036,000

(19,267)

89,172

(31,000)

4,074,905

Asset-backed securities

3,464,248

(7,680)

20,732

(11,014)

3,466,286

Mortgage-backed securities

Commercial

586,441

-

20,538

(4,085)

602,894

Agency residential

1,255,186

-

15,568

(10,076)

1,260,678

Non-agency residential

4,398

-

16

(6)

4,408

Foreign government securities

677,327

-

21,658

(7,005)

691,980

Foreign corporate securities

1,494,315

(393)

34,449

(18,497)

1,509,874

Total fixed maturity securities – available for sale

$

12,733,499

$

(27,491)

$

240,516

$

(86,129)

$

12,860,395

The amortized cost and fair value of fixed maturity securities available for sale are shown in the following tables 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.

At June 30, 2022

At December 31, 2021

Amortized

Fair

Amortized

Fair

(Dollars in thousands)

Cost

Value

Cost

Value

Fixed maturity securities – available for sale

Due in one year or less

$

550,584

$

545,751

$

586,432

$

583,676

Due after one year through five years

3,688,680

3,513,385

3,488,358

3,526,854

Due after five years through ten years

2,134,269

1,933,772

2,260,481

2,309,870

Due after ten years

1,360,431

1,191,431

1,087,955

1,105,729

Asset-backed securities

3,928,582

3,751,371

3,464,248

3,466,286

Mortgage-backed securities

Commercial

566,417

524,418

586,441

602,894

Agency residential

1,522,073

1,409,900

1,255,186

1,260,678

Non-agency residential

3,536

3,393

4,398

4,408

Total fixed maturity securities

$

13,754,572

$

12,873,421

$

12,733,499

$

12,860,395

During the second quarter of 2022, the Company purchased fixed maturity securities classified as held to maturity

with an amortized cost of $

71.8

 million and a fair value of $

71.2

 million as of June 30, 2022. Fixed maturity

securities 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.

These fixed maturity securities held to maturity are comprised of asset-backed securities, with an amortized cost

of $

62.8

 million, gross unrealized appreciation of $

0.1

 million, gross unrealized depreciation of $

0.2

 million, and

fair value of $

62.4

 million, and corporate securities, with an amortized cost of $

9.0

 million, unrealized appreciation

of $

0.0

 million, unrealized depreciation of $

0.1

 million, and fair value of $

8.8

 million, as of June 30, 2022. The

contractual maturity of the corporate securities held to maturity is

5 years

 as of June 30, 2022. The stated maturity

of asset-backed securities held to maturity may not be indicative of actual maturities.

The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as

of June 30, 2022 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. These fixed maturities classified as held to maturity are of a high credit quality

and are all rated investment grade as of June 30, 2022. The allowance for credit losses expected to be recognized

over the remaining life of the fixed maturity securities classified as held to maturity is $

0.4

 million as of June 30,

2022.

The changes in net unrealized appreciation (depreciation) for the Company’s available for sale and short term

investments are derived from the following sources for the periods as indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

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

$

(512,342)

$

63,124

$

(1,008,216)

$

(74,026)

Change in unrealized appreciation (depreciation), pre-tax

(512,342)

63,124

(1,008,216)

(74,026)

Deferred tax benefit (expense) 

107,410

(13,272)

211,260

15,510

Change in unrealized appreciation (depreciation), net of deferred taxes, included

in stockholder's equity 

$

(404,932)

$

49,852

$

(796,956)

$

(58,516)

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 individual securities had been in a continuous unrealized loss position for the periods indicated:

Duration of Unrealized Loss at June 30, 2022 By Security Type

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities -

 available for sale

U.S. Treasury securities and

 obligations of U.S. government

 agencies and corporations

$

520,687

$

(23,947)

$

26,566

$

(2,240)

$

547,253

$

(26,187)

Obligations of U.S. states and

 political subdivisions

207,489

(21,199)

15,223

(3,102)

222,712

(24,301)

Corporate securities

2,907,008

(282,978)

411,811

(53,735)

3,318,819

(336,713)

Asset-backed securities

3,518,224

(177,153)

9,307

(737)

3,527,531

(177,890)

Mortgage-backed securities

Commercial

515,599

(40,620)

8,818

(1,379)

524,417

(41,999)

Agency residential

1,130,396

(77,988)

266,332

(34,370)

1,396,728

(112,358)

Non-agency residential

3,393

(143)

-

-

3,393

(143)

Foreign government securities

475,696

(29,114)

66,955

(9,746)

542,651

(38,860)

Foreign corporate securities

1,102,644

(109,378)

132,205

(16,531)

1,234,849

(125,909)

Total 

10,381,136

(762,520)

937,217

(121,840)

11,318,353

(884,360)

Securities where an allowance for

credit losses was recorded

7,054

(855)

-

-

7,054

(855)

Total fixed maturity securities

$

10,388,190

$

(763,375)

$

937,217

$

(121,840)

$

11,325,407

$

(885,215)

Duration of Unrealized Loss at June 30, 2022 By Maturity

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities - available for sale

Due in one year or less

$

342,251

$

(2,566)

$

39,994

$

(3,187)

$

382,245

$

(5,753)

Due in one year through five years

2,518,832

(149,344)

315,227

(23,856)

2,834,059

(173,200)

Due in five years through ten years

1,401,318

(158,998)

248,982

(46,474)

1,650,300

(205,472)

Due after ten years

951,123

(155,708)

48,557

(11,837)

999,680

(167,545)

Asset-backed securities

3,518,224

(177,153)

9,307

(737)

3,527,531

(177,890)

Mortgage-backed securities

1,649,388

(118,751)

275,150

(35,749)

1,924,538

(154,500)

Total 

10,381,136

(762,520)

937,217

(121,840)

11,318,353

(884,360)

Securities where an allowance for credit

losses was recorded

7,054

(855)

-

-

7,054

(855)

Total fixed maturity securities

$

10,388,190

$

(763,375)

$

937,217

$

(121,840)

$

11,325,407

$

(885,215)

The aggregate fair value and gross unrealized losses related to fixed maturity securities available for sale in an

unrealized loss position at June 30, 2022 were $

11.3

 billion and $

885.2

 million, respectively. The fair value of

securities for the single issuer (the United States government) whose securities comprised the largest unrealized

loss position at June 30, 2022, did not exceed

4.3

% 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 June 30, 2022, comprised less than

2.2

% 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 $

763.4

 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 and agency residential mortgage backed securities. Of these

unrealized losses, $

662.6

 million were related to securities that were rated investment grade by at least one

nationally recognized rating agency. The $

121.8

 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 as well as agency residential mortgage-backed securities. Of these unrealized losses $

114.2

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 June 30, 2022, 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 Company, given the size of its investment portfolio and capital position, does not have the intent to sell these

securities; and it is more likely than not that the Company will not have to sell the security before recovery of its

cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal

and interest payments.

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 individual securities had been in a continuous unrealized loss position for the periods indicated. The amounts

presented in the tables below include $

15.7

 million of fair value and $(

0.4

) million of gross unrealized depreciation

as of December 31, 2021 related to fixed maturity securities available for sale for which the Company has recorded

an allowance for credit losses.

Duration of Unrealized Loss at December 31, 2021 By Security Type

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities -

 available for sale

U.S. Treasury securities and

 obligations of U.S. government

 agencies and corporations

$

266,953

$

(3,296)

$

-

$

-

$

266,953

$

(3,296)

Obligations of U.S. states and

 political subdivisions

51,094

(1,038)

2,558

(112)

53,652

(1,150)

Corporate securities

1,465,259

(24,853)

200,637

(6,147)

1,665,896

(31,000)

Asset-backed securities

1,890,876

(10,713)

37,910

(301)

1,928,786

(11,014)

Mortgage-backed securities

Commercial

138,934

(2,467)

34,967

(1,618)

173,901

(4,085)

Agency residential

698,896

(6,879)

167,923

(3,197)

866,819

(10,076)

Non-agency residential

1,401

(4)

156

(2)

1,557

(6)

Foreign government securities

200,294

(4,778)

14,612

(2,227)

214,906

(7,005)

Foreign corporate securities

676,609

(16,871)

33,057

(1,626)

709,666

(18,497)

Total fixed maturity securities

$

5,390,316

$

(70,899)

$

491,820

$

(15,230)

$

5,882,136

$

(86,129)

Duration of Unrealized Loss at December 31, 2021 By Maturity

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities - available for

sale

Due in one year or less

$

81,412

$

(1,878)

$

35,515

$

(3,829)

$

116,927

$

(5,707)

Due in one year through five years

1,209,378

(18,614)

154,449

(3,418)

1,363,827

(22,032)

Due in five years through ten years

852,857

(20,678)

34,164

(1,977)

887,021

(22,655)

Due after ten years

516,562

(9,666)

26,736

(888)

543,298

(10,554)

Asset-backed securities

1,890,876

(10,713)

37,910

(301)

1,928,786

(11,014)

Mortgage-backed securities

839,231

(9,350)

203,046

(4,817)

1,042,277

(14,167)

Total fixed maturity securities

$

5,390,316

$

(70,899)

$

491,820

$

(15,230)

$

5,882,136

$

(86,129)

The aggregate fair value and gross unrealized losses related to investments in an unrealized loss position at

December 31, 2021 were $

5.9

 billion and $

86.1

 million, respectively. The fair value of securities for the issuer (the

United States government) whose securities comprised the largest unrealized loss position at December 31, 2021,

did not exceed

2.1

% 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

0.4

% 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 $

70.9

 million of unrealized losses

related to fixed maturity securities that have been in an unrealized loss position for less than one year were

generally comprised of domestic and foreign corporate securities, foreign government securities, asset backed

securities and agency residential mortgage backed securities. Of these unrealized losses, $

61.5

 million were

related to securities that were rated investment grade by at least one nationally recognized rating agency. The

$

15.2

 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 as well as agency residential

mortgage backed securities. Of these unrealized losses $

12.3

 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. 

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

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Fixed maturities

$

115,510

$

91,895

$

209,941

$

177,016

Equity securities

4,600

3,385

8,746

6,308

Short-term investments and cash

635

83

850

236

Other invested assets

Limited partnerships

45,244

126,407

88,766

178,558

Dividends from preferred shares of affiliate

7,758

7,758

15,516

15,516

Other 

13,991

25,856

25,822

31,875

Gross investment income before adjustments

187,738

255,384

349,641

409,509

Funds held interest income (expense)

525

2,732

3,348

6,221

Interest income from Parent

1,800

1,281

3,568

2,549

Gross investment income 

190,063

259,397

356,557

418,279

Investment expenses

(13,564)

(11,262)

(23,924)

(22,421)

Net investment income

$

176,499

$

248,135

$

332,633

$

395,858

(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 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 $

983.5

 million in limited partnerships

and private placement loan securities at June 30, 2022. These commitments will be funded when called in

accordance with the partnership and loan agreements, which have investment periods that expire, unless

extended, through

2026

.

The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the

facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in

high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the

facility. As of June 30, 2022, the fair value of investments in the facility consolidated within the Company’s balance

sheets was $

262.3

 million. 

Other invested assets, at fair value, as of June 30, 2022 and December 31, 2021, were comprised of preferred

shares held in Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), a wholly-owned subsidiary of

Group.

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 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 June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31,

2021 is limited to the total carrying value of $

1.8

 billion and $

1.7

 billion, respectively, which are included in general

and limited partnerships and other alternative investments in Other Invested Assets in the Company's

Consolidated Balance Sheets. As of June 30, 2022, the Company has outstanding commitments totaling $

0.8

 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 reported in fixed maturities available-for-sale and fixed maturities held to maturity. 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 and 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:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Fixed maturity securities:

Allowances for credit losses

$

1,500

$

(15,075)

$

(149)

$

(22,217)

Net realized gains (losses) from dispositions

(9,875)

4,128

(14,964)

8,055

Equity securities, fair value:

Net realized gains (losses) from dispositions

(30,009)

585

(38,277)

6,823

Gains (losses) from fair value adjustments

(185,865)

103,824

(316,667)

141,375

Other invested assets

583

2,748

4,502

4,094

Other invested assets, fair value:

Gains (losses) from fair value adjustments

(154,658)

87,552

(239,277)

180,630

Short-term investment gains (losses)

51

1

(28)

14

Total net gains (losses) on investments

$

(378,273)

$

183,763

$

(604,860)

$

318,774

Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

Asset

Obligations of U.S.

states and

political

subdivisions

Foreign

Asset

Obligations of

U.S. states and

political

subdivisions

Foreign

Corporate

Backed

Corporate

Corporate

Backed

Corporate

Securities

Securities

Securities

Total

Securities

Securities

Securities

Total

Beginning Balance

$

(20,049)

$

(7,680)

$

(151)

$

(1,260)

$

(29,140)

$

(19,267)

$

(7,680)

$

(151)

$

(393)

$

(27,491)

Credit losses on securities where credit

losses were not previously recorded

(4,888)

-

-

(172)

(5,060)

(6,817)

-

-

(1,141)

(7,958)

Increases in allowance on previously

impaired securities

(653)

-

-

(107)

(760)

(653)

-

-

(107)

(760)

Decreases in allowance on previously 

impaired securities

-

-

-

-

-

-

-

-

-

-

Reduction in allowance due to disposals

6

7,680

-

-

7,686

1,153

7,680

-

102

8,935

Balance as of June 30, 2022

$

(25,584)

$

-

$

(151)

$

(1,539)

$

(27,274)

$

(25,584)

$

-

$

(151)

$

(1,539)

$

(27,274)

Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Asset

Foreign

Asset

Foreign

Corporate

Backed

Corporate

Corporate

Backed

Corporate

Securities

Securities

Securities

Total

Securities

Securities

Securities

Total

Beginning Balance

$

(3,588)

$

(4,915)

$

(205)

$

(8,708)

$

(1,205)

$

-

$

(361)

$

(1,566)

Credit losses on securities where credit

losses were not previously recorded

(13,538)

-

(188)

(13,726)

(15,921)

(4,915)

(188)

(21,024)

Increases in allowance on previously

impaired securities

(1,468)

-

-

(1,468)

(1,468)

-

-

(1,468)

Decreases in allowance on previously 

impaired securities

-

-

-

-

-

-

-

-

Reduction in allowance due to disposals

119

-

-

119

119

-

156

275

Balance as of June 30, 2021

$

(18,475)

$

(4,915)

$

(393)

$

(23,783)

$

(18,475)

$

(4,915)

$

(393)

$

(23,783)

The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities, are

presented in the table below for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Proceeds from sales of fixed maturity securities, available for sale

$

244,553

$

165,443

$

511,218

$

242,072

Gross gains from dispositions

3,119

8,850

6,274

15,199

Gross losses from dispositions

(12,994)

(4,722)

(21,238)

(7,144)

Proceeds from sales of equity securities

$

343,405

$

64,775

$

425,380

$

346,088

Gross gains from dispositions

4,126

2,633

7,634

14,937

Gross losses from dispositions

(34,135)

(2,048)

(45,911)

(8,114)

XML

Reserves For Losses, LAE And Future Policy Benefit Reserve

6 Months Ended

Jun. 30, 2022

Reserves For Losses, LAE And Future Policy Benefit Reserve [Abstract]

Reserves For Losses, LAE And Future Policy Benefit Reserve

4. RESERVES FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE 

Activity in the reserve for losses and LAE is summarized for the periods indicated:

Six Months Ended June 30,

(Dollars in thousands)

2022

2021

Gross reserves beginning of period

$

13,121,177

$

11,578,096

Less reinsurance recoverables on unpaid losses

(3,650,716)

(3,951,474)

Net reserves beginning of period

9,470,461

7,626,622

Incurred related to:

Current year

2,520,596

2,450,567

Prior years

9,031

(865)

Total incurred losses and LAE

2,529,627

2,449,702

Paid related to:

Current year 

775,023

550,907

Prior years

1,063,144

903,025

Total paid losses and LAE

1,838,167

1,453,932

Foreign exchange/translation adjustment 

(16,668)

9,986

Net reserves end of period

10,145,252

8,632,376

Plus reinsurance recoverables on unpaid losses

3,593,105

3,772,228

Gross reserves end of period

$

13,738,357

$

12,404,604

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $

2.5

 billion and $

2.5

 billion for the six months ended June 30, 2022 and 2021,

respectively. Gross and net reserves increased for the six months ended June 30, 2022, reflecting an increase in

underlying exposure due to premium growth and the impact of $

24.6

 million of incurred losses related to the

Ukraine/Russia war, partially offset by a reduction of $

150.0

 million in current year catastrophe losses. Prior year

incurred development of $

9.0

 million is primarily driven by unfavorable movement on prior year catastrophes.

The war in the Ukraine is ongoing and an evolving event. Economic and legal sanctions have been levied against

Russia, specific named individuals and entities connected to the Russian government, as well as businesses located

in the Russian Federation and/or owned by Russian nationals by numerous countries, including the United States.

The significant political and economic uncertainty surrounding the war and associated sanctions have impacted

economic and investment markets both within Russia and around the world. The Company has recorded $

24.6

million of incurred underwriting losses related to the Ukraine and Russia conflict for the three and six months

ended June 30, 2022.

XML

Fair Value

6 Months Ended

Jun. 30, 2022

Fair Value [Abstract]

Fair Value

5. 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 primarily managed by third party investment asset

managers. The investment asset managers managing publicly traded securities obtain prices from nationally

recognized pricing services. These services seek to utilize market data and observations in their evaluation process.

They use pricing applications that vary by asset class and incorporate available market information and 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 investment asset managers do not make any changes to prices received from either the pricing services or the

investment brokers. In addition, the investment asset managers have 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 June 30, 2022,

$

2.2

 billion 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. At December 31, 2021, $

2.0

 billion of fixed maturities were fair valued using unobservable

inputs. 

The Company internally manages a public equity portfolio which had a fair value at June 30, 2022 and

December 31, 2021 of $

896.9

 million and $

1.3

 billion, respectively. During the fourth quarter of 2021, the

Company began to internally manage a portfolio of collateralized loan obligations included in asset-backed

securities available for sale, which had a fair value of $

2.1

 billion and $

2.0

 billion at June 30, 2022 and December

31, 2021, respectively. All prices for these securities were obtained from publicly published sources or nationally

recognized pricing vendors. 

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 below are generally 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 in local currencies, and where applicable, are converted to U.S. dollars using currency

exchange rates from nationally recognized sources.

In addition to the valuations from investment managers, some of the fixed maturities with fair values categorized

as Level 3 result when prices are not available from the nationally recognized pricing services. The asset 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,

converted to U.S. dollars using an exchange rate from a nationally recognized source;

●

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,

converted to U.S. dollars using an exchange rate from a nationally recognized source.

The following table presents the fair value measurement levels for all assets, which the Company has recorded at

fair value as of the period indicated:

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

June 30, 2022

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations

$

589,743

$

-

$

589,743

$

-

Obligations of U.S. states and political subdivisions

508,281

-

508,281

-

Corporate securities

4,007,683

-

3,145,256

862,427

Asset-backed securities

3,751,371

-

2,495,974

1,255,397

Mortgage-backed securities

Commercial

524,418

-

518,727

5,691

Agency residential

1,409,900

-

1,409,900

-

Non-agency residential

3,393

-

3,393

-

Foreign government securities

664,614

-

664,614

-

Foreign corporate securities

1,414,018

-

1,374,057

39,961

Total fixed maturities, available for sale

12,873,421

-

10,709,945

2,163,476

Equity securities, fair value

1,249,310

1,226,921

22,389

-

Other invested assets, fair value

1,791,539

-

-

1,791,539

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

December 31, 2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations

$

662,749

$

-

$

662,749

$

-

Obligations of U.S. states and political subdivisions

586,621

-

586,621

-

Corporate securities

4,074,905

-

3,344,980

729,925

Asset-backed securities

3,466,286

-

2,215,005

1,251,281

Mortgage-backed securities

Commercial

602,894

-

602,894

-

Agency residential

1,260,678

-

1,260,678

-

Non-agency residential

4,408

-

4,408

-

Foreign government securities

691,980

-

691,980

-

Foreign corporate securities

1,509,874

-

1,493,859

16,015

Total fixed maturities, available for sale

12,860,395

-

10,863,174

1,997,221

Equity securities, fair value

1,757,792

1,721,762

36,030

-

Other invested assets, fair value

2,030,816

-

-

2,030,816

In addition, $

297.2

 million and $

286.6

 million of investments within other invested assets on the consolidated

balance sheets as of June 30, 2022 and December 31, 2021, 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. 

The following tables present 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

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

Corporate

Asset Backed

Foreign

Corporate

Asset Backed

Foreign

(Dollars in thousands)

Securities

Securities

CMBS

Corporate

Total

Securities

Securities

CMBS

Corporate

Total

Beginning balance fixed maturities

$

714,656

$

1,388,691

$

5,890

$

15,926

$

2,125,163

$

729,925

$

1,251,281

$

-

$

16,015

$

1,997,221

Total gains or (losses) (realized/unrealized)

Included in earnings

(4,534)

35

-

16

(4,483)

(3,105)

137

-

29

(2,939)

Included in other comprehensive

 income (loss)

(3,003)

(47,202)

(199)

(3,747)

(54,151)

(7,170)

(75,990)

(222)

(3,808)

(87,190)

Purchases, issuances and settlements

27,750

61,565

-

7,632

96,947

15,219

227,661

5,913

7,591

256,384

Transfers in (out) of Level 3 and reclassification of

securities in/(out) investment categories 

127,558

(147,692)

-

20,134

-

127,558

(147,692)

-

20,134

-

Ending balance

$

862,427

$

1,255,397

$

5,691

$

39,961

$

2,163,476

$

862,427

$

1,255,397

$

5,691

$

39,961

$

2,163,476

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

$

(5,261)

$

7,679

$

-

$

-

$

2,418

$

(4,943)

$

7,679

$

-

$

-

$

2,736

(Some amounts may not reconcile due to rounding.)

Total Fixed Maturities, Available for Sale

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Corporate

Asset Backed

Foreign

Corporate

Asset Backed

Foreign

(Dollars in thousands)

Securities

Securities

Corporate

Total

Securities

Securities

Corporate

Total

Beginning balance fixed maturities

$

633,893

$

785,360

$

5,598

$

1,424,851

$

630,843

$

623,033

$

5,700

$

1,259,576

Total gains or (losses) (realized/unrealized)

Included in earnings

(13,762)

206

138

(13,418)

(15,550)

(3,962)

140

(19,372)

Included in other comprehensive income (loss)

4,583

7,610

(85)

12,108

7,418

4,475

(36)

11,857

Purchases, issuances and settlements

10,209

22,100

(765)

31,544

12,212

191,730

(918)

203,024

Transfers in (out) of Level 3 and reclassification of

securities in/(out) investment categories 

-

-

-

-

-

-

-

-

Ending balance

$

634,923

$

815,276

$

4,886

$

1,455,085

$

634,923

$

815,276

$

4,886

$

1,455,085

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

$

(17,279)

$

(4,915)

$

-

$

(22,194)

$

(17,279)

$

(4,915)

$

-

$

(22,194)

(Some amounts may not reconcile due to rounding.)

The Company’s fixed maturity securities held to maturity are recorded at amortized cost net of credit allowances,

with a carrying value of $

71.4

 million and a fair value of $

71.2

 million as of June 30, 2022. The fair values of these

securities are determined in a similar manner as the Company’s fixed maturity securities available for sale as

described above. 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 as of June 30, 2022.

XML

Commitments And Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies [Abstract]

Commitments And Contingencies

6. 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 loss adjustment expenses. 

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.

XML

Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)

7. COMPREHENSIVE INCOME (LOSS)

The following tables present the components of comprehensive income (loss) in the consolidated statements of

operations and comprehensive income (loss) for the periods indicated:

Three Months Ended 

June 30, 2022

Six Months Ended 

June 30, 2022

(Dollars in thousands)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)")

on securities - non-credit related

$

(520,134)

109,031

$

(411,103)

$

(1,018,827)

213,445

$

(805,382)

Reclassification of net realized losses (gains)

included in net income (loss)

7,793

(1,622)

6,171

10,611

(2,185)

8,426

Foreign currency translation adjustments

(12,475)

2,626

(9,849)

(14,915)

3,127

(11,788)

Reclassification of amortization of net gain (loss)

included in net income (loss)

959

(202)

758

1,919

(404)

1,515

Total other comprehensive income (loss)

$

(523,857)

$

109,833

$

(414,023)

$

(1,021,212)

$

213,983

$

(807,228)

(Some amounts may not reconcile due to rounding)

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2021

(Dollars in thousands)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)")

on securities - non-credit related

$

54,925

(11,515)

$

43,410

$

(84,094)

17,646

$

(66,448)

Reclassification of net realized losses (gains)

included in net income (loss)

8,198

(1,757)

6,442

10,068

(2,136)

7,932

Foreign currency translation adjustments

17,712

(3,727)

13,985

20,568

(4,321)

16,247

Reclassification of amortization of net gain (loss)

included in net income (loss)

2,586

(543)

2,043

5,172

(1,086)

4,086

Total other comprehensive income (loss)

$

83,421

$

(17,542)

$

65,880

$

(48,286)

$

10,103

$

(38,183)

(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

Three Months Ended

Six Months Ended

Affected line item within the

June 30,

June 30,

statements of operations and 

AOCI component

2022

2021

2022

2021

comprehensive income (loss)

(Dollars in thousands)

URA(D) on securities

$

7,793

$

8,198

$

10,611

$

10,068

Other net gains (losses) on investments

(1,622)

(1,757)

(2,185)

(2,136)

Income tax expense (benefit)

$

6,171

$

6,442

$

8,426

$

7,932

Net income (loss)

Benefit plan net gain (loss)

$

959

$

2,586

$

1,919

$

5,172

Other underwriting expenses

(202)

(543)

(404)

(1,086)

Income tax expense (benefit)

$

758

$

2,043

$

1,515

$

4,086

Net income (loss)

(Some amounts may not reconcile due to rounding)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the

consolidated balance sheets for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands) 

2022

2021

2022

2021

Beginning balance of URA (D) on securities

$

(270,155)

$

204,793

$

121,869

$

313,161

Current period change in URA (D) of investments - non-credit related

(404,932)

49,852

(796,956)

(58,516)

Ending balance of URA (D) on securities

(675,087)

254,645

(675,087)

254,645

Beginning balance of foreign currency translation adjustments

18,053

30,989

19,992

28,727

Current period change in foreign currency translation adjustments

(9,849)

13,985

(11,788)

16,247

Ending balance of foreign currency translation adjustments 

8,204

44,974

8,204

44,974

Beginning balance of benefit plan net gain (loss)

(49,634)

(71,827)

(50,392)

(73,870)

Current period change in benefit plan net gain (loss)

758

2,043

1,515

4,086

Ending balance of benefit plan net gain (loss)

(48,876)

(69,784)

(48,876)

(69,784)

Ending balance of accumulated other comprehensive income (loss)

$

(715,759)

$

229,835

$

(715,759)

$

229,835

XML

Collateralized Reinsurance And Trust Agreements

6 Months Ended

Jun. 30, 2022

Collateralized Reinsurance And Trust Agreements [Abstract]

Collateralized Reinsurance And Trust Agreements

8. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS 

A subsidiary of the Company, Everest Reinsurance company (“Everest Re”), has established a trust agreement,

which effectively uses Everest Re’s investments as collateral, as security for assumed losses payable to non-

affiliated ceding companies. At June 30, 2022, the total amount on deposit in the trust account was $

554.1

 million.

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 thousands)

Class

Description

Effective Date

Expiration Date

Limit

Coverage Basis

Series 2018-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/30/2018

5/5/2023

62,500

Aggregate

Series 2018-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/30/2018

5/5/2023

200,000

Aggregate

Series 2019-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2023

150,000

Occurrence

Series 2019-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2023

275,000

Aggregate

Series 2019-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2024

150,000

Occurrence

Series 2019-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2024

275,000

Aggregate

Series 2021-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

150,000

Occurrence

Series 2021-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

85,000

Aggregate

Series 2021-1 Class C-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

85,000

Aggregate

Series 2021-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

150,000

Occurrence

Series 2021-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

90,000

Aggregate

Series 2021-1 Class C-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

90,000

Aggregate

Series 2022-1 Class A

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/22/2022

6/22/2025

300,000

Aggregate

Total available limit as of June 30, 2022

$

2,062,500

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. Currently, none of the published insured loss estimates for catastrophe

events during the applicable covered periods of the various agreements have exceeded the single event retentions

or aggregate retentions under the terms of the agreements that would result in a recovery. 

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to

unrelated, external investors. The proceeds from the issuance of the Notes listed below are held in reinsurance

trusts throughout the duration of the applicable reinsurance agreements and invested solely in US government

money market funds with a rating of at least “AAAm” by Standard & Poor’s.

(Dollars in thousands)

Note Series

Issue Date

Maturity Date

Amount

Series 2018-1 Class A-2

4/30/2018

5/5/2023

62,500

Series 2018-1 Class B-2

4/30/2018

5/5/2023

200,000

Series 2019-1 Class A-1

12/12/2019

12/19/2023

150,000

Series 2019-1 Class B-1

12/12/2019

12/19/2023

275,000

Series 2019-1 Class A-2

12/12/2019

12/19/2024

150,000

Series 2019-1 Class B-2

12/12/2019

12/19/2024

275,000

Series 2021-1 Class A-1

4/8/2021

4/21/2025

150,000

Series 2021-1 Class B-1

4/8/2021

4/21/2025

85,000

Series 2021-1 Class C-1

4/8/2021

4/21/2025

85,000

Series 2021-1 Class A-2

4/8/2021

4/20/2026

150,000

Series 2021-1 Class B-2

4/8/2021

4/20/2026

90,000

Series 2021-1 Class C-2

4/8/2021

4/20/2026

90,000

Series 2022-1 Class A

6/22/2022

6/22/2025

300,000

$

2,062,500

XML

Senior Notes

6 Months Ended

Jun. 30, 2022

Senior Notes [Abstract]

Senior Notes

9. SENIOR NOTES

The table below displays Holdings’ outstanding senior notes. Fair value is based on quoted market prices, but due

to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

June 30, 2022

December 31, 2021

Consolidated

Consolidated

Principal 

Balance Sheet

Fair

Balance Sheet

Fair

(Dollars in thousands)

Date Issued

Date Due

Amounts

Amount

Value

Amount

Value

4.868

% Senior notes

06/05/2014

06/01/2044

400,000

$

397,373

$

374,212

$

397,314

$

503,840

3.5

% Senior notes

10/07/2020

10/15/2050

1,000,000

$

980,310

$

769,220

$

980,046

$

1,054,520

3.125

% Senior notes

10/04/2021

10/15/2052

1,000,000

$

968,811

$

701,820

$

968,440

$

983,140

2,400,000

$

2,346,495

$

1,845,252

$

2,345,800

$

2,541,500

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Interest expense incurred

4.868

% Senior notes

$

4,868

$

4,868

$

9,736

$

9,736

Interest expense incurred

3.5

% Senior notes

$

8,807

$

8,805

$

17,614

$

17,610

Interest expense incurred

3.125

% Senior notes

$

7,827

$

-

$

15,741

$

-

$

21,502

$

13,673

$

43,090

$

27,346

XML

Long Term Subordinated Notes

6 Months Ended

Jun. 30, 2022

Long Term Subordinated Notes [Abstract]

Long Term Subordinated Notes

10. LONG TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes. Fair value is

based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level

2 in the fair value hierarchy.

June 30, 2022

December 31, 2021

Original

Consolidated

Consolidated

Principal

Maturity Date

Balance

Fair

Balance

Fair

(Dollars in thousands)

Date Issued

Amount

Scheduled

Final

Sheet Amount

Value

Sheet Amount

Value

Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

223,824

$

189,012

$

223,774

$

216,289

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 will be based on the 3

month 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 May 16, 2022 to

August 14, 2022 is

3.80

%. 

Holdings may redeem the long term subordinated notes 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

certain 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. The Company’s

4.868

% senior

notes, due on

June 1, 2044

,

3.5

% senior notes due on

October 15, 2050

 and

3.125

% senior notes due on

October

15, 2052

 are the Company’s long term indebtedness that rank senior to the long term subordinated notes.

Interest expense incurred in connection with these long term subordinated notes is as follows for the periods

indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Interest expense incurred

$

1,927

$

1,460

$

3,458

$

2,922

XML

Federal Home Loan Bank Membership

6 Months Ended

Jun. 30, 2022

Federal Home Loan Bank Membership [Abstract]

Federal Home Loan Bank Membership

11. 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 June 30, 2022, Everest Re had admitted assets of

approximately $

20.8

 billion which provides borrowing capacity of up to approximately $

2.1

 billion. As of June 30,

2022, Everest Re has $

519.0

 million of borrowings outstanding, with maturities in November and December 2022

and interest payable at interest rates between

0.53

% and

0.65

%. Everest Re incurred interest expense of $

0.8

million and $

0.3

 million for the three months ended June 30, 2022 and 2021, respectively. Everest Re incurred

interest expense of $

1.5

 million and $

0.6

 million for the six months ended June 30, 2022 and 2021, respectively.

The FHLBNY membership agreement requires that

4.5

% of borrowed funds be used to acquire additional

membership stock.

XML

Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

12. SEGMENT REPORTING

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 United States as well as through branches in Canada and Singapore. The Insurance

operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general

agents within the United States. 

These 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 these operating 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. 

The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the

Company does not review and evaluate the financial results of its operating segments based upon balance sheet

data. 

The following tables present the underwriting results for the operating segments for the periods indicated:

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

(Dollars in thousands)

Reinsurance

Insurance

Total 

Reinsurance

Insurance

Total 

Gross written premiums

$

1,394,004

$

1,042,883

$

2,436,887

$

2,773,675

$

1,868,220

$

4,641,895

Net written premiums

1,245,074

749,551

1,994,625

2,430,415

1,360,419

3,790,834

Premiums earned

$

1,294,903

$

659,326

$

1,954,229

$

2,504,217

$

1,278,605

$

3,782,821

Incurred losses and LAE

875,402

428,536

1,303,937

1,695,872

833,755

2,529,627

Commission and brokerage

331,917

76,747

408,663

647,246

146,047

793,293

Other underwriting expenses

32,451

87,812

120,263

63,425

174,594

238,018

Underwriting gain (loss)

$

55,134

$

66,232

$

121,366

$

97,674

$

124,209

$

221,883

Net investment income

176,499

332,633

Net gains (losses) on investments

(378,273)

(604,860)

Corporate expense

(5,886)

(11,652)

Interest, fee and bond issue cost amortization expense

(24,398)

(48,476)

Other income (expense) 

493

(8,904)

Income (loss) before taxes

$

(110,199)

$

(119,376)

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

(Dollars in thousands)

Reinsurance

Insurance

Total 

Reinsurance

Insurance

Total 

Gross written premiums

$

1,439,254

$

877,776

$

2,317,030

$

2,859,337

$

1,591,028

$

4,450,365

Net written premiums

1,291,229

637,106

1,928,335

2,500,042

1,193,636

3,693,678

Premiums earned

$

1,232,157

$

534,398

$

1,766,555

$

2,409,327

$

1,054,128

$

3,463,455

Incurred losses and LAE

739,440

356,177

1,095,618

1,709,757

739,944

2,449,702

Commission and brokerage

324,989

61,859

386,848

615,545

121,157

736,702

Other underwriting expenses

32,999

76,932

109,930

69,288

150,437

219,725

Underwriting gain (loss)

$

134,729

$

39,430

$

174,159

$

14,737

$

42,590

$

57,327

Net investment income

248,135

395,858

Net gains (losses) on investments

183,763

318,774

Corporate expense

(7,618)

(12,199)

Interest, fee and bond issue cost amortization expense

(15,537)

(31,071)

Other income (expense) 

(1,867)

2,112

Income (loss) before taxes

$

581,035

$

730,800

The Company produces business in the U.S. and internationally. The net income deriving from assets residing in

the individual foreign countries in which the Company writes business are not identifiable in the Company’s

financial records. Based on gross written premium, the table below presents the largest country, other than the

U.S., in which the Company writes business, for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Canada gross written premiums

$

80,714

$

68,955

$

148,479

$

103,285

No other country represented more than

5

% of the Company’s revenues.

XML

Related-Party Transactions

6 Months Ended

Jun. 30, 2022

Related-Party Transactions [Abstract]

Related-Party Transactions

13. RELATED-PARTY TRANSACTIONS

Parent

Group entered into a $

300.0

 million long term note agreement with Everest Re as of December 17, 2019. The note

pays interest annually at a rate of

1.69

% and is scheduled to mature in December, 2028. The Company recognized

interest income related to this long term note of $

1.3

 million and $

1.3

 million for the three months ended June 30,

2022 and 2021, respectively and $

2.5

 million and $

2.5

 million for the six months ended June 30, 2022 and 2021,

respectively. 

Group entered into a $

200.0

 million long term note agreement with Everest Re as of August 5, 2021. The note pays

interest annually at a rate of

1.00

% and is scheduled to mature in August, 2030. The Company recognized interest

income related to this long term note of $

0.5

 million and $

0

 million for the three months ended June 30, 2022 and

2021, respectively and $

1.0

 million and $

0

 million for the six months ended June 30, 2022 and 2021, respectively. 

Group entered into a $

215.0

 million long term note agreement with Holdings as of June 29, 2022. The note pays

interest annually at a rate of

3.11

% and is scheduled to mature in June, 2052.

Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its

subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated

transactions or both. The most recent amendment from the Board, approved on May 22, 2020, increased the

cumulative number of shares that may be repurchased under the program to

32.0

 million shares.

Holdings had purchased and held

9,719,971

 Common Shares of Group, which were purchased in the open market

between February 2007 and March 2011.

In December, 2015, Holdings transferred the

9,719,971

 Common Shares of Group, which it held as other invested

assets, at fair value, valued at $

1.8

 billion, to Preferred Holdings in exchange for

1,773.214

 preferred shares of

Preferred Holdings with a $

1.0

 million par value and

1.75

% annual dividend rate. After the exchange, Holdings no

longer holds any shares or has any ownership interest in Group. 

Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the

consolidated balance sheets with changes in fair value re-measurement recorded in net gains (losses) on

investments in the consolidated statements of operations and comprehensive income (loss). The following table

presents the dividends received on the preferred shares of Preferred Holdings and on the Parent shares that are

reported as net investment income in the consolidated statements of operations and comprehensive income (loss)

for the period indicated.

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Dividends received on preferred stock of affiliate

$

7,758

$

7,758

$

15,516

$

15,516

Affiliates

The Company has engaged in reinsurance transactions with Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”),

Everest Reinsurance Company (Ireland) dac (“Ireland Re”), Everest Insurance (Ireland) dac (“Ireland Insurance”),

Everest International Reinsurance Ltd. (“Everest International”), Everest Insurance Company of Canada (“Everest

Canada”), Lloyd’s Syndicate 2786 and Mt. Logan Re, which are affiliated companies primarily driven by enterprise

risk and capital management considerations under which business is ceded at market rates and terms.

The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all

new and renewal business for the indicated coverage period:

(Dollars in thousands)

Single 

Percent

Assuming

Occurrence

Aggregate

Coverage Period

Ceding Company

Ceded 

Company

Type of Business

Limit

Limit 

01/01/2010-12/31/2010

Everest Re

44.0

%

Bermuda Re

property / casualty business

150,000

325,000

01/01/2011-12/31/2011

Everest Re

50.0

%

Bermuda Re

property / casualty business

150,000

300,000

01/01/2012-12/31/2014

Everest Re

50.0

%

Bermuda Re

property / casualty business

100,000

200,000

01/01/2015-12/31/2016

Everest Re

50.0

%

Bermuda Re

property / casualty business

162,500

325,000

01/01/2017-12/31/2017

Everest Re

60.0

%

Bermuda Re

property / casualty business

219,000

438,000

01/01/2010-12/31/2010

Everest Re- Canadian Branch

60.0

%

Bermuda Re

property business

350,000

(1)

-

01/01/2011-12/31/2011

Everest Re- Canadian Branch

60.0

%

Bermuda Re

property business

350,000

(1)

-

01/01/2012-12/31/2012

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

206,250

(1)

412,500

(1)

01/01/2013-12/31/2013

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

150,000

(1)

412,500

(1)

01/01/2014-12/31/2017

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

262,500

(1)

412,500

(1)

01/01/2012-12/31/2017

Everest Canada

80.0

%

Everest Re- Canadian

Branch

property business

-

-

01/01/2020

Everest International Assurance

100.0

%

Bermuda Re

life business

-

-

(1)

Amounts shown are Canadian dollars.

Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance

contract (“stop loss agreement”) with Bermuda Re. The stop loss agreement provides coverage for ultimate net

losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and

conditions. The stop loss agreement was most recently renewed effective January 1, 2022. 

Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective

January 1, 2021 through December 31, 2021, subject to renewal thereafter. The contract provides Bermuda Re (UK

Branch), with up to £

100.0

 million of reinsurance coverage for each catastrophe occurrence above £

40.0

 million. 

Bermuda Re (UK Branch) paid Everest Re £

3.5

 million for this coverage. This contract was most recently renewed

effective January 1, 2022.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1,

2021 through January 31, 2022, subject to renewal thereafter. The contract provides Ireland Re with up to €

145.0

million of reinsurance coverage for each catastrophe occurrence above €

16.0

 million. Ireland Re paid Everest Re

€

9.8

 million for this coverage. This contract was most recently renewed effective February 1, 2022.

The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance

exposures and reserves were transferred to an affiliate.

(Dollars in thousands)

Effective

Transferring

Assuming

% of Business or 

Covered Period 

Date

Company 

Company

Amount of Transfer

of Transfer

10/01/2001

Everest Re (Belgium Branch)

Bermuda Re

100

%

All years

10/01/2008

Everest Re

Bermuda Re

$

747,022

01/01/2002-12/31/2007

12/31/2017

Everest Re

Bermuda Re

$

970,000

All years

On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re. The LPT agreement covers

subject loss reserves of $

2.3

 billion for accident years 2017 and prior. As a result of the LPT agreement, the

Company transferred $

1.0

 billion of cash and fixed maturity securities and transferred $

970.0

 million of loss

reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $

500.0

 million of

adverse development coverage on the subject loss reserves. As of June 30, 2022, and December 31, 2021, the

Company has a reinsurance recoverable of $

854.0

 million and $

856.4

 million, respectively, recorded on its balance

sheet due from Bermuda Re.

The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest

International, respectively, and premiums and losses assumed by the Company from Everest Canada, Everest

Ireland and Lloyd’s syndicate 2786 for the periods indicated:

Three Months Ended

Six Months Ended

Bermuda Re

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Ceded written premiums

$

91,385

$

74,948

$

183,823

$

145,801

Ceded earned premiums

91,370

73,799

183,807

144,676

Ceded losses and LAE

2,955

20,990

1,111

(9,114)

Assumed written premiums

1,065

-

3,323

-

Assumed earned premiums

1,065

62

4,504

123

Assumed losses and LAE

3

40

(191)

66

Three Months Ended

Six Months Ended

Everest International & Canada

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

-

-

-

-

Assumed earned premiums

-

-

-

-

Assumed losses and LAE

45

7

(1,824)

66

Three Months Ended

Six Months Ended

Ireland Re

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

2,037

$

2,978

$

4,338

$

5,901

Assumed earned premiums

2,037

2,978

4,549

4,927

Assumed losses and LAE

-

-

2,441

-

Three Months Ended

Six Months Ended

Ireland Insurance

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

1,905

$

1,489

$

3,864

$

2,790

Assumed earned premiums

2,338

1,252

3,978

2,514

Assumed losses and LAE

(4,784)

308

1,608

1,005

Three Months Ended

Six Months Ended

Lloyd's Syndicate 2786

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

(250)

$

73

$

(257)

$

672

Assumed earned premiums

(250)

112

(257)

641

Assumed losses and LAE

132

1,796

387

214

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.

Three Months Ended

Six Months Ended

Mt. Logan Re Segregated Accounts

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Ceded written premiums

$

21,760

$

46,571

$

62,426

$

127,943

Ceded earned premiums

29,171

60,117

71,655

126,105

Ceded losses and LAE 

22,884

21,613

59,648

94,607

XML

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

14. INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with

significant branches in Canada and Singapore. The Company’s non-U.S. branches are subject to income taxation at

varying rates in their respective domiciles. 

The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for

interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annual effective tax rate

approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/(loss)to

determine the income tax expense or benefit for the year-to-date period. The tax expense or benefit for the

quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date

period less such amount for the immediately preceding year-to-date period. Management considers the impact of

all known events in its estimation of the Company’s annual pre-tax income/(loss) and effective tax rate.

XML

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not

have any subsequent events to report.

XML

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

At June 30, 2022

Amortized

Allowances for 

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

Credit Losses

Appreciation

Depreciation

Value

Fixed maturity securities – available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations 

$

615,312

$

-

$

618

$

(26,187)

$

589,743

Obligations of U.S. states and political

 subdivisions

528,830

(151)

3,951

(24,349)

508,281

Corporate securities

4,355,517

(25,584)

15,127

(337,377)

4,007,683

Asset-backed securities

3,928,582

-

679

(177,890)

3,751,371

Mortgage-backed securities

Commercial

566,417

-

-

(41,999)

524,418

Agency residential

1,522,073

-

185

(112,358)

1,409,900

Non-agency residential

3,536

-

-

(143)

3,393

Foreign government securities

697,135

-

6,339

(38,860)

664,614

Foreign corporate securities

1,537,170

(1,539)

4,439

(126,052)

1,414,018

Total fixed maturity securities – available for sale

$

13,754,572

$

(27,274)

$

31,338

$

(885,215)

$

12,873,421

At December 31, 2021

Amortized

Allowances for

Unrealized

Unrealized

Fair

(Dollars in thousands)

Cost

Credit Losses

Appreciation

Depreciation

Value

Fixed maturity securities – available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations 

$

656,742

$

-

$

9,303

$

(3,296)

$

662,749

Obligations of U.S. states and political

 subdivisions

558,842

(151)

29,080

(1,150)

586,621

Corporate securities

4,036,000

(19,267)

89,172

(31,000)

4,074,905

Asset-backed securities

3,464,248

(7,680)

20,732

(11,014)

3,466,286

Mortgage-backed securities

Commercial

586,441

-

20,538

(4,085)

602,894

Agency residential

1,255,186

-

15,568

(10,076)

1,260,678

Non-agency residential

4,398

-

16

(6)

4,408

Foreign government securities

677,327

-

21,658

(7,005)

691,980

Foreign corporate securities

1,494,315

(393)

34,449

(18,497)

1,509,874

Total fixed maturity securities – available for sale

$

12,733,499

$

(27,491)

$

240,516

$

(86,129)

$

12,860,395

Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity

At June 30, 2022

At December 31, 2021

Amortized

Fair

Amortized

Fair

(Dollars in thousands)

Cost

Value

Cost

Value

Fixed maturity securities – available for sale

Due in one year or less

$

550,584

$

545,751

$

586,432

$

583,676

Due after one year through five years

3,688,680

3,513,385

3,488,358

3,526,854

Due after five years through ten years

2,134,269

1,933,772

2,260,481

2,309,870

Due after ten years

1,360,431

1,191,431

1,087,955

1,105,729

Asset-backed securities

3,928,582

3,751,371

3,464,248

3,466,286

Mortgage-backed securities

Commercial

566,417

524,418

586,441

602,894

Agency residential

1,522,073

1,409,900

1,255,186

1,260,678

Non-agency residential

3,536

3,393

4,398

4,408

Total fixed maturity securities

$

13,754,572

$

12,873,421

$

12,733,499

$

12,860,395

Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

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

$

(512,342)

$

63,124

$

(1,008,216)

$

(74,026)

Change in unrealized appreciation (depreciation), pre-tax

(512,342)

63,124

(1,008,216)

(74,026)

Deferred tax benefit (expense) 

107,410

(13,272)

211,260

15,510

Change in unrealized appreciation (depreciation), net of deferred taxes, included

in stockholder's equity 

$

(404,932)

$

49,852

$

(796,956)

$

(58,516)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

Duration of Unrealized Loss at June 30, 2022 By Security Type

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities -

 available for sale

U.S. Treasury securities and

 obligations of U.S. government

 agencies and corporations

$

520,687

$

(23,947)

$

26,566

$

(2,240)

$

547,253

$

(26,187)

Obligations of U.S. states and

 political subdivisions

207,489

(21,199)

15,223

(3,102)

222,712

(24,301)

Corporate securities

2,907,008

(282,978)

411,811

(53,735)

3,318,819

(336,713)

Asset-backed securities

3,518,224

(177,153)

9,307

(737)

3,527,531

(177,890)

Mortgage-backed securities

Commercial

515,599

(40,620)

8,818

(1,379)

524,417

(41,999)

Agency residential

1,130,396

(77,988)

266,332

(34,370)

1,396,728

(112,358)

Non-agency residential

3,393

(143)

-

-

3,393

(143)

Foreign government securities

475,696

(29,114)

66,955

(9,746)

542,651

(38,860)

Foreign corporate securities

1,102,644

(109,378)

132,205

(16,531)

1,234,849

(125,909)

Total 

10,381,136

(762,520)

937,217

(121,840)

11,318,353

(884,360)

Securities where an allowance for

credit losses was recorded

7,054

(855)

-

-

7,054

(855)

Total fixed maturity securities

$

10,388,190

$

(763,375)

$

937,217

$

(121,840)

$

11,325,407

$

(885,215)

Duration of Unrealized Loss at December 31, 2021 By Security Type

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities -

 available for sale

U.S. Treasury securities and

 obligations of U.S. government

 agencies and corporations

$

266,953

$

(3,296)

$

-

$

-

$

266,953

$

(3,296)

Obligations of U.S. states and

 political subdivisions

51,094

(1,038)

2,558

(112)

53,652

(1,150)

Corporate securities

1,465,259

(24,853)

200,637

(6,147)

1,665,896

(31,000)

Asset-backed securities

1,890,876

(10,713)

37,910

(301)

1,928,786

(11,014)

Mortgage-backed securities

Commercial

138,934

(2,467)

34,967

(1,618)

173,901

(4,085)

Agency residential

698,896

(6,879)

167,923

(3,197)

866,819

(10,076)

Non-agency residential

1,401

(4)

156

(2)

1,557

(6)

Foreign government securities

200,294

(4,778)

14,612

(2,227)

214,906

(7,005)

Foreign corporate securities

676,609

(16,871)

33,057

(1,626)

709,666

(18,497)

Total fixed maturity securities

$

5,390,316

$

(70,899)

$

491,820

$

(15,230)

$

5,882,136

$

(86,129)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity

Duration of Unrealized Loss at June 30, 2022 By Maturity

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities - available for sale

Due in one year or less

$

342,251

$

(2,566)

$

39,994

$

(3,187)

$

382,245

$

(5,753)

Due in one year through five years

2,518,832

(149,344)

315,227

(23,856)

2,834,059

(173,200)

Due in five years through ten years

1,401,318

(158,998)

248,982

(46,474)

1,650,300

(205,472)

Due after ten years

951,123

(155,708)

48,557

(11,837)

999,680

(167,545)

Asset-backed securities

3,518,224

(177,153)

9,307

(737)

3,527,531

(177,890)

Mortgage-backed securities

1,649,388

(118,751)

275,150

(35,749)

1,924,538

(154,500)

Total 

10,381,136

(762,520)

937,217

(121,840)

11,318,353

(884,360)

Securities where an allowance for credit

losses was recorded

7,054

(855)

-

-

7,054

(855)

Total fixed maturity securities

$

10,388,190

$

(763,375)

$

937,217

$

(121,840)

$

11,325,407

$

(885,215)

Duration of Unrealized Loss at December 31, 2021 By Maturity

Less than 12 months

Greater than 12 months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(Dollars in thousands)

Value

Depreciation

Value

Depreciation

Value

Depreciation

Fixed maturity securities - available for

sale

Due in one year or less

$

81,412

$

(1,878)

$

35,515

$

(3,829)

$

116,927

$

(5,707)

Due in one year through five years

1,209,378

(18,614)

154,449

(3,418)

1,363,827

(22,032)

Due in five years through ten years

852,857

(20,678)

34,164

(1,977)

887,021

(22,655)

Due after ten years

516,562

(9,666)

26,736

(888)

543,298

(10,554)

Asset-backed securities

1,890,876

(10,713)

37,910

(301)

1,928,786

(11,014)

Mortgage-backed securities

839,231

(9,350)

203,046

(4,817)

1,042,277

(14,167)

Total fixed maturity securities

$

5,390,316

$

(70,899)

$

491,820

$

(15,230)

$

5,882,136

$

(86,129)

Summary Of Components Of Net Investment Income

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Fixed maturities

$

115,510

$

91,895

$

209,941

$

177,016

Equity securities

4,600

3,385

8,746

6,308

Short-term investments and cash

635

83

850

236

Other invested assets

Limited partnerships

45,244

126,407

88,766

178,558

Dividends from preferred shares of affiliate

7,758

7,758

15,516

15,516

Other 

13,991

25,856

25,822

31,875

Gross investment income before adjustments

187,738

255,384

349,641

409,509

Funds held interest income (expense)

525

2,732

3,348

6,221

Interest income from Parent

1,800

1,281

3,568

2,549

Gross investment income 

190,063

259,397

356,557

418,279

Investment expenses

(13,564)

(11,262)

(23,924)

(22,421)

Net investment income

$

176,499

$

248,135

$

332,633

$

395,858

(Some amounts may not reconcile due to rounding.)

Summary Of Components Of Net Realized Capital Gains (Losses)

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Fixed maturity securities:

Allowances for credit losses

$

1,500

$

(15,075)

$

(149)

$

(22,217)

Net realized gains (losses) from dispositions

(9,875)

4,128

(14,964)

8,055

Equity securities, fair value:

Net realized gains (losses) from dispositions

(30,009)

585

(38,277)

6,823

Gains (losses) from fair value adjustments

(185,865)

103,824

(316,667)

141,375

Other invested assets

583

2,748

4,502

4,094

Other invested assets, fair value:

Gains (losses) from fair value adjustments

(154,658)

87,552

(239,277)

180,630

Short-term investment gains (losses)

51

1

(28)

14

Total net gains (losses) on investments

$

(378,273)

$

183,763

$

(604,860)

$

318,774

Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

Asset

Obligations of U.S.

states and

political

subdivisions

Foreign

Asset

Obligations of

U.S. states and

political

subdivisions

Foreign

Corporate

Backed

Corporate

Corporate

Backed

Corporate

Securities

Securities

Securities

Total

Securities

Securities

Securities

Total

Beginning Balance

$

(20,049)

$

(7,680)

$

(151)

$

(1,260)

$

(29,140)

$

(19,267)

$

(7,680)

$

(151)

$

(393)

$

(27,491)

Credit losses on securities where credit

losses were not previously recorded

(4,888)

-

-

(172)

(5,060)

(6,817)

-

-

(1,141)

(7,958)

Increases in allowance on previously

impaired securities

(653)

-

-

(107)

(760)

(653)

-

-

(107)

(760)

Decreases in allowance on previously 

impaired securities

-

-

-

-

-

-

-

-

-

-

Reduction in allowance due to disposals

6

7,680

-

-

7,686

1,153

7,680

-

102

8,935

Balance as of June 30, 2022

$

(25,584)

$

-

$

(151)

$

(1,539)

$

(27,274)

$

(25,584)

$

-

$

(151)

$

(1,539)

$

(27,274)

Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Asset

Foreign

Asset

Foreign

Corporate

Backed

Corporate

Corporate

Backed

Corporate

Securities

Securities

Securities

Total

Securities

Securities

Securities

Total

Beginning Balance

$

(3,588)

$

(4,915)

$

(205)

$

(8,708)

$

(1,205)

$

-

$

(361)

$

(1,566)

Credit losses on securities where credit

losses were not previously recorded

(13,538)

-

(188)

(13,726)

(15,921)

(4,915)

(188)

(21,024)

Increases in allowance on previously

impaired securities

(1,468)

-

-

(1,468)

(1,468)

-

-

(1,468)

Decreases in allowance on previously 

impaired securities

-

-

-

-

-

-

-

-

Reduction in allowance due to disposals

119

-

-

119

119

-

156

275

Balance as of June 30, 2021

$

(18,475)

$

(4,915)

$

(393)

$

(23,783)

$

(18,475)

$

(4,915)

$

(393)

$

(23,783)

Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Proceeds from sales of fixed maturity securities, available for sale

$

244,553

$

165,443

$

511,218

$

242,072

Gross gains from dispositions

3,119

8,850

6,274

15,199

Gross losses from dispositions

(12,994)

(4,722)

(21,238)

(7,144)

Proceeds from sales of equity securities

$

343,405

$

64,775

$

425,380

$

346,088

Gross gains from dispositions

4,126

2,633

7,634

14,937

Gross losses from dispositions

(34,135)

(2,048)

(45,911)

(8,114)

XML

Reserves For Losses, LAE And Future Policy Benefit Reserve (Tables)

6 Months Ended

Jun. 30, 2022

Reserves For Losses, LAE And Future Policy Benefit Reserve [Abstract]

Summary Of Activity In The Reserve For Losses And LAE

Six Months Ended June 30,

(Dollars in thousands)

2022

2021

Gross reserves beginning of period

$

13,121,177

$

11,578,096

Less reinsurance recoverables on unpaid losses

(3,650,716)

(3,951,474)

Net reserves beginning of period

9,470,461

7,626,622

Incurred related to:

Current year

2,520,596

2,450,567

Prior years

9,031

(865)

Total incurred losses and LAE

2,529,627

2,449,702

Paid related to:

Current year 

775,023

550,907

Prior years

1,063,144

903,025

Total paid losses and LAE

1,838,167

1,453,932

Foreign exchange/translation adjustment 

(16,668)

9,986

Net reserves end of period

10,145,252

8,632,376

Plus reinsurance recoverables on unpaid losses

3,593,105

3,772,228

Gross reserves end of period

$

13,738,357

$

12,404,604

(Some amounts may not reconcile due to rounding.)

XML

Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

June 30, 2022

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations

$

589,743

$

-

$

589,743

$

-

Obligations of U.S. states and political subdivisions

508,281

-

508,281

-

Corporate securities

4,007,683

-

3,145,256

862,427

Asset-backed securities

3,751,371

-

2,495,974

1,255,397

Mortgage-backed securities

Commercial

524,418

-

518,727

5,691

Agency residential

1,409,900

-

1,409,900

-

Non-agency residential

3,393

-

3,393

-

Foreign government securities

664,614

-

664,614

-

Foreign corporate securities

1,414,018

-

1,374,057

39,961

Total fixed maturities, available for sale

12,873,421

-

10,709,945

2,163,476

Equity securities, fair value

1,249,310

1,226,921

22,389

-

Other invested assets, fair value

1,791,539

-

-

1,791,539

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

December 31, 2021

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, available for sale

U.S. Treasury securities and obligations of

 U.S. government agencies and corporations

$

662,749

$

-

$

662,749

$

-

Obligations of U.S. states and political subdivisions

586,621

-

586,621

-

Corporate securities

4,074,905

-

3,344,980

729,925

Asset-backed securities

3,466,286

-

2,215,005

1,251,281

Mortgage-backed securities

Commercial

602,894

-

602,894

-

Agency residential

1,260,678

-

1,260,678

-

Non-agency residential

4,408

-

4,408

-

Foreign government securities

691,980

-

691,980

-

Foreign corporate securities

1,509,874

-

1,493,859

16,015

Total fixed maturities, available for sale

12,860,395

-

10,863,174

1,997,221

Equity securities, fair value

1,757,792

1,721,762

36,030

-

Other invested assets, fair value

2,030,816

-

-

2,030,816

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type

Total Fixed Maturities, Available for Sale

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

Corporate

Asset Backed

Foreign

Corporate

Asset Backed

Foreign

(Dollars in thousands)

Securities

Securities

CMBS

Corporate

Total

Securities

Securities

CMBS

Corporate

Total

Beginning balance fixed maturities

$

714,656

$

1,388,691

$

5,890

$

15,926

$

2,125,163

$

729,925

$

1,251,281

$

-

$

16,015

$

1,997,221

Total gains or (losses) (realized/unrealized)

Included in earnings

(4,534)

35

-

16

(4,483)

(3,105)

137

-

29

(2,939)

Included in other comprehensive

 income (loss)

(3,003)

(47,202)

(199)

(3,747)

(54,151)

(7,170)

(75,990)

(222)

(3,808)

(87,190)

Purchases, issuances and settlements

27,750

61,565

-

7,632

96,947

15,219

227,661

5,913

7,591

256,384

Transfers in (out) of Level 3 and reclassification of

securities in/(out) investment categories 

127,558

(147,692)

-

20,134

-

127,558

(147,692)

-

20,134

-

Ending balance

$

862,427

$

1,255,397

$

5,691

$

39,961

$

2,163,476

$

862,427

$

1,255,397

$

5,691

$

39,961

$

2,163,476

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

$

(5,261)

$

7,679

$

-

$

-

$

2,418

$

(4,943)

$

7,679

$

-

$

-

$

2,736

(Some amounts may not reconcile due to rounding.)

Total Fixed Maturities, Available for Sale

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

Corporate

Asset Backed

Foreign

Corporate

Asset Backed

Foreign

(Dollars in thousands)

Securities

Securities

Corporate

Total

Securities

Securities

Corporate

Total

Beginning balance fixed maturities

$

633,893

$

785,360

$

5,598

$

1,424,851

$

630,843

$

623,033

$

5,700

$

1,259,576

Total gains or (losses) (realized/unrealized)

Included in earnings

(13,762)

206

138

(13,418)

(15,550)

(3,962)

140

(19,372)

Included in other comprehensive income (loss)

4,583

7,610

(85)

12,108

7,418

4,475

(36)

11,857

Purchases, issuances and settlements

10,209

22,100

(765)

31,544

12,212

191,730

(918)

203,024

Transfers in (out) of Level 3 and reclassification of

securities in/(out) investment categories 

-

-

-

-

-

-

-

-

Ending balance

$

634,923

$

815,276

$

4,886

$

1,455,085

$

634,923

$

815,276

$

4,886

$

1,455,085

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

$

(17,279)

$

(4,915)

$

-

$

(22,194)

$

(17,279)

$

(4,915)

$

-

$

(22,194)

(Some amounts may not reconcile due to rounding.)

XML

Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Comprehensive Income (Loss) [Abstract]

Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations

Three Months Ended 

June 30, 2022

Six Months Ended 

June 30, 2022

(Dollars in thousands)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)")

on securities - non-credit related

$

(520,134)

109,031

$

(411,103)

$

(1,018,827)

213,445

$

(805,382)

Reclassification of net realized losses (gains)

included in net income (loss)

7,793

(1,622)

6,171

10,611

(2,185)

8,426

Foreign currency translation adjustments

(12,475)

2,626

(9,849)

(14,915)

3,127

(11,788)

Reclassification of amortization of net gain (loss)

included in net income (loss)

959

(202)

758

1,919

(404)

1,515

Total other comprehensive income (loss)

$

(523,857)

$

109,833

$

(414,023)

$

(1,021,212)

$

213,983

$

(807,228)

(Some amounts may not reconcile due to rounding)

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2021

(Dollars in thousands)

Before Tax

Tax Effect

Net of Tax

Before Tax

Tax Effect

Net of Tax

Unrealized appreciation (depreciation) ("URA(D)")

on securities - non-credit related

$

54,925

(11,515)

$

43,410

$

(84,094)

17,646

$

(66,448)

Reclassification of net realized losses (gains)

included in net income (loss)

8,198

(1,757)

6,442

10,068

(2,136)

7,932

Foreign currency translation adjustments

17,712

(3,727)

13,985

20,568

(4,321)

16,247

Reclassification of amortization of net gain (loss)

included in net income (loss)

2,586

(543)

2,043

5,172

(1,086)

4,086

Total other comprehensive income (loss)

$

83,421

$

(17,542)

$

65,880

$

(48,286)

$

10,103

$

(38,183)

(Some amounts may not reconcile due to rounding)

Reclassification From Accumulated Other Comprehensive Income

Three Months Ended

Six Months Ended

Affected line item within the

June 30,

June 30,

statements of operations and 

AOCI component

2022

2021

2022

2021

comprehensive income (loss)

(Dollars in thousands)

URA(D) on securities

$

7,793

$

8,198

$

10,611

$

10,068

Other net gains (losses) on investments

(1,622)

(1,757)

(2,185)

(2,136)

Income tax expense (benefit)

$

6,171

$

6,442

$

8,426

$

7,932

Net income (loss)

Benefit plan net gain (loss)

$

959

$

2,586

$

1,919

$

5,172

Other underwriting expenses

(202)

(543)

(404)

(1,086)

Income tax expense (benefit)

$

758

$

2,043

$

1,515

$

4,086

Net income (loss)

(Some amounts may not reconcile due to rounding)

Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands) 

2022

2021

2022

2021

Beginning balance of URA (D) on securities

$

(270,155)

$

204,793

$

121,869

$

313,161

Current period change in URA (D) of investments - non-credit related

(404,932)

49,852

(796,956)

(58,516)

Ending balance of URA (D) on securities

(675,087)

254,645

(675,087)

254,645

Beginning balance of foreign currency translation adjustments

18,053

30,989

19,992

28,727

Current period change in foreign currency translation adjustments

(9,849)

13,985

(11,788)

16,247

Ending balance of foreign currency translation adjustments 

8,204

44,974

8,204

44,974

Beginning balance of benefit plan net gain (loss)

(49,634)

(71,827)

(50,392)

(73,870)

Current period change in benefit plan net gain (loss)

758

2,043

1,515

4,086

Ending balance of benefit plan net gain (loss)

(48,876)

(69,784)

(48,876)

(69,784)

Ending balance of accumulated other comprehensive income (loss)

$

(715,759)

$

229,835

$

(715,759)

$

229,835

XML

Collateralized Reinsurance And Trust Agreements (Tables)

6 Months Ended

Jun. 30, 2022

Collateralized Reinsurance And Trust Agreements [Abstract]

Summary of Collateralized Reinsurance Agreements

(Dollars in thousands)

Class

Description

Effective Date

Expiration Date

Limit

Coverage Basis

Series 2018-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/30/2018

5/5/2023

62,500

Aggregate

Series 2018-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/30/2018

5/5/2023

200,000

Aggregate

Series 2019-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2023

150,000

Occurrence

Series 2019-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2023

275,000

Aggregate

Series 2019-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2024

150,000

Occurrence

Series 2019-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

12/12/2019

12/19/2024

275,000

Aggregate

Series 2021-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

150,000

Occurrence

Series 2021-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

85,000

Aggregate

Series 2021-1 Class C-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/21/2025

85,000

Aggregate

Series 2021-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

150,000

Occurrence

Series 2021-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

90,000

Aggregate

Series 2021-1 Class C-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

90,000

Aggregate

Series 2022-1 Class A

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/22/2022

6/22/2025

300,000

Aggregate

Total available limit as of June 30, 2022

$

2,062,500

Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts [Table Text Block]

(Dollars in thousands)

Note Series

Issue Date

Maturity Date

Amount

Series 2018-1 Class A-2

4/30/2018

5/5/2023

62,500

Series 2018-1 Class B-2

4/30/2018

5/5/2023

200,000

Series 2019-1 Class A-1

12/12/2019

12/19/2023

150,000

Series 2019-1 Class B-1

12/12/2019

12/19/2023

275,000

Series 2019-1 Class A-2

12/12/2019

12/19/2024

150,000

Series 2019-1 Class B-2

12/12/2019

12/19/2024

275,000

Series 2021-1 Class A-1

4/8/2021

4/21/2025

150,000

Series 2021-1 Class B-1

4/8/2021

4/21/2025

85,000

Series 2021-1 Class C-1

4/8/2021

4/21/2025

85,000

Series 2021-1 Class A-2

4/8/2021

4/20/2026

150,000

Series 2021-1 Class B-2

4/8/2021

4/20/2026

90,000

Series 2021-1 Class C-2

4/8/2021

4/20/2026

90,000

Series 2022-1 Class A

6/22/2022

6/22/2025

300,000

$

2,062,500

XML

Senior Notes (Tables)

6 Months Ended

Jun. 30, 2022

Senior Notes [Abstract]

Schedule Of Outstanding Senior Notes

June 30, 2022

December 31, 2021

Consolidated

Consolidated

Principal 

Balance Sheet

Fair

Balance Sheet

Fair

(Dollars in thousands)

Date Issued

Date Due

Amounts

Amount

Value

Amount

Value

4.868

% Senior notes

06/05/2014

06/01/2044

400,000

$

397,373

$

374,212

$

397,314

$

503,840

3.5

% Senior notes

10/07/2020

10/15/2050

1,000,000

$

980,310

$

769,220

$

980,046

$

1,054,520

3.125

% Senior notes

10/04/2021

10/15/2052

1,000,000

$

968,811

$

701,820

$

968,440

$

983,140

2,400,000

$

2,346,495

$

1,845,252

$

2,345,800

$

2,541,500

Schedule Of Interest Expense Incurred In Connection With Senior Notes

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Interest expense incurred

4.868

% Senior notes

$

4,868

$

4,868

$

9,736

$

9,736

Interest expense incurred

3.5

% Senior notes

$

8,807

$

8,805

$

17,614

$

17,610

Interest expense incurred

3.125

% Senior notes

$

7,827

$

-

$

15,741

$

-

$

21,502

$

13,673

$

43,090

$

27,346

XML

Long Term Subordinated Notes (Tables)

6 Months Ended

Jun. 30, 2022

Long Term Subordinated Notes [Abstract]

Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes

June 30, 2022

December 31, 2021

Original

Consolidated

Consolidated

Principal

Maturity Date

Balance

Fair

Balance

Fair

(Dollars in thousands)

Date Issued

Amount

Scheduled

Final

Sheet Amount

Value

Sheet Amount

Value

Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

223,824

$

189,012

$

223,774

$

216,289

Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Interest expense incurred

$

1,927

$

1,460

$

3,458

$

2,922

XML

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule Of Underwriting Results For Operating Segments

Three Months Ended June 30, 2022

Six Months Ended June 30, 2022

(Dollars in thousands)

Reinsurance

Insurance

Total 

Reinsurance

Insurance

Total 

Gross written premiums

$

1,394,004

$

1,042,883

$

2,436,887

$

2,773,675

$

1,868,220

$

4,641,895

Net written premiums

1,245,074

749,551

1,994,625

2,430,415

1,360,419

3,790,834

Premiums earned

$

1,294,903

$

659,326

$

1,954,229

$

2,504,217

$

1,278,605

$

3,782,821

Incurred losses and LAE

875,402

428,536

1,303,937

1,695,872

833,755

2,529,627

Commission and brokerage

331,917

76,747

408,663

647,246

146,047

793,293

Other underwriting expenses

32,451

87,812

120,263

63,425

174,594

238,018

Underwriting gain (loss)

$

55,134

$

66,232

$

121,366

$

97,674

$

124,209

$

221,883

Net investment income

176,499

332,633

Net gains (losses) on investments

(378,273)

(604,860)

Corporate expense

(5,886)

(11,652)

Interest, fee and bond issue cost amortization expense

(24,398)

(48,476)

Other income (expense) 

493

(8,904)

Income (loss) before taxes

$

(110,199)

$

(119,376)

Three Months Ended June 30, 2021

Six Months Ended June 30, 2021

(Dollars in thousands)

Reinsurance

Insurance

Total 

Reinsurance

Insurance

Total 

Gross written premiums

$

1,439,254

$

877,776

$

2,317,030

$

2,859,337

$

1,591,028

$

4,450,365

Net written premiums

1,291,229

637,106

1,928,335

2,500,042

1,193,636

3,693,678

Premiums earned

$

1,232,157

$

534,398

$

1,766,555

$

2,409,327

$

1,054,128

$

3,463,455

Incurred losses and LAE

739,440

356,177

1,095,618

1,709,757

739,944

2,449,702

Commission and brokerage

324,989

61,859

386,848

615,545

121,157

736,702

Other underwriting expenses

32,999

76,932

109,930

69,288

150,437

219,725

Underwriting gain (loss)

$

134,729

$

39,430

$

174,159

$

14,737

$

42,590

$

57,327

Net investment income

248,135

395,858

Net gains (losses) on investments

183,763

318,774

Corporate expense

(7,618)

(12,199)

Interest, fee and bond issue cost amortization expense

(15,537)

(31,071)

Other income (expense) 

(1,867)

2,112

Income (loss) before taxes

$

581,035

$

730,800

Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Canada gross written premiums

$

80,714

$

68,955

$

148,479

$

103,285

XML

Related-Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Related-Party Transactions [Abstract]

Dividends Received On Preferred Shares

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Dividends received on preferred stock of affiliate

$

7,758

$

7,758

$

15,516

$

15,516

Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period

(Dollars in thousands)

Single 

Percent

Assuming

Occurrence

Aggregate

Coverage Period

Ceding Company

Ceded 

Company

Type of Business

Limit

Limit 

01/01/2010-12/31/2010

Everest Re

44.0

%

Bermuda Re

property / casualty business

150,000

325,000

01/01/2011-12/31/2011

Everest Re

50.0

%

Bermuda Re

property / casualty business

150,000

300,000

01/01/2012-12/31/2014

Everest Re

50.0

%

Bermuda Re

property / casualty business

100,000

200,000

01/01/2015-12/31/2016

Everest Re

50.0

%

Bermuda Re

property / casualty business

162,500

325,000

01/01/2017-12/31/2017

Everest Re

60.0

%

Bermuda Re

property / casualty business

219,000

438,000

01/01/2010-12/31/2010

Everest Re- Canadian Branch

60.0

%

Bermuda Re

property business

350,000

(1)

-

01/01/2011-12/31/2011

Everest Re- Canadian Branch

60.0

%

Bermuda Re

property business

350,000

(1)

-

01/01/2012-12/31/2012

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

206,250

(1)

412,500

(1)

01/01/2013-12/31/2013

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

150,000

(1)

412,500

(1)

01/01/2014-12/31/2017

Everest Re- Canadian Branch

75.0

%

Bermuda Re

property / casualty business

262,500

(1)

412,500

(1)

01/01/2012-12/31/2017

Everest Canada

80.0

%

Everest Re- Canadian

Branch

property business

-

-

01/01/2020

Everest International Assurance

100.0

%

Bermuda Re

life business

-

-

(1)

Amounts shown are Canadian dollars.

Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate

(Dollars in thousands)

Effective

Transferring

Assuming

% of Business or 

Covered Period 

Date

Company 

Company

Amount of Transfer

of Transfer

10/01/2001

Everest Re (Belgium Branch)

Bermuda Re

100

%

All years

10/01/2008

Everest Re

Bermuda Re

$

747,022

01/01/2002-12/31/2007

12/31/2017

Everest Re

Bermuda Re

$

970,000

All years

Premiums And Losses Ceded By The Company To Affiliate

Three Months Ended

Six Months Ended

Bermuda Re

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Ceded written premiums

$

91,385

$

74,948

$

183,823

$

145,801

Ceded earned premiums

91,370

73,799

183,807

144,676

Ceded losses and LAE

2,955

20,990

1,111

(9,114)

Assumed written premiums

1,065

-

3,323

-

Assumed earned premiums

1,065

62

4,504

123

Assumed losses and LAE

3

40

(191)

66

Three Months Ended

Six Months Ended

Everest International & Canada

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

-

-

-

-

Assumed earned premiums

-

-

-

-

Assumed losses and LAE

45

7

(1,824)

66

Three Months Ended

Six Months Ended

Ireland Re

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

2,037

$

2,978

$

4,338

$

5,901

Assumed earned premiums

2,037

2,978

4,549

4,927

Assumed losses and LAE

-

-

2,441

-

Three Months Ended

Six Months Ended

Ireland Insurance

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

1,905

$

1,489

$

3,864

$

2,790

Assumed earned premiums

2,338

1,252

3,978

2,514

Assumed losses and LAE

(4,784)

308

1,608

1,005

Three Months Ended

Six Months Ended

Lloyd's Syndicate 2786

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Assumed written premiums

$

(250)

$

73

$

(257)

$

672

Assumed earned premiums

(250)

112

(257)

641

Assumed losses and LAE

132

1,796

387

214

Three Months Ended

Six Months Ended

Mt. Logan Re Segregated Accounts

June 30,

June 30,

(Dollars in thousands)

2022

2021

2022

2021

Ceded written premiums

$

21,760

$

46,571

$

62,426

$

127,943

Ceded earned premiums

29,171

60,117

71,655

126,105

Ceded losses and LAE 

22,884

21,613

59,648

94,607

XML

Investments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Additional contractual commitments	$ 983,500	$ 983,500
Contractual commitments, investment period expiration date		2026
Fixed maturities, available for sale, fair value	12,873,421	$ 12,873,421	$ 12,860,395
Maximum exposure to loss	1,800,000	1,800,000	1,700,000
Commitments to fund investments	800,000	800,000
Fixed maturities - held to maturity, at amortized cost	71,800	71,800
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	$ 71,245	71,245
Fixed maturities - held to maturity, term	5 years
Fixed maturities - held to maturity, at amortized cost, credit allowances	$ 366	366
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value of investments in unrealized loss position	11,325,407	11,325,407	5,882,136
Gross unrealized losses on investments in unrealized loss position	885,215	885,215	86,129
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	10,388,190	10,388,190	5,390,316
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	763,375	763,375	70,899
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	121,840	121,840	15,230
Fixed maturities, available for sale, fair value	12,873,421	$ 12,873,421	$ 12,860,395
Fixed Maturity Securities [Member] | Sales Revenue Net [Member] | Issuer [Member] | Issuer with the second largest unrealized loss position [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage threshold of unrealized losses not exceeded by any one single issuer		2.20%	0.40%
Fixed Maturity Securities [Member] | U S Government Debt Securities [Member] | Sales Revenue Net [Member] | Issuer [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage threshold of unrealized losses not exceeded by any one single issuer		4.30%	2.10%
Recorded An Allowance For Credit Losses [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value of investments in unrealized loss position	7,054	$ 7,054	$ 15,700
Gross unrealized losses on investments in unrealized loss position	855	855	400
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	7,054	7,054
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	855	855
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation
Asset Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value of investments in unrealized loss position	3,527,531	3,527,531	1,928,786
Gross unrealized losses on investments in unrealized loss position	177,890	177,890	11,014
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	3,518,224	3,518,224	1,890,876
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	177,153	177,153	10,713
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	737	737	301
Fixed maturities, available for sale, fair value	3,751,371	3,751,371	3,466,286
Fixed maturities - held to maturity, at amortized cost	62,800	62,800
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	62,400	62,400
Fixed maturities - held to maturity, gross unrealized appreciation	100	100
Fixed maturities - held to maturity, gross unrealized depreciation	200	200
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value of investments in unrealized loss position	3,318,819	3,318,819	1,665,896
Gross unrealized losses on investments in unrealized loss position	336,713	336,713	31,000
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	2,907,008	2,907,008	1,465,259
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	282,978	282,978	24,853
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	53,735	53,735	6,147
Fixed maturities, available for sale, fair value	4,007,683	4,007,683	4,074,905
Fixed maturities - held to maturity, at amortized cost	9,000	9,000
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	8,800	8,800
Fixed maturities - held to maturity, gross unrealized appreciation	0	0
Fixed maturities - held to maturity, gross unrealized depreciation	100	100
External Credit Rating Investment Grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	662,600	662,600	61,500
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	114,200	114,200	$ 12,300
Private Placement Liquidity Sweep [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, available for sale, fair value	$ 262,300	$ 262,300

XML

Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 13,754,572		$ 12,733,499
Allowance for credit loss	(27,274)	$ (29,140)	(27,491)	$ (23,783)	$ (8,708)	$ (1,566)
Fixed maturities, available for sale, fair value	12,873,421		12,860,395
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,754,572		12,733,499
Allowance for credit loss	(27,274)		(27,491)
Unrealized Appreciation	31,338		240,516
Unrealized Depreciation	(885,215)		(86,129)
Fixed maturities, available for sale, fair value	12,873,421		12,860,395
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	615,312		656,742
Allowance for credit loss
Unrealized Appreciation	618		9,303
Unrealized Depreciation	(26,187)		(3,296)
Fixed maturities, available for sale, fair value	589,743		662,749
Obligation of U.S. States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	528,830		558,842
Allowance for credit loss	(151)	(151)	(151)
Unrealized Appreciation	3,951		29,080
Unrealized Depreciation	(24,349)		(1,150)
Fixed maturities, available for sale, fair value	508,281		586,621
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,355,517		4,036,000
Allowance for credit loss	(25,584)	(20,049)	(19,267)	(18,475)	(3,588)	(1,205)
Unrealized Appreciation	15,127		89,172
Unrealized Depreciation	(337,377)		(31,000)
Fixed maturities, available for sale, fair value	4,007,683		4,074,905
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,928,582		3,464,248
Allowance for credit loss		(7,680)	(7,680)	(4,915)	(4,915)
Unrealized Appreciation	679		20,732
Unrealized Depreciation	(177,890)		(11,014)
Fixed maturities, available for sale, fair value	3,751,371		3,466,286
Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	566,417		586,441
Allowance for credit loss
Unrealized Appreciation			20,538
Unrealized Depreciation	(41,999)		(4,085)
Fixed maturities, available for sale, fair value	524,418		602,894
Agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,522,073		1,255,186
Allowance for credit loss
Unrealized Appreciation	185		15,568
Unrealized Depreciation	(112,358)		(10,076)
Fixed maturities, available for sale, fair value	1,409,900		1,260,678
Non-agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,536		4,398
Allowance for credit loss
Unrealized Appreciation			16
Unrealized Depreciation	(143)		(6)
Fixed maturities, available for sale, fair value	3,393		4,408
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	697,135		677,327
Allowance for credit loss
Unrealized Appreciation	6,339		21,658
Unrealized Depreciation	(38,860)		(7,005)
Fixed maturities, available for sale, fair value	664,614		691,980
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,537,170		1,494,315
Allowance for credit loss	(1,539)	$ (1,260)	(393)	$ (393)	$ (205)	$ (361)
Unrealized Appreciation	4,439		34,449
Unrealized Depreciation	(126,052)		(18,497)
Fixed maturities, available for sale, fair value	$ 1,414,018		$ 1,509,874

XML

Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 13,754,572	$ 12,733,499
Fair Value	12,873,421	12,860,395
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost	550,584	586,432
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost	3,688,680	3,488,358
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost	2,134,269	2,260,481
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost	1,360,431	1,087,955
Amortized Cost	13,754,572	12,733,499
Fixed maturity securities - available for sale, Due in one year or less, Market Value	545,751	583,676
Fixed maturity securities - available for sale, Due after one year through five years, Market Value	3,513,385	3,526,854
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value	1,933,772	2,309,870
Fixed maturity securities - available for sale, Due after ten years, Market Value	1,191,431	1,105,729
Fair Value	12,873,421	12,860,395
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,928,582	3,464,248
Fair Value	3,751,371	3,466,286
Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	566,417	586,441
Fair Value	524,418	602,894
Agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,522,073	1,255,186
Fair Value	1,409,900	1,260,678
Non-agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,536	4,398
Fair Value	$ 3,393	$ 4,408

XML

Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	$ (512,342)	$ 63,124	$ (1,008,216)	$ (74,026)
Deferred tax benefit (expense)	107,410	(13,272)	211,260	15,510
Total URA(D) on securities arising during the period	(404,932)	49,852	(796,956)	(58,516)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	$ (512,342)	$ 63,124	$ (1,008,216)	$ (74,026)

XML

Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	$ 10,388,190	$ 5,390,316
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(763,375)	(70,899)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	937,217	491,820
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(121,840)	(15,230)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	11,325,407	5,882,136
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(885,215)	(86,129)
No Recorded Allowance for Credit Losses [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	10,381,136
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(762,520)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	937,217
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(121,840)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	11,318,353
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(884,360)
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	520,687	266,953
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(23,947)	(3,296)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	26,566
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(2,240)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	547,253	266,953
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(26,187)	(3,296)
Obligation of U.S. States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	207,489	51,094
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(21,199)	(1,038)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	15,223	2,558
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(3,102)	(112)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	222,712	53,652
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(24,301)	(1,150)
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	2,907,008	1,465,259
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(282,978)	(24,853)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	411,811	200,637
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(53,735)	(6,147)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	3,318,819	1,665,896
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(336,713)	(31,000)
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	3,518,224	1,890,876
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(177,153)	(10,713)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	9,307	37,910
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(737)	(301)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	3,527,531	1,928,786
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(177,890)	(11,014)
Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	515,599	138,934
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(40,620)	(2,467)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	8,818	34,967
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(1,379)	(1,618)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	524,417	173,901
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(41,999)	(4,085)
Agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	1,130,396	698,896
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(77,988)	(6,879)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	266,332	167,923
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(34,370)	(3,197)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	1,396,728	866,819
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(112,358)	(10,076)
Non-agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	3,393	1,401
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(143)	(4)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value		156
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation		(2)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	3,393	1,557
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(143)	(6)
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	475,696	200,294
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(29,114)	(4,778)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	66,955	14,612
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(9,746)	(2,227)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	542,651	214,906
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(38,860)	(7,005)
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	1,102,644	676,609
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(109,378)	(16,871)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	132,205	33,057
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(16,531)	(1,626)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	1,234,849	709,666
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(125,909)	(18,497)
Recorded An Allowance For Credit Losses [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	7,054
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(855)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	7,054	15,700
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	$ (855)	$ (400)

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Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	$ 10,388,190	$ 5,390,316
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(763,375)	(70,899)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	937,217	491,820
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(121,840)	(15,230)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	11,325,407	5,882,136
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(885,215)	(86,129)
No Recorded Allowance for Credit Losses [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	10,381,136
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(762,520)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	937,217
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(121,840)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	11,318,353
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(884,360)
Due In One Year Or Less [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	342,251	81,412
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(2,566)	(1,878)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	39,994	35,515
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(3,187)	(3,829)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	382,245	116,927
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(5,753)	(5,707)
Due In One Year Through Five Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	2,518,832	1,209,378
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(149,344)	(18,614)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	315,227	154,449
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(23,856)	(3,418)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	2,834,059	1,363,827
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(173,200)	(22,032)
Due In Five Years Through Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	1,401,318	852,857
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(158,998)	(20,678)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	248,982	34,164
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(46,474)	(1,977)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	1,650,300	887,021
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(205,472)	(22,655)
Due After Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	951,123	516,562
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(155,708)	(9,666)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	48,557	26,736
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(11,837)	(888)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	999,680	543,298
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(167,545)	(10,554)
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	3,518,224	1,890,876
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(177,153)	(10,713)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	9,307	37,910
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(737)	(301)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	3,527,531	1,928,786
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(177,890)	(11,014)
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	1,649,388	839,231
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(118,751)	(9,350)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	275,150	203,046
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(35,749)	(4,817)
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	1,924,538	1,042,277
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	(154,500)	(14,167)
Recorded An Allowance For Credit Losses [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	7,054
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(855)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation
Fixed maturity securities, Duration of Unrealized Loss, Total, Fair Value	7,054	15,700
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation	$ (855)	$ (400)

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Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	$ 187,738	$ 255,384	$ 349,641	$ 409,509
Funds held interest income (expense)	525	2,732	3,348	6,221
Interest income from Parent	1,800	1,281	3,568	2,549
Gross investment income	190,063	259,397	356,557	418,279
Investment expenses	(13,564)	(11,262)	(23,924)	(22,421)
Net investment income	176,499	248,135	332,633	395,858
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	115,510	91,895	209,941	177,016
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	4,600	3,385	8,746	6,308
Short-Term Investments and Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	635	83	850	236
Limited Partnerships [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	45,244	126,407	88,766	178,558
Dividends From Preferred Shares Of Affiliate [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	7,758	7,758	15,516	15,516
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	$ 13,991	$ 25,856	$ 25,822	$ 31,875

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Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Available-for-sale Securities [Line Items]
Credit allowances on fixed maturity securities	$ 1,500	$ (15,075)	$ (149)	$ (22,217)
Total net gains (losses) on investments	(378,273)	183,763	(604,860)	318,774
Beginning Balance	(29,140)	(8,708)	(27,491)	(1,566)
Credit losses on securities where credit losses were not previously recorded	(5,060)	(13,726)	(7,958)	(21,024)
Increases in allowance on previously impaired securities	(760)	(1,468)	(760)	(1,468)
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals	7,686	119	8,935	275
Ending Balance	(27,274)	(23,783)	(27,274)	(23,783)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance			(27,491)
Ending Balance	(27,274)		(27,274)
Fixed Maturity Securities [Member] | Market Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Credit allowances on fixed maturity securities	1,500	(15,075)	(149)	(22,217)
Net realized gains (losses) from dispositions	(9,875)	4,128	(14,964)	8,055
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(20,049)	(3,588)	(19,267)	(1,205)
Credit losses on securities where credit losses were not previously recorded	(4,888)	(13,538)	(6,817)	(15,921)
Increases in allowance on previously impaired securities	(653)	(1,468)	(653)	(1,468)
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals	6	119	1,153	119
Ending Balance	(25,584)	(18,475)	(25,584)	(18,475)
Asset Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(7,680)	(4,915)	(7,680)
Credit losses on securities where credit losses were not previously recorded				(4,915)
Increases in allowance on previously impaired securities
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals	7,680		7,680
Ending Balance		(4,915)		(4,915)
Equity Securities [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Net realized gains (losses) from dispositions	(30,009)	585	(38,277)	6,823
Gains (losses) from fair value adjustments	(185,865)	103,824	(316,667)	141,375
Other Invested Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	583	2,748	4,502	4,094
Other Invested Assets [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from fair value adjustments	(154,658)	87,552	(239,277)	180,630
Short-Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Net realized gains (losses) from dispositions	51	1	(28)	14
Obligation of U.S. States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(151)		(151)
Credit losses on securities where credit losses were not previously recorded
Increases in allowance on previously impaired securities
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals
Ending Balance	(151)		(151)
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance
Ending Balance
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(1,260)	(205)	(393)	(361)
Credit losses on securities where credit losses were not previously recorded	(172)	(188)	(1,141)	(188)
Increases in allowance on previously impaired securities	(107)		(107)
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals			102	156
Ending Balance	$ (1,539)	$ (393)	$ (1,539)	$ (393)

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Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of fixed maturity securities, available for sale			$ 511,218	$ 242,072
Proceeds from sales of equity securities			425,380	346,088
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of fixed maturity securities, available for sale	$ 244,553	$ 165,443	511,218	242,072
Gross gains from dispositions	3,119	8,850	6,274	15,199
Gross losses from dispositions	(12,994)	(4,722)	(21,238)	(7,144)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of equity securities	343,405	64,775	425,380	346,088
Gross gains from dispositions	4,126	2,633	7,634	14,937
Gross losses from dispositions	$ (34,135)	$ (2,048)	$ (45,911)	$ (8,114)

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Reserves For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reserves For Losses And LAE [Line Items]
Current year incurred losses	$ 2,520,596	$ 2,450,567
Catastrophe Losses [Member]
Reserves For Losses And LAE [Line Items]
Current year incurred losses	(150,000)
Catastrophe Losses [Member] | Ukraine/Russia War [Member]
Reserves For Losses And LAE [Line Items]
Current year incurred losses	$ 24,600
Development [Member]
Reserves For Losses And LAE [Line Items]
Current year incurred losses			$ 9,000

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Reserves For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reserves For Losses, LAE And Future Policy Benefit Reserve [Abstract]
Gross reserves beginning of period	$ 13,121,177	$ 11,578,096	$ 11,578,096
Less reinsurance recoverables on unpaid losses	(3,650,716)	(3,951,474)	(3,951,474)
Net reserves beginning of period	9,470,461	7,626,622	7,626,622
Incurred related to: Current year	2,520,596	2,450,567
Incurred related to : Prior years	9,031	(865)
Total incurred losses and LAE	2,529,627	2,449,702
Paid related to: Current year	775,023	550,907
Paid related to: Prior years	1,063,144	903,025
Total paid losses and LAE	1,838,167	1,453,932
Foreign exchange/translation adjustment	(16,668)	9,986
Net reserves end of period	10,145,252	8,632,376	9,470,461
Plus reinsurance recoverables on unpaid losses	3,593,105	3,772,228	3,650,716
Gross reserves end of period	$ 13,738,357	$ 12,404,604	$ 13,121,177

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Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	$ 12,873,421	$ 12,860,395
Other invested assets, at fair value	1,791,539	2,030,816
Fixed maturities - held to maturity, at amortized cost, net of credit allowances	71,390
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	71,245
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets, at fair value
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets, at fair value	1,791,539	2,030,816
Internally Managed Public Equity Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	896,900,000	1,300,000
Fair Value [Member] | Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets, at fair value	297,200	286,600
Fixed Maturities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	2,200	2,000
Asset Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	3,751,371	3,466,286
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	62,400
Asset Backed Securities [Member] | Internally Managed Portfolio Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	$ 2,100	$ 2,000

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Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	$ 12,873,421	$ 12,860,395
Equity securities, at fair value	1,249,310	1,757,792
Other invested assets, at fair value	1,791,539	2,030,816
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, at fair value	1,226,921	1,721,762
Other invested assets, at fair value
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, at fair value	22,389	36,030
Other invested assets, at fair value
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, at fair value
Other invested assets, at fair value	1,791,539	2,030,816
Fixed Maturity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	12,873,421	12,860,395
Fixed Maturity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Fixed Maturity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	10,709,945	10,863,174
Fixed Maturity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	2,163,476	1,997,221
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	589,743	662,749
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	589,743	662,749
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Obligation of U.S. States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	508,281	586,621
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	508,281	586,621
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	4,007,683	4,074,905
Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	3,145,256	3,344,980
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	862,427	729,925
Asset Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	3,751,371	3,466,286
Asset Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Asset Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	2,495,974	2,215,005
Asset Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	1,255,397	1,251,281
Commercial Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	524,418	602,894
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	518,727	602,894
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	5,691
Agency Residential [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	1,409,900	1,260,678
Agency Residential [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Agency Residential [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	1,409,900	1,260,678
Agency Residential [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Non-agency Residential [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	3,393	4,408
Non-agency Residential [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Non-agency Residential [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	3,393	4,408
Non-agency Residential [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Foreign Government Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	664,614	691,980
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	664,614	691,980
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Foreign Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	1,414,018	1,509,874
Foreign Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value
Foreign Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	1,374,057	1,493,859
Foreign Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, available for sale, fair value	$ 39,961	$ 16,015

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Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - Market Value [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 2,125,163,000	$ 1,424,851,000	$ 1,997,221,000	$ 1,259,576,000
Total gains or (losses) (realized/unrealized), Included in earnings	(4,483,000)	(13,418,000)	(2,939,000)	(19,372,000)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(54,151,000)	12,108,000	(87,190,000)	11,857,000
Purchases, issuances and settlements	96,947,000	31,544,000	256,384,000	203,024,000
Transfers in and/or (out) of Level 3
Ending balance	2,163,476,000	1,455,085,000	2,163,476,000	1,455,085,000
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	2,418,000	(22,194,000)	2,736,000	(22,194,000)
Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	714,656,000	633,893,000	729,925,000	630,843,000
Total gains or (losses) (realized/unrealized), Included in earnings	(4,534,000)	(13,762,000)	(3,105,000)	(15,550,000)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(3,003,000)	4,583,000	(7,170,000)	7,418,000
Purchases, issuances and settlements	27,750,000	10,209,000	15,219,000	12,212,000
Transfers in and/or (out) of Level 3	127,558,000		127,558,000
Ending balance	862,427,000	634,923,000	862,427,000	634,923,000
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	(5,261,000)	(17,279,000)	(4,943,000)	(17,279,000)
Asset-backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	1,388,691,000	785,360,000	1,251,281,000	623,033,000
Total gains or (losses) (realized/unrealized), Included in earnings	35,000	206,000	137,000	(3,962,000)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(47,202,000)	7,610,000	(75,990,000)	4,475,000
Purchases, issuances and settlements	61,565,000	22,100,000	227,661,000	191,730,000
Transfers in and/or (out) of Level 3	(147,692,000)		(147,692,000)
Ending balance	1,255,397,000	815,276,000	1,255,397,000	815,276,000
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	7,679,000	(4,915,000)	7,679,000	(4,915,000)
CMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	5,890,000
Total gains or (losses) (realized/unrealized), Included in earnings
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(199,000)		(222,000)
Purchases, issuances and settlements			5,913,000
Transfers in and/or (out) of Level 3
Ending balance	5,691,000		5,691,000
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
Foreign Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	15,926,000	5,598,000	16,015,000	5,700,000
Total gains or (losses) (realized/unrealized), Included in earnings	16,000	138,000	29,000	140,000
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(3,747,000)	(85,000)	(3,808,000)	(36,000)
Purchases, issuances and settlements	7,632,000	(765,000)	7,591,000	(918,000)
Transfers in and/or (out) of Level 3	20,134,000		20,134,000
Ending balance	39,961,000	4,886,000	39,961,000	4,886,000
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

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Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Comprehensive Income (Loss) [Line Items]
Reclassification, Before Tax	$ 959	$ 2,586	$ 1,919	$ 5,172
Reclassification, Tax Effect	(202)	(543)	(404)	(1,086)
Reclassification, Net of Tax	758	2,043	1,515	4,086
Total, Before Tax	(523,857)	83,421	(1,021,212)	(48,286)
Total, Tax Effect	109,833	(17,542)	213,983	10,103
Total other comprehensive income (loss), net of tax	(414,023)	65,880	(807,228)	(38,183)
URA(D) On Securities [Member]
Comprehensive Income (Loss) [Line Items]
Before Tax	(520,134)	54,925	(1,018,827)	(84,094)
Tax Effect	109,031	(11,515)	213,445	17,646
Net of Tax	(411,103)	43,410	(805,382)	(66,448)
Reclassification, Before Tax	7,793	8,198	10,611	10,068
Reclassification, Tax Effect	(1,622)	(1,757)	(2,185)	(2,136)
Reclassification, Net of Tax	6,171	6,442	8,426	7,932
Total other comprehensive income (loss), net of tax	(404,932)	49,852	(796,956)	(58,516)
Foreign Currency Translation Adjustments [Member]
Comprehensive Income (Loss) [Line Items]
Before Tax	(12,475)	17,712	(14,915)	20,568
Tax Effect	2,626	(3,727)	3,127	(4,321)
Net of Tax	(9,849)	13,985	(11,788)	16,247
Total other comprehensive income (loss), net of tax	(9,849)	13,985	(11,788)	16,247
Benefit Plan Net Gain (Loss) [Member]
Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), net of tax	$ 758	$ 2,043	$ 1,515	$ 4,086

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Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net gains (losses) on investments	$ (39,250)	$ 7,462	$ (48,767)	$ 18,986
Income tax expense (benefit)	24,516	(115,228)	34,745	(145,550)
NET INCOME (LOSS)	(85,683)	465,807	(84,631)	585,250
URA(D) On Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net gains (losses) on investments	7,793	8,198	10,611	10,068
Income tax expense (benefit)	(1,622)	(1,757)	(2,185)	(2,136)
NET INCOME (LOSS)	6,171	6,442	8,426	7,932
Benefit Plan Net Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other underwriting expenses	(959)	(2,586)	(1,919)	(5,172)
Income tax expense (benefit)	(202)	(543)	(404)	(1,086)
NET INCOME (LOSS)	$ 758	$ 2,043	$ 1,515	$ 4,086

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Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 7,038,047
Net increase (decrease) during the period	$ (414,023)	$ 65,880	(807,228)	$ (38,183)
Ending balance	6,146,411	6,961,604	6,146,411	6,961,604
URA(D) On Securities [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	(270,155)	204,793	121,869	313,161
Net increase (decrease) during the period	(404,932)	49,852	(796,956)	(58,516)
Ending balance	(675,087)	254,645	(675,087)	254,645
Foreign Currency Translation Adjustments [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	18,053	30,989	19,992	28,727
Net increase (decrease) during the period	(9,849)	13,985	(11,788)	16,247
Ending balance	8,204	44,974	8,204	44,974
Benefit Plan Net Gain (Loss) [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	(49,634)	(71,827)	(50,392)	(73,870)
Net increase (decrease) during the period	758	2,043	1,515	4,086
Ending balance	(48,876)	(69,784)	(48,876)	(69,784)
Accumulated Other Comprehensive Income (Loss) [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	(301,735)	163,955	91,469	268,018
Net increase (decrease) during the period	(414,023)	65,880	(807,228)	(38,183)
Ending balance	$ (715,759)	$ 229,835	$ (715,759)	$ 229,835

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Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Effects of Reinsurance [Line Items]
Amount on deposit in trust accounts	$ 554.1

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Collateralized Reinsurance And Trust Agreements (Summary of Collateralized Reinsurance Agreements) (Details) - Kilimanjaro Re Limited [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Effects of Reinsurance [Line Items]
Limit	$ 2,062,500
Series 2018-1 Class A-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 30, 2018
Expiration Date	May 05, 2023
Limit	$ 62,500
Coverage Basis	Aggregate
Series 2018-1 Class B-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 30, 2018
Expiration Date	May 05, 2023
Limit	$ 200,000
Coverage Basis	Aggregate
Series 2019-1 Class A-1 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Dec. 12, 2019
Expiration Date	Dec. 19, 2023
Limit	$ 150,000
Coverage Basis	Occurrence
Series 2019-1 Class B-1 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Dec. 12, 2019
Expiration Date	Dec. 19, 2023
Limit	$ 275,000
Coverage Basis	Aggregate
Series 2019-1 Class A-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Dec. 12, 2019
Expiration Date	Dec. 19, 2024
Limit	$ 150,000
Coverage Basis	Occurrence
Series 2019-1 Class B-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Dec. 12, 2019
Expiration Date	Dec. 19, 2024
Limit	$ 275,000
Coverage Basis	Aggregate
Series 2021-1 Class A-1 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 08, 2021
Expiration Date	Apr. 21, 2025
Limit	$ 150,000
Coverage Basis	Occurrence
Series 2021-1 Class B-1 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 08, 2021
Expiration Date	Apr. 21, 2025
Limit	$ 85,000
Coverage Basis	Aggregate
Series 2021-1 Class C-1 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 08, 2021
Expiration Date	Apr. 21, 2025
Limit	$ 85,000
Coverage Basis	Aggregate
Series 2021-1 Class A-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 08, 2021
Expiration Date	Apr. 20, 2026
Limit	$ 150,000
Coverage Basis	Occurrence
Series 2021-1 Class B-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 08, 2021
Expiration Date	Apr. 20, 2026
Limit	$ 90,000
Coverage Basis	Aggregate
Series 2021-1 Class C-2 [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Apr. 08, 2021
Expiration Date	Apr. 20, 2026
Limit	$ 90,000
Coverage Basis	Aggregate
Series 2022-1 Class A [Member]
Effects of Reinsurance [Line Items]
Description	US, Canada, Puerto Rico – Named Storm and Earthquake Events
Effective Date	Jun. 22, 2022
Expiration Date	Jun. 22, 2025
Limit	$ 300,000
Coverage Basis	Aggregate

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Collateralized Reinsurance And Trust Agreements (Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts) (Details) - Kilimanjaro Re Limited [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Effects of Reinsurance [Line Items]
Amount	$ 2,062,500
Series 2018-1 Class A-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 30, 2018
Maturity Date	May 05, 2023
Amount	$ 62,500
Series 2018-1 Class B-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 30, 2018
Maturity Date	May 05, 2023
Amount	$ 200,000
Series 2019-1 Class A-1 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Dec. 12, 2019
Maturity Date	Dec. 19, 2023
Amount	$ 150,000
Series 2019-1 Class B-1 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Dec. 12, 2019
Maturity Date	Dec. 19, 2023
Amount	$ 275,000
Series 2019-1 Class A-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Dec. 12, 2019
Maturity Date	Dec. 19, 2024
Amount	$ 150,000
Series 2019-1 Class B-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Dec. 12, 2019
Maturity Date	Dec. 19, 2024
Amount	$ 275,000
Series 2021-1 Class A-1 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 08, 2021
Maturity Date	Apr. 21, 2025
Amount	$ 150,000
Series 2021-1 Class B-1 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 08, 2021
Maturity Date	Apr. 21, 2025
Amount	$ 85,000
Series 2021-1 Class C-1 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 08, 2021
Maturity Date	Apr. 21, 2025
Amount	$ 85,000
Series 2021-1 Class A-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 08, 2021
Maturity Date	Apr. 20, 2026
Amount	$ 150,000
Series 2021-1 Class B-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 08, 2021
Maturity Date	Apr. 20, 2026
Amount	$ 90,000
Series 2021-1 Class C-2 [Member]
Effects of Reinsurance [Line Items]
Issue Date	Apr. 08, 2021
Maturity Date	Apr. 20, 2026
Amount	$ 90,000
Series 2022-1 Class A [Member]
Effects of Reinsurance [Line Items]
Issue Date	Jun. 22, 2022
Maturity Date	Jun. 22, 2025
Amount	$ 300,000

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Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Consolidated Balance Sheet Amount	$ 2,346,495,000	$ 2,345,800,000
Senior Notes [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Principal Amounts	2,400,000,000
Consolidated Balance Sheet Amount	2,346,495,000	2,345,800,000
Market Value	$ 1,845,252,000	2,541,500,000
Senior Notes [Member] | Senior Notes 4.868% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Date Issued	Jun. 05, 2014
Date Due	Jun. 01, 2044
Principal Amounts	$ 400,000,000
Consolidated Balance Sheet Amount	397,373,000	397,314,000
Market Value	$ 374,212,000	503,840,000
Debt instrument, stated interest rate	4.868%
Senior Notes [Member] | Senior Notes 3.50% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Date Issued	Oct. 07, 2020
Date Due	Oct. 15, 2050
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	980,310,000	980,046,000
Market Value	$ 769,220,000	1,054,520,000
Debt instrument, stated interest rate	3.50%
Senior Notes [Member] | Senior Notes 3.125% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Date Issued	Oct. 04, 2021
Date Due	Oct. 15, 2052
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	968,811,000	968,440,000
Market Value	$ 701,820,000	$ 983,140,000
Debt instrument, stated interest rate	3.125%

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Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Interest expense incurred	$ 21,502	$ 13,673	$ 43,090	$ 27,346
Senior Notes 4.868% [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 4,868	4,868	$ 9,736	9,736
Debt instrument, stated interest rate	4.868%		4.868%
Senior Notes 3.50% [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 8,807	8,805	$ 17,614	17,610
Debt instrument, stated interest rate	3.50%		3.50%
Senior Notes 3.125% [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 7,827		$ 15,741
Debt instrument, stated interest rate	3.125%		3.125%

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Long Term Subordinated Notes (Narrative) (Details) - Item	6 Months Ended
	Jun. 30, 2022	Aug. 14, 2022
Senior Notes 4.868% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Maturity date	Jun. 01, 2044
Subordinated Notes 6.60% [Member] | Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.60%
Interest payment commencement date	Nov. 15, 2007
Right to defer interest, number of occasions	1
Right to defer interest on one or more occasions for up to number of consecutive years	10 years
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly	2.385%
Percentage of principal amount required for redemption	100.00%
Subordinated Notes 6.60% [Member] | Subordinated Debt [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Reset quarterly interest rate		3.80%
Subordinated Notes 6.60% [Member] | Subordinated Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest payment date	May 3, 2007
Redemption date	May 15, 2017
Subordinated Notes 6.60% [Member] | Subordinated Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest payment date	May 14, 2017
Redemption date	May 01, 2047
Senior Notes 3.50% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Maturity date	Oct. 15, 2050
Senior Notes 3.125% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Maturity date	Oct. 15, 2052

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Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 223,824,000	$ 223,774,000
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member]
Debt Instrument [Line Items]
Date Issued	Apr. 26, 2007
Original Principal Amount	$ 400,000,000
Consolidated Balance Sheet Amount	223,824,000	223,774,000
Market Value	$ 189,012,000	$ 216,289,000
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member]
Debt Instrument [Line Items]
Maturity date	May 15, 2037
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Final [Member]
Debt Instrument [Line Items]
Maturity date	May 01, 2067

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Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Long Term Subordinated Notes [Abstract]
Interest expense incurred	$ 1,927	$ 1,460	$ 3,458	$ 2,922

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Federal Home Loan Bank Membership (Narrative) (Details) - Federal Home Loan Bank Of New York [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items]
Maximum percentage of admitted assets allowed for borrowing base	10.00%		10.00%
Admitted assets for FHLB	$ 20,800.0		$ 20,800.0
Maximum amount available under FHLB	2,100.0		2,100.0
Outstanding	519.0		$ 519.0
Amount of borrowed funds required to be used to acquire additional membership stock, percentage			4.50%
Interest expense	$ 0.8	$ 0.3	$ 1.5	$ 0.6
Minimum [Member]
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items]
FHLB advance interest rate	0.53%		0.53%
Maximum [Member]
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items]
FHLB advance interest rate	0.65%		0.65%

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Segment Reporting (Narrative) (Details)	Jun. 30, 2022
Concentration Risk [Line Items]
Percentage threshold of company revenue not exceeded by any other country	5.00%

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Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Gross written premiums	$ 2,436,887	$ 2,317,030	$ 4,641,895	$ 4,450,365
Net written premiums	1,994,625	1,928,335	3,790,834	3,693,678
Premiums earned	1,954,229	1,766,555	3,782,821	3,463,455
Incurred losses and LAE	1,303,937	1,095,618	2,529,627	2,449,702
Commission and brokerage	408,663	386,848	793,293	736,702
Other underwriting expenses	120,263	109,930	238,018	219,725
Underwriting gain (loss)	121,366	174,159	221,883	57,327
Reinsurance [Member]
Segment Reporting Information [Line Items]
Gross written premiums	1,394,004	1,439,254	2,773,675	2,859,337
Net written premiums	1,245,074	1,291,229	2,430,415	2,500,042
Premiums earned	1,294,903	1,232,157	2,504,217	2,409,327
Incurred losses and LAE	875,402	739,440	1,695,872	1,709,757
Commission and brokerage	331,917	324,989	647,246	615,545
Other underwriting expenses	32,451	32,999	63,425	69,288
Underwriting gain (loss)	55,134	134,729	97,674	14,737
Insurance [Member]
Segment Reporting Information [Line Items]
Gross written premiums	1,042,883	877,776	1,868,220	1,591,028
Net written premiums	749,551	637,106	1,360,419	1,193,636
Premiums earned	659,326	534,398	1,278,605	1,054,128
Incurred losses and LAE	428,536	356,177	833,755	739,944
Commission and brokerage	76,747	61,859	146,047	121,157
Other underwriting expenses	87,812	76,932	174,594	150,437
Underwriting gain (loss)	$ 66,232	$ 39,430	$ 124,209	$ 42,590

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Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Underwriting gain (loss)	$ 121,366	$ 174,159	$ 221,883	$ 57,327
Net investment income	176,499	248,135	332,633	395,858
Net gains (losses) on investments	(378,273)	183,763	(604,860)	318,774
Corporate expenses	(5,886)	(7,618)	(11,652)	(12,199)
Interest, fee and bond issue cost amortization expense	(24,398)	(15,537)	(48,476)	(31,071)
Other income (expense)	493	(1,867)	(8,904)	2,112
INCOME (LOSS) BEFORE TAXES	$ (110,199)	$ 581,035	$ (119,376)	$ 730,800

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Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Canada [Member]
Segment Reporting Information [Line Items]
Gross written premiums	$ 80,714	$ 68,955	$ 148,479	$ 103,285

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Related-Party Transactions (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions				1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 29, 2022 USD ($)	Aug. 05, 2021 USD ($)	Dec. 17, 2019 USD ($)	Dec. 31, 2015 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jan. 31, 2022 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2017 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2011 shares
Related Party Transaction [Line Items]
Notes Receivable - affiliated					$ 715,000		$ 715,000					$ 500,000
Shares purchased and held | shares													9,719,971
Shares transferred to affiliated entity | shares				9,719,971
Shares fair value				$ 1,800
Shares received in exchange from affiliated entity for transfer | shares				1,773.214
Common Shares Authorized for Repurchase, amount | shares					32,000,000.0		32,000,000.0
Preferred shares par value				$ 1,000
Annual dividend rate				1.75%
Amount transferred											$ 1,000
Subject loss reserves											2,300
Reinsurance recoverables - affiliated					$ 2,096,416		$ 2,096,416					2,298,769
Bermuda Re [Member]
Related Party Transaction [Line Items]
Amount transferred											970,000
Reinsurance recoverables - affiliated					854,000		854,000					$ 856,400
Note Agreement - Maturing December 2028 [Member] | Note Payable - Affiliated [Member] | Everest Re Group, Ltd. [Member]
Related Party Transaction [Line Items]
Notes Receivable - affiliated			$ 300,000
Note receivable interest rate			1.69%
Interest income					1,300	$ 1,300	2,500	$ 2,500
Note Agreement - Maturing August 2030 [Member] | Note Payable - Affiliated [Member] | Everest Re Group, Ltd. [Member]
Related Party Transaction [Line Items]
Notes Receivable - affiliated		$ 200,000
Note receivable interest rate		1.00%
Interest income					$ 500	$ 0	$ 1,000	$ 0
Note Agreement - Maturing June 2052 [Member] | Note Payable - Affiliated [Member] | Everest Re Group, Ltd. [Member]
Related Party Transaction [Line Items]
Notes Receivable - affiliated	$ 215,000
Note receivable interest rate	3.11%
Bermuda Re [Member]
Related Party Transaction [Line Items]
Adverse development coverage											$ 500,000
Catastrophe Reinsurance [Member] | Bermuda Re [Member] | Everest Re Group, Ltd. [Member]
Related Party Transaction [Line Items]
Reinsurance agreement | £										£ 100.0
Payments for coverage | £										3.5
Catastrophe Reinsurance [Member] | Bermuda Re [Member] | Everest Re Group, Ltd. [Member] | Coverage for each Catastrophe Occurrence above Specified Amount [Member]
Related Party Transaction [Line Items]
Reinsurance agreement | £										£ 40.0
Catastrophe Reinsurance [Member] | Ireland Re [Member] | Everest Re Group, Ltd. [Member]
Related Party Transaction [Line Items]
Reinsurance agreement | €									€ 145.0
Payments for coverage | €									9.8
Catastrophe Reinsurance [Member] | Ireland Re [Member] | Everest Re Group, Ltd. [Member] | Coverage for each Catastrophe Occurrence above Specified Amount [Member]
Related Party Transaction [Line Items]
Reinsurance agreement | €									€ 16.0

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Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividends From Preferred Shares Of Affiliate [Member]
Related Party Transaction [Line Items]
Dividends received on preferred stock of affiliate	$ 7,758	$ 7,758	$ 15,516	$ 15,516

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Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 6 months ended Jun. 30, 2022	CAD ($)	USD ($)
Coverage Period 01/01/2010-12/31/2010 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re	Everest Re
Percent Ceded	44.00%	44.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit		$ 150,000,000
Aggregate Limit		$ 325,000,000
Coverage Period 01/01/2011-12/31/2011 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re	Everest Re
Percent Ceded	50.00%	50.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit		$ 150,000,000
Aggregate Limit		$ 300,000,000
Coverage Period 01/01/2012-12/31/2014 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re	Everest Re
Percent Ceded	50.00%	50.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit		$ 100,000,000
Aggregate Limit		$ 200,000,000
Coverage Period 01/01/2015-12/31/2016 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re	Everest Re
Percent Ceded	50.00%	50.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit		$ 162,500,000
Aggregate Limit		$ 325,000,000
Coverage Period 01/01/2017-12/31/2017 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re	Everest Re
Percent Ceded	60.00%	60.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit		$ 219,000,000
Aggregate Limit		$ 438,000,000
Coverage Period 01/01/2010-12/31/2010 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch	Everest Re- Canadian Branch
Percent Ceded	60.00%	60.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property business	property business
Single Occurrence Limit	$ 350,000,000
Aggregate Limit
Coverage Period 01/01/2011-12/31/2011 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch	Everest Re- Canadian Branch
Percent Ceded	60.00%	60.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property business	property business
Single Occurrence Limit	$ 350,000,000
Aggregate Limit
Coverage Period 01/01/2012-12/31/2012 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch	Everest Re- Canadian Branch
Percent Ceded	75.00%	75.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit	$ 206,250,000
Aggregate Limit	$ 412,500,000
Coverage Period 01/01/2013-12/31/2013 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch	Everest Re- Canadian Branch
Percent Ceded	75.00%	75.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit	$ 150,000,000
Aggregate Limit	$ 412,500,000
Coverage Period 01/01/2014-12/31/2017 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch	Everest Re- Canadian Branch
Percent Ceded	75.00%	75.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	property / casualty business	property / casualty business
Single Occurrence Limit	$ 262,500,000
Aggregate Limit	$ 412,500,000
Coverage Period 01/01/2012-12/31/2017 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Canada	Everest Canada
Percent Ceded	80.00%	80.00%
Assuming Company	Branch	Branch
Type of Business	property business	property business
Single Occurrence Limit
Aggregate Limit
Coverage Period 01/01/2020 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest International Assurance	Everest International Assurance
Percent Ceded	100.00%	100.00%
Assuming Company	Bermuda Re	Bermuda Re
Type of Business	life business	life business
Single Occurrence Limit
Aggregate Limit

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Related-Party Transactions ((Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Effective Date 10/01/2001 [Member]
Related Party Transaction [Line Items]
Transferring Company	Everest Re (Belgium Branch)
Assuming Company	Bermuda Re
% of Business Transfer	10000.00%
Covered Period of Transfer	All years
Effective Date 10/01/2008 [Member]
Related Party Transaction [Line Items]
Transferring Company	Everest Re
Assuming Company	Bermuda Re
Amount of Transfer	$ 747,022
Covered Period of Transfer	01/01/2002-12/31/2007
Effective Date 12/31/2017 [Member]
Related Party Transaction [Line Items]
Transferring Company	Everest Re
Assuming Company	Bermuda Re
Amount of Transfer	$ 970,000
Covered Period of Transfer	All years

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Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mt Logan Re [Member]
Effects of Reinsurance [Line Items]
Ceded written premiums	$ 21,760	$ 46,571	$ 62,426	$ 127,943
Ceded earned premiums	29,171	60,117	71,655	126,105
Ceded losses and LAE	22,884	21,613	59,648	94,607
Bermuda Re [Member]
Effects of Reinsurance [Line Items]
Ceded written premiums	91,385	74,948	183,823	145,801
Ceded earned premiums	91,370	73,799	183,807	144,676
Ceded losses and LAE	2,955	20,990	1,111	(9,114)
Assumed written premiums	1,065		3,323
Assumed earned premiums	1,065	62	4,504	123
Assumed losses and LAE	3	40	(191)	66
Everest International And Canada [Member]
Effects of Reinsurance [Line Items]
Assumed written premiums
Assumed earned premiums
Assumed losses and LAE	45	7	(1,824)	66
Ireland Re [Member]
Effects of Reinsurance [Line Items]
Assumed written premiums	2,037	2,978	4,338	5,901
Assumed earned premiums	2,037	2,978	4,549	4,927
Assumed losses and LAE			2,441
Ireland Insurance [Member]
Effects of Reinsurance [Line Items]
Assumed written premiums	1,905	1,489	3,864	2,790
Assumed earned premiums	2,338	1,252	3,978	2,514
Assumed losses and LAE	(4,784)	308	1,608	1,005
Lloyd's Syndicate [Member]
Effects of Reinsurance [Line Items]
Assumed written premiums	(250)	73	(257)	672
Assumed earned premiums	(250)	112	(257)	641
Assumed losses and LAE	$ 132	$ 1,796	$ 387	$ 214