10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

X	Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the fiscal year ended December 31, 2023
	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
(Address of principal executive offices)	(Zip Code)

(908) 604-3000

(Registrant’s telephone number, including area code)

_____________________

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

Class	Name of Exchange where Registered
4.868% Senior Notes Due 2044	NYSE
3.50% Senior Notes Due 2050	NYSE
3.125% Senior Notes Due 2052	NYSE
6.60% Long-Term Notes Due 2067	NYSE

_____________________

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

_____________________

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

Yes X No

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

Yes No X

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

Yes X No

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

Yes X No

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

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

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

Yes No X

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

Yes No X

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

o

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

o

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

Yes No X

The aggregate market value as of June 30, 2023, the last business day of the registrant’s most recently completed second quarter, of the voting stock held by non-affiliates of the registrant was zero.

At March 13, 2024, the number of shares outstanding of the registrant’s common shares was 1,000, all of which are owned by Everest Underwriting Group (Ireland) Limited, a wholly-owned direct subsidiary of Everest Group, Ltd.

The Registrant meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format permitted by General Instruction I of Form 10-K.

EVEREST REINSURANCE HOLDINGS, INC.

Table of Contents

FORM 10-K

		Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	19
Item 1C.	Cybersecurity	19
Item 2.	Properties	20
Item 3.	Legal Proceedings	21
Item 4.	Mine Safety Disclosures	21
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
Item 6.	Selected Financial Data	21
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 8.	Financial Statements and Supplementary Data	34
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	34
Item 9A.	Controls and Procedures	34
Item 9B.	Other Information	35
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	35
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	36
Item 11.	Executive Compensation	36
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	36
Item 13.	Certain Relationships and Related Transactions, and Director Independence	36
Item 14.	Principal Accountant Fees and Services	36
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	38

SAFE HARBOR DISCLOSURE

This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may”, “will”, “should”, “could”, “anticipate”, “estimate”, “expect”, “plan”, “believe”, “predict”, “potential” and “intend”. Forward-looking statements contained in this report include:

•the effects of catastrophic events on our financial statements;

•our losses from catastrophe exposure could exceed our projections;

•information regarding our reserves for losses and loss adjustment expenses or LAE;

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

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

•our inability or failure to purchase reinsurance;

•our ability to maintain our financial strength ratings;

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

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

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

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

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

•our sensitivity to unanticipated levels of inflation;

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

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

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

•our dependence on brokers and agents for business developments;

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

•the effects of business continuation risk on our operations;

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

•an anti-takeover effect caused by insurance laws; and

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

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”. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

PART I

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

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

ITEM 1.    BUSINESS

The Company.

Holdings, a Delaware corporation, is a wholly-owned subsidiary of Holdings Ireland. Holdings Ireland is a direct subsidiary of Group and serves as a holding company for the U.S. reinsurance and insurance subsidiaries. Group is a Bermuda holding company whose common shares are publicly traded in the U.S. on the New York Stock Exchange under the symbol “EG”. Group files an annual report on Form 10-K with the Securities and Exchange Commission (the “SEC”) with respect to its consolidated operations, including Holdings.

At December 31, 2023, we had stockholder’s equity of $7.2 billion and total assets of $31.6 billion.

Our Operations.

The Company’s principal business, conducted through its Reinsurance and Insurance operating segments, is the underwriting of reinsurance and insurance in the U.S. and international markets. In 2023, the Company had gross written premiums of $11.1 billion, with approximately 65% representing reinsurance and 35% representing insurance. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company’s preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. Holdings’ active operating subsidiaries are each rated A+ (“Superior”) by A.M. Best Company (“A.M. Best”), a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders.

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

•Everest Reinsurance Company, a Delaware reinsurance company and a direct subsidiary of Holdings, is a licensed property and casualty insurer and/or reinsurer in all 50 states, the District of Columbia, Puerto Rico and Guam and is authorized to conduct reinsurance business in Canada, Singapore and Brazil. Everest Reinsurance Company underwrites property and casualty reinsurance for insurance and reinsurance companies in the U.S. and international markets, through its U.S. offices as well as through its branches in Canada and Singapore. Everest Reinsurance Company has engaged in reinsurance transactions with Bermuda Re, Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Re, Ltd. (“Mt. Logan Re”) and Everest Insurance Company of Canada (“Everest Canada”), which are affiliated companies, primarily driven by enterprise risk and capital management considerations under which business is transacted at market rates and terms. As of December 31, 2023, Everest Re had statutory surplus of $7.0 billion.

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

•Everest Indemnity Insurance Company (“Everest Indemnity”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, writes excess and surplus lines insurance business in the U.S. on a non-admitted basis. Excess and surplus lines insurance is specialty property and liability coverage that an insurer not licensed to write insurance in a particular jurisdiction is permitted to provide to insureds when the specific specialty coverage is unavailable from admitted insurers. Everest Indemnity is a Delaware domestic surplus lines

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insurer and is eligible to write business on a non-admitted basis in all other U.S. states, the District of Columbia and Puerto Rico. The majority of Everest Indemnity’s business is reinsured by its parent, Everest Reinsurance Company.

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

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

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

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

Human Capital Management.

Our colleagues worldwide are essential to our success, and we strive to attract and retain the highest caliber of talent to meet our business needs, as well as the needs of our clients and customers. It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in diversity of thought and experiences. As of February 1, 2024, the Company employed 2,158 persons. Management believes that colleague engagement is strong. None of the Company’s employees are subject to collective bargaining agreements, and the Company is not aware of any current efforts to enter into such agreements.

Talent Attraction, Development, and Retention.

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

The continued development of all colleagues is core to who we are and how we maintain our competitive advantage as a global leader in risk management. We are proud to offer corporate mentoring programs, leadership development opportunities, and avenues for engagement with our external partner organizations. We provide opportunities for continued learning and talent development at all levels. Our colleagues are encouraged to take ownership of their development by using the tools that the Company has made available to them including industry training, technical upskilling, mentorships and personal development classes. Everest also actively manages succession planning across our organization and strives to provide growth and advancement opportunities to internal talent, where possible. Our leaders and colleagues engage in ongoing learning that supports both professional and personal development.

Proactive recruitment of skilled, experienced, diverse teams is an important aspect of succession planning at both the Board of Directors (the “Board”) level and throughout the organization. Our Human Resources and Senior Leadership Teams, Executive Committee, Global Diversity, Equity and Inclusion Council (“DEI Council”) and Colleague Resource Groups (“CRGs”) collaborate to attract, retain and develop exceptional, diverse talent, fostering an inclusive workplace that embraces diversity in gender, ethnicity, age, geography, skill sets, experiences and perspectives.

People power our success. We are committed to providing all colleagues with an engaging and supportive environment so they can develop personally and help drive our future growth. That is why Everest is pleased to offer various global initiatives such as leadership coffee hours and fireside chats; charitable community outreach events and volunteer

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opportunities; networking events; employee recognition awards; and, thought leadership topics with senior leaders. By offering a meaningful and engaging colleague experience, we are focused on inspiring our global teams to underwrite opportunity in everything that they do.

Culture.

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

•Our Values are the guiding principles that inform our decisions, actions and behaviors. They are an expression of our culture and an integral part of how we work: Talent. Thoughtful Assumption of Risk. Execution. Efficiency. Humility. Leadership. Collaboration. Diversity, Equity and Inclusion.

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

•In 2023, the Company began embedding these new behaviors within colleague programs and practices globally. We are taking a systematic approach to integrating them into everything we do, from our talent acquisition and onboarding programs to our performance and compensation plans, recognition initiatives and general employment policies.

Diversity and Inclusion.

People are Everest’s greatest asset, and the quality of our teams has been enhanced through the wide range of backgrounds, perspectives and interests our colleagues bring to our community. At Everest, Diversity, Equity, and Inclusion (“DEI”) expresses our commitment to non-discriminatory access to opportunity, equity in our dealings and cultural inclusivity, and represents a cultural and business imperative that we promote not only within our workplace but also throughout the global communities in which we operate. The Board is committed to advancing diversity within its structure as well as emphasizing its importance in our senior executive leadership. We believe that diversity in gender, ethnicity, age, geography, skill sets, experiences and perspectives enhances our governance, strategy, corporate responsibility, human rights and risk management.

Everest has a global DEI strategic framework and focus areas that aligns with our corporate global DEI efforts and initiatives. We have four pillars that provide the foundation for our strategic framework as described below.

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

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

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

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

As part of our global DEI efforts, Everest has the DEI Council, which functions globally across our North America and international operations. The DEI Council’s mission is to help foster an environment that attracts, retains and develops the best talent; values the diversity of people, their life experiences and perspectives; and serves as a conduit to senior management to promote measurable company-wide engagement on inclusivity. The DEI Council is an important voice and key counselor and supports our leaders in their role to further cultivate DEI at Everest through open dialogue and discussion, training, and best practices. The DEI Council has also been instrumental in supporting our CRGs as they raise awareness and ensure that a diverse and representative group of voices is heard throughout the Company.

We look to seize opportunities to celebrate our diversity and lift one another up. Our global CRGs, as part of our DEI Council, connect regularly through networking events, professional development opportunities and sharing cultural traditions, driving greater awareness and collaboration across offices worldwide. Participation in our CRGs is open to everyone, regardless of background, to enhance career and personal development, exchange ideas and share cultural

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experiences and backgrounds to contribute to Everest’s vision and values. As of December 31, 2023, the Company sponsors nine CRGs.

Business and Underwriting Strategy.

The Company writes business on a worldwide basis for many different customers and lines of business, thereby obtaining a broad spread of risk. The Company is not substantially dependent on any single customer, small group of customers, line of business or geographic area. The Company believes that a reduction of business from any one customer would not have a material adverse effect on its future financial condition or results of operations.

The broker reinsurance market consists of several substantial national and international brokers and a number of smaller specialized brokers. Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor does the Company commit in advance to accept any portion of a broker’s submitted business. Reinsurance business from any ceding company, whether new or renewal is subject to acceptance by the Company. Brokerage fees are generally paid by reinsurers. The Company believes that a reduction of business assumed from any one broker would not have a material adverse effect on the Company.

The Company’s insurance business mainly writes commercial property and casualty on an admitted and non-admitted basis. The business is written through wholesale and retail brokers, surplus lines brokers and through program administrators.

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

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

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

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

Segments Overview.

The Company operates through two operating segments, Reinsurance and Insurance, which are managed as autonomous units, and key strategic decisions are based on the aggregate operating results and projections for the two business segments. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are now

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managed due to changes in management beginning in the fourth quarter of 2023. These changes have been reflected retrospectively.

The Reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States as well as through branches in Canada and Singapore. The Insurance segment writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States.

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

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

Reinsurance Segment.

Overview

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

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

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

In pro rata reinsurance, the reinsurer generally pays the ceding company a ceding commission. The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (such as commissions, premium taxes, assessments, and miscellaneous administrative expenses and may contain profit sharing provisions, whereby the ceding commission is adjusted based on loss experience). Premiums paid by the ceding company to a reinsurer for excess of loss reinsurance are not directly proportional to the premiums that the ceding company receives because the reinsurer does not assume a proportionate risk. There is usually no ceding commission on treaty excess of loss reinsurance.

Reinsurers may purchase reinsurance to cover their own risk exposure. Reinsurance of a reinsurer's business is called a retrocession. Reinsurance companies cede risks under retrocessional agreements to other reinsurers, known as

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retrocessionaires, for reasons similar to those that cause insurers to purchase reinsurance: to reduce net liability on individual or classes of risks, protect against catastrophic losses, stabilize financial ratios and obtain additional underwriting capacity. All the Company’s reinsurance and retrocessional agreements transfer significant reinsurance risk and therefore, are accounted for as reinsurance in accordance with U.S. generally accepted accounting principles (“GAAP”) guidance.

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

For the year ended December 31, 2023, the Company’s Reinsurance segment wrote $7.2 billion of gross written premiums. Our Reinsurance segment is comprised of property and casualty reinsurance and specialty lines of business on both a treaty, facultative and large corporate risk basis, including:

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

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

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

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

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

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

Products

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

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

•Catastrophe is a specific line of property reinsurance that provides protection against catastrophic losses from natural perils such as hurricane, windstorm, earthquake, floods, tornadoes, fires.

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

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

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

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

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

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

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

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

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

Competition

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

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

Insurance Segment.

Overview

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

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

In 2023, the Company’s Insurance segment wrote $3.9 billion of gross written premiums. The Insurance segment lines of business write a broad suite of tailored products and services, including:

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

•Specialty Casualty business, which consists predominantly of policies covering General Liability (Premises/Operations and Products), Auto Liability, and Umbrella/Excess Liability.

•Other Specialty business, which consists predominantly of policies covering specialty areas including but not limited to Surety, Trade Credit & Political Risk, Transactional Liability, Energy & Construction, and Aviation.

•Professional Liability business, which consists predominantly of policies covering Directors & Officers Liability, Errors & Omissions, Cyber Liability, and other ancillary financial lines products.

•Property/Short-Tail business, which consists predominantly of policies covering Property, Inland Marine, and other short-tail lines.

•Workers’ Compensation business, which consists predominantly of policies covering Workers Compensation, including both guaranteed cost and loss sensitive product offerings.

Products

The Insurance division writes property, casualty, and specialty insurance products, which are aligned with the lines of business described within the Insurance Segment Overview. These products are written directly, as well as through brokers, including for surplus lines, and general agents within the U.S.

Competition

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

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

Financial Strength Ratings.

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

All of the below-mentioned ratings are continually monitored and revised, if necessary, by each of the rating agencies. The ratings presented in the following table were in effect as of December 31, 2023.

The Company believes that its ratings are important as they provide the Company’s customers and others with an independent assessment of the Company’s financial strength using a rating scale that provides for relative comparisons.

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Strong financial ratings are particularly important for reinsurance and insurance companies given that customers rely on a company to pay covered losses well into the future. As a result, a highly rated company is generally preferred.

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

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

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

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

A.M. Best states that the “A+” (“Superior”) rating is assigned to those companies which, in its opinion, have a superior ability to meet their ongoing insurance policies and contract obligations based on A.M. Best’s comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile. A.M. Best affirmed these ratings on June 29, 2023. S&P states that the “A+” / “A” ratings are assigned to those insurance companies which, in its opinion, have strong financial security characteristics with respect to their ability to pay under their insurance policies and contracts in accordance with their terms. Following the publishing of the revised Insurer Risk Based Capital Adequacy methodology on November 15, 2023, S&P affirmed all ratings on January 29, 2024. Moody’s states that an “A1” rating is assigned to companies that, in their opinion, offer upper-medium grade security and are subject to low credit risk. Moody’s affirmed these ratings on June 29, 2023.

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

Debt Ratings.

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

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

(1) On January 29, 2024, S&P lowered the ratings of Holdings and its debt (from two notches to three notches lower than Group’s operating companies) to align Everest with the potential high regulatory restrictions on payment distributions from the Company's operating subsidiaries to Holdings.

Enterprise Risk Management.

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

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

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within certain Everest entities, to oversee capital and risk positions, approve risk management strategies and limits, and establish appropriate risk standards and policies.

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

The ERC is assisted in its activities by Everest’s ERM function and senior management risk committees. The ERC provides strategic risk management direction to the Group, which is then executed by the business units and by Everest’s ERM function. ERM is centrally responsible for implementing the risk management framework and identifying, assessing, monitoring, controlling, and communicating the Company’s risk exposures. Everest’s ERM function is independent of operating units and reports to the Chief Risk Officer. Everest’s senior management risk committees, including the Underwriting Risk Committee, Financial Risk Committee, and Operational Risk Committee supports ERM and the ERC with the compilation and analysis of risk insights with regards to exposure management and execution management.

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

Regulatory Matters.

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

Climate Risk Management.

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

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

Insurance Holding Company Regulation.  

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

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also require prior notice or regulatory approval of material intercompany and inter-affiliate transactions within the holding company structure.

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

Dividends.  

Under Bermuda law, Everest Assurance is unable to declare or make payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. As a long-term insurer, Everest Assurance is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in its long-term business fund, as certified by its approved actuary, exceeds its liabilities for long-term business by at least the $250,000 minimum solvency margin. Prior approval of the Bermuda Monetary Authority is required if Everest Assurance’s dividend payments would exceed 25% of its respective prior year end statutory capital and surplus. At December 31, 2023, Bermuda Re, Everest International and Everest Assurance exceeded their solvency and liquidity requirements.

The payment of dividends to Holdings by Everest Re is subject to limitations imposed by Delaware law. Generally, Everest Re may only pay dividends out of its statutory earned surplus, which was $7.0 billion at December 31, 2023, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve month period is the greater of (1) 10% of the insurer’s statutory surplus as of the end of the prior calendar year and (2) the insurer’s statutory net income (loss), not including realized capital gains (losses), for the prior calendar year. Accordingly, as of December 31, 2023, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $877 million.

Insurance Regulation.  

Everest Assurance, by virtue of its one-time election under section 953(d) of the U.S. Internal Revenue Code to be a U.S. income tax paying “Controlled Foreign Corporation”, is admitted to do business in the United States and Bermuda. In Bermuda, Everest Assurance is regulated by the Insurance Act 1978 (as amended) and related regulations (the “Act”). The Act establishes solvency and liquidity standards and auditing and reporting requirements and subjects Everest Assurance to the supervision, investigation and intervention powers of the Bermuda Monetary Authority. Under the Act, Everest Assurance is licensed as a Class 3A insurer for general business and as a Class C insurer for long-term business.

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

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

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

Licenses.  

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

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

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

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

Everest Security recently converted from a Georgia corporation to a Delaware corporation effective August 1, 2023, and is now licensed to write property and casualty insurance as an admitted insurance carrier in Delaware and Georgia, effective October 24, 2023 and in Alabama, effective December 19, 2023.

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

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

Periodic Examinations.  

Led by their states of domicile, U.S. insurance companies are subject to periodic financial examination of their affairs, usually every three to five years. U.S. insurance companies are also subject to examinations by the various state insurance departments where they are licensed concerning compliance with applicable conduct of business regulations. In addition, non-U.S. insurance companies and branches are subject to examination and review by regulators in their respective jurisdictions. In 2023, there were no reports of these examinations or reviews issued that contained any material findings or recommendations.

NAIC Risk-Based Capital Requirements.  

The U.S. National Association of Insurance Commissioners (“NAIC”) has developed a formula to measure the statutory minimum amount of capital required for a property and casualty insurance company to support its overall business operations in light of its size and risk profile. The major categories of a company’s risk profile are its asset risk, credit risk, and underwriting risk. The standard is an effort to anticipate insolvencies. This allows regulators to take actions that could limit the impact of these insolvencies on policyholders.

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

Based on their financial positions, as of December 31, 2023, Everest Re, Everest National, Everest Indemnity, Everest Security, Everest Denali and Everest Premier exceed the minimum RBC thresholds.

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Tax Matters.

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

The Company conducts business and is subject to taxation in the United States. Non-U.S. branches of the Company are subject to both local taxation in the jurisdictions in which they operate and U.S. corporate income tax but are generally relieved from double taxation through the application of foreign tax credits against their U.S. income tax liability.

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

Available Information.

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

ITEM 1A.    RISK FACTORS

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

UNDERWRITING

Our results could be adversely affected by catastrophic events.

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

Calendar year:	Pre-tax net catastrophe losses
(Dollars in millions)
2023	$	323
2022	984
2021	940
2020	397
2019	574

Our losses from future catastrophic events could exceed our projections.

We use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool. We use these loss projections to estimate our potential catastrophe losses in certain geographic areas

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and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area. These loss projections are approximations, reliant on a mix of quantitative and qualitative processes, and actual losses may exceed the projections by a material amount.

If our loss reserves are inadequate to meet our actual losses, our net income would be reduced or we could incur a loss.

We are required to maintain reserves to cover our estimated ultimate liability of losses and LAE for both reported and unreported claims incurred. These reserves are only estimates of what we believe the settlement and administration of claims will cost based on facts and circumstances known to us. In setting reserves for our reinsurance liabilities, we rely on claims data supplied by our ceding companies and brokers, and we employ actuarial and statistical projections. The information received from our ceding companies is not always timely or accurate, which can contribute to inaccuracies in our loss projections. Because of the uncertainties that surround our estimates of loss and LAE reserves, we cannot be certain that ultimate losses and LAE payments will not exceed our estimates. If our reserves are deficient, we would be required to increase loss reserves in the period in which such deficiencies are identified which would cause a charge to our earnings and a reduction of capital. During the past five calendar years, the reserve re-estimation process resulted in an increase to our pre-tax net income in 2023 and resulted in a decrease to our pre-tax net income in 2022, 2021, 2020 and 2019:

Calendar year:	Effect on pre-tax net income
(Dollars in millions)
2023	$	21	increase
2022	8		decrease
2021	5		decrease
2020	200		decrease
2019	44		decrease

The difficulty in estimating our reserves is significantly more challenging as it relates to reserving for potential asbestos and environmental (“A&E”) liabilities. As of December 31, 2023, 1.6% of our gross reserves were comprised of A&E reserves. A&E liabilities are especially hard to estimate for many reasons, including the long delays between exposure and manifestation of any bodily injury or property damage, difficulty in identifying the source of the asbestos or environmental contamination, long reporting delays and difficulty in properly allocating liability for the asbestos or environmental damage. Legal tactics and judicial and legislative developments affecting the scope of insurers’ liability, which can be difficult to predict, also contribute to uncertainties in estimating reserves for A&E liabilities.

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

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

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

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

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

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

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

Percentage of ceded written premiums to gross written premiums	2023		2022		2021		2020		2019
Unaffiliated	13.3	%	13.2	%	14.3	%	14.9	%	16.7	%
Affiliated	3.9	%	3.8	%	4.9	%	1.7	%	1.4	%

FINANCIAL

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

Our active insurance company subsidiaries currently hold financial strength ratings assigned by third-party rating agencies which assess and rate the claims paying ability and financial strength of insurers and reinsurers. Financial strength ratings are used by cedents, agents and brokers to assess the financial strength and credit quality of reinsurers and insurers. A downgrade or withdrawal of any of these ratings could adversely affect our ability to market our reinsurance and insurance products, our ability to compete with other reinsurers and insurers and our ability to write new business, which in turn could impact our profitability and results.

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

See also ITEM 1, “Financial Strength Ratings”.

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

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

See also ITEM 1, “Debt Ratings”.

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

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

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

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

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

Interest Rate Risk.

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

Credit Risk.

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

Equity Risk.

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

The failure to maintain access to enough cash, readily salable or unencumbered financial assets to meet near-term financial obligations.

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

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

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

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

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

We conduct business in a variety of non-U.S. currencies, principally the Canadian dollar and the Singapore dollar. Assets, liabilities, revenues and expenses denominated in foreign currencies are exposed to changes in currency exchange rates.

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Our reporting currency is the U.S. dollar, and exchange rate fluctuations, especially relative to the U.S. dollar, may materially impact our results and financial position. In 2023, we wrote approximately 18.7% of our coverages in non-U.S. currencies; as of December 31, 2023, we maintained approximately 9.2% of our investment portfolio in investments denominated in non-U.S. currencies.

Our business is sensitive to unanticipated levels of inflation.

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

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

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

OPERATIONAL

We are dependent on our key personnel.

Our success has been, and will continue to be, dependent on our ability to retain the services of our existing key executives and other key employees, and to attract and retain additional qualified personnel in the future. The loss of the services of any key executive officer or the inability to hire and retain other highly qualified personnel in the future, particularly those experienced in the property and casualty industry, could adversely affect our ability to conduct business.

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

We are dependent upon our information technology platform, including our processing systems, data and electronic transmissions in our business operations. Security breaches and other cyber threats could expose us to the loss or misuse of our technology systems or information, litigation and potential liability. In addition, cyber incidents that impact the availability, reliability, speed, accuracy or other proper functioning of these systems could have a significant negative impact on our operations and possibly our results. An incident could also result in a violation of applicable privacy and other laws, damage our reputation, cause a loss of customers or give rise to monetary fines and other penalties, which could be significant. We are not aware of a cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial condition.

We are dependent on brokers and agents for business developments.

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

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

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

Our operations are subject to business continuation risk.

Across our global business centers, there is risk that our operations, systems or data, or those of third parties on whom we rely, may be disrupted. We may experience a disruption in business continuity as a result of pandemic and public health crises, geopolitical risks including armed conflict and civil unrest, terrorist events, natural disasters, cyber-attacks affecting internet and cloud services. All ultimately result in workforce unavailability among others.

STRATEGIC

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

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

According to S&P, Group ranks among the top ten global property and casualty reinsurance groups, where more than two-thirds of the market share is concentrated. The worldwide net premium written by the Top 40 global reinsurance groups for both life and non-life business was estimated to be $306 billion in 2022 according to data compiled by S&P. In addition to existing competitors, the entry of alternative capital market products and new company formations provide additional sources of reinsurance and insurance capacity, which could reduce our market share.

SHAREHOLDERS, LEGAL & REGULATION

Applicable insurance laws may have an anti-takeover effect.

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

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

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

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

Regulatory and legislative developments related to cybersecurity could have an adverse impact on our business.

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In October 2017, the NAIC adopted the Insurance Data Security Model Law, which was intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees in states adopting such law, requiring insurers, and other entities required to be licensed under state insurance laws to comply with certain requirements, such as developing and maintaining a written information security program, conducting risk assessments and overseeing the data security practices of third-party vendors. The Insurance Data Security Model Law has now adopted in 23 states. In addition, certain state insurance regulators are developing or have developed their own regulations that may impose additional regulatory requirements relating to cybersecurity on insurance and reinsurance companies. For example, the New York State Department of Financial Services has an applicable regulation pertaining to cybersecurity for all banking and insurance entities under its jurisdiction, effective as of March 1, 2017 and amended on November 1, 2023. The SEC has also adopted new rules effective September 5, 2023 to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance and incidents. We cannot predict the impact these laws and regulations will have on our business, financial condition or results of operations, but our insurance and reinsurance companies could incur additional costs resulting from compliance with such laws and regulations.

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

The 2017 TCJA addressed what some members of Congress had expressed concern about for several years, which was U.S. corporations moving their place of incorporation to low-tax jurisdictions to obtain a competitive advantage over domestic corporations that are subject to the U.S. corporate income tax rate of 21%. Specifically, it addressed their concern over a perceived competitive advantage that foreign-controlled insurers and reinsurers may have had over U.S. controlled insurers and reinsurers resulting from the purchase of reinsurance by U.S. insurers from affiliates operating in some foreign jurisdictions, including Bermuda. Such affiliated reinsurance transactions may subject the U.S. ceding companies to a Base Erosion and Anti-abuse Tax (“BEAT”) of 10% from 2019 to 2025 and 12.5% thereafter which may exceed its regular income tax. In addition, new legislation as well as proposed and final regulations may further limit the ability of the Company to execute alternative capital balancing transactions with unrelated parties. This would further impact our net income and effective tax rate.

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

ITEM 1B.    UNRESOLVED STAFF COMMENTS

None.

ITEM 1C.    CYBERSECURITY

Cybersecurity Risk Management and Strategy

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

Everest uses a multi-layered process for assessing, identifying and managing material risks from cybersecurity threats and manages its systems and processes both internally and with the assistance of specialized third-party service providers. The Company obtains timely cyber-threat intelligence from various sources and maintains intrusion detection, network firewall protections, advanced threat protection, endpoint detection and response, email filtering, DDoS and other protections to secure the company’s critical infrastructure. The SOC provides enhanced early detection of threat intelligence services, actively manages security tools, and monitors and responds to security alerts. The SOC also initiates incident response protocols, including escalating threats as needed to the CSIRT, including the Chief Information Security

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Officer (“CISO“), who can further escalate to other members of senior management and the Board, as may be appropriate. Various processes, including compiling security metrics, vulnerability scans, regular patching of software and hardware vulnerabilities, external penetration testing, internal phishing tests, red team exercises, and cyber incident response exercises are used to test the effectiveness of the overall cybersecurity control environment. In addition to periodic self-assessment of various cybersecurity controls, the Company conducts annual independent NIST assessments to review its cybersecurity posture and to identify opportunities to enhance its cybersecurity controls and mitigate cybersecurity risk.

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

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

For the year ended December 31, 2023, Everest has not experienced any cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial conditions.

Governance

Cybersecurity threats present a persistent and dynamic threat to our entire industry. The Company views cybersecurity risk as an enterprise-wide concern that involves people, processes and technology. Accordingly, the Board of Directors of Group, through the RMC, referenced above in ITEM 1 “Business” - Enterprise Risk Management, has ultimate responsibility for risk oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s cybersecurity risks. The Company’s Board has a practical understanding of information systems and technology use in our business operations and processes, as well as a recognition of the risk management aspects of cyber risks and cybersecurity. The RMC, which oversees controls for the Company's major risk exposures, has principal responsibility for oversight of cybersecurity risk.

The Company also appointed a certified Chief Information Security Officer (“CISO”) with significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the Executive Risk Committee (“ERC”), referenced above in ITEM 1 “Business” - Enterprise Risk Management, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company. The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our business of cybersecurity threats. The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, report on material cybersecurity risks.

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

ITEM 2.    PROPERTIES

Everest Re’s corporate offices are located in approximately 321,500 square feet of leased office space in Warren, New Jersey. The Company’s 18 other locations occupy a total of approximately 233,360 square feet, all of which are leased.

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ITEM 3.    LEGAL PROCEEDINGS

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and 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 4.    MINE SAFETY DISCLOSURES

Not applicable.

PART II

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

Market Information and Holder of Common Stock.

As of December 31, 2023, all of the Company’s common stock was owned by Holdings Ireland and was not publicly traded.

Dividend History and Restrictions.

Holdings did not pay any dividends in 2023, 2022 and 2021. The declaration and payment of future dividends, if any, by Holdings will be at the discretion of the Board of Directors and will depend upon many factors, including Holdings’ earnings, financial condition, business needs and growth objectives, capital and surplus requirements of its operating subsidiaries, regulatory restrictions, rating agency considerations and other factors. As an insurance holding company, Holdings is dependent on dividends and other permitted payments from its subsidiaries to pay cash dividends to its stockholder. The payment of dividends to Holdings by Everest Re is subject to limitations imposed by Delaware law. Generally, Everest Re may only pay dividends out of its statutory earned surplus, which was $7.0 billion at December 31, 2023, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve month period is the greater of (1) 10% of an insurer’s statutory surplus as of the end of the prior calendar year or (2) the insurer’s statutory net income, not including realized capital gains, for the prior calendar year. Accordingly, as of December 31, 2023, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $877 million.

Recent Sales of Unregistered Securities.

None.

ITEM 6.    [RESERVED]

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

The following is a discussion and analysis of our results of operations and financial condition for the years ended December 31, 2023 and 2022. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes, under ITEM 8 of this Form 10-K. Pursuant to the FAST Act Modernization and Simplification of Regulation S-K, comparisons between 2022 and 2021 have been omitted from this Form 10-K but can be found in

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"Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2022.

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

Industry Conditions.

The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and market. As a result, 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.

Financial instruments such as side cars, catastrophe bonds and collateralized reinsurance funds, provide capital markets with access to reinsurance and insurance risk exposure. The capital markets demand for these products is primarily driven by the desire to achieve greater risk diversification and potentially higher returns on their investments. This competition generally has a negative impact on rates, terms and conditions; however, the impact varies widely by market and coverage. Based on recent competitive behaviors in the reinsurance and insurance industry, natural catastrophe events and the macroeconomic backdrop, there has been dislocation in the market which has had a positive impact on rates and terms and conditions, generally, though specifics in local markets can vary.

Specifically, recent market conditions in property, particularly catastrophe excess of loss, have resulted in rate increases. As a result of the rate increases, most of the lines within property have been affected. Other casualty lines have been experiencing modest rate increases, while some lines such as workers’ compensation and directors and officers liability have been experiencing softer market conditions. The impact on pricing conditions is likely to change depending on the line of business and geography.

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.

The recent emergence of the Middle East war and the ongoing war in the Ukraine are evolving events. 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 in numerous countries, including the United States. The significant political and economic uncertainty surrounding these wars and associated sanctions have impacted economic and investment markets both within Russia, Ukraine, the Middle East region, and around the world.

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Financial Summary.

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

	Years Ended December 31,									Percentage Increase/(Decrease)
(Dollars in millions)	2023			2022			2021			2023/2022		2022/2021
Gross written premiums	$	11,117		$	9,677		$	9,331		14.9	%	3.7	%
Net written premiums	9,212			8,032			7,719			14.7	%	4.0	%
REVENUES:
Premiums earned	$	8,536		$	7,876		$	7,179		8.4	%	9.7	%
Net investment income	993			638			745			55.5	%	(14.3)	%
Net gains (losses) on investments	(180)			(982)			501			(81.6)	%	NM
Other income (expense)	(11)			(6)			23			NM		NM
Total revenues	9,337			7,526			8,448			24.1	%	(10.9)	%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	5,578			5,823			5,387			(4.2)	%	8.1	%
Commission, brokerage, taxes and fees	1,851			1,632			1,513			13.4	%	7.9	%
Other underwriting expenses	574			501			454			14.5	%	10.5	%
Corporate expense	18			26			33			(31.1)	%	(22.9)	%
Interest, fee and bond issue cost amortization expense	134			101			70			33.2	%	44.3	%
Total claims and expenses	8,156			8,083			7,457			0.9	%	8.4	%
INCOME (LOSS) BEFORE TAXES	1,181			(557)			991			NM		NM
Income tax expense (benefit)	210			(112)			192			NM		NM
NET INCOME (LOSS)	$	972		$	(445)		$	800		NM		NM
RATIOS:										Point Change
Loss ratio	65.3		%	73.9		%	75.0		%	(8.6)		(1.1)
Commission and brokerage ratio	21.7		%	20.7		%	21.1		%	1.0		(0.4)
Other underwriting expense ratio	6.7		%	6.4		%	6.3		%	0.3		0.1
Combined ratio	93.8		%	101.0		%	102.4		%	(7.2)		(1.4)

	At December 31,						Percentage Increase/ (Decrease)
(Dollars in millions)	2023		2022		2021		2023/2022		2022/2021
Balance sheet data:
Total investments and cash	$	23,439	$	19,195	$	19,719	22.1	%	(2.7)	%
Total assets	31,638		27,957		27,695		13.2	%	0.9	%
Loss and loss adjustment expense reserves	15,796		14,977		13,121		5.5	%	14.1	%
Total debt	3,385		3,084		3,089		9.8	%	(0.2)	%
Total liabilities	24,451		22,303		20,657		9.6	%	8.0	%
Stockholder's equity	7,187		5,654		7,038		27.1	%	(19.7)	%

(Some amounts may not reconcile due to rounding)

(NM - not meaningful)

Revenues.

Premiums. Gross written premiums increased by 14.9% to $11.1 billion in 2023, compared to $9.7 billion in 2022, reflecting a $1.3 billion, or 22.1% increase in our reinsurance business and a $138 million, or 3.6% increase in our insurance business. The increase in reinsurance premiums reflects growth across all lines of business, particularly property pro rata, and property excess of loss business. The increase in insurance premiums reflects growth across

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multiple lines of business, particularly specialty casualty business, property/short tail business and other specialty business, driven by positive rate and exposure increases, new business and strong renewal retention. Net written premiums increased by 14.7% to $9.2 billion in 2023, compared to $8.0 billion in 2022. Premiums earned increased by 8.4% to $8.5 billion in 2023, compared to $7.9 billion in 2022, which is consistent with the percentage changes in gross written premiums. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

Other Income (Expense). We recorded other expense of $11 million and $6 million in 2023 and 2022, respectively. The change was primarily the result of fluctuations in foreign currency exchange rates.

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:

	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2023
Attritional (a)	$	5,254	61.5	%	$	1	—	%	$	5,255	61.6	%
Catastrophes	346		4.0	%	(22)		(0.3)	%	323		3.8	%
Total	$	5,599	65.6	%	$	(21)	(0.3)	%	$	5,578	65.3	%
2022
Attritional (a)	$	4,828	61.3	%	$	11	0.1	%	$	4,839	61.4	%
Catastrophes	987		12.5	%	(4)		0.0	%	983		12.5	%
Total	$	5,815	73.8	%	$	7	0.1	%	$	5,823	73.9	%
2021
Attritional (a)	$	4,439	61.8	%	$	8	0.1	%	$	4,447	61.9	%
Catastrophes	943		13.1	%	(3)		—	%	940		13.1	%
Total	$	5,382	74.9	%	$	5	0.1	%	$	5,387	75.0	%
Variance 2023/2022
Attritional (a)	$	426	0.3	pts	$	(11)	(0.1)	pts	$	416	0.1	pts
Catastrophes	(642)		(8.5)	pts	(18)		(0.2)	pts	(660)		(8.7)	pts
Total	$	(215)	(8.2)	pts	$	(29)	(0.3)	pts	$	(244)	(8.6)	pts
Variance 2022/2021
Attritional (a)	$	389	(0.5)	pts	$	3	—	pts	$	392	(0.5)	pts
Catastrophes	44		(0.6)	pts	(1)		—	pts	43		(0.6)	pts
Total	$	433	(1.1)	pts	$	2	—	pts	$	436	(1.1)	pts

(a)Attritional losses exclude catastrophe losses.

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 4.2% to $5.6 billion in 2023 compared to $5.8 billion in 2022, primarily due to a decrease of $642 million in current year catastrophe losses, partially offset by an increase of $426 million in current year attritional losses. The increase in current year attritional losses was mainly due to the impact of the increase in premiums earned. Net favorable development on prior year attritional losses was $11 million, where Reinsurance had favorable development of $333 million and Insurance had unfavorable development of $322 million. The current year catastrophe losses of $346 million in 2023 related primarily to the 2023 Turkey earthquakes ($92 million), Hurricane Otis ($84 million), the 2023 New Zealand storms ($41 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($26 million), and Hurricane Idalia ($20 million), with the remaining losses resulting from various storm events. The current year catastrophe losses of $987 million in 2022 related primarily to Hurricane Ian ($768 million), the 2022 Australia floods

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($75 million), the 2022 South Africa flood ($43 million), Hurricane Fiona ($27 million), and the 2022 Canada derecho ($20 million), with the remaining losses resulting from various storm events.

The Company had up to $350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry loss threshold. This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level. As a result of Hurricane Ian, PCS’s current industry estimate of $48.2 billion issued in February 2024 exceeds the attachment point. The potential recovery under the CAT Bond is not expected to be material. As a result, no portion of the potential CAT bond recovery has been included in the Company’s current financial results.

The stop loss agreements between Everest Re and Bermuda Re that were effective for 2018 and 2019 were both commuted during the third quarter of 2023. The commutations of the agreements resulted in the recognition of an aggregate loss of $37 million for Everest Re. The impact of the commutations are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses.

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased to $1.9 billion in 2023 compared to $1.6 billion in 2022. The increase was primarily due to the impact of the increase in premiums earned and changes in the mix of business.

Other Underwriting Expenses. Other underwriting expenses were $574 million and $501 million in 2023 and 2022, respectively. The increase in other underwriting expenses was mainly due to the continued build out of our insurance operations, including an expansion of the insurance platform.

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $18 million and $26 million for the years ended December 31, 2023 and 2022, respectively. The decrease from 2023 to 2022 was mainly due to a greater percentage of general expenses being allocated to operating segments.

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense were $134 million and $101 million in 2023 and 2022, respectively. The increase in interest expense was primarily due to 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 8.03% as of December 31, 2023 compared to 6.99% as of December 31, 2022.

Income Tax Expense (Benefit). The Company had an income tax expense of $210 million and income tax benefit of $112 million in 2023 and 2022, respectively. Variations in income taxes generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net gains (losses) on investments as well as changes in tax exempt investment income and creditable foreign taxes. The change from income tax benefit to income tax expense resulted primarily from improvement in pre-tax income, decreased capital losses and increased fair value of investments.

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

Net Income (Loss).

Our net income was $972 million and net loss was $445 million in 2023 and 2022, respectively. The change was primarily driven by underwriting income of $533 million and net investment income of $993 million, partially offset by realized losses on investments of $180 million.

Ratios.

Our combined ratio decreased by 7.2 points to 93.8% in 2023 compared to 101.0% in 2022. The loss ratio component decreased by 8.6 points in 2023 over the same period last year mainly due to a decline of $642 million in catastrophe losses. The commission and brokerage ratio components increased to 21.7% in 2023 compared to 20.7% in 2022, reflecting changes in affiliated reinsurance agreements and changes in the mix of business. The other underwriting expense ratio slightly increased to 6.7% in 2023 from 6.4% in 2022. The increase was mainly due to higher insurance operations costs.

Stockholder's Equity.

Stockholder’s equity increased by $1.5 billion to $7.2 billion at December 31, 2023 from $5.7 billion at December 31, 2022, principally as a result of $972 million of net income, $527 million of net unrealized appreciation on investments, net

25

of tax, $17 million of net foreign currency translation adjustments and $17 million of net benefit plan obligation adjustments.

Consolidated Investment Results

Net Investment Income.

Net investment income increased by 55.5% to $993 million in 2023 compared to $638 million in 2022. The increase was primarily the result of an increase of $312 million in income from fixed maturity investments and an increase of $59 million in short-term investments and cash, partially offset by a decrease of $35 million in limited partnership income. 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.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturities	$	822	$	510	$	344
Equity securities	3		16		15
Short-term investments and cash	74		16		1
Other invested assets
Limited partnerships	37		72		321
Dividends from preferred shares of affiliate	31		31		31
Other	59		30		63
Gross investment income before adjustments	1,027		675		774
Funds held interest income (expense)	3		6		8
Interest income from Parent	7		11		6
Gross investment income	1,038		691		788
Investment expenses	46		52		43
Net investment income	$	993	$	638	$	745

(Some amounts may not reconcile due to rounding.)

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

	2023		2022		2021
Annualized pre-tax yield on average cash and invested assets	4.5	%	3.3	%	4.4	%
Annualized after-tax yield on average cash and invested assets	3.6	%	2.6	%	3.5	%

26

Net Gains (Losses) on Investments.

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

	Years Ended December 31,						2023/2022		2022/2021
(Dollars in millions)	2023		2022		2021		Variance		Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains	$	12	$	9	$	33	$	3	$	(24)
Losses	(204)		(88)		(24)		(116)		(63)
Total	(192)		(79)		8		(114)		(87)
Equity securities
Gains	8		165		39		(156)		126
Losses	—		(48)		(15)		48		(33)
Total	8		117		24		(108)		93
Other invested assets
Gains	—		18		10		(18)		8
Losses	—		(5)		(4)		5		(1)
Total	—		13		6		(13)		7
Short-term Investments:
Gains	1		—		—		1		—
Losses	—		—		—		—		—
Total	—		—		—		1		—
Total net realized gains (losses) from dispositions
Gains	20		192		82		(172)		110
Losses	(204)		(141)		(43)		(64)		(98)
Total	(184)		51		39		(235)		12
Allowances for credit losses:	(1)		(27)		(26)		26		(1)
Gains (losses) from fair value adjustments:
Fixed maturities	—		—		—		—		—
Equity securities	(4)		(447)		254		443		(701)
Other invested assets	9		(558)		234		567		(793)
Total	5		(1,006)		488		1,010		(1,494)
Total net gains (losses) on investments	$	(180)	$	(982)	$	501	$	801	$	(1,483)

(Some amounts may not reconcile due to rounding.)

Net gains (losses) on investments during 2023 primarily relate to $184 million of net realized losses from disposition of investments and net losses from fair value adjustments on equity securities of $4 million as a result of equity market declines in 2023, partially offset by net gains of $9 million from fair value adjustments on other invested assets.

Segment Results.

The Company operates through two operating segments. 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, including for surplus lines, and general agents within the United States. The two segments are managed independently, but

27

conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

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

During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.

The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of the two 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. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

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. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability.

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

Reinsurance.

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

	Years Ended December 31,									2023/2022				2022/2021
(Dollars in millions)	2023			2022			2021			Variance		% Change		Variance		% Change
Gross written premiums	$	7,181		$	5,879		$	5,979		$	1,302	22.1	%	$	(99)	(1.7)	%
Net written premiums	6,205			5,204			5,217			1,001		19.2	%	(13)		(0.2)	%
Premiums earned	$	5,637		$	5,147		$	4,899		$	490	9.5	%	$	247	5.1	%
Incurred losses and LAE	3,329			3,926			3,750			(597)		(15.2)	%	176		4.7	%
Commission and brokerage	1,545			1,308			1,229			237		18.2	%	79		6.4	%
Other underwriting expenses	167			138			142			29		20.9	%	(4)		(2.8)	%
Underwriting gain (loss)	$	596		$	(224)		$	(220)		$	821	NM		$	(4)	1.7	%
												Point Chg				Point Chg
Loss ratio	59.0		%	76.3		%	76.5		%			(17.3)				(0.3)
Commission and brokerage ratio	27.4		%	25.4		%	25.1		%			2.0				0.3
Other underwriting expense ratio	3.0		%	2.7		%	2.9		%			0.3				(0.2)
Combined ratio	89.4		%	104.4		%	104.5		%			(15.0)				(0.1)

(Some amounts may not reconcile due to rounding.)

(NM - not meaningful)

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Premiums. Gross written premiums increased by 22.1% to $7.2 billion in 2023 from $5.9 billion in 2022. The increase in gross written premiums reflects growth across all lines of business, particularly property pro rata, and property excess of loss business. Net written premiums increased to $6.2 billion in 2023 from $5.2 billion in 2022. Premiums earned increased 9.5% to $5.6 billion in 2023 compared to $5.1 billion in 2022. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

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

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

	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2023
Attritional	$	3,371	59.8	%	$	(351)	(6.2)	%	$	3,020	53.6	%
Catastrophes	330		5.8	%	(21)		(0.4)	%	309		5.5	%
Total segment	$	3,701	65.7	%	$	(372)	(6.6)	%	$	3,329	59.1	%
2022
Attritional	$	3,077	59.8	%	$	(18)	(0.4)	%	$	3,058	59.4	%
Catastrophes	870		16.9	%	(3)		(0.1)	%	868		16.9	%
Total segment	$	3,947	76.7	%	$	(21)	(0.4)	%	$	3,926	76.3	%
2021
Attritional	$	2,976	60.7	%	$	(15)	(0.3)	%	$	2,961	60.4	%
Catastrophes	792		16.2	%	(3)		(0.1)	%	789		16.1	%
Total segment	$	3,767	76.9	%	$	(18)	(0.4)	%	$	3,750	76.5	%
Variance 2023/2022
Attritional	$	295	—	pts	$	(333)	(5.9)	pts	$	(38)	(5.8)	pts
Catastrophes	(541)		(11.1)	pts	(18)		(0.3)	pts	(559)		(11.4)	pts
Total segment	$	(246)	(11.0)	pts	$	(351)	(6.2)	pts	$	(597)	(17.2)	pts
Variance 2022/2021
Attritional	$	101	(1.0)	pts	$	(3)	—	pts	$	98	(1.0)	pts
Catastrophes	78		0.7	pts	—		—	pts	78		0.7	pts
Total segment	$	179	(0.2)	pts	$	(3)	—	pts	$	176	(0.3)	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses decreased by 15.2% to $3.3 billion in 2023 compared to $3.9 billion in 2022. The decrease was primarily due to $351 million of favorable development on prior year attritional losses in 2023 and a decrease of $541 million in current year catastrophe losses, partially offset by an increase of $295 million in current year attritional losses. The net favorable development on prior year attritional losses mainly related to a combination of well seasoned mortgage and short-tail business, offset by $37 million of commutations from stop loss agreements between Everest Re and Bermuda Re that are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses. The increase in current year attritional losses was primarily related to the impact of the increase in premiums earned. The current year catastrophe losses of $330 million in 2023 related primarily to the 2023 Turkey earthquakes ($92 million), Hurricane Otis ($84 million), the 2023 New Zealand storms ($40 million), the 2023 Morocco earthquake ($40 million), the

29

2023 Hawaii wildfire ($21 million), and Hurricane Idalia ($20 million), with the remaining losses resulting from various storm events. The current year catastrophe losses of $870 million in 2022 related primarily to Hurricane Ian ($669 million), the 2022 Australia floods ($75 million), the 2022 South Africa flood ($43 million), Hurricane Fiona ($24 million), and the 2022 Canada derecho ($20 million), with the remaining losses resulting from various storm events.

Segment Expenses. Commission and brokerage increased to $1.5 billion in 2023 compared to $1.3 billion in 2022. The increase was mainly due to the impact of the increase in premiums earned and changes in the mix of business. Segment other underwriting expenses increased to $167 million in 2023 from $138 million in 2022.

Insurance.

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

	Years Ended December 31,									2023/2022				2022/2021
(Dollars in millions)	2023			2022			2021			Variance		% Change		Variance		% Change
Gross written premiums	$	3,936		$	3,798		$	3,352		$	138	3.6	%	$	445	13.3	%
Net written premiums	3,007			2,828			2,503			180		6.3	%	325		13.0	%
Premiums earned	$	2,900		$	2,729		$	2,279		$	171	6.3	%	$	450	19.7	%
Incurred losses and LAE	2,249			1,897			1,637			353		18.6	%	260		15.9	%
Commission and brokerage	306			325			284			(18)		(5.6)	%	41		14.3	%
Other underwriting expenses	407			364			312			44		12.0	%	51		16.5	%
Underwriting gain (loss)	$	(64)		$	144		$	46		$	(207)	NM		$	98	NM
												Point Chg				Point Chg
Loss ratio	77.6		%	69.5		%	71.8		%			8.1				(2.3)
Commission and brokerage ratio	10.6		%	11.9		%	12.5		%			(1.3)				(0.6)
Other underwriting expense ratio	14.1		%	13.3		%	13.7		%			0.7				(0.4)
Combined ratio	102.2		%	94.7		%	98.0		%			7.5				(3.3)

(Some amounts may not reconcile due to rounding)

(NM, not meaningful)

Premiums. Gross written premiums increased by 3.6% to $3.9 billion in 2023 compared to $3.8 billion in 2022. The increase in insurance premiums reflects growth across multiple lines of business, particularly specialty casualty business, property/short tail business and other specialty business, driven by positive rate and exposure increases, new business and strong renewal retention. Net written premiums increased by 6.3% to $3.0 billion in 2023 compared to $2.8 billion in 2022. The higher percentage increase in net written premiums compared to gross written premiums was mainly due to higher net retention resulting from changes in the mix of business. Premiums earned increased by 6.3% to $2.9 billion in 2023 compared to $2.7 billion in 2022. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

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

	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2023
Attritional	$	1,883	64.9	%	$	352	12.1	%	$	2,234	77.1	%
Catastrophes	16		0.6	%	(1)		—	%	15		0.5	%
Total segment	$	1,899	65.5	%	$	351	12.1	%	$	2,249	77.6	%
2022
Attritional	$	1,751	64.2	%	$	30	1.1	%	$	1,781	65.3	%
Catastrophes	117		4.3	%	(1)		—	%	116		4.3	%
Total segment	$	1,868	68.5	%	$	29	1.1	%	$	1,897	69.5	%
2021
Attritional	$	1,463	64.2	%	$	23	1.0	%	$	1,486	65.2	%
Catastrophes	151		6.6	%	—		—	%	151		6.6	%
Total segment	$	1,614	70.8	%	$	23	1.0	%	$	1,637	71.8	%
Variance 2023/2022
Attritional	$	132	0.8	pts	$	322	11.0	pts	$	454	11.8	pts
Catastrophes	(101)		(3.7)	pts	—		—	pts	(101)		(3.7)	pts
Total segment	$	31	(3.0)	pts	$	322	11.0	pts	$	353	8.1	pts
Variance 2022/2021
Attritional	$	288	—	pts	$	7	0.1	pts	$	294	—	pts
Catastrophes	(34)		(2.3)	pts	(1)		—	pts	(35)		(2.4)	pts
Total segment	$	254	(2.4)	pts	$	6	—	pts	$	260	(2.3)	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 18.6% to $2.2 billion in 2023 compared to $1.9 billion in 2022. The increase was mainly due to $352 million of net unfavorable development on prior year attritional losses in 2023, mainly related to casualty lines in accident years 2016 through 2019 that were impacted by social inflation and an increase of $132 million of current year attritional losses, partially offset by a decrease of $101 million in current year catastrophe losses. The increase in current year attritional losses was primarily due to the impact of the increase in premiums earned. The current year catastrophe losses of $16 million in 2023 related primarily to the 2023 third quarter U.S. storms ($5 million), the 2023 Hawaii wildfire ($5 million) and the 2023 December U.S. East Coast flooding ($5 million), with the remaining losses resulting from various storm events. The $117 million of current year catastrophe losses in 2022 related primarily to Hurricane Ian ($99 million), with the remaining losses resulting from various storm events.

Segment Expenses. Commission and brokerage decreased to $306 million in 2023 compared to $325 million in 2022 primarily due to changes in the mix of business. Segment other underwriting expenses increased to $407 million in 2023 compared to $364 million in 2022. The increase was mainly due to the impact of the increase in premiums earned and expenses related to the continued build out of the insurance business.

LIQUIDITY AND CAPITAL RESOURCES

Capital. Stockholder’s equity at December 31, 2023 and December 31, 2022 was $7.2 billion and $5.7 billion, respectively. Management’s objective in managing capital is to ensure its overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.

31

Our main operating company, Everest Re, is regulated by the State of Delaware’s Department of Insurance. The regulatory body has its own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Failure to meet the required statutory capital levels could result in various regulatory restrictions.

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

	Everest Re (1)
	At December 31,
(Dollars in millions)	2023		2022
Regulatory targeted capital	$	4,242	$	3,353
Actual capital	$	6,963	$	5,553

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

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

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

We repurchased $6 million of our long-term subordinated notes during the third quarter of 2022 and recognized a gain of $1 million on the repurchase. We may continue, from time to time, to seek to retire portions of our outstanding debt securities through cash repurchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be subject to and depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.

Liquidity. Our liquidity requirements are generally met from positive cash flow from operations. Positive cash flow results from reinsurance and insurance premiums being collected prior to disbursements for claims, with disbursements generally taking place over an extended period after the collection of premiums, sometimes a period of many years. Collected premiums are generally invested, prior to their use in such disbursements, and investment income provides additional funding for loss payments. Our net cash flows from operating activities were $2.4 billion and $2.1 billion for the years ended December 31, 2023 and 2022, respectively.

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

As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At December 31, 2023 and December 31, 2022, we held cash and short-term investments of $1.8 billion and $1.3 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, at December 31, 2023, we had $537 million of fixed maturity securities - available for sale maturing within one year or less, $2.3 billion maturing within one to five years and $4.4 billion maturing after five years. We believe that these fixed maturity securities, in conjunction with the short-term investments and positive cash flow from operations, provide ample sources of liquidity for the expected payment of losses and LAE in the near future. We do not anticipate selling a significant amount of securities to pay losses and LAE. At December 31, 2023, we had $324 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $536 million of pre-tax unrealized depreciation and $212 million of pre-tax unrealized appreciation.

Management generally expects annual positive cash flow from operations, which reflects the strength of overall pricing as well as the growth in business written. However, given the catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related

32

to the catastrophes. However, as indicated above, the Company has ample liquidity to settle its catastrophe claims and/or any payments due for its catastrophe bond program.

ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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.

Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of 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 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 $23.4 billion investment portfolio, at December 31, 2023, 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 from a change in market interest rates. In a declining interest rate environment, it includes prepayment risk on the $3.4 billion of mortgage-backed securities in the $16.8 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 $1.3 billion of short-term investments) for the period indicated based on upward and downward parallel shifts of 100 and 200 basis points in interest rates. The market value change under the various interest rate changes scenarios was estimated taking duration into account with modeling done at the individual security level.

	Impact of Interest Rate Shift in Basis Points
	At December 31, 2023
(Dollars in millions)	-200			-100			0			100			200
Total Fair Value	$	19,196		$	18,638		$	18,081		$	17,523		$	16,965
Fair Value Change from Base (%)	6.2		%	3.1		%	—		%	(3.1)		%	(6.2)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	881		$	441		$	—		$	(441)		$	(881)

	Impact of Interest Rate Shift in Basis Points
	At December 31, 2022
(Dollars in millions)	-200			-100			0			100			200
Total Fair Value	$	15,057		$	14,676		$	14,294		$	13,912		$	13,531
Fair Value Change from Base (%)	5.3		%	2.7		%	—		%	(2.7)		%	(5.3)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	603		$	302		$	—		$	(302)		$	(603)

33

We had $15.8 billion and $15.0 billion of gross reserves for losses and LAE as of December 31, 2023 and December 31, 2022, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration that is reasonably consistent with our fixed income portfolio.

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. operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Each non-U.S. operation may conduct business in its local currency, as well as the currency of other countries in which it operates. The primary foreign currency exposures for these non-U.S. operations are the 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 U.S. GAAP guidance, the impact on the fair value of available for sale fixed maturities due to changes in foreign currency exchange rates, in relation to functional currency, is reflected as part of other comprehensive income. Conversely, the impact of changes in foreign currency exchange rates, in relation to functional currency, on other assets and liabilities is reflected through net income as a component of other income (expense). In addition, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar. This translation amount is reported as a component of other comprehensive income.

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

	Change in Foreign Exchange Rates in Percent
	At December 31, 2023
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(164)	$	(82)	$	—	$	82	$	164

	Change in Foreign Exchange Rates in Percent
	At December 31, 2022
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(157)	$	(79)	$	—	$	79	$	157

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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

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

None.

ITEM 9A.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934 (“the Exchange Act”), our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report.

34

Management’s Annual Report on Internal Control Over Financial Reporting

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

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

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2023. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013). Based on our assessment we concluded that, as of December 31, 2023, our internal control over financial reporting is effective based on those criteria.

Attestation Report of the Registered Public Accounting Firm

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s internal controls are not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report due to the Company’s status as a non-accelerated filer.

Changes in Internal Control Over Financial Reporting

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

ITEM 9B.    OTHER INFORMATION

None.

ITEM 9C.    DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

35

PART III

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information for Item 10 is not required pursuant to General Instruction I(2) of Form 10-K.

ITEM 11.    EXECUTIVE COMPENSATION

Information for Item 11 is not required pursuant to General Instruction I(2) of Form 10-K.

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

Information for Item 12 is not required pursuant to General Instruction I(2) of Form 10-K.

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

Information for Item 13 is not required pursuant to General Instruction I(2) of Form 10-K.

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

The PricewaterhouseCoopers LLP (and its worldwide affiliates) fees incurred are as follows for the periods indicated:

(Dollars in millions)		2023		2022
(1)	Audit Fees	$	2.5	$	3.4
(2)	Audit-Related Fees	0.3		0.3
(3)	Tax Fees	1.0		0.7
(4)	All Other Fees	—		—

Audit fees include the annual audit and quarterly financial statement reviews, subsidiary audits, and procedures required to be performed by the independent auditor to be able to form an opinion on our consolidated financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit or quarterly review. Audit fees may also include statutory audits or financial audits for our subsidiaries or affiliates and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Audit-related fees include assurance and related services that are reasonably related to the performance of the audit or review of our financial statements, including due diligence services pertaining to potential business acquisitions/dispositions, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rule making authorities; financial audits of employee benefit plans; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters and assistance with internal control reporting requirements.

Tax fees include tax compliance, tax planning and tax advice and is granted general pre-approval by Group’s Audit Committee.

All other fees represent an accounting research subscription and software.

Under its Charter and the “Audit and Non-Audit Services Pre-Approval Policy” (the “Policy”), the Audit Committee is required to pre-approve the audit and non-audit services to be performed by the independent auditors. The Policy mandates specific approval by the Audit Committee for any service that has not received a general pre-approval or that exceeds pre-approved cost levels or budgeted amounts. For both specific and general pre-approval, the Audit Committee considers whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee also considers whether the independent auditors are best positioned to provide the most effective and efficient service and whether the service might enhance the Company’s ability to manage or control risk or improve audit quality. The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services. It may determine, for each fiscal year, the appropriate ratio between the total amount of

36

audit, audit-related and tax fees and a total amount of fees for certain permissible non-audit services classified below as “All Other Fees”. All such factors are considered as a whole, and no one factor is determinative. The Audit Committee further considered whether the performance by PricewaterhouseCoopers LLP of the non-audit related services disclosed below is compatible with maintaining their independence. The Audit Committee approved all of the audit-related fees, tax fees and all other fees for 2023 and 2022.

37

PART IV

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Exhibits

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

Financial Statements and Schedules.

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

38

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 14, 2024.

EVEREST REINSURANCE HOLDINGS, INC.
By:	/S/ JUAN C. ANDRADE
	Juan C. Andrade (Chairman, President and Chief Executive Officer)

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

Signature	Title	Date
/S/ JUAN C. ANDRADE	President and Chief Executive Officer (Principal Executive Officer)	March 14, 2024
Juan C. Andrade
/S/ MARK KOCIANCIC	Executive Vice President and Chief Financial Officer	March 14, 2024
Mark Kociancic
/S/ ROBERT J. FREILING	Senior Vice President and Chief Accounting Officer	March 14, 2024
Robert J. Freiling

39

INDEX TO EXHIBITS

Exhibit No.

2.1	Agreement and Plan of Merger among Everest Reinsurance Holdings, Inc., Everest Group, Ltd. and Everest Re Merger Corporation, incorporated herein by reference to Exhibit 2.1 to the Registration Statement on Form S-4 (No. 333-87361)
3.1	Certificate of Incorporation of Everest Reinsurance Holdings, Inc., incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (No. 333-05771)
3.2	By-Laws of Everest Reinsurance Holdings, Inc., incorporated herein by reference to Exhibit 3.2 to the Everest Reinsurance Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.
4.1	Indenture, dated March 14, 2000, between Everest Reinsurance Holdings, Inc. and The Chase Manhattan Bank, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on March 15, 2000.
4.2	Fourth Supplemental Indenture relating to Holdings $400 million 4.868% Senior Notes due June 1, 2044, dated June 5 2014, between Holdings and the Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on July 5, 2014.
4.3	Fifth Supplemental Indenture relating to Holdings $1.0 billion 3.50% Senior Notes due October 15, 2050, dated October 7, 2020, between Holdings and the Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 7, 2020.
4.4	Sixth Supplemental Indenture relating to Holdings $1.0 billion 3.125% Senior Notes due October 15, 2052, dated October 4, 2021, between Holdings and the Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 4, 2021.
10.1	Completion of Tender Offer relating to Everest Reinsurance Holdings, Inc. 6.60% Fixed to Floating Rate Long-Term Subordinated Notes (LoTSSM) dated March 19, 2009, incorporated herein by reference to Exhibit 99.1 to Everest Group, Ltd. Form 8-K filed on March 31, 2009.
*10.2	Employment agreement between Everest Global Services, Inc., Everest Reinsurance Holdings Inc. and Dominic J. Addesso, dated December 4, 2015, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on December 8, 2015.
*10.3	Employment agreement between Everest National Insurance Company and Jonathan M. Zaffino, dated September 8, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on September 12, 2017.
*10.4	Amendment of employment agreement between Everest Global Services, Inc., Everest Group, Ltd., Everest Reinsurance Holdings Inc. and Dominic J. Addesso, dated November 20, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed November 20, 2017.
*10.5	Employment agreement between Everest Group Ltd., Everest Global Services, Inc., Everest Reinsurance Holdings Inc. and Juan C Andrade, dated August 1, 2019, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed August 8, 2019.
*10.6	Employment agreement between Everest Global Services, Inc. and Mark Kociancic, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 1, 2020

E-1

*10.7	Employment agreement between Everest Global Services, Inc. and James Williamson, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 8-K filed on October 1, 2020
*10.8	Employment agreement between Everest Global Services, Inc. and Joseph V. Taranto, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023
*10.9	Departure of Sanjoy Mukherjee, Executive Vice President, General Counsel and Secretary of Everest Group, Ltd. effective July 3, 2023, herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023
*10.10	Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc. and Ricardo A. Anzaldua, filed herewith
23.1	Consent of PricewaterhouseCoopers LLP, filed herewith
31.1	Section 302 Certification of Juan C. Andrade, filed herewith
31.2	Section 302 Certification of Mark Kociancic, filed herewith
32.1	Section 906 Certification of Juan C. Andrade and Mark Kociancic, filed herewith
97.1	Everest Group, Ltd. Clawback Policy
101 INS	XBRL Instance Document
101 SCH	XBRL Taxonomy Extension Schema
101 CAL	XBRL Taxonomy Extension Calculation Linkbase
101 DEF	XBRL Taxonomy Extension Definition Linkbase
101 LAB	XBRL Taxonomy Extension Label Linkbase
101 PRE	XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

_________________

*Management contract or compensatory plan or arrangement.

E-2

EVEREST REINSURANCE HOLDINGS, INC.

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

	Pages
Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 238)	F-2
Consolidated Balance Sheets at December 31, 2023 and 2022	F-4
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021	F-5
Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2023, 2022 and 2021	F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021	F-7
Notes to Consolidated Financial Statements	F-8
Schedules
ISummary of Investments Other Than Investments in Related Parties at December 31, 2023	S-1
IICondensed Financial Information of Registrant:
Balance Sheets as of December 31, 2023 and 2022	S-2
Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021	S-3
Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021	S-4
Notes to Condensed Financial Information	S-5
IIISupplementary Insurance Information as of and for the Years Ended December 31, 2023, 2022 and 2021	S-6
IVReinsurance for the Years Ended December 31, 2023, 2022 and 2021	S-7

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

F-1

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Everest Reinsurance Holdings, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Everest Reinsurance Holdings, Inc. and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive income (loss), of changes in stockholder's equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes and financial statement schedules listed in the accompanying index appearing on page F-1 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

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

Critical Audit Matters

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

Valuation of the Reserve for Losses and Loss Adjustment Expenses

As described in Notes 1 and 4 to the consolidated financial statements, the Company maintains reserves equal to the estimated ultimate liability for losses and loss adjustment expense for reported and unreported claims for both its insurance and reinsurance businesses. The Company’s reserve for losses and loss adjustment expenses as of December 31, 2023 was $15.8 billion. Reserves are based on estimates of ultimate losses and loss adjustment expenses by underwriting or accident year. Management uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves as warranted. Management considers many factors when setting reserves including (i) exposure base and projected ultimate premium; (ii) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (iii) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding

F-2

companies and historical trends, such as reserving patterns, loss payments and product mix; (iv) current legal interpretations of coverage and liability; and (v) economic conditions.

The principal considerations for our determination that performing procedures relating to the valuation of the reserve for losses and loss adjustment expenses is a critical audit matter are (i) the significant judgment by management when developing their estimate, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating the audit evidence relating to the methodologies and the significant assumptions related to expected loss ratios and historical trends, such as reserving patterns, loss payments and product mix, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s valuation of the reserve for losses and loss adjustment expenses, including controls over the selection of methodologies and development of significant assumptions. These procedures also included, among others, testing the completeness and accuracy of data provided by management and the involvement of professionals with specialized skill and knowledge to assist in performing procedures for a sample of products and lines of business including: (i) evaluating management’s methodologies and assumptions related to expected loss ratios and historical trends, such as, reserving patterns, loss payment and product mix used for determining reserves for losses and loss adjustment expenses and (ii) developing an independent estimate of the reserve for losses and loss adjustment expenses and comparing the independent estimate to management’s actuarially determined reserves.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 14, 2024

We have served as the Company’s auditor since 1996.

F-3

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

	December 31,
(In millions of U.S. dollars, par value per share)	2023		2022
ASSETS:
Fixed maturities - available for sale, at fair value	$	15,932	$	12,671
(amortized cost: 2023, $16,304; 2022,$13,699, credit allowances: 2023, $(48); 2022, $(46))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2023, $850; 2022, $793 net of credit allowances: 2023, $(8); 2022, $(9))	851		811
Equity securities, at fair value	91		194
Other invested assets	3,259		2,754
Other invested assets, at fair value	1,481		1,472
Short-term investments	1,298		812
Cash	527		481
Total investments and cash	23,439		19,195
Notes receivable - affiliated	—		840
Accrued investment income	222		150
Premiums receivable (net of credit allowances: 2023, $(28); 2022, $(21))	2,245		1,721
Reinsurance recoverables - unaffiliated (net of credit allowances: 2023, $(22); 2022, $(21))	1,816		1,841
Reinsurance recoverables - affiliated	1,547		1,935
Income tax asset, net	141		288
Funds held by reinsureds	306		303
Deferred acquisition costs	659		499
Prepaid reinsurance premiums	490		463
Other assets (net of credit allowances: 2023, $(9); 2022, $(5))	774		722
TOTAL ASSETS	$	31,638	$	27,957
LIABILITIES:
Reserve for losses and loss adjustment expenses	$	15,796	$	14,977
Unearned premium reserve	3,886		3,177
Funds held under reinsurance treaties	54		43
Amounts due to reinsurers	488		436
Losses in course of payment	139		77
Income tax liability, net	29		—
Senior notes	2,349		2,347
Long-term notes	218		218
Borrowings from FHLB	819		519
Accrued interest on debt and borrowings	22		19
Unsettled securities payable	126		1
Other liabilities	526		489
TOTAL LIABILITIES	24,451		22,303
Commitments and Contingencies (Note 11)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized;
1,000 shares issued and outstanding (2023 and 2022)	—		—
Additional paid-in capital	1,102		1,102
Accumulated other comprehensive income (loss), net of deferred income tax
expense (benefit) of $(76) at 2023 and $(225) at 2022	(287)		(848)
Retained earnings	6,372		5,400
Total stockholder's equity	7,187		5,654
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	31,638	$	27,957

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

F-4

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(In millions of U.S. dollars)	2023		2022		2021
REVENUES:
Premiums earned	$	8,536	$	7,876	$	7,179
Net investment income	993		638		745
Total net gains (losses) on investments	(180)		(982)		501
Other income (expense)	(11)		(6)		23
Total revenues	9,337		7,526		8,448
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	5,578		5,823		5,387
Commission, brokerage, taxes and fees	1,851		1,632		1,513
Other underwriting expenses	574		501		454
Corporate expenses	18		26		33
Interest, fee and bond issue cost amortization expense	134		101		70
Total claims and expenses	8,156		8,083		7,457
INCOME (LOSS) BEFORE TAXES	1,181		(557)		991
Income tax expense (benefit)	210		(112)		192
NET INCOME (LOSS)	$	972	$	(445)	$	800
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	374		(1,011)		(200)
Reclassification adjustment for realized losses (gains) included in net income (loss)	153		73		9
Total URA(D) on securities arising during the period	527		(938)		(191)
Foreign currency translation adjustments	17		(18)		(9)
Benefit plan actuarial net gain (loss) for the period	15		15		17
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	2		2		6
Total benefit plan net gain (loss) for the period	17		17		23
Total other comprehensive income (loss), net of tax	561		(939)		(177)
COMPREHENSIVE INCOME (LOSS)	$	1,533	$	(1,384)	$	623

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

F-5

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDER’S EQUITY

	Years Ended December 31,
(In millions of U.S. dollars, except share amounts)	2023		2022		2021
COMMON STOCK (shares outstanding):
Balance, beginning of period	1,000		1,000		1,000
Balance, end of period	1,000		1,000		1,000
ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	$	1,102	$	1,102	$	1,101
Share-based compensation plans	—		—		—
Balance, end of period	1,102		1,102		1,102
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
Balance, beginning of period	(848)		91		268
Net increase (decrease) during the period	561		(939)		(177)
Balance, end of period	(287)		(848)		91
RETAINED EARNINGS:
Balance, beginning of period	5,400		5,845		5,045
Net income (loss)	972		(445)		800
Balance, end of period	6,372		5,400		5,845
TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD	$	7,187	$	5,654	$	7,038

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

F-6

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(In millions of U.S. dollars)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	972	$	(445)	$	800
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(519)		(3)		(128)
Decrease (increase) in funds held by reinsureds, net	9		(9)		(30)
Decrease (increase) in reinsurance recoverables	424		70		337
Decrease (increase) in income taxes	27		(286)		100
Decrease (increase) in prepaid reinsurance premiums	(25)		(36)		(68)
Increase (decrease) in reserve for losses and loss adjustment expenses	797		1,885		1,478
Increase (decrease) in unearned premiums	703		189		609
Increase (decrease) in amounts due to reinsurers	48		50		114
Increase (decrease) in losses in course of payment	61		(197)		111
Change in equity adjustments in limited partnerships	(83)		(90)		(368)
Distribution of limited partnership income	57		107		114
Change in other assets and liabilities, net	(274)		(130)		(10)
Non-cash compensation expense	39		37		36
Amortization of bond premium (accrual of bond discount)	(43)		22		31
Net (gains) losses on investments	180		982		(501)
Net cash provided by (used in) operating activities	2,374		2,146		2,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	1,206		1,399		2,330
Proceeds from fixed maturities sold - available for sale	2,546		2,645		961
Proceeds from fixed maturities matured/called/repaid - held to maturity	82		39		—
Proceeds from equity securities sold	126		2,203		862
Distributions from other invested assets	127		135		127
Cost of fixed maturities acquired - available for sale	(6,518)		(5,928)		(5,832)
Cost of fixed maturities acquired - held to maturity	(112)		(125)		—
Cost of equity securities acquired	(14)		(951)		(1,052)
Cost of other invested assets acquired	(611)		(1,241)		(430)
Net change in short-term investments	(444)		(113)		13
Net change in unsettled securities transactions	172		(52)		(206)
Proceeds from repayment (cost of issuance) of notes receivable - affiliated	840		(340)		(200)
Net cash provided by (used in) investing activities	(2,599)		(2,329)		(3,427)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation, net of expense	(38)		(37)		(36)
Net FHLB borrowings (repayments)	300		—		209
Cost of debt repurchase	—		(6)		—
Proceeds from issuance of senior notes	—		—		968
Net cash provided by (used in) financing activities	262		(43)		1,142
EFFECT OF EXCHANGE RATE CHANGES ON CASH	10		8		(18)
Net increase (decrease) in cash	46		(218)		321
Cash, beginning of period	481		699		379
Cash, end of period	$	527	$	481	$	699
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	182	$	174	$	91
Interest paid	130		98		62
NON-CASH TRANSACTIONS
Reclassification of specific investments from fixed maturity securities, available for sale at fair value
to fixed maturity securities, held to maturity at amortized cost net of credit allowances	$	—	$	722	$	—

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

F-7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2023, 2022 and 2021

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.Business and Basis of Presentation.

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 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.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsurance Company - Escritório de Representação No Brasil Ltda. (“Everest Brazil”), Mt. Whitney Securities, Inc., Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Specialty Underwriters Services, LLC, Everest International Assurance, Ltd. (“Everest Assurance”), EverSports & Entertainment Insurance, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Salus Systems (“Salus”) and Mt. McKinley Managers, L.L.C. All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars.

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

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2023 presentation.

B.Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit-related or non-credit-related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s

F-8

carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

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

The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time.

The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

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

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

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

Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties. For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

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

Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair values of the Preferred Holdings convertible preferred stock at December 31, 2023 and December 31, 2022 were determined using a pricing model.

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

F-9

C.Allowance for Premium Receivable and Reinsurance Recoverables.

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

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

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

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

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

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

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

The Company records credit loss expenses related to reinsurance recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of

F-10

reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

D.Deferred Acquisition Costs.

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

E.Reserve for Losses and Loss Adjustment Expenses.

The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies.  A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.  Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.  See also Note 3.  The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made.  The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability.  Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

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

F.Premium Revenues.

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

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

G.Prepaid Reinsurance Premiums.

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2023 were collateralized either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

H.Income Taxes.

The Company and its wholly owned subsidiaries file a consolidated U.S. Corporation Income Tax Return. The Company’s foreign subsidiaries and foreign branches of its U.S. subsidiaries file country and local corporation income tax returns as required. Deferred U.S. federal and foreign income taxes have been recorded to recognize the tax effect of temporary differences between the GAAP and income tax basis of assets and liabilities, which arise because of differences between the financial reporting and income tax rules.

F-11

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

I.Foreign Currency.

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

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

J.Segmentation.

The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively. See also Note 6.

K.Recent Accounting Pronouncements.

Adoption of New Accounting Standards

The Company did not adopt any new accounting standards that had a material impact in 2023.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are affective after 2023 by the Financial Accounting Standards Board on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2023 . There were no accounting standards identified, other than those directly reference below, that are expected to have a material impact to Holdings.

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

F-12

2.INVESTMENTS

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

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	265	$	—	$	—	$	(17)	$	247
Obligations of U.S. states and political subdivisions	138		—		1		(11)		128
Corporate securities	4,400		(47)		96		(160)		4,289
Asset-backed securities	5,307		—		23		(48)		5,282
Mortgage-backed securities
Commercial	575		—		—		(53)		522
Agency residential	2,532		—		27		(124)		2,435
Non-agency residential	429		—		14		(1)		441
Foreign government securities	859		—		15		(39)		835
Foreign corporate securities	1,800		—		35		(82)		1,753
Total fixed maturity securities - available for sale	$	16,304	$	(48)	$	212	$	(536)	$	15,932

(Some amounts may not reconcile due to rounding.)

	At December 31, 2022
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	575	$	—	$	—	$	(40)	$	535
Obligations of U.S. states and political subdivisions	444		—		2		(32)		413
Corporate securities	3,913		(45)		14		(322)		3,561
Asset-backed securities	4,111		—		5		(165)		3,951
Mortgage-backed securities
Commercial	569		—		—		(59)		509
Agency residential	1,792		—		3		(167)		1,628
Non-agency residential	3		—		—		—		3
Foreign government securities	696		—		2		(61)		637
Foreign corporate securities	1,597		(1)		4		(167)		1,433
Total fixed maturity securities - available for sale	$	13,699	$	(46)	$	30	$	(1,013)	$	12,671

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	150	$	(2)	$	1	$	(3)	$	146
Asset-backed securities	604		(5)		4		(10)		593
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		7		—		90
Total fixed maturity securities - held to maturity	$	859	$	(8)	$	12	$	(13)	$	850

(Some amounts may not reconcile due to rounding.)

F-13

	At December 31, 2022
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	152	$	(2)	$	—	$	(6)	$	144
Asset-backed securities	634		(6)		2		(15)		614
Mortgage-backed securities
Commercial	7		—		—		—		7
Foreign corporate securities	28		(1)		2		—		28
Total fixed maturity securities - held to maturity	$	820	$	(9)	$	3	$	(22)	$	793

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023				At December 31, 2022
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – available for sale
Due in one year or less	$	546	$	537	$	581	$	563
Due after one year through five years	2,402		2,310		3,684		3,429
Due after five years through ten years	2,842		2,784		2,003		1,760
Due after ten years	1,672		1,621		958		827
Asset-backed securities	5,307		5,282		4,111		3,951
Mortgage-backed securities
Commercial	575		522		569		509
Agency residential	2,532		2,435		1,792		1,628
Non-agency residential	429		441		3		3
Total fixed maturity securities - available for sale	$	16,304	$	15,932	$	13,699	$	12,671

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023				At December 31, 2022
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – held to maturity
Due in one year or less	$	5	$	5	$	5	$	5
Due after one year through five years	59		58		63		61
Due after five years through ten years	43		42		43		41
Due after ten years	127		131		68		65
Asset-backed securities	604		593		634		614
Mortgage-backed securities
Commercial	21		21		7		7
Total fixed maturity securities - held to maturity	$	859	$	850	$	820	$	793

(Some amounts may not reconcile due to rounding.)

During 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of December 31, 2023, $42 million of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these

F-14

securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy.

The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as of December 31, 2023 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 December 31, 2023.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022
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 fore sale and short-term investments	$	667	$	(1,187)
Change in unrealized appreciation (depreciation), pre-tax	667		(1,187)
Deferred tax benefit (expense)	(140)		249
Change in URA(D), net of deferred taxes, included in stockholder's equity	$	527	$	(938)

(Some amounts may not reconcile due to rounding.)

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

	Duration of Unrealized Loss at December 31, 2023 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	7	$	—	$	238	$	(17)	$	245	$	(17)
Obligations of U.S. states and political subdivisions	3		—		74		(11)		77		(11)
Corporate securities	673		(47)		1,150		(112)		1,822		(160)
Asset-backed securities	179		(2)		1,958		(46)		2,138		(48)
Mortgage-backed securities
Commercial	19		—		491		(53)		511		(53)
Agency residential	203		(2)		1,030		(123)		1,233		(124)
Non-agency residential	125		(1)		3		—		128		(1)
Foreign government securities	38		(1)		423		(38)		461		(39)
Foreign corporate securities	120		(2)		821		(80)		940		(82)
Total	$	1,367	$	(54)	$	6,187	$	(481)	$	7,554	$	(536)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	1,369	$	(55)	$	6,187	$	(481)	$	7,556	$	(536)

(Some amounts may not reconcile due to rounding.)

F-15

	Duration of Unrealized Loss at December 31, 2023 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	84	$	(1)	$	263	$	(10)	$	348	$	(11)
Due in one year through five years	227		(5)		1,317		(96)		1,544		(101)
Due in five years through ten years	150		(5)		951		(128)		1,101		(133)
Due after ten years	379		(39)		174		(25)		553		(64)
Asset-backed securities	179		(2)		1,958		(46)		2,138		(48)
Mortgage-backed securities	347		(3)		1,523		(176)		1,871		(179)
Total	$	1,367	$	(54)	$	6,187	$	(481)	$	7,554	$	(536)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	1,369	$	(55)	$	6,187	$	(481)	$	7,556	$	(536)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2023 were $7.6 billion and $536 million, respectively. The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2023, did not exceed 1.4% 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 0.5% of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $55 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, foreign government securities, asset-backed securities as well as commercial and agency residential mortgage-backed securities. Of these unrealized losses, $39 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $481 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 $455 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2023, 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.

F-16

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 December 31, 2022 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	290	$	(14)	$	245	$	(26)	$	535	$	(40)
Obligations of U.S. states and political subdivisions	235		(23)		27		(9)		261		(32)
Corporate securities	2,138		(175)		841		(146)		2,979		(321)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Mortgage-backed securities
Commercial	464		(50)		36		(9)		500		(59)
Agency residential	852		(54)		605		(113)		1,456		(167)
Non-agency residential	2		—		1		—		3		—
Foreign government securities	455		(36)		144		(25)		599		(61)
Foreign corporate securities	967		(100)		365		(67)		1,332		(167)
Total	$	8,522	$	(591)	$	2,698	$	(421)	$	11,220	$	(1,012)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	8,524	$	(591)	$	2,698	$	(421)	$	11,222	$	(1,013)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2022 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	463	$	(8)	$	29	$	(4)	$	491	$	(11)
Due in one year through five years	2,020		(143)		936		(107)		2,956		(250)
Due in five years through ten years	1,162		(148)		395		(98)		1,557		(246)
Due after ten years	439		(50)		262		(64)		701		(114)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Mortgage-backed securities	1,318		(105)		641		(122)		1,959		(226)
Total	$	8,522	$	(591)	$	2,698	$	(421)	$	11,220	$	(1,012)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	8,524	$	(591)	$	2,698	$	(421)	$	11,222	$	(1,013)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2022 were $11.2 billion and $1.0 billion, respectively. The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 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 comprised less than 0.6% 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 $591 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, $520 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $421 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

F-17

losses, $392 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 table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturities	$	822	$	510	$	344
Equity securities	3		16		15
Short-term investments and cash	74		16		1
Other invested assets
Limited partnerships	37		72		321
Dividends from preferred shares of affiliate	31		31		31
Other	59		30		63
Gross investment income before adjustments	1,027		675		774
Funds held interest income (expense)	3		6		8
Interest income from Parent	7		11		6
Gross investment income	1,038		691		788
Investment expenses	46		52		43
Net investment income	$	993	$	638	$	745

(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 $1.0 billion in limited partnerships and private placement loans at December 31, 2023. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2027.

During the fourth quarter of 2022, the Company entered into COLI policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.3 billion and $939 million as of December 31, 2023 and December 31, 2022, respectively.

Other invested assets, at fair value, as of December 31, 2023 and December 31, 2022, were comprised of preferred shares held in 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 December 31, 2023 and 2022, 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

F-18

investments. The Company’s maximum exposure to loss as of December 31, 2023 and 2022 is limited to the total carrying value of $3.3 billion and $2.8 billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets.

As of December 31, 2023, the Company has outstanding commitments totaling $972 million whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturity securities:
Allowances for credit losses	$	(1)	$	(27)	$	(26)
Net realized gains (losses) from dispositions	(192)		(79)		8
Gains (losses) from fair value adjustments	—		—		—
Equity securities:
Net realized gains (losses) from dispositions	8		117		24
Gains (losses) from fair value adjustments	(4)		(447)		254
Other invested assets	—		13		6
Other invested assets, fair value:
Gains (losses) from fair value adjustments	9		(558)		234
Short-term investment gains (losses)	—		—		—
Total net gains (losses) on investments	$	(180)	$	(982)	$	501

(Some amounts may not reconcile due to rounding.)

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

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2023
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(45)	$	—	$	(1)	$	(46)
Credit losses on securities where credit losses were not previously recorded	(23)		—		—		(23)
Increases in allowance on previously impaired securities	(1)		—		—		(1)
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	21		—		1		22
Balance, end of period	$	(47)	$	—	$	—	$	(48)

(Some amounts may not reconcile due to rounding.)

F-19

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

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2022
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(19)	$	(8)	$	—	$	(27)
Credit losses on securities where credit losses were not previously recorded	(11)		—		(1)		(12)
Increases in allowance on previously impaired securities	(20)		—		—		(21)
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	6		8		1		14
Balance, end of period	$	(45)	$	—	$	(1)	$	(46)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2022
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	—	$	—	$	—	$	—
Credit losses on securities where credit losses were not previously recorded	(2)		(6)		(1)		(9)
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	—		—		—		—
Balance, end of period	$	(2)	$	(6)	$	(1)	$	(9)

(Some amounts may not reconcile due to rounding.)

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Proceeds from sales of fixed maturity securities - available for sale	$	2,546	$	2,645	$	961
Gross gains from dispositions	12		9		33
Gross losses from dispositions	(204)		(88)		(24)
Proceeds from sales of equity securities	$	126	$	2,203	$	862
Gross gains from dispositions	8		165		39
Gross losses from dispositions	—		(48)		(15)

F-20

Securities with a carrying value amount of $1.4 billion at December 31, 2023, were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws. See Note 10.

3.FAIR VALUE

GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:    Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;

Level 2:    Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;

Level 3:    Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information 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 Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

At December 31, 2023, $2.0 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, 2022, $1.7 billion of fixed maturities were fair valued using unobservable inputs.

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 a nationally recognized source.

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

F-21

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

The fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services.

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.

Other invested assets, at fair value, were categorized as Level 3 at December 31, 2023 and December 31, 2022, since it represented a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent. The 25 year redeemable, convertible preferred stock with a 1.75% coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10 year and the swap rate on the Company’s June 1, 2044, 4.868% senior notes, with adjustments to reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset.

F-22

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:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	247	$	—	$	247	$	—
Obligations of U.S. states and political subdivisions	128		—		128		—
Corporate securities	4,289		—		3,617		672
Asset-backed securities	5,282		—		3,977		1,305
Mortgage-backed securities
Commercial	522		—		522		—
Agency residential	2,435		—		2,435		—
Non-agency residential	441		—		441		—
Foreign government securities	835		—		835		—
Foreign corporate securities	1,753		—		1,737		16
Total fixed maturities - available for sale	15,932		—		13,939		1,993
Equity securities, fair value	91		70		21		—
Other invested assets, fair value	1,481		—		—		1,481

(Some amounts may not reconcile due to rounding.)

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	535	$	—	$	535	$	—
Obligations of U.S. states and political subdivisions	413		—		413		—
Corporate securities	3,561		—		2,846		715
Asset-backed securities	3,951		—		2,957		994
Mortgage-backed securities
Commercial	509		—		509		—
Agency residential	1,628		—		1,628		—
Non-agency residential	3		—		3		—
Foreign government securities	637		—		637		—
Foreign corporate securities	1,433		—		1,417		16
Total fixed maturities - available for sale	12,671		—		10,946		1,725
Equity securities, fair value	194		132		63		—
Other invested assets, fair value	1,472		—		—		1,472

(Some amounts may not reconcile due to rounding.)

F-23

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

	Total Fixed Maturities - Available for Sale
	December 31, 2023										December 31, 2022
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total
Beginning balance fixed maturities	$	715	$	994	$	—	$	16	$	1,725	$	730	$	1,251	$	—	$	16	$	1,997
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	4		—		—		—		4		(24)		—		—		—		(24)
Included in other comprehensive income (loss)	(2)		6		—		—		4		3		(35)		—		(4)		(36)
Purchases, issuances and settlements	(45)		305		—		—		260		40		513		6		8		567
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	—		—		—		—		—		(35)		(735)		(6)		(4)		(779)
Ending balance	$	672	$	1,305	$	—	$	16	$	1,993	$	715	$	994	$	—	$	16	$	1,725
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	$	9	$	—	$	—	$	—	$	9	$	(23)	$	8	$	—	$	—	$	(15)

(Some amounts may not reconcile due to rounding.)

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

The $779 million shown as transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories for the year ended December 31, 2022 related mainly to previously designated Level 3 securities that the Company had reclassified from “fixed maturities - available for sale” to “fixed maturities - held to maturity” during 2022. As “fixed maturities - held to maturity" are carried at amortized cost, net of credit allowances rather than at fair value as “fixed maturities - available for sale”, these securities are no longer included within the fair value hierarchy table or in the roll forward of Level 3 securities. 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 December 31, 2022.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 7 and 8, respectively. Fair values of long-term notes receivable from affiliates can be found within Note 15. Short-term investments are stated at cost, which approximates fair value. See Note 1.

Exempt from Fair Value Disclosure Requirements

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

In addition, $274 million and $292 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively, are not included within the fair value hierarchy tables as the assets are measured at net asset value (NAV) as a practical expedient to determine fair value.

F-24

4.RESERVES FOR LOSSES AND LAE

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

	At December 31,
(Dollars in millions)	2023		2022		2021
Gross reserves beginning of period	$	14,977	$	13,121	$	11,578
Less reinsurance recoverables on unpaid losses	(3,684)		(3,651)		(3,951)
Net reserves beginning of period	11,294		9,470		7,627
Incurred related to:
Current year	5,599		5,815		5,382
Prior years	(21)		7		5
Total incurred losses and LAE	5,578		5,823		5,387
Paid related to:
Current year	1,169		1,097		2,374
Prior years	3,128		2,867		1,127
Total paid losses and LAE	4,298		3,964		3,501
Foreign exchange/translation adjustment	40		(35)		(42)
Net reserves end of period	12,614		11,294		9,470
Plus reinsurance recoverables on unpaid losses	3,182		3,684		3,651
Gross reserves end of period	$	15,796	$	14,977	$	13,121

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $5.6 billion, $5.8 billion and $5.4 billion for the years ended December 31, 2023, 2022 and 2021, respectively. The decrease in current year incurred losses in 2023 compared to 2022 primarily related to a decrease of $642 million in current year catastrophe losses, partially offset by an increase of $426 million in current year attritional losses resulting from the impact of the increase in premiums earned and changes in the mix of business. The increase in current year incurred losses in 2022 compared to 2021 primarily related to an increase of $44 million in current year catastrophe losses and an increase of $389 million in current year attritional losses. The increase in current year attritional losses was mainly due to the growth in premiums earned and $25 million of losses due to the Russia/Ukraine conflict.

The recent emergence of the Middle East war and the ongoing war in the Ukraine are evolving events. 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 in numerous countries, including the United States. The significant political and economic uncertainty surrounding these wars and associated sanctions have impacted economic and investment markets both within Russia, Ukraine, the Middle East region, and around the world.

Incurred prior years’ reserves decreased by $21 million in 2023 and increased by $7 million and $5 million in 2022 and 2021, respectively. The net favorable development on prior year reserves of $21 million in 2023 is comprised of $351 million of favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, which is offset by $352 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019. The prior year development also includes $37 million of commutations from stop loss agreements between Everest Re and Bermuda Re that are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses. Additionally, there was $22 million of favorable development on prior year catastrophe losses. The 2022 prior year development was primarily due to $113 million of strengthening of asbestos reserves mitigated primarily by reserve releases from the reinsurance segment. The increase for 2021 related mainly to increases in insurance casualty reserves.

The following is information about incurred and paid claims development as of December 31, 2023, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected

F-25

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

The information about incurred and paid claims development for the years ended December 31, 2014 to December 31, 2022 is presented as supplementary information.

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

The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts.

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

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

	At December 31,
	2023
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	5,433
Reinsurance Property	3,161
Insurance Casualty	3,310
Insurance Property	493
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	12,396
Reinsurance recoverable on unpaid claims
Reinsurance Casualty	492
Reinsurance Property	816
Insurance Casualty	1,695
Insurance Property	179
Total reinsurance recoverable on unpaid claims	3,182
Unallocated claims adjustment expenses	184
Other	33
	218
Total gross liability for unpaid claims and claim adjustment expense	$	15,796

(Some amounts may not reconcile due to rounding.)

F-26

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

Reinsurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	341	$	327	$	258	$	229	$	229	$	229	$	229	$	229	$	229	$	229	—	N/A
2015			294		250		238		238		238		238		238		238		238		6	N/A
2016					243		239		239		239		239		239		239		239		18	N/A
2017							198		204		204		204		204		204		204		50	N/A
2018									814		799		845		867		919		1,029		115	N/A
2019											1,009		1,057		1,058		1,073		1,109		285	N/A
2020													1,085		1,057		1,026		1,017		373	N/A
2021															1,358		1,351		1,309		693	N/A
2022																	1,331		1,290		912	N/A
2023																			1,634		1,283	N/A
																			$	8,299

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	15	$	36	$	77	$	107	$	145	$	175	$	184	$	188	$	211	$	216
2015			16		39		86		147		168		188		194		209		216
2016					18		54		89		143		161		187		214		220
2017							27		87		110		123		150		180		187
2018									132		200		318		415		473		510
2019											165		265		381		487		531
2020													146		237		334		447
2021															156		230		377
2022																	105		222
2023																			175
																			$	3,101
All outstanding liabilities prior to 2014, net of reinsurance																			235
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,433

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	11.5	%	8.9	%	11.6	%	11.7	%	6.8	%	7.3	%	5.5	%	3.6	%	6.3	%	2.0	%

F-27

Reinsurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	715	$	527	$	369	$	339	$	340	$	340	$	340	$	340	$	340	$	340	3	N/A
2015			640		341		311		311		311		311		311		311		311		1	N/A
2016					612		631		632		628		627		627		627		628		2	N/A
2017							1,262		1,847		2,015		2,109		2,162		2,200		2,203		2	N/A
2018									2,214		2,103		2,093		2,041		2,011		1,982		(1)	N/A
2019											1,658		1,664		1,591		1,486		1,479		(7)	N/A
2020													1,843		1,887		1,827		1,805		23	N/A
2021															2,140		2,126		2,068		87	N/A
2022																	2,535		2,223		549	N/A
2023																			1,958		980	N/A
																			$	14,996

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	145	$	222	$	273	$	301	$	317	$	319	$	323	$	325	$	332	$	339
2015			148		213		261		276		282		287		291		300		314
2016					223		475		569		575		580		582		592		603
2017							773		1,529		1,887		2,011		2,105		2,181		2,219
2018									470		1,358		1,652		1,808		1,866		1,909
2019											656		1,016		1,258		1,376		1,472
2020													528		1,100		1,408		1,590
2021															625		1,274		1,634
2022																	548		1,209
2023																			525
																			$	11,815
All outstanding liabilities prior to 2014, net of reinsurance																			(20)
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,161

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	30.9	%	32.8	%	16.2	%	7.2	%	3.9	%	2.4	%	1.6	%	1.7	%	3.3	%	1.9	%

F-28

Insurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	238	$	239	$	241	$	255	$	255	$	255	$	256	$	256	$	256	$	256	1	24,779
2015			259		259		277		277		277		266		266		269		278		4	26,300
2016					351		276		279		281		288		287		281		281		—	30,606
2017							304		237		238		237		236		232		235		—	34,567
2018									645		644		666		689		698		793		135	35,301
2019											768		756		794		814		996		194	39,356
2020													817		792		793		841		287	38,099
2021															1,112		1,112		1,106		457	44,387
2022																	1,039		1,054		450	45,829
2023																			1,236		620	36,309
																			$	7,076

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	20	$	72	$	114	$	144	$	229	$	229	$	250	$	253	$	254	$	255
2015			20		68		117		199		244		259		263		266		270
2016					25		101		276		299		308		313		318		321
2017							23		151		157		217		233		239		243
2018									63		189		271		383		435		476
2019											11		217		350		489		598
2020													82		209		340		448
2021															201		339		521
2022																	222		470
2023																			193
																			$	3,793
All outstanding liabilities prior to 2014, net of reinsurance																			27
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,310

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	12.1	%	19.7	%	16.7	%	15.0	%	11.1	%	3.6	%	3.2	%	1.1	%	0.9	%	0.2	%

F-29

Insurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	76	$	89	$	84	$	82	$	82	$	82	$	82	$	82	$	82	$	82	—	N/A
2015			96		93		93		92		95		107		107		103		95		—	N/A
2016					150		186		180		177		175		174		181		181		—	N/A
2017							233		300		303		309		322		332		329		—	N/A
2018									382		380		392		390		395		402		5	N/A
2019											350		367		359		365		378		7	N/A
2020													524		523		513		478		24	N/A
2021															557		550		578		31	N/A
2022																	708		711		115	N/A
2023																			638		164	N/A
																			$	3,872

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	45	$	77	$	81	$	81	$	82	$	82	$	82	$	82	$	82	$	82
2015			51		82		91		91		91		94		94		94		95
2016					78		162		180		175		178		180		180		181
2017							164		298		287		305		321		329		329
2018									238		349		376		388		391		396
2019											224		346		357		364		367
2020													271		374		395		453
2021															361		515		537
2022																	390		548
2023																			391
																			$	3,379
All outstanding liabilities prior to 2014, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	493

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	57.1	%	29.8	%	4.0	%	4.7	%	1.8	%	1.6	%	0.2	%	0.7	%	0.2	%	0.1	%

Reserving Methodology

The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee

F-30

includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded.

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

The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. On the other hand, casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatility than those for the longer tail lines.

The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group.

Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year.

Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile.

Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio.

Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for

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short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments.

Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor do we supplement the actuarially determined reserves for uncertainty.

Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date.  The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations.  The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed.  Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study.  The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.

Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. These types of events are reserved for separately using a variety of statistical and actuarial techniques. We estimate losses for these types of events based on information derived from catastrophe models, quantitative and qualitative exposure analyses, reports and communications from ceding companies and development patterns for historically similar events, where available.

The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos.  Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water.  Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.

The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses.

A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022		2021
Gross basis:
Beginning of period reserves	$	278	$	175	$	219
Incurred losses	—		144		11
Paid losses	(31)		(42)		(55)
End of period reserves	$	246	$	278	$	175
Net basis:
Beginning of period reserves	$	210	$	128	$	167
Incurred losses	—		113		(3)
Paid losses	(21)		(32)		(36)
End of period reserves	$	189	$	210	$	128

Reinsurance Recoverables. Reinsurance recoverables for both paid and unpaid losses totaled $3.4 billion and $3.8 billion at December 31, 2023 and 2022, respectively. At December 31, 2023, $1.5 billion, or 45.8%, was receivable from Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), an affiliated entity, and is fully collateralized by a trust agreement and $285 million, or 8.5%, was receivable from Mt. Logan Re Ltd. (Bermuda) (“Mt. Logan Re”) collateralized segregated accounts. No other retrocessionaire accounted for more than 5% of reinsurance receivables.

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5.REINSURANCE

The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences.  These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders.  Losses and LAE incurred and premiums earned are reported after deduction for reinsurance.  In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverables balances.  The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverable include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. The Company may hold partial collateral, including letters of credit and funds held, under these agreements.  See also Note 1C, Note 4 and Note 10.

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets.

See Note 1C for discussion of allowance on reinsurance recoverables.

Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults.

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Written premiums:
Direct	$	3,785	$	3,701	$	3,300
Assumed	7,332		5,975		6,031
Ceded	(1,905)		(1,645)		(1,612)
Net written premiums	$	9,212	$	8,032	$	7,719
Premiums earned:
Direct	$	3,709	$	3,544	$	2,982
Assumed	6,705		5,945		5,741
Ceded	(1,878)		(1,613)		(1,544)
Net premiums earned	$	8,536	$	7,876	$	7,179
Incurred losses and LAE:
Direct	$	2,594	$	2,423	$	2,043
Assumed	3,449		4,107		3,872
Ceded	(465)		(708)		(528)
Net incurred losses and LAE	$	5,578	$	5,823	$	5,387

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The Company has engaged in reinsurance transactions with 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 millions)
Coverage Period	Ceding Company	Percent Ceded		Assuming Company	Type of Business	Single Occurrence Limit		Aggregate Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	Property / Casualty Business	150		325
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	150		300
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	100		200
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	163		325
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	Property / Casualty Business	219		438
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	Property Business	350	(1)	0
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	Property Business	350	(1)	0
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	206	(1)	413	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	150	(1)	413	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	263	(1)	413	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re- Canadian Branch	Property Business	-		0
01/01/2020	Everest International Assurance	100.0	%	Bermuda Re	Life Business	-		0

(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, 2024.

The stop loss agreements between Everest Re and Bermuda Re that were effective for 2018 and 2019 were both commuted during the third quarter of 2023. The commutations of the agreements resulted in the recognition of an aggregate loss of $37 million for Everest Re. The impact of the commutations are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021. The contract provides Bermuda Re (UK Branch), with up to £100 million of reinsurance coverage for each catastrophe occurrence above £24 million. Bermuda Re (UK Branch) paid Everest Re £5 million for this coverage. This agreement was most recently renewed effective January 1, 2024.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1, 2021 through January 31, 2022. The contract provides Ireland Re with up to €210 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re paid Everest Re €14 million for this coverage. This agreement was most recently renewed effective February 1, 2024.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective March 31, 2023 through January 31, 2024. The contract provides Ireland Re with up to €61 million of reinsurance coverage for each catastrophe occurrence above €139 million. Ireland Re paid Everest Re €2 million for this coverage. This agreement was not renewed for 2024.

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The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.

(Dollars in millions)
Effective Date	Transferring Company	Assuming Company	% of Business or Amount of Transfer			Covered Period of Transfer
10/01/2001	Everest Re (Belgium Branch)	Bermuda Re	100		%	All years
10/01/2008	Everest Re	Bermuda Re	$	747		01/01/2002-12/31/2007
12/31/2017	Everest Re	Bermuda Re	$	970		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 million of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $500 million of adverse development coverage on the subject loss reserves. As of December 31, 2023, and December 31, 2022, the Company has a reinsurance recoverable of $807 million and $804 million, respectively, recorded on its balance sheet due from Bermuda Re.

The following tables summarize the significant premiums and losses ceded and assumed by the Company in transactions with affiliated entities for the periods indicated:

Bermuda Re	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Ceded written premiums	$	432	$	372	$	303
Ceded earned premiums	431		371		300
Ceded losses and LAE	(15)		(16)		(59)
Assumed written premiums	4		3		5
Assumed earned premiums	4		5		4

Ireland Re	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Assumed written premiums	$	13	$	10	$	16
Assumed earned premiums	12		10		15
Assumed losses and LAE	2		23		64

Ireland Insurance	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Assumed written premiums	$	14	$	9	$	9
Assumed earned premiums	17		8		6
Assumed losses and LAE	7		5		3

In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts:

Mt. Logan Re Segregated Accounts	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Ceded written premiums	$	210	$	170	$	286
Ceded earned premiums	205		174		280
Ceded losses and LAE	31		150		194

6.SEGMENT REPORTING

The Company operates through two operating segments. 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

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and Singapore. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

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

During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.

The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. 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. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

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

	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	7,181	$	3,936	$	11,117
Net written premiums	6,205		3,007		9,212
Premiums earned	$	5,637	$	2,900	$	8,536
Incurred losses and LAE	3,329		2,249		5,578
Commission and brokerage	1,545		306		1,851
Other underwriting expenses	167		407		574
Underwriting gain (loss)	$	596	$	(64)	$	533
Net investment income					993
Net gains (losses) on investments					(180)
Corporate expenses					(18)
Interest, fee and bond issue cost amortization expense					(134)
Other income (expense)					(11)
Income (loss) before taxes					$	1,181

(Some amounts may not reconcile due to rounding.)

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	Year Ended December 31, 2022
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	5,879	$	3,798	$	9,677
Net written premiums	5,204		2,828		8,032
Premiums earned	$	5,147	$	2,729	$	7,876
Incurred losses and LAE	3,926		1,897		5,823
Commission and brokerage	1,308		325		1,632
Other underwriting expenses	138		364		501
Underwriting gain (loss)	$	(224)	$	144	$	(81)
Net investment income					638
Net gains (losses) on investments					(982)
Corporate expenses					(26)
Interest, fee and bond issue cost amortization expense					(101)
Other income (expense)					(6)
Income (loss) before taxes					$	(557)

(Some amounts may not reconcile due to rounding.)

	Year Ended December 31, 2021
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	5,979	$	3,352	$	9,331
Net written premiums	5,217		2,503		7,719
Premiums earned	$	4,899	$	2,279	$	7,179
Incurred losses and LAE	3,750		1,637		5,387
Commission and brokerage	1,229		284		1,513
Other underwriting expenses	142		312		454
Underwriting gain (loss)	$	(220)	$	46	$	(175)
Net investment income					745
Net gains (losses) on investments					501
Corporate expenses					(33)
Interest, fee and bond issue cost amortization expense					(70)
Other income (expense)					23
Income (loss) before taxes					$	991

(Some amounts may not reconcile due to rounding.)

Further classifications of revenues by geographic location are impracticable to disclose and, therefore, are not provided. Additionally, such information is not utilized by the Company’s CODM when reviewing the business to assess performance, make operating decisions or allocate resources.

Approximately 17.2%, 17.6% and 19.3% of the Company’s gross written premiums in 2023, 2022 and 2021, respectively, were sourced through the Company’s largest intermediary.

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7.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.

				December 31, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts	Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	06/05/2014	06/01/2044	400	$	398	$	369	$	397	$	343
3.5% Senior notes	10/07/2020	10/15/2050	1,000	981		742		981		677
3.125% Senior notes	10/04/2021	10/15/2052	1,000	970		688		969		627
			2,400	$	2,349	$	1,799	$	2,347	$	1,647

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

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2023		2022		2021
4.868% Senior notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior notes	semi-annually	April 15/October 15	32		32		8
			$	86	$	86	$	62

8.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.

December 31, 2023

December 31, 2022

Date Issued

Original Principal Amount

Maturity Date

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

(Dollars in millions)

Scheduled

Final

Long-term subordinated notes

04/26/2007

$

400

05/15/2037

05/01/2067

$

218

$

187

$

218

$

187

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest 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 November 15, 2023 to February 14, 2024 is 8.03%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on 3-month CME Term SOFR plus a spread.

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.

In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes. In addition, the Company repurchased and retired $6 million of the outstanding long-term subordinated notes for the year ended December 31, 2022. The Company realized a gain of $1 million on the repurchases made during 2022.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Interest expense incurred	$	17	$	9	$	6

9.FEDERAL HOME LOAN BANK MEMBERSHIP

Everest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2023, Everest Re had admitted assets of approximately $26.3 billion which provides borrowing capacity in excess of $2.6 billion. As of December 31, 2023, Everest Re had $819 million of borrowings outstanding, all of which expire in 2024. Everest Re incurred interest expense of $30 million and $4 million for the years ended December 31, 2023 and 2022, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership requires that members must have sufficient qualifying collateral pledged. As of December 31, 2023, Everest Re had $1.1 billion of collateral pledged.

10.COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:

	At December 31,
(Dollars in millions)	2023		2022
Collateral in trust for non-affiliated agreements (1)	$	825	$	705
Collateral for FHLB borrowings	1,077		572
Securities on deposit with or regulated by government authorities	1,447		1,360
Funds held by reinsureds	306		303
Total restricted assets	$	3,654	$	2,941

(1) At December 31, 2023 and December 31, 2022, the total amount on deposit in trust accounts includes $116 million and $21 million of restricted cash respectively.

The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements:

(Dollars in millions)
Class	Description	Effective Date	Expiration Date	Limit		Coverage Basis
Series 2019-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	12/12/2019	12/19/2024	150		Occurrence
Series 2019-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	12/12/2019	12/19/2024	275		Aggregate
Series 2021-1 Class A-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	150		Occurrence
Series 2021-1 Class B-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class C-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	150		Occurrence
Series 2021-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2021-1 Class C-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2022-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/22/2022	6/25/2025	300		Aggregate
	Total available limit as of December 31, 2023			$	1,375

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.

F-39

The Company had up to $350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry loss threshold. This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level. As a result of Hurricane Ian, PCS’s current industry estimate of $48.2 billion issued in February 2024 exceeds the attachment point. The potential recovery under the CAT Bond is not expected to be material. As a result, no portion of the potential CAT bond recovery has been included in the Company’s current financial results.

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. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.

11.COMMITMENTS AND CONTINGENCIES

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

The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
The Prudential	$	136	$	137
Other unaffiliated life insurance company	34		34

12.LEASES

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

Supplemental information related to operating leases is as follows for the periods indicated:

	Year Ended December 31,
(Dollars in millions)	2023		2022
Lease expense incurred:
Operating lease cost	$	26	$	25

F-40

	At December 31,
(Dollars in millions)	2023		2022
Operating lease right of use assets (1)	$	111	$	121
Operating lease liabilities (1)	130		139

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.

	Year Ended December 31,
(Dollars in millions)	2023		2022
Operating cash flows from operating leases	$	(19)	$	(18)

	At December 31,
	2023		2022
Weighted average remaining operating lease term	10.3 years		11.1 years
Weighted average discount rate on operating leases	4.03	%	4.00	%

Maturities of the existing lease liabilities are expected to occur as follows:

(Dollars in millions)
2024	$	20
2025	16
2026	15
2027	14
2028	12
Thereafter	78
Undiscounted lease payments	155
Less: present value adjustment	26
Total operating lease liability	$	130

13.COMPREHENSIVE INCOME (LOSS)

The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

	December 31, 2023						December 31, 2022						December 31, 2021
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) on securities - temporary	$	473	(99)		$	374	$	(1,280)	269		$	(1,011)	$	(254)	53		$	(200)
Reclassification of net realized losses (gains) included in net income (loss)	193		(41)		153		93		(20)		73		12		(3)		9
Foreign currency translation adjustments	22		(5)		17		(23)		5		(18)		(11)		2		(9)
Benefit plan actuarial net gain (loss)	19		(4)		15		18		(4)		15		22		(5)		17
Reclassification of amortization of net gain (loss) included in net income (loss)	2		—		2		3		(1)		2		8		(2)		6
Total other comprehensive income (loss)	$	710	$	(149)	$	561	$	(1,189)	$	249	$	(939)	$	(223)	$	47	$	(177)

(Some amounts may not reconcile due to rounding)

F-41

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

	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2023		2022
(Dollars in millions)
URA(D) on securities	$	193	$	93	Other net realized capital gains (losses)
	(41)		(20)		Income tax expense (benefit)
	$	153	$	73	Net income (loss)
Benefit plan net gain (loss)	$	2	$	3	Other underwriting expenses
	—		(1)		Income tax expense (benefit)
	$	2	$	2	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:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Beginning balance of URA(D) on securities	$	(816)	$	122
Current period change in URA(D) of investments -  temporary	527		(938)
Ending balance of URA(D) on securities	(289)		(816)
Beginning balance of foreign currency translation adjustments	2		20
Current period change in foreign currency translation adjustments	17		(18)
Ending balance of foreign currency translation adjustments	19		2
Beginning balance of benefit plan net gain (loss)	(33)		(50)
Current period change in benefit plan net gain (loss)	17		17
Ending balance of benefit plan net gain (loss)	(16)		(33)
Ending balance of accumulated other comprehensive income (loss)	$	(287)	$	(848)

(Some amounts may not reconcile due to rounding)

14.EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans.

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010.  Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service.  The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations.  Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan no longer accrue additional service benefits.

Although not required to make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Company contributions	$	1	$	6	$	4

F-42

The following table summarizes the Company’s pension expense for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Pension expense	$	5	$	(2)	$	3

The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	291	$	403
Service cost	5		9
Interest cost	14		10
Actuarial (gain)/loss	9		(115)
Curtailment	—		—
Benefits paid	(25)		(15)
Projected benefit obligation at end of year	295		291
Change in plan assets:
Fair value of plan assets at beginning of year	285		377
Actual return on plan assets	48		(83)
Actual contributions during the year	1		6
Benefits paid	(25)		(15)
Fair value of plan assets at end of year	308		285
Funded status at end of year	$	13	$	(6)

(Some amounts may not reconcile due to rounding.)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Other assets (due beyond one year)	$	19	$	1
Other liabilities (due within one year)	(3)		(1)
Other liabilities (due beyond one year)	(3)		(6)
Net amount recognized in the consolidated balance sheets	$	13	$	(6)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Accumulated income (loss)	$	(33)	$	(56)
Accumulated other comprehensive income (loss)	$	(33)	$	(56)

(Some amounts may not reconcile due to rounding.)

F-43

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Other comprehensive income (loss) at December 31, prior year	$	(56)	$	(68)
Net gain (loss) arising during period	19		7
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	4		4
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	(33)	$	(56)

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Service cost	$	5	$	9	$	11
Interest cost	14		10		8
Expected return on assets	(19)		(25)		(24)
Amortization of actuarial loss from earlier periods	4		4		8
Settlement	—		1		—
Net periodic benefit cost	$	5	$	(2)	$	3
Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	(23)		(12)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(18)	$	(14)

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2023, 2022 and 2021 were 5.25%, 2.86% and 2.55%, respectively.  The rate of compensation increase used to determine the net periodic benefit cost for 2023, 2022 and 2021 was 4.00%.  The expected long-term rate of return on plan assets for 2023, 2022 and 2021 was 7.00%, 6.75% and 7.00% respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023, 2022 and 2021 were 5.00%, 5.25% and 2.86%, respectively.

The following table summarizes the accumulated benefit obligation for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan	$	263	$	258
Non-qualified Plan	6		6
Total	$	269	$	264

(Some amounts may not reconcile due to rounding.)

F-44

The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan
Projected benefit obligation	$	289	$	284
Fair value of plan assets	308		285
Non-qualified Plan
Projected benefit obligation	$	6	$	6
Fair value of plan assets	—		—

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan
Accumulated benefit obligation	$	—	$	—
Fair value of plan assets	—		—
Non-qualified Plan
Accumulated benefit obligation	6		6
Fair value of plan assets	$	—	$	—

The following table displays the expected benefit payments in the periods indicated:

(Dollars in millions)
2024	$	15
2025	14
2026	15
2027	16
2028	17
Next 5 years	99

Plan assets consist primarily of shares in investment trusts with 75%, 24% and 1% of the underlying assets consisting of equity securities, fixed maturities and cash, respectively.  The Company manages the qualified plan investments for U.S. employees.  The assets in the plan consist of debt and equity mutual funds.  Due to the long-term nature of the plan, the target asset allocation has historically been 70% equities and 30% bonds.

The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	2	$	2	$	—	$	—
Mutual funds, fair value
Fixed income (b)	73		73		—		—
Equities (c)	232		232		—		—
Total	$	308	$	308	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

F-45

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	4	$	4	$	—	$	—
Mutual funds, fair value
Fixed income (b)	68		68		—		—
Equities (c)	211		211		—		—
Total	$	283	$	283	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.

In addition, $2 million of investments which were recorded as part of the qualified plan assets at December 31, 2022, are not included within the fair value hierarchy tables as the assets are valued using the NAV practical expedient guidance within ASU 2015-07.

No contributions were made to the qualified pension benefit plan for the years ended December 31, 2023 and 2022.

Defined Contribution Plans.

The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees.  Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee.  The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations.  In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age.  These contributions will be 100% vested after three years. The Company incurred expenses related to these plans of $22 million, $18 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees.  Each international office maintains a separate plan for the non-U.S. employees working in that location.  The Company contributes various amounts based on salary, age and/or years of service.  In the current year, the contributions as a percentage of salary for the international offices ranged from 7.5% to 9.3%.  The contributions are generally used to purchase pension benefits from local insurance providers. The Company incurred expenses related to these plans of $0.7 million, $0.7 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Post-Retirement Plan.

The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010.  This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage.  The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company.  The cost of these benefits is shared with the retiree.  The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 6.75% in 2023 was assumed to decrease gradually to 4.75% in 2030 and then remain at that level. The Company incurred expenses of $(1) million, $1 million and $1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

F-46

The following table summarizes the status of this plan for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	21	$	31
Service cost	1		1
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	(1)		(10)
Benefits paid	—		—
Benefit obligation at end of year	22		21
Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	—		—
Benefits paid	—		—
Fair value of plan assets at end of year	—		—
Funded status at end of year	$	(22)	$	(21)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(21)		(21)
Net amount recognized in the consolidated balance sheets	$	(22)	$	(21)

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Accumulated income (loss)	$	11	$	13
Accumulated prior service credit (cost)	1		1
Accumulated other comprehensive income (loss)	$	12	$	14

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Other comprehensive income (loss) at December 31, prior year	$	14	$	4
Net gain (loss) arising during period	1		10
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(2)		—
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	12	$	14

F-47

Net periodic benefit cost included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Service cost	$	1	$	1	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		(1)
Net gain recognition	(2)		—		—
Net periodic cost	$	(1)	$	1	$	1
Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	2		(10)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	1	$	(9)

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2023, 2022 and 2021 were 5.25%, 2.86% and 2.55%, respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2023, 2022 and 2021 were 5.00%, 5.25% and 2.86%, respectively.

The following table displays the expected benefit payments in the years indicated:

(Dollars in millions)
2024	$	1
2025	1
2026	1
2027	1
2028	1
Next 5 years	7

15.RELATED-PARTY TRANSACTIONS

The table below displays long-term note agreements that Group entered into with Everest Re for the periods indicated. These transactions are presented as Notes Receivable – Affiliated in the Consolidated Balance Sheet of Holdings. All note agreements listed were repaid in full during the second quarter of 2023 and are no longer outstanding as of December 31, 2023. The fair value of these long-term notes is considered Level 2 in the fair value hierarchy.

					December 31, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
1.69% Long-term Note	12/17/2019	12/17/2028	$	300	$	—	$	—	$	300	$	242
1.00% Long-term Note	8/5/2021	8/5/2030	200		—		—		200		151
3.11% Long-term Note	6/14/2022	6/14/2052	215		—		—		215		171
4.34% Long-term Note	12/12/2022	12/12/2052	125		—		—		125		125
			$	840	$	—	$	—	$	840	$	689

(Some amounts may not reconcile due to rounding.)

F-48

Interest income recognized in connection with these long-term notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Received	Receivable Dates	2023		2022		2021
1.69% Long-term Note	annually	December 17	$	2	$	5	$	5
1.00% Long-term Note	annually	August 5	1		2		1
3.11% Long-term Note	annually	June 14	5		4		—
4.34% Long-term Note	annually	December 12	—		—		—
			$	7	$	11	$	6

(Some amounts may not reconcile due to rounding.)

Holdings holds 1,773.214 preferred shares of Preferred Holdings with a $1 million par value and 1.75% annual dividend rate. Holdings received these shares in December 2015 in exchange for previously held 9,719,971 Common Shares of Group. 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 realized capital gains (losses) 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 periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Dividends received on preferred stock of affiliate	$	31	$	31	$	31

Affiliated Companies

Everest Global Services, Inc. (“Global Services”), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings’ consolidated structure.  Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others.

The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated.

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Expenses incurred	$	204	$	204	$	133

16.INCOME TAXES

All of the income of Holdings U.S. subsidiaries, including its foreign branches, is subject to the applicable federal, foreign, state, and local income taxes on corporations. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined by applying the respective tax laws to the income of each entity.

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

F-49

The significant components of the provision are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Current tax expense (benefit):
U.S.	$	284	$	95	$	102
Foreign	—		—		—
Total current tax expense (benefit)	284		95		102
Total deferred U.S. tax expense (benefit)	(74)		(207)		90
Total income tax expense (benefit)	$	210	$	(112)	$	192

A reconciliation of the total income tax provision using the statutory U.S. Federal Income tax rate to the Company’s total income tax provision is as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Expected income tax provision at the U.S. statutory tax rate	$	248	$	(117)	$	208
Increase (reduction) in taxes resulting from:
Tax exempt income	(3)		(4)		(4)
Dividend received deduction	(2)		(3)		(1)
Proration	1		1		1
Creditable foreign premium tax	(14)		(11)		(13)
Reserve adjustment	—		(19)		—
U.S. BEAT tax	—		22		—
Share based compensation	(3)		(3)		(2)
Prior year true up	(21)		16		—
Insurance company-owned life insurance	(13)		(1)		—
Other	17		7		3
Total income tax provision	$	210	$	(112)	$	192

(Some amounts may not reconcile due to rounding.)

At December 31, 2023, 2022 and 2021, the Company had no uncertain tax positions.

The Company’s 2014 through 2018 U.S. tax years are under audit by the Internal Revenue Service (“IRS”). Over several years, the Company had received and responded to a significant number of Information Document Requests (“IDRs”). In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment. The Company had filed amended tax returns requesting refunds for 2015 and 2016 for $2 million and $5 million, respectively.

In the fall of 2023, the IRS issued a final Revenue Agent Report (“RAR”) which is under review by the Company. We have asked for and received an extension from the IRS to complete our review. Note that the IRS requested, and we have signed, an extension of the audit to June 30, 2025.

For tax year 2019, the Statute of Limitations has expired and, thus, the Federal income tax return for the year is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2020, 2021, and 2022 are open for examination by the IRS.

F-50

Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by U.S. tax laws and regulations.  The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Loss reserves	$	154	$	154
Unearned premium reserve	143		114
Net unrealized investment losses	66		200
Depreciation	44		—
Lease Liability	27		29
Unrealized foreign currency losses	15		24
Investment impairments	12		12
Equity compensation	8		7
Amortization	7		—
Net unrecognized losses on benefit plans	4		9
Foreign tax credits	—		3
Other assets	17		12
Total deferred tax assets	497		564
Deferred tax liabilities:
Deferred acquisition costs	139		105
Net fair value income	136		141
Partnership Investments	49		56
Right of use asset	23		25
Bond market discount	9		5
Depreciation	—		16
Other liabilities	5		6
Total deferred tax liabilities	361		354
Net deferred tax assets/(liabilities)	$	136	$	210

(Some amounts may not reconcile due to rounding.)

At December 31, 2023, and 2022, the Company had $0 million and $3 million respectively of foreign tax credit (“FTC”) carryforwards, all related to the branch basket. The branch basket FTCs begin to expire in 2030.

Tax effected U.S. Separate Return Limitation Year Net Operating Losses (“NOLs”) of $1 million begin to expire in 2037. At December 31, 2023 there is a $1 million valuation allowance offsetting the U.S. Separate Return Limitation NOLs.

At December 31, 2023, $66 million of the Company’s deferred tax asset relates primarily to unrealized losses on available for sale fixed maturity securities. The unrealized losses on available for sale fixed maturity securities were a result of market conditions, including rising interest rates. Ultimate realization of the deferred tax asset depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature. As of December 31, 2023, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expect to be realized.

The Company follows ASU 2016-09 in regard to the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercising) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits of $3 million, $3 million and $2 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2023, 2022 and 2021, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital

F-51

in the stockholder’s equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $0.4 million, $0.4 million and $0.4 million in 2023, 2022 and 2021, respectively.

17.DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain.  These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets.  Holdings’ primary operating subsidiary, Everest Re, is regulated by Delaware law and is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”).  This model represents the aggregate regulatory restrictions on net assets and statutory capital and surplus.

Dividend Restrictions.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement.  In addition, no dividend may be paid in excess of unassigned earned surplus.  Accordingly, as of December 31, 2023, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $877 million.

Statutory Financial Information.

Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department.  Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual.  The capital and statutory surplus of Everest Re was $7.0 billion and $5.6 billion at December 31, 2023 and 2022, respectively.  The statutory net income of Everest Re was $877 million, $294 million and $264 million for the years ended December 31, 2023, 2022 and 2021, respectively.

There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances.  The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.

Capital Restrictions.

In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital.  As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company.

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

	Everest Re (1)
	At December 31,
(Dollars in millions)	2023		2022
Regulatory targeted capital	$	4,242	$	3,353
Actual capital	$	6,963	$	5,553

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

18.SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report.

F-52

SCHEDULE I - SUMMARY OF INVESTMENTS -

OTHER THAN INVESTMENTS IN RELATED PARTIES

DECEMBER 31, 2023

Column A	Column B		Column C		Column D
(Dollars in millions)	Cost		Market Value		Amount Shown in Balance Sheet
Fixed maturities - available for sale
Bonds:
U.S. government and government agencies	$	265	$	247	$	247
State, municipalities and political subdivisions	138		128		128
Foreign government securities	859		835		835
Foreign corporate securities	1,807		1,759		1,759
Public utilities	238		231		231
All other corporate bonds	8,990		8,907		8,907
Mortgage - backed securities
Commercial	575		522		522
Agency residential	2,531		2,435		2,435
Non-agency residential	429		441		441
Redeemable preferred stock	474		427		427
Total fixed maturities - available for sale	16,305		15,932		15,932
Fixed maturities - held to maturity
Bonds:
Foreign corporate securities	84		90		83
Public utilities	4		5		4
All other corporate bonds	750		733		743
Mortgage - backed securities
Commercial	21		21		21
Total Fixed maturities - held to maturity	859		850		851
Equity securities at fair value (1)	91		91		91
Short-term investments	1,298		1,298		1,298
Other invested assets	3,259		3,259		3,259
Other invested assets, at fair value (1)	1,773		1,481		1,481
Cash	527		527		527
Total investments and cash	$	24,111	$	23,437	$	23,439

(Some amounts may not reconcile due to rounding.)

(1)Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss).

S-1

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

	At December 31,
(Dollars in millions, except share amounts and par value per share)	2023		2022
ASSETS:
Fixed maturities - available for sale (amortized cost: 2023, $0; 2022, $0)	$	—	$	—
Equity securities - at fair value	18		12
Other invested assets	190		194
Other invested assets, at fair value	1,481		1,472
Short-term investments	139		30
Cash	1		2
Total investments and cash	1,829		1,710
Investment in subsidiaries, at equity in the underlying net assets	7,545		5,496
Notes receivable - affiliated	535		1,170
Accrued investment income	6		12
Other assets	1		—
TOTAL ASSETS	$	9,916	$	8,388
LIABILITIES:
Senior notes	$	2,349	$	2,347
Long-term notes	218		218
Accrued interest on debt and borrowings	18		17
Income taxes	142		144
Due to affiliates	3		7
Total liabilities	$	2,729	$	2,734
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2023 and 2022)	—		—
Additional paid-in capital	1,102		1,102
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(76) at 2023 and $(225) at 2022	(287)		(848)
Retained earnings	6,372		5,400
Total stockholder's equity	7,187		5,654
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	9,916	$	8,388

See notes to consolidated financial statements.

S-2

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF OPERATIONS

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
REVENUES:
Net investment income	$	19	$	47	$	39
Net investment income - Affiliated	67		57		34
Net gains (losses) on investments	10		(704)		329
Other income (expense)	1		(3)		—
Net income (loss) of subsidiaries	987		114		551
Total revenues	1,086		(488)		954
EXPENSES:
Interest expense	104		97		69
Corporate expense	15		10		18
Total expenses	119		107		86
INCOME (LOSS) BEFORE TAXES	967		(595)		867
Income tax expense (benefit)	(5)		(150)		68
NET INCOME (LOSS)	$	972	$	(445)	$	800
Other comprehensive income (loss) of subsidiaries, net of tax	561		(939)		(177)
COMPREHENSIVE INCOME (LOSS)	$	1,533	$	(1,384)	$	623

See notes to consolidated financial statements.

S-3

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	972	$	(445)	$	800
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (earnings) deficit of subsidiaries	(987)		(114)		(551)
Dividends received from subsidiary	—		250		—
Increase (decrease) in income taxes	(2)		(173)		(45)
Change in equity adjustments in limited partnerships	(15)		(37)		(33)
Change in other assets and liabilities, net	2		(5)		40
Net (gains) losses on investments	(10)		704		(329)
Net cash provided by (used in) operating activities	(40)		180		(118)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries	(502)		(200)		88
Proceeds from fixed maturities matured/called/repaid - available for sale	—		—		—
Proceeds from fixed maturities sold - available for sale	—		244		—
Proceeds from equity maturities sold	—		652		243
Distributions from other invested assets	171		1,362		2,014
Cost of fixed maturities acquired - available for sale	—		(134)		(148)
Cost of equity securities acquired	—		(93)		(516)
Cost of other invested assets acquired	(156)		(1,278)		(2,076)
Net change in short-term investments	(109)		(24)		5
Proceeds from repayment of long term notes receivable - affiliated	865		400		—
(Issuance) of long term notes receivable - affiliated	(230)		(1,100)		(470)
Net cash provided by (used in) investing activities	39		(171)		(860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior notes	—		—		968
Cost of debt repurchase	—		(6)		—
Net cash provided by (used in) financing activities	—		(6)		968
Net increase (decrease) in cash	(1)		2		(10)
Cash, beginning of period	2		—		10
Cash, end of period	$	1	$	2	$	—

See notes to consolidated financial statements.

S-4

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

NOTES TO CONDENSED FINANCIAL INFORMATION

1.)The accompanying condensed financial information should be read in conjunction with the Consolidated Financial Statements and related notes of Everest Reinsurance Holdings, Inc. and its subsidiaries.

2.)The Senior Notes and Long-Term Subordinated Notes presented in Notes 7 and 8 are direct obligations of the Registrant.

3.)Effective May 2023, Everest Reinsurance Holdings, Inc. entered into a $230 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.72% payable annually and is scheduled to mature on October 21, 2051. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

4.)Effective December 2022, Everest Reinsurance Holdings, Inc. entered into a $125 million long-term promissory note with Everest Group, Ltd., its parent. The promissory note has an interest rate of 4.34% payable annually and is scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

5.)Effective September 2022, Everest Reinsurance Holdings, Inc. entered into a $560 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.35% payable annually and is scheduled to mature in September 2052. Everest Reinsurance Company has repaid $270 million of the promissory note to Everest Reinsurance Holdings, Inc. in December 2023 which leaves $290 million outstanding as of December 31, 2023. At December 31, 2023, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

6.)Effective June 2022, Everest Reinsurance Holdings, Inc. entered into a $215 million long-term promissory note with Everest Group, Ltd., its parent entity. The promissory note has an interest rate of 3.11% payable annually and is scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

7.)Effective May 2022, Everest Reinsurance Holdings, Inc. entered into a $200 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.25% payable annually and is scheduled to mature on October 21, 2051. At December 31, 2023 and 2022, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

8.)Effective October 21, 2021, Everest Reinsurance Holdings, Inc. entered into a $470 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.25% payable annually and is scheduled to mature on October 21, 2051. Everest Reinsurance Company has repaid $425 million of the promissory note to Everest Reinsurance Holdings, Inc., leaving $45 million of the promissory note still outstanding as of December 31, 2023.

9.)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, an affiliated entity and subsidiary of Group, in exchange for 1,773.214 preferred shares of Preferred Holdings with a $1 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.

S-5

EVEREST REINSURANCE HOLDINGS, INC.

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

Column A	Column B		Column C		Column D		Column E		Column F		Column G		Column H		Column I		Column J
Segments	Deferred Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premium Reserves		Premiums Earned		Net Investment Income		Incurred Loss and Loss Adjustment Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Written Premium
(Dollars in millions)
As of and for the year ended December 31, 2023
Reinsurance	$	487	$	10,178	$	2,050	$	5,637	$	640	$	3,329	$	1,545	$	167	$	6,205
Insurance	172		5,617		1,836		2,900		353		2,249		306		407		3,007
Total	$	659	$	15,796	$	3,886	$	8,536	$	993	$	5,578	$	1,851	$	574	$	9,212
As of and for the year ended December 31, 2022
Reinsurance	$	329	$	9,994	$	1,453	$	5,147	$	426	$	3,926	$	1,308	$	138	$	5,204
Insurance	170		4,983		1,725		2,729		212		1,897		325		364		2,828
Total	$	499	$	14,977	$	3,177	$	7,876	$	638	$	5,823	$	1,632	$	501	$	8,032
As of and for the year ended December 31, 2021
Reinsurance	$	315	$	8,807	$	1,427	$	4,899	$	500	$	3,750	$	1,229	$	142	$	5,217
Insurance	157		4,314		1,566		2,279		245		1,637		284		312		2,503
Total	$	472	$	13,121	$	2,993	$	7,179	$	745	$	5,387	$	1,513	$	454	$	7,719

(Some amounts may not reconcile due to rounding.)

S-6

SCHEDULE IV - REINSURANCE

Column A	Column B		Column C		Column D		Column E		Column F
(Dollars in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Assumed to Net
December 31, 2023
Total property and liability insurance premiums earned	$	3,709	$	1,878	$	6,705	$	8,536	78.6	%
December 31, 2022
Total property and liability insurance premiums earned	$	3,544	$	1,613	$	5,945	$	7,876	75.5	%
December 31, 2021
Total property and liability insurance premiums earned	$	2,982	$	1,544	$	5,741	$	7,179	80.0	%

S-7

EX-10.10

Exhibit 10.10

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is made and effective as of June 12, 2023 between Everest Global Services, Inc., a Delaware corporation (the “Company”), and Ricardo A. Anzaldua (the “Executive”).

WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company, on the terms and conditions provided below; and

WHEREAS, this Agreement shall govern the employment relationship between the Executive and the Company and supersedes all previous agreements and understandings with respect to such employment relationship; and

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1.ENGAGEMENT.

The Company agrees to employ the Executive, and the Executive accepts such employment, on the terms and conditions set forth in this Agreement, unless and until such employment shall have been terminated as provided in this Agreement or as may otherwise be agreed to by the parties.

1.TITLE AND DUTIES.

During his employment by the Company, the Executive shall serve as Executive Vice President and General Counsel of Everest Re Group, Ltd. (“Group”) and shall be responsible for providing strategic legal counsel, support and services to Group and all of its affiliates worldwide. Executive will report to the Group Chief Executive Officer (“Group CEO”) and shall perform duties consistent with this position and as the Group CEO shall request, shall abide by Company policies as such policies may be amended from time to time, and shall devote his full business time and best efforts to his duties hereunder and the business and affairs of the Company (except during vacation periods and periods of illness or other incapacity). The Executive may volunteer a reasonable portion of his non-working time to charitable, civic and professional organizations, to the extent as shall not interfere with the proper performance of his duties and obligations hereunder, provided the Executive shall not serve on any other board of directors of a public or private “for profit” company without the prior consent of the Group CEO. The Executive will be based at the Company’s principal headquarters facility currently located in Warren, New Jersey, subject to customary travel and business requirements.

1.TERM.

The Executive’s employment under the terms of this agreement shall commence as of June 12, 2023 (“Term Commencement Date”) and shall continue indefinitely unless sooner terminated

in accordance with the Agreement or as may otherwise agreed to by the Parties (such period of employment hereunder, the “Term”).

4. COMPENSATION.

a.Base Salary. During the Term, the Executive’s base salary (“Base Salary”) shall be $680,000 per annum, subject to increases, if any, as determined and approved by the Compensation Committee of Group’s Board of Directors (the “Compensation Committee”). The Base Salary shall be paid in accordance with the Company’s normal payroll practices in effect from time to time.

b.Annual Incentive Bonus. During the Term, the Executive shall be eligible to participate in an annual incentive bonus program or plan established by Group, and subject to the approval of Group’s shareholders if required by law, or in an alternative bonus to be consistent with current market industry practice. The Executive’s target annual incentive bonus will be 130% of Base Salary.

c.Executive Stock Based Incentive Plan. During the Term, the Executive shall be eligible to participate in and receive such equity incentive compensation as may be granted by the Compensation Committee from time to time pursuant to the Everest Re Group, Ltd. 2020 Stock Incentive Plan, as such plan may then be in effect and as it may be amended or superseded from time to time or any successor plan (the “Stock Plan”). The Executive’s target grant date value for equity compensation shall be 150% of the Executive’s Base Salary as applicable to the fiscal year prior to the calendar year in which the Compensation Committee makes its determination to grant such a share award. All equity awards to the Executive under the Stock Plan shall be determined by the Compensation Committee in its sole discretion. All equity awards shall be subject to the terms of the Stock Plan and any related award agreements governing the terms of such equity awards.

5. BENEFITS.

a.Employer Benefit Plans. While in the employ of the Company during the Term, the Executive shall be eligible to participate, on terms which are generally available to the other senior executives of the Company and subject to the eligibility requirements of the applicable Company plans as in effect from time to time, in the Company’s deferred compensation, medical, dental, vacation, life insurance and disability programs and other benefits that may become generally available to the Company’s senior executives from time to time.

b.Business Expenses. During the Term, the Executive is authorized to incur and the Company shall either pay directly or reimburse the Executive for ordinary and reasonable expenses in connection with the performance of his duties hereunder including, but not limited to, expenses for transportation, business meals, travel and lodging, professional fees, and similar items. The Executive agrees to comply with Company policies with respect to reimbursement and record keeping in connection with such expenses.

c.Retirement Benefits. During the Term, the Executive shall be eligible to participate in the Company’s existing tax-qualified defined contribution retirement plan and the Company’s

2

defined contribution supplemental retirement and excess benefit plans (collectively “SERP”), as they may be in effect from time to time.

(d) Travel Allowance. During the Term, the Executive shall receive an annual travel allowance to assist with travel and lodging expenses for travel to Warren, New Jersey in an amount equal to $40,000 (after applicable taxes and withholdings) subject to periodic review and adjustment, in the Company’s reasonable discretion, based on changes to the location of Executive’s primary residence or other factors the Company determines to be relevant (the “Travel Allowance”). The Travel Allowance will be paid in equal monthly installments as part of the standard payroll, and will be reported as income on the Executive’s year-end W-2 form. The Travel Allowance will not be deemed to be part of the Executive’s Base Salary or other compensation taken into account for purposes of determining the Executive’s annual incentive bonus, any long-term incentive compensation awards or for determining benefits under any employee benefit plan of the Company and its affiliates.

6. TERMINATION OF EMPLOYMENT.

The Term and the employment of the Executive hereunder may be terminated by the Company at any time, subject to the Company providing the compensation and benefits in accordance with the terms of this Section 6, which shall constitute the Executive’s sole and exclusive remedy and legal recourse upon any such termination of employment[, and the Executive hereby waives and releases any and all other claims against the Company and its parent entities, affiliates, officers, directors and employees in such event]. For the avoidance of doubt, the Term shall terminate automatically upon the Executive’s termination of employment for any reason.

(a) Termination Due To Death Or Disability. In the event of the Executive’s death, the Executive’s employment shall automatically cease and terminate as of the date of death. If the Executive shall become incapacitated by reason of sickness, accident or other physical or mental disability, as such incapacitation is certified in writing by a physician chosen by the Company and reasonably acceptable to the Executive (or his spouse or representative if in the Company’s reasonable determination the Executive is not then able to exercise sound judgment), and shall therefore be unable to perform his duties hereunder for a period of either (i) one hundred twenty consecutive days, or (ii) more than six months in any twelve month period, with reasonable accommodation as required by law, then to the extent consistent with applicable law, the Executive shall be considered “Disabled” and the employment of the Executive hereunder and this Agreement may be terminated by the Executive or the Company upon thirty (30) days’ written notice to the other party following such certification.

In the event of the termination of employment due to the Executive’s death or disability, Executive or his estate or legal representatives shall be entitled to receive:

a.payment for all accrued but unpaid Base Salary as of the date of the Executive’s termination of employment;

b.reimbursement for expenses incurred by the Executive pursuant to Section 5(b) up to and including the date on which employment is terminated;

3

a.any earned benefits to which the Executive may be entitled as of the date of termination pursuant to the terms of any compensation or benefit plans (including, for the avoidance of doubt, any equity plans) to the extent permitted by such plans (with the payments described in subsections (i) through (iii) of this Section 6(a), in each case payable at the time they would have been payable but for such termination, collectively called the “Accrued Payments”);

b.any annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination date;

c.if employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided by the total annual business days) determined and paid based on actual performance achieved for that fiscal year against the performance goals for that fiscal year, at the time such annual incentive bonuses are paid to the Company’s other senior executives (but in any event no later than March 15 following the year in which the employment termination occurs).

a.Termination For Cause. The Company may, at any time, terminate the Executive’s employment for Cause upon written notice to the Executive. Such notice shall specify the effective date of the termination of the Executive’s employment, which may be immediate, subject to the sentence of this paragraph. The term “Cause” for purpose of this Agreement shall mean (i) repeated and gross negligence in fulfillment of, or repeated failure of the Executive to fulfill, his material obligations under this Agreement, (ii) material willful misconduct by the Executive in respect of his obligations hereunder, (iii) commission of any felony, or any crime of moral turpitude, or (iv) a material breach in trust committed in willful or reckless disregard of the interests of the Company or its affiliates or undertaken for personal gain. Notwithstanding the foregoing, no such determination may be made until the Executive has been given written notice detailing the specific event(s) constituting such Cause, and in the case of clause (i) if possible, cure to the Group Board’s satisfaction, a ten (10) day-period following written notice to the Executive during which to cure such circumstances.

In the event of the termination of the Executive’s employment hereunder by the Company for Cause, then the Executive shall be entitled to receive only payment of the Accrued Payments. The Company shall have no further obligations to the Executive.

a.Termination without Cause or for Good Reason. The Company may terminate the Executive’s employment hereunder without Cause at any time upon written notice to the Executive. Such notice shall specify the effective date of the termination of the Executive’s employment. The Executive may terminate his employment for Good Reason by providing 30 days’ prior written notice to the Company. In the event of the termination of the Executive’s employment under this Section 6(c) without Cause or by the Executive for Good Reason, in each case prior to or more than 24 months following a Material Change (as defined in the Everest Reinsurance Group, Ltd. Senior Executive

Change of Control Plan, as amended and restated effective November 17, 2015 (the “Change of Control Plan”), then the Executive shall be entitled to:

4

a.payment of the Accrued Payments;

b.a cash separation allowance, payable in equal installments in accordance with normal payroll practices over a 12-month period beginning immediately following the date of termination, equal to (2) times the Executive’s then applicable Base Salary;

c.payment of any annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination date;

d.all of the Executive’s then unvested restricted stock or restricted stock units granted to the Executive will continue to vest and restrictions lapse in accordance with their respective terms over the 12-month period immediately following such termination date, conditioned on the Company receiving from the Executive the release of claims referred to in Section 6(h) below;

e.the Company shall arrange for the Executive to continue to participate on substantially the same terms and conditions as in effect for the Executive (including any required contribution) immediately prior to such termination, in the disability and life insurance programs, if any, provided to the Executive pursuant to Section 5(a) hereof (to the extent permitted by the then applicable terms of such programs) until the earlier of (i) the end of the 12 month period beginning on the effective date of the termination of the Executive’s employment hereunder, or (ii) such time as the Executive is eligible to be covered by comparable benefit(s) of a subsequent employer. The foregoing of this Section 6(c)(v) is referred to as “Benefits Continuation”. In addition, the Company agrees to pay the Executive a lump sum cash payment (subject to applicable taxes and withholdings) in order to enable the Executive to pay for medical and dental coverage (through COBRA or otherwise) that is comparable to the medical and dental coverage in effect for Executive (and his dependents, if any) immediately prior to his termination of employment, with such cash amount equal to the cost of the premiums for such coverage that would apply if Executive were to elect COBRA continuation coverage under the Company’s medical and dental plans following his termination of employment and continue such coverage for the 12 month period beginning on the date of the Executive’s termination of employment. The Executive agrees to notify the Company promptly if and when he begins employment with another employer and if and when he becomes eligible to participate in any benefit or other welfare plans, programs or arrangements of another employer.

For purposes of this Agreement, the term “Good Reason” means, without the Executive’s written consent: (i) a materially adverse change in the nature or status of his position or responsibilities; (ii) a change in the reporting structure where the Executive finds himself no longer reporting to the Group CEO; (iii) a material reduction by the Company in the Base Salary set forth in this Agreement; or (iv) a material breach of this Agreement by the Company. Provided that the Executive may only exercise his right to terminate this Agreement

for Good Reason within the 60 day period immediately following the occurrence of any of the events described in subsections (i) through (iv) above, and only if:

the Executive provides written notice of such event or breach to the Company during such period;

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a.such breach is not remedied by the Company or the parties fail to renegotiate the pertinent terms of the Agreement in good faith within 30 days after the Company receiving written notice of the breach from the Executive; and

b.to the extent such breach remains uncured, the Executive actually terminates employment within 60 days following the occurrence of the applicable event.

a.Termination of Employment without Cause or for Good Reason following a Change of Control. If the Company terminates the Executive’s employment without Cause or the Executive terminates his employment for Good Reason, in each case within 24 months following a Material Change (as defined in Change of Control Plan), the Company’s sole obligation will be to provide to the Executive the benefits provided in the Change of Control Plan.

b.Voluntary Termination by the Executive without Good Reason. In the event the Executive terminates his employment without Good Reason, he shall provide 90 days prior written notice of such termination to the Company. Upon such voluntary termination, the Executive will be entitled to the Accrued Payments. Without limiting all other rights and remedies of the Company under this Agreement or otherwise, a termination of employment by the Executive without Good Reason upon proper notice, will not constitute a breach by the Executive of this Agreement.

c.Resignation from all Boards. Upon any termination or cessation of the Executive’s employment with the Company, for any reason, the Executive agrees immediately to resign, and any notice of termination or actual termination or cessation of employment shall act automatically to effect such resignation, from any position on the Board or as an officer, and on any board of directors or as an officer of any subsidiary or affiliate of the Company. In connection with any employment termination, the Executive agrees to execute such instruments as may be requested by the Company to evidence or effect such resignation.

d.Non-Disparagement. Subject to Section 11(d), during and after the Executive’s termination or cessation of employment with the Company, the Executive shall not make any comments, oral or written, or take any other action that could be construed as materially disparaging to the Company, its parents, subsidiaries or affiliates or their respective officers and directors and employees.

e.Release of Claims as Condition. The Company’s obligation to pay the separation allowance and provide all other benefits and rights (including equity vesting and Benefits Continuation) referred to in this Agreement shall be conditioned upon the Executive having delivered to the Company an executed full and unconditional release of claims against the Company, its parent entities, affiliates, employee benefit plans and

fiduciaries, officers, employees, directors, agents and representatives satisfactory in form and content to the Company’s counsel, in accordance with Section 13(d).

f.Termination and Clawback. Notwithstanding anything in this Agreement to the contrary, if the Executive engages in material willful misconduct in respect of his obligations hereunder, including, but not limited to, fraudulent misconduct, during the term of this Agreement or during the period in which he is otherwise entitled to receive payments hereunder following his

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termination of employment, then (1) the Executive shall be required to repay to the Company any incentive compensation (including equity awards) paid to the Executive during or with respect to the period in which he engaged in such misconduct, as determined by a majority of the Board of Directors of Group in its sole discretion, provided that no such determination may be made until the Executive has been given written notice detailing the specific event constituting such material willful misconduct and an opportunity to appear before the Group Board (with legal counsel if so requested in writing by the Executive) to discuss, and if possible cure to the Group Board’s satisfaction, the specific circumstances alleged to give rise to the material willful misconduct; and (2) upon such determination, if the Executive has begun to receive payments or benefits under Section 6(c)(ii), (iii), (iv) and (v), then such payments and benefits shall immediately terminate, and the Executive shall be required to repay to the Company the payments and the value of the benefits previously provided to him hereunder.

a.No Mitigation. Except as provided in section 6(c)(v), in no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Executive as a result of subsequent employment.

b.Time for Payment. Subject to the terms and conditions set forth in Section 13, and except as otherwise expressly stated herein, benefits payable pursuant to this Section 6, if any, shall be paid within sixty (60) days following the Executive’s termination of employment.

1.INDEMNIFICATION.

The Company agrees that the Executive shall be covered and insured up to the full limits provided by all directors and officers insurance which the Company then maintains to indemnify its directors and officers (and to indemnify the Company for any obligations which it incurs as a result of its undertaking to indemnify its officers and directors), subject to applicable deductibles and to the terms and conditions of such policies.

1.ARBITRATION.

The parties shall use their best efforts and good will to settle all disputes by amicable negotiations. The Company and the Executive agree that, with the express exception of any dispute or controversy arising under Sections 11 and 12 of this Agreement, any controversy or claim arising out of or in any way relating to the Executive’s employment with

the Company, including, without limitation, any and all disputes concerning this Agreement and the termination of this Agreement that are not amicably resolved by negotiation, shall, to the fullest extent permitted by applicable law, be submitted to and decided by arbitration in New Jersey, or such other place agreed to by the parties, as follows:

Any such arbitration shall be heard by a single arbitrator. Except as the parties may otherwise agree, the arbitration, including the procedures for the selection of an arbitrator, shall be conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”). To the fullest extent permitted by applicable law, the arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to

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resolve any dispute relating to the enforceability or formation of the arbitration requirement contained in this Section and the arbitrability of any dispute between the parties.

All attorneys’ fees and costs of the arbitration shall in the first instance be borne by the respective party incurring such costs and fees, but the arbitrator shall have the discretion to award costs and/or attorneys’ fees as he or she deems appropriate under the circumstances. The parties hereby expressly waive punitive damages, and under no circumstances shall an award contain any amounts that are in any way punitive in nature.

Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

It is intended that controversies or claims submitted to arbitration under this Section 8 shall remain confidential, and to that end it is agreed by the parties that neither the facts disclosed in the arbitration, the issues arbitrated, nor the view or opinions of any persons concerning them, shall be disclosed to third persons at any time, except to the extent necessary to enforce an award or judgment or as required by law or in response to legal process or in connection with such arbitration.

Notwithstanding anything in this Agreement to the contrary, nothing in this Section 8 or this Agreement shall be construed to prevent the Executive from filing a complaint or charge with the U.S. Equal Employment Opportunity Commission, the New Jersey Division on Civil Rights or any similar federal or state administrative agency.

Notwithstanding the foregoing, each of the parties agrees that, prior to submitting a dispute under this Agreement to arbitration, the parties agree to submit for a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third party mediator under the auspices of JAMS, New York, New York Resolutions Center (or any successor location), pursuant to the procedures of JAMS International Mediation Rules conducted in New Jersey (however, such mediation or obligation to mediate shall not suspend or otherwise delay any termination or other action of the Company or affect the Company’s other rights).

9. ENFORCEABILITY.

It is the intention of the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies of each state and

jurisdiction in which such enforcement is sought, but that the unenforceability (or the modification to conform with such laws or public policies) of any provisions hereof, shall not render unenforceable or impair the remainder of this Agreement. Accordingly, if any provision of this Agreement shall be determined to be invalid or unenforceable, either in whole or in part, this Agreement shall be deemed amended to delete or modify, as necessary, the offending provisions and to alter the balance of this Agreement in order to render the same valid and enforceable to the fullest extent permissible.

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1.ASSIGNMENT.

This Agreement is personal in nature to the Company and the rights and obligations of the Executive under this Agreement shall not be assigned or transferred by the Executive. The Company may assign this Agreement to any of its affiliates, or any successor to the Group’s or the Company’s business or assets, without the Executive’s prior written approval. This Agreement and all of the provisions hereof shall be binding upon, and inure to the benefit of, the parties hereto and their successors (including successors by merger, consolidation, sale or similar transaction, permitted assigns, executors, administrators, personal representatives, heirs and distributees).

1.NON-DISCLOSURE; NON-SOLICITATION; COVENANTS OF THE EXECUTIVE; COOPERATION.

a.The Executive acknowledges that as a result of the services to be rendered to the Company, its parents, subsidiaries and affiliates hereunder, the Executive will be brought into close contact with many confidential affairs of the Company, its parents, subsidiaries and affiliates, not readily available to the public. The Executive further acknowledges that the services to be performed under this Agreement are of a special, unique, unusual, extraordinary and intellectual character; that the business of the Company, its parents, subsidiaries and affiliates is international in scope; that its goods and services are marketed throughout the United States and other countries; and that the Company, its parents, subsidiaries and affiliates competes with other organizations that are or could be located in any part of the United States or the world.

b.In recognition of the foregoing, the Executive covenants and agrees that, subject to Section 11(d) and except as is necessary in providing services under this Agreement, or as required by law or pursuant to legal process or in connection with an administrative proceeding before a governmental agency, the Executive will not knowingly use for his own benefit nor knowingly divulge any Confidential Information and Trade Secrets of the Company, its parents, subsidiaries and affiliated entities, which are not otherwise in the public domain and, so long as they remain Confidential Information and Trade Secrets not in the public domain, will not disclose them to anyone outside of the Company either during or after his employment. For the purposes of this Agreement, “Confidential Information” and “Trade Secrets” of the Company mean information which is proprietary and secret to the Company, its parents, subsidiaries and affiliated entities. It may include, but is not limited to, information relating to present and future

concepts and business of the Company, its parents, subsidiaries and affiliates, in the form of memoranda, reports, computer software and data banks, customer lists, employee lists, books, records, financial statements, manuals, papers, contracts and strategic plans. As a guide, the Executive is to consider information originated, owned, controlled or possessed by the Company, its subsidiaries or affiliated entities which is not disclosed in printed publications stated to be available for distribution outside the Company, its parents, subsidiaries and affiliated entities as being secret and confidential. In instances where doubt does or should reasonably be understood to exist in the Executive’s mind as to whether information is secret and confidential to the Company, its parents, subsidiaries and affiliated entities, the Executive agrees to request an opinion, in writing, from the Company as to whether such information is secret and confidential.

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a.The Executive will deliver promptly to the Company on termination of his employment with the Company, or at any other time the Company may so request, all memoranda, notes, records, reports and other documents relating to the Company, its parents, subsidiaries and affiliated entities, and all property owned by the Company, its parents, subsidiaries and affiliated entities, which the Executive obtained while employed by the Company, and which the Executive may then possess or have under his control.

b.The Executive acknowledges and agrees that the Company owns all right, title and interest in and to all inventions, processes, original works of authorship, copyrights, “moral rights”, trademarks, trade secrets, patents, improvements, discoveries and other intellectual property rights and proprietary rights of any kind existing now or in the future, all applications and registrations for any of the foregoing, all goodwill associated with any of the foregoing, and all rights to sue, enforce and collect royalties or other amounts for past, current and future infringement, misappropriation or other violation of the foregoing, in each case, related to the business of the Company, its parents, subsidiaries and affiliated entities and made, conceived, created, developed or reduced to practice by the Executive, whether solely or jointly with others, during the Executive’s employment with the Company, whether or not conceived during regular working hours, through the use of Company time, information, materials or facilities (collectively “Developments”). The Executive further acknowledges and agrees that by reason of being employed by the Company at the relevant times, to the extent permitted by law, all Developments consisting of copyrightable subject matter is “work made for hire” as defined in the Copyright Act of 1976 (17 U.S.C. § 101) and shall be owned by the Company. To the extent that the foregoing does not apply, the Executive hereby irrevocably and unconditionally assigns to the Company all of the Executive’s right, title and interest in and to all Developments (including all intellectual property rights therein). Upon request, the Executive shall deliver to the Company all documentation, outlines, descriptions and other data and records relating to such Developments and shall execute any documents deemed necessary by the Company to evidence, register,

record, maintain, enforce and protect the Company’s rights hereunder. If the Company is unable because of the Executive’s unavailability or any other reason to secure the Executive’s signature with respect to any of the foregoing documents, the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as its agent and attorney in fact, to act for and on the Executive’s behalf and stead to execute and file any documents and to do all other lawfully permitted acts to further the application for or prosecution, issuance, maintenance or transfer of any intellectual property rights or to otherwise carry out the purposes of this Agreement with the same legal force and effect as if executed by the Executive. The foregoing designation is irrevocable. Notwithstanding the foregoing, the Developments shall not include the case study of the Executive’s sponsorship-focused leadership diversity program to be published in the Harvard Business Review, and the Executive shall own the right, title and interest to such work of authorship. The Company agrees to consider in good faith any future written requests by the Executive to exclude from the Developments any future works of authorship developed by the Executive that are not related to the Company. The Company may grant or deny any such future request in its sole discretion.

c.Notwithstanding anything in this Agreement to the contrary, nothing in this Section 11 of this Agreement shall be construed to (i) prohibit the Executive from lawfully making reports to or communicating with any governmental agency or law enforcement entity regarding possible

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violations of federal law or regulation in accordance with the provisions and rules promulgated under Section 21F of the Securities Exchange Act of 1934, or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other express “whistleblower” protection provisions of state or federal law or regulation, or (ii) require notification or prior approval by the Company of any reporting described in clauses (i) hereof.

(f) In accordance with the United States Defend Trade Secrets Act of 2016, 18 U.S.C. Section 1833(b), the Executive understands that: (i) the Executive shall not be held criminally or civilly liable under any U.S. federal or U.S. state trade secret law for the disclosure of a trade secret that is made in confidence to a U.S. federal, U.S. state, or U.S. local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; (ii) the Executive shall not be held criminally or civilly liable under any U.S. federal or U.S. state trade secret law or under this agreement for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (iii) if the Executive files a lawsuit for retaliation by an employer for reporting a suspected violation of law, the Executive may disclose a trade secret to the Executive’s attorney and use the trade secret information in the court proceeding, provided the Executive files any document containing the trade secret under seal and does not disclose the trade secret other than pursuant to court order.

(g) The Executive agrees that, for a period of twelve (12) months after the termination or cessation of the Executive’s employment with the Company for any reason, (except that the time period of such restrictions shall be extended by any period during which the Executive is in violation of this Section 11(g) the Executive will not:

a.directly or indirectly solicit, attempt to hire, or hire any employee of the Company (or any person who may have been employed by the Company, its subsidiaries or affiliates, during the last year of the Executive’s employment with the Company), or assist in such hiring by any other person or business entity or encourage, induce or attempt to induce any such employee to terminate his or her employment with the Company, its subsidiaries or affiliates; or

b.take action intended to encourage any vendor, supplier, broker, customer, client or trading partner of the Company, its subsidiaries or affiliates to cease to do business with the Company or its subsidiaries or affiliates or materially reduce the amount of business the vendor, supplier, broker, customer, client or trading partner does with the Company or its subsidiaries or affiliates.

(h) The Executive agrees to cooperate with the Company, during the term of this Agreement and at any time thereafter (including following the Executive’s termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company, its parents, subsidiaries and affiliates in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company or its affiliates, in any such action, suit, or proceeding, by providing information and meeting and consulting with the representatives or counsel to the Company or its affiliates, as requested; provided, however that it does not materially interfere with his then current professional activities. The Company agrees to reimburse the Executive for all reasonable expenses actually incurred in connection with his provision of testimony or assistance.

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1.NON-COMPETITION AGREEMENT.

The Executive agrees that throughout the term of his employment, and for a period of twelve (12) months after termination or cessation of employment for any reason (except that the time period of such restrictions shall be extended by any period during which the Executive is in violation of this Section 12), the Executive will not engage in, participate in, carry on, own, or manage, directly or indirectly, either for himself or as a partner, stockholder, investor, officer, director, employee, agent, independent contractor, representative or consultant of any person, partnership, corporation or other enterprise, in any “Competitive Business” in any jurisdiction in which the Company or its affiliates and subsidiaries actively conducts business. For purposes of this Section 12, “Competitive Business” means the property and casualty insurance or property and casualty reinsurance business.

The Executive’s engaging in the following activities will not be deemed to be engaging or participating in a Competitive Business: (i) investment banking; (ii) passive ownership of less than 2% of any class of securities of a company; and (iii) engaging or participating solely in a noncompetitive business of an entity which also separately operates a

business which is a “Competitive Business”. Notwithstanding anything to the contrary contained herein, to the extent required by the rules of professional responsibility applicable to the Executive (including without limitation Rule 5.6 of the New Jersey Rules of Professional Conduct (the “RPC”)), nothing herein shall be deemed to restrict the Executive’s ability to practice law following termination of the Executive’s employment, provided that the “ability to practice law” shall be interpreted in accordance with the applicable RPC and shall not be deemed to include, for example, providing business advice or business counsel to a Competitive Business.

The Executive acknowledges, with the advice of legal counsel, that he understands the foregoing provisions of this Section 12 and that these provisions are fair, reasonable, and necessary for the protection of the Company’s business.

The Executive agrees that the remedy at law for any breach or threatened breach of any covenant contained in Sections 11 and 12 will be inadequate and that the Company, in addition to such other remedies as may be available to it, in law or in equity, shall be entitled to injunctive relief without bond or other security.

1.TAXES.

a.All payments and benefits to be made to and on behalf of the Executive under this Agreement will be subject to required withholding of federal, state and local income, employment and excise taxes, and to related reporting requirements, and any other withholdings applicable to such payments or benefits.

b.Notwithstanding anything in this Agreement to the contrary, it is the intention of the parties that this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code (the “Code”) and any regulations and other guidance issued thereunder, and this Agreement and the payment of any benefits hereunder shall be operated and administered accordingly. Specifically, but not by limitation, the Executive agrees that if, at the time of termination of employment, the Company is considered to be publicly traded and he is considered

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to be a “specified employee,” as defined in Section 409A of the Code, then such payments to be made hereunder as a result of his termination of employment that are deferred compensation for purposes of Section 409A of the Code shall be deferred to the end of the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal representative or executor of the Executive’s estate following his death, if and to the extent the delay in such payment is necessary in order to comply with the requirements of Section 409A of the Code.

a.With respect to any amount of expenses eligible for reimbursement that is required to be included in the Executive’s gross income for federal income tax purposes, such expenses shall be reimbursed to the Executive no later than December 31 of the year following the year in which the Executive incurs the related expenses. In no event shall the amount of expenses (or in-kind benefits) eligible for reimbursement in one taxable year affect the amount of expenses (or in-kind benefits) eligible for reimbursement in

any other taxable year (except for those medical reimbursements referred to in Section 105(b) of the Internal Revenue Code of 1986), nor shall the Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.

b.The Executive shall execute and deliver to the Company the general release referenced in Section 6(h) of this Agreement within 60 days following the receipt of the general release (which shall be provided on or prior to termination), or if later, immediately following the expiration of any revocation period required by law. Amounts that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day following the Executive’s termination (or, if not a business day, the next following business day), provided such release shall have been executed and such revocation periods shall have expired (subject to the six-month delay provision under Section 409A of the Code, if applicable). If a bona fide dispute exists, then the Executive shall deliver a written notice of the nature of the dispute to the Company within 30 days following receipt of such general release. Benefits shall be deemed forfeited if the release (or a written notice of a bona fide dispute) is not executed and delivered to the Company within the time specified herein.

c.Termination of employment, or words of similar import, used in this Agreement means, for purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A of the Code, “separation from service” as defined in Section 409A of the Code and the regulations promulgated thereunder.

d.For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

14. SURVIVAL.

Anything in Section 6 hereof to the contrary notwithstanding, the provisions of Section 7 through 16 shall survive the expiration or termination of this Agreement, regardless of the reasons therefor.

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1.NO CONFLICT; REPRESENTATIONS AND WARRANTIES.

The Executive represents and warrants that, to the best of his knowledge and belief, (i) the information (written and oral) provided by the Executive to the Company in connection with obtaining employment with the Company or in connection with the Executive’s former employments, work history, circumstances of leaving former employments, and educational background, is true and complete, (ii) he has the legal capacity to execute and perform this Agreement, (iii) this Agreement is a valid and binding obligation of the Executive enforceable against him in accordance with its terms, (iv) the Executive’s execution, delivery or performance of this Agreement will not conflict with or result in a breach of any agreement, understanding, order, judgment or other obligation to which the Executive is a party or by which he may be. bound, written or oral, and (v) the Executive is not subject to or bound by any covenant against competition, non-solicitation, non-disclosure or confidentiality obligation, or any other agreement, order, judgment or other obligation, written or oral, which would conflict

with, restrict or limit the performance of the services to be provided by him hereunder. The Executive agrees not to use, or disclose to anyone within the Company, its parents, subsidiaries or affiliates, at any time during his employment hereunder, any trade secrets or any confidential information of any other employer or other third party. The Executive has provided to the Company a true copy of any non-competition or non-solicitation obligation or agreement to which he may be subject.

1.MISCELLANEOUS.

a.Any notice to be given hereunder shall be in writing and delivered personally or sent by overnight mail, addressed to the party concerned at the address indicated below or to such other address as such party may subsequently give notice of hereunder in writing:

If to the Company or Holdings:

Everest Global Services, Inc.

100 Everest Way

Warren, NJ 07059

Attention: Human Resources Department

If to the Executive: To the most recent address on the books and records of the Company.

Any notice given as set forth above will be deemed given on the business day sent when delivered by hand during normal business hours, on the business day after the business day sent if delivered by a nationally-recognized overnight courier, or on the third business day after the business day sent if delivered by registered or certified mail, return receipt requested.

a.Law Governing. This Agreement shall be deemed a contract made under and for all purposes shall be construed in accordance with, the laws of the State of New Jersey without reference to the principles of conflict of laws.

b.Jurisdiction. Subject to Section 8 above, (i) in any suit, action or proceeding seeking to enforce any provision of this Agreement or for purposes of resolving any dispute arising out of or related to this Agreement (including Sections 11 and 12 or the transactions contemplated 14

by this Agreement), the Company and the Executive each hereby irrevocably consents to the exclusive jurisdiction of any federal court located in the State of New Jersey or any of the state courts of the State of New Jersey; (ii) the Company and the Executive each hereby waives, to the fullest extent permitted by applicable law, any objection which it or he may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum; (iii) process in any such suit, action or proceeding may be served on either party anywhere in the world, whether within or without the jurisdiction of such court, and, without limiting the foregoing, each of the Company and the Executive irrevocably agrees that service of process on such party, in the same manner as provided for notices in Section 16(a) above, shall be deemed effective service of process on such party in any such suit,” action or proceeding; and (iv) WAIVER OF JURY TRIAL: EACH OF THE COMPANY AND

THE EXECUTIVE HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

a.Headings. The Section headings contained in this Agreement are for convenience of reference only and are not intended to determine, limit or describe the scope or intent of any provision of this Agreement.

b.Number and Gender. Whenever in this Agreement the singular is used, it shall include the plural if the context so requires, and whenever the feminine gender is used in this Agreement, it shall be construed as if the masculine, feminine or neuter gender, respectively, has been used where the context so dictates, with the rest of the sentence being construed as if the grammatical and terminological changes thereby rendered necessary have been made.

c.Entire Agreement. This Agreement contains the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings and agreements, written or oral, between and among them respecting such subject matter.

d.Counterparts. This Agreement may be executed in counterparts (including via electronic delivery such as facsimile, DocuSign or .pdf), each of which shall be deemed an original but both of which taken together shall constitute one instrument.

e.Amendments. This Agreement may not be amended except by a writing executed by each of the parties to this Agreement.

f.No Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Company. No waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first written above.

EVEREST GLOBAL SERVICES, INC. THE EXECUTIVE

/S/ JUAN C. ANDRADE/S/ RICARDO A. ANZALDUA

Juan C. Andrade Ricardo A. Anzaldua

President & CEO

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EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-259589-02) of Everest Reinsurance Holdings, Inc. of our report dated March 14, 2024 relating to the financial statements and financial statement schedules, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 14, 2024

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Juan C. Andrade, certify that:

1.I have reviewed this annual report on Form 10-K 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.

March 14, 2024
	/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 annual report on Form 10-K 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.

March 14, 2024
	/S/ MARK KOCIANCIC
	Mark Kociancic
	Executive Vice President and
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K for the year ended December 31, 2023 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.

March 14, 2024
	/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

EX-97.1

Exhibit 97.1

CONFIDENTIAL – For discussion purposes only

Everest Group, Ltd. Clawback Policy

As of November 1, 2023

EVEREST GROUP, LTD.

Clawback Policy

This Clawback Policy (this “Policy”) is designed to comply with, and shall be interpreted consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Rule 10D-1 promulgated under the Exchange Act (“Rule 10D-1”) and Section 303A.14 of the New York Stock Exchange Listed Company Manual (the “Listing Standards”).1 Section 10D is premised on the proposition that “executive officers of exchange-listed issuers should not be entitled to retain incentive-based compensation that was erroneously awarded on the basis of materially misreported financial information that requires an accounting restatement.” 2 To implement this principle, this Policy adopts Rule 10D-1 and the Listing Standards, adopts the Security and Exchange Commission’s definitions of “incentive-based compensation” and “financial reporting measure” for purposes of Rule 10D-1, and incorporates, with respect to certain executive officers, recovery in cases involving material willful misconduct, including but not limited to fraudulent conduct.

The Board of Directors (the “Board”) of Everest Group, Ltd. (the “Company”) believes that it is in the best interests of the Company and its shareholders to adopt this Policy, which provides for the recovery of certain incentive compensation, including in the event of an Accounting Restatement (as defined in Section 14 below). Other capitalized terms used in this Policy have the meanings assigned in Section 14.

______________________________

1Note: This clawback policy is drafted to meet the requirements of Section 954 of the Dodd-Frank Act, the SEC’s Rule 10D-1, and the proposed listing standards of the NYSE and Nasdaq. This clawback policy also incorporates and supersedes the Company’s Clawback Policy, adopted September 19, 2012, in satisfaction of requirements under Section 304 of the Sarbanes-Oxley Act of 2002, which applies only to a company’s CEO and CFO in cases involving misconduct resulting in a company’s material noncompliance with any financial reporting requirement under the securities laws.

2See Sections I and II(C) of the final Securities and Exchange Commission Rule (https://www.sec.gov/files/rules/final/2022/33-11126.pdf).

1.Covered Executives; Incentive-Based Compensation

This Policy applies to Incentive-Based Compensation received by any person that served as a Covered Executive at any time during the performance period for such Incentive-Based Compensation.3

2.    Required Recoupment of Incentive-Based Compensation in theEvent of an Accounting Restatement

In the event the Company is required to prepare an Accounting Restatement, the Company shall promptly recoup the amount of (i) any Erroneously Awarded Compensation obtained by any Covered Executive, as calculated pursuant to Section 3 hereof during the Applicable Period and / or (ii) any F&W Incentive-Based Compensation obtained by any Covered Executive, as determined pursuant to Section 4 hereof.

3.    Erroneously Awarded Compensation: Amount Subject to Recovery

The amount of “Erroneously Awarded Compensation” subject to recovery under the Policy, as determined by the Administrator, is the amount of Incentive-Based Compensation received by the Covered Executive that exceeds the amount of Incentive-Based Compensation that would have been received by the Covered Executive had it been determined based on the restated amounts.

Erroneously Awarded Compensation shall be computed by the Administrator in its sole discretion without any adjustment for any taxes paid by the Covered Executive in respect of the Erroneously Awarded Compensation.

For illustration purposes, with respect to any compensation plans or programs that take into account Incentive-Based Compensation, the amount of

______________________________

3Note: Recovery of compensation is not required (1) with respect to any compensation received while an individual was serving in a non-executive capacity prior to becoming an executive officer, or (2) from any individual who is an executive officer on the date on which the Company is required to prepare an Accounting Restatement but who was not an executive officer at any time during the performance period for which the incentive-based compensation is received. For example, if an individual serving as an executive officer at the date that the Company is required to prepare a restatement was not an executive officer at any time during a performance period that ended during the Applicable Period, amounts of incentive compensation received by that individual for that specific performance period are not required to be recovered.

2

Erroneously Awarded Compensation subject to recovery hereunder includes, but is not limited to, the amount contributed to any other notional account based on or containing Erroneously Awarded Compensation and any earnings accrued to date on any such notional or actual amount.

With respect to Incentive-Based Compensation based on stock price or TSR, (a) the Administrator shall determine and shall document in its sole discretion the amount of Erroneously Awarded Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was calculated; and (b) the Company shall maintain such documentation of the determination of that reasonable estimate and provide such documentation to the New York Stock Exchange (“NYSE”).

For purposes of enforcing the provisions of this Section 3 and the following Section 4, the Company shall maintain documentation of the calculation of all Incentive-Based Compensation awarded to any Company employee for a period ending on the last day of the third fiscal year following the date on which such Incentive-Based Compensation was awarded.

4.    Fraudulent or Willful Misconduct: Amount Subject to Recovery

Notwithstanding any other provision of this Policy, the Company shall have the right, to the extent permitted by applicable law, to cancel or require reimbursement of any Incentive-Based Compensation (both cash and equity) received by or awarded to any current or former employee, including executive officers, in each case, without any adjustment for any taxes paid by any such person and without duplication of any recovery of Erroneously Awarded Compensation pursuant to Section 3 above.

With respect to current or former employees, including executive officers, where the Company has determined that an employee or executive officer engaged in material willful misconduct in respect of his/her obligations, including but not limited to fraudulent misconduct, while an employee or during the period in which he/she was otherwise entitled to receive payments following a termination of employment, then:

(1) the individual shall be required to repay to the Company any and all Incentive-Based Compensation (including vested and unvested equity awards) paid or granted to the individual during the period in which he/she engaged in such misconduct, as determined by a majority of the Board; and

3

(2) upon such determination, if the individual has begun to receive payments or benefits pursuant to a severance agreement or similar arrangement then such payments and benefits shall immediately terminate, and the individual shall be required to repay to the Company the payments and the value of the benefits previously provided to him/her thereunder.

Any recovery of any Incentive-Based Compensation from an executive employee pursuant to this Section 4 is referred to in this Policy as “F&W Incentive-Based Compensation”.

5.    Method of Recoupment and Recovery

The Administrator shall determine, in its sole discretion, the timing and method for promptly recouping Erroneously Awarded Compensation or promptly recovering F&W Incentive-Based Compensation hereunder, as may be applicable, which may include without limitation (a) seeking reimbursement of all or part of any cash or equity-based award, (b) cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid, (c) canceling or offsetting against any planned future cash or equity-based awards, (d) forfeiture of deferred compensation, subject to compliance with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder, and (e) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Administrator may in its sole discretion effect recovery under this Policy from any amount otherwise payable to the Covered Executive or employee, including amounts payable to such individual under any otherwise applicable Company plan or program, including bonuses based on a financial reporting measure or commissions and compensation previously deferred by the Covered Executive or employee.

The Company is authorized and directed pursuant to this Policy to recoup Erroneously Awarded Compensation or F&W Incentive-Based Compensation, as may be applicable, in compliance with this Policy unless the Administrator has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

•The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation or F&W Incentive-Based Compensation, as may be applicable, based on expense of enforcement, the Administrator shall

4

have made a reasonable attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover, and provide that documentation to NYSE;

•Recovery would violate any law of Bermuda adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation or F&W Incentive-Based Compensation, as may be applicable, based on violation of the laws of Bermuda, the Administrator must satisfy the applicable opinion and disclosure requirements of Rule 10D-1 and the Listing Standards; or

•Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

6.    No Indemnification of Covered Executives or Employees

Notwithstanding the terms of any indemnification or insurance policy (including but not limited to any policies intended to cover non-indemnifiable losses) or any contractual arrangement with any Covered Executive or employee that may be interpreted to the contrary, the Company shall not indemnify any Covered Executives or employees against the loss of any Erroneously Awarded Compensation or F&W Incentive-Based Compensation, as may be applicable, including any payment or reimbursement for the cost of third-party insurance purchased by any Covered Executives or employees to fund potential clawback obligations under this Policy.

7.    Administrator Indemnification

Any members of the Administrator, including any officers or employees empowered by the Administrator, and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent permissible under applicable law and Company policy with respect to any such action, determination or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.

5

8.    Effective Date; Retroactive Application

This Policy shall be effective as of December 1, 2023 (the “Effective Date”). The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executives or employees on or after October 2, 2023, even if such Incentive-Based Compensation was approved, awarded, granted or paid to Covered Executives or employees prior to October 2, 2023. Without limiting the generality of Section 5 hereof, and subject to applicable law, the Administrator may effect recovery under this Policy from any amount of compensation approved, awarded, granted, payable or paid to the Covered Executive or employee prior to, on or after the Effective Date.

9.    Amendment; Termination

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company’s securities are listed.

10.    Other Recoupment Rights; Company Claims

The Board intends that this Policy shall be applied to the fullest extent permissible under law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages or other legal remedies the Company or any of its affiliates may have against a Covered Executive or employee arising out of or resulting from any actions or omissions by the Covered Executive or employee.

11.    Administration and Interpretation

Except as specifically set forth herein, this Policy shall be administered by the Compensation Committee of the Board or, if so designated by the Board, the Board or a committee thereof (the Board or such committee charged with administration of this Policy, the “Administrator”). The Administrator is authorized in its sole discretion to interpret and construe this Policy and to make

6

all determinations necessary, appropriate, or advisable for the administration of this Policy. Any determinations made by the Administrator in its sole discretion shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board or such other committees of the Board, such as the Audit Committee or the Compensation Committee or a special committee comprised of members of the Compensation Committee and Audit Committee, as may be necessary or appropriate as to matters within the scope of such other committee’s responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

12.    Successors

This Policy shall be binding and enforceable against all Covered Executives or employees and their beneficiaries, heirs, executors, administrators or other legal representatives.

13.    Exhibit Filing Requirement

A copy of this Policy and any amendments thereto shall be posted on the Company’s website and filed as an exhibit to the Company’s annual report on Form 10-K.4

14.    Definitions

As used in this Policy, the following definitions shall apply:

•“Accounting Restatement” means an accounting restatement of the Company’s financial statements determined to be necessary by (a) the Board in its sole discretion or (b) a court, regulator, or other legally authorized body (a “Competent Authority”) due to the Company’s material noncompliance with any financial reporting requirement under the securities laws and regulations, including any required

_________________________________

4Note: This policy does not include any other disclosure requirements under thefinal clawback rule. See Rule 10D-1 and the listing standards for additional information regarding required disclosures.

7

accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

•“Administrator” has the meaning set forth in Section 11 hereof.

•“Applicable Period” means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement, as well as any transition period (that results from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year). The “date on which the Company is required to prepare an Accounting Restatement” is the earlier to occur of (a) the date the Board concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (b) the date a Competent Authority directs the Company to prepare an Accounting Restatement, in each case, regardless of if or when the restated financial statements are filed.

•“Covered Executives” means, as may be applicable, the Company’s current and former executive officers, as determined by the Administrator in accordance with the definition of executive officer set forth in Rule 10D-1 and the Listing Standards.

•“Erroneously Awarded Compensation” has the meaning set forth in Section 3 of this Policy.

•“Exchange Act” has the meaning set forth in Section 11 hereof.

•A “Financial Reporting Measure” is any measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measure. Financial Reporting Measures include but are not limited to the following (and any measures derived from the following): Company stock price; total shareholder return (“TSR”); revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g., accounts receivable turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization (“EBITDA”);

8

funds from operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital, return on assets); earnings measures (e.g., earnings per share); cost per employee, where cost is subject to an Accounting Restatement; any of such financial reporting measures relative to a peer group, where the Company’s financial reporting measure is subject to an Accounting Restatement; and tax basis income. A Financial Reporting Measure need not be presented within the Company’s financial statements or included in a filing with the Securities Exchange Commission.

•“F&W Incentive-Based Compensation” has the meaning set forth in Section 4 of this Policy.

•“Incentive-Based Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive-Based Compensation is “received” for purposes of this Policy in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

•“Listing Standards” has the meaning set forth in Section 11 hereof.

•“Rule 10D-1” has the meaning set forth in Section 11 hereof.

9

CONFIDENTIAL – For discussion purposes only

Model Clawback Policy Acknowledgment

[TO BE SIGNED BY THE COMPANY’S EXECUTIVE OFFICERS:] 5

Clawback Policy Acknowledgment

I, the undersigned, agree and acknowledge that I am fully bound by, and subject to, all of the terms and conditions of the Everest Group, Ltd.’s Clawback Policy (as may be amended, restated, supplemented or otherwise modified from time to time, the “Policy”). In the event of any inconsistency between the Policy and the terms of any employment agreement to which I am a party, or the terms of any compensation plan, program or agreement under which any compensation has been granted, awarded, earned or paid, the terms of the Policy shall govern. In the event it is determined by the Administrator that any amounts granted, awarded, earned or paid to me must be forfeited or reimbursed to the Company, I will promptly take any action necessary to effectuate such forfeiture and/or reimbursement. Any capitalized terms used in this Acknowledgment without definition shall have the meaning set forth in the Policy.

By:________________________        ________________________

Date

Name: ______________________________

Title: ______________________________

__________________________________

5Note: The acknowledgment is optional and not required by law. The acknowledgment serves to put the executives on notice of the new Dodd-Frank clawback requirements and may aid the company in its efforts to enforce the clawback policy and recoup amounts already paid, particularly from former employees. Recommended if we include provisions on enforcement of the policy if the Covered Executive fails to pay amounts when due—e.g., venue clause, arbitration provisions and/or a requirement that the Covered Executive reimburse the Company for expenses and legal fees.

[Clawback Policy Acknowledgment]

XML

COVER - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 13, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-14527
Entity Registrant Name	EVEREST REINSURANCE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3263609
Entity Address, Address Line One	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		1,000
Entity Central Index Key	0000914748
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
4.868% Senior Notes Due 2044
Document Information [Line Items]
Title of 12(b) Security	4.868% Senior Notes Due 2044
Trading Symbol	true
Security Exchange Name	NYSE
3.50% Senior Notes Due 2050
Document Information [Line Items]
Title of 12(b) Security	3.50% Senior Notes Due 2050
Trading Symbol	true
Security Exchange Name	NYSE
3.125% Senior Notes Due 2052
Document Information [Line Items]
Title of 12(b) Security	3.125% Senior Notes Due 2052
Trading Symbol	true
Security Exchange Name	NYSE
6.60% Long-Term Notes Due 2067
Document Information [Line Items]
Title of 12(b) Security	6.60% Long-Term Notes Due 2067
Trading Symbol	true
Security Exchange Name	NYSE

XML

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Fixed maturities - available for sale, at fair value (amortized cost: 2023, $16,304; 2022,$13,699, credit allowances: 2023, $(48); 2022, $(46))	$ 15,932,000,000	$ 12,671,000,000
Fixed maturities - held to maturity, at amortized cost (fair value: 2023, $850; 2022, $793 net of credit allowances: 2023, $(8); 2022, $(9))	851,000,000	811,000,000
Equity securities, at fair value	91,000,000	194,000,000
Other invested assets	3,259,000,000	2,754,000,000
Other invested assets, at fair value	1,481,000,000	1,472,000,000
Short-term investments	1,298,000,000	812,000,000
Cash	527,000,000	481,000,000
Total investments and cash	23,439,000,000	19,195,000,000
Accrued investment income	222,000,000	150,000,000
Premiums receivable (net of credit allowances: 2023, $(28); 2022, $(21))	2,245,000,000	1,721,000,000
Income tax asset, net	141,000,000	288,000,000
Funds held by reinsureds	306,000,000	303,000,000
Deferred acquisition costs	659,000,000	499,000,000
Prepaid reinsurance premiums	490,000,000	463,000,000
Other assets (net of credit allowances: 2023, $(9); 2022, $(5))	774,000,000	722,000,000
TOTAL ASSETS	31,638,000,000	27,957,000,000
LIABILITIES:
Reserve for losses and loss adjustment expenses	15,796,000,000	14,977,000,000
Unearned premium reserve	3,886,000,000	3,177,000,000
Funds held under reinsurance treaties	54,000,000	43,000,000
Amounts due to reinsurers	488,000,000	436,000,000
Losses in course of payment	139,000,000	77,000,000
Income tax liability, net	29,000,000	0
Senior notes	2,349,000,000	2,347,000,000
Long-term notes	218,000,000	218,000,000
Borrowings from FHLB	819,000,000	519,000,000
Accrued interest on debt and borrowings	22,000,000	19,000,000
Unsettled securities payable	126,000,000	1,000,000
Other liabilities	526,000,000	489,000,000
TOTAL LIABILITIES	24,451,000,000	22,303,000,000
Commitments and Contingencies (Note 11)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2023 and 2022)	0	0
Additional paid-in capital	1,102,000,000	1,102,000,000
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(76) at 2023 and $(225) at 2022	(287,000,000)	(848,000,000)
Retained earnings	6,372,000,000	5,400,000,000
Total stockholder's equity	7,187,000,000	5,654,000,000
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	31,638,000,000	27,957,000,000
Affiliated Entity
ASSETS:
Notes receivable - affiliated	0	840,000,000
Reinsurance recoverables	1,547,000,000	1,935,000,000
Unaffiliated Party
ASSETS:
Reinsurance recoverables	$ 1,816,000,000	$ 1,841,000,000

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Amortized cost	$ 16,304	$ 13,699
Fixed maturities - available for sale, credit allowances	(48)	(46)
Fixed maturities - held to maturity, at amortized cost	850	793
Allowances for Credit Loss	(8)	(9)
Premium receivable, net of credit allowances	(28)	(21)
Reinsurance recoverables, net of credit allowances	(22)	(21)
Other assets, net of credit allowances	$ (9)	$ (5)
STOCKHOLDER'S EQUITY:
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	1,000	1,000
Common shares, outstanding (in shares)	1,000	1,000
Accumulated other comprehensive income (loss), deferred income tax expense (benefit)	$ (76)	$ (225)

XML

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Premiums earned	$ 8,536	$ 7,876	$ 7,179
Net investment income	993	638	745
Total net gains (losses) on investments	(180)	(982)	501
Other income (expense)	(11)	(6)	23
Total revenues	9,337	7,526	8,448
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	5,578	5,823	5,387
Commission, brokerage, taxes and fees	1,851	1,632	1,513
Other underwriting expenses	574	501	454
Corporate expenses	18	26	33
Interest, fee and bond issue cost amortization expense	134	101	70
Total claims and expenses	8,156	8,083	7,457
INCOME (LOSS) BEFORE TAXES	1,181	(557)	991
Income tax expense (benefit)	210	(112)	192
NET INCOME (LOSS)	972	(445)	800
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	374	(1,011)	(200)
Reclassification adjustment for realized losses (gains) included in net income (loss)	153	73	9
Total URA(D) on securities arising during the period	527	(938)	(191)
Foreign currency translation adjustments	17	(18)	(9)
Benefit plan actuarial net gain (loss) for the period	15	15	17
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	2	2	6
Total benefit plan net gain (loss) for the period	17	17	23
Total other comprehensive income (loss), net of tax	561	(939)	(177)
COMPREHENSIVE INCOME (LOSS)	$ 1,533	$ (1,384)	$ 623

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY - USD ($) $ in Millions	Total	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:	RETAINED EARNINGS:
Beginning balance (in shares) at Dec. 31, 2020		1,000
Beginning balance at Dec. 31, 2020			$ 1,101	$ 268	$ 5,045
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation plans			0
Net increase (decrease) during the period	$ (177)			(177)
Net income (loss)	800				800
Ending balance (in shares) at Dec. 31, 2021		1,000
Ending balance at Dec. 31, 2021	7,038		1,102	91	5,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation plans			0
Net increase (decrease) during the period	(939)			(939)
Net income (loss)	$ (445)				(445)
Ending balance (in shares) at Dec. 31, 2022	1,000	1,000
Ending balance at Dec. 31, 2022	$ 5,654		1,102	(848)	5,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation plans			0
Net increase (decrease) during the period	561			561
Net income (loss)	$ 972				972
Ending balance (in shares) at Dec. 31, 2023	1,000	1,000
Ending balance at Dec. 31, 2023	$ 7,187		$ 1,102	$ (287)	$ 6,372

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 972	$ (445)	$ 800
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(519)	(3)	(128)
Decrease (increase) in funds held by reinsureds, net	9	(9)	(30)
Decrease (increase) in reinsurance recoverables	424	70	337
Decrease (increase) in income taxes	27	(286)	100
Decrease (increase) in prepaid reinsurance premiums	(25)	(36)	(68)
Increase (decrease) in reserve for losses and loss adjustment expenses	797	1,885	1,478
Increase (decrease) in unearned premiums	703	189	609
Increase (decrease) in amounts due to reinsurers	48	50	114
Increase (decrease) in losses in course of payment	61	(197)	111
Change in equity adjustments in limited partnerships	(83)	(90)	(368)
Distribution of limited partnership income	57	107	114
Change in other assets and liabilities, net	(274)	(130)	(10)
Non-cash compensation expense	39	37	36
Amortization of bond premium (accrual of bond discount)	(43)	22	31
Net (gains) losses on investments	180	982	(501)
Net cash provided by (used in) operating activities	2,374	2,146	2,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	1,206	1,399	2,330
Proceeds from fixed maturities sold - available for sale	2,546	2,645	961
Proceeds from fixed maturities matured/called/repaid - held to maturity	82	39	0
Proceeds from equity securities sold	126	2,203	862
Distributions from other invested assets	127	135	127
Cost of fixed maturities acquired - available for sale	(6,518)	(5,928)	(5,832)
Cost of fixed maturities acquired - held to maturity	(112)	(125)	0
Cost of equity securities acquired	(14)	(951)	(1,052)
Cost of other invested assets acquired	(611)	(1,241)	(430)
Net change in short-term investments	(444)	(113)	13
Net change in unsettled securities transactions	172	(52)	(206)
Proceeds from repayment (cost of issuance) of notes receivable - affiliated	840	(340)	(200)
Net cash provided by (used in) investing activities	(2,599)	(2,329)	(3,427)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation, net of expense	(38)	(37)	(36)
Net FHLB borrowings (repayments)	300	0	209
Cost of debt repurchase	0	(6)	0
Proceeds from issuance of senior notes	0	0	968
Net cash provided by (used in) financing activities	262	(43)	1,142
EFFECT OF EXCHANGE RATE CHANGES ON CASH	10	8	(18)
Net increase (decrease) in cash	46	(218)	321
Cash, beginning of period	481	699	379
Cash, end of period	527	481	699
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	182	174	91
Interest paid	130	98	62
NON-CASH TRANSACTIONS
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances	$ 0	$ 722	$ 0

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.Business and Basis of Presentation.

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 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.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsurance Company - Escritório de Representação No Brasil Ltda. (“Everest Brazil”), Mt. Whitney Securities, Inc., Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Specialty Underwriters Services, LLC, Everest International Assurance, Ltd. (“Everest Assurance”), EverSports & Entertainment Insurance, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Salus Systems (“Salus”) and Mt. McKinley Managers, L.L.C. All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars.

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

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2023 presentation.

B.Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit-related or non-credit-related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s

carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

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

The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time.

The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

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

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

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

Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties. For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

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

Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair values of the Preferred Holdings convertible preferred stock at December 31, 2023 and December 31, 2022 were determined using a pricing model.

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

C.Allowance for Premium Receivable and Reinsurance Recoverables.

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

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

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

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

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

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

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

The Company records credit loss expenses related to reinsurance recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of

reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

D.Deferred Acquisition Costs.

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

E.Reserve for Losses and Loss Adjustment Expenses.

The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies.  A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.  Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.  See also Note 3.  The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made.  The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability.  Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

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

F.Premium Revenues.

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

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

G.Prepaid Reinsurance Premiums.

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2023 were collateralized either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

H.Income Taxes.

The Company and its wholly owned subsidiaries file a consolidated U.S. Corporation Income Tax Return. The Company’s foreign subsidiaries and foreign branches of its U.S. subsidiaries file country and local corporation income tax returns as required. Deferred U.S. federal and foreign income taxes have been recorded to recognize the tax effect of temporary differences between the GAAP and income tax basis of assets and liabilities, which arise because of differences between the financial reporting and income tax rules.

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

I.Foreign Currency.

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

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

J.Segmentation.

The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively. See also Note 6.

K.Recent Accounting Pronouncements.

Adoption of New Accounting Standards

The Company did not adopt any new accounting standards that had a material impact in 2023.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are affective after 2023 by the Financial Accounting Standards Board on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2023 . There were no accounting standards identified, other than those directly reference below, that are expected to have a material impact to Holdings.

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

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INVESTMENTS

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

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

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	265	$	—	$	—	$	(17)	$	247
Obligations of U.S. states and political subdivisions	138		—		1		(11)		128
Corporate securities	4,400		(47)		96		(160)		4,289
Asset-backed securities	5,307		—		23		(48)		5,282
Mortgage-backed securities
Commercial	575		—		—		(53)		522
Agency residential	2,532		—		27		(124)		2,435
Non-agency residential	429		—		14		(1)		441
Foreign government securities	859		—		15		(39)		835
Foreign corporate securities	1,800		—		35		(82)		1,753
Total fixed maturity securities - available for sale	$	16,304	$	(48)	$	212	$	(536)	$	15,932

(Some amounts may not reconcile due to rounding.)

	At December 31, 2022
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	575	$	—	$	—	$	(40)	$	535
Obligations of U.S. states and political subdivisions	444		—		2		(32)		413
Corporate securities	3,913		(45)		14		(322)		3,561
Asset-backed securities	4,111		—		5		(165)		3,951
Mortgage-backed securities
Commercial	569		—		—		(59)		509
Agency residential	1,792		—		3		(167)		1,628
Non-agency residential	3		—		—		—		3
Foreign government securities	696		—		2		(61)		637
Foreign corporate securities	1,597		(1)		4		(167)		1,433
Total fixed maturity securities - available for sale	$	13,699	$	(46)	$	30	$	(1,013)	$	12,671

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	150	$	(2)	$	1	$	(3)	$	146
Asset-backed securities	604		(5)		4		(10)		593
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		7		—		90
Total fixed maturity securities - held to maturity	$	859	$	(8)	$	12	$	(13)	$	850

(Some amounts may not reconcile due to rounding.)

	At December 31, 2022
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	152	$	(2)	$	—	$	(6)	$	144
Asset-backed securities	634		(6)		2		(15)		614
Mortgage-backed securities
Commercial	7		—		—		—		7
Foreign corporate securities	28		(1)		2		—		28
Total fixed maturity securities - held to maturity	$	820	$	(9)	$	3	$	(22)	$	793

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023				At December 31, 2022
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – available for sale
Due in one year or less	$	546	$	537	$	581	$	563
Due after one year through five years	2,402		2,310		3,684		3,429
Due after five years through ten years	2,842		2,784		2,003		1,760
Due after ten years	1,672		1,621		958		827
Asset-backed securities	5,307		5,282		4,111		3,951
Mortgage-backed securities
Commercial	575		522		569		509
Agency residential	2,532		2,435		1,792		1,628
Non-agency residential	429		441		3		3
Total fixed maturity securities - available for sale	$	16,304	$	15,932	$	13,699	$	12,671

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023				At December 31, 2022
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – held to maturity
Due in one year or less	$	5	$	5	$	5	$	5
Due after one year through five years	59		58		63		61
Due after five years through ten years	43		42		43		41
Due after ten years	127		131		68		65
Asset-backed securities	604		593		634		614
Mortgage-backed securities
Commercial	21		21		7		7
Total fixed maturity securities - held to maturity	$	859	$	850	$	820	$	793

(Some amounts may not reconcile due to rounding.)

During 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of December 31, 2023, $42 million of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these

securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy.

The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as of December 31, 2023 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 December 31, 2023.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022
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 fore sale and short-term investments	$	667	$	(1,187)
Change in unrealized appreciation (depreciation), pre-tax	667		(1,187)
Deferred tax benefit (expense)	(140)		249
Change in URA(D), net of deferred taxes, included in stockholder's equity	$	527	$	(938)

(Some amounts may not reconcile due to rounding.)

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

	Duration of Unrealized Loss at December 31, 2023 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	7	$	—	$	238	$	(17)	$	245	$	(17)
Obligations of U.S. states and political subdivisions	3		—		74		(11)		77		(11)
Corporate securities	673		(47)		1,150		(112)		1,822		(160)
Asset-backed securities	179		(2)		1,958		(46)		2,138		(48)
Mortgage-backed securities
Commercial	19		—		491		(53)		511		(53)
Agency residential	203		(2)		1,030		(123)		1,233		(124)
Non-agency residential	125		(1)		3		—		128		(1)
Foreign government securities	38		(1)		423		(38)		461		(39)
Foreign corporate securities	120		(2)		821		(80)		940		(82)
Total	$	1,367	$	(54)	$	6,187	$	(481)	$	7,554	$	(536)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	1,369	$	(55)	$	6,187	$	(481)	$	7,556	$	(536)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2023 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	84	$	(1)	$	263	$	(10)	$	348	$	(11)
Due in one year through five years	227		(5)		1,317		(96)		1,544		(101)
Due in five years through ten years	150		(5)		951		(128)		1,101		(133)
Due after ten years	379		(39)		174		(25)		553		(64)
Asset-backed securities	179		(2)		1,958		(46)		2,138		(48)
Mortgage-backed securities	347		(3)		1,523		(176)		1,871		(179)
Total	$	1,367	$	(54)	$	6,187	$	(481)	$	7,554	$	(536)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	1,369	$	(55)	$	6,187	$	(481)	$	7,556	$	(536)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2023 were $7.6 billion and $536 million, respectively. The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2023, did not exceed 1.4% 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 0.5% of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $55 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, foreign government securities, asset-backed securities as well as commercial and agency residential mortgage-backed securities. Of these unrealized losses, $39 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $481 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 $455 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2023, the unrealized losses are due to changes in interest rates and non-issuer specific credit spreads and are not credit related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.

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

	Duration of Unrealized Loss at December 31, 2022 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	290	$	(14)	$	245	$	(26)	$	535	$	(40)
Obligations of U.S. states and political subdivisions	235		(23)		27		(9)		261		(32)
Corporate securities	2,138		(175)		841		(146)		2,979		(321)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Mortgage-backed securities
Commercial	464		(50)		36		(9)		500		(59)
Agency residential	852		(54)		605		(113)		1,456		(167)
Non-agency residential	2		—		1		—		3		—
Foreign government securities	455		(36)		144		(25)		599		(61)
Foreign corporate securities	967		(100)		365		(67)		1,332		(167)
Total	$	8,522	$	(591)	$	2,698	$	(421)	$	11,220	$	(1,012)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	8,524	$	(591)	$	2,698	$	(421)	$	11,222	$	(1,013)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2022 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	463	$	(8)	$	29	$	(4)	$	491	$	(11)
Due in one year through five years	2,020		(143)		936		(107)		2,956		(250)
Due in five years through ten years	1,162		(148)		395		(98)		1,557		(246)
Due after ten years	439		(50)		262		(64)		701		(114)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Mortgage-backed securities	1,318		(105)		641		(122)		1,959		(226)
Total	$	8,522	$	(591)	$	2,698	$	(421)	$	11,220	$	(1,012)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	8,524	$	(591)	$	2,698	$	(421)	$	11,222	$	(1,013)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2022 were $11.2 billion and $1.0 billion, respectively. The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 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 comprised less than 0.6% 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 $591 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, $520 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $421 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, $392 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 table below for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturities	$	822	$	510	$	344
Equity securities	3		16		15
Short-term investments and cash	74		16		1
Other invested assets
Limited partnerships	37		72		321
Dividends from preferred shares of affiliate	31		31		31
Other	59		30		63
Gross investment income before adjustments	1,027		675		774
Funds held interest income (expense)	3		6		8
Interest income from Parent	7		11		6
Gross investment income	1,038		691		788
Investment expenses	46		52		43
Net investment income	$	993	$	638	$	745

(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 $1.0 billion in limited partnerships and private placement loans at December 31, 2023. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2027.

During the fourth quarter of 2022, the Company entered into COLI policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.3 billion and $939 million as of December 31, 2023 and December 31, 2022, respectively.

Other invested assets, at fair value, as of December 31, 2023 and December 31, 2022, were comprised of preferred shares held in 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 December 31, 2023 and 2022, the Company did not hold any securities for which it is the primary beneficiary.

The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the

investments. The Company’s maximum exposure to loss as of December 31, 2023 and 2022 is limited to the total carrying value of $3.3 billion and $2.8 billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets.

As of December 31, 2023, the Company has outstanding commitments totaling $972 million whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturity securities:
Allowances for credit losses	$	(1)	$	(27)	$	(26)
Net realized gains (losses) from dispositions	(192)		(79)		8
Gains (losses) from fair value adjustments	—		—		—
Equity securities:
Net realized gains (losses) from dispositions	8		117		24
Gains (losses) from fair value adjustments	(4)		(447)		254
Other invested assets	—		13		6
Other invested assets, fair value:
Gains (losses) from fair value adjustments	9		(558)		234
Short-term investment gains (losses)	—		—		—
Total net gains (losses) on investments	$	(180)	$	(982)	$	501

(Some amounts may not reconcile due to rounding.)

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

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2023
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(45)	$	—	$	(1)	$	(46)
Credit losses on securities where credit losses were not previously recorded	(23)		—		—		(23)
Increases in allowance on previously impaired securities	(1)		—		—		(1)
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	21		—		1		22
Balance, end of period	$	(47)	$	—	$	—	$	(48)

(Some amounts may not reconcile due to rounding.)

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

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2022
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(19)	$	(8)	$	—	$	(27)
Credit losses on securities where credit losses were not previously recorded	(11)		—		(1)		(12)
Increases in allowance on previously impaired securities	(20)		—		—		(21)
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	6		8		1		14
Balance, end of period	$	(45)	$	—	$	(1)	$	(46)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2022
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	—	$	—	$	—	$	—
Credit losses on securities where credit losses were not previously recorded	(2)		(6)		(1)		(9)
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	—		—		—		—
Balance, end of period	$	(2)	$	(6)	$	(1)	$	(9)

(Some amounts may not reconcile due to rounding.)

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Proceeds from sales of fixed maturity securities - available for sale	$	2,546	$	2,645	$	961
Gross gains from dispositions	12		9		33
Gross losses from dispositions	(204)		(88)		(24)
Proceeds from sales of equity securities	$	126	$	2,203	$	862
Gross gains from dispositions	8		165		39
Gross losses from dispositions	—		(48)		(15)

Securities with a carrying value amount of $1.4 billion at December 31, 2023, were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws. See Note 10.

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FAIR VALUE

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE

FAIR VALUE

GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:    Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;

Level 2:    Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;

Level 3:    Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information 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 Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

At December 31, 2023, $2.0 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, 2022, $1.7 billion of fixed maturities were fair valued using unobservable inputs.

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 a nationally recognized source.

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

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

The fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services.

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.

Other invested assets, at fair value, were categorized as Level 3 at December 31, 2023 and December 31, 2022, since it represented a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent. The 25 year redeemable, convertible preferred stock with a 1.75% coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10 year and the swap rate on the Company’s June 1, 2044, 4.868% senior notes, with adjustments to reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset.

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:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	247	$	—	$	247	$	—
Obligations of U.S. states and political subdivisions	128		—		128		—
Corporate securities	4,289		—		3,617		672
Asset-backed securities	5,282		—		3,977		1,305
Mortgage-backed securities
Commercial	522		—		522		—
Agency residential	2,435		—		2,435		—
Non-agency residential	441		—		441		—
Foreign government securities	835		—		835		—
Foreign corporate securities	1,753		—		1,737		16
Total fixed maturities - available for sale	15,932		—		13,939		1,993
Equity securities, fair value	91		70		21		—
Other invested assets, fair value	1,481		—		—		1,481

(Some amounts may not reconcile due to rounding.)

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	535	$	—	$	535	$	—
Obligations of U.S. states and political subdivisions	413		—		413		—
Corporate securities	3,561		—		2,846		715
Asset-backed securities	3,951		—		2,957		994
Mortgage-backed securities
Commercial	509		—		509		—
Agency residential	1,628		—		1,628		—
Non-agency residential	3		—		3		—
Foreign government securities	637		—		637		—
Foreign corporate securities	1,433		—		1,417		16
Total fixed maturities - available for sale	12,671		—		10,946		1,725
Equity securities, fair value	194		132		63		—
Other invested assets, fair value	1,472		—		—		1,472

(Some amounts may not reconcile due to rounding.)

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

	Total Fixed Maturities - Available for Sale
	December 31, 2023										December 31, 2022
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total
Beginning balance fixed maturities	$	715	$	994	$	—	$	16	$	1,725	$	730	$	1,251	$	—	$	16	$	1,997
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	4		—		—		—		4		(24)		—		—		—		(24)
Included in other comprehensive income (loss)	(2)		6		—		—		4		3		(35)		—		(4)		(36)
Purchases, issuances and settlements	(45)		305		—		—		260		40		513		6		8		567
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	—		—		—		—		—		(35)		(735)		(6)		(4)		(779)
Ending balance	$	672	$	1,305	$	—	$	16	$	1,993	$	715	$	994	$	—	$	16	$	1,725
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	$	9	$	—	$	—	$	—	$	9	$	(23)	$	8	$	—	$	—	$	(15)

(Some amounts may not reconcile due to rounding.)

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

The $779 million shown as transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories for the year ended December 31, 2022 related mainly to previously designated Level 3 securities that the Company had reclassified from “fixed maturities - available for sale” to “fixed maturities - held to maturity” during 2022. As “fixed maturities - held to maturity" are carried at amortized cost, net of credit allowances rather than at fair value as “fixed maturities - available for sale”, these securities are no longer included within the fair value hierarchy table or in the roll forward of Level 3 securities. 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 December 31, 2022.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 7 and 8, respectively. Fair values of long-term notes receivable from affiliates can be found within Note 15. Short-term investments are stated at cost, which approximates fair value. See Note 1.

Exempt from Fair Value Disclosure Requirements

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

In addition, $274 million and $292 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively, are not included within the fair value hierarchy tables as the assets are measured at net asset value (NAV) as a practical expedient to determine fair value.

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RESERVES FOR LOSSES AND LAE

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

RESERVES FOR LOSSES AND LAE

RESERVES FOR LOSSES AND LAE

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

	At December 31,
(Dollars in millions)	2023		2022		2021
Gross reserves beginning of period	$	14,977	$	13,121	$	11,578
Less reinsurance recoverables on unpaid losses	(3,684)		(3,651)		(3,951)
Net reserves beginning of period	11,294		9,470		7,627
Incurred related to:
Current year	5,599		5,815		5,382
Prior years	(21)		7		5
Total incurred losses and LAE	5,578		5,823		5,387
Paid related to:
Current year	1,169		1,097		2,374
Prior years	3,128		2,867		1,127
Total paid losses and LAE	4,298		3,964		3,501
Foreign exchange/translation adjustment	40		(35)		(42)
Net reserves end of period	12,614		11,294		9,470
Plus reinsurance recoverables on unpaid losses	3,182		3,684		3,651
Gross reserves end of period	$	15,796	$	14,977	$	13,121

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $5.6 billion, $5.8 billion and $5.4 billion for the years ended December 31, 2023, 2022 and 2021, respectively. The decrease in current year incurred losses in 2023 compared to 2022 primarily related to a decrease of $642 million in current year catastrophe losses, partially offset by an increase of $426 million in current year attritional losses resulting from the impact of the increase in premiums earned and changes in the mix of business. The increase in current year incurred losses in 2022 compared to 2021 primarily related to an increase of $44 million in current year catastrophe losses and an increase of $389 million in current year attritional losses. The increase in current year attritional losses was mainly due to the growth in premiums earned and $25 million of losses due to the Russia/Ukraine conflict.

The recent emergence of the Middle East war and the ongoing war in the Ukraine are evolving events. 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 in numerous countries, including the United States. The significant political and economic uncertainty surrounding these wars and associated sanctions have impacted economic and investment markets both within Russia, Ukraine, the Middle East region, and around the world.

Incurred prior years’ reserves decreased by $21 million in 2023 and increased by $7 million and $5 million in 2022 and 2021, respectively. The net favorable development on prior year reserves of $21 million in 2023 is comprised of $351 million of favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, which is offset by $352 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019. The prior year development also includes $37 million of commutations from stop loss agreements between Everest Re and Bermuda Re that are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses. Additionally, there was $22 million of favorable development on prior year catastrophe losses. The 2022 prior year development was primarily due to $113 million of strengthening of asbestos reserves mitigated primarily by reserve releases from the reinsurance segment. The increase for 2021 related mainly to increases in insurance casualty reserves.

The following is information about incurred and paid claims development as of December 31, 2023, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected

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

The information about incurred and paid claims development for the years ended December 31, 2014 to December 31, 2022 is presented as supplementary information.

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

The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts.

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

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

	At December 31,
	2023
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	5,433
Reinsurance Property	3,161
Insurance Casualty	3,310
Insurance Property	493
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	12,396
Reinsurance recoverable on unpaid claims
Reinsurance Casualty	492
Reinsurance Property	816
Insurance Casualty	1,695
Insurance Property	179
Total reinsurance recoverable on unpaid claims	3,182
Unallocated claims adjustment expenses	184
Other	33
	218
Total gross liability for unpaid claims and claim adjustment expense	$	15,796

(Some amounts may not reconcile due to rounding.)

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

Reinsurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	341	$	327	$	258	$	229	$	229	$	229	$	229	$	229	$	229	$	229	—	N/A
2015			294		250		238		238		238		238		238		238		238		6	N/A
2016					243		239		239		239		239		239		239		239		18	N/A
2017							198		204		204		204		204		204		204		50	N/A
2018									814		799		845		867		919		1,029		115	N/A
2019											1,009		1,057		1,058		1,073		1,109		285	N/A
2020													1,085		1,057		1,026		1,017		373	N/A
2021															1,358		1,351		1,309		693	N/A
2022																	1,331		1,290		912	N/A
2023																			1,634		1,283	N/A
																			$	8,299

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	15	$	36	$	77	$	107	$	145	$	175	$	184	$	188	$	211	$	216
2015			16		39		86		147		168		188		194		209		216
2016					18		54		89		143		161		187		214		220
2017							27		87		110		123		150		180		187
2018									132		200		318		415		473		510
2019											165		265		381		487		531
2020													146		237		334		447
2021															156		230		377
2022																	105		222
2023																			175
																			$	3,101
All outstanding liabilities prior to 2014, net of reinsurance																			235
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,433

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	11.5	%	8.9	%	11.6	%	11.7	%	6.8	%	7.3	%	5.5	%	3.6	%	6.3	%	2.0	%

Reinsurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	715	$	527	$	369	$	339	$	340	$	340	$	340	$	340	$	340	$	340	3	N/A
2015			640		341		311		311		311		311		311		311		311		1	N/A
2016					612		631		632		628		627		627		627		628		2	N/A
2017							1,262		1,847		2,015		2,109		2,162		2,200		2,203		2	N/A
2018									2,214		2,103		2,093		2,041		2,011		1,982		(1)	N/A
2019											1,658		1,664		1,591		1,486		1,479		(7)	N/A
2020													1,843		1,887		1,827		1,805		23	N/A
2021															2,140		2,126		2,068		87	N/A
2022																	2,535		2,223		549	N/A
2023																			1,958		980	N/A
																			$	14,996

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	145	$	222	$	273	$	301	$	317	$	319	$	323	$	325	$	332	$	339
2015			148		213		261		276		282		287		291		300		314
2016					223		475		569		575		580		582		592		603
2017							773		1,529		1,887		2,011		2,105		2,181		2,219
2018									470		1,358		1,652		1,808		1,866		1,909
2019											656		1,016		1,258		1,376		1,472
2020													528		1,100		1,408		1,590
2021															625		1,274		1,634
2022																	548		1,209
2023																			525
																			$	11,815
All outstanding liabilities prior to 2014, net of reinsurance																			(20)
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,161

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	30.9	%	32.8	%	16.2	%	7.2	%	3.9	%	2.4	%	1.6	%	1.7	%	3.3	%	1.9	%

Insurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	238	$	239	$	241	$	255	$	255	$	255	$	256	$	256	$	256	$	256	1	24,779
2015			259		259		277		277		277		266		266		269		278		4	26,300
2016					351		276		279		281		288		287		281		281		—	30,606
2017							304		237		238		237		236		232		235		—	34,567
2018									645		644		666		689		698		793		135	35,301
2019											768		756		794		814		996		194	39,356
2020													817		792		793		841		287	38,099
2021															1,112		1,112		1,106		457	44,387
2022																	1,039		1,054		450	45,829
2023																			1,236		620	36,309
																			$	7,076

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	20	$	72	$	114	$	144	$	229	$	229	$	250	$	253	$	254	$	255
2015			20		68		117		199		244		259		263		266		270
2016					25		101		276		299		308		313		318		321
2017							23		151		157		217		233		239		243
2018									63		189		271		383		435		476
2019											11		217		350		489		598
2020													82		209		340		448
2021															201		339		521
2022																	222		470
2023																			193
																			$	3,793
All outstanding liabilities prior to 2014, net of reinsurance																			27
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,310

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	12.1	%	19.7	%	16.7	%	15.0	%	11.1	%	3.6	%	3.2	%	1.1	%	0.9	%	0.2	%

Insurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	76	$	89	$	84	$	82	$	82	$	82	$	82	$	82	$	82	$	82	—	N/A
2015			96		93		93		92		95		107		107		103		95		—	N/A
2016					150		186		180		177		175		174		181		181		—	N/A
2017							233		300		303		309		322		332		329		—	N/A
2018									382		380		392		390		395		402		5	N/A
2019											350		367		359		365		378		7	N/A
2020													524		523		513		478		24	N/A
2021															557		550		578		31	N/A
2022																	708		711		115	N/A
2023																			638		164	N/A
																			$	3,872

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	45	$	77	$	81	$	81	$	82	$	82	$	82	$	82	$	82	$	82
2015			51		82		91		91		91		94		94		94		95
2016					78		162		180		175		178		180		180		181
2017							164		298		287		305		321		329		329
2018									238		349		376		388		391		396
2019											224		346		357		364		367
2020													271		374		395		453
2021															361		515		537
2022																	390		548
2023																			391
																			$	3,379
All outstanding liabilities prior to 2014, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	493

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	57.1	%	29.8	%	4.0	%	4.7	%	1.8	%	1.6	%	0.2	%	0.7	%	0.2	%	0.1	%

Reserving Methodology

The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee

includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded.

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

The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. On the other hand, casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatility than those for the longer tail lines.

The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group.

Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year.

Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile.

Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio.

Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for

short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments.

Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor do we supplement the actuarially determined reserves for uncertainty.

Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date.  The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations.  The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed.  Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study.  The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.

Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. These types of events are reserved for separately using a variety of statistical and actuarial techniques. We estimate losses for these types of events based on information derived from catastrophe models, quantitative and qualitative exposure analyses, reports and communications from ceding companies and development patterns for historically similar events, where available.

The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos.  Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water.  Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.

The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses.

A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022		2021
Gross basis:
Beginning of period reserves	$	278	$	175	$	219
Incurred losses	—		144		11
Paid losses	(31)		(42)		(55)
End of period reserves	$	246	$	278	$	175
Net basis:
Beginning of period reserves	$	210	$	128	$	167
Incurred losses	—		113		(3)
Paid losses	(21)		(32)		(36)
End of period reserves	$	189	$	210	$	128

Reinsurance Recoverables. Reinsurance recoverables for both paid and unpaid losses totaled $3.4 billion and $3.8 billion at December 31, 2023 and 2022, respectively. At December 31, 2023, $1.5 billion, or 45.8%, was receivable from Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), an affiliated entity, and is fully collateralized by a trust agreement and $285 million, or 8.5%, was receivable from Mt. Logan Re Ltd. (Bermuda) (“Mt. Logan Re”) collateralized segregated accounts. No other retrocessionaire accounted for more than 5% of reinsurance receivables.

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REINSURANCE

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

REINSURANCE

REINSURANCE

The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences.  These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders.  Losses and LAE incurred and premiums earned are reported after deduction for reinsurance.  In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverables balances.  The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverable include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. The Company may hold partial collateral, including letters of credit and funds held, under these agreements.  See also Note 1C, Note 4 and Note 10.

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating.

Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets.

See Note 1C for discussion of allowance on reinsurance recoverables.

Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults.

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Written premiums:
Direct	$	3,785	$	3,701	$	3,300
Assumed	7,332		5,975		6,031
Ceded	(1,905)		(1,645)		(1,612)
Net written premiums	$	9,212	$	8,032	$	7,719
Premiums earned:
Direct	$	3,709	$	3,544	$	2,982
Assumed	6,705		5,945		5,741
Ceded	(1,878)		(1,613)		(1,544)
Net premiums earned	$	8,536	$	7,876	$	7,179
Incurred losses and LAE:
Direct	$	2,594	$	2,423	$	2,043
Assumed	3,449		4,107		3,872
Ceded	(465)		(708)		(528)
Net incurred losses and LAE	$	5,578	$	5,823	$	5,387

The Company has engaged in reinsurance transactions with 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 millions)
Coverage Period	Ceding Company	Percent Ceded		Assuming Company	Type of Business	Single Occurrence Limit		Aggregate Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	Property / Casualty Business	150		325
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	150		300
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	100		200
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	163		325
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	Property / Casualty Business	219		438
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	Property Business	350	(1)	0
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	Property Business	350	(1)	0
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	206	(1)	413	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	150	(1)	413	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	263	(1)	413	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re- Canadian Branch	Property Business	-		0
01/01/2020	Everest International Assurance	100.0	%	Bermuda Re	Life Business	-		0

(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, 2024.

The stop loss agreements between Everest Re and Bermuda Re that were effective for 2018 and 2019 were both commuted during the third quarter of 2023. The commutations of the agreements resulted in the recognition of an aggregate loss of $37 million for Everest Re. The impact of the commutations are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021. The contract provides Bermuda Re (UK Branch), with up to £100 million of reinsurance coverage for each catastrophe occurrence above £24 million. Bermuda Re (UK Branch) paid Everest Re £5 million for this coverage. This agreement was most recently renewed effective January 1, 2024.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1, 2021 through January 31, 2022. The contract provides Ireland Re with up to €210 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re paid Everest Re €14 million for this coverage. This agreement was most recently renewed effective February 1, 2024.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective March 31, 2023 through January 31, 2024. The contract provides Ireland Re with up to €61 million of reinsurance coverage for each catastrophe occurrence above €139 million. Ireland Re paid Everest Re €2 million for this coverage. This agreement was not renewed for 2024.

The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.

(Dollars in millions)
Effective Date	Transferring Company	Assuming Company	% of Business or Amount of Transfer			Covered Period of Transfer
10/01/2001	Everest Re (Belgium Branch)	Bermuda Re	100		%	All years
10/01/2008	Everest Re	Bermuda Re	$	747		01/01/2002-12/31/2007
12/31/2017	Everest Re	Bermuda Re	$	970		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 million of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $500 million of adverse development coverage on the subject loss reserves. As of December 31, 2023, and December 31, 2022, the Company has a reinsurance recoverable of $807 million and $804 million, respectively, recorded on its balance sheet due from Bermuda Re.

The following tables summarize the significant premiums and losses ceded and assumed by the Company in transactions with affiliated entities for the periods indicated:

Bermuda Re	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Ceded written premiums	$	432	$	372	$	303
Ceded earned premiums	431		371		300
Ceded losses and LAE	(15)		(16)		(59)
Assumed written premiums	4		3		5
Assumed earned premiums	4		5		4

Ireland Re	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Assumed written premiums	$	13	$	10	$	16
Assumed earned premiums	12		10		15
Assumed losses and LAE	2		23		64

Ireland Insurance	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Assumed written premiums	$	14	$	9	$	9
Assumed earned premiums	17		8		6
Assumed losses and LAE	7		5		3

In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts:

Mt. Logan Re Segregated Accounts	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Ceded written premiums	$	210	$	170	$	286
Ceded earned premiums	205		174		280
Ceded losses and LAE	31		150		194

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SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company operates through two operating segments. 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, including for surplus lines, and general agents within the United States. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

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

During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.

The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. 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. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

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

	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	7,181	$	3,936	$	11,117
Net written premiums	6,205		3,007		9,212
Premiums earned	$	5,637	$	2,900	$	8,536
Incurred losses and LAE	3,329		2,249		5,578
Commission and brokerage	1,545		306		1,851
Other underwriting expenses	167		407		574
Underwriting gain (loss)	$	596	$	(64)	$	533
Net investment income					993
Net gains (losses) on investments					(180)
Corporate expenses					(18)
Interest, fee and bond issue cost amortization expense					(134)
Other income (expense)					(11)
Income (loss) before taxes					$	1,181

(Some amounts may not reconcile due to rounding.)

	Year Ended December 31, 2022
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	5,879	$	3,798	$	9,677
Net written premiums	5,204		2,828		8,032
Premiums earned	$	5,147	$	2,729	$	7,876
Incurred losses and LAE	3,926		1,897		5,823
Commission and brokerage	1,308		325		1,632
Other underwriting expenses	138		364		501
Underwriting gain (loss)	$	(224)	$	144	$	(81)
Net investment income					638
Net gains (losses) on investments					(982)
Corporate expenses					(26)
Interest, fee and bond issue cost amortization expense					(101)
Other income (expense)					(6)
Income (loss) before taxes					$	(557)

(Some amounts may not reconcile due to rounding.)

	Year Ended December 31, 2021
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	5,979	$	3,352	$	9,331
Net written premiums	5,217		2,503		7,719
Premiums earned	$	4,899	$	2,279	$	7,179
Incurred losses and LAE	3,750		1,637		5,387
Commission and brokerage	1,229		284		1,513
Other underwriting expenses	142		312		454
Underwriting gain (loss)	$	(220)	$	46	$	(175)
Net investment income					745
Net gains (losses) on investments					501
Corporate expenses					(33)
Interest, fee and bond issue cost amortization expense					(70)
Other income (expense)					23
Income (loss) before taxes					$	991

(Some amounts may not reconcile due to rounding.)

Further classifications of revenues by geographic location are impracticable to disclose and, therefore, are not provided. Additionally, such information is not utilized by the Company’s CODM when reviewing the business to assess performance, make operating decisions or allocate resources.

Approximately 17.2%, 17.6% and 19.3% of the Company’s gross written premiums in 2023, 2022 and 2021, respectively, were sourced through the Company’s largest intermediary.

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SENIOR NOTES

12 Months Ended

Dec. 31, 2023

Senior Notes [Abstract]

SENIOR NOTES

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.

				December 31, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts	Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	06/05/2014	06/01/2044	400	$	398	$	369	$	397	$	343
3.5% Senior notes	10/07/2020	10/15/2050	1,000	981		742		981		677
3.125% Senior notes	10/04/2021	10/15/2052	1,000	970		688		969		627
			2,400	$	2,349	$	1,799	$	2,347	$	1,647

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

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2023		2022		2021
4.868% Senior notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior notes	semi-annually	April 15/October 15	32		32		8
			$	86	$	86	$	62

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LONG-TERM SUBORDINATED NOTES

12 Months Ended

Dec. 31, 2023

Long-Term Debt, Unclassified [Abstract]

LONG-TERM SUBORDINATED NOTES

LONG-TERM SUBORDINATED NOTES

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

December 31, 2023

December 31, 2022

Date Issued

Original Principal Amount

Maturity Date

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

(Dollars in millions)

Scheduled

Final

Long-term subordinated notes

04/26/2007

$

400

05/15/2037

05/01/2067

$

218

$

187

$

218

$

187

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest 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 November 15, 2023 to February 14, 2024 is 8.03%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on 3-month CME Term SOFR plus a spread.

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.

In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes. In addition, the Company repurchased and retired $6 million of the outstanding long-term subordinated notes for the year ended December 31, 2022. The Company realized a gain of $1 million on the repurchases made during 2022.

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Interest expense incurred	$	17	$	9	$	6

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FEDERAL HOME LOAN BANK MEMBERSHIP	12 Months Ended
	Dec. 31, 2023
Federal Home Loan Bank Membership [Abstract]
FEDERAL HOME LOAN BANK MEMBERSHIP	FEDERAL HOME LOAN BANK MEMBERSHIPEverest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2023, Everest Re had admitted assets of approximately $26.3 billion which provides borrowing capacity in excess of $2.6 billion. As of December 31, 2023, Everest Re had $819 million of borrowings outstanding, all of which expire in 2024. Everest Re incurred interest expense of $30 million and $4 million for the years ended December 31, 2023 and 2022, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership requires that members must have sufficient qualifying collateral pledged. As of December 31, 2023, Everest Re had $1.1 billion of collateral pledged.

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

12 Months Ended

Dec. 31, 2023

Collateralized Reinsurance And Trust Agreements [Abstract]

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS

The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:

	At December 31,
(Dollars in millions)	2023		2022
Collateral in trust for non-affiliated agreements (1)	$	825	$	705
Collateral for FHLB borrowings	1,077		572
Securities on deposit with or regulated by government authorities	1,447		1,360
Funds held by reinsureds	306		303
Total restricted assets	$	3,654	$	2,941

(1) At December 31, 2023 and December 31, 2022, the total amount on deposit in trust accounts includes $116 million and $21 million of restricted cash respectively.

The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements:

(Dollars in millions)
Class	Description	Effective Date	Expiration Date	Limit		Coverage Basis
Series 2019-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	12/12/2019	12/19/2024	150		Occurrence
Series 2019-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	12/12/2019	12/19/2024	275		Aggregate
Series 2021-1 Class A-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	150		Occurrence
Series 2021-1 Class B-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class C-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	150		Occurrence
Series 2021-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2021-1 Class C-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2022-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/22/2022	6/25/2025	300		Aggregate
	Total available limit as of December 31, 2023			$	1,375

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.

The Company had up to $350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry loss threshold. This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level. As a result of Hurricane Ian, PCS’s current industry estimate of $48.2 billion issued in February 2024 exceeds the attachment point. The potential recovery under the CAT Bond is not expected to be material. As a result, no portion of the potential CAT bond recovery has been included in the Company’s current financial results.

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. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

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

The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
The Prudential	$	136	$	137
Other unaffiliated life insurance company	34		34

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LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

LEASES

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

Supplemental information related to operating leases is as follows for the periods indicated:

	Year Ended December 31,
(Dollars in millions)	2023		2022
Lease expense incurred:
Operating lease cost	$	26	$	25

	At December 31,
(Dollars in millions)	2023		2022
Operating lease right of use assets (1)	$	111	$	121
Operating lease liabilities (1)	130		139

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.

	Year Ended December 31,
(Dollars in millions)	2023		2022
Operating cash flows from operating leases	$	(19)	$	(18)

	At December 31,
	2023		2022
Weighted average remaining operating lease term	10.3 years		11.1 years
Weighted average discount rate on operating leases	4.03	%	4.00	%

Maturities of the existing lease liabilities are expected to occur as follows:

(Dollars in millions)
2024	$	20
2025	16
2026	15
2027	14
2028	12
Thereafter	78
Undiscounted lease payments	155
Less: present value adjustment	26
Total operating lease liability	$	130

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COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss), Tax [Abstract]

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)

The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

	December 31, 2023						December 31, 2022						December 31, 2021
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) on securities - temporary	$	473	(99)		$	374	$	(1,280)	269		$	(1,011)	$	(254)	53		$	(200)
Reclassification of net realized losses (gains) included in net income (loss)	193		(41)		153		93		(20)		73		12		(3)		9
Foreign currency translation adjustments	22		(5)		17		(23)		5		(18)		(11)		2		(9)
Benefit plan actuarial net gain (loss)	19		(4)		15		18		(4)		15		22		(5)		17
Reclassification of amortization of net gain (loss) included in net income (loss)	2		—		2		3		(1)		2		8		(2)		6
Total other comprehensive income (loss)	$	710	$	(149)	$	561	$	(1,189)	$	249	$	(939)	$	(223)	$	47	$	(177)

(Some amounts may not reconcile due to rounding)

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

	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2023		2022
(Dollars in millions)
URA(D) on securities	$	193	$	93	Other net realized capital gains (losses)
	(41)		(20)		Income tax expense (benefit)
	$	153	$	73	Net income (loss)
Benefit plan net gain (loss)	$	2	$	3	Other underwriting expenses
	—		(1)		Income tax expense (benefit)
	$	2	$	2	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:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Beginning balance of URA(D) on securities	$	(816)	$	122
Current period change in URA(D) of investments -  temporary	527		(938)
Ending balance of URA(D) on securities	(289)		(816)
Beginning balance of foreign currency translation adjustments	2		20
Current period change in foreign currency translation adjustments	17		(18)
Ending balance of foreign currency translation adjustments	19		2
Beginning balance of benefit plan net gain (loss)	(33)		(50)
Current period change in benefit plan net gain (loss)	17		17
Ending balance of benefit plan net gain (loss)	(16)		(33)
Ending balance of accumulated other comprehensive income (loss)	$	(287)	$	(848)

(Some amounts may not reconcile due to rounding)

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EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans.

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010.  Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service.  The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations.  Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan no longer accrue additional service benefits.

Although not required to make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Company contributions	$	1	$	6	$	4

The following table summarizes the Company’s pension expense for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Pension expense	$	5	$	(2)	$	3

The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	291	$	403
Service cost	5		9
Interest cost	14		10
Actuarial (gain)/loss	9		(115)
Curtailment	—		—
Benefits paid	(25)		(15)
Projected benefit obligation at end of year	295		291
Change in plan assets:
Fair value of plan assets at beginning of year	285		377
Actual return on plan assets	48		(83)
Actual contributions during the year	1		6
Benefits paid	(25)		(15)
Fair value of plan assets at end of year	308		285
Funded status at end of year	$	13	$	(6)

(Some amounts may not reconcile due to rounding.)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Other assets (due beyond one year)	$	19	$	1
Other liabilities (due within one year)	(3)		(1)
Other liabilities (due beyond one year)	(3)		(6)
Net amount recognized in the consolidated balance sheets	$	13	$	(6)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Accumulated income (loss)	$	(33)	$	(56)
Accumulated other comprehensive income (loss)	$	(33)	$	(56)

(Some amounts may not reconcile due to rounding.)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Other comprehensive income (loss) at December 31, prior year	$	(56)	$	(68)
Net gain (loss) arising during period	19		7
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	4		4
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	(33)	$	(56)

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Service cost	$	5	$	9	$	11
Interest cost	14		10		8
Expected return on assets	(19)		(25)		(24)
Amortization of actuarial loss from earlier periods	4		4		8
Settlement	—		1		—
Net periodic benefit cost	$	5	$	(2)	$	3
Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	(23)		(12)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(18)	$	(14)

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2023, 2022 and 2021 were 5.25%, 2.86% and 2.55%, respectively.  The rate of compensation increase used to determine the net periodic benefit cost for 2023, 2022 and 2021 was 4.00%.  The expected long-term rate of return on plan assets for 2023, 2022 and 2021 was 7.00%, 6.75% and 7.00% respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023, 2022 and 2021 were 5.00%, 5.25% and 2.86%, respectively.

The following table summarizes the accumulated benefit obligation for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan	$	263	$	258
Non-qualified Plan	6		6
Total	$	269	$	264

(Some amounts may not reconcile due to rounding.)

The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan
Projected benefit obligation	$	289	$	284
Fair value of plan assets	308		285
Non-qualified Plan
Projected benefit obligation	$	6	$	6
Fair value of plan assets	—		—

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan
Accumulated benefit obligation	$	—	$	—
Fair value of plan assets	—		—
Non-qualified Plan
Accumulated benefit obligation	6		6
Fair value of plan assets	$	—	$	—

The following table displays the expected benefit payments in the periods indicated:

(Dollars in millions)
2024	$	15
2025	14
2026	15
2027	16
2028	17
Next 5 years	99

Plan assets consist primarily of shares in investment trusts with 75%, 24% and 1% of the underlying assets consisting of equity securities, fixed maturities and cash, respectively.  The Company manages the qualified plan investments for U.S. employees.  The assets in the plan consist of debt and equity mutual funds.  Due to the long-term nature of the plan, the target asset allocation has historically been 70% equities and 30% bonds.

The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	2	$	2	$	—	$	—
Mutual funds, fair value
Fixed income (b)	73		73		—		—
Equities (c)	232		232		—		—
Total	$	308	$	308	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	4	$	4	$	—	$	—
Mutual funds, fair value
Fixed income (b)	68		68		—		—
Equities (c)	211		211		—		—
Total	$	283	$	283	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.

In addition, $2 million of investments which were recorded as part of the qualified plan assets at December 31, 2022, are not included within the fair value hierarchy tables as the assets are valued using the NAV practical expedient guidance within ASU 2015-07.

No contributions were made to the qualified pension benefit plan for the years ended December 31, 2023 and 2022.

Defined Contribution Plans.

The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees.  Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee.  The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations.  In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age.  These contributions will be 100% vested after three years. The Company incurred expenses related to these plans of $22 million, $18 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees.  Each international office maintains a separate plan for the non-U.S. employees working in that location.  The Company contributes various amounts based on salary, age and/or years of service.  In the current year, the contributions as a percentage of salary for the international offices ranged from 7.5% to 9.3%.  The contributions are generally used to purchase pension benefits from local insurance providers. The Company incurred expenses related to these plans of $0.7 million, $0.7 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Post-Retirement Plan.

The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010.  This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage.  The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company.  The cost of these benefits is shared with the retiree.  The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 6.75% in 2023 was assumed to decrease gradually to 4.75% in 2030 and then remain at that level. The Company incurred expenses of $(1) million, $1 million and $1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The following table summarizes the status of this plan for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	21	$	31
Service cost	1		1
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	(1)		(10)
Benefits paid	—		—
Benefit obligation at end of year	22		21
Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	—		—
Benefits paid	—		—
Fair value of plan assets at end of year	—		—
Funded status at end of year	$	(22)	$	(21)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(21)		(21)
Net amount recognized in the consolidated balance sheets	$	(22)	$	(21)

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Accumulated income (loss)	$	11	$	13
Accumulated prior service credit (cost)	1		1
Accumulated other comprehensive income (loss)	$	12	$	14

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Other comprehensive income (loss) at December 31, prior year	$	14	$	4
Net gain (loss) arising during period	1		10
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(2)		—
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	12	$	14

Net periodic benefit cost included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Service cost	$	1	$	1	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		(1)
Net gain recognition	(2)		—		—
Net periodic cost	$	(1)	$	1	$	1
Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	2		(10)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	1	$	(9)

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2023, 2022 and 2021 were 5.25%, 2.86% and 2.55%, respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2023, 2022 and 2021 were 5.00%, 5.25% and 2.86%, respectively.

The following table displays the expected benefit payments in the years indicated:

(Dollars in millions)
2024	$	1
2025	1
2026	1
2027	1
2028	1
Next 5 years	7

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RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

The table below displays long-term note agreements that Group entered into with Everest Re for the periods indicated. These transactions are presented as Notes Receivable – Affiliated in the Consolidated Balance Sheet of Holdings. All note agreements listed were repaid in full during the second quarter of 2023 and are no longer outstanding as of December 31, 2023. The fair value of these long-term notes is considered Level 2 in the fair value hierarchy.

					December 31, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
1.69% Long-term Note	12/17/2019	12/17/2028	$	300	$	—	$	—	$	300	$	242
1.00% Long-term Note	8/5/2021	8/5/2030	200		—		—		200		151
3.11% Long-term Note	6/14/2022	6/14/2052	215		—		—		215		171
4.34% Long-term Note	12/12/2022	12/12/2052	125		—		—		125		125
			$	840	$	—	$	—	$	840	$	689

(Some amounts may not reconcile due to rounding.)

Interest income recognized in connection with these long-term notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Received	Receivable Dates	2023		2022		2021
1.69% Long-term Note	annually	December 17	$	2	$	5	$	5
1.00% Long-term Note	annually	August 5	1		2		1
3.11% Long-term Note	annually	June 14	5		4		—
4.34% Long-term Note	annually	December 12	—		—		—
			$	7	$	11	$	6

(Some amounts may not reconcile due to rounding.)

Holdings holds 1,773.214 preferred shares of Preferred Holdings with a $1 million par value and 1.75% annual dividend rate. Holdings received these shares in December 2015 in exchange for previously held 9,719,971 Common Shares of Group. 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 realized capital gains (losses) 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 periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Dividends received on preferred stock of affiliate	$	31	$	31	$	31

Affiliated Companies

Everest Global Services, Inc. (“Global Services”), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings’ consolidated structure.  Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others.

The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated.

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Expenses incurred	$	204	$	204	$	133

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INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

All of the income of Holdings U.S. subsidiaries, including its foreign branches, is subject to the applicable federal, foreign, state, and local income taxes on corporations. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined by applying the respective tax laws to the income of each entity.

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

The significant components of the provision are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Current tax expense (benefit):
U.S.	$	284	$	95	$	102
Foreign	—		—		—
Total current tax expense (benefit)	284		95		102
Total deferred U.S. tax expense (benefit)	(74)		(207)		90
Total income tax expense (benefit)	$	210	$	(112)	$	192

A reconciliation of the total income tax provision using the statutory U.S. Federal Income tax rate to the Company’s total income tax provision is as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Expected income tax provision at the U.S. statutory tax rate	$	248	$	(117)	$	208
Increase (reduction) in taxes resulting from:
Tax exempt income	(3)		(4)		(4)
Dividend received deduction	(2)		(3)		(1)
Proration	1		1		1
Creditable foreign premium tax	(14)		(11)		(13)
Reserve adjustment	—		(19)		—
U.S. BEAT tax	—		22		—
Share based compensation	(3)		(3)		(2)
Prior year true up	(21)		16		—
Insurance company-owned life insurance	(13)		(1)		—
Other	17		7		3
Total income tax provision	$	210	$	(112)	$	192

(Some amounts may not reconcile due to rounding.)

At December 31, 2023, 2022 and 2021, the Company had no uncertain tax positions.

The Company’s 2014 through 2018 U.S. tax years are under audit by the Internal Revenue Service (“IRS”). Over several years, the Company had received and responded to a significant number of Information Document Requests (“IDRs”). In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment. The Company had filed amended tax returns requesting refunds for 2015 and 2016 for $2 million and $5 million, respectively.

In the fall of 2023, the IRS issued a final Revenue Agent Report (“RAR”) which is under review by the Company. We have asked for and received an extension from the IRS to complete our review. Note that the IRS requested, and we have signed, an extension of the audit to June 30, 2025.

For tax year 2019, the Statute of Limitations has expired and, thus, the Federal income tax return for the year is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2020, 2021, and 2022 are open for examination by the IRS.

Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by U.S. tax laws and regulations.  The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Loss reserves	$	154	$	154
Unearned premium reserve	143		114
Net unrealized investment losses	66		200
Depreciation	44		—
Lease Liability	27		29
Unrealized foreign currency losses	15		24
Investment impairments	12		12
Equity compensation	8		7
Amortization	7		—
Net unrecognized losses on benefit plans	4		9
Foreign tax credits	—		3
Other assets	17		12
Total deferred tax assets	497		564
Deferred tax liabilities:
Deferred acquisition costs	139		105
Net fair value income	136		141
Partnership Investments	49		56
Right of use asset	23		25
Bond market discount	9		5
Depreciation	—		16
Other liabilities	5		6
Total deferred tax liabilities	361		354
Net deferred tax assets/(liabilities)	$	136	$	210

(Some amounts may not reconcile due to rounding.)

At December 31, 2023, and 2022, the Company had $0 million and $3 million respectively of foreign tax credit (“FTC”) carryforwards, all related to the branch basket. The branch basket FTCs begin to expire in 2030.

Tax effected U.S. Separate Return Limitation Year Net Operating Losses (“NOLs”) of $1 million begin to expire in 2037. At December 31, 2023 there is a $1 million valuation allowance offsetting the U.S. Separate Return Limitation NOLs.

At December 31, 2023, $66 million of the Company’s deferred tax asset relates primarily to unrealized losses on available for sale fixed maturity securities. The unrealized losses on available for sale fixed maturity securities were a result of market conditions, including rising interest rates. Ultimate realization of the deferred tax asset depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature. As of December 31, 2023, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expect to be realized.

The Company follows ASU 2016-09 in regard to the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercising) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits of $3 million, $3 million and $2 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2023, 2022 and 2021, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital

in the stockholder’s equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $0.4 million, $0.4 million and $0.4 million in 2023, 2022 and 2021, respectively.

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

Dividend Restrictions And Statutory Financial Information [Abstract]

DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain.  These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets.  Holdings’ primary operating subsidiary, Everest Re, is regulated by Delaware law and is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”).  This model represents the aggregate regulatory restrictions on net assets and statutory capital and surplus.

Dividend Restrictions.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement.  In addition, no dividend may be paid in excess of unassigned earned surplus.  Accordingly, as of December 31, 2023, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $877 million.

Statutory Financial Information.

Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department.  Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual.  The capital and statutory surplus of Everest Re was $7.0 billion and $5.6 billion at December 31, 2023 and 2022, respectively.  The statutory net income of Everest Re was $877 million, $294 million and $264 million for the years ended December 31, 2023, 2022 and 2021, respectively.

There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances.  The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.

Capital Restrictions.

In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital.  As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company.

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

	Everest Re (1)
	At December 31,
(Dollars in millions)	2023		2022
Regulatory targeted capital	$	4,242	$	3,353
Actual capital	$	6,963	$	5,553

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

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report.

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SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I - SUMMARY OF INVESTMENTS -

OTHER THAN INVESTMENTS IN RELATED PARTIES

DECEMBER 31, 2023

Column A	Column B		Column C		Column D
(Dollars in millions)	Cost		Market Value		Amount Shown in Balance Sheet
Fixed maturities - available for sale
Bonds:
U.S. government and government agencies	$	265	$	247	$	247
State, municipalities and political subdivisions	138		128		128
Foreign government securities	859		835		835
Foreign corporate securities	1,807		1,759		1,759
Public utilities	238		231		231
All other corporate bonds	8,990		8,907		8,907
Mortgage - backed securities
Commercial	575		522		522
Agency residential	2,531		2,435		2,435
Non-agency residential	429		441		441
Redeemable preferred stock	474		427		427
Total fixed maturities - available for sale	16,305		15,932		15,932
Fixed maturities - held to maturity
Bonds:
Foreign corporate securities	84		90		83
Public utilities	4		5		4
All other corporate bonds	750		733		743
Mortgage - backed securities
Commercial	21		21		21
Total Fixed maturities - held to maturity	859		850		851
Equity securities at fair value (1)	91		91		91
Short-term investments	1,298		1,298		1,298
Other invested assets	3,259		3,259		3,259
Other invested assets, at fair value (1)	1,773		1,481		1,481
Cash	527		527		527
Total investments and cash	$	24,111	$	23,437	$	23,439

(Some amounts may not reconcile due to rounding.)

(1)Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss).

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SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS

	At December 31,
(Dollars in millions, except share amounts and par value per share)	2023		2022
ASSETS:
Fixed maturities - available for sale (amortized cost: 2023, $0; 2022, $0)	$	—	$	—
Equity securities - at fair value	18		12
Other invested assets	190		194
Other invested assets, at fair value	1,481		1,472
Short-term investments	139		30
Cash	1		2
Total investments and cash	1,829		1,710
Investment in subsidiaries, at equity in the underlying net assets	7,545		5,496
Notes receivable - affiliated	535		1,170
Accrued investment income	6		12
Other assets	1		—
TOTAL ASSETS	$	9,916	$	8,388
LIABILITIES:
Senior notes	$	2,349	$	2,347
Long-term notes	218		218
Accrued interest on debt and borrowings	18		17
Income taxes	142		144
Due to affiliates	3		7
Total liabilities	$	2,729	$	2,734
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2023 and 2022)	—		—
Additional paid-in capital	1,102		1,102
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(76) at 2023 and $(225) at 2022	(287)		(848)
Retained earnings	6,372		5,400
Total stockholder's equity	7,187		5,654
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	9,916	$	8,388

See notes to consolidated financial statements

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
REVENUES:
Net investment income	$	19	$	47	$	39
Net investment income - Affiliated	67		57		34
Net gains (losses) on investments	10		(704)		329
Other income (expense)	1		(3)		—
Net income (loss) of subsidiaries	987		114		551
Total revenues	1,086		(488)		954
EXPENSES:
Interest expense	104		97		69
Corporate expense	15		10		18
Total expenses	119		107		86
INCOME (LOSS) BEFORE TAXES	967		(595)		867
Income tax expense (benefit)	(5)		(150)		68
NET INCOME (LOSS)	$	972	$	(445)	$	800
Other comprehensive income (loss) of subsidiaries, net of tax	561		(939)		(177)
COMPREHENSIVE INCOME (LOSS)	$	1,533	$	(1,384)	$	623

See notes to consolidated financial statements.

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	972	$	(445)	$	800
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (earnings) deficit of subsidiaries	(987)		(114)		(551)
Dividends received from subsidiary	—		250		—
Increase (decrease) in income taxes	(2)		(173)		(45)
Change in equity adjustments in limited partnerships	(15)		(37)		(33)
Change in other assets and liabilities, net	2		(5)		40
Net (gains) losses on investments	(10)		704		(329)
Net cash provided by (used in) operating activities	(40)		180		(118)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries	(502)		(200)		88
Proceeds from fixed maturities matured/called/repaid - available for sale	—		—		—
Proceeds from fixed maturities sold - available for sale	—		244		—
Proceeds from equity maturities sold	—		652		243
Distributions from other invested assets	171		1,362		2,014
Cost of fixed maturities acquired - available for sale	—		(134)		(148)
Cost of equity securities acquired	—		(93)		(516)
Cost of other invested assets acquired	(156)		(1,278)		(2,076)
Net change in short-term investments	(109)		(24)		5
Proceeds from repayment of long term notes receivable - affiliated	865		400		—
(Issuance) of long term notes receivable - affiliated	(230)		(1,100)		(470)
Net cash provided by (used in) investing activities	39		(171)		(860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior notes	—		—		968
Cost of debt repurchase	—		(6)		—
Net cash provided by (used in) financing activities	—		(6)		968
Net increase (decrease) in cash	(1)		2		(10)
Cash, beginning of period	2		—		10
Cash, end of period	$	1	$	2	$	—

See notes to consolidated financial statements.

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

NOTES TO CONDENSED FINANCIAL INFORMATION

1.)The accompanying condensed financial information should be read in conjunction with the Consolidated Financial Statements and related notes of Everest Reinsurance Holdings, Inc. and its subsidiaries.

2.)The Senior Notes and Long-Term Subordinated Notes presented in Notes 7 and 8 are direct obligations of the Registrant.

3.)Effective May 2023, Everest Reinsurance Holdings, Inc. entered into a $230 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.72% payable annually and is scheduled to mature on October 21, 2051. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

4.)Effective December 2022, Everest Reinsurance Holdings, Inc. entered into a $125 million long-term promissory note with Everest Group, Ltd., its parent. The promissory note has an interest rate of 4.34% payable annually and is scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

5.)Effective September 2022, Everest Reinsurance Holdings, Inc. entered into a $560 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.35% payable annually and is scheduled to mature in September 2052. Everest Reinsurance Company has repaid $270 million of the promissory note to Everest Reinsurance Holdings, Inc. in December 2023 which leaves $290 million outstanding as of December 31, 2023. At December 31, 2023, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

6.)Effective June 2022, Everest Reinsurance Holdings, Inc. entered into a $215 million long-term promissory note with Everest Group, Ltd., its parent entity. The promissory note has an interest rate of 3.11% payable annually and is scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

7.)Effective May 2022, Everest Reinsurance Holdings, Inc. entered into a $200 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.25% payable annually and is scheduled to mature on October 21, 2051. At December 31, 2023 and 2022, this transaction was included within notes receivable - affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

8.)Effective October 21, 2021, Everest Reinsurance Holdings, Inc. entered into a $470 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.25% payable annually and is scheduled to mature on October 21, 2051. Everest Reinsurance Company has repaid $425 million of the promissory note to Everest Reinsurance Holdings, Inc., leaving $45 million of the promissory note still outstanding as of December 31, 2023.

9.)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, an affiliated entity and subsidiary of Group, in exchange for 1,773.214 preferred shares of Preferred Holdings with a $1 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.

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SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

EVEREST REINSURANCE HOLDINGS, INC.

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

Column A	Column B		Column C		Column D		Column E		Column F		Column G		Column H		Column I		Column J
Segments	Deferred Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premium Reserves		Premiums Earned		Net Investment Income		Incurred Loss and Loss Adjustment Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Written Premium
(Dollars in millions)
As of and for the year ended December 31, 2023
Reinsurance	$	487	$	10,178	$	2,050	$	5,637	$	640	$	3,329	$	1,545	$	167	$	6,205
Insurance	172		5,617		1,836		2,900		353		2,249		306		407		3,007
Total	$	659	$	15,796	$	3,886	$	8,536	$	993	$	5,578	$	1,851	$	574	$	9,212
As of and for the year ended December 31, 2022
Reinsurance	$	329	$	9,994	$	1,453	$	5,147	$	426	$	3,926	$	1,308	$	138	$	5,204
Insurance	170		4,983		1,725		2,729		212		1,897		325		364		2,828
Total	$	499	$	14,977	$	3,177	$	7,876	$	638	$	5,823	$	1,632	$	501	$	8,032
As of and for the year ended December 31, 2021
Reinsurance	$	315	$	8,807	$	1,427	$	4,899	$	500	$	3,750	$	1,229	$	142	$	5,217
Insurance	157		4,314		1,566		2,279		245		1,637		284		312		2,503
Total	$	472	$	13,121	$	2,993	$	7,179	$	745	$	5,387	$	1,513	$	454	$	7,719

(Some amounts may not reconcile due to rounding.)

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SCHEDULE IV - REINSURANCE

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE IV - REINSURANCE

SCHEDULE IV - REINSURANCE

Column A	Column B		Column C		Column D		Column E		Column F
(Dollars in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Assumed to Net
December 31, 2023
Total property and liability insurance premiums earned	$	3,709	$	1,878	$	6,705	$	8,536	78.6	%
December 31, 2022
Total property and liability insurance premiums earned	$	3,544	$	1,613	$	5,945	$	7,876	75.5	%
December 31, 2021
Total property and liability insurance premiums earned	$	2,982	$	1,544	$	5,741	$	7,179	80.0	%

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Business And Basis Of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsurance Company - Escritório de Representação No Brasil Ltda. (“Everest Brazil”), Mt. Whitney Securities, Inc., Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Specialty Underwriters Services, LLC, Everest International Assurance, Ltd. (“Everest Assurance”), EverSports & Entertainment Insurance, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Salus Systems (“Salus”) and Mt. McKinley Managers, L.L.C. All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars.

Voting and Variable Interest Entities

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

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.

Investments and Cash

Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit-related or non-credit-related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s

carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

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

The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time.

The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

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

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

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

Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties. For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

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

Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair values of the Preferred Holdings convertible preferred stock at December 31, 2023 and December 31, 2022 were determined using a pricing model.

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

Allowance For Premium Receivable And Reinsurance Recoverables

Allowance for Premium Receivable and Reinsurance Recoverables.

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

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

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

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

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

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

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

The Company records credit loss expenses related to reinsurance recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of

reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

Deferred Acquisition Costs

Deferred Acquisition Costs.

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

Reserve For Losses And Loss Adjustment Expenses

Reserve for Losses and Loss Adjustment Expenses.

The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies.  A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.  Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.  See also Note 3.  The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made.  The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability.  Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

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

Premium Revenues

Premium Revenues.

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

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

Prepaid Reinsurance Premiums

Prepaid Reinsurance Premiums.

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2023 were collateralized either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

Income Taxes

Income Taxes.

The Company and its wholly owned subsidiaries file a consolidated U.S. Corporation Income Tax Return. The Company’s foreign subsidiaries and foreign branches of its U.S. subsidiaries file country and local corporation income tax returns as required. Deferred U.S. federal and foreign income taxes have been recorded to recognize the tax effect of temporary differences between the GAAP and income tax basis of assets and liabilities, which arise because of differences between the financial reporting and income tax rules.

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

Foreign Currency

Foreign Currency.

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

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

Segmentation

Segmentation.The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.

Recent Accounting Pronouncements

Recent Accounting Pronouncements.

Adoption of New Accounting Standards

The Company did not adopt any new accounting standards that had a material impact in 2023.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are affective after 2023 by the Financial Accounting Standards Board on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2023 . There were no accounting standards identified, other than those directly reference below, that are expected to have a material impact to Holdings.

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

Fair Value Measurement

GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:    Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;

Level 2:    Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;

Level 3:    Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information 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 Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

Fair Value of Financial Instruments

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

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

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

The fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services.

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.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 7 and 8, respectively. Fair values of long-term notes receivable from affiliates can be found within Note 15. Short-term investments are stated at cost, which approximates fair value.

Leases

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities

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

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	265	$	—	$	—	$	(17)	$	247
Obligations of U.S. states and political subdivisions	138		—		1		(11)		128
Corporate securities	4,400		(47)		96		(160)		4,289
Asset-backed securities	5,307		—		23		(48)		5,282
Mortgage-backed securities
Commercial	575		—		—		(53)		522
Agency residential	2,532		—		27		(124)		2,435
Non-agency residential	429		—		14		(1)		441
Foreign government securities	859		—		15		(39)		835
Foreign corporate securities	1,800		—		35		(82)		1,753
Total fixed maturity securities - available for sale	$	16,304	$	(48)	$	212	$	(536)	$	15,932

(Some amounts may not reconcile due to rounding.)

	At December 31, 2022
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	575	$	—	$	—	$	(40)	$	535
Obligations of U.S. states and political subdivisions	444		—		2		(32)		413
Corporate securities	3,913		(45)		14		(322)		3,561
Asset-backed securities	4,111		—		5		(165)		3,951
Mortgage-backed securities
Commercial	569		—		—		(59)		509
Agency residential	1,792		—		3		(167)		1,628
Non-agency residential	3		—		—		—		3
Foreign government securities	696		—		2		(61)		637
Foreign corporate securities	1,597		(1)		4		(167)		1,433
Total fixed maturity securities - available for sale	$	13,699	$	(46)	$	30	$	(1,013)	$	12,671

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	150	$	(2)	$	1	$	(3)	$	146
Asset-backed securities	604		(5)		4		(10)		593
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		7		—		90
Total fixed maturity securities - held to maturity	$	859	$	(8)	$	12	$	(13)	$	850

(Some amounts may not reconcile due to rounding.)

	At December 31, 2022
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	152	$	(2)	$	—	$	(6)	$	144
Asset-backed securities	634		(6)		2		(15)		614
Mortgage-backed securities
Commercial	7		—		—		—		7
Foreign corporate securities	28		(1)		2		—		28
Total fixed maturity securities - held to maturity	$	820	$	(9)	$	3	$	(22)	$	793

(Some amounts may not reconcile due to rounding.)

Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity

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

	At December 31, 2023				At December 31, 2022
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – available for sale
Due in one year or less	$	546	$	537	$	581	$	563
Due after one year through five years	2,402		2,310		3,684		3,429
Due after five years through ten years	2,842		2,784		2,003		1,760
Due after ten years	1,672		1,621		958		827
Asset-backed securities	5,307		5,282		4,111		3,951
Mortgage-backed securities
Commercial	575		522		569		509
Agency residential	2,532		2,435		1,792		1,628
Non-agency residential	429		441		3		3
Total fixed maturity securities - available for sale	$	16,304	$	15,932	$	13,699	$	12,671

(Some amounts may not reconcile due to rounding.)

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

	At December 31, 2023				At December 31, 2022
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – held to maturity
Due in one year or less	$	5	$	5	$	5	$	5
Due after one year through five years	59		58		63		61
Due after five years through ten years	43		42		43		41
Due after ten years	127		131		68		65
Asset-backed securities	604		593		634		614
Mortgage-backed securities
Commercial	21		21		7		7
Total fixed maturity securities - held to maturity	$	859	$	850	$	820	$	793

(Some amounts may not reconcile due to rounding.)

Schedule of Changes in Net Unrealized Appreciation (Depreciation) for Investments

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

	Years Ended December 31,
(Dollars in millions)	2023		2022
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 fore sale and short-term investments	$	667	$	(1,187)
Change in unrealized appreciation (depreciation), pre-tax	667		(1,187)
Deferred tax benefit (expense)	(140)		249
Change in URA(D), net of deferred taxes, included in stockholder's equity	$	527	$	(938)

(Some amounts may not reconcile due to rounding.)

Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities - Available for Sale, by Security Type

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

	Duration of Unrealized Loss at December 31, 2023 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	7	$	—	$	238	$	(17)	$	245	$	(17)
Obligations of U.S. states and political subdivisions	3		—		74		(11)		77		(11)
Corporate securities	673		(47)		1,150		(112)		1,822		(160)
Asset-backed securities	179		(2)		1,958		(46)		2,138		(48)
Mortgage-backed securities
Commercial	19		—		491		(53)		511		(53)
Agency residential	203		(2)		1,030		(123)		1,233		(124)
Non-agency residential	125		(1)		3		—		128		(1)
Foreign government securities	38		(1)		423		(38)		461		(39)
Foreign corporate securities	120		(2)		821		(80)		940		(82)
Total	$	1,367	$	(54)	$	6,187	$	(481)	$	7,554	$	(536)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	1,369	$	(55)	$	6,187	$	(481)	$	7,556	$	(536)

(Some amounts may not reconcile due to rounding.)

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

	Duration of Unrealized Loss at December 31, 2022 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	290	$	(14)	$	245	$	(26)	$	535	$	(40)
Obligations of U.S. states and political subdivisions	235		(23)		27		(9)		261		(32)
Corporate securities	2,138		(175)		841		(146)		2,979		(321)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Mortgage-backed securities
Commercial	464		(50)		36		(9)		500		(59)
Agency residential	852		(54)		605		(113)		1,456		(167)
Non-agency residential	2		—		1		—		3		—
Foreign government securities	455		(36)		144		(25)		599		(61)
Foreign corporate securities	967		(100)		365		(67)		1,332		(167)
Total	$	8,522	$	(591)	$	2,698	$	(421)	$	11,220	$	(1,012)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	8,524	$	(591)	$	2,698	$	(421)	$	11,222	$	(1,013)

(Some amounts may not reconcile due to rounding.)

Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities - Available for Sale, by Contractual Maturity

	Duration of Unrealized Loss at December 31, 2023 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	84	$	(1)	$	263	$	(10)	$	348	$	(11)
Due in one year through five years	227		(5)		1,317		(96)		1,544		(101)
Due in five years through ten years	150		(5)		951		(128)		1,101		(133)
Due after ten years	379		(39)		174		(25)		553		(64)
Asset-backed securities	179		(2)		1,958		(46)		2,138		(48)
Mortgage-backed securities	347		(3)		1,523		(176)		1,871		(179)
Total	$	1,367	$	(54)	$	6,187	$	(481)	$	7,554	$	(536)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	1,369	$	(55)	$	6,187	$	(481)	$	7,556	$	(536)

(Some amounts may not reconcile due to rounding.)

	Duration of Unrealized Loss at December 31, 2022 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	463	$	(8)	$	29	$	(4)	$	491	$	(11)
Due in one year through five years	2,020		(143)		936		(107)		2,956		(250)
Due in five years through ten years	1,162		(148)		395		(98)		1,557		(246)
Due after ten years	439		(50)		262		(64)		701		(114)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Mortgage-backed securities	1,318		(105)		641		(122)		1,959		(226)
Total	$	8,522	$	(591)	$	2,698	$	(421)	$	11,220	$	(1,012)
Securities where an allowance for credit loss was recorded	2		(1)		—		—		2		(1)
Total fixed maturity securities - available for sale	$	8,524	$	(591)	$	2,698	$	(421)	$	11,222	$	(1,013)

(Some amounts may not reconcile due to rounding.)

Schedule of Components of Net Investment Income

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturities	$	822	$	510	$	344
Equity securities	3		16		15
Short-term investments and cash	74		16		1
Other invested assets
Limited partnerships	37		72		321
Dividends from preferred shares of affiliate	31		31		31
Other	59		30		63
Gross investment income before adjustments	1,027		675		774
Funds held interest income (expense)	3		6		8
Interest income from Parent	7		11		6
Gross investment income	1,038		691		788
Investment expenses	46		52		43
Net investment income	$	993	$	638	$	745

(Some amounts may not reconcile due to rounding.)

Schedule of Components of Net Gains (Losses) on Investments

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Fixed maturity securities:
Allowances for credit losses	$	(1)	$	(27)	$	(26)
Net realized gains (losses) from dispositions	(192)		(79)		8
Gains (losses) from fair value adjustments	—		—		—
Equity securities:
Net realized gains (losses) from dispositions	8		117		24
Gains (losses) from fair value adjustments	(4)		(447)		254
Other invested assets	—		13		6
Other invested assets, fair value:
Gains (losses) from fair value adjustments	9		(558)		234
Short-term investment gains (losses)	—		—		—
Total net gains (losses) on investments	$	(180)	$	(982)	$	501

(Some amounts may not reconcile due to rounding.)

Schedule of Fixed Maturities, Allowance for Credit Loss, Held-to-Maturity Rollforward

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

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2023
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(45)	$	—	$	(1)	$	(46)
Credit losses on securities where credit losses were not previously recorded	(23)		—		—		(23)
Increases in allowance on previously impaired securities	(1)		—		—		(1)
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	21		—		1		22
Balance, end of period	$	(47)	$	—	$	—	$	(48)

(Some amounts may not reconcile due to rounding.)

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

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2022
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(19)	$	(8)	$	—	$	(27)
Credit losses on securities where credit losses were not previously recorded	(11)		—		(1)		(12)
Increases in allowance on previously impaired securities	(20)		—		—		(21)
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	6		8		1		14
Balance, end of period	$	(45)	$	—	$	(1)	$	(46)

(Some amounts may not reconcile due to rounding.)

	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
	Twelve Months Ended December 31, 2022
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Balance, beginning of period	$	—	$	—	$	—	$	—
Credit losses on securities where credit losses were not previously recorded	(2)		(6)		(1)		(9)
Increases in allowance on previously impaired securities	—		—		—		—
Decreases in allowance on previously impaired securities	—		—		—		—
Reduction in allowance due to disposals	—		—		—		—
Balance, end of period	$	(2)	$	(6)	$	(1)	$	(9)

(Some amounts may not reconcile due to rounding.

Schedule of Gross Gains (Losses) from Dispositions of Fixed Maturity and Equity Securities

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Proceeds from sales of fixed maturity securities - available for sale	$	2,546	$	2,645	$	961
Gross gains from dispositions	12		9		33
Gross losses from dispositions	(204)		(88)		(24)
Proceeds from sales of equity securities	$	126	$	2,203	$	862
Gross gains from dispositions	8		165		39
Gross losses from dispositions	—		(48)		(15)

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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Levels for all Assets, Recorded at Fair Value

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:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	247	$	—	$	247	$	—
Obligations of U.S. states and political subdivisions	128		—		128		—
Corporate securities	4,289		—		3,617		672
Asset-backed securities	5,282		—		3,977		1,305
Mortgage-backed securities
Commercial	522		—		522		—
Agency residential	2,435		—		2,435		—
Non-agency residential	441		—		441		—
Foreign government securities	835		—		835		—
Foreign corporate securities	1,753		—		1,737		16
Total fixed maturities - available for sale	15,932		—		13,939		1,993
Equity securities, fair value	91		70		21		—
Other invested assets, fair value	1,481		—		—		1,481

(Some amounts may not reconcile due to rounding.)

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	535	$	—	$	535	$	—
Obligations of U.S. states and political subdivisions	413		—		413		—
Corporate securities	3,561		—		2,846		715
Asset-backed securities	3,951		—		2,957		994
Mortgage-backed securities
Commercial	509		—		509		—
Agency residential	1,628		—		1,628		—
Non-agency residential	3		—		3		—
Foreign government securities	637		—		637		—
Foreign corporate securities	1,433		—		1,417		16
Total fixed maturities - available for sale	12,671		—		10,946		1,725
Equity securities, fair value	194		132		63		—
Other invested assets, fair value	1,472		—		—		1,472

(Some amounts may not reconcile due to rounding.)

Schedule of Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs for Fixed Maturities - Available for Sale

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

	Total Fixed Maturities - Available for Sale
	December 31, 2023										December 31, 2022
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		CMBS		Foreign Corporate		Total
Beginning balance fixed maturities	$	715	$	994	$	—	$	16	$	1,725	$	730	$	1,251	$	—	$	16	$	1,997
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	4		—		—		—		4		(24)		—		—		—		(24)
Included in other comprehensive income (loss)	(2)		6		—		—		4		3		(35)		—		(4)		(36)
Purchases, issuances and settlements	(45)		305		—		—		260		40		513		6		8		567
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	—		—		—		—		—		(35)		(735)		(6)		(4)		(779)
Ending balance	$	672	$	1,305	$	—	$	16	$	1,993	$	715	$	994	$	—	$	16	$	1,725
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	$	9	$	—	$	—	$	—	$	9	$	(23)	$	8	$	—	$	—	$	(15)

(Some amounts may not reconcile due to rounding.)

XML

RESERVES FOR LOSSES AND LAE (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Activity in the Reserve for Losses and Loss Adjustment Expenses (“LAE”)

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

	At December 31,
(Dollars in millions)	2023		2022		2021
Gross reserves beginning of period	$	14,977	$	13,121	$	11,578
Less reinsurance recoverables on unpaid losses	(3,684)		(3,651)		(3,951)
Net reserves beginning of period	11,294		9,470		7,627
Incurred related to:
Current year	5,599		5,815		5,382
Prior years	(21)		7		5
Total incurred losses and LAE	5,578		5,823		5,387
Paid related to:
Current year	1,169		1,097		2,374
Prior years	3,128		2,867		1,127
Total paid losses and LAE	4,298		3,964		3,501
Foreign exchange/translation adjustment	40		(35)		(42)
Net reserves end of period	12,614		11,294		9,470
Plus reinsurance recoverables on unpaid losses	3,182		3,684		3,651
Gross reserves end of period	$	15,796	$	14,977	$	13,121

(Some amounts may not reconcile due to rounding.)

Schedule of Reconciliation of the Net Incurred and Paid Claims Development

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

	At December 31,
	2023
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	5,433
Reinsurance Property	3,161
Insurance Casualty	3,310
Insurance Property	493
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	12,396
Reinsurance recoverable on unpaid claims
Reinsurance Casualty	492
Reinsurance Property	816
Insurance Casualty	1,695
Insurance Property	179
Total reinsurance recoverable on unpaid claims	3,182
Unallocated claims adjustment expenses	184
Other	33
	218
Total gross liability for unpaid claims and claim adjustment expense	$	15,796

(Some amounts may not reconcile due to rounding.)

Schedule of Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance

Reinsurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	341	$	327	$	258	$	229	$	229	$	229	$	229	$	229	$	229	$	229	—	N/A
2015			294		250		238		238		238		238		238		238		238		6	N/A
2016					243		239		239		239		239		239		239		239		18	N/A
2017							198		204		204		204		204		204		204		50	N/A
2018									814		799		845		867		919		1,029		115	N/A
2019											1,009		1,057		1,058		1,073		1,109		285	N/A
2020													1,085		1,057		1,026		1,017		373	N/A
2021															1,358		1,351		1,309		693	N/A
2022																	1,331		1,290		912	N/A
2023																			1,634		1,283	N/A
																			$	8,299

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	15	$	36	$	77	$	107	$	145	$	175	$	184	$	188	$	211	$	216
2015			16		39		86		147		168		188		194		209		216
2016					18		54		89		143		161		187		214		220
2017							27		87		110		123		150		180		187
2018									132		200		318		415		473		510
2019											165		265		381		487		531
2020													146		237		334		447
2021															156		230		377
2022																	105		222
2023																			175
																			$	3,101
All outstanding liabilities prior to 2014, net of reinsurance																			235
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,433

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	11.5	%	8.9	%	11.6	%	11.7	%	6.8	%	7.3	%	5.5	%	3.6	%	6.3	%	2.0	%

Reinsurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	715	$	527	$	369	$	339	$	340	$	340	$	340	$	340	$	340	$	340	3	N/A
2015			640		341		311		311		311		311		311		311		311		1	N/A
2016					612		631		632		628		627		627		627		628		2	N/A
2017							1,262		1,847		2,015		2,109		2,162		2,200		2,203		2	N/A
2018									2,214		2,103		2,093		2,041		2,011		1,982		(1)	N/A
2019											1,658		1,664		1,591		1,486		1,479		(7)	N/A
2020													1,843		1,887		1,827		1,805		23	N/A
2021															2,140		2,126		2,068		87	N/A
2022																	2,535		2,223		549	N/A
2023																			1,958		980	N/A
																			$	14,996

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	145	$	222	$	273	$	301	$	317	$	319	$	323	$	325	$	332	$	339
2015			148		213		261		276		282		287		291		300		314
2016					223		475		569		575		580		582		592		603
2017							773		1,529		1,887		2,011		2,105		2,181		2,219
2018									470		1,358		1,652		1,808		1,866		1,909
2019											656		1,016		1,258		1,376		1,472
2020													528		1,100		1,408		1,590
2021															625		1,274		1,634
2022																	548		1,209
2023																			525
																			$	11,815
All outstanding liabilities prior to 2014, net of reinsurance																			(20)
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,161

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	30.9	%	32.8	%	16.2	%	7.2	%	3.9	%	2.4	%	1.6	%	1.7	%	3.3	%	1.9	%

Insurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	238	$	239	$	241	$	255	$	255	$	255	$	256	$	256	$	256	$	256	1	24,779
2015			259		259		277		277		277		266		266		269		278		4	26,300
2016					351		276		279		281		288		287		281		281		—	30,606
2017							304		237		238		237		236		232		235		—	34,567
2018									645		644		666		689		698		793		135	35,301
2019											768		756		794		814		996		194	39,356
2020													817		792		793		841		287	38,099
2021															1,112		1,112		1,106		457	44,387
2022																	1,039		1,054		450	45,829
2023																			1,236		620	36,309
																			$	7,076

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	20	$	72	$	114	$	144	$	229	$	229	$	250	$	253	$	254	$	255
2015			20		68		117		199		244		259		263		266		270
2016					25		101		276		299		308		313		318		321
2017							23		151		157		217		233		239		243
2018									63		189		271		383		435		476
2019											11		217		350		489		598
2020													82		209		340		448
2021															201		339		521
2022																	222		470
2023																			193
																			$	3,793
All outstanding liabilities prior to 2014, net of reinsurance																			27
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,310

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	12.1	%	19.7	%	16.7	%	15.0	%	11.1	%	3.6	%	3.2	%	1.1	%	0.9	%	0.2	%

Insurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	76	$	89	$	84	$	82	$	82	$	82	$	82	$	82	$	82	$	82	—	N/A
2015			96		93		93		92		95		107		107		103		95		—	N/A
2016					150		186		180		177		175		174		181		181		—	N/A
2017							233		300		303		309		322		332		329		—	N/A
2018									382		380		392		390		395		402		5	N/A
2019											350		367		359		365		378		7	N/A
2020													524		523		513		478		24	N/A
2021															557		550		578		31	N/A
2022																	708		711		115	N/A
2023																			638		164	N/A
																			$	3,872

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	45	$	77	$	81	$	81	$	82	$	82	$	82	$	82	$	82	$	82
2015			51		82		91		91		91		94		94		94		95
2016					78		162		180		175		178		180		180		181
2017							164		298		287		305		321		329		329
2018									238		349		376		388		391		396
2019											224		346		357		364		367
2020													271		374		395		453
2021															361		515		537
2022																	390		548
2023																			391
																			$	3,379
All outstanding liabilities prior to 2014, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	493

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	57.1	%	29.8	%	4.0	%	4.7	%	1.8	%	1.6	%	0.2	%	0.7	%	0.2	%	0.1	%

Schedule of Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance

Reinsurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	341	$	327	$	258	$	229	$	229	$	229	$	229	$	229	$	229	$	229	—	N/A
2015			294		250		238		238		238		238		238		238		238		6	N/A
2016					243		239		239		239		239		239		239		239		18	N/A
2017							198		204		204		204		204		204		204		50	N/A
2018									814		799		845		867		919		1,029		115	N/A
2019											1,009		1,057		1,058		1,073		1,109		285	N/A
2020													1,085		1,057		1,026		1,017		373	N/A
2021															1,358		1,351		1,309		693	N/A
2022																	1,331		1,290		912	N/A
2023																			1,634		1,283	N/A
																			$	8,299

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	15	$	36	$	77	$	107	$	145	$	175	$	184	$	188	$	211	$	216
2015			16		39		86		147		168		188		194		209		216
2016					18		54		89		143		161		187		214		220
2017							27		87		110		123		150		180		187
2018									132		200		318		415		473		510
2019											165		265		381		487		531
2020													146		237		334		447
2021															156		230		377
2022																	105		222
2023																			175
																			$	3,101
All outstanding liabilities prior to 2014, net of reinsurance																			235
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,433

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	11.5	%	8.9	%	11.6	%	11.7	%	6.8	%	7.3	%	5.5	%	3.6	%	6.3	%	2.0	%

Reinsurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	715	$	527	$	369	$	339	$	340	$	340	$	340	$	340	$	340	$	340	3	N/A
2015			640		341		311		311		311		311		311		311		311		1	N/A
2016					612		631		632		628		627		627		627		628		2	N/A
2017							1,262		1,847		2,015		2,109		2,162		2,200		2,203		2	N/A
2018									2,214		2,103		2,093		2,041		2,011		1,982		(1)	N/A
2019											1,658		1,664		1,591		1,486		1,479		(7)	N/A
2020													1,843		1,887		1,827		1,805		23	N/A
2021															2,140		2,126		2,068		87	N/A
2022																	2,535		2,223		549	N/A
2023																			1,958		980	N/A
																			$	14,996

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	145	$	222	$	273	$	301	$	317	$	319	$	323	$	325	$	332	$	339
2015			148		213		261		276		282		287		291		300		314
2016					223		475		569		575		580		582		592		603
2017							773		1,529		1,887		2,011		2,105		2,181		2,219
2018									470		1,358		1,652		1,808		1,866		1,909
2019											656		1,016		1,258		1,376		1,472
2020													528		1,100		1,408		1,590
2021															625		1,274		1,634
2022																	548		1,209
2023																			525
																			$	11,815
All outstanding liabilities prior to 2014, net of reinsurance																			(20)
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,161

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	30.9	%	32.8	%	16.2	%	7.2	%	3.9	%	2.4	%	1.6	%	1.7	%	3.3	%	1.9	%

Insurance - Casualty Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	238	$	239	$	241	$	255	$	255	$	255	$	256	$	256	$	256	$	256	1	24,779
2015			259		259		277		277		277		266		266		269		278		4	26,300
2016					351		276		279		281		288		287		281		281		—	30,606
2017							304		237		238		237		236		232		235		—	34,567
2018									645		644		666		689		698		793		135	35,301
2019											768		756		794		814		996		194	39,356
2020													817		792		793		841		287	38,099
2021															1,112		1,112		1,106		457	44,387
2022																	1,039		1,054		450	45,829
2023																			1,236		620	36,309
																			$	7,076

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	20	$	72	$	114	$	144	$	229	$	229	$	250	$	253	$	254	$	255
2015			20		68		117		199		244		259		263		266		270
2016					25		101		276		299		308		313		318		321
2017							23		151		157		217		233		239		243
2018									63		189		271		383		435		476
2019											11		217		350		489		598
2020													82		209		340		448
2021															201		339		521
2022																	222		470
2023																			193
																			$	3,793
All outstanding liabilities prior to 2014, net of reinsurance																			27
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	3,310

(Some amounts may not reconcile due to rounding.)

	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	12.1	%	19.7	%	16.7	%	15.0	%	11.1	%	3.6	%	3.2	%	1.1	%	0.9	%	0.2	%

Insurance - Property Business

																					At December 31, 2023
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	76	$	89	$	84	$	82	$	82	$	82	$	82	$	82	$	82	$	82	—	N/A
2015			96		93		93		92		95		107		107		103		95		—	N/A
2016					150		186		180		177		175		174		181		181		—	N/A
2017							233		300		303		309		322		332		329		—	N/A
2018									382		380		392		390		395		402		5	N/A
2019											350		367		359		365		378		7	N/A
2020													524		523		513		478		24	N/A
2021															557		550		578		31	N/A
2022																	708		711		115	N/A
2023																			638		164	N/A
																			$	3,872

(Some amounts may not reconcile due to rounding.)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
(Dollars in millions)
2014	$	45	$	77	$	81	$	81	$	82	$	82	$	82	$	82	$	82	$	82
2015			51		82		91		91		91		94		94		94		95
2016					78		162		180		175		178		180		180		181
2017							164		298		287		305		321		329		329
2018									238		349		376		388		391		396
2019											224		346		357		364		367
2020													271		374		395		453
2021															361		515		537
2022																	390		548
2023																			391
																			$	3,379
All outstanding liabilities prior to 2014, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	493

Schedule of Incurred Losses With Respect to A&E Reserve on Both Gross and Net of Reinsurance Basis

The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022		2021
Gross basis:
Beginning of period reserves	$	278	$	175	$	219
Incurred losses	—		144		11
Paid losses	(31)		(42)		(55)
End of period reserves	$	246	$	278	$	175
Net basis:
Beginning of period reserves	$	210	$	128	$	167
Incurred losses	—		113		(3)
Paid losses	(21)		(32)		(36)
End of period reserves	$	189	$	210	$	128

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REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Schedule of Premiums Written And Earned And Incurred Losses

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Written premiums:
Direct	$	3,785	$	3,701	$	3,300
Assumed	7,332		5,975		6,031
Ceded	(1,905)		(1,645)		(1,612)
Net written premiums	$	9,212	$	8,032	$	7,719
Premiums earned:
Direct	$	3,709	$	3,544	$	2,982
Assumed	6,705		5,945		5,741
Ceded	(1,878)		(1,613)		(1,544)
Net premiums earned	$	8,536	$	7,876	$	7,179
Incurred losses and LAE:
Direct	$	2,594	$	2,423	$	2,043
Assumed	3,449		4,107		3,872
Ceded	(465)		(708)		(528)
Net incurred losses and LAE	$	5,578	$	5,823	$	5,387

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

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 millions)
Coverage Period	Ceding Company	Percent Ceded		Assuming Company	Type of Business	Single Occurrence Limit		Aggregate Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	Property / Casualty Business	150		325
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	150		300
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	100		200
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	Property / Casualty Business	163		325
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	Property / Casualty Business	219		438
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	Property Business	350	(1)	0
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	Property Business	350	(1)	0
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	206	(1)	413	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	150	(1)	413	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	Property / Casualty Business	263	(1)	413	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re- Canadian Branch	Property Business	-		0
01/01/2020	Everest International Assurance	100.0	%	Bermuda Re	Life Business	-		0

(1)Amounts shown are Canadian dollars.

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

The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.

(Dollars in millions)
Effective Date	Transferring Company	Assuming Company	% of Business or Amount of Transfer			Covered Period of Transfer
10/01/2001	Everest Re (Belgium Branch)	Bermuda Re	100		%	All years
10/01/2008	Everest Re	Bermuda Re	$	747		01/01/2002-12/31/2007
12/31/2017	Everest Re	Bermuda Re	$	970		All years

Schedule of Premiums And Losses Ceded By The Company To Affiliate

The following tables summarize the significant premiums and losses ceded and assumed by the Company in transactions with affiliated entities for the periods indicated:

Bermuda Re	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Ceded written premiums	$	432	$	372	$	303
Ceded earned premiums	431		371		300
Ceded losses and LAE	(15)		(16)		(59)
Assumed written premiums	4		3		5
Assumed earned premiums	4		5		4

Ireland Re	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Assumed written premiums	$	13	$	10	$	16
Assumed earned premiums	12		10		15
Assumed losses and LAE	2		23		64

Ireland Insurance	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Assumed written premiums	$	14	$	9	$	9
Assumed earned premiums	17		8		6
Assumed losses and LAE	7		5		3

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts:

Mt. Logan Re Segregated Accounts	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Ceded written premiums	$	210	$	170	$	286
Ceded earned premiums	205		174		280
Ceded losses and LAE	31		150		194

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SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule Of Underwriting Results For Operating Segments

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

	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	7,181	$	3,936	$	11,117
Net written premiums	6,205		3,007		9,212
Premiums earned	$	5,637	$	2,900	$	8,536
Incurred losses and LAE	3,329		2,249		5,578
Commission and brokerage	1,545		306		1,851
Other underwriting expenses	167		407		574
Underwriting gain (loss)	$	596	$	(64)	$	533
Net investment income					993
Net gains (losses) on investments					(180)
Corporate expenses					(18)
Interest, fee and bond issue cost amortization expense					(134)
Other income (expense)					(11)
Income (loss) before taxes					$	1,181

(Some amounts may not reconcile due to rounding.)

	Year Ended December 31, 2022
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	5,879	$	3,798	$	9,677
Net written premiums	5,204		2,828		8,032
Premiums earned	$	5,147	$	2,729	$	7,876
Incurred losses and LAE	3,926		1,897		5,823
Commission and brokerage	1,308		325		1,632
Other underwriting expenses	138		364		501
Underwriting gain (loss)	$	(224)	$	144	$	(81)
Net investment income					638
Net gains (losses) on investments					(982)
Corporate expenses					(26)
Interest, fee and bond issue cost amortization expense					(101)
Other income (expense)					(6)
Income (loss) before taxes					$	(557)

(Some amounts may not reconcile due to rounding.)

	Year Ended December 31, 2021
(Dollars in millions)	Reinsurance		Insurance		Total
Gross written premiums	$	5,979	$	3,352	$	9,331
Net written premiums	5,217		2,503		7,719
Premiums earned	$	4,899	$	2,279	$	7,179
Incurred losses and LAE	3,750		1,637		5,387
Commission and brokerage	1,229		284		1,513
Other underwriting expenses	142		312		454
Underwriting gain (loss)	$	(220)	$	46	$	(175)
Net investment income					745
Net gains (losses) on investments					501
Corporate expenses					(33)
Interest, fee and bond issue cost amortization expense					(70)
Other income (expense)					23
Income (loss) before taxes					$	991

(Some amounts may not reconcile due to rounding.)

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SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2023

Senior Notes [Abstract]

Schedule Of Outstanding 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.

				December 31, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts	Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	06/05/2014	06/01/2044	400	$	398	$	369	$	397	$	343
3.5% Senior notes	10/07/2020	10/15/2050	1,000	981		742		981		677
3.125% Senior notes	10/04/2021	10/15/2052	1,000	970		688		969		627
			2,400	$	2,349	$	1,799	$	2,347	$	1,647

Schedule Of Interest Expense Incurred In Connection With Senior Notes

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

			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2023		2022		2021
4.868% Senior notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior notes	semi-annually	April 15/October 15	32		32		8
			$	86	$	86	$	62

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LONG-TERM SUBORDINATED NOTES (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt, Unclassified [Abstract]

Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes

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

December 31, 2023

December 31, 2022

Date Issued

Original Principal Amount

Maturity Date

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

(Dollars in millions)

Scheduled

Final

Long-term subordinated notes

04/26/2007

$

400

05/15/2037

05/01/2067

$

218

$

187

$

218

$

187

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

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

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Interest expense incurred	$	17	$	9	$	6

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Collateralized Reinsurance And Trust Agreements [Abstract]

Schedule of Restricted Assets

The following table summarizes the Company’s restricted assets:

	At December 31,
(Dollars in millions)	2023		2022
Collateral in trust for non-affiliated agreements (1)	$	825	$	705
Collateral for FHLB borrowings	1,077		572
Securities on deposit with or regulated by government authorities	1,447		1,360
Funds held by reinsureds	306		303
Total restricted assets	$	3,654	$	2,941

(1) At December 31, 2023 and December 31, 2022, the total amount on deposit in trust accounts includes $116 million and $21 million of restricted cash respectively.

Schedule of Collateralized Reinsurance Agreements

The table below summarizes the various agreements:

(Dollars in millions)
Class	Description	Effective Date	Expiration Date	Limit		Coverage Basis
Series 2019-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	12/12/2019	12/19/2024	150		Occurrence
Series 2019-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	12/12/2019	12/19/2024	275		Aggregate
Series 2021-1 Class A-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	150		Occurrence
Series 2021-1 Class B-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class C-1	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/21/2025	85		Aggregate
Series 2021-1 Class A-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	150		Occurrence
Series 2021-1 Class B-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2021-1 Class C-2	US, Canada, Puerto Rico – Named Storm and Earthquake Events	4/8/2021	4/20/2026	90		Aggregate
Series 2022-1 Class A	US, Canada, Puerto Rico – Named Storm and Earthquake Events	6/22/2022	6/25/2025	300		Aggregate
	Total available limit as of December 31, 2023			$	1,375

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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
The Prudential	$	136	$	137
Other unaffiliated life insurance company	34		34

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LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Information Relating to Operating Leases

Supplemental information related to operating leases is as follows for the periods indicated:

	Year Ended December 31,
(Dollars in millions)	2023		2022
Lease expense incurred:
Operating lease cost	$	26	$	25

	At December 31,
(Dollars in millions)	2023		2022
Operating lease right of use assets (1)	$	111	$	121
Operating lease liabilities (1)	130		139

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.

	Year Ended December 31,
(Dollars in millions)	2023		2022
Operating cash flows from operating leases	$	(19)	$	(18)

	At December 31,
	2023		2022
Weighted average remaining operating lease term	10.3 years		11.1 years
Weighted average discount rate on operating leases	4.03	%	4.00	%

Schedule of Maturities of Lease Liabilities

Maturities of the existing lease liabilities are expected to occur as follows:

(Dollars in millions)
2024	$	20
2025	16
2026	15
2027	14
2028	12
Thereafter	78
Undiscounted lease payments	155
Less: present value adjustment	26
Total operating lease liability	$	130

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COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss), Tax [Abstract]

Schedule of Components of Comprehensive Income (Loss) in the Consolidated Statements of Operations

The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

	December 31, 2023						December 31, 2022						December 31, 2021
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) on securities - temporary	$	473	(99)		$	374	$	(1,280)	269		$	(1,011)	$	(254)	53		$	(200)
Reclassification of net realized losses (gains) included in net income (loss)	193		(41)		153		93		(20)		73		12		(3)		9
Foreign currency translation adjustments	22		(5)		17		(23)		5		(18)		(11)		2		(9)
Benefit plan actuarial net gain (loss)	19		(4)		15		18		(4)		15		22		(5)		17
Reclassification of amortization of net gain (loss) included in net income (loss)	2		—		2		3		(1)		2		8		(2)		6
Total other comprehensive income (loss)	$	710	$	(149)	$	561	$	(1,189)	$	249	$	(939)	$	(223)	$	47	$	(177)

(Some amounts may not reconcile due to rounding)

Schedule of Reclassification from Accumulated Other Comprehensive Income

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

	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2023		2022
(Dollars in millions)
URA(D) on securities	$	193	$	93	Other net realized capital gains (losses)
	(41)		(20)		Income tax expense (benefit)
	$	153	$	73	Net income (loss)
Benefit plan net gain (loss)	$	2	$	3	Other underwriting expenses
	—		(1)		Income tax expense (benefit)
	$	2	$	2	Net income (loss)

(Some amounts may not reconcile due to rounding)

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax, in the Consolidated Balance Sheets

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Beginning balance of URA(D) on securities	$	(816)	$	122
Current period change in URA(D) of investments -  temporary	527		(938)
Ending balance of URA(D) on securities	(289)		(816)
Beginning balance of foreign currency translation adjustments	2		20
Current period change in foreign currency translation adjustments	17		(18)
Ending balance of foreign currency translation adjustments	19		2
Beginning balance of benefit plan net gain (loss)	(33)		(50)
Current period change in benefit plan net gain (loss)	17		17
Ending balance of benefit plan net gain (loss)	(16)		(33)
Ending balance of accumulated other comprehensive income (loss)	$	(287)	$	(848)

(Some amounts may not reconcile due to rounding)

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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Contributions To Defined Benefit Pension Plans

Although not required to make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Company contributions	$	1	$	6	$	4

Schedule of Pension Expense

The following table summarizes the Company’s pension expense for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Pension expense	$	5	$	(2)	$	3

Schedule of Status of Plan

The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	291	$	403
Service cost	5		9
Interest cost	14		10
Actuarial (gain)/loss	9		(115)
Curtailment	—		—
Benefits paid	(25)		(15)
Projected benefit obligation at end of year	295		291
Change in plan assets:
Fair value of plan assets at beginning of year	285		377
Actual return on plan assets	48		(83)
Actual contributions during the year	1		6
Benefits paid	(25)		(15)
Fair value of plan assets at end of year	308		285
Funded status at end of year	$	13	$	(6)

(Some amounts may not reconcile due to rounding.)

The following table summarizes the status of this plan for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	21	$	31
Service cost	1		1
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	(1)		(10)
Benefits paid	—		—
Benefit obligation at end of year	22		21
Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	—		—
Benefits paid	—		—
Fair value of plan assets at end of year	—		—
Funded status at end of year	$	(22)	$	(21)

Schedule of Amounts Recognized In The Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Other assets (due beyond one year)	$	19	$	1
Other liabilities (due within one year)	(3)		(1)
Other liabilities (due beyond one year)	(3)		(6)
Net amount recognized in the consolidated balance sheets	$	13	$	(6)

Amounts recognized in the consolidated balance sheets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(21)		(21)
Net amount recognized in the consolidated balance sheets	$	(22)	$	(21)

(Some amounts may not reconcile due to rounding.)

Schedule of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Accumulated income (loss)	$	(33)	$	(56)
Accumulated other comprehensive income (loss)	$	(33)	$	(56)

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Accumulated income (loss)	$	11	$	13
Accumulated prior service credit (cost)	1		1
Accumulated other comprehensive income (loss)	$	12	$	14

Schedule of Other Changes In Other Comprehensive Income (Loss)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Other comprehensive income (loss) at December 31, prior year	$	(56)	$	(68)
Net gain (loss) arising during period	19		7
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	4		4
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	(33)	$	(56)

(Some amounts may not reconcile due to rounding.)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:

	Years Ended December 31,
(Dollars in millions)	2023		2022
Other comprehensive income (loss) at December 31, prior year	$	14	$	4
Net gain (loss) arising during period	1		10
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(2)		—
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	12	$	14

Schedule of Net Periodic Benefit Cost

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Service cost	$	5	$	9	$	11
Interest cost	14		10		8
Expected return on assets	(19)		(25)		(24)
Amortization of actuarial loss from earlier periods	4		4		8
Settlement	—		1		—
Net periodic benefit cost	$	5	$	(2)	$	3
Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	(23)		(12)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(18)	$	(14)

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost included the following components for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Service cost	$	1	$	1	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		(1)
Net gain recognition	(2)		—		—
Net periodic cost	$	(1)	$	1	$	1
Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	2		(10)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	1	$	(9)

(Some amounts may not reconcile due to rounding.)

Schedule of Accumulated Benefit Obligation

The following table summarizes the accumulated benefit obligation for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan	$	263	$	258
Non-qualified Plan	6		6
Total	$	269	$	264

(Some amounts may not reconcile due to rounding.)

Schedule of Projected Benefit Obligations In Excess Of Plan Assets

The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan
Projected benefit obligation	$	289	$	284
Fair value of plan assets	308		285
Non-qualified Plan
Projected benefit obligation	$	6	$	6
Fair value of plan assets	—		—

Schedule of Accumulated Benefit Obligations In Excess Of Plan Assets

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Qualified Plan
Accumulated benefit obligation	$	—	$	—
Fair value of plan assets	—		—
Non-qualified Plan
Accumulated benefit obligation	6		6
Fair value of plan assets	$	—	$	—

Schedule of Expected Benefit Payments

The following table displays the expected benefit payments in the periods indicated:

(Dollars in millions)
2024	$	15
2025	14
2026	15
2027	16
2028	17
Next 5 years	99

The following table displays the expected benefit payments in the years indicated:

(Dollars in millions)
2024	$	1
2025	1
2026	1
2027	1
2028	1
Next 5 years	7

Schedule of Fair Value Measurement Levels For Qualified Plan Assets

The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated:

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	2	$	2	$	—	$	—
Mutual funds, fair value
Fixed income (b)	73		73		—		—
Equities (c)	232		232		—		—
Total	$	308	$	308	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 90% in U.S. securities and 10% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 100% in U.S. equities.

			Fair Value Measurement Using:
(Dollars in millions)	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments, which approximates fair value (a)	$	4	$	4	$	—	$	—
Mutual funds, fair value
Fixed income (b)	68		68		—		—
Equities (c)	211		211		—		—
Total	$	283	$	283	$	—	$	—

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.

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RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Schedule Of Related-Party Long-Term Notes

The fair value of these long-term notes is considered Level 2 in the fair value hierarchy.

					December 31, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
1.69% Long-term Note	12/17/2019	12/17/2028	$	300	$	—	$	—	$	300	$	242
1.00% Long-term Note	8/5/2021	8/5/2030	200		—		—		200		151
3.11% Long-term Note	6/14/2022	6/14/2052	215		—		—		215		171
4.34% Long-term Note	12/12/2022	12/12/2052	125		—		—		125		125
			$	840	$	—	$	—	$	840	$	689

(Some amounts may not reconcile due to rounding.)

Schedule Of Related-Party Interest Income

Interest income recognized in connection with these long-term notes is as follows for the periods indicated:

			Years Ended December 31,
(Dollars in millions)	Interest Received	Receivable Dates	2023		2022		2021
1.69% Long-term Note	annually	December 17	$	2	$	5	$	5
1.00% Long-term Note	annually	August 5	1		2		1
3.11% Long-term Note	annually	June 14	5		4		—
4.34% Long-term Note	annually	December 12	—		—		—
			$	7	$	11	$	6

(Some amounts may not reconcile due to rounding.)

Schedule of Dividends Received on Preferred Shares

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 periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Dividends received on preferred stock of affiliate	$	31	$	31	$	31

Schedule of Expenses Incurred By Holdings From Services Provided By Affiliated Company

The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated.

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Expenses incurred	$	204	$	204	$	133

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components Of The Provision

The significant components of the provision are as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Current tax expense (benefit):
U.S.	$	284	$	95	$	102
Foreign	—		—		—
Total current tax expense (benefit)	284		95		102
Total deferred U.S. tax expense (benefit)	(74)		(207)		90
Total income tax expense (benefit)	$	210	$	(112)	$	192

Schedule of Reconciliation Of Total Income Tax Provision

A reconciliation of the total income tax provision using the statutory U.S. Federal Income tax rate to the Company’s total income tax provision is as follows for the periods indicated:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Expected income tax provision at the U.S. statutory tax rate	$	248	$	(117)	$	208
Increase (reduction) in taxes resulting from:
Tax exempt income	(3)		(4)		(4)
Dividend received deduction	(2)		(3)		(1)
Proration	1		1		1
Creditable foreign premium tax	(14)		(11)		(13)
Reserve adjustment	—		(19)		—
U.S. BEAT tax	—		22		—
Share based compensation	(3)		(3)		(2)
Prior year true up	(21)		16		—
Insurance company-owned life insurance	(13)		(1)		—
Other	17		7		3
Total income tax provision	$	210	$	(112)	$	192

(Some amounts may not reconcile due to rounding.)

Schedule of Net Deferred Income Tax Assets/(Liabilities)

The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:

	At December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Loss reserves	$	154	$	154
Unearned premium reserve	143		114
Net unrealized investment losses	66		200
Depreciation	44		—
Lease Liability	27		29
Unrealized foreign currency losses	15		24
Investment impairments	12		12
Equity compensation	8		7
Amortization	7		—
Net unrecognized losses on benefit plans	4		9
Foreign tax credits	—		3
Other assets	17		12
Total deferred tax assets	497		564
Deferred tax liabilities:
Deferred acquisition costs	139		105
Net fair value income	136		141
Partnership Investments	49		56
Right of use asset	23		25
Bond market discount	9		5
Depreciation	—		16
Other liabilities	5		6
Total deferred tax liabilities	361		354
Net deferred tax assets/(liabilities)	$	136	$	210

(Some amounts may not reconcile due to rounding.)

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Dividend Restrictions And Statutory Financial Information [Abstract]

Schedule of Regulatory Targeted Capital And Actual Statutory Capital

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

	Everest Re (1)
	At December 31,
(Dollars in millions)	2023		2022
Regulatory targeted capital	$	4,242	$	3,353
Actual capital	$	6,963	$	5,553

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	2

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INVESTMENTS - Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed maturity securities – available for sale
Amortized Cost	$ 16,304	$ 13,699
Allowances for Credit Loss	(48)	(46)	$ (27)
Unrealized Appreciation	212	30
Unrealized Depreciation	(536)	(1,013)
Fair Value	15,932	12,671
Fixed maturity securities - held to maturity
Amortized Cost	859	820
Allowances for Credit Loss	(8)	(9)	0
Unrealized Appreciation	12	3
Unrealized Depreciation	(13)	(22)
Fair Value	850	793
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fixed maturity securities – available for sale
Amortized Cost	265	575
Allowances for Credit Loss	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	(17)	(40)
Fair Value	247	535
Obligations of U.S. states and political subdivisions
Fixed maturity securities – available for sale
Amortized Cost	138	444
Allowances for Credit Loss	0	0
Unrealized Appreciation	1	2
Unrealized Depreciation	(11)	(32)
Fair Value	128	413
Corporate securities
Fixed maturity securities – available for sale
Amortized Cost	4,400	3,913
Allowances for Credit Loss	(47)	(45)	(19)
Unrealized Appreciation	96	14
Unrealized Depreciation	(160)	(322)
Fair Value	4,289	3,561
Fixed maturity securities - held to maturity
Amortized Cost	150	152
Allowances for Credit Loss	(2)	(2)	0
Unrealized Appreciation	1	0
Unrealized Depreciation	(3)	(6)
Fair Value	146	144
Asset-backed securities
Fixed maturity securities – available for sale
Amortized Cost	5,307	4,111
Allowances for Credit Loss	0	0	(8)
Unrealized Appreciation	23	5
Unrealized Depreciation	(48)	(165)
Fair Value	5,282	3,951
Fixed maturity securities - held to maturity
Amortized Cost	604	634
Allowances for Credit Loss	(5)	(6)	0
Unrealized Appreciation	4	2
Unrealized Depreciation	(10)	(15)
Fair Value	593	614
Commercial
Fixed maturity securities – available for sale
Amortized Cost	575	569
Allowances for Credit Loss	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	(53)	(59)
Fair Value	522	509
Fixed maturity securities - held to maturity
Amortized Cost	21	7
Allowances for Credit Loss	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	0	0
Fair Value	21	7
Agency residential
Fixed maturity securities – available for sale
Amortized Cost	2,532	1,792
Allowances for Credit Loss	0	0
Unrealized Appreciation	27	3
Unrealized Depreciation	(124)	(167)
Fair Value	2,435	1,628
Non-agency residential
Fixed maturity securities – available for sale
Amortized Cost	429	3
Allowances for Credit Loss	0	0
Unrealized Appreciation	14	0
Unrealized Depreciation	(1)	0
Fair Value	441	3
Foreign government securities
Fixed maturity securities – available for sale
Amortized Cost	859	696
Allowances for Credit Loss	0	0
Unrealized Appreciation	15	2
Unrealized Depreciation	(39)	(61)
Fair Value	835	637
Foreign corporate securities
Fixed maturity securities – available for sale
Amortized Cost	1,800	1,597
Allowances for Credit Loss	0	(1)	0
Unrealized Appreciation	35	4
Unrealized Depreciation	(82)	(167)
Fair Value	1,753	1,433
Fixed maturity securities - held to maturity
Amortized Cost	84	28
Allowances for Credit Loss	(1)	(1)	$ 0
Unrealized Appreciation	7	2
Unrealized Depreciation	0	0
Fair Value	$ 90	$ 28

XML

INVESTMENTS - Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 546	$ 581
Due after one year through five years	2,402	3,684
Due after five years through ten years	2,842	2,003
Due after ten years	1,672	958
Amortized Cost	16,304	13,699
Fair Value
Due in one year or less	537	563
Due after one year through five years	2,310	3,429
Due after five years through ten years	2,784	1,760
Due after ten years	1,621	827
Fair Value	15,932	12,671
Amortized Cost
Due in one year or less	5	5
Due after one year through five years	59	63
Due after five years through ten years	43	43
Due after ten years	127	68
Amortized Cost	859	820
Fair Value
Due in one year or less	5	5
Due after one year through five years	58	61
Due after five years through ten years	42	41
Due after ten years	131	65
Fair Value	850	793
Asset-backed securities
Amortized Cost
Amortized Cost	5,307	4,111
Fair Value
Fair Value	5,282	3,951
Amortized Cost
Amortized Cost	604	634
Fair Value
Fair Value	593	614
Commercial
Amortized Cost
Amortized Cost	575	569
Fair Value
Fair Value	522	509
Amortized Cost
Amortized Cost	21	7
Fair Value
Fair Value	21	7
Agency residential
Amortized Cost
Amortized Cost	2,532	1,792
Fair Value
Fair Value	2,435	1,628
Non-agency residential
Amortized Cost
Amortized Cost	429	3
Fair Value
Fair Value	$ 441	$ 3

XML

INVESTMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Fair value of securities, net of allowance	$ 0	$ 722	$ 0
Unrealized loss from transfer	287	848
Fair value of investments in unrealized loss position	7,556	11,222
Gross unrealized losses on investments in unrealized loss position	536	1,013
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	55	591
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	481	421
Additional contractual commitments	1,000
Cash surrender value of life insurance	$ 1,300	$ 939
Number of securities held as primary beneficiary | security	0	0
Securities, carrying value	$ 1,400
Variable Interest Entity, Not Primary Beneficiary
Debt Securities, Available-for-Sale [Line Items]
Maximum exposure to loss	3,300	$ 2,800
Commitments to fund investments	$ 972
Investments, Debt Securities Benchmark | Issuer Concentration Risk | Issuer One
Debt Securities, Available-for-Sale [Line Items]
Concentration credit risk	1.40%	4.30%
Investments, Debt Securities Benchmark | Issuer Concentration Risk | Issuer Two
Debt Securities, Available-for-Sale [Line Items]
Concentration credit risk	0.50%	0.60%
Debt Securities, Held To Maturity
Debt Securities, Available-for-Sale [Line Items]
Unrealized loss from transfer	$ 42
Investment Grade
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	39	$ 520
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	455	392
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation		591
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	$ 481	$ 421

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INVESTMENTS - Schedule of Changes in Net Unrealized Appreciation (Depreciation) for Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Change in unrealized appreciation (depreciation), pre-tax	$ 667	$ (1,187)
Deferred tax benefit (expense)	(140)	249
Total URA(D) on securities arising during the period	$ 527	$ (938)	$ (191)

XML

INVESTMENTS - Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities - Available for Sale, by Security Type (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Less than 12 months	$ 1,369	$ 8,524
Greater than 12 months	6,187	2,698
Total	7,556	11,222
Gross Unrealized Depreciation
Less than 12 months	(55)	(591)
Greater than 12 months	(481)	(421)
Total	(536)	(1,013)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	1,367	8,522
Greater than 12 months	6,187	2,698
Total	7,554	11,220
Gross Unrealized Depreciation
Less than 12 months	(54)	(591)
Greater than 12 months	(481)	(421)
Total	(536)	(1,012)
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value
Less than 12 months	7	290
Greater than 12 months	238	245
Total	245	535
Gross Unrealized Depreciation
Less than 12 months	0	(14)
Greater than 12 months	(17)	(26)
Total	(17)	(40)
State, municipalities and political subdivisions
Fair Value
Less than 12 months	3	235
Greater than 12 months	74	27
Total	77	261
Gross Unrealized Depreciation
Less than 12 months	0	(23)
Greater than 12 months	(11)	(9)
Total	(11)	(32)
Corporate securities
Fair Value
Less than 12 months	673	2,138
Greater than 12 months	1,150	841
Total	1,822	2,979
Gross Unrealized Depreciation
Less than 12 months	(47)	(175)
Greater than 12 months	(112)	(146)
Total	(160)	(321)
Asset-backed securities
Fair Value
Less than 12 months	179	3,120
Greater than 12 months	1,958	436
Total	2,138	3,556
Gross Unrealized Depreciation
Less than 12 months	(2)	(138)
Greater than 12 months	(46)	(27)
Total	(48)	(165)
Commercial
Fair Value
Less than 12 months	19	464
Greater than 12 months	491	36
Total	511	500
Gross Unrealized Depreciation
Less than 12 months	0	(50)
Greater than 12 months	(53)	(9)
Total	(53)	(59)
Agency residential
Fair Value
Less than 12 months	203	852
Greater than 12 months	1,030	605
Total	1,233	1,456
Gross Unrealized Depreciation
Less than 12 months	(2)	(54)
Greater than 12 months	(123)	(113)
Total	(124)	(167)
Non-agency residential
Fair Value
Less than 12 months	125	2
Greater than 12 months	3	1
Total	128	3
Gross Unrealized Depreciation
Less than 12 months	(1)	0
Greater than 12 months	0	0
Total	(1)	0
Foreign government securities
Fair Value
Less than 12 months	38	455
Greater than 12 months	423	144
Total	461	599
Gross Unrealized Depreciation
Less than 12 months	(1)	(36)
Greater than 12 months	(38)	(25)
Total	(39)	(61)
Foreign corporate securities
Fair Value
Less than 12 months	120	967
Greater than 12 months	821	365
Total	940	1,332
Gross Unrealized Depreciation
Less than 12 months	(2)	(100)
Greater than 12 months	(80)	(67)
Total	(82)	(167)
Securities where an allowance for credit loss was recorded
Fair Value
Less than 12 months	2	2
Greater than 12 months	0	0
Total	2	2
Gross Unrealized Depreciation
Less than 12 months	(1)	(1)
Greater than 12 months	0	0
Total	$ (1)	$ (1)

XML

INVESTMENTS - Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities - Available for Sale, by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Less than 12 months	$ 1,369	$ 8,524
Greater than 12 months	6,187	2,698
Total	7,556	11,222
Gross Unrealized Depreciation
Less than 12 months	(55)	(591)
Greater than 12 months	(481)	(421)
Total	(536)	(1,013)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	1,367	8,522
Greater than 12 months	6,187	2,698
Total	7,554	11,220
Gross Unrealized Depreciation
Less than 12 months	(54)	(591)
Greater than 12 months	(481)	(421)
Total	(536)	(1,012)
Due in one year or less
Fair Value
Less than 12 months	84	463
Greater than 12 months	263	29
Total	348	491
Gross Unrealized Depreciation
Less than 12 months	(1)	(8)
Greater than 12 months	(10)	(4)
Total	(11)	(11)
Due in one year through five years
Fair Value
Less than 12 months	227	2,020
Greater than 12 months	1,317	936
Total	1,544	2,956
Gross Unrealized Depreciation
Less than 12 months	(5)	(143)
Greater than 12 months	(96)	(107)
Total	(101)	(250)
Due in five years through ten years
Fair Value
Less than 12 months	150	1,162
Greater than 12 months	951	395
Total	1,101	1,557
Gross Unrealized Depreciation
Less than 12 months	(5)	(148)
Greater than 12 months	(128)	(98)
Total	(133)	(246)
Due after ten years
Fair Value
Less than 12 months	379	439
Greater than 12 months	174	262
Total	553	701
Gross Unrealized Depreciation
Less than 12 months	(39)	(50)
Greater than 12 months	(25)	(64)
Total	(64)	(114)
Asset-backed securities
Fair Value
Less than 12 months	179	3,120
Greater than 12 months	1,958	436
Total	2,138	3,556
Gross Unrealized Depreciation
Less than 12 months	(2)	(138)
Greater than 12 months	(46)	(27)
Total	(48)	(165)
Mortgage-backed securities
Fair Value
Less than 12 months	347	1,318
Greater than 12 months	1,523	641
Total	1,871	1,959
Gross Unrealized Depreciation
Less than 12 months	(3)	(105)
Greater than 12 months	(176)	(122)
Total	(179)	(226)
Securities where an allowance for credit loss was recorded
Fair Value
Less than 12 months	2	2
Greater than 12 months	0	0
Total	2	2
Gross Unrealized Depreciation
Less than 12 months	(1)	(1)
Greater than 12 months	0	0
Total	$ (1)	$ (1)

XML

INVESTMENTS - Schedule of Components of Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 1,027	$ 675	$ 774
Funds held interest income (expense)	3	6	8
Interest income from Parent	7	11	6
Gross investment income	1,038	691	788
Investment expenses	46	52	43
Net investment income	993	638	745
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	822	510	344
Equity securities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	3	16	15
Short-term investments and cash
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	74	16	1
Limited partnerships
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	37	72	321
Dividends from preferred shares of affiliate
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	31	31	31
Other
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 59	$ 30	$ 63

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INVESTMENTS - Schedule of Components of Net Gains (Losses) on Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Total net gains (losses) on investments	$ (180)	$ (982)	$ 501
Fixed maturity securities: | Market Value
Debt Securities, Available-for-Sale [Line Items]
Allowances for credit losses	(1)	(27)	(26)
Net realized gains (losses) from dispositions	(192)	(79)	8
Gains (losses) from fair value adjustments	0	0	0
Equity securities: | Fair Value
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	8	117	24
Gains (losses) from fair value adjustments	(4)	(447)	254
Other invested assets	0	13	6
Other invested assets, fair value:
Debt Securities, Available-for-Sale [Line Items]
Gains (losses) from fair value adjustments	9	(558)	234
Short-term investment gains (losses)
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	$ 0	$ 0	$ 0

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INVESTMENTS - Schedule of Fixed Maturities, Allowance for Credit Loss, Available-for-Sale Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ (46)	$ (27)
Credit losses on securities where credit losses were not previously recorded	(23)	(12)
Increases in allowance on previously impaired securities	(1)	(21)
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	22	14
Balance, end of period	(48)	(46)
Corporate securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(45)	(19)
Credit losses on securities where credit losses were not previously recorded	(23)	(11)
Increases in allowance on previously impaired securities	(1)	(20)
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	21	6
Balance, end of period	(47)	(45)
Asset-backed securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	0	(8)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	8
Balance, end of period	0	0
Foreign Corporate Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(1)	0
Credit losses on securities where credit losses were not previously recorded	0	(1)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	1	1
Balance, end of period	$ 0	$ (1)

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INVESTMENTS - Schedule of Fixed Maturities, Allowance for Credit Loss, Held-to-Maturity Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ (9)	$ 0
Credit losses on securities where credit losses were not previously recorded	0	(9)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	1	0
Balance, end of period	(8)	(9)
Corporate securities
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(2)	0
Credit losses on securities where credit losses were not previously recorded	0	(2)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	0
Balance, end of period	(2)	(2)
Asset-backed securities
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(6)	0
Credit losses on securities where credit losses were not previously recorded	0	(6)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	1	0
Balance, end of period	(5)	(6)
Foreign Corporate Securities
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(1)	0
Credit losses on securities where credit losses were not previously recorded	0	(1)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	0
Balance, end of period	$ (1)	$ (1)

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INVESTMENTS - Schedule of Gross Gains (Losses) from Dispositions of Fixed Maturity and Equity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of fixed maturity securities - available for sale	$ 2,546	$ 2,645	$ 961
Gross gains from dispositions	12	9	33
Gross losses from dispositions	(204)	(88)	(24)
Proceeds from sales of equity securities	126	2,203	862
Gross gains from dispositions	8	165	39
Gross losses from dispositions	$ 0	$ (48)	$ (15)

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FAIR VALUE - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		$ 15,932,000,000	$ 12,671,000,000
Annual dividend rate	1.75%
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories		0	779,000,000
Other invested assets, at fair value		$ 1,481,000,000	1,472,000,000
Redeemable Convertible Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Preferred stock term		25 years
Annual dividend rate		1.75%
Senior Notes | 4.868% Senior Notes Due 2044
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Observable input constant maturity		10 years
Other invested assets, at fair value		4.868%
Fair Value | Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets, at fair value		$ 274,000,000	292,000,000
Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value		$ 2,000,000,000	$ 1,700,000,000

XML

FAIR VALUE - Schedule of Fair Value Measurement Levels for all Assets, Recorded at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 15,932	$ 12,671
Equity securities, fair value	91	194
Other invested assets, at fair value	1,481	1,472
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Equity securities, fair value	70	132
Other invested assets, at fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	13,939	10,946
Equity securities, fair value	21	63
Other invested assets, at fair value	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,993	1,725
Equity securities, fair value	0	0
Other invested assets, at fair value	1,481	1,472
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	247	535
U.S. Treasury securities and obligations of U.S. government agencies and corporations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
U.S. Treasury securities and obligations of U.S. government agencies and corporations | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	247	535
U.S. Treasury securities and obligations of U.S. government agencies and corporations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	128	413
Obligations of U.S. states and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	128	413
Obligations of U.S. states and political subdivisions | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,289	3,561
Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	3,617	2,846
Corporate securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	672	715
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,282	3,951
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Asset-backed securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	3,977	2,957
Asset-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,305	994
Commercial
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	522	509
Commercial | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Commercial | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	522	509
Commercial | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,435	1,628
Agency residential | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,435	1,628
Agency residential | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	441	3
Non-agency residential | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	441	3
Non-agency residential | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	835	637
Foreign government securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	835	637
Foreign government securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,753	1,433
Foreign corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,737	1,417
Foreign corporate securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 16	$ 16

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FAIR VALUE - Schedule of Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs for Fixed Maturities - Available for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	$ 0	$ (779,000,000)
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain (Loss) Statement Of Income Extensible List Not Disclosed Flag		Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag		Included in other comprehensive income (loss)
Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	1,725,000,000	$ 1,997,000,000
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	4,000,000	(24,000,000)
Included in other comprehensive income (loss)	4,000,000	(36,000,000)
Purchases, issuances and settlements	260,000,000	567,000,000
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	0	(779,000,000)
Ending balance	1,993,000,000	1,725,000,000
The amount of total gains or losses for the period included in earnings (or changes in  net assets) attributable to the change in unrealized gains or losses relating to  assets still held at the reporting date	9,000,000	(15,000,000)
Market Value | Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	715,000,000	730,000,000
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	4,000,000	(24,000,000)
Included in other comprehensive income (loss)	(2,000,000)	3,000,000
Purchases, issuances and settlements	(45,000,000)	40,000,000
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	0	(35,000,000)
Ending balance	672,000,000	715,000,000
The amount of total gains or losses for the period included in earnings (or changes in  net assets) attributable to the change in unrealized gains or losses relating to  assets still held at the reporting date	9,000,000	(23,000,000)
Market Value | Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	994,000,000	1,251,000,000
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	0	0
Included in other comprehensive income (loss)	6,000,000	(35,000,000)
Purchases, issuances and settlements	305,000,000	513,000,000
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	0	(735,000,000)
Ending balance	1,305,000,000	994,000,000
The amount of total gains or losses for the period included in earnings (or changes in  net assets) attributable to the change in unrealized gains or losses relating to  assets still held at the reporting date	0	8,000,000
Market Value | Foreign corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	16,000,000	16,000,000
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	0	0
Included in other comprehensive income (loss)	0	(4,000,000)
Purchases, issuances and settlements	0	8,000,000
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	0	(4,000,000)
Ending balance	16,000,000	16,000,000
The amount of total gains or losses for the period included in earnings (or changes in  net assets) attributable to the change in unrealized gains or losses relating to  assets still held at the reporting date	0	0
Market Value | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	0	0
Total gains or (losses) (realized/unrealized) Included in earnings (or changes in net assets)	0	0
Included in other comprehensive income (loss)	0	0
Purchases, issuances and settlements	0	6,000,000
Transfers in (out) of Level 3 and reclassification of securities in/(out) investment categories	0	(6,000,000)
Ending balance	0	0
The amount of total gains or losses for the period included in earnings (or changes in  net assets) attributable to the change in unrealized gains or losses relating to  assets still held at the reporting date	$ 0	$ 0

XML

RESERVES FOR LOSSES AND LAE - Schedule of Activity in the Reserve for Losses and Loss Adjustment Expenses (“LAE”) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves beginning of period	$ 14,977	$ 13,121	$ 11,578
Less reinsurance recoverables on unpaid losses	(3,684)	(3,651)	(3,951)
Net reserves beginning of period	12,614	11,294	9,470	$ 7,627
Current year	5,599	5,815	5,382
Prior years	(21)	7	5
Total incurred losses and LAE	5,578	5,823	5,387
Current year	1,169	1,097	2,374
Prior years	3,128	2,867	1,127
Total paid losses and LAE	4,298	3,964	3,501
Foreign exchange/translation adjustment	40	(35)	(42)
Net reserves end of period	12,614	11,294	9,470
Plus reinsurance recoverables on unpaid losses	3,182	3,684	3,651
Gross reserves end of period	$ 15,796	$ 14,977	$ 13,121

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RESERVES FOR LOSSES AND LAE - Schedule of Reconciliation of the Net Incurred and Paid Claims Development (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$ 12,396
Total reinsurance recoverable on unpaid claims	3,182
Unallocated claims adjustment expenses	184
Other	33
Total expenses	218
Reserve for losses and loss adjustment expenses	15,796	$ 14,977	$ 13,121	$ 11,578
Reinsurance | Casualty Insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	5,433
Total reinsurance recoverable on unpaid claims	492
Reinsurance | Property Insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	3,161
Total reinsurance recoverable on unpaid claims	816
Insurance | Casualty Insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	3,310
Total reinsurance recoverable on unpaid claims	1,695
Insurance | Property Insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	493
Total reinsurance recoverable on unpaid claims	$ 179

XML

RESERVES FOR LOSSES AND LAE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) group_	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Reserves For Losses And LAE [Line Items]
Current year incurred losses	$ 5,599	$ 5,815	$ 5,382
Increase in incurred prior years' reserves	$ (21)	7	$ 5
Number of exposure groups | group_	200
Contracts of insurance and reinsurance received claims during the past three years, in years	20 years
Reinsurance recoverable for paid and unpaid losses	$ 3,400	3,800
Bermuda Re
Reserves For Losses And LAE [Line Items]
Reinsurance recoverable for paid and unpaid losses	$ 1,500
Reinsurance Receivable For Paid And Unpaid Losses | Reinsurer Concentration Risk | Bermuda Re
Reserves For Losses And LAE [Line Items]
Concentration credit risk	45.80%
Reinsurance Receivable For Paid And Unpaid Losses | Reinsurer Concentration Risk | Other Retrocessionaire
Reserves For Losses And LAE [Line Items]
Concentration credit risk	5.00%
Catastrophe Losses
Reserves For Losses And LAE [Line Items]
Current year incurred losses	$ (642)	44
Increase in incurred prior years' reserves	(22)
Higher Premiums Earned
Reserves For Losses And LAE [Line Items]
Current year incurred losses	426	389
Increase in incurred prior years' reserves	(351)
Russia/Ukraine Conflict
Reserves For Losses And LAE [Line Items]
Current year incurred losses	25
Attritional Losses On Insurance Lines
Reserves For Losses And LAE [Line Items]
Increase in incurred prior years' reserves	352
Asbestos Issue
Reserves For Losses And LAE [Line Items]
Increase in incurred prior years' reserves		$ 113
Mt. Logan Re Segregated Accounts
Reserves For Losses And LAE [Line Items]
Reinsurance recoverable for paid and unpaid losses	$ 285
Mt. Logan Re Segregated Accounts | Reinsurance Receivable For Paid And Unpaid Losses | Reinsurer Concentration Risk
Reserves For Losses And LAE [Line Items]
Concentration credit risk	8.50%
Reinsurance | Bermuda Re
Reserves For Losses And LAE [Line Items]
Increase in incurred prior years' reserves	$ 37

XML

RESERVES FOR LOSSES AND LAE - Schedule of Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance (Details) $ in Millions	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Short-duration Insurance Contracts [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$ 12,396
Reinsurance | Casualty Insurance
Short-duration Insurance Contracts [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	5,433
Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	14,996
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	11,815
All outstanding liabilities prior to 2014, net of reinsurance	(20)
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	3,161
Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	8,299
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	3,101
All outstanding liabilities prior to 2014, net of reinsurance	235
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	5,433
Insurance | Casualty Insurance
Short-duration Insurance Contracts [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	3,310
Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	3,872
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	3,379
All outstanding liabilities prior to 2014, net of reinsurance	0
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	493
Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	7,076
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	3,793
All outstanding liabilities prior to 2014, net of reinsurance	27
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	3,310
2014 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	340	$ 340	$ 340	$ 340	$ 340	$ 340	$ 339	$ 369	$ 527	$ 715
Total of IBNR Liabilities Plus Expected Development on Reported Claims	3
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	339	332	325	323	319	317	301	273	222	145
2014 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	229	229	229	229	229	229	229	258	327	341
Total of IBNR Liabilities Plus Expected Development on Reported Claims	0
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	216	211	188	184	175	145	107	77	36	15
2014 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	82	82	82	82	82	82	82	84	89	76
Total of IBNR Liabilities Plus Expected Development on Reported Claims	0
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	82	82	82	82	82	82	81	81	77	45
2014 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	256	256	256	256	255	255	255	241	239	238
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	24,779
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 255	254	253	250	229	229	144	114	72	$ 20
2015 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	311	311	311	311	311	311	311	341	640
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	314	300	291	287	282	276	261	213	148
2015 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	238	238	238	238	238	238	238	250	294
Total of IBNR Liabilities Plus Expected Development on Reported Claims	6
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	216	209	194	188	168	147	86	39	16
2015 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	95	103	107	107	95	92	93	93	96
Total of IBNR Liabilities Plus Expected Development on Reported Claims	0
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	95	94	94	94	91	91	91	82	51
2015 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	278	269	266	266	277	277	277	259	259
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	26,300
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 270	266	263	259	244	199	117	68	$ 20
2016 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	628	627	627	627	628	632	631	612
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	603	592	582	580	575	569	475	223
2016 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	239	239	239	239	239	239	239	243
Total of IBNR Liabilities Plus Expected Development on Reported Claims	18
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	220	214	187	161	143	89	54	18
2016 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	181	181	174	175	177	180	186	150
Total of IBNR Liabilities Plus Expected Development on Reported Claims	0
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	181	180	180	178	175	180	162	78
2016 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	281	281	287	288	281	279	276	351
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 0
Cumulative Number of Reported Claims | claim	30,606
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 321	318	313	308	299	276	101	$ 25
2017 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	2,203	2,200	2,162	2,109	2,015	1,847	1,262
Total of IBNR Liabilities Plus Expected Development on Reported Claims	2
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	2,219	2,181	2,105	2,011	1,887	1,529	773
2017 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	204	204	204	204	204	204	198
Total of IBNR Liabilities Plus Expected Development on Reported Claims	50
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	187	180	150	123	110	87	27
2017 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	329	332	322	309	303	300	233
Total of IBNR Liabilities Plus Expected Development on Reported Claims	0
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	329	329	321	305	287	298	164
2017 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	235	232	236	237	238	237	304
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 0
Cumulative Number of Reported Claims | claim	34,567
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 243	239	233	217	157	151	$ 23
2018 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,982	2,011	2,041	2,093	2,103	2,214
Total of IBNR Liabilities Plus Expected Development on Reported Claims	(1)
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	1,909	1,866	1,808	1,652	1,358	470
2018 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,029	919	867	845	799	814
Total of IBNR Liabilities Plus Expected Development on Reported Claims	115
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	510	473	415	318	200	132
2018 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	402	395	390	392	380	382
Total of IBNR Liabilities Plus Expected Development on Reported Claims	5
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	396	391	388	376	349	238
2018 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	793	698	689	666	644	645
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 135
Cumulative Number of Reported Claims | claim	35,301
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 476	435	383	271	189	$ 63
2019 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,479	1,486	1,591	1,664	1,658
Total of IBNR Liabilities Plus Expected Development on Reported Claims	(7)
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	1,472	1,376	1,258	1,016	656
2019 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,109	1,073	1,058	1,057	1,009
Total of IBNR Liabilities Plus Expected Development on Reported Claims	285
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	531	487	381	265	165
2019 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	378	365	359	367	350
Total of IBNR Liabilities Plus Expected Development on Reported Claims	7
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	367	364	357	346	224
2019 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	996	814	794	756	768
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 194
Cumulative Number of Reported Claims | claim	39,356
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 598	489	350	217	$ 11
2020 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,805	1,827	1,887	1,843
Total of IBNR Liabilities Plus Expected Development on Reported Claims	23
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	1,590	1,408	1,100	528
2020 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,017	1,026	1,057	1,085
Total of IBNR Liabilities Plus Expected Development on Reported Claims	373
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	447	334	237	146
2020 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	478	513	523	524
Total of IBNR Liabilities Plus Expected Development on Reported Claims	24
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	453	395	374	271
2020 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	841	793	792	817
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 287
Cumulative Number of Reported Claims | claim	38,099
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 448	340	209	$ 82
2021 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	2,068	2,126	2,140
Total of IBNR Liabilities Plus Expected Development on Reported Claims	87
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	1,634	1,274	625
2021 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,309	1,351	1,358
Total of IBNR Liabilities Plus Expected Development on Reported Claims	693
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	377	230	156
2021 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	578	550	557
Total of IBNR Liabilities Plus Expected Development on Reported Claims	31
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	537	515	361
2021 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,106	1,112	1,112
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 457
Cumulative Number of Reported Claims | claim	44,387
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 521	339	$ 201
2022 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	2,223	2,535
Total of IBNR Liabilities Plus Expected Development on Reported Claims	549
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	1,209	548
2022 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,290	1,331
Total of IBNR Liabilities Plus Expected Development on Reported Claims	912
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	222	105
2022 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	711	708
Total of IBNR Liabilities Plus Expected Development on Reported Claims	115
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	548	390
2022 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,054	1,039
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 450
Cumulative Number of Reported Claims | claim	45,829
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 470	$ 222
2023 | Reinsurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,958
Total of IBNR Liabilities Plus Expected Development on Reported Claims	980
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	525
2023 | Reinsurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,634
Total of IBNR Liabilities Plus Expected Development on Reported Claims	1,283
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	175
2023 | Insurance | Property Insurance
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	638
Total of IBNR Liabilities Plus Expected Development on Reported Claims	164
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	391
2023 | Insurance | Property, Liability and Casualty Insurance Product Line
Short-duration Insurance Contracts [Line Items]
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,	1,236
Total of IBNR Liabilities Plus Expected Development on Reported Claims	$ 620
Cumulative Number of Reported Claims | claim	36,309
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,	$ 193

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RESERVES FOR LOSSES AND LAE - Schedule of Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance (Details)	Dec. 31, 2023
Insurance | Casualty Insurance
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One	12.10%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two	19.70%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three	16.70%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four	15.00%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five	11.10%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six	3.60%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven	3.20%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight	1.10%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine	0.90%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten	0.20%
Insurance | Property Insurance
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One	57.10%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two	29.80%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three	4.00%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four	4.70%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five	1.80%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six	1.60%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven	0.20%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight	0.70%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine	0.20%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten	0.10%
Reinsurance | Casualty Insurance
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One	11.50%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two	8.90%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three	11.60%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four	11.70%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five	6.80%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six	7.30%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven	5.50%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight	3.60%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine	6.30%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten	2.00%
Reinsurance | Property Insurance
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One	30.90%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two	32.80%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three	16.20%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four	7.20%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five	3.90%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six	2.40%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven	1.60%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight	1.70%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine	3.30%
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten	1.90%

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RESERVES FOR LOSSES AND LAE - Schedule of Incurred Losses With Respect to A&E Reserve on Both Gross and Net of Reinsurance Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross basis:
Beginning of period reserves	$ 278	$ 175	$ 219
Incurred losses	0	144	11
Paid losses	(31)	(42)	(55)
End of period reserves	246	278	175
Net basis:
Beginning of period reserves	210	128	167
Incurred losses	0	113	(3)
Paid losses	(21)	(32)	(36)
End of period reserves	$ 189	$ 210	$ 128

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REINSURANCE - Schedule of Premiums Written And Earned And Incurred Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Written premiums:
Direct	$ 3,785	$ 3,701	$ 3,300
Assumed	7,332	5,975	6,031
Ceded	(1,905)	(1,645)	(1,612)
Net written premiums	9,212	8,032	7,719
Premiums earned:
Direct	3,709	3,544	2,982
Assumed	6,705	5,945	5,741
Ceded	(1,878)	(1,613)	(1,544)
Net premiums earned	8,536	7,876	7,179
Incurred losses and LAE:
Direct	2,594	2,423	2,043
Assumed	3,449	4,107	3,872
Ceded	(465)	(708)	(528)
Net incurred losses and LAE	$ 5,578	$ 5,823	$ 5,387

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REINSURANCE - Schedule of Affiliated Quota Share Reinsurance Agreements for all New and Renewal Business for the Indicated Coverage Period (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
01/01/2010-12/31/2010
Related Party Transaction [Line Items]
Percent Ceded	44.00%	44.00%
Single Occurrence Limit	$ 150
Aggregate Limit	$ 325
01/01/2011-12/31/2011
Related Party Transaction [Line Items]
Percent Ceded	50.00%	50.00%
Single Occurrence Limit	$ 150
Aggregate Limit	$ 300
01/01/2012-12/31/2014
Related Party Transaction [Line Items]
Percent Ceded	50.00%	50.00%
Single Occurrence Limit	$ 100
Aggregate Limit	$ 200
01/01/2015-12/31/2016
Related Party Transaction [Line Items]
Percent Ceded	50.00%	50.00%
Single Occurrence Limit	$ 163
Aggregate Limit	$ 325
01/01/2017-12/31/2017
Related Party Transaction [Line Items]
Percent Ceded	60.00%	60.00%
Single Occurrence Limit	$ 219
Aggregate Limit	$ 438
01/01/2010-12/31/2010
Related Party Transaction [Line Items]
Percent Ceded	60.00%	60.00%
Single Occurrence Limit		$ 350
Aggregate Limit		$ 0
01/01/2011-12/31/2011
Related Party Transaction [Line Items]
Percent Ceded	60.00%	60.00%
Single Occurrence Limit		$ 350
Aggregate Limit		$ 0
01/01/2012-12/31/2012
Related Party Transaction [Line Items]
Percent Ceded	75.00%	75.00%
Single Occurrence Limit		$ 206
Aggregate Limit		$ 413
01/01/2013-12/31/2013
Related Party Transaction [Line Items]
Percent Ceded	75.00%	75.00%
Single Occurrence Limit		$ 150
Aggregate Limit		$ 413
01/01/2014-12/31/2017
Related Party Transaction [Line Items]
Percent Ceded	75.00%	75.00%
Single Occurrence Limit		$ 263
Aggregate Limit		$ 413
01/01/2012-12/31/2017
Related Party Transaction [Line Items]
Percent Ceded	80.00%	80.00%
Single Occurrence Limit	$ 0
Aggregate Limit	$ 0
01/01/2020
Related Party Transaction [Line Items]
Percent Ceded	100.00%	100.00%
Single Occurrence Limit	$ 0
Aggregate Limit	$ 0

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REINSURANCE - Narrative (Details) € in Millions, £ in Millions, $ in Millions			10 Months Ended	12 Months Ended
	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)
Related Party Transaction [Line Items]
Reinsurance agreements, aggregate loss				$ 5,578	$ 5,823		$ 5,387
Everest Re Group, Ltd.
Related Party Transaction [Line Items]
Reinsurance agreements, aggregate loss	$ 37
Bermuda Re
Related Party Transaction [Line Items]
Subject loss reserves		$ 2,300
Bermuda Re | Cash And Fixed Maturity Securities
Related Party Transaction [Line Items]
Amount transferred		1,000
Bermuda Re | Loss Reserves
Related Party Transaction [Line Items]
Amount transferred		970
Catastrophe Reinsurance | Bermuda Re | Everest Re Group, Ltd.
Related Party Transaction [Line Items]
Aggregate Limit | £								£ 100
Payments for coverage | £								5
Reinsurance agreement, threshold | £								£ 24
Catastrophe Reinsurance | Ireland Re | Everest Re Group, Ltd.
Related Party Transaction [Line Items]
Aggregate Limit | €						€ 210
Payments for coverage | €						14
Reinsurance agreement, threshold | €						€ 18
Catastrophe Reinsurance | Subsequent Events | Ireland Re | Everest Re Group, Ltd.
Related Party Transaction [Line Items]
Aggregate Limit | €			€ 61
Payments for coverage | €			2
Reinsurance agreement, threshold | €			€ 139
Affiliated Entity
Related Party Transaction [Line Items]
Reinsurance recoverables				1,547	1,935
Affiliated Entity | Bermuda Re
Related Party Transaction [Line Items]
Adverse development coverage		$ 500
Reinsurance recoverables				$ 807	$ 804

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REINSURANCE - Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate (Details) - USD ($) $ in Millions	Dec. 31, 2017	Oct. 01, 2008	Oct. 01, 2001
Reinsurance Disclosures [Abstract]
Percentage of business			100.00%
Amount of transfer	$ 970	$ 747

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REINSURANCE - Schedule of Premiums and Losses Ceded by Company to Affiliate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Ceded written premiums	$ 1,905	$ 1,645	$ 1,612
Ceded earned premiums	1,878	1,613	1,544
Assumed written premiums	7,332	5,975	6,031
Affiliated Entity | Bermuda Re
Effects of Reinsurance [Line Items]
Ceded written premiums	432	372	303
Ceded earned premiums	431	371	300
Ceded losses and LAE	(15)	(16)	(59)
Assumed written premiums	4	3	5
Assumed earned premiums	4	5	4
Affiliated Entity | Ireland Re
Effects of Reinsurance [Line Items]
Assumed written premiums	13	10	16
Assumed earned premiums	12	10	15
Assumed losses and LAE	2	23	64
Affiliated Entity | Ireland Insurance
Effects of Reinsurance [Line Items]
Assumed written premiums	14	9	9
Assumed earned premiums	17	8	6
Assumed losses and LAE	7	5	3
Mt. Logan Re Segregated Accounts
Effects of Reinsurance [Line Items]
Ceded written premiums	210	170	286
Ceded earned premiums	205	174	280
Ceded losses and LAE	$ 31	$ 150	$ 194

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SEGMENT REPORTING - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Number of operating segments	2
Premiums Written, Gross | Customer Concentration Risk | Largest Intermediary
Concentration Risk [Line Items]
Concentration credit risk	17.20%	17.60%	19.30%

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SEGMENT REPORTING - Schedule Of Underwriting Results For Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Gross written premiums	$ 11,117	$ 9,677	$ 9,331
Net written premiums	9,212	8,032	7,719
Premiums earned	8,536	7,876	7,179
Incurred losses and loss adjustment expenses	5,578	5,823	5,387
Commission, brokerage, taxes and fees	1,851	1,632	1,513
Other underwriting expenses	574	501	454
Underwriting gain (loss)	533	(81)	(175)
Net investment income	993	638	745
Net gains (losses) on investments	(180)	(982)	501
Corporate expenses	(18)	(26)	(33)
Interest, fee and bond issue cost amortization expense	(134)	(101)	(70)
Other income (expense)	(11)	(6)	23
INCOME (LOSS) BEFORE TAXES	1,181	(557)	991
Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	7,181	5,879	5,979
Net written premiums	6,205	5,204	5,217
Premiums earned	5,637	5,147	4,899
Incurred losses and loss adjustment expenses	3,329	3,926	3,750
Commission, brokerage, taxes and fees	1,545	1,308	1,229
Other underwriting expenses	167	138	142
Underwriting gain (loss)	596	(224)	(220)
Insurance
Segment Reporting Information [Line Items]
Gross written premiums	3,936	3,798	3,352
Net written premiums	3,007	2,828	2,503
Premiums earned	2,900	2,729	2,279
Incurred losses and loss adjustment expenses	2,249	1,897	1,637
Commission, brokerage, taxes and fees	306	325	284
Other underwriting expenses	407	364	312
Underwriting gain (loss)	$ (64)	$ 144	$ 46

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SENIOR NOTES - Schedule of Outstanding Senior Notes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Consolidated Balance Sheet Amount	$ 2,349,000,000	$ 2,347,000,000
Senior Notes
Assets Sold under Agreements to Repurchase [Line Items]
Principal Amounts	2,400,000,000
Consolidated Balance Sheet Amount	2,349,000,000	2,347,000,000
Fair Value	$ 1,799,000,000	1,647,000,000
Senior Notes | 4.868% Senior Notes Due 2044
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument, stated interest rate	4.868%
Principal Amounts	$ 400,000,000
Consolidated Balance Sheet Amount	398,000,000	397,000,000
Fair Value	$ 369,000,000	343,000,000
Senior Notes | 3.50% Senior Notes Due 2050
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument, stated interest rate	3.50%
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	981,000,000	981,000,000
Fair Value	$ 742,000,000	677,000,000
Senior Notes | 3.125% Senior Notes Due 2052
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument, stated interest rate	3.125%
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	970,000,000	969,000,000
Fair Value	$ 688,000,000	$ 627,000,000

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SENIOR NOTES - Schedule of Interest Expense Incurred in Connection with Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest expense incurred	$ 86	$ 86	$ 62
4.868% Senior Notes Due 2044
Debt Instrument [Line Items]
Interest expense incurred	$ 19	19	19
Other invested assets, at fair value	4.868%
3.50% Senior Notes Due 2050
Debt Instrument [Line Items]
Interest expense incurred	$ 35	35	35
Other invested assets, at fair value	3.50%
3.125% Senior Notes Due 2052
Debt Instrument [Line Items]
Interest expense incurred	$ 32	$ 32	$ 8
Other invested assets, at fair value	3.125%

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LONG-TERM SUBORDINATED NOTES - Schedule of Outstanding Fixed to Floating Rate Long-Term Subordinated Notes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 218,000,000	$ 218,000,000
6.60% Long-Term Notes Due 2067 | Long Term Subordinated Debt
Debt Instrument [Line Items]
Original Principal Amount	400,000,000
Consolidated Balance Sheet Amount	218,000,000	218,000,000
Fair Value	$ 187,000,000	$ 187,000,000

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LONG-TERM SUBORDINATED NOTES - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	May 17, 2017	Dec. 31, 2023	Dec. 31, 2022	Feb. 14, 2024	May 14, 2017
Long Term Subordinated Debt
Debt Instrument [Line Items]
Outstanding debt reduction			$ 6
Gain on repurchase and retirement of debt			$ 1
6.60% Long-Term Notes Due 2067 | Long Term Subordinated Debt
Debt Instrument [Line Items]
Other invested assets, at fair value					6.60%
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly	2.385%
Right to defer interest on one or more occasions for up to number of consecutive years		10 years
Percentage of principal amount required for redemption		100.00%
6.60% Long-Term Notes Due 2067 | Long Term Subordinated Debt | Subsequent Events
Debt Instrument [Line Items]
Reset quarterly interest rate				8.03%
4.868% Senior Notes Due 2044 | Senior Notes
Debt Instrument [Line Items]
Other invested assets, at fair value		4.868%
3.50% Senior Notes Due 2050 | Senior Notes
Debt Instrument [Line Items]
Other invested assets, at fair value		3.50%
3.125% Senior Notes Due 2052 | Senior Notes
Debt Instrument [Line Items]
Other invested assets, at fair value		3.125%

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LONG-TERM SUBORDINATED NOTES - Schedule of Interest Expense Incurred in Connection with Long-Term Subordinated Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt, Unclassified [Abstract]
Interest expense incurred	$ 17	$ 9	$ 6

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FEDERAL HOME LOAN BANK MEMBERSHIP (Details) - Federal Home Loan Bank of New York - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Maximum percentage of admitted assets allowed for borrowing base	10.00%
Admitted assets for FHLB	$ 26,300
Maximum amount available under FHLB	2,600
Outstanding	819
Interest expense	$ 30	$ 4
Amount of borrowed funds required to be used to acquire additional membership stock, percentage	4.50%
Asset Pledged as Collateral
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Collateral pledged	$ 1,100

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Restricted Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Text Block [Abstract]
Collateral in trust for non-affiliated agreements	$ 825	$ 705
Collateral for FHLB borrowings	1,077	572
Securities on deposit with or regulated by government authorities	1,447	1,360
Funds held by reinsureds	306	303
Total restricted assets	3,654	2,941
Restricted cash	$ 116	$ 21

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Collateralized Reinsurance Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Limit	$ 1,905	$ 1,645	$ 1,612
Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	1,375
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2019-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2019-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	275
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2021-1 Class A-1
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2021-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2021-1 Class B-1
Effects of Reinsurance [Line Items]
Limit	85
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2021-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	90
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2021-1 Class C-1
Effects of Reinsurance [Line Items]
Limit	85
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2021-1 Class C-2
Effects of Reinsurance [Line Items]
Limit	90
Kilimanjaro Re Limited | Reinsurance Contract [Axis]: Series 2022-1 Class A
Effects of Reinsurance [Line Items]
Limit	$ 300

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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Collateralized Reinsurance And Trust Agreements [Abstract]
Catastrophe bond protection, threshold	$ 350

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COMMITMENTS AND CONTINGENCIES - Schedule of Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
The Prudential
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 136	$ 137
Other unaffiliated life insurance company
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 34	$ 34

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LEASES - Schedule of Supplemental Information Relating to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease expense incurred: Operating lease cost	$ 26	$ 25
Operating lease right of use assets (1)	$ 111	$ 121
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease liabilities (1)	$ 130	$ 139
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating cash flows from operating leases	$ (19)	$ (18)
Weighted average remaining operating lease term	10 years 3 months 18 days	11 years 1 month 6 days
Weighted average discount rate on operating leases	4.03%	4.00%

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LEASES - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 20
2025	16
2026	15
2027	14
2028	12
Thereafter	78
Undiscounted lease payments	155
Less: present value adjustment	26
Total operating lease liability	$ 130	$ 139

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COMPREHENSIVE INCOME (LOSS) - Schedule of Components of Comprehensive Income (Loss) in the Consolidated Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Before Tax
Total other comprehensive income (loss)	$ 710	$ (1,189)	$ (223)
Tax Effect
Total other comprehensive income (loss)	(149)	249	47
Net of Tax
Total other comprehensive income (loss), net of tax	561	(939)	(177)
URA(D) on securities - temporary
Before Tax
OCI before reclassification, before tax	473	(1,280)	(254)
Reclassification of net realized losses (gains) included in net income (loss) and Reclassification of amortization of net gain (loss) included in net income (loss)	193	93	12
Tax Effect
OCI before reclassification, tax effect	(99)	269	53
Reclassification of net realized losses (gains) included in net income (loss), tax effect	(41)	(20)	(3)
Net of Tax
OCI before reclassifications, net of tax	374	(1,011)	(200)
Reclassification of net realized losses (gains) included in net income (loss), net of tax	153	73	9
Total other comprehensive income (loss), net of tax	527	(938)
Foreign currency translation adjustments
Before Tax
OCI before reclassification, before tax	22	(23)	(11)
Tax Effect
OCI before reclassification, tax effect	(5)	5	2
Net of Tax
OCI before reclassifications, net of tax	17	(18)	(9)
Total other comprehensive income (loss), net of tax	17	(18)
Benefit plan actuarial net gain (loss)
Before Tax
Reclassification of net realized losses (gains) included in net income (loss) and Reclassification of amortization of net gain (loss) included in net income (loss)	(2)	(3)	(8)
Benefit plan actuarial net gain (loss)	19	18	22
Tax Effect
OCI before reclassification, tax effect	(4)	(4)	(5)
Reclassification of net realized losses (gains) included in net income (loss), tax effect	0	1	2
Net of Tax
Reclassification of net realized losses (gains) included in net income (loss), net of tax	(2)	(2)	(6)
Benefit plan actuarial net gain (loss)	15	15	$ 17
Total other comprehensive income (loss), net of tax	$ 17	$ 17

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COMPREHENSIVE INCOME (LOSS) - Schedule of Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	$ (180)	$ (982)	$ 501
Income tax expense (benefit)	210	(112)	192
Other underwriting expenses	574	501	454
Net income (loss)	972	(445)	$ 800
URA(D) on securities - temporary | Reclassification From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	193	93
Income tax expense (benefit)	(41)	(20)
Net income (loss)	153	73
Benefit plan net gain (loss) | Reclassification From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)	0	(1)
Other underwriting expenses	2	3
Net income (loss)	$ 2	$ 2

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COMPREHENSIVE INCOME (LOSS) - Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax, in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 5,654	$ 7,038
Current period change	561	(939)	$ (177)
Ending balance	7,187	5,654	7,038
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(848)	91	268
Current period change	561	(939)	(177)
Ending balance	(287)	(848)	91
URA(D) on securities - temporary
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(816)	122
Current period change	527	(938)
Ending balance	(289)	(816)	122
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2	20
Current period change	17	(18)
Ending balance	19	2	20
Benefit plan actuarial net gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(33)	(50)
Current period change	17	17
Ending balance	$ (16)	$ (33)	$ (50)

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EMPLOYEE BENEFIT PLANS - Schedule of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 1	$ 6	$ 4

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EMPLOYEE BENEFIT PLANS - Schedule of Pension Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Pension expense	$ 5	$ (2)	$ 3

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EMPLOYEE BENEFIT PLANS (Summary Of Status Of Plan) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plans
Change in projected benefit obligation:
Benefit obligation at beginning of year	$ 291,000,000	$ 403,000,000
Service cost	5,000,000	9,000,000	$ 11,000,000
Interest cost	14,000,000	10,000,000	8,000,000
Actuarial (gain)/loss	9,000,000	(115,000,000)
Curtailment	0	0
Benefits paid	(25,000,000)	(15,000,000)
Projected benefit obligation at end of year	295,000,000	291,000,000	403,000,000
Change in plan assets:
Fair value of plan assets at beginning of year	285,000,000	377,000,000
Actual return on plan assets	48,000,000	(83,000,000)
Actual contributions during the year	1,000,000	6,000,000
Benefits paid	(25,000,000)	(15,000,000)
Fair value of plan assets at end of year	308,000,000	285,000,000	377,000,000
Funded status at end of year	13,000,000	(6,000,000)
Post-Retirement Plan
Change in projected benefit obligation:
Benefit obligation at beginning of year	21,000,000	31,000,000
Service cost	1,000,000	1,000,000	1,000,000
Interest cost	1,000,000	1,000,000	1,000,000
Amendments	0	0
Actuarial (gain)/loss	(1,000,000)	(10,000,000)
Benefits paid	0	0
Projected benefit obligation at end of year	22,000,000	21,000,000	31,000,000
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual contributions during the year	0	0
Benefits paid	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded status at end of year	$ (22,000,000)	$ (21,000,000)

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EMPLOYEE BENEFIT PLANS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2030
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate used to determine net periodic benefit cost	5.25%	2.86%	2.55%
Rate of compensation increase to determine the net periodic benefit cost	4.00%	4.00%	4.00%
Expected long-term rate of return on plan assets	7.00%	6.75%	7.00%
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation	5.00%	5.25%	2.86%
Company contributions	$ 1,000,000	$ 6,000,000	$ 4,000,000
Defined Benefit Pension Plans | Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Private equity limited partnership		2,000,000
Defined Benefit Pension Plans | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 0	0
Defined Contribution Plans | Us Employees
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum	3.00%
Defined contribution plans, employer contribution percentage, for new hires, minimum	3.00%
Defined contribution plans, employer contribution percentage, for new hires, maximum	8.00%
Vested contribution after three years, percentage	100.00%
Defined contribution plans vesting period, years	3 years
Incurred expenses (reversal)	$ 22,000,000	18,000,000	15,000,000
Defined Contribution Plans | Non US Employees
Defined Benefit Plan Disclosure [Line Items]
Incurred expenses (reversal)	$ 700,000	$ 700,000	$ 600,000
Defined contribution plan employer contribution percentage for branch offices, minimum	7.50%
Defined contribution plan employer contribution percentage for branch offices, maximum	9.30%
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate used to determine net periodic benefit cost	5.25%	2.86%	2.55%
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation	5.00%	5.25%	2.86%
Incurred expenses (reversal)	$ (1,000,000)	$ 1,000,000	$ 1,000,000
Health inflation rate	6.75%
Post-Retirement Plan | Forecast
Defined Benefit Plan Disclosure [Line Items]
Health inflation rate				4.75%
Equity securities | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Plan assets consist of shares in investment trusts, percentage	75.00%
Target asset allocation percentage	70.00%
Fixed maturities | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Plan assets consist of shares in investment trusts, percentage	24.00%
Cash | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Plan assets consist of shares in investment trusts, percentage	1.00%
Bonds | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation percentage	30.00%

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EMPLOYEE BENEFIT PLANS (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Other assets (due beyond one year)	$ 19,000,000	$ 1,000,000
Other liabilities (due within one year)	(3,000,000)	(1,000,000)
Other liabilities (due beyond one year)	(3,000,000)	(6,000,000)
Net amount recognized in the consolidated balance sheets	13,000,000	(6,000,000)
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Other liabilities (due within one year)	(1,000,000)	(1,000,000)
Other liabilities (due beyond one year)	(21,000,000)	(21,000,000)
Net amount recognized in the consolidated balance sheets	$ (22,000,000)	$ (21,000,000)

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EMPLOYEE BENEFIT PLANS (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated income (loss)	$ (33)	$ (56)
Accumulated other comprehensive income (loss)	(33)	(56)	$ (68)
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated income (loss)	11	13
Accumulated prior service credit (cost)	1	1
Accumulated other comprehensive income (loss)	$ 12	$ 14	$ 4

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EMPLOYEE BENEFIT PLANS (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plans
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Before Tax [Roll Forward]
Other comprehensive income (loss) at December 31, prior year	$ (56,000,000)	$ (68,000,000)
Net gain (loss) arising during period	19,000,000	7,000,000
Recognition of amortizations in net periodic benefit cost:
Net gain recognition	4,000,000	4,000,000
Curtailment loss recognized	0	0
Other comprehensive income (loss) at December 31, current year	(33,000,000)	(56,000,000)	$ (68,000,000)
Post-Retirement Plan
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Before Tax [Roll Forward]
Other comprehensive income (loss) at December 31, prior year	14,000,000	4,000,000
Net gain (loss) arising during period	1,000,000	10,000,000
Prior Service credit (cost) arising during period	0	0
Recognition of amortizations in net periodic benefit cost:
Net gain recognition	(2,000,000)	0	0
Prior service cost	0	0	(1,000,000)
Other comprehensive income (loss) at December 31, current year	$ 12,000,000	$ 14,000,000	$ 4,000,000

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EMPLOYEE BENEFIT PLANS (Summary Of Net Periodic Benefit Cost) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,000,000	$ 9,000,000	$ 11,000,000
Interest cost	14,000,000	10,000,000	8,000,000
Expected return on assets	(19,000,000)	(25,000,000)	(24,000,000)
Amortization of actuarial loss from earlier periods	4,000,000	4,000,000	8,000,000
Settlement	0	(1,000,000)	0
Net gain recognition	4,000,000	4,000,000
Net periodic cost	5,000,000	(2,000,000)	3,000,000
Other comprehensive gain (loss) attributable to change from prior year	(23,000,000)	(12,000,000)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	(18,000,000)	(14,000,000)
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,000,000	1,000,000	1,000,000
Interest cost	1,000,000	1,000,000	1,000,000
Prior service credit recognition	0	0	(1,000,000)
Net gain recognition	(2,000,000)	0	0
Net periodic cost	(1,000,000)	1,000,000	$ 1,000,000
Other comprehensive gain (loss) attributable to change from prior year	2,000,000	(10,000,000)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$ 1,000,000	$ (9,000,000)

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EMPLOYEE BENEFIT PLANS (Summary Of Accumulated Benefit Obligation) (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 269	$ 264
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	263	258
Non-qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 6	$ 6

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EMPLOYEE BENEFIT PLANS (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - Defined Benefit Pension Plans - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 289,000,000	$ 284,000,000
Fair value of plan assets	308,000,000	285,000,000
Non-qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	6,000,000	6,000,000
Fair value of plan assets	$ 0	$ 0

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EMPLOYEE BENEFIT PLANS (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Defined Benefit Pension Plans - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 0	$ 0
Fair value of plan assets	0	0
Non-qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	6,000,000	6,000,000
Fair value of plan assets	$ 0	$ 0

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EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2024	$ 15
2025	14
2026	15
2027	16
2028	17
Next 5 years	99
Post-Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
2024	1
2025	1
2026	1
2027	1
2028	1
Next 5 years	$ 7

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EMPLOYEE BENEFIT PLANS (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	$ 2	$ 4
Total	$ 308	$ 283
Percent of fixed income funds in US securities	90.00%	70.00%
Percent of fixed income funds in international securities	10.00%	30.00%
Percent of equities mutual funds in US equities	100.00%	50.00%
Percent of equities mutual funds in international equities		50.00%
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	$ 2	$ 4
Total	308	283
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	0	0
Total	0	0
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Short-term investments, which approximates fair value	0	0
Total	0	0
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	73	68
Fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	73	68
Fixed income | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	0	0
Fixed income | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	0	0
Equities
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	232	211
Equities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	232	211
Equities | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	0	0
Equities | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Mutual funds, fair value	$ 0	$ 0

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RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($)	1 Months Ended
	Dec. 31, 2015	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Shares received in exchange from affiliated entity for transfer (in shares)	1,773.214
Preferred shares par value	$ 1,000,000
Annual dividend rate	1.75%
Shares transferred to affiliated entity	9,719,971
Affiliated Entity
Related Party Transaction [Line Items]
Notes receivable outstanding		$ 0	$ 840,000,000
Shares received in exchange from affiliated entity for transfer (in shares)	1,773.214
Preferred shares par value	$ 1,000,000
Annual dividend rate	1.75%

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RELATED-PARTY TRANSACTIONS - Schedule of Related-Party Long-Term Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 12, 2022	Jun. 14, 2022	Aug. 05, 2021	Dec. 17, 2019
1.69% Long-term Note
Related Party Transaction [Line Items]
Interest rate	1.69%
1.00% Long-term Note
Related Party Transaction [Line Items]
Interest rate	1.00%
3.11% Long-term Note
Related Party Transaction [Line Items]
Interest rate	3.11%
4.34% Long-term Note
Related Party Transaction [Line Items]
Interest rate	4.34%
Affiliated Entity
Related Party Transaction [Line Items]
Principal Amounts	$ 840,000,000
Consolidated Balance Sheet Amount	0	$ 840,000,000
Fair Value	0	689,000,000
Affiliated Entity | 1.69% Long-term Note
Related Party Transaction [Line Items]
Principal Amounts						$ 300,000,000
Consolidated Balance Sheet Amount	0	300,000,000
Fair Value	0	242,000,000
Affiliated Entity | 1.00% Long-term Note
Related Party Transaction [Line Items]
Principal Amounts					$ 200,000,000
Consolidated Balance Sheet Amount	0	200,000,000
Fair Value	0	151,000,000
Affiliated Entity | 3.11% Long-term Note
Related Party Transaction [Line Items]
Principal Amounts				$ 215,000,000
Consolidated Balance Sheet Amount	0	215,000,000
Fair Value	0	171,000,000
Affiliated Entity | 4.34% Long-term Note
Related Party Transaction [Line Items]
Principal Amounts			$ 125,000,000
Consolidated Balance Sheet Amount	0	125,000,000
Fair Value	$ 0	$ 125,000,000

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RELATED-PARTY TRANSACTIONS -Schedule of Related-Party Interest Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Net investment income	$ 993	$ 638	$ 745
1.69% Long-term Note
Related Party Transaction [Line Items]
Interest rate	1.69%
1.00% Long-term Note
Related Party Transaction [Line Items]
Interest rate	1.00%
3.11% Long-term Note
Related Party Transaction [Line Items]
Interest rate	3.11%
4.34% Long-term Note
Related Party Transaction [Line Items]
Interest rate	4.34%
Affiliated Entity
Related Party Transaction [Line Items]
Net investment income	$ 7	11	6
Affiliated Entity | 1.69% Long-term Note
Related Party Transaction [Line Items]
Net investment income	2	5	5
Affiliated Entity | 1.00% Long-term Note
Related Party Transaction [Line Items]
Net investment income	1	2	1
Affiliated Entity | 3.11% Long-term Note
Related Party Transaction [Line Items]
Net investment income	5	4	0
Affiliated Entity | 4.34% Long-term Note
Related Party Transaction [Line Items]
Net investment income	$ 0	$ 0	$ 0

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RELATED-PARTY TRANSACTIONS - Schedule of Dividends Received on Preferred Shares (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends from preferred shares of affiliate
Related Party Transaction [Line Items]
Dividends received on preferred stock of affiliate	$ 31	$ 31	$ 31

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Related-Party Transactions Schedule of Expenses Incurred By Holdings From Services Provided By Affiliated Company (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Expenses incurred	$ 204	$ 204	$ 133

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INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0	$ 0	$ 0
Foreign tax credits	0	3,000,000
Net operating loss carryforwards	1,000,000
Deferred tax assets, valuation allowance	1,000,000
Unrealized losses on available for sale fixed maturity securities	66,000,000	200,000,000
Tax benefits related to stock vestings and option exercises	2,000,000	3,000,000	3,000,000
Tax benefits related to payment of dividends on restricted stock	400,000	$ 400,000	$ 400,000
Internal Revenue Service (IRS) | Tax Year 2015
Income Tax Contingency [Line Items]
Federal income tax refund	2,000,000
Internal Revenue Service (IRS) | Tax Year 2016
Income Tax Contingency [Line Items]
Federal income tax refund	$ 5,000,000

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INCOME TAXES - Schedule of Components Of The Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 284	$ 95	$ 102
Foreign	0	0	0
Total current tax expense (benefit)	284	95	102
Total deferred U.S. tax expense (benefit)	(74)	(207)	90
Total income tax expense (benefit)	$ 210	$ (112)	$ 192

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INCOME TAXES - Schedule of Reconciliation Of Total Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Expected income tax provision at the U.S. statutory tax rate	$ 248	$ (117)	$ 208
Increase (reduction) in taxes resulting from:
Tax exempt income	(3)	(4)	(4)
Dividend received deduction	(2)	(3)	(1)
Proration	1	1	1
Creditable foreign premium tax	(14)	(11)	(13)
Reserve adjustment	0	(19)	0
U.S. BEAT tax	0	22	0
Share based compensation	(3)	(3)	(2)
Prior year true up	(21)	16	0
Insurance company-owned life insurance	(13)	(1)	0
Other	17	7	3
Total income tax expense (benefit)	$ 210	$ (112)	$ 192

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INCOME TAXES - Schedule of Net Deferred Income Tax Assets/(Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Loss reserves	$ 154	$ 154
Unearned premium reserve	143	114
Net unrealized investment losses	66	200
Depreciation	44	0
Lease Liability	27	29
Unrealized foreign currency losses	15	24
Investment impairments	12	12
Equity compensation	8	7
Amortization	7	0
Net unrecognized losses on benefit plans	4	9
Foreign tax credits	0	3
Other assets	17	12
Total deferred tax assets	497	564
Deferred tax liabilities:
Deferred acquisition costs	139	105
Net fair value income	136	141
Partnership Investments	49	56
Right of use asset	23	25
Bond market discount	9	5
Depreciation	0	16
Other liabilities	5	6
Total deferred tax liabilities	361	354
Net deferred tax assets/(liabilities)	$ 136	$ 210

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividend Restrictions And Statutory Financial Information [Abstract]
Available for payment of dividends in 2012 without need for prior regulatory approval	$ 877
Statutory capital and surplus	7,000	$ 5,600
Statutory net income (loss)	$ 877	$ 294	$ 264

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DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION - Schedule of Regulatory Targeted Capital And Actual Statutory Capital (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Dividend Restrictions And Statutory Financial Information [Abstract]
Regulatory targeted capital	$ 4,242	$ 3,353
Actual capital	$ 6,963	$ 5,553

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SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 24,111
Market Value	23,437
Amount Shown in Balance Sheet	23,439
Fixed maturities | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	16,305
Market Value	15,932
Amount Shown in Balance Sheet	15,932
Fixed maturities | Fixed maturities - held to maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	859
Market Value	850
Amount Shown in Balance Sheet	851
U.S. government and government agencies | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	265
Market Value	247
Amount Shown in Balance Sheet	247
State, municipalities and political subdivisions | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	138
Market Value	128
Amount Shown in Balance Sheet	128
Foreign government securities | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	859
Market Value	835
Amount Shown in Balance Sheet	835
Foreign corporate securities | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,807
Market Value	1,759
Amount Shown in Balance Sheet	1,759
Foreign corporate securities | Fixed maturities - held to maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	84
Market Value	90
Amount Shown in Balance Sheet	83
Public utilities | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	238
Market Value	231
Amount Shown in Balance Sheet	231
Public utilities | Fixed maturities - held to maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	4
Market Value	5
Amount Shown in Balance Sheet	4
All other corporate bonds | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	8,990
Market Value	8,907
Amount Shown in Balance Sheet	8,907
All other corporate bonds | Fixed maturities - held to maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	750
Market Value	733
Amount Shown in Balance Sheet	743
Commercial | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	575
Market Value	522
Amount Shown in Balance Sheet	522
Commercial | Fixed maturities - held to maturity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	21
Market Value	21
Amount Shown in Balance Sheet	21
Agency residential | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,531
Market Value	2,435
Amount Shown in Balance Sheet	2,435
Non-agency residential | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	429
Market Value	441
Amount Shown in Balance Sheet	441
Redeemable preferred stock | Fixed maturities - available for sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	474
Market Value	427
Amount Shown in Balance Sheet	427
Equity securities at fair value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	91
Market Value	91
Amount Shown in Balance Sheet	91
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,298
Market Value	1,298
Amount Shown in Balance Sheet	1,298
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,259
Market Value	3,259
Amount Shown in Balance Sheet	3,259
Other Invested Assets, at Fair Value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,773
Market Value	1,481
Amount Shown in Balance Sheet	1,481
Cash
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	527
Market Value	527
Amount Shown in Balance Sheet	$ 527

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SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED BALANCE SHEETS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Fixed maturities - available for sale (amortized cost: 2023, $0; 2022, $0)	$ 15,932,000,000	$ 12,671,000,000
Equity securities, fair value	91,000,000	194,000,000
Other invested assets	3,259,000,000	2,754,000,000
Other invested assets, at fair value	1,481,000,000	1,472,000,000
Short-term investments	1,298,000,000	812,000,000
Cash	527,000,000	481,000,000
Total investments and cash	23,439,000,000	19,195,000,000
Accrued investment income	222,000,000	150,000,000
Other assets	774,000,000	722,000,000
TOTAL ASSETS	31,638,000,000	27,957,000,000
Senior notes	2,349,000,000	2,347,000,000
Long-term notes	218,000,000	218,000,000
Accrued interest on debt and borrowings	22,000,000	19,000,000
Due to affiliates	526,000,000	489,000,000
TOTAL LIABILITIES	24,451,000,000	22,303,000,000
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2023 and 2022)	0	0
Additional paid-in capital	1,102,000,000	1,102,000,000
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(76) at 2023 and $(225) at 2022	(287,000,000)	(848,000,000)
Retained earnings	6,372,000,000	5,400,000,000
Total stockholder's equity	7,187,000,000	5,654,000,000	$ 7,038,000,000
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	31,638,000,000	27,957,000,000
Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Notes receivable - affiliated	0	840,000,000
Parent Company
Condensed Financial Statements, Captions [Line Items]
Fixed maturities - available for sale (amortized cost: 2023, $0; 2022, $0)	0	0
Equity securities, fair value	18,000,000	12,000,000
Other invested assets	190,000,000	194,000,000
Other invested assets, at fair value	1,481,000,000	1,472,000,000
Short-term investments	139,000,000	30,000,000
Cash	1,000,000	2,000,000
Total investments and cash	1,829,000,000	1,710,000,000
Investment in subsidiaries, at equity in the underlying net assets	7,545,000,000	5,496,000,000
Accrued investment income	6,000,000	12,000,000
Other assets	1,000,000	0
TOTAL ASSETS	9,916,000,000	8,388,000,000
Senior notes	2,349,000,000	2,347,000,000
Long-term notes	218,000,000	218,000,000
Accrued interest on debt and borrowings	18,000,000	17,000,000
Income taxes	142,000,000	144,000,000
TOTAL LIABILITIES	2,729,000,000	2,734,000,000
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2023 and 2022)	0	0
Additional paid-in capital	1,102,000,000	1,102,000,000
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(76) at 2023 and $(225) at 2022	(287,000,000)	(848,000,000)
Retained earnings	6,372,000,000	5,400,000,000
Total stockholder's equity	7,187,000,000	5,654,000,000
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	9,916,000,000	8,388,000,000
Parent Company | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Notes receivable - affiliated	535,000,000	1,170,000,000
Due to affiliates	$ 3,000,000	$ 7,000,000

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED BALANCE SHEET (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Amortized Cost	$ 16,304	$ 13,699
Common shares, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	3,000	3,000
Common stock, shares issued	1,000	1,000
Common shares, outstanding (in shares)	1,000	1,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (76)	$ (225)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Amortized Cost	$ 0	$ 0
Common shares, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	3,000	3,000
Common stock, shares issued	1,000	1,000
Common shares, outstanding (in shares)	1,000	1,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (76)	$ (225)

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SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Net investment income	$ 993	$ 638	$ 745
Net gains (losses) on investments	(180)	(982)	501
Other income (expense)	(11)	(6)	23
Total revenues	9,337	7,526	8,448
CLAIMS AND EXPENSES:
Interest expense	134	101	70
Corporate expense	18	26	33
Total claims and expenses	8,156	8,083	7,457
INCOME (LOSS) BEFORE TAXES	1,181	(557)	991
Income tax expense (benefit)	210	(112)	192
NET INCOME (LOSS)	972	(445)	800
COMPREHENSIVE INCOME (LOSS)	1,533	(1,384)	623
Parent Company
REVENUES:
Net investment income	19	47	39
Net gains (losses) on investments	10	(704)	329
Other income (expense)	1	(3)	0
Net income (loss) of subsidiaries	987	114	551
Total revenues	1,086	(488)	954
CLAIMS AND EXPENSES:
Interest expense	104	97	69
Corporate expense	15	10	18
Total claims and expenses	119	107	86
INCOME (LOSS) BEFORE TAXES	967	(595)	867
Income tax expense (benefit)	(5)	(150)	68
NET INCOME (LOSS)	972	(445)	800
Total other comprehensive income (loss), net of tax	561	(939)	(177)
COMPREHENSIVE INCOME (LOSS)	1,533	(1,384)	623
Affiliated Entity
REVENUES:
Net investment income	$ 67	$ 57	$ 34

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SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 972	$ (445)	$ 800
Adjustments to reconcile net income to net cash provided by operating activities:
Increase (decrease) in income taxes	27	(286)	100
Change in equity adjustments in limited partnerships	(83)	(90)	(368)
Change in other assets and liabilities, net	(274)	(130)	(10)
Amortization of bond premium (accrual of bond discount)	(43)	22	31
Net (gains) losses on investments	180	982	(501)
Net cash provided by (used in) operating activities	2,374	2,146	2,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	1,206	1,399	2,330
Proceeds from fixed maturities sold - available for sale	2,546	2,645	961
Proceeds from equity securities sold	126	2,203	862
Distributions from other invested assets	127	135	127
Cost of fixed maturities acquired - available for sale	(6,518)	(5,928)	(5,832)
Cost of equity securities acquired	(14)	(951)	(1,052)
Cost of other invested assets acquired	(611)	(1,241)	(430)
Net change in short-term investments	(444)	(113)	13
Net cash provided by (used in) investing activities	(2,599)	(2,329)	(3,427)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior notes	0	0	968
Cost of debt repurchase	0	(6)	0
Net cash provided by (used in) financing activities	262	(43)	1,142
Cash, beginning of period	481	699	379
Cash, end of period	527	481	699
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	972	(445)	800
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (earnings) deficit of subsidiaries	(987)	(114)	(551)
Dividends received from subsidiary	0	250	0
Increase (decrease) in income taxes	(2)	(173)	(45)
Change in equity adjustments in limited partnerships	(15)	(37)	(33)
Change in other assets and liabilities, net	2	(5)	40
Net (gains) losses on investments	(10)	704	(329)
Net cash provided by (used in) operating activities	(40)	180	(118)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries	(502)	(200)	88
Proceeds from fixed maturities matured/called/repaid - available for sale	0	0	0
Proceeds from fixed maturities sold - available for sale	0	244	0
Proceeds from equity securities sold	0	652	243
Distributions from other invested assets	171	1,362	2,014
Cost of fixed maturities acquired - available for sale	0	(134)	(148)
Cost of equity securities acquired	0	(93)	(516)
Cost of other invested assets acquired	(156)	(1,278)	(2,076)
Net change in short-term investments	(109)	(24)	5
Proceeds from repayment of long term notes receivable - affiliated	865	400	0
(Issuance) of long term notes receivable - affiliated	(230)	(1,100)	(470)
Net cash provided by (used in) investing activities	39	(171)	(860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior notes	0	0	968
Cost of debt repurchase	0	(6)	0
Net cash provided by (used in) financing activities	0	(6)	968
Net increase (decrease) in cash	(1)	2	(10)
Cash, beginning of period	2	0	10
Cash, end of period	$ 1	$ 2	$ 0

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SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2023	Sep. 30, 2022	Jun. 30, 2022	May 31, 2022	Oct. 21, 2021
Condensed Financial Statements, Captions [Line Items]
Long-term notes		$ 218,000,000	$ 218,000,000
Repayment of debt		0	6,000,000	$ 0
Shares received in exchange from affiliated entity for transfer	1,773.214
Preferred shares par value	$ 1,000,000
Annual dividend rate	1.75%
Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Shares purchased and held	9,719,971
Shares fair value	$ 1,800,000,000
Shares received in exchange from affiliated entity for transfer	1,773.214
Preferred shares par value	$ 1,000,000
Annual dividend rate	1.75%
Parent Company
Condensed Financial Statements, Captions [Line Items]
Long-term notes		218,000,000	218,000,000
Proceeds from repayment of long term notes receivable - affiliated		865,000,000	400,000,000	0
Repayment of debt		0	6,000,000	$ 0
Parent Company | Note Payable - Affiliated or Subsidiary | 3.72% Note Payable | May 2023 Promissory Note | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Original Principal Amount					$ 230,000,000
Other invested assets, at fair value					3.72%
Long-term promissory note outstanding		0
Parent Company | Note Payable - Affiliated or Subsidiary | 4.34% Note Payable | December 2022 Promissory Note | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Original Principal Amount			$ 125,000,000
Other invested assets, at fair value			4.34%
Long-term promissory note outstanding		0
Parent Company | Note Payable - Affiliated or Subsidiary | 3.35% Note Payable | September 2022 Promissory Note | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Original Principal Amount						$ 560,000,000
Other invested assets, at fair value						3.35%
Proceeds from repayment of long term notes receivable - affiliated		270,000,000
Long-term promissory note outstanding		290,000,000
Parent Company | Note Payable - Affiliated or Subsidiary | 3.11% Note Payable | June 2022 Promissory Note | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Original Principal Amount							$ 215,000,000
Other invested assets, at fair value							3.11%
Long-term promissory note outstanding		0
Parent Company | Note Payable - Affiliated or Subsidiary | 3.25% Note Payable | May 2022 Promissory Note | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Original Principal Amount								$ 200,000,000
Other invested assets, at fair value							3.25%
Parent Company | Note Payable - Affiliated or Subsidiary | 3.25% Note Payable | October 2021 Promissory Note | Affiliated Entity
Condensed Financial Statements, Captions [Line Items]
Original Principal Amount									$ 470,000,000
Other invested assets, at fair value									3.25%
Long-term promissory note outstanding		45,000,000
Repayment of debt		$ 425,000,000

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SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	$ 659	$ 499	$ 472
Reserve for Losses and Loss Adjustment Expenses	15,796	14,977	13,121
Unearned Premium Reserves	3,886	3,177	2,993
Premiums Earned	8,536	7,876	7,179
Net Investment Income	993	638	745
Incurred Loss and Loss Adjustment Expenses	5,578	5,823	5,387
Amortization of Deferred Acquisition Costs	1,851	1,632	1,513
Other Operating Expenses	574	501	454
Net Written Premium	9,212	8,032	7,719
Reinsurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	487	329	315
Reserve for Losses and Loss Adjustment Expenses	10,178	9,994	8,807
Unearned Premium Reserves	2,050	1,453	1,427
Premiums Earned	5,637	5,147	4,899
Net Investment Income	640	426	500
Incurred Loss and Loss Adjustment Expenses	3,329	3,926	3,750
Amortization of Deferred Acquisition Costs	1,545	1,308	1,229
Other Operating Expenses	167	138	142
Net Written Premium	6,205	5,204	5,217
Insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	172	170	157
Reserve for Losses and Loss Adjustment Expenses	5,617	4,983	4,314
Unearned Premium Reserves	1,836	1,725	1,566
Premiums Earned	2,900	2,729	2,279
Net Investment Income	353	212	245
Incurred Loss and Loss Adjustment Expenses	2,249	1,897	1,637
Amortization of Deferred Acquisition Costs	306	325	284
Other Operating Expenses	407	364	312
Net Written Premium	$ 3,007	$ 2,828	$ 2,503

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SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	$ 3,709	$ 3,544	$ 2,982
Ceded to Other Companies	1,878	1,613	1,544
Assumed from Other Companies	6,705	5,945	5,741
Premiums earned	8,536	7,876	7,179
Property, Liability and Casualty Insurance Product Line
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross Amount	3,709	3,544	2,982
Ceded to Other Companies	1,878	1,613	1,544
Assumed from Other Companies	6,705	5,945	5,741
Premiums earned	$ 8,536	$ 7,876	$ 7,179
Assumed to Net	78.60%	75.50%	80.00%