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

Commission file number 1-14527

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

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

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

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

The aggregate market value as of June 30, ~~2023~~2024, 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 1318, ~~2024~~2025, 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.

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EVEREST REINSURANCE HOLDINGS, INC.

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FORM 10-K

		Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	1921
Item 1C.	Cybersecurity	1921
Item 2.	Properties	2023
Item 3.	Legal Proceedings	2123
Item 4.	Mine Safety Disclosures	2123
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2123
Item 6.	Selected Financial Data	2123
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2124
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	3338
Item 8.	Financial Statements and Supplementary Data	3438
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	3438
Item 9A.	Controls and Procedures	3438
Item 9B.	Other Information	3539
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	3539
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	3640
Item 11.	Executive Compensation	3640
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	3640
Item 13.	Certain Relationships and Related Transactions, and Director Independence	3640
Item 14.	Principal Accountant Fees and Services	3640
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	3842

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~~SAFE~~Safe ~~HARBOR~~Harbor ~~DISCLOSURE~~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~~only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those expressed in ~~this~~forward-looking ~~report~~statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements include, but are not limited to:

•the effects of catastrophic events on our financial ~~statements~~results;

•~~our~~ losses from catastrophe exposure ~~could~~that exceed our projections;

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

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

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

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

•our inability or failure to purchase reinsurance;

•our ability to maintain our financial strength ratings;

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

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

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

•our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from ~~our~~ subsidiaries ~~due~~in 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~~The ~~statements~~above ~~only~~list ~~reflect~~is ~~our expectations and are~~ not ~~guarantees of performance~~exhaustive. ~~These~~Please ~~statements~~refer ~~involve~~to ~~risks,~~the ~~uncertainties~~factors ~~and~~described ~~assumptions. Actual~~under ~~events~~the orcaption ~~results~~ITEM ~~may~~1A, ~~differ~~“Risk ~~materially~~Factors” and ~~from~~those ~~our~~risks ~~expectations.~~and ~~Important~~uncertainties ~~factors~~discussed ~~that~~in ~~could cause~~ our ~~actual~~filings ~~events~~with orthe ~~results~~U.S. toSecurities beand ~~materially~~Exchange ~~different~~Commission ~~from our expectations include those discussed under~~ (the ~~caption ITEM 1A,~~ “~~Risk Factors~~SEC”). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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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~~2024, we had stockholder’s equity of $7.23 billion and total assets of $3136.62 billion.

Our Operations.

The Company’s principal business, conducted through its Reinsurance and Insurance ~~operating~~reportable segments, is the underwriting of reinsurance and insurance in the U.S. and international markets. In ~~2023~~2024, the Company had gross written premiums of $11.16 billion, with approximately 6569% representing ~~reinsurance~~Reinsurance and 3529% representing ~~insurance~~Insurance with the remaining 2% of gross written premiums coming from our new “Other” operating segment. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company’s preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. 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~~2024, Everest Re had statutory surplus of $78.01 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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specialty coverage is unavailable from admitted insurers. Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write business on a non-admitted basis in all ~~other~~50 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 (the “IRC”) to be a U.S. income tax paying “Controlled Foreign Corporation.” By making this election, Everest Assurance is authorized to write life reinsurance and casualty reinsurance in both Bermuda and the U.S. In addition, Everest Assurance is considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia.

Human Capital Management.

Our colleagues worldwide are essential to our success, and we strive to attract and retain the highest caliber of talent to meet our business needs, as well as the needs of our clients and customers. It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in ~~diversity~~a broad range of thought and experiences. As of February 1, ~~2024~~2025, the Company employed 2,~~158~~089 persons. Management believes that colleague engagement is strong. None of the Company’s U.S.-based employees are subject to collective bargaining agreements, and the Company is not aware of any current efforts to enter into such agreements.

Talent Attraction, Development, and Retention.

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

~~The~~Investing ~~continued~~in the ongoing development of ~~all~~our colleagues is ~~core~~fundamental to ~~who~~our wesuccess ~~are~~ and ~~how~~sustained ~~we maintain our~~ competitive advantage as a global leader in risk management. We ~~are~~empower ~~proud~~our colleagues to ~~offer~~take ~~corporate~~ownership ~~mentoring~~of ~~programs,~~their ~~leadership~~professional ~~development~~growth ~~opportunities,~~through ~~and~~a ~~avenues~~comprehensive ~~for~~suite ~~engagement~~of ~~with~~resources, ~~our~~including ~~external~~industry-leading ~~partner~~training ~~organizations.~~programs, Wetechnical ~~provide~~upskilling, opportunities, ~~for~~mentorship ~~continued~~initiatives ~~learning~~ and ~~talent~~robust ~~development~~management atand ~~all~~leadership ~~levels~~development offerings. Our ~~colleagues~~commitment ~~are encouraged~~ to ~~take~~continuous ~~ownership~~learning ofand ~~their~~ development byspans ~~using~~all ~~the~~levels, ~~tools~~and ~~that~~we ~~the~~are ~~Company~~continually ~~has~~expanding ~~made~~our ~~available~~program offerings to ~~them~~meet ~~including~~evolving ~~industry~~needs. ~~training,~~This ~~technical~~includes ~~upskilling,~~a ~~mentorships~~newly ~~and~~implemented ~~personal~~enterprise-wide ~~development~~program ~~classes.~~focused ~~Everest~~on ~~also~~cultivating ~~actively~~next-generation ~~manages~~skills, ~~succession~~and ~~planning~~an ~~across~~expansion of our ~~organization~~early ~~and~~career ~~strives~~program to ~~provide~~develop ~~growth~~future ~~and~~Underwriters, ~~advancement~~Actuaries ~~opportunities~~and toIT ~~internal~~professionals ~~talent,~~through ~~where~~rotational ~~possible~~placements. ~~Our~~Further, ~~leaders~~Everest ~~and~~maintains ~~colleagues~~a ~~engage~~proactive inapproach ~~ongoing~~to ~~learning~~succession ~~that~~planning, ~~supports~~prioritizing ~~both~~internal ~~professional~~talent development and ~~personal~~advancement ~~development~~opportunities.

Proactive recruitment of skilled, and experienced, ~~diverse~~ teams is an important aspect of succession planning at both ~~the~~our Board of Directors (the “Board”) level and throughout the organization. ~~Our~~Everest ~~Human~~seeks ~~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~~unique ~~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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initiatives such as leadership coffee hours and fireside chats; charitable community outreach events and volunteer opportunities; networking events; employee recognition awards; and, thought leadership topics with senior leaders. By offering a meaningful and engaging colleague experience, we are focused on inspiring our global teams to underwrite opportunity in everything that they do.

Culture.

Everest’s Colleague Value Proposition, Opportunity through Unity, includes the building blocks of the Company’s culture: our mission, purpose, and values, as well as a ~~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.

•InThe ~~2023, the~~ Company ~~began~~has ~~embedding~~embedded 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~~People are Everest’s greatest asset, and ~~Inclusion~~the quality of our teams has been enhanced through the wide range of backgrounds, perspectives and interests our colleagues bring to our community. At Everest, our commitment to equal opportunity in our dealings and cultural inclusivity reflects a core principle that we promote not only within our workplace but also in the global communities where we operate. Our Board is committed to selecting director and executive management candidates who possess unique skill sets, experiences and perspectives that enhance our governance, strategy, corporate responsibility, culture and risk management.

~~People are~~ Everest’s ~~greatest asset, and the quality of our teams~~ has ~~been~~a ~~enhanced~~global ~~through the wide range of backgrounds~~inclusion, ~~perspectives~~culture and ~~interests~~engagement ~~our~~strategic ~~colleagues~~framework ~~bring to our community. At Everest, Diversity, Equity,~~ and ~~Inclusion~~focus ~~(“DEI”)~~areas ~~expresses~~that ~~our~~align ~~commitment~~with ~~to non-discriminatory access to opportunity, equity in~~ our ~~dealings~~corporate values and ~~cultural~~initiatives. In ~~inclusivity~~2024, ~~and represents a cultural and business imperative that~~ we ~~promote~~had ~~not~~four ~~only~~pillars ~~within~~providing ~~our workplace but also throughout~~ the ~~global~~foundation ~~communities~~for inour ~~which~~strategic weframework ~~operate. The Board is committed to advancing diversity within its structure~~ as ~~well~~described ~~as emphasizing its importance in our senior executive leadership~~below. ~~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~~1.Alignment ~~has~~& aAccountability: ~~global~~Our ~~DEI~~integrated ~~strategic~~global ~~framework~~efforts ~~and~~align ~~focus areas that aligns~~ with our corporate ~~global~~strategy, ~~DEI~~cultural ~~efforts~~values and ~~initiatives. We~~colleague ~~have four pillars that provide the foundation for our strategic framework as described below~~behaviors.

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

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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~~Insurance ~~business~~segment mainly writes commercial property and casualty business on an admitted and non-admitted basis. The business is written through wholesale and retail brokers, surplus lines brokers and through program administrators.

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~~conducts business through two ~~operating~~reportable segments, Reinsurance and Insurance, which are managed as autonomous units, and key strategic decisions are based on the aggregate operating results and projections for the two business segments. ~~During~~ the fourth quarter of 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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written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, as part of the Segment results presentation, we have separately presented the Company’s affiliated reinsurance arrangements with its affiliated Bermuda entities. See Note 15 of the Notes to the Consolidated Financial Statements for a discussion of reinsurance transactions with its affiliated Bermuda entities that are included in this segment presentation. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management ~~beginning~~implemented induring the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States 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 reportable segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of the two ~~operating~~reportable 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 the 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.

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~~retrocessionaires,~~portion ~~for~~of ~~reasons~~losses ~~similar~~and toexpenses ~~those~~in ~~that~~excess ~~cause insurers to purchase reinsurance: to reduce net liability on individual or classes~~ of ~~risks,~~a ~~protect~~specified ~~against~~dollar ~~catastrophic losses~~amount, ~~stabilize~~known ~~financial~~as ~~ratios~~the ~~and~~ceding ~~obtain~~company's ~~additional~~retention ~~underwriting~~or ~~capacity. All the Company’~~reinsurer's ~~reinsurance~~attachment ~~and retrocessional agreements transfer significant reinsurance risk and therefore~~point, ~~are~~generally ~~accounted~~subject ~~for~~to asa negotiated reinsurance incontract ~~accordance with U~~limit.S. ~~generally accepted accounting principles (“GAAP”) guidance.~~

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

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

For the year ended December 31, ~~2023~~2024, the Company’s Reinsurance segment wrote $78.20 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. Products

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

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

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

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

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

•Aviation provides protection cover for ~~aircrafts~~aircraft, 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~~We compete in global and ~~Health~~local ~~business~~markets with U.S. and international reinsurers. In addition, ~~which~~competitors ~~consists~~might ~~predominantly~~include ofinvestment ~~policies~~companies, ~~covering~~mutual ~~Participant~~companies, ~~Accident~~insurance companies, ~~Short-Term~~alternative ~~Medical~~risk providers (such as captives, catastrophe bonds and ~~Medical~~pools) ~~Stop-Loss~~and ~~protection~~others, ~~for~~as ~~employers~~alternative products are introduced into the capital markets to compete with ~~self-funded~~traditional ~~medical~~reinsurance ~~plans~~companies.

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

•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.Overview

~~•Professional~~Everest’s ~~Liability~~Insurance ~~business,~~segment ~~which~~markets ~~consists~~and ~~predominantly~~distributes a wide range of ~~policies~~insurance ~~covering~~products ~~Directors~~and &services ~~Officers~~through ~~Liability,~~various ~~Errors~~forms &of ~~Omissions,~~brokers ~~Cyber~~and ~~Liability,~~agents. We serve multinational corporations and ~~other~~mid-size ~~ancillary~~commercial ~~financial~~clients ~~lines~~across ~~products~~various industries globally.

~~•Property/Short-Tail~~Our ~~business,~~Insurance ~~which~~segment ~~consists~~operates ~~predominantly~~through ofthe ~~policies~~North ~~covering~~America ~~Property~~markets. These operations are managed to conform with corporate guidelines with respect to pricing, ~~Inland~~risk ~~Marine~~management, ~~and~~control ~~other~~of ~~short-tail~~aggregate ~~lines~~catastrophe exposures, capital and investments.

~~•Workers~~In 2024, the Company’s ~~Compensation~~Insurance ~~business,~~segment ~~which~~wrote ~~consists~~$3.4 ~~predominantly~~billion of ~~policies~~gross ~~covering~~written ~~Workers~~premiums. ~~Compensation,~~The ~~including~~lines ~~both~~of ~~guaranteed~~business ~~cost~~in ~~and~~the ~~loss~~Insurance ~~sensitive~~segment ~~product~~write ~~offerings.~~a broad suite of tailored products and services, including:

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

We compete on a 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.

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

The following table shows the current financial strength ratings of the Company’s operating subsidiaries as reported by A.M. Best, Standard & Poor (“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.

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

Operating Subsidiary:

A.M. Best (1)

S&P (2)

Moody's (3)

Everest Reinsurance Company

A+ (Superior)

A+ (Strong)

A1 (upper-medium)

Everest 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~~July 2919, ~~2023~~2024, with a stable outlook. S&P states that the “A+” / “A” ratings are assigned to those insurance companies which, in its opinion, have strong financial security characteristics with respect to their ability to pay under their insurance policies and contracts in accordance with their terms. ~~Following the publishing of the revised Insurer Risk Based Capital Adequacy methodology on November 15, 2023,~~ S&P affirmed all ratings on January 2928, ~~2024~~2025, and changed the outlook from stable to negative. Moody’s states that an “A1” rating is assigned to companies that, in their opinion, offer upper-medium grade security and are subject to low credit risk. Moody’s affirmed these ratings on ~~June~~May 2917, ~~2023~~2024, with a stable outlook.

Subsidiaries other than Everest Re may not be rated by some or any rating agencies ~~because~~given that 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

(Strong)

BBB+

(Strong)

Baa1

(Medium Grade)

Senior Notes due October 15, 2050

(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.

Instrument

A.M. Best

S&P (1)

Moody's

Senior Notes due June 1, 2044

(Strong)

BBB+

(Strong)

Baa1

(Medium Grade)

Senior Notes due October 15, 2050

(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)

~~Our Executive Risk Management Committee~~ (~~“ERC”~~1)On ~~reports~~January 29, to2024, ~~and~~S&P ~~assists~~lowered the ~~Chief~~ratings ~~Executive~~of ~~Officer in~~ the ~~oversight and review of Everest~~Company’s ~~ERM~~non-operating ~~framework~~holding ~~and~~companies ~~key~~(“NOHCs”) ~~risks, including Underwriting, Financial, Operational,~~ and ~~Strategic~~debt ~~risks. The~~(from ~~ERC~~two isnotches ~~responsible~~lower ~~for~~than ~~establishing~~ the ~~Group’s~~operating ~~risk~~companies ~~management~~to ~~principles,~~three ~~policies,~~notches ~~and~~lower) ~~risk~~to ~~appetite~~align ~~levels. The~~Everest ~~ERC~~with ~~meets at least quarterly and is comprised of~~ the ~~following~~potential ~~senior~~high ~~executives: Chief~~regulatory ~~Executive~~restrictions ~~Officer,~~on ~~Chief~~payment ~~Financial~~distributions ~~Officer,~~from ~~Chief Operations Officer and Head of Reinsurance Division, Chief Executive Officer of~~ the ~~Insurance~~company's ~~Division,~~U.S.operating ~~General~~subsidiaries ~~Counsel,~~to ~~Chief Transformation Officer, Chief Reserving Actuary, and~~ the ~~Chief Risk Officer~~NOHCs.

~~The~~Enterprise 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~~Management. 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~~Everest ~~Chief~~underwrites ~~Risk~~and ~~Officer~~manages ~~also~~risk ~~reports~~for toits ~~the~~customers. ~~Board’s~~As ~~Risk~~a ~~Management~~global ~~Committee~~insurance ~~(“RMC”),~~and ~~which~~reinsurance ~~helps~~business, ~~execute~~we ~~the~~have ~~Board’s~~an ~~supervisory~~established ~~responsibility~~Enterprise ~~pertaining~~Risk toManagement (“ERM~~. The~~”) ~~role~~framework ofthat ~~the~~is ~~RMC~~integrated ~~includes~~into ~~evaluation of~~ the ~~integrity~~day-to-day ~~and~~management ~~effectiveness~~ of our ~~ERM~~businesses ~~procedures,~~and ~~systems,~~operations. ~~and~~The ~~information;~~ERM ~~governance~~framework onprovides ~~major~~a ~~policy~~group-wide ~~decisions~~systemic ~~pertaining~~approach to ~~risk~~managing ~~aggregation~~the ~~and~~organization’s ~~minimization;~~key risks and, ~~assessment~~is ofsupported ~~our~~by ~~major~~Risk ~~decisions~~Appetite ~~and~~Statements ~~preparedness~~approved ~~levels~~by ~~pertaining~~the toEverest ~~perceived material risks~~Board.

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

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

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

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

Regulatory Matters.

The Company and its insurance subsidiaries are subject to regulation under the insurance statutes of the various jurisdictions in which they conduct business, including all 50 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-Related Risk Management.

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

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

Insurance Holding Company Regulation.

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 (the “BMA”) 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~~2024, Bermuda Re, Everest International and Everest Assurance exceeded their solvency and liquidity requirements.

The payment of dividends to Holdings by Everest Re is subject to limitations imposed by Delaware law. Generally, Everest Re may only pay dividends out of its statutory earned surplus, which was $78.01 billion at December 31, ~~2023~~2024, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve -month period is the greater of (1) 10% of the insurer’s statutory surplus as of the end of the prior calendar year and (2) the insurer’s statutory net income (loss), not including realized capital gains (losses), for the prior calendar year. Accordingly, as of December 31, ~~2023~~2024, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $~~877~~813 million.

Insurance Regulation.

Everest Assurance, by virtue of its one-time election under section 953(d) of the ~~U.S.~~IRC ~~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.

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supervision, investigation and intervention powers of the BMA. 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 UUnited States.S.

Licenses.

11Everest Re is a licensed property and casualty insurer and/or reinsurer in all 50 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.

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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 all 50 states, the District of Columbia and Puerto Rico.

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

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

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

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~~IRC ~~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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respective jurisdictions. In 2024, there were no reports of these examinations or reviews issued that contained any material findings or recommendations.

NAIC Risk-Based Capital Requirements.

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

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

Tax Matters.

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

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

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

Our losses from future catastrophic events could exceed our projections.

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the resulting losses in the future and ~~decide~~impact onour risk modeling assumptions. We cannot predict the ~~placement~~impact that changing climate conditions, if any, may have on our results of ~~retrocessional~~operations ~~coverage~~or our financial condition. Additionally, we cannot predict how legal, regulatory and/or ~~other~~social ~~actions~~responses to ~~limit~~concerns around global climate change and the ~~extent~~resulting ofimpact ~~potential~~on ~~losses~~various insectors aof ~~given~~the ~~geographic~~economy ~~area~~may impact our business. ~~These~~ ~~loss~~Any ~~projections~~material ~~are~~reduction ~~approximations,~~in ~~reliant~~our onoperating aresults ~~mix~~caused by the occurrence of ~~quantitative~~one ~~and~~or ~~qualitative~~more ~~processes,~~catastrophes could inhibit our ability to pay dividends or to meet our interest and ~~actual~~principal ~~losses~~payment ~~may~~obligations. By ~~exceed~~way of illustration, during the ~~projections~~past byfive acalendar ~~material~~years, ~~amount.~~pre-tax catastrophe losses, net of reinsurance, were as follows:

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


Calendar year:	Pre-tax net catastrophe losses
(Dollars in millions)
2024	$	533
2023	323
2022	984
2021	940
2020	397

WeOur ~~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~~future ~~ceding~~catastrophic ~~companies~~events iscould ~~not~~exceed ~~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

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

~~The~~Unfavorable ~~difficulty~~loss indevelopment ~~estimating~~may ~~our~~adversely ~~reserves~~affect ~~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~~business, ~~including~~financial ~~the long delays between exposure and manifestation of any bodily injury or property damage~~condition, ~~difficulty~~results ~~in identifying the source~~ of ~~the~~operations ~~asbestos~~ or ~~environmental contamination, long reporting delays and difficulty in properly allocating liability for the asbestos or environmental damage~~liquidity. 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.

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

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

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Calendar year:	Effect on pre-tax net income
(Dollars in millions)
2024	$	1,211	decrease
2023	21		increase
2022	8		decrease
2021	5		decrease
2020	200		decrease

The difficulty in estimating our reserves is significantly more challenging as it relates to reserving for potential A&E liabilities. As of December 31, 2024, 1.3% of our gross reserves were comprised of A&E reserves. A&E liabilities are especially hard to estimate for many reasons, including the long delays between exposure and manifestation of any bodily injury or property damage, difficulty in identifying the source of the asbestos or environmental contamination, long reporting delays and difficulty in properly allocating liability for the asbestos or environmental damage. Legal tactics and judicial and legislative developments affecting the scope of insurers’ liability, which can be difficult to predict, also contribute to uncertainties in estimating reserves for A&E liabilities. In addition, since reserve estimates of aggregate loss costs for prior years are sometimes factored into pricing our insurance products, inaccurate reserves can lead to our products not being priced adequately to cover actual losses and related loss expenses in order to generate a profit.

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

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

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

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.

14If we are unable to or choose not to purchase reinsurance and transfer risk to the reinsurance markets, our net income could be reduced or we could incur a net loss in the event of unusual loss experience.

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


Percentage of ceded written premiums to gross written premiums	2024		2023		2022		2021		2020
Unaffiliated	15.8	%	13.3	%	13.2	%	14.3	%	14.9	%
Affiliated	4.0	%	3.9	%	3.8	%	4.9	%	1.7	%

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IfThe weeffects ~~are~~of ~~unable~~emerging orclaim ~~choose not to purchase reinsurance~~ and ~~transfer~~coverage ~~risk~~issues toon ~~the reinsurance markets,~~ our ~~net~~business ~~income~~are ~~could be reduced or we could incur a net loss in the event of unusual loss experience~~uncertain.

WeAs ~~are~~industry ~~generally~~practices ~~less~~and ~~reliant~~legislative, onregulatory, ~~the~~judicial, ~~purchase~~social, offinancial, ~~reinsurance~~technological ~~than~~and ~~many~~other ofenvironmental ~~our~~conditions ~~competitors~~change, inunexpected ~~part~~and ~~because~~unintended ofissues ~~our~~related ~~strategic~~to ~~emphasis~~claims ~~on underwriting discipline~~ and ~~management~~coverage ofmay ~~the cycles inherent in our business~~emerge. WeThese ~~try~~issues tomay ~~separate~~adversely ~~our~~affect ~~risk-taking process from~~ our ~~risk~~business ~~mitigation~~by ~~process~~either inextending ~~order~~coverage tobeyond ~~avoid~~our ~~developing~~underwriting ~~too~~intent ~~great~~or aby ~~reliance~~increasing ~~on reinsurance. With~~ the ~~expansion~~frequency ofand ~~the~~severity ~~capital markets into insurance linked financial instruments, we increased our use~~ of ~~capital market products for catastrophe reinsurance~~claims. In Examples ~~addition, we have increased some~~ of ~~our~~emerging ~~quota~~claims ~~share~~and ~~contracts~~coverage ~~with~~issues ~~larger retrocessionaires. The percentage of business that we reinsure may vary considerably from year to year~~include, ~~depending~~but onare ~~our~~not ~~view~~limited ~~of the relationship between cost and expected benefit for the contract period.~~to:

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	%

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

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

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

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

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

•claims relating to potentially changing climate conditions.

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

FINANCIAL

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

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

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

See also ITEM 1, “Financial Strength Ratings”.

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

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

See also ITEM 1, “Debt Ratings”.

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

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

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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.

15A 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.

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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~~shareholders’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.

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

Equity Risk.

We have invested a portion of our investment portfolio in equity securities. The value of these assets fluctuates with changes in the markets. In times of economic weakness, the fair value of these assets may decline~~, 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 may adversely impact business relations and creditworthiness.

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

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

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

Our future capital requirements depend on many factors, including rating agency and regulatory requirements, the performance of our investment portfolio, our ability to write new business successfully, the frequency and severity of

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catastrophe events and our ability to establish premium rates and loss reserves at levels sufficient to cover losses. We may need to raise additional funds through debt financings or seek to refinance debt as amounts become due or commitments expire. Any debt financing or refinancing, if available at all, may be on terms that are not favorable to us.

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. Our reporting currency is the U.S. dollar, and exchange rate fluctuations, especially relative to the U.S. dollar, may materially impact our results and financial position. In 2024, we wrote approximately 21% of our coverages in non-U.S. currencies; as of December 31, 2024, we maintained approximately 23% of our investment portfolio in investments denominated in non-U.S. currencies.

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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~~In ~~success~~January ~~has been~~2025, ~~and~~James ~~will continue to be~~Williamson, ~~dependent~~Executive onVice ~~our~~President ~~ability to retain the services of our existing key executives~~ and ~~other~~Chief ~~key~~Operating ~~employees~~Officer, ~~and~~was toappointed ~~attract~~President and ~~retain~~CEO ~~additional~~and ~~qualified~~member ~~personnel in the future. The loss~~ of the ~~services~~Board of ~~any~~Directors ~~key~~after ~~executive officer or~~ the ~~inability~~departure toof ~~hire~~our ~~and~~former ~~retain~~President ~~other highly qualified personnel in the future, particularly those experienced in the property~~ and ~~casualty industry~~CEO, ~~could~~Juan ~~adversely affect our ability to conduct business~~Andrade.

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

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

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

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

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

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

We are dependent on brokers and agents for business developments.

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

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

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

Our operations are subject to business continuation risk.

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

~~STRATEGIC~~19

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STRATEGIC

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

Our industry is highly competitive and subject to pricing cycles that can be pronounced. We compete globally in the 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~~318.0 billion in ~~2022~~2023 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~~U.S. ~~administration~~government ~~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 the process of updating existing regulations or developing new capital adequacy directives for insurers and reinsurers. The future impact of such initiatives or new initiatives from the current governmental authorities, if any, on our operation, net income (loss) or financial condition cannot be determined at this time.

~~Regulatory and legislative developments related to cybersecurity could have an adverse impact on our business.~~20

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InRegulatory ~~October 2017, the NAIC adopted the Insurance Data Security Model Law, which was intended to establish the standards for data security~~ and ~~for~~legislative ~~the~~developments ~~investigation~~related ~~and notification of data breaches applicable~~ to ~~insurance licensees in states adopting such law~~cybersecurity, ~~requiring insurers~~privacy, ~~and~~data ~~other~~protection ~~entities required to be licensed under state insurance laws to comply with certain requirements, such as developing~~ and ~~maintaining~~artificial aintelligence ~~written~~could 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~~adverse 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~~.

In October 2017, the NAIC adopted the Insurance Data Security Model Law (“IDSML”), which was intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees in states adopting such law. The IDSML requires insurers, and other entities required to be licensed under state insurance laws, to comply with certain requirements, such as developing and maintaining a written information security program, conducting risk assessments and overseeing the data security practices of third-party vendors. The IDSML has now been adopted in 23 states. In addition, certain state insurance regulators are developing or have developed their own regulations that may impose additional regulatory requirements relating to cybersecurity on insurance and reinsurance companies. For example, the New York State Department of Financial Services has an applicable regulation pertaining to cybersecurity for all banking and insurance entities under its jurisdiction, effective as of March 1, 2017 and amended on November 1, 2023. 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~~Tax ~~addressed~~Cuts ~~what~~and ~~some~~Jobs ~~members~~Act of(“TCJA”) ~~Congress~~was ~~had~~adopted ~~expressed~~to ~~concern~~address ~~about~~incorporation ~~for~~by ~~several years, which was~~ U.S. corporations ~~moving~~in ~~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, itthe TCJA 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~~certain 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 aan ~~cybersecurity~~Incident ~~incident~~Response ~~response~~Team ~~team~~ (“~~CSIRT~~IRT”), to further escalate to senior management and the Board, as appropriate. While the actual methods of incident response employed may differ based on the type and nature of the incident, our approach uses a combination of internal teams, external advisors and vendors with specialized skills to support the response and recovery efforts, including a process for escalating issues as needed to senior management and providing timely notification of ~~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~~distributed denial-of-service and other protections to secure the company’s critical infrastructure. The SOC provides enhanced early detection of threat intelligence services, actively manages security tools, and monitors and responds to security alerts. The SOC also ~~initiates incident response protocols, including escalating threats as needed to the CSIRT, including the Chief Information Security~~

1921

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initiates incident response protocols, including escalating threats as needed to the IRT, including the Chief Information Security Officer (“CISO“), who can further escalate to other members of senior management and the Board, as may be appropriate. Various processes, including compiling security metrics, vulnerability scans, regular patching of software and hardware vulnerabilities, external penetration testing, internal phishing tests, red team exercises, and ~~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~~2024, Everest has not experienced any cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial conditions.

Governance

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

The Company also appointed a certified ~~Chief Information Security Officer (“~~CISO”) ~~with~~who has significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the ~~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, review overall cybersecurity strategies and policies and to report on material cybersecurity risks.

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

~~ITEM 2. PROPERTIES~~22

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 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 17 other locations occupy a total of approximately 227,170 square feet, all of which are leased.

ITEM 3. LEGAL PROCEEDINGS

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

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

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

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

Market Information and Holder of Common Stock.

As of December 31, ~~2023~~2024, 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~~2024, ~~2022~~2023 and ~~2021~~2022. 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~~the Company’s earnings, financial condition, business needs and growth objectives, capital and surplus requirements of its operating subsidiaries, regulatory restrictions, rating agency considerations and other factors. As an insurance holding company, ~~Holdings~~the Company 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 $78.01 billion at December 31, ~~2023~~2024, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve month period is the greater of (1) 10% of 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~~2024, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $~~877~~813 million. See “Regulatory Matters - Dividends” and ITEM 8, “Financial Statements and Supplementary Data”- Note 17 of Notes to the Consolidated Financial Statements.

Recent Sales of Unregistered Securities.

None.

ITEM 6. [RESERVED]

~~ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION~~23

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~~ITEM ~~Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item~~ 7. MANAGEMENT’S ofDISCUSSION ~~our~~AND ~~Form~~ANALYSIS ~~10-K~~OF ~~for~~FINANCIAL ~~the~~CONDITION ~~year~~AND ~~ended~~RESULTS ~~December 31,~~OF ~~2022.~~ OPERATION

Overview.

Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. We are a preferred Reinsurance partner in the markets we serve, and with our growing Insurance franchise we deliver consistent value to all our stakeholders. We continue to grow and develop our Insurance business, investing in our global platform and strengthening our portfolio and its potential to deliver on our customer promise.

During 2024, we formed a new “Other” segment, primarily comprised of the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012, and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed. Additionally, as part of the Segment results presentation, we have separately presented the Company’s affiliated reinsurance arrangements with its affiliated Bermuda entities. See Note 15 of the Notes to the Consolidated Financial Statements for a discussion of reinsurance transactions with its affiliated Bermuda entities that are included in this segment presentation. See Note 6 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Our current year net income of $221 million is inclusive of unfavorable development of prior-year loss reserves of $1.5 billion. Following a comprehensive reserve review, we have significantly fortified our U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent and investing in our platform as we head into 2025. Refer to management’s discussion of consolidated and segment results below.

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

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

~~Industry Conditions.~~24

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~~2024			~~2022~~2023			~~2021~~2022			~~2023~~2024/~~2022~~2023		~~2022~~2023/~~2021~~2022
Gross written premiums	$	11,~~117~~616		$	911,~~677~~117		$	9,~~331~~677		144.95	%	3.7	%
Net written premiums	9,~~212~~312			89,~~032~~212			78,~~719~~032			141.71	%	4.0	%
REVENUES:
Premiums earned	$	89,~~536~~090		$	78,~~876~~536		$	7,~~179~~876		86.45	%	9.7	%
Net investment income	~~993~~1,250			~~638~~993			~~745~~638			5526.50	%	(14.3)	%
Net gains (losses) on investments	~~(180)~~76			(~~982~~180)			~~501~~(982)			~~(81.6)~~NM	%	NM
Other income (expense)	~~(11)~~64			(611)			23(6)			NM		NM
Total revenues	910,~~337~~481			79,~~526~~337			87,~~448~~526			2412.13	%	(10.9)	%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	57,~~578~~430			5,~~823~~578			5,~~387~~823			(433.2)	%	8.1	%
Commission, brokerage, taxes and fees	1,~~851~~946			1,~~632~~851			1,~~513~~632			135.41	%	7.9	%
Other underwriting expenses	~~574~~606			~~501~~574			~~454~~501			~~14.~~5.6	%	10.5	%
Corporate expense	1819			2618			3326			~~(31~~9.1)3	%	(22.9)	%
Interest, fee and bond issue cost amortization expense	~~134~~150			~~101~~134			70101			3311.24	%	44.3	%
Total claims and expenses	810,~~156~~152			8,~~083~~156			78,~~457~~083			024.95	%	8.4	%
INCOME (LOSS) BEFORE TAXES	~~1,181~~329			~~(557)~~1,181			~~991~~(557)			NM(72.1)	%	NM
Income tax expense (benefit)	~~210~~108			~~(112)~~210			~~192~~(112)			NM(48.3)	%	NM
NET INCOME (LOSS)	$	~~972~~221		$	~~(445)~~972		$	~~800~~(445)		NM(77.2)	%	NM
RATIOS:										Point Change
Loss ratio	6581.37		%	7365.93		%	7573.09		%	(816.6)4		(18.16)
Commission and brokerage ratio	21.74		%	2021.7		%	2120.17		%	1.(0.3)		(01.4)0
Other underwriting expense ratio	6.7		%	6.47		%	6.34		%	(0.31)		0.14
Combined ratio	93109.8		%	~~101~~93.08		%	~~102~~101.40		%	(716.2)1		(17.43)

	At December 31,						Percentage Increase/ (Decrease)
(Dollars in millions)	~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2023~~2024/~~2022~~2023		~~2022~~2023/~~2021~~2022
Balance sheet data:
Total investments and cash	$	2326,~~439~~650	$	1923,~~195~~439	$	19,~~719~~195	2213.17	%	(222.7)1	%
Total assets	3136,~~638~~209		2731,~~957~~638		27,~~695~~957		1314.24	%	013.92	%
Loss and loss adjustment expense reserves	1519,~~796~~271		1415,~~977~~796		1314,~~121~~977		522.50	%	145.15	%
Total debt	3,~~385~~587		3,~~084~~385		3,~~089~~084		96.80	%	(09.2)8	%
Total liabilities	2428,~~451~~913		2224,~~303~~451		2022,~~657~~303		918.63	%	89.06	%
Stockholder's equity	7,~~187~~296		57,~~654~~187		75,~~038~~654		~~27.~~1.5	%	~~(19~~27.7)1	%

(Some amounts may not reconcile due to rounding)

(NM - not meaningful)

Revenues.

Premiums. Gross written premiums increased by 144.95% to $11.16 billion in ~~2023~~2024, compared to $911.71 billion in ~~2022~~2023, reflecting a $~~1.3~~841 ~~billion~~million, or 2211.17% increase in our reinsurance business, ~~and~~partially offset by a $~~138~~279 million, or 37.65% ~~increase~~decrease in our insurance business and a $63 million, or 26.2% decrease in our Other segment business. The increase in reinsurance premiums reflects growth across all lines of business, particularly property and casualty pro rata, business and property catastrophe excess of loss business. The ~~increase~~decrease in insurance premiums reflects ~~growth~~portfolio ~~across~~actions taken on accident and health, workers’ compensation and specialty casualty lines of business.

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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 141.71% to $9.23 billion in ~~2023~~2024, compared to $89.02 billion in ~~2022~~2023. ~~Premiums~~The ~~earned~~lower ~~increased~~percentage byincrease ~~8.4%~~in tonet ~~$8.5~~written ~~billion~~premiums ~~in 2023,~~ compared to ~~$7.9 billion in 2022, which is consistent with~~ the percentage ~~changes~~increase in gross written premiums~~. The~~ ~~change~~was inmainly ~~premiums~~due ~~earned relative~~ to lower net ~~written~~retention ~~premiums~~resulting isfrom ~~primarily~~changes ~~the~~in ~~result of timing; premiums are earned ratably over~~ the ~~coverage~~mix ~~period whereas written premiums are generally recorded at the initiation~~ of ~~the coverage period~~business.

~~Other~~Premiums ~~Income~~earned ~~(Expense)~~increased by 6. We5% ~~recorded~~to ~~other~~$9.1 ~~expense~~billion ofin ~~$11~~2024, ~~million~~compared ~~and~~to $68.5 ~~million~~billion in 2023, ~~and~~which ~~2022,~~is ~~respectively.~~consistent with the percentage changes in gross written premiums. The change in premiums earned relative to net written premiums was primarily the result of ~~fluctuations~~timing; inpremiums ~~foreign~~are ~~currency~~earned ~~exchange~~ratably ~~rates~~over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

Other Income (Expense). We recorded other income of $64 million in 2024 and other expense of $11 million in 2023. The change was primarily the result of fluctuations in foreign currency exchange rates, gain from sale of sports and leisure business and gain from pension plan curtailment. We recognized foreign currency exchange income of $12 million in 2024 and foreign currency exchange expense of $16 million in 2023. Additionally, we recognized a $40 million gain on sale of our sports and leisure business, including renewal rights, sold during the fourth quarter and a $9 million pension plan curtailment gain.

Claims and Expenses.

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

	Years Ended December 31,
(Dollars in millions)	CurrentYear		Ratio %/Pt Change		PriorYears		Ratio %/Pt Change		TotalIncurred		Ratio %/Pt Change
2024
Attritional	$	5,551	61.1	%	$	1,347	14.8	%	$	6,898	75.9	%
Catastrophes	668		7.3	%	(135)		(1.5)	%	533		5.9	%
Total	$	6,219	68.4	%	$	1,211	13.3	%	$	7,430	81.7	%
2023
Attritional (a)	$	5,254	61.5	%	$	1	—	%	$	5,255	61.6	%
Attritional	$	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	%
Attritional	$	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
Variance 2024/2023
Attritional (a)	$	4,439	61.8	%	$	8	0.1	%	$	4,447	61.9	%
Attritional	$	297	(0.5)	pts	$	1,346	14.8	pts	$	1,643	14.3	pts
Catastrophes	~~943~~323		133.13	%pts	(3113)		—(1.2)	%pts	~~940~~209		132.1	%pts
Total	$	~~5,382~~619	742.98	%pts	$	51,233	013.16	%pts	$	51,~~387~~852	7516.04	%pts
Variance 2023/2022
Attritional (a)	$	426	0.3	pts	$	(11)	(0.1)	pts	$	416	0.1	pts
Attritional	$	426	0.3	pts	$	(11)	(0.1)	pts	$	416	0.1	pts
Catastrophes	(642)		(8.5)	pts	(18)		(0.2)	pts	(~~660~~659)		(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~~increased by 433.2% to $57.64 billion in ~~2023~~2024, compared to $5.86 billion in ~~2022~~2023, primarily due to aan ~~decrease~~increase of $~~642~~297 million in current year ~~catastrophe~~attritional losses, ~~partially~~and ~~offset by~~ an increase of $~~426~~323 million in current year ~~attritional~~catastrophe losses., ~~The increase~~and ~~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~~of $111.3 ~~million~~billion, ~~where~~partially ~~Reinsurance~~offset ~~had~~by favorable development ofon ~~$333~~prior ~~million and Insurance had unfavorable development of $322 million. The current~~ year catastrophe losses of $~~346~~113 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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The increase in current year attritional losses was mainly due to the impact of the increase in premiums earned, changes in the mix of business and strengthening of current accident year U.S. casualty reserves by $206 million in the Insurance segment. The current year catastrophe losses of $668 million in 2024 related primarily to Hurricane Milton ($75297 million), ~~the~~Hurricane ~~2022~~Helene ~~South~~($80 ~~Africa~~million), ~~flood~~Hurricane Beryl ($4363 million), Hurricane ~~Fiona~~Debby ($2756 million), Alberta floods ($45 million), Brazil floods ($35 million), Taiwan earthquake ($23 million), Dubai floods ($20 million), the Baltimore Bridge collapse ($20 million) and Jasper fires ($10 million), with the ~~2022~~remaining ~~Canada~~losses ~~derecho~~resulting from various storm events. 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~~Unfavorable ~~Company~~development ~~had~~on upprior year attritional losses was $1.3 billion in 2024, compared to favorable development of $~~350~~1 million ofin ~~catastrophe~~2023. ~~bond~~The ~~protection~~net ~~(“CAT~~unfavorable ~~Bond”)~~development ~~that~~on ~~attaches~~prior atyear aattritional reserves of $481.3 billion in 2024 is comprised of $1.1 billion ~~Property~~of ~~Claims~~unfavorable ~~Services~~development ~~(“PCS”)~~on ~~Industry~~prior ~~loss~~years ~~threshold~~attritional losses from the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U. ~~This~~S. ~~recovery~~casualty ~~would~~lines beand ~~recognized~~$333 million of unfavorable development on aprior ~~pro-rata~~years ~~basis~~attritional uplosses from the Other segment, mainly related to acertain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $6354 million.8 ~~billion~~In ~~PCS~~addition, ~~Industry~~the ~~loss~~Reinsurance ~~level~~segment recorded $87 million of unfavorable development on prior years attritional losses driven by prior year U. AsS. acasualty ~~result~~reserve strengthening of ~~Hurricane~~$626 ~~Ian~~million, ~~PCS’s~~partially ~~current~~offset ~~industry~~by ~~estimate~~favorable development of $~~48.2~~545 ~~billion~~million ~~issued~~on inwell-seasoned ~~February~~reserves ~~2024~~in ~~exceeds~~property ~~the~~and ~~attachment~~mortgage ~~point~~lines. ~~The~~ ~~potential~~Unfavorable ~~recovery~~development ~~under~~on ~~the~~prior ~~CAT~~year ~~Bond~~attritional islosses ~~not~~of ~~expected~~$199 tomillion beacross ~~material. As~~the ~~a result~~Reinsurance, noInsurance ~~portion~~and ofOther ~~the~~segments ~~potential~~was ~~CAT~~ceded ~~bond~~to ~~recovery~~its ~~has~~affiliated ~~been~~Bermuda ~~included~~entities inunder ~~the~~its ~~Company’s~~various ~~current~~affiliated ~~financial~~reinsurance ~~results~~agreements.

~~The~~Catastrophe ~~stop~~losses and loss ~~agreements~~expenses ~~between~~typically ~~Everest~~have Rea ~~and~~material ~~Bermuda~~effect Reon ~~that~~our ~~were~~incurred ~~effective~~losses ~~for 2018~~ and ~~2019~~LAE ~~were~~results ~~both~~and ~~commuted~~can ~~during~~vary ~~the~~significantly ~~third~~from ~~quarter~~period ofto ~~2023~~period. ~~The~~ ~~commutations~~Losses offrom ~~the~~natural ~~agreements~~catastrophes ~~resulted~~contributed ~~in the recognition of an aggregate loss of $37 million for Everest Re~~5. ~~The~~9 ~~impact~~percentage ofpoints ~~the~~to ~~commutations are embedded within~~ the ~~Reinsurance~~combined ~~Segment’s~~ratio ~~net~~in ~~favorable~~2024, ~~development~~compared onwith ~~prior~~3.8 ~~year~~percentage ~~attritional~~points ~~losses~~in 2023.

~~Commission,~~Refer ~~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~~“Ratios” ofsection ~~the~~for ~~increase~~loss inratio ~~premiums~~analysis ~~earned and changes in the mix of business~~discussion.

~~Other~~Commission, ~~Underwriting~~Brokerage, ~~Expenses. Other~~Taxes ~~underwriting~~and ~~expenses~~Fees. ~~were~~Commission, ~~$574~~brokerage, ~~million~~taxes and ~~$501~~fees ~~million~~remained inrelatively ~~2023~~flat ~~and~~in ~~2022~~2024, ~~respectively.~~compared ~~The~~to ~~increase~~2023. inCommission, ~~other~~brokerage, ~~underwriting~~taxes ~~expenses~~and ~~was~~fees ~~mainly~~were ~~due~~$1.9 tobillion ~~the~~in ~~continued~~2024 ~~build~~and ~~out~~2023. ofRefer ~~our~~to the ~~insurance~~“Ratios” ~~operations,~~section ~~including~~for ancommission ~~expansion~~and ofbrokerage ~~the~~ratio ~~insurance~~analysis ~~platform~~discussion.

~~Corporate~~Other Underwriting Expenses. ~~Corporate~~ ~~expenses,~~Other ~~which~~underwriting ~~are general operating~~ expenses ~~that are not allocated to segments,~~ were $18606 million and $26574 million ~~for~~in ~~the~~2024 ~~years ended December 31, 2023~~ and ~~2022~~2023, respectively. The ~~decrease~~increase ~~from~~was ~~2023~~primarily due to ~~2022~~the ~~was~~increase ~~mainly~~in ~~due~~premiums toearned aand ~~greater~~changes ~~percentage~~in ofthe ~~general~~mix ~~expenses~~of ~~being~~business. ~~allocated~~Refer to ~~operating~~the ~~segments~~“Ratios” section for other underwriting expense ratio analysis discussion.

~~Interest,~~Corporate ~~Fees~~Expenses. ~~and~~Corporate ~~Bond Issue Cost Amortization Expense. Interest~~expenses, ~~fees~~which ~~and~~are ~~other~~general ~~bond~~operating ~~amortization~~expenses ~~expense~~that ~~were~~are ~~$134~~not ~~million~~allocated ~~and~~to ~~$101 million in 2023 and 2022~~segments, ~~respectively.~~remained ~~The~~relatively ~~increase~~flat in ~~interest~~2024, ~~expense~~compared ~~was primarily due~~ to ~~movements~~2023. inCorporate ~~the~~expenses ~~floating~~were ~~interest~~$19 ~~rate~~million ~~related~~and to$18 ~~the~~million ~~long-term~~for ~~subordinated notes, which is reset quarterly per~~ the ~~note~~years ~~agreement.~~ended ~~The floating rate was 8.03% as of~~ December 31, ~~2023~~2024 ~~compared~~and ~~to 6.99% as of December 31~~2023, ~~2022~~respectively.

~~Income~~Interest, ~~Tax~~Fees ~~Expense~~and ~~(Benefit).~~Bond ~~The~~Issue ~~Company~~Cost ~~had~~Amortization anExpense. Interest, ~~income~~fees ~~tax~~and other bond amortization expense ofwas $~~210~~150 million and ~~income tax benefit of~~ $~~112~~134 million in ~~2023~~2024 and ~~2022~~2023, respectively. ~~Variations~~The inincrease ~~income~~was ~~taxes~~primarily ~~generally~~driven ~~result~~by ~~from~~higher ~~changes~~interest incosts ~~the~~resulting ~~relative~~from ~~levels~~additional ofborrowings ~~pre-tax~~from ~~income, including~~ the ~~impact~~Federal ofHome ~~catastrophe~~Loan ~~losses~~Bank ~~and~~of ~~net~~New ~~gains~~York (~~losses~~“FHLBNY”), onoffset ~~investments~~by asthe ~~well~~change asin ~~changes~~the infloating ~~tax~~interest ~~exempt~~rate ~~investment~~related ~~income~~to ~~and~~the ~~creditable~~Company’s ~~foreign~~outstanding ~~taxes.~~fixed ~~The~~to ~~change~~floating ~~from~~rate ~~income~~long-term ~~tax~~subordinated ~~benefit~~notes, towhich ~~income~~is ~~tax~~reset ~~expense~~quarterly ~~resulted~~per ~~primarily~~the ~~from~~note ~~improvement~~agreement. The infloating ~~pre-tax~~rate ~~income,~~was ~~decreased~~7.17% ~~capital~~as ~~losses~~of ~~and~~December 31, ~~increased~~2024, ~~fair~~compared ~~value~~to 8.03% as of ~~investments~~December 31, 2023.

OnIncome ~~August~~Tax ~~16,~~Expense ~~2022,~~(Benefit). ~~the~~Everest ~~Inflation~~had ~~Reduction~~an ~~Act~~income tax expense of ~~2022~~$108 ~~(“IRA”)~~million ~~was~~and ~~enacted.~~income Wetax ~~have~~expense ~~evaluated~~of $210 million in 2024 and 2023, respectively. Variations in the effective tax ~~provisions~~rate ofgenerally ~~the~~result ~~IRA,~~from changes in the ~~most~~relative ~~significant~~levels of ~~which~~pre-tax ~~are~~income, including the ~~corporate~~impact ~~alternative~~of ~~minimum~~catastrophe ~~tax~~losses and ~~the~~net ~~share~~gains ~~repurchase~~capital ~~excise~~(losses) ~~tax~~on investments, as well as changes in tax exempt investment income and docreditable ~~not~~foreign ~~expect~~taxes. ~~the~~The ~~legislation~~change toin ~~have~~income tax expense resulted primarily from a ~~material~~decrease ~~impact~~in onpre-tax ~~our~~income, ~~results~~and ofa ~~operations~~change from capital losses to capital gains.

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

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Net Income (Loss).

Our net income was $~~972~~221 million and ~~net loss was~~ $~~445~~972 million in ~~2023~~2024 and ~~2022~~2023, respectively. The ~~change~~decline was primarily driven by underwriting ~~income~~loss of $~~533~~892 million, ~~and~~partially offset by higher net investment income of $~~993~~258 million, ~~partially~~and ~~offset~~net bygains ~~realized~~on investments of $76 million compared to net (losses) on ~~investments~~investment of $180 million in 2023.

Ratios.

Our combined ratio ~~decreased~~increased by 716.21 points to 93109.8% in ~~2023~~2024, compared to ~~101~~93.08% in ~~2022~~2023. The ~~loss~~current ~~ratio~~year ~~component~~increase ~~decreased~~is byprimarily ~~8.6 points in 2023 over the same period last year mainly~~ due to aprior ~~decline~~year ofdevelopment ~~$642~~on ~~million~~attritional ~~in catastrophe~~ losses~~. The~~ ~~commission~~ and ~~brokerage~~higher ~~ratio~~current ~~components~~year ~~increased~~catastrophe ~~to 21~~losses.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.

The loss ratio component increased by 16.4 points in 2024 over the same period last year mainly due to an increase of $323 million in catastrophe losses and prior year development on attritional losses.

The commission and brokerage ratio components decreased to 21.4% in 2024, compared to 21.7% in 2023, primarily due to change in the mix of business.

The other underwriting expense ratio remained consistent at 6.7% in 2024 and 2023.

Stockholder's Equity.

Stockholder’s equity increased by $~~1.5~~108 ~~billion~~million to $7.23 billion at December 31, ~~2023~~2024 from $5.7.2 billion at December 31, ~~2022~~2023, principally as a result of $~~972~~221 million of net income and $33 million of net benefit plan obligation adjustments, partially offset by $~~527~~103 million of net unrealized ~~appreciation~~depreciation on investments, net of tax and $42 million of net foreign currency translation adjustments.

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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 5526.50% to $~~993~~1.3 ~~million~~billion in ~~2023~~2024, compared to $~~638~~993 million in ~~2022~~2023. The increase was primarily the result of an increase of $~~312~~197 million inof income from fixed maturity investments, ~~and~~ an increase of $5924 million in short-term investments and cash and an increase of $45 million in Other, primarily driven by $27M corporate-owned life insurance (“COLI”), partially offset by a decrease of $353 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 volatile results of 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~~2024		~~2022~~2023		~~2021~~2022
Fixed maturities	$	~~822~~1,019	$	~~510~~822	$	~~344~~510
Equity securities	3		163		1516
Short-term investments and cash	7498		1674		116
Other invested assets
Limited partnerships	3734		7237		~~321~~72
Dividends from preferred shares of affiliate	31		31		31
Other	59104		3059		6330
Gross investment income before adjustments	1,~~027~~289		~~675~~1,027		~~774~~675
Funds held interest income (expense)	37		63		86
Interest income from Parent	7—		117		611
Gross investment income	1,~~038~~297		~~691~~1,038		~~788~~691
Investment expenses	46		5246		4352
Net investment income	$	~~993~~1,250	$	~~638~~993	$	~~745~~638

(Some amounts may not reconcile due to rounding.)

~~The following table shows a comparison of various investment yields for the periods indicated:~~28

	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	%

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


	2024		2023		2022
Annualized pre-tax yield on average cash and invested assets	4.9	%	4.5	%	3.3	%
Annualized after-tax yield on average cash and invested assets	3.9	%	3.6	%	2.6	%

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~~2024/~~2022~~2023		~~2022~~2023/~~2021~~2022
(Dollars in millions)	~~2023~~2024		~~2022~~2023		~~2021~~2022		Variance		Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains	$	1276	$	912	$	339	$	365	$	(24)
Losses	(~~204~~57)		(88204)		(2488)		~~(116)~~147		(63)
Total	~~(192)~~19		(79192)		8(79)		~~(114)~~212		(87)
Equity securities
Gains	82		~~165~~8		39165		(~~156~~7)		126
Losses	—(1)		~~(48)~~—		(1548)		48(1)		(33)
Total	81		~~117~~8		24117		(~~108~~7)		93
Other invested assets
Gains	—1		18—		1018		~~(18)~~1		8
Losses	—		~~(5)~~—		(45)		5—		(1)
Total	—1		13—		613		~~(13)~~1		7
Short-term Investments:
Gains	1—		—1		—		1—		—
Losses	—		—		—		—		—
Total	—		—		—		1—		—
Total net realized gains (losses) from dispositions
Gains	2079		~~192~~20		82192		~~(172)~~58		110
Losses	(~~204~~58)		(~~141~~204)		(43141)		~~(64)~~147		(98)
Total	~~(184)~~21		51(184)		3951		~~(235)~~205		12
Allowances for credit losses:	~~(1)~~12		(271)		(2627)		2613		(1)
Gains (losses) from fair value adjustments:
Fixed maturities	—		—		—		—		—
Equity securities	~~(4)~~1		(~~447~~4)		~~254~~(447)		~~443~~6		(701)
Other invested assets	942		~~(558)~~9		~~234~~(558)		~~567~~33		(793)
Total	543		~~(1,006)~~5		~~488~~(1,006)		~~1,010~~39		(1,494)
Total net gains (losses) on investments	$	~~(180)~~76	$	(~~982~~180)	$	~~501~~(982)	$	~~801~~256	$	(1,483)

(Some amounts may not reconcile due to rounding.)

~~Net~~Total net gains (losses) on investments during ~~2023~~2024 primarily relate to $~~184~~21 million of net realized ~~losses~~gains from disposition of investments, ~~and~~a ~~net~~decrease ~~losses~~to ~~from~~the ~~fair~~allowance ~~value~~for ~~adjustments~~credit onlosses ~~equity securities~~ of $412 million asand ~~a result of equity market declines in 2023, partially offset by~~ net gains ~~of $9 million~~ from fair value adjustments onof ~~other~~$43 ~~invested assets~~million.

~~Segment Results.~~29

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

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

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

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, as part of the Segment results presentation, we have separately presented the Company’s affiliated reinsurance arrangements with its affiliated Bermuda entities. See Note 15 of the Notes to the Consolidated Financial Statements for a discussion of reinsurance transactions with its affiliated Bermuda entities that are included in this segment presentation. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management implemented during the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Company does not review and evaluate the financial results of its ~~operating~~ segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of ~~the~~these ~~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, excluding the impact of reinsurance with its affiliated Bermuda entities. In 2024, the impact of reinsurance with its affiliated Bermuda entities was an underwriting (loss) of $271 million that was driven by ceded written premiums of $468 million, ceded earned premiums of $468 million, ceded incurred losses and LAE of $199 million and ceded commission and brokerage expenses of $1 million. In 2023, the impact of reinsurance with its affiliated Bermuda entities was an underwriting (loss) of $442 million which was driven by ceded written premiums of $430 million, ceded earned premiums of $430 million and ceded incurred losses and LAE of $12 million. See Note 6 of the Notes to the Consolidated Financial Statements for further details.

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Reinsurance.

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

	Years Ended December 31,									~~2023~~2024/~~2022~~2023				~~2022~~2023/~~2021~~2022
(Dollars in millions)	~~2023~~2024			~~2022~~2023			~~2021~~2022			Variance		% Change		Variance		% Change
Gross written premiums	$	78,~~181~~022		$	57,~~879~~181		$	5,~~979~~876		$	~~1,302~~841	2211.17	%	$	~~(99)~~1,306	(122.7)2	%
Net written premiums	67,~~205~~219			56,~~204~~635			5,~~217~~572			~~1,001~~584		198.28	%	~~(13)~~1,063		(019.2)1	%
Premiums earned	$	56,~~637~~882		$	56,~~147~~067		$	45,~~899~~515		$	~~490~~815	913.54	%	$	~~247~~551	510.10	%
Incurred losses and LAE	34,~~329~~157			3,~~926~~271			3,~~750~~906			~~(597)~~886		~~(15~~27.2)1	%	~~176~~(635)		4(16.73)	%
Commission and brokerage	1,~~545~~664			1,~~308~~545			1,~~229~~308			~~237~~119		187.27	%	79237		618.41	%
Other underwriting expenses	~~167~~199			~~138~~166			~~142~~137			2933		20.90	%	~~(4)~~29		(221.8)2	%
Underwriting gain (loss)	$	~~596~~862		$	~~(224)~~1,085		$	~~(220)~~165		$	~~821~~(223)	NM(20.6)	%	$	~~(4)~~920	~~1.7~~NM	%
												Point Chg				Point Chg
Loss ratio	5960.04		%	7653.39		%	7670.58		%			~~(17~~6.3)5				(016.39)
Commission and brokerage ratio	2724.42		%	25.45		%	2523.17		%			2(1.03)				01.38
Other underwriting expense ratio	32.09		%	2.7		%	2.95		%			0.32				(0.2)3
Combined ratio	8987.45		%	~~104~~82.41		%	~~104~~97.50		%			~~(15~~5.0)4				(014.19)

(Some amounts may not reconcile due to rounding.)

(NM - not meaningful)

28Premiums. Gross written premiums increased by 11.7% to $8.0 billion in 2024 from $7.2 billion in 2023. The increase in gross written premiums reflects growth across multiple lines of business, particularly property and casualty pro rata and property catastrophe excess of loss business.

Net written premiums increased by 8.8% to $7.2 billion in 2024 from $6.6 billion in 2023. The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.

Premiums earned increased by 13.4% to $6.9 billion in 2024, compared to $6.1 billion in 2023. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

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

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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)	CurrentYear		Ratio %/Pt Change		PriorYears		Ratio %/Pt Change		TotalIncurred		Ratio %/Pt Change
2024
Attritional	$	3,609	52.4	%	$	87	1.3	%	$	3,696	53.7	%
Catastrophes	583		8.5	%	(122)		(1.8)	%	462		6.7	%
Total segment	$	4,192	60.9	%	$	(35)	(0.5)	%	$	4,157	60.4	%
2023
Attritional	$	3,~~371~~372	5955.86	%	$	(~~351~~410)	(6.28)	%	$	32,~~020~~962	5348.68	%
Catastrophes	330		5.84	%	(21)		(0.43)	%	309		5.51	%
Total segment	$	3,~~701~~702	6561.70	%	$	(~~372~~431)	(67.61)	%	$	3,~~329~~271	5953.19	%
2022
Attritional	$	3,~~077~~192	5957.89	%	$	(18153)	(02.48)	%	$	3,~~058~~038	5955.41	%
Catastrophes	870		1615.98	%	(3)		~~(0.1)~~—	%	868		1615.97	%
Total segment	$	34,~~947~~062	7673.76	%	$	(21156)	(02.48)	%	$	3,~~926~~906	7670.38	%
2021
Variance 2024/2023
Attritional	$	~~2,976~~237	60(3.71)	%pts	$	~~(15)~~497	(08.3)0	%pts	$	~~2,961~~733	~~60.~~4.9	%pts
Catastrophes	~~792~~254		163.20	%pts	(3101)		(0.1.4)	%pts	~~789~~153		~~16.~~1.6	%pts
Total segment	$	~~3,767~~490	76(0.91)	%pts	$	~~(18)~~396	(06.4)6	%pts	$	~~3,750~~886	766.5	%pts
Variance 2023/2022
Attritional	$	~~295~~181	—(2.3)	pts	$	(~~333~~256)	(54.90)	pts	$	(3876)	(56.83)	pts
Catastrophes	(541)		(1110.13)	pts	(18)		(0.3)	pts	(559)		(1110.46)	pts
Total segment	$	(~~246~~360)	(1112.06)	pts	$	(~~351~~275)	(64.23)	pts	$	(~~597~~635)	(1716.29)	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~~increased by 1527.21% to $34.32 billion in ~~2023~~2024, compared to $3.93 billion in ~~2022~~2023. The ~~decrease~~increase was primarily due to ~~$351~~an ~~million~~increase of ~~favorable development on prior year attritional losses in 2023 and a decrease of~~ $~~541~~254 million in current year catastrophe losses, ~~partially offset by~~ an increase of $~~295~~237 million in current year attritional losses~~. The~~ ~~net~~and ~~favorable~~a change in unfavorable development on prior year attritional ~~losses~~reserves ~~mainly related to a combination~~ of ~~well~~$497 ~~seasoned mortgage and short-tail business~~million, offset by higher ~~$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~~catastrophe losses of $101 million. The increase in current year attritional losses was primarily related to the impact of the increase in premiums earned. ~~The~~ During the current year, ~~catastrophe~~prior ~~losses~~year ofU.S. ~~$330~~casualty ~~million~~reserves inwere ~~2023~~strengthened ~~related~~by ~~primarily to the 2023 Turkey earthquakes (~~$92626 million),. ~~Hurricane~~This ~~Otis~~reserve ~~($84~~strengthening ~~million),~~was ~~the~~partially ~~2023~~offset ~~New~~by ~~Zealand~~favorable ~~storms~~development (of $40545 million), ~~the~~on ~~2023~~well-seasoned ~~Morocco~~reserves ~~earthquake~~in ~~($40~~property ~~million),~~and ~~the~~mortgage lines.

29The current year catastrophe losses of $583 million in 2024 related primarily to Hurricane Milton ($254 million), Hurricane Helene ($55 million), Hurricane Debby ($55 million), Hurricane Beryl ($54 million), Alberta floods ($45 million), the Brazil floods ($35 million), the Taiwan earthquake ($23 million), the Dubai floods ($20 million), the Baltimore bridge collapse ($20 million) and Jasper fires ($10 million), with the remaining losses resulting from various storm events. 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 2023 Hawaii wildfire ($21 million) and Hurricane Idalia ($20 million), with the remaining losses resulting from various storm events.

Segment Expenses. Commission and brokerage increased to $1.7 billion in 2024, compared to $1.5 billion in 2023. The increase was mainly due to the impact of the increase in premiums earned and mostly from the change in the mix of business. Segment other underwriting expenses increased to $199 million in 2024 from $166 million in 2023. The increase was in line with growth in the business and necessary support functions.

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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~~2024/~~2022~~2023				~~2022~~2023/~~2021~~2022
(Dollars in millions)	~~2023~~2024			~~2022~~2023			~~2021~~2022			Variance		% Change		Variance		% Change
Gross written premiums	$	3,~~936~~417		$	3,~~798~~695		$	3,~~352~~568		$	~~138~~(279)	3(7.65)	%	$	~~445~~127	~~13.~~3.6	%
Net written premiums	32,~~007~~413			2,~~828~~810			2,~~503~~649			~~180~~(397)		6(14.31)	%	~~325~~161		136.01	%
Premiums earned	$	2,~~900~~505		$	2,~~729~~701		$	2,~~279~~561		$	~~171~~(197)	6(7.3)	%	$	~~450~~141	195.75	%
Incurred losses and LAE	2,~~249~~938			12,~~897~~063			1,~~637~~798			~~353~~875		1842.64	%	~~260~~265		1514.97	%
Commission and brokerage	~~306~~254			~~325~~281			~~284~~306			(1828)		(59.69)	%	41(25)		14(8.31)	%
Other underwriting expenses	~~407~~383			~~364~~381			~~312~~342			441		~~12.~~0.4	%	5139		1611.53	%
Underwriting gain (loss)	$	(641,070)		$	~~144~~(24)		$	46113		$	(~~207~~1,046)	NM		$	98(207)	NM
												Point Chg				Point Chg
Loss ratio	77117.63		%	6976.54		%	7170.82		%			840.19				(26.3)1
Commission and brokerage ratio	10.61		%	1110.94		%	12.50		%			(10.3)				(01.65)
Other underwriting expense ratio	1415.13		%	1314.31		%	13.74		%			01.72				(0.4)7
Combined ratio	~~102~~142.27		%	94100.79		%	9895.06		%			741.58				(35.3)

(Some amounts may not reconcile due to rounding)

(NM, not meaningful)

Premiums. Gross written premiums ~~increased~~decreased by 37.65% to $3.94 billion in ~~2023~~2024, compared to $3.87 billion in ~~2022~~2023. The ~~increase~~decrease in insurance premiums reflects ~~growth~~portfolio ~~across~~actions ~~multiple~~taken ~~lines~~on ofaccident ~~business,~~and ~~particularly specialty casualty business~~health, ~~property/short~~workers’ ~~tail~~compensation ~~business~~ and ~~other~~ specialty ~~business,~~casualty ~~driven~~lines 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.

30Net written premiums decreased by 14.1% to $2.4 billion in 2024, compared to $2.8 billion in 2023. The decrease in net written premiums was mainly due to lower net retention resulting from changes in the mix of business.

Premiums earned decreased by 7.3% to $2.5 billion in 2024, compared to $2.7 billion in 2023. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

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

	Years Ended December 31,
(Dollars in millions)	CurrentYear		Ratio %/Pt Change		PriorYears		Ratio %/Pt Change		TotalIncurred		Ratio %/Pt Change
2024
Attritional	$	1,743	69.6	%	$	1,125	44.9	%	$	2,869	114.5	%
Catastrophes	84		3.4	%	(14)		(0.6)	%	70		2.8	%
Total segment	$	1,827	72.9	%	$	1,111	44.4	%	$	2,938	117.3	%
2023
Attritional	$	1,~~883~~732	64.91	%	$	~~352~~316	1211.17	%	$	2,~~234~~048	7775.18	%
Catastrophes	16		0.6	%	(1)		—	%	15		0.56	%
Total segment	$	1,~~899~~748	6564.57	%	$	~~351~~315	1211.17	%	$	2,~~249~~063	7776.64	%
2022
Attritional	$	1,~~751~~682	6465.27	%	$	301	~~1.1~~—	%	$	1,~~781~~682	65.37	%
Catastrophes	117		4.36	%	(1)		—	%	116		4.35	%
Total segment	$	1,~~868~~798	6870.52	%	$	29—	~~1.1~~—	%	$	1,~~897~~798	6970.52	%
2021
Variance 2024/2023
Attritional	$	~~1,463~~12	645.25	%pts	$	23809	133.02	%pts	$	~~1,486~~821	6538.27	%pts
Catastrophes	~~151~~68		62.68	%pts	—(13)		—(0.5)	%pts	~~151~~55		62.62	%pts
Total segment	$	~~1,614~~80	~~70.~~8.3	%pts	$	23796	132.07	%pts	$	~~1,637~~875	7140.89	%pts
Variance 2023/2022
Attritional	$	~~132~~50	0(1.86)	pts	$	~~322~~315	11.07	pts	$	~~454~~365	1110.81	pts
Catastrophes	(101)		(34.70)	pts	—		—	pts	(101)		(34.70)	pts
Total segment	$	31(51)	(35.05)	pts	$	~~322~~315	11.07	pts	$	~~353~~265	86.1	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 1842.64% to $2.29 billion in ~~2023~~2024, compared to $12.91 billion in ~~2022~~2023. The increase was mainly due to ~~$352~~an ~~million~~increase ofin ~~net~~ unfavorable development on prior year attritional losses of $809 million in ~~2023~~2024, ~~mainly~~primarily ~~related~~driven toby ~~casualty~~a ~~lines~~combination inof ~~accident~~social ~~years~~inflation ~~2016~~and ~~through~~portfolio ~~2019~~concentrations ~~that~~in ~~were~~certain ~~impacted~~U.S. bycasualty ~~social~~lines, ~~inflation~~as ~~and~~well as an increase of $~~132~~12 million of current year attritional losses, ~~partially~~and ~~offset~~an byincrease ~~a decrease~~ of $~~101~~68 million in current year catastrophe losses., ~~The~~partially ~~increase~~offset inby ~~current~~higher ~~year~~favorable ~~attritional~~development ~~losses~~on ~~was~~prior ~~primarily~~years ~~due to the impact of the increase in premiums earned. The current year~~ catastrophe losses of $1613 million. During in2024, ~~2023~~prior ~~related~~year ~~primarily~~U.S. tocasualty ~~the~~reserves ~~2023~~were ~~third~~strengthened ~~quarter~~by U$1.S1 billion. The ~~storms~~reserve ~~($5~~strengthening ~~million),~~was ~~the~~driven ~~2023~~by ~~Hawaii~~a ~~wildfire~~combination ~~($5~~of ~~million)~~social inflation and ~~the~~portfolio ~~2023~~concentrations ~~December~~in certain U.S. ~~East~~casualty ~~Coast~~classes. The ~~flooding~~increase ~~($5~~in ~~million),~~current ~~with~~year ~~the~~attritional ~~remaining~~ losses ~~resulting~~was ~~from~~primarily ~~various~~due ~~storm~~to ~~events.~~the ~~The~~strengthening ~~$117 million~~ of current year ~~catastrophe~~accident ~~losses~~years inon ~~2022~~U.S ~~related~~Casualty ~~primarily~~reserves toby ~~Hurricane Ian (~~$99206 million), ~~with~~partially ~~the~~offset ~~remaining~~by ~~losses~~decreases ~~resulting~~in ~~from~~premium ~~various storm events~~earned.

~~Segment~~The ~~Expenses. Commission~~current ~~and~~year ~~brokerage~~catastrophe ~~decreased~~losses toof $~~306~~84 million in ~~2023~~2024 ~~compared~~related primarily to Hurricane Milton ($~~325~~42 million) inand ~~2022~~Hurricane ~~primarily~~Helene ~~due~~($25 tomillion), ~~changes~~with in the ~~mix~~remaining oflosses ~~business. Segment~~resulting ~~other~~from ~~underwriting~~various ~~expenses~~storm ~~increased~~events. toThe $~~407~~16 million of current year catastrophe losses in 2023 ~~compared~~related primarily to ~~$364~~the ~~million~~2023 inthird ~~2022~~quarter U.S. ~~The~~storms ~~increase~~($5 ~~was~~million), ~~mainly~~the ~~due~~2023 toHawaii ~~the~~wildfire ~~impact~~($5 ofmillion) and the ~~increase~~2023 inDecember ~~premiums~~U.S. ~~earned~~East ~~and~~Coast ~~expenses~~flooding ~~related~~($5 tomillion), with the ~~continued~~remaining ~~build~~losses ~~out~~resulting offrom ~~the~~various ~~insurance~~storm ~~business~~events.

~~LIQUIDITY~~Segment ~~AND~~Expenses. ~~CAPITAL~~Commission ~~RESOURCES~~and brokerage decreased to $254 million in 2024, compared to $281 million in 2023. The decrease was mainly due to the decrease in premiums earned and mostly from the change in the mix of business. Segment other underwriting expenses increased to $383 million in 2024, compared to $381 million in 2023. The increase related to the continued build out of the insurance business.

~~Capital~~Other. 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.

31The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also

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includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

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


	Years Ended December 31,						2024/2023				2023/2022
(Dollars in millions)	2024		2023		2022		Variance		% Change		Variance		% Change
Gross written premiums	$	178	$	241	$	233	$	(63)	(26.2)	%	$	8	3.3	%
Net written premiums	149		197		182		(48)		(24.4)	%	15		8.2	%

Premiums earned	$	172	$	199	$	173	$	(26)	(13.1)	%	$	25	14.6	%
Incurred losses and LAE	533		232		77		301		NM		155		NM
Commission and brokerage	28		25		18		2		9.6	%	7		38.4	%
Other underwriting expenses	24		27		22		(2)		(9.1)	%	5		20.2	%
Underwriting gain (loss)	$	(413)	$	(86)	$	55	$	(327)	NM		$	(141)	NM

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums decreased to $178 million in 2024, compared to $241 million in 2023. Net written premiums decreased to $149 million in 2024, compared to $197 million in 2023. Gross written premium is primarily coming from the sports and leisure business. Premiums earned decreased to $172 million in 2024, compared to $199 million in 2023. The decreases in gross written premiums, net written premiums and premiums earned are due to the lines of business included in this segment primarily being in run-off, except for a limited number of renewed and new policies written on the Company's paper by the purchaser of the sports and leisure business sold in October 2024, for a finite period of time post-closing.

Incurred Losses and LAE. Incurred losses and LAE increased to $533 million in 2024, compared to $232 million in 2023. The increase was mainly due to unfavorable development on prior years’ attritional losses of $251 million. During 2024, the unfavorable development on prior year losses for the Company’s Other segment of 334 million was mainly related to North America casualty lines for accident years 2019 through 2023 that were impacted by social inflation, including A&E reserve strengthening of $54 million resulting in a 3-year net asbestos survival ratio of 7 years.

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

LIQUIDITY AND CAPITAL RESOURCES

Capital. Stockholder’s equity at December 31, 2024 and December 31, 2023 was $7.3 billion and $7.2 billion, respectively. Management’s objective in managing capital is to ensure that the Company’s overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.

Our 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~~2024		~~2022~~2023
Regulatory targeted capital	$	4,~~242~~799	$	34,~~353~~242
Actual capital	$	68,~~963~~126	$	56,~~553~~963

(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~~ S&P ~~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”.~~

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financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies. See also ITEM 1, Business - “Financial Strength Ratings”.

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

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 $2.45 billion and $2.14 billion for the years ended December 31, ~~2023~~2024 and ~~2022~~2023, respectively.

If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from 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~~2024 and December 31, ~~2022~~2023, we held cash and short-term investments of $13.84 billion and $1.38 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~~2024, we had $~~537~~369 million of fixed maturity securities - available for sale maturing within one year or less, $2.3.1 billion maturing within one to five years and $43.46 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~~2024, we had $~~324~~463 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $~~536~~569 million of pre-tax unrealized depreciation and $~~212~~106 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 to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and/or any payments due for its catastrophe bond program.

32In addition to our cash flows from operations and liquid investments, Everest Re is a member of the FHLBNY, which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2024, Everest Re had statutory admitted assets of approximately $30.8 billion which provides borrowing capacity of up to approximately $3.1 billion. As of December 31, 2024, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. See Note 9 – Federal Home Loan Bank Membership to the Notes to the Consolidated Financial Statements for further details.

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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~~registrants ~~Reporting~~are ~~Release~~required ~~#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~~Market ~~sensitive~~Sensitive ~~instruments~~Instruments”). We do not generally enter into ~~market~~Market ~~sensitive~~Sensitive ~~instruments~~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. 36

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

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

~~Interest Rate Risk.~~ Our $2326.46 billion investment portfolio, at December 31, ~~2023~~2024, is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk. The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.

Interest Rate Risk. Interest rate risk is the potential change in value of the fixed maturity securities portfolio from a change in market interest rates. In a declining interest rate environment, itinterest rate risk includes prepayment risk on the $3.4.8 billion of mortgage-backed securities in the $1617.89 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~~tables below ~~displays~~display the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $12.38 billion of short-term investments) for the period indicated based on upward and downward parallel ~~shifts~~and ofimmediate 100 and 200 basis ~~points~~point shifts in interest rates. The market value change under the various interest rate ~~changes~~change scenarios was estimated by taking duration into account, with modeling done at the individual security level.


	Impact of Interest Rate Shift in Basis Points
	At December 31, 2024
(Dollars in millions)	-200			-100			0			100			200
Total Fair Value	$	22,026		$	21,394		$	20,761		$	20,129		$	19,497
Fair Value Change from Base (%)	6.1		%	3.0		%	—		%	(3.0)		%	(6.1)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	999		$	500		$	—		$	(500)		$	(999)


	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)

We had $19.3 billion and $15.8 billion of gross reserves for losses and LAE as of December 31, 2024 and December 31, 2023, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration that is reasonably consistent with our fixed income portfolio.

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WeForeign ~~had~~Currency ~~$15~~Risk.8 Foreign ~~billion~~currency risk is the potential change in value, income and ~~$15~~cash flow arising from adverse changes in foreign currency exchange rates.0 ~~billion~~Each of ~~gross~~our ~~reserves~~non-U.S. ~~for~~operations ~~losses~~maintains ~~and~~capital ~~LAE~~in asthe currency of ~~December 31,~~the ~~2023~~country ~~and~~of ~~December 31,~~its ~~2022,~~geographic ~~respectively~~location consistent with local regulatory guidelines. ~~These~~Each ~~amounts~~non-U.S. ~~are~~operation ~~recorded~~may atconduct ~~their~~business ~~nominal~~in ~~value~~its local currency, as ~~opposed~~well toas ~~present~~the ~~value,~~currency ~~which~~of ~~would~~other ~~reflect~~countries ain ~~discount~~which ~~adjustment~~it tooperates. ~~reflect~~The ~~the~~primary ~~time~~foreign ~~value~~currency ofexposures ~~money~~for these non-U. ~~Since~~S. ~~losses~~operations are ~~paid~~the ~~out~~Singapore ~~over~~and aCanadian ~~period~~Dollars. ofWe ~~time,~~mitigate ~~the~~foreign ~~present~~exchange ~~value~~exposure ofby generally matching the ~~reserves~~currency isand ~~less~~duration ~~than~~of ~~the~~our ~~nominal~~assets ~~value~~to our corresponding operating liabilities. As ~~interest~~In ~~rates~~accordance ~~rise~~with GAAP guidance, the ~~present~~impact on the fair value of ~~the~~available ~~reserves~~for ~~decreases~~sale ~~and,~~fixed ~~conversely,~~maturities asdue ~~interest~~to changes in foreign currency exchange rates, ~~decline~~in relation to functional currency, ~~the~~is ~~present~~reflected ~~value~~as ~~increases. These~~part ~~movements~~of ~~are~~other ~~similar~~comprehensive toincome. Conversely, the ~~interest~~impact ~~rate~~of ~~impacts~~changes onin ~~the~~foreign ~~fair~~currency ~~value~~exchange ofrates, ~~investments~~in ~~held. While~~relation ~~the~~to ~~difference~~functional ~~between~~currency, ~~present~~on ~~value~~other assets and ~~nominal~~liabilities ~~value~~ is ~~not~~ reflected inthrough ~~our~~net ~~financial~~income ~~statements,~~as ~~our~~a ~~financial~~component ~~results~~of ~~will~~other ~~include~~income ~~investment~~(expense). ~~income~~In ~~over~~addition, ~~time~~we ~~from~~translate the ~~investment~~assets, ~~portfolio~~liabilities ~~until~~and ~~the~~income ~~claims~~of ~~are paid~~non-U. ~~Our~~S. ~~loss~~dollar ~~and~~functional ~~loss~~currency ~~reserve~~legal ~~obligations~~entities ~~have~~to anthe ~~expected~~U.S. ~~duration~~dollar. ~~that~~This translation amount is ~~reasonably~~reported ~~consistent~~as ~~with~~a ~~our~~component ~~fixed~~of ~~income~~other ~~portfolio~~comprehensive income.

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, 2024
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(401)	$	(201)	$	—	$	201	$	401


	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 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Market Sensitive Instruments” in ITEM 7.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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

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

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures.

As required by Rule 13a-15(b) of the 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.

34Management’s Report on Internal Control Over Financial Reporting.

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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.

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

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

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

(Dollars in millions)		~~2023~~2024		~~2022~~2023
(1)	Audit Fees	$	2.54	$	32.45
(2)	Audit-Related Fees	0.32		0.3
(3)	Tax Fees	1.0.4		01.70
(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~~

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approve any such services. It may determine, for each fiscal year, the appropriate ratio between the total amount of 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~~the ~~LLP~~independent auditors 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~~2024 and ~~2022~~2023.

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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.

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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 andChief 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 ChiefAccounting Officer	March 14, 2024
Robert J. Freiling

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INDEX TO EXHIBITS

Exhibit No.

2.1

Agreement and Plan of Merger among Everest Reinsurance Holdings, Inc., Everest Group, Ltd. and Everest Re Merger Corporation, incorporated herein by reference to Exhibit 2.1 to the Registration Statement on Form S-4 (No. 333-87361)

3.1

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 (now known as JPMorgan Chase Bank), as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on March 15, 2000.

4.2

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~~Group, ~~Inc~~Ltd., ~~Everest Reinsurance Holdings Inc.~~ and ~~Dominic~~Juan J.Andrade ~~Addesso,~~ dated ~~December~~August 41, ~~2015~~2019, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on ~~December~~August 8, ~~2015~~2019.

*10.3

Employment agreement between Everest ~~National~~Global ~~Insurance~~Services, ~~Company~~Inc. and ~~Jonathan~~Mark ~~M. Zaffino~~Kociancic, ~~dated September 8, 2017,~~ incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on ~~September~~October 121, ~~2017.~~2020

*10.4

~~Amendment~~Employment ~~of employment~~ agreement between Everest Global Services, Inc., ~~Everest Group, Ltd., Everest Reinsurance Holdings Inc.~~ and ~~Dominic~~James ~~J. Addesso~~Williamson, ~~dated November 20, 2017,~~ incorporated herein by reference to Exhibit 10.12 to Everest Group, Ltd. Form 8-K filed ~~November~~on 20October 1, ~~2017.~~2020

*10.5

Employment agreement between Everest ~~Group Ltd., Everest~~ Global Services, Inc., ~~Everest~~and ~~Reinsurance~~Joseph ~~Holdings Inc~~V. ~~and Juan C Andrade~~Taranto, ~~dated August 1, 2019,~~ incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 810-KQ filed ~~August~~on 8May 4, ~~2019.~~2023

*10.6

Employment agreement between Everest Global Services, Inc., and ~~Mark~~Sanjoy ~~Kociancic~~Mukherjee, dated January 3, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on ~~October~~January 16, ~~2020~~2017

*10.7

Amendment of employment agreement between Everest Global Services, Inc. and Sanjoy Mukherjee, dated February 12, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on February 17, 2016

E-1

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*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

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

*10.8

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

Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc. and Ricardo A. Anzaldua, filed herewith

*10.9

*10.10

Amendment to Employment Agreement between Everest Global Services, Inc., Everest Group, Ltd., Everest Reinsurance Holdings Inc. and Juan C. Andrade dated April 22, 2024, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.10

Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc. and Ricardo A. Anzaldua, filed herewith

*10.11

Amended and Restated Employment Agreement between Everest Global Services, Inc. and Mark Kociancic dated April 25, 2024, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

23.1

Consent of PricewaterhouseCoopers LLP, filed herewith

*10.12

Amended and Restated Employment Agreement between Everest Global Services, Inc. and James Williamson dated April 26, 2024, incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

31.1

Section 302 Certification of Juan C. Andrade, filed herewith

*10.13

Amended and Restated Employment Agreement between Everest National Insurance Company and Michael Karmilowicz dated March 24, 2024, incorporated herein by reference to Exhibit 10.4 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

31.2

Section 302 Certification of Mark Kociancic, filed herewith

*10.14

Amended and Restated Employment Agreement between Everest Global Services, Inc. and Ricardo Anzaldua dated April 22, 2024, incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

32.1

Section 906 Certification of Juan C. Andrade and Mark Kociancic, filed herewith

*10.15

Employment agreement between Everest Global Services, Inc., and John P. Doucette, dated October 21, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 26, 2016

97.1

Everest Group, Ltd. Clawback Policy

14.1

Ethics Guidelines and Index to Compliance Policies, incorporated herein by reference to Exhibit 14.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

101 INS

XBRL Instance Document

23.1

Consent of KPMG LLP, filed herewith

101 SCH

XBRL Taxonomy Extension Schema

23.2

Consent of PricewaterhouseCoopers LLP, filed herewith

101 CAL

XBRL Taxonomy Extension Calculation Linkbase

31.1

Section 302 Certification of James Williamson, filed herewith

101 DEF

XBRL Taxonomy Extension Definition Linkbase

31.2

Section 302 Certification of Mark Kociancic, filed herewith

101 LAB

XBRL Taxonomy Extension Label Linkbase

32.1

Section 906 Certification of James Williamson and Mark Kociancic, filed herewith

101 PRE

XBRL Taxonomy Extension Presentation Linkbase

97.1

Everest Group, Ltd. Clawback Policy, incorporated herein by reference to Exhibit 97.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

104

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

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

_________________

*Management contract or compensatory plan or arrangement.

E-2

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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-3

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SIGNATURES


			EVEREST REINSURANCE HOLDINGS, INC.


			By:			/S/ JAMES WILLIAMSON
						JAMES WILLIAMSON (President and Chief Executive Officer)


Signature	Title	Date

/S/ JAMES WILLIAMSON	President, Chief Executive Officer and Director (Principal Executive Officer)	March 18, 2025
James Williamson

/S/ MARK KOCIANCIC	Executive Vice President and Chief Financial Officer and Director	March 18, 2025
Mark Kociancic

/S/ ROBERT J. FREILING	Senior Vice President and Chief Accounting Officer	March 18, 2025
Robert J. Freiling

E-4

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EVEREST REINSURANCE HOLDINGS, INC.

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

			Pages
Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 238)			F-2
Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 185, 238)			F-4
Consolidated Balance Sheets at December 31, 2023 and 2022			F-4
Consolidated Balance Sheets at December 31, 2024 and 2023			F-5
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021			F-5
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2024, 2023 and 2022			F-6
Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2023, 2022 and 2021			F-6
Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2024, 2023 and 2022			F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021			F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022			F-8
Notes to Consolidated Financial Statements			F-89
Schedules
ISummary of Investments Other Than Investments in Related Parties at December 31, 2023			S-1
ISummary of Investments Other Than Investments in Related Parties at December 31, 2024			S-1
IICondensed Financial Information of Registrant:
Balance Sheets as of December 31, 2023 and 2022			S-2
Balance Sheets as of December 31, 2024 and 2023			S-2
Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021			S-3
Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022			S-3
Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021			S-4
Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022			S-4
Notes to Condensed Financial Information			S-5
IIISupplementary Insurance Information as of and for the Years Ended December 31, 2023, 2022 and 2021			S-6
IIISupplementary Insurance Information as of and for the Years Ended December 31, 2024, 2023 and 2022			S-7
IVReinsurance for the Years Ended December 31, 2023, 2022 and 2021			S-7
IVReinsurance for the Years Ended December 31, 2024, 2023 and 2022			S-8

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

F-1

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder

Everest Reinsurance Holdings, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheet of Everest Reinsurance Holdings, Inc. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in stockholder’s equity, and cash flows for the year then ended, and the related notes and financial statement schedules listed in the accompanying index appearing on Page F-1 (collectively, 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, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. 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 audit 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 audit, 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 audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matter

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

Estimate of the reserve for losses and loss adjustment expenses

As discussed in Notes 1E and 4 to the consolidated financial statements, the reserve for losses and loss adjustment expenses represents the Company’s best estimate of the ultimate liability for reported and unreported claims for both its insurance and reinsurance businesses. The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios; (3) actuarial methodologies and assumptions; (4) current legal interpretations of coverage and liability; and (5) economic conditions. The Company’s reserve for losses and loss adjustment expenses as of December 31, 2024 was $19,271 million.

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

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

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

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

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

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

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

/s/ KPMG LLP

New York, New York

March 18, 2025

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

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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~~sheet 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~~two 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.

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

Basis for Opinion

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

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the ~~audit~~audits 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

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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, except for the changes in segment presentation discussed in Note 6 to the consolidated financial statements, as to which the date is March 18, 2025

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

	December 31,
(In millions of U.S. dollars, par value per share)	~~2023~~2024		~~2022~~2023
ASSETS:
Fixed maturities - available for sale, at fair value	$	1517,~~932~~186	$	1215,~~671~~932
(amortized cost: 2023, $16,304; 2022,$13,699, credit allowances: 2023, $(48); 2022, $(46))
(amortized cost: 2024, $17,685; 2023, $16,304, credit allowances: 2024, $(36); 2023, $(48))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2023, $850; 2022, $793 net of credit allowances: 2023, $(8); 2022, $(9))	851		811
(fair value: 2024, $759; 2023, $850, net of credit allowances: 2024, $(8); 2023, $(8))	757		851
Equity securities, at fair value	91110		~~194~~91
Other invested assets	3,~~259~~639		23,~~754~~259
Other invested assets, at fair value	1,~~481~~523		1,~~472~~481
Short-term investments	12,~~298~~819		~~812~~1,298
Cash	~~527~~616		~~481~~527
Total investments and cash	2326,~~439~~650		1923,~~195~~439
Notes receivable - affiliated	—		840
Accrued investment income	248		222
Accrued investment income	222		150
Premiums receivable (net of credit allowances: 2024, $(35); 2023, $(28))	2,350		2,245
Premiums receivable (net of credit allowances: 2023, $(28); 2022, $(21))	2,245		1,721
Reinsurance recoverables - unaffiliated (net of credit allowances: 2024, $(36); 2023, $(22))	2,481		1,816
Reinsurance recoverables - unaffiliated (net of credit allowances: 2023, $(22); 2022, $(21))	1,816		1,841
Reinsurance recoverables - affiliated	1,302		1,547
Reinsurance recoverables - affiliated	1,547		1,935
Income tax asset, net	410		141
Income tax asset, net	141		288
Funds held by reinsureds	336		306
Funds held by reinsureds	306		303
Deferred acquisition costs	810		659
Deferred acquisition costs	659		499
Prepaid reinsurance premiums	593		490
Prepaid reinsurance premiums	490		463
Other assets (net of credit allowances: 2024, $(9); 2023, $(9))	1,029		774
Other assets (net of credit allowances: 2023, $(9); 2022, $(5))	774		722
TOTAL ASSETS	$	36,209	$	31,638
TOTAL ASSETS	$	31,638	$	27,957
LIABILITIES:
Reserve for losses and loss adjustment expenses	$	1519,~~796~~271	$	1415,~~977~~796
Unearned premium reserve	34,~~886~~193		3,~~177~~886
Funds held under reinsurance treaties	5457		4354
Amounts due to reinsurers	~~488~~522		~~436~~488
Losses in course of payment	~~139~~127		77139
Income tax liability, net	29—		—29
Senior notes	2,349		2,347
Notes payable, affiliated	600		—
Senior notes	2,350		2,349
Long-term notes	218		218
Borrowings from FHLB	~~819~~1,019		~~519~~819
Accrued interest on debt and borrowings	22		1922
Unsettled securities payable	~~126~~84		1126
Other liabilities	~~526~~450		~~489~~526
TOTAL LIABILITIES	2428,~~451~~913		2224,~~303~~451
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)	—		—
1,000 shares issued and outstanding (2024 and 2023)	—		—
Additional paid-in capital	1,~~102~~103		1,102
Accumulated other comprehensive income (loss), net of deferred income tax
expense (benefit) of $(76) at 2023 and $(225) at 2022	(287)		(848)
expense (benefit) of $(107) at 2024 and $(76) at 2023	(400)		(287)
Retained earnings	6,~~372~~593		56,~~400~~372
Total stockholder's equity	7,~~187~~296		57,~~654~~187
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	3136,~~638~~209	$	2731,~~957~~638

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

Years Ended December 31,

(In millions of U.S. dollars)

~~2023~~2024

~~2022~~2023

~~2021~~2022

REVENUES:

Premiums earned

89,~~536~~090

78,~~876~~536

7,~~179~~876

Net investment income

~~993~~1,250

~~638~~993

~~745~~638

Total net gains (losses) on investments

~~(180)~~76

(~~982~~180)

~~501~~(982)

Other income (expense)

~~(11)~~64

(611)

23(6)

Total revenues

910,~~337~~481

79,~~526~~337

87,~~448~~526

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses

57,~~578~~430

5,~~823~~578

5,~~387~~823

Commission, brokerage, taxes and fees

1,~~851~~946

1,~~632~~851

1,~~513~~632

Other underwriting expenses

~~574~~606

~~501~~574

~~454~~501

Corporate expenses

1819

2618

3326

Interest, fee and bond issue cost amortization expense

~~134~~150

~~101~~134

70101

Total claims and expenses

810,~~156~~152

8,~~083~~156

78,~~457~~083

INCOME (LOSS) BEFORE TAXES

~~1,181~~329

~~(557)~~1,181

~~991~~(557)

Income tax expense (benefit)

~~210~~108

~~(112)~~210

~~192~~(112)

NET INCOME (LOSS)

~~972~~221

~~(445)~~972

~~800~~(445)

Other comprehensive income (loss), net of tax:

Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

374

(1,011)

(200)

Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period

(78)

374

(1,011)

Reclassification adjustment for realized losses (gains) included in net income (loss)

~~153~~(25)

73153

973

Total URA(D) on securities arising during the period

527

(938)

(191)

Total URA(D) of securities arising during the period

(103)

527

(938)

Foreign currency translation adjustments

17(42)

~~(18)~~17

(918)

Benefit plan actuarial net gain (loss) for the period

1534

1715

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

2(1)

Total benefit plan net gain (loss) for the period

1733

2317

Total other comprehensive income (loss), net of tax

~~561~~(113)

~~(939)~~561

(~~177~~939)

COMPREHENSIVE INCOME (LOSS)

~~1,533~~108

(1,~~384)~~533

~~623~~(1,384)

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

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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~~2024

~~2022~~2023

~~2021~~2022

COMMON STOCK (shares outstanding):

Balance, beginning of period

1,000

Balance, end of period

1,000

ADDITIONAL PAID-IN CAPITAL:

Balance, beginning of period

1,102

1,~~101~~102

Share-based compensation plans

—1

—

Balance, end of period

1,~~102~~103

1,102

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:

Balance, beginning of period

(~~848~~287)

91(848)

~~268~~91

Net increase (decrease) during the period

~~561~~(113)

~~(939)~~561

(~~177~~939)

Balance, end of period

(~~287~~400)

(~~848~~287)

91(848)

RETAINED EARNINGS:

Balance, beginning of period

56,~~400~~372

5,~~845~~400

5,~~045~~845

Net income (loss)

~~972~~221

~~(445)~~972

~~800~~(445)

Balance, end of period

6,~~372~~593

56,~~400~~372

5,~~845~~400

TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD

7,~~187~~296

57,~~654~~187

75,~~038~~654

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31,

(In millions of U.S. dollars)

~~2023~~2024

~~2022~~2023

~~2021~~2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

~~972~~221

~~(445)~~972

~~800~~(445)

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

Decrease (increase) in premiums receivable

(~~519~~124)

(3519)

(~~128~~3)

Decrease (increase) in funds held by reinsureds, net

9(28)

(9)

(309)

Decrease (increase) in reinsurance recoverables

~~424~~(466)

70424

~~337~~70

Decrease (increase) in income taxes

27(267)

~~(286)~~27

~~100~~(286)

Decrease (increase) in prepaid reinsurance premiums

(25112)

(3625)

(6836)

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

~~797~~3,548

~~1,885~~797

1,~~478~~885

Increase (decrease) in unearned premiums

~~703~~324

~~189~~703

~~609~~189

Increase (decrease) in amounts due to reinsurers

4849

5048

~~114~~50

Increase (decrease) in losses in course of payment

61(11)

~~(197)~~61

~~111~~(197)

Change in equity adjustments in limited partnerships

(83121)

(9083)

(~~368~~90)

Distribution of limited partnership income

5793

~~107~~57

~~114~~107

Change in other assets and liabilities, net

(~~274~~520)

(~~130~~274)

(10130)

Non-cash compensation expense

3950

3739

3637

Amortization of bond premium (accrual of bond discount)

(4396)

22(43)

3122

Net (gains) losses on investments

~~180~~(76)

~~982~~180

~~(501)~~982

Net cash provided by (used in) operating activities

2,~~374~~465

2,~~146~~374

2,~~625~~146

CASH FLOWS FROM INVESTING ACTIVITIES:

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

12,~~206~~662

1,~~399~~206

21,~~330~~399

Proceeds from fixed maturities sold - available for sale

2,~~546~~207

2,~~645~~546

~~961~~2,645

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

82152

3982

—39

Proceeds from equity securities sold

~~126~~13

~~2,203~~126

~~862~~2,203

Distributions from other invested assets

~~127~~280

~~135~~127

~~127~~135

Cost of fixed maturities acquired - available for sale

(6,~~518~~283)

(56,~~928~~518)

(5,~~832~~928)

Cost of fixed maturities acquired - held to maturity

(~~112~~49)

(~~125~~112)

—(125)

Cost of equity securities acquired

(1411)

(~~951~~14)

(~~1,052~~951)

Cost of other invested assets acquired

(~~611~~644)

(~~1,241~~611)

(~~430~~1,241)

Net change in short-term investments

(~~444~~1,459)

(~~113~~444)

13(113)

Net change in unsettled securities transactions

~~172~~(37)

~~(52)~~172

(~~206~~52)

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

~~840~~—

~~(340)~~840

(~~200~~340)

Net cash provided by (used in) investing activities

(23,~~599~~168)

(2,~~329~~599)

(32,~~427~~329)

CASH FLOWS FROM FINANCING ACTIVITIES:

Tax benefit from share-based compensation, net of expense

~~(38)~~1

(3738)

(3637)

Net FHLB borrowings (repayments)

~~300~~200

—300

~~209~~—

Cost of debt repurchase

—

(6)

—

Proceeds from issuance (cost of repayment) of long term notes payable - affiliated

600

—

(6)

Proceeds from issuance of senior notes

—

~~968~~—

Net cash provided by (used in) financing activities

~~262~~801

~~(43)~~262

~~1,142~~(43)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

10(8)

810

~~(18)~~8

Net increase (decrease) in cash

4689

~~(218)~~46

~~321~~(218)

Cash, beginning of period

~~481~~527

~~699~~481

~~379~~699

Cash, end of period

~~527~~616

~~481~~527

~~699~~481

SUPPLEMENTAL CASH FLOW INFORMATION:

Income taxes paid (recovered)

~~182~~375

~~174~~182

91174

Interest paid

~~130~~147

98130

6298

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

—21

~~722~~—

—722

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, ~~2023~~2024, ~~2022~~2023 and ~~2021~~2022

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 United States (“U.S.”) dollars.

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

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

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the ~~2023~~2024 presentation.

B.Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in 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

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

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

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

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~~For ~~invested~~some ~~assets~~non-publicly ~~include~~traded ~~limited partnerships~~securities, ~~corporate-owned~~market ~~life~~prices ~~insurance~~are ~~(“COLI”),~~determined ~~rabbi~~through ~~trusts~~the ~~and~~use ~~other~~of ~~investments~~pricing models that evaluate securities relative to the U. ~~Limited~~S. ~~partnerships~~Treasury ~~are~~yield ~~accounted~~curve, ~~for~~taking ~~under~~into account the ~~equity~~issue ~~method~~type, credit quality and cash flow characteristics of ~~accounting,~~each ~~which~~security. ~~can~~For beother ~~recorded~~non-publicly ontraded asecurities, ~~monthly~~investment ormanagers’ ~~quarterly~~valuation ~~lag~~committees will estimate fair value, and in many instances, these fair values are ~~included~~supported ~~within~~with ~~net~~opinions ~~investment~~from ~~income~~qualified independent third parties. ~~Corporate-owned~~ ~~life~~All ~~insurance~~fair ~~policies~~value estimates from investment managers are ~~carried~~reviewed atby ~~policy~~the ~~cash~~Company ~~surrender~~for reasonableness. For publicly traded securities, fair value ~~and~~is ~~changes~~based inon quoted market prices or valuation models that use observable market inputs. When a sector of the ~~policy~~financial markets is inactive or illiquid, the Company may use its own assumptions about future cash ~~surrender~~flows ~~value~~and ~~are~~risk-adjusted ~~included~~discount ~~within~~rates ~~net~~to ~~investment~~determine ~~income~~fair value.

Other invested assets include limited partnerships, atcorporate-owned ~~fair~~life ~~value~~insurance (“COLI”), rabbi trusts and other investments. Limited partnerships are ~~comprised~~accounted offor ~~convertible~~under ~~preferred~~the ~~stock~~equity method of ~~Everest~~accounting, ~~Preferred~~which ~~International~~can ~~Holdings,~~be ~~Ltd.~~recorded ~~(“Preferred~~on ~~Holdings”),~~a anmonthly ~~affiliated~~or ~~entity.~~quarterly ~~The~~lag ~~fair~~and ~~values~~are ofincluded ~~the~~within ~~Preferred~~net ~~Holdings~~investment ~~convertible~~income. ~~preferred~~COLI ~~stock~~policies are carried at ~~December 31,~~policy ~~2023~~cash surrender value and ~~December 31,~~changes ~~2022~~in ~~were~~the ~~determined~~policy ~~using~~cash asurrender ~~pricing~~value ~~model~~are included within net investment income.

~~Cash~~Other ~~includes~~invested ~~cash~~assets, onat ~~hand.~~fair ~~Restricted~~value, ~~cash~~are iscomprised ~~included~~of ~~within~~convertible ~~cash~~preferred instock ~~the~~of ~~consolidated~~Everest ~~balance~~Preferred ~~sheets~~International ~~and~~Holdings, ~~represents~~Ltd. ~~amounts~~(“Preferred ~~held~~Holdings”), ~~for~~an ~~the~~affiliated ~~benefit~~entity. ofThe ~~third~~fair ~~parties~~values ~~that~~of isthe ~~legally~~Preferred orHoldings ~~contractually~~convertible ~~restricted~~preferred asstock toat ~~its~~December 31, ~~withdrawal~~2024 orand ~~usage.~~December 31, ~~Amounts~~2023 ~~include~~were ~~trust~~determined ~~funds~~using ~~set~~a uppricing ~~for the benefit of ceding companies~~model.

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

C.Allowance for Premium Receivable and Reinsurance Recoverables.

The Company applies the Current Expected Credit Losses ~~(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~~other underwriting expenses and records credit loss expenses related to deductibles in ~~Incurred~~incurred losses and loss adjustment expenses (“LAE”) in the Company’s consolidated statements of operations and comprehensive income (loss).

The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable ~~comprises~~includes 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). WriteF-~~offs of~~ 11

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~~reinsurance~~required ~~recoverable and any related~~ allowance ~~are~~for ~~recorded~~reinsurance inrecoverable considers the ~~period~~current ineconomic ~~which~~environment ~~the~~as ~~balance~~well isas ~~deemed~~macroeconomic ~~uncollectible~~scenarios.

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

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~~LAE.

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 34 of the Notes to these Consolidated Financial Statements. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

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

F.Premium Revenues.

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

During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance ~~Segment~~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~~2024 were ~~collateralized~~secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

~~H.Income Taxes.~~F-12

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.

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H.Income Taxes.

Holdings 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 income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax basis of assets and liabilities, which arise because of differences between GAAP and income tax accounting 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~~remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed ~~maturity~~maturities 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 and comprehensive income (loss). Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated as a separate component of other comprehensive income (loss) in stockholder’s equity.

J.Segmentation.

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

K.Recent Accounting Pronouncements.

Adoption of New Accounting Standards

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

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are ~~affective~~effective after ~~2023~~2024 by the ~~Financial~~FASB ~~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~~ 2024. There were no accounting standards identified, other than those directly ~~reference~~referenced below, that are expected to have a material impact to Holdings.

Improvements to Income Tax Disclosures. In December 2023, the ~~Financial~~FASB ~~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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rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

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

2.INVESTMENTS

The ~~following~~ tables ~~show~~below present the 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, 2024
(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	$	266	$	—	$	—	$	(11)	$	255
Obligations of U.S. states and political subdivisions	75		—		—		(5)		70
Corporate securities	4,156		(35)		37		(160)		3,997
Asset-backed securities	5,321		—		24		(35)		5,311
Mortgage-backed securities
Commercial	479		—		—		(38)		441
Agency residential	3,306		—		10		(166)		3,151
Non-agency residential	1,164		—		9		(11)		1,161
Foreign government securities	1,013		—		8		(52)		970
Foreign corporate securities	1,905		—		17		(91)		1,831
Total fixed maturity securities - available for sale	$	17,685	$	(36)	$	106	$	(569)	$	17,186

(Some amounts may not reconcile due to rounding.)


	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)	AmortizedCost		Allowances forCredit Loss		UnrealizedAppreciation		UnrealizedDepreciation		FairValue
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

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


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

(Some amounts may not reconcile due to rounding.)

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.)

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Table of Contents

	At December 31, 2022
(Dollars in millions)	AmortizedCost		Allowances forCredit Loss		UnrealizedAppreciation		UnrealizedDepreciation		FairValue
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

At December 31, 2024

At December 31, 2023

(Dollars in millions)

AmortizedCost

FairValue

AmortizedCost

FairValue

Fixed maturity securities – available for sale

Due in one year or less

~~546~~383

~~537~~369

~~581~~546

~~563~~537

Due after one year through five years

23,~~402~~262

23,~~310~~145

32,~~684~~402

32,~~429~~310

Due after five years through ten years

2,~~842~~506

2,~~784~~406

2,~~003~~842

12,~~760~~784

Due after ten years

1,~~672~~264

1,~~621~~202

~~958~~1,672

~~827~~1,621

Asset-backed securities

5,~~307~~321

5,~~282~~311

45,~~111~~307

35,~~951~~282

Mortgage-backed securities

Commercial

~~575~~479

~~522~~441

~~569~~575

~~509~~522

Agency residential

23,~~532~~306

23,~~435~~151

12,~~792~~532

12,~~628~~435

Non-agency residential

~~429~~1,164

~~441~~1,161

3429

3441

Total fixed maturity securities - available for sale

1617,~~304~~685

1517,~~932~~186

1316,~~699~~304

1215,~~671~~932

(Some amounts may not reconcile due to rounding.)

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Table of Contents

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
	At December 31, 2024				At December 31, 2023
(Dollars in millions)	AmortizedCost		FairValue		AmortizedCost		FairValue
Fixed maturity securities – held to maturity
Due in one year or less	$	57	$	57	$	5	$	5
Due after one year through five years	5967		5867		6359		6158
Due after five years through ten years	4337		4235		43		4142
Due after ten years	~~127~~150		~~131~~152		68127		65131
Asset-backed securities	~~604~~484		~~593~~477		~~634~~604		~~614~~593
Mortgage-backed securities
Commercial	21		21		721		721
Total fixed maturity securities - held to maturity	$	~~859~~765	$	~~850~~759	$	~~820~~859	$	~~793~~850

(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~~2024, $4234 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.

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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~~2024		~~2022~~2023
Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon:
Increase (decrease) during the period between the fair value and cost
Fixed maturity securities - available fore sale and short-term investments	$	667	$	(1,187)
of investments carried at fair value, and deferred taxes thereon:
Change in unrealized appreciation (depreciation), pre-tax	667		(1,187)
Fixed maturity securities - available for sale and short-term investments	$	(131)	$	667
Deferred tax benefit (expense)	(140)		249
Change in URA(D), pre-tax	(131)		667
Change in URA(D), net of deferred taxes, included in stockholder's equity	$	527	$	(938)
Deferred tax benefit (expense)	28		(140)
Change in URA(D), net of deferred taxes, included in stockholder's equity	$	(103)	$	527

(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)	FairValue		GrossUnrealizedDepreciation		FairValue		GrossUnrealizedDepreciation		FairValue		GrossUnrealizedDepreciation
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.)

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Table of Contents

	Duration of Unrealized Loss at December 31, 2023 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	FairValue		GrossUnrealizedDepreciation		FairValue		GrossUnrealizedDepreciation		FairValue		GrossUnrealizedDepreciation
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.

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Table of Contents

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

	Duration of Unrealized Loss at December 31, 2022 By Security Type
	Duration of Unrealized Loss at December 31, 2024 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	FairValue		GrossUnrealizedDepreciation		FairValue		GrossUnrealizedDepreciation		FairValue		GrossUnrealizedDepreciation
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)
U.S. Treasury securities and obligations of
Obligations of U.S. states and political subdivisions	235		(23)		27		(9)		261		(32)
U.S. government agencies and corporations	43		(1)		187		(10)		230		(11)
Corporate securities	2,138		(175)		841		(146)		2,979		(321)
Obligations of U.S. states and political subdivisions	9		—		40		(5)		48		(5)
Asset-backed securities	3,120		(138)		436		(27)		3,556		(165)
Corporate securities	1,502		(42)		1,169		(116)		2,670		(160)
Asset-backed securities	843		(17)		501		(18)		1,344		(35)
Mortgage-backed securities
Commercial	~~464~~6		~~(50)~~—		36408		(938)		~~500~~415		(5938)
Agency residential	~~852~~1,784		(5470)		~~605~~583		(~~113~~95)		12,~~456~~367		(~~167~~166)
Non-agency residential	2650		—(11)		124		—		3674		—(11)
Foreign government securities	~~455~~298		(3611)		~~144~~376		(2541)		~~599~~674		(6152)
Foreign corporate securities	~~967~~689		(~~100~~18)		~~365~~569		(6772)		1,~~332~~258		(~~167~~91)
Total	$	85,~~522~~823	$	(~~591~~171)	$	23,~~698~~856	$	(~~421~~397)	$	119,~~220~~680	$	(~~1,012~~567)
Securities where an allowance for credit loss was recorded	217		(1)		—		—		217		(1)
Total fixed maturity securities - available for sale	$	85,~~524~~841	$	(~~591~~172)	$	23,~~698~~856	$	(~~421~~397)	$	119,~~222~~697	$	(~~1,013~~569)

(Some amounts may not reconcile due to rounding.)

Duration of Unrealized Loss at December 31, 2022 By Maturity

Duration of Unrealized Loss at December 31, 2024 By Maturity

Less than 12 months

Greater than 12 months

Total

(Dollars in millions)

FairValue

GrossUnrealizedDepreciation

FairValue

GrossUnrealizedDepreciation

FairValue

GrossUnrealizedDepreciation

Fixed maturity securities - available for sale

Due in one year or less

~~463~~53

(82)

29166

(411)

~~491~~219

(1113)

Due in one year through five years

~~2,020~~895

(~~143~~22)

~~936~~1,313

(107)

2,~~956~~209

(~~250~~129)

Due in five years through ten years

1,~~162~~127

(~~148~~23)

~~395~~572

(9892)

1,~~557~~699

(~~246~~115)

Due after ten years

~~439~~465

(5026)

~~262~~289

(6435)

~~701~~754

(~~114~~61)

Asset-backed securities

~~3,120~~843

(~~138~~17)

~~436~~501

(2718)

31,~~556~~344

(~~165~~35)

Mortgage-backed securities

12,~~318~~441

(~~105~~81)

~~641~~1,015

(~~122~~134)

13,~~959~~455

(~~226~~215)

Total

85,~~522~~823

(~~591~~171)

23,~~698~~856

(~~421~~397)

119,~~220~~680

(~~1,012~~567)

Securities where an allowance for credit loss was recorded

217

(1)

—

217

(1)

Total fixed maturity securities - available for sale

85,~~524~~841

(~~591~~172)

23,~~698~~856

(~~421~~397)

119,~~222~~697

(~~1,013~~569)

(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~~2024 were $119.27 billion and $~~1.0~~569 ~~billion~~million, respectively. The fair value of securities for the single issuer (the ~~United~~U.S. ~~States~~ government) whose securities comprised the largest unrealized loss position at December 31, ~~2022~~2024, ~~did~~amounted ~~not~~to ~~exceed~~approximately 41.31% of the overall fair value of the Company’s fixed maturity securities available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at December 31, 2024 comprised less than 0.65% 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~~172 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 agency residential mortgage-backed securities, domestic and foreign corporate securities, foreign government securities, asset -backed securities and non-agency residential mortgage -backed securities. Of these unrealized losses, $~~520~~167 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $~~421~~397 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, asforeign ~~well~~government assecurities, ~~agency~~commercial ~~residential~~ mortgage-backed securities., Ofagency ~~these~~residential ~~unrealized~~

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Table of Contents

mortgage-backed securities, asset-backed securities as well as U.S. government securities and obligations. Of these unrealized losses, $~~392~~377 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2024, the unrealized losses are due to changes in interest rates and non-issuer specific credit spreads and are not credit related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that 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.)

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Table of Contents

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 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.

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

	Years Ended December 31,
(Dollars in millions)	~~2023~~2024		~~2022~~2023		~~2021~~2022
Fixed maturities	$	~~822~~1,019	$	~~510~~822	$	~~344~~510
Equity securities	3		163		1516
Short-term investments and cash	7498		1674		116
Other invested assets
Limited partnerships	3734		7237		~~321~~72
Dividends from preferred shares of affiliate	31		31		31
Other	59104		3059		6330
Gross investment income before adjustments	1,~~027~~289		~~675~~1,027		~~774~~675
Funds held interest income (expense)	37		63		86
Interest income from Parent	7—		117		611
Gross investment income	1,~~038~~297		~~691~~1,038		~~788~~691
Investment expenses	46		5246		4352
Net investment income	$	~~993~~1,250	$	~~638~~993	$	~~745~~638

(Some amounts may not reconcile due to rounding.)

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“NAV”) of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one -month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $12.0 billion in limited partnerships and private placement ~~loans~~loan securities at December 31, ~~2023~~2024. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through ~~2027~~2034.

~~During~~In ~~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 $1.37 billion and $~~939~~1.3 ~~million~~billion as of December 31, ~~2023~~2024 and December 31, ~~2022~~2023, respectively.

Other invested assets, at fair value, as of December 31, ~~2023~~2024 and December 31, ~~2022~~2023, were comprised of preferred shares held in Preferred Holdings, a wholly-owned subsidiary of Group. See Note 15 of the Notes to these Consolidated Financial Statements.

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~~F-~~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~~ 19

F-18

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~~investments.~~financial ~~The~~interest ~~Company’s~~when ~~maximum~~it ~~exposure~~has both the ability to ~~loss~~direct asthe activities that most significantly impact the economic performance of ~~December 31,~~the ~~2023~~VIE and ~~2022~~the isobligation ~~limited~~ to absorb losses or the ~~total~~right ~~carrying~~to ~~value~~receive ofbenefits ~~$3.3~~from ~~billion~~the ~~and~~VIE ~~$2.8~~that ~~billion,~~could ~~respectively,~~potentially ~~which~~be ~~are~~significant ~~included~~to inthe ~~general~~VIE. ~~and~~Based ~~limited~~on ~~partnerships~~the Company’s assessment, ~~COLI~~if ~~policies~~it ~~and~~determines ~~other~~it ~~alternative~~is ~~investments~~the inprimary ~~other~~beneficiary, ~~invested~~the ~~assets~~Company consolidates the VIE in the Company'’s consolidated ~~balance~~financial sh

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