What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-28 · 147 added, 182 removed, 455 unchanged (42% of the section changed)

Everest is a Bermuda-based reinsurance and insurance organization.

As part of the S&P 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence.

As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence.

Through our direct and indirect subsidiaries operating in the U.S.

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Our Operations.

The Company’s principal business, conducted through its Reinsurance and Insurance operating segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets.

The Company’s principal business, conducted through its Reinsurance and Insurance reportable segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets.

Our global network of operations spans more than 100 countries across six continents.

In 2023, the Company had gross written premiums of $16.6 billion with approximately 68.9% representing reinsurance and 31.1% representing insurance.

In 2024, the Company had gross written premiums of $18.2 billion with approximately 71.0% representing Reinsurance and 27.9% representing Insurance with the remaining 1.1% of gross written premium coming from our “Other” operating segment.

The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company’s preferred reinsurance purchasing method.

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

• Bermuda Re, a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and long-term insurer and is authorized to write both reinsurance and insurance property and casualty.

Bermuda Re’s UK branch writes property and casualty reinsurance to the United Kingdom, China and European markets.

Bermuda Re’s United Kingdom (“U.K.”) branch writes property and casualty reinsurance to the U.K., China and European markets.

As of December 31, 2024, Bermuda Re had shareholder’s equity of $4.3 billion.

• Everest International Reinsurance, Ltd.

(“Everest International”), a Bermuda insurance company and a direct subsidiary of G roup, is registered in Bermuda as a Class 4 insurer and is authorized to write property and casualty business.

Everest International’s Singapore branch writes property and casualty reinsurance to the Singapore market.

A majority of Everest International’s business is assumed reinsurance from its affiliates:

Everest Re, Bermuda Re, Ireland Re and Ireland Insurance.

(“Everest International”), a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and is authorized to write property and casualty business.

Everest International has branch locations in Singapore and Australia.

The Singapore branch has a direct insurer license and writes property and casualty business to the Singapore market.

The Australian branch has a general insurance license and writes property and casualty business to the Australian market.

A ma jority of Everest International’s business is assumed reinsurance from its affiliates:

Everest Re, Bermuda Re - U.K.

Branch, Ireland Re and Ireland Insurance.

As of December 31, 2024, Everest International had shareholder’s equity of $1.7 billion.

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

• Ireland Insurance, an Ireland insurance company and an indirect subsidiary of Group, is licensed to write insurance for the European markets through its Ireland office as well as through its branches in the United

Kingdom, the Netherlands, Spain, France and Germany.

In addition, Ireland Insurance is considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia.

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

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

• Compañia de Seguros Generales Everest Mexico S.A.

de C.V., a Mexico based insurance company, is licensed to write property and casualty business within Mexico.

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

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Excess and surplus lines insurance is specialty property and liability coverage that an insurer not licensed to write insurance in a particular jurisdiction is permitted to provide to insureds when the specific specialty coverage is unavailable from admitted insurers.

Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write business on a non-admitted basis in all other U.S.

states, the District of Columbia and Puerto Rico.

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

The majority of Everest Indemnity’s business is reinsured by its parent, Everest Reinsurance Company.

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Everest Assurance has made a one-time election under section 953(d) of the U.S.

Internal Revenue Code to be a U.S.

Internal Revenue Code (“IRC”) to be a U.S.

income tax paying “Controlled Foreign Corporation.” By making this election, Everest Assurance is authorized to write life reinsurance and casualty reinsurance in both Bermuda and the U.S.

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Our colleagues worldwide are essential to our success, and we strive to attract and retain the highest caliber of talent to meet our business needs as well as the needs of our clients and customers.

It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in diversity of thought and experiences.

It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in a broad range of thought and experiences.

As of February 1, 2025, the Company employed 3,037 persons.

Management believes that colleague engagement is strong.

None of the Company’s employees are subject to collective bargaining agreements, and the Company is not aware of any current efforts to enter into such agreements.

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.

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Our ability to attract, develop and retain a high caliber of professionals is critical to our continued growth and ability to execute on our strategic priorities.

The continued development of all colleagues is core to who we are and how we maintain our competitive advantage as a global leader in risk management.

We are proud to offer corporate mentoring programs, leadership development opportunities, and avenues for engagement with our external partner organizations.

We provide opportunities for continued learning and talent development at all levels.

Our colleagues are encouraged to take ownership of their development by using the tools that the Company has made available to them including industry training, technical upskilling, mentorships and personal development classes.

Everest also actively manages succession planning across our organization and strives to provide growth and advancement opportunities to internal talent, where possible.

Our leaders and colleagues engage in ongoing learning that supports both professional and personal development.

Proactive recruitment of skilled, experienced, diverse teams is an important aspect of succession planning at both our Board of Directors (the “Board”) level and throughout the organization.

Our Human Resources and Senior Leadership Teams, Executive Committee, Global Diversity, Equity and Inclusion Council (“DEI Council”) and Colleague Resource Groups (“CRGs”) collaborate to attract, retain and develop exceptional, diverse talent, fostering an inclusive workplace that embraces diversity in gender, ethnicity, age, geography, skill sets, experiences and perspectives.

Investing in the ongoing development of our colleagues is fundamental to our success and sustained competitive advantage as a global leader in risk management.

We empower our colleagues to take ownership of their professional growth through a comprehensive suite of resources, including industry-leading training programs, technical upskilling, opportunities, mentorship initiatives and robust management and leadership development offerings.

Our commitment to continuous learning and development spans all levels, and we are continually expanding our program offerings to meet evolving needs.

This includes a newly implemented enterprise-wide program focused on cultivating next-generation skills, and an expansion of our early career program to develop future Underwriters, Actuaries and IT professionals through rotational placements.

Further, Everest maintains a proactive approach to succession planning, prioritizing internal talent development and advancement opportunities.

Proactive recruitment of skilled and experienced teams is an important aspect of succession planning at both our Board of Directors (the “Board”) level and throughout the organization.

Everest seeks to attract, retain and develop exceptional talent, fostering an inclusive workplace that embraces unique skill sets, experiences and perspectives.

People power our success.

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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 mission, purpose and values, as well as a set of Colleague Behaviors that speak to how we operate as One Everest, regardless of location, level or function.

• Our Values are the guiding principles that inform our decisions, actions and behaviors.

They are an expression of our culture and an integral part of how we work.

Thoughtful Assumption of Risk.

Collaboration.

Diversity, Equity and Inclusion.

• Our Colleague Behaviors define how we operate and interact with each other no matter our location, level or function:

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Win Together.

• In 2023, the Company began embedding these new behaviors within colleague programs and practices globally.

• The Company has embedded these behaviors within colleague programs and practices globally.

We are taking a systematic approach to integrating them into everything we do, from our talent acquisition and onboarding programs to our performance and compensation plans, recognition initiatives and general employment policies.

Diversity and Inclusion.

People are Everest’s greatest asset, and the quality of our teams has been enhanced through the wide range of backgrounds, perspectives and interests our colleagues bring to our community.

At Everest, Diversity, Equity and Inclusion (“DEI”) expresses our commitment to non-discriminatory access to opportunity, equity in our dealings and cultural inclusivity, and represents a cultural and business imperative that we promote not only within our workplace but also throughout the global communities in which we operate.

Our Board is committed to advancing diversity within its structure as well as emphasizing its importance in our senior executive leadership.

We believe that diversity in gender, ethnicity, age, geography, skill sets, experiences and perspectives enhances our governance, strategy, corporate responsibility, human rights and risk management.

Everest has a global DEI strategic framework and focus areas that aligns with our corporate global DEI efforts and initiatives.

We have four pillars that provide the foundation for our strategic framework as described below.

At Everest, our commitment to equal opportunity in our dealings and cultural inclusivity reflects a core principle that we promote not only within our workplace but also in the global communities where we operate.

Our Board is committed to selecting director and executive management candidates who possess unique skill sets, experiences and perspectives that enhance our governance, strategy, corporate responsibility, culture and risk management.

Everest has a global inclusion, culture and engagement strategic framework and focus areas that aligns with our corporate values and initiatives.

In 2024, we had four pillars providing the foundation for our strategic framework as described below.

Alignment & Accountability:

Our integrated global DEI efforts align with our corporate strategy, cultural values and colleague behaviors.

Our integrated global efforts align with our corporate strategy, cultural values and colleague behaviors.

Colleague-Centered:

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

As part of our global DEI efforts, Everest has the DEI Council, which functions globally across our North America and international operations.

The DEI Council’s mission is to help foster an environment that attracts, retains and develops the best talent;

values the diversity of people, their life experiences and perspectives;

and serves as a conduit to senior management to promote measurable company-wide engagement on inclusivity.

The 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 Council has also been instrumental in supporting our CRGs as they raise awareness and ensure that a diverse and representative group of voices is heard throughout the Company.

We look to seize opportunities to celebrate our diversity and lift one another up.

Our global CRGs, as part of our Council, connect regularly through networking events, professional development opportunities and sharing cultural traditions, driving greater awareness and collaboration across offices worldwide.

As part of our global inclusion, culture and engagement efforts, our mission is to help foster an environment that attracts, retains and develops the best talent;

prioritizes people, their life experiences and perspectives;

and serves as a conduit to senior management to promote measurable company-wide engagement.

We look to seize opportunities to celebrate our culture and lift one another up.

Our global Colleague Resource Groups (“CRGs”), as part of our engagement efforts, connect regularly through networking events, professional development opportunities and sharing cultural traditions, driving greater awareness and collaboration across offices worldwide.

Participation in our CRGs is open to everyone, regardless of background, to enhance career and personal development, exchange ideas and share cultural experiences and backgrounds to contribute to Everest’s vision and values.

As of December 31, 2024, the Company sponsors nine CRGs.

We also have two Business Resource Groups (“BRGs”) which are colleague-centered and are sponsored as part of our global business objectives.

Our CRGs and BRGs support our efforts in the areas of volunteerism, sustainability and innovation.

Business and Underwriting Strategy.

In 2023, the Company changed its name to Everest Group, Ltd.

and started trading under a new ticker symbol (NYSE:

Everest’s new name and stock ticker reflect the evolution of our value proposition, built on five decades of reinsurance leadership and an expanding presence in the global primary insurance market.

Since 2023, Everest Group, Ltd.

trades on the New York Stock Exchange (“NYSE”) under the ticker symbol (NYSE:

Everest’s value proposition is built on five decades of reinsurance leadership and an expanding presence in the global primary insurance market.

The Company writes business on a worldwide basis for many different customers and lines of business, thereby obtaining a broad spread of risk.

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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.

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.

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The Company believes that a reduction of business assumed from any one broker would not have a material adverse effect on the Company.

The Company’s insurance business mainly writes commercial property and casualty on an admitted and non-admitted basis.

The Company’s Insurance segment mainly writes commercial property and casualty business on an admitted and non-admitted basis.

The business is writ ten through wholesale and retail brokers, surplus lines brokers and through program administrators.

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Segments Overview.

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

During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings.

These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are now managed due to changes in management beginning in the fourth quarter of 2023.

These changes have been reflected retrospectively.

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

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other".

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

It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes.

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

Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain

products related to its accident and health business within the reportable segment groupings.

These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed due to changes in management implemented during the fourth quarter of 2023.

These segment presentation changes have been reflected retrospectively.

The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies.

Business is written in

the United States, Bermuda, and Ireland offices, as well as through branches in Canada, Singapore, the United Kingdom (“UK”) and Switzerland.

The Insurance segment writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States, Bermuda, Canada, Europe, Singapore and South America through its offices in the United States, Canada, Chile, Singapore, UK, Ireland and branches in the UK, the Netherlands, France, Germany and Spain.

The two segments are managed independently but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

Management generally monitors and evaluates the financial performance of the two operating segments based upon their underwriting results.

Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses.

Business is written in the United States, Bermuda and Ireland offices, as well as through branches in Canada, Singapore, the U.K.

and Switzerland.

The Insurance segment writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States, Bermuda, Canada, Europe, Singapore and South America through its offices in the United States, Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the U.K., Ireland and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy and Spain.

The two reportable segments are managed independently but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

Management generally monitors and evaluates the financial performance of the two reportable segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses.

We measure our underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

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rather, it reimburses the ceding company for covered losses.

There are two basic types of reinsurance arrangements:

There are two types of reinsurance arrangements:

treaty and facultative.

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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).

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.

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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:

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 US GAAP guidance.

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.

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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.

Perils covered by such policies may be natural or man-made and include hurricanes, tornados, hail, windstorms, earthquakes, freezes, floods, explosions and fires.

• Mortgage reinsurance provides protection in the U.S.

and internationally on private mortgage insurance policies as well as participating in Government Sponsored Entities (i.e.

Fannie Mae & Freddie Mac) credit risk-sharing transactions.

Reinsurance coverage is provided on a proportional and non- proportional basis.

We participate regularly in both Fannie Mae & Freddie Mac single family and multifamily risk sharing programs.

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

• Casualty provides protection for losses covered in liability or casualty insurance policies.

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Losses might occur due to property damage resulting from such perils, business interruption, cyber/malicious attack, event cancellation or construction delays.

The global reinsurance market is highly competitive and very mature.

The global reinsurance market is highly competitive and mature.

Reinsurance companies differentiate themselves based on financial strength, range of products, brand recognition, duration of the relationship with the cedents, distribution channels, claims management and customer service.

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We compete in global and local markets with U.S., Bermuda, European and other international reinsurers.

In addition, competitors might include investment companies, mutual companies, insurance companies, alternative risk providers (such as captives, catastrophe bonds and pools) and others, as alternative products are introduced into the capital market to compete with traditional reinsurance companies.

In addition, competitors might include investment companies, mutual companies, insurance companies, alternative risk providers (such as captives, catastrophe bonds and pools) and others, as alternative products are introduced into the capital markets to compete with traditional reinsurance companies.

Insurance Segment.

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The Insurance division writes property, casualty and specialty insurance products, which are aligned with the lines of business described within the Insurance Segment Overview.

These products are written directly, as well as through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore, and South America through offices in the U.S., Bermuda, Canada, Chile, Singapore, the UK, Ireland, and branches located in the UK, the Netherlands, France, Germany, and Spain.

These products are written directly, as well as through brokers, including for surplus lines and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through offices in the U.S., Bermuda, Canada, Chile, Singapore, the U.K., Ireland and branches located in the U.K., the Netherlands, France, Germany, Italy and Spain.

The global insurance market is highly competitive.

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Claims are allocated to the Claims staff according to their expertise and experience and most specialize in particular product segments and geographies.

Some insurance claims are handled by third party claims service providers

who have limited authority and are subject to oversight by the Claims staff.

Some insurance claims are handled by third party claims service providers who have limited authority and are subject to oversight by the Claims staff.

The Claims staff work closely with senior management in Insurance, as well as underwriting, finance and actuarial.

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Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees.

Each segment’s reserve committee includes the participation of the relevant parties from actuarial, finance, claims and the segment’s senior management and has the responsibility for recommending and approving management’s best estimate for its respective segment.

Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management.

Each segment’s reserve committee includes the participation of the relevant parties from actuarial, finance, claims and the segment’s senior management.

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.

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The translation adjustment eliminates the impact of the exchange fluctuations from the reserve re-estimates.

For reconciliation of beginning and ending reserves, see Note 4 of Notes to Consolidated Financial Statements.

For reconciliation of beginning and ending reserves, see Note 4 of the Notes to the Consolidated Financial Statements.

Reserves for Asbestos and Environmental Loss and LAE.

As of December 31, 2024, the Company’s gross reserves for A&E claims represented 0.9% of its total reserves.

The results of run-off A&E exposures are included within the Company’s Other segment.

The Company’s A&E liabilities stem from direct insurance business from Mt.

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The Company has expanded the allocation of its investments funded by shareholders’ equity to include:

(1) fixed and floating rate maturities, (2) bank and private loan securities, (3) private equity limited partnership investments and (4)

corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities.

(1) fixed and floating rate securities, (2) bank and private loan securities, (3) private equity limited partnership investments and (4) corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities.

The objective of this portfolio diversification is to enhance the risk-adjusted total return of the investment portfolio by allocating a prudent portion of the portfolio to higher return asset classes.

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The average durations of the fixed income portfolio at December 31, 2024 and 2023 were 3.1 years and 3.3 years, respectively.

The Company’s cash and invested assets totaled $37.1 billion at December 31, 2023, which consisted of 86.6% fixed maturities, short term investments and cash and 13.4% of other invested assets and equity securities.

Of the total fixed maturities, 94.8% were investment grade.

Additionally, the average maturity of fixed maturity securities was 5.5 years at December 31, 2023, and their overall average duration was 3.3 years.

As of December 31, 2023, the Company did not have any direct investments in commercial real estate, direct commercial mortgages or securities of issuers that are experiencing cash flow difficulty to an extent that the Company’s management believes that the issuer’s ability to meet debt service payments, except where an allowance for credit losses has been recognized, is threatened.

The Company’s investment portfolio includes structured commercial mortgage-backed securities (“CMBS”) with a book value of $1.1 billion and a fair value of $1.0 billion.

As of the December 31, 2023, 82.2% of CMBS securities are rated AAA by S&P Global Ratings (“S&P”).

The remainder of CMBS securities are rated investment grade by S&P.

The following table reflects investment results for the Company for the periods indicated:

(Dollars in millions) Average

Investments (1)

Yield Pre-tax

Gains (Losses)

On Investments (3)

Unrealized Net

Gains (Losses)

On Investments

2023 $ 33,935 $ 1,434 4.22 % $ (276) $ 1,129

2022 29,788 830 2.79 % (455) (2,225)

(1) Average of the beginning and ending carrying values of investments and cash, less net funds held, future policy benefit reserve, and non-interest bearing cash.

Fixed maturities - available for sale and equity securities are carried at fair value.

Fixed maturities - held to maturity securities are carried at amortized cost net of the expected credit loss allowance.

(2) After investment expenses, excluding net gains (losses) on investments.

(3) Included in 2023 and 2022 are fair value re-measurements of $0.5 million and $460 million, respectively.

In addition, 2023 and 2022 include $7 million and $(33) million of expected credit losses.

(Some amounts may not reconcile due to rounding.)

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

At December 31,

(Dollars in millions) Fair Value/

Amortized Cost (1)

Total Fair Value/

Amortized Cost (1)

Rating Agency Credit Quality Distribution:

AAA $ 7,011 24.5 % $ 8,432 36.6 %

AA 8,629 30.2 % 2,886 12.5 %

A 7,297 25.5 % 6,268 27.2 %

BBB 4,168 14.6 % 3,768 16.3 %

BB 1,067 3.7 % 1,227 5.3 %

B 132 0.5 % 163 0.7 %

Rated below B 51 0.2 % 49 0.2 %

Other 240 0.8 % 283 1.2 %

Total $ 28,595 100.0 % $ 23,075 100.0 %

(Some amounts may not reconcile due to rounding.)

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

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

At December 31,

(Dollars in millions) Fair Value/

Amortized Cost (1)

Total Fair Value/

Amortized Cost (1)

Fixed maturity securities

Due in one year or less $ 1,266 4.4 % $ 1,319 5.7 %

Due after one year through five years 6,916 24.2 % 7,607 33.0 %

Due after five years through ten years 5,448 19.1 % 4,098 17.8 %

Due after ten years 2,585 9.0 % 1,299 5.6 %

Asset-backed securities 6,221 21.8 % 4,705 20.4 %

Mortgage-backed securities 6,159 21.5 % 4,029 17.5 %

Total fixed maturity securities $ 28,595 100.0 % $ 23,057 100.0 %

(Some amounts may not reconcile due to rounding.)

(1) The amortized cost and fair value of fixed maturity securities are shown by contractual maturity.

Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities.

As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

Financial Strength Ratings.

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Best’s comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.

Best affirmed these ratings on June 29, 2023.

Best affirmed these ratings on July 19, 2024, with a stable outlook.

S&P states that the “A+”/ “A” ratings are assigned to those insurance companies which, in its opinion, have strong financial security characteristics with respect to their ability to pay under their insurance policies and contracts in accordance with their terms.

Following the publishing of the revised Insurer Risk Based Capital Adequacy methodology on November 15, 2023, S&P affirmed all ratings on January 29, 2024.

S&P affirmed all ratings on January 28, 2025, and changed the outlook from stable to negative.

Moody’s states that an “A1” rating is assigned to companies that, in their opinion, offer upper-medium grade security and are subject to low credit risk.

Moody’s affirmed these ratings on June 29, 2023.

Moody’s affirmed these ratings on May 17, 2024, with a stable outlook.

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

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Enterprise Risk Management.

Everest is in the business of underwriting and managing risk for its customers.

Everest underwrites and manages risk for its customers.

As a global insurance and reinsurance business, we have an established Enterprise Risk Management (“ERM”) framework that is integrated into the day-to-day management of our businesses and operations.

The ERM framework provides a group-wide systemic approach to managing the organization’s key risks and is supported by a Risk Appetites Statement approved by the Board.

The ERM framework provides a group-wide systemic approach to managing the organization’s key risks and is supported by Risk Appetite Statements approved by the Everest Board.

Risk governance is a key component of Everest’s ERM framework in order to establish and coordinate risk guidelines that reflect the enterprise’s appetite for risk, facilitate monitoring of risk exposure relative to established guidelines and ensure effective and timely escalation and communication to management and the Board.

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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 Executive Risk Management Committee (“ERC”) reports to and assists the Chief Executive Officer in the oversight and review of Everest’s ERM framework and key risks, including Underwriting, Financial, Operational, and Strategic risks.

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, Chief Operations Officer and Head of Reinsurance Division, Chief Executive Officer of the Insurance Division, General Counsel, Chief Transformation Officer, Chief Reserving Actuary, and the Chief Risk Officer.

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.

ERM is centrally responsible for implementing the risk management framework and identifying, assessing,

monitoring, controlling and communicating the Company’s risk exposures.

Everest’s ERM function is independent of operating units and reports to the Chief Risk Officer.

Everest’s senior management risk committees, including the Underwriting Risk Committee, Financial Risk Committee, and Operational Risk Committee supports ERM and the ERC with the compilation and analysis of risk insights with regards to exposure management and execution management.

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.

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The Company and its insurance subsidiaries are subject to regulation under the insurance statutes of the various jurisdictions in which they conduct business, including all U.S.

states, Canada, Singapore, Brazil, the UK, Ireland, Chile and Bermuda.

states, Canada, Singapore, Brazil, the U.K., Ireland, Chile Colombia, Mexico and Bermuda.

These regulations vary from jurisdiction to jurisdiction and are generally designed to protect ceding insurance companies and policyholders by regulating the Company’s conduct of business, financial integrity and ability to meet its obligations.

Many of these regulations require reporting of information designed to allow insurance regulators to closely monitor the Company’s performance.

Climate Risk Management.

Climate-Related Risk Management.

As a global insurance and reinsurance organization, we recognize the potential impact of extreme natural perils on our world.

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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.

To meet this challenge, our underwriting, actuarial and catastrophe modelling teams work together in researching and analyzing external raw climate/meteorological data in conjunction with our internal proprietary claims and loss information data to assess the geographical impacts of climate-related risk and develop predictive analytics models to refine our pricing tolerances and product development.

This team approach to assessing the impact of climate-related risk for Everest, as well as our customers, ensures that we are most accurately and responsibly providing specialized coverage to our clients for climate and other environment-related risks.

Insurance Holding Company Regulation.

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As long-term insurers, Bermuda Re and Everest Assurance are also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long-term business fund, as certified by their approved actuary, exceeds their liabilities for long-term business by at least the $250,000 minimum solvency margin.

Prior approval of the Bermuda Monetary Authority is required if Bermuda Re’s, Everest International’s or Everest Assurance’s dividend payments would exceed 25% of their respective prior year end statutory capital and surplus.

Prior approval of the Bermuda Monetary Authority (the “BMA”) is required if Bermuda Re’s, Everest International’s or Everest Assurance’s dividend payments would exceed 25% of their respective prior year end statutory capital and surplus.

At December 31, 2024, Bermuda Re, Everest International and Everest Assurance exceeded their solvency and liquidity requirements.

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Bermuda Re and Everest International are not admitted to do business in any jurisdiction in the United States.

These entities conduct their insurance business from their offices in Bermuda, and in the case of Bermuda Re, its branch in the UK.

These entities conduct their insurance business from their offices in Bermuda, and branch offices in the U.K.

for Bermuda Re, and Singapore and Australia for Everest International.

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

Internal Revenue Code to be a U.S.

IRC to be a U.S.

income tax paying “Controlled Foreign Corporation”, is admitted to do business in the United States and Bermuda.

In Bermuda, Bermuda Re, Everest International, Everest Assurance and Mt.

Logan Re, Ltd.

Logan Re”) are regulated by the Insurance Act 1978 (as amended) and related regulations (the “Act”).

The Act establishes solvency and liquidity standards and auditing and reporting requirements and subjects Bermuda Re, Everest International, and Everest Assurance to the supervision, investigation and intervention powers of the Bermuda Monetary Authority.

Under the Act, each of Bermuda Re and Everest International, as a Class 4 insurer, is required to maintain a principal office in Bermuda, maintain a minimum of $100 million in statutory capital and surplus, have an independent auditor approved by the Bermuda Monetary Authority conduct an annual audit and report on their respective statutory and U.S.

GAAP financial statements and filings, and have an appointed loss reserve specialist (also approved by the Bermuda Monetary Authority) review and report on their respective loss reserves annually.

The Act establishes solvency and liquidity standards and auditing and reporting requirements and subjects Bermuda Re, Everest International and Everest Assurance to the supervision, investigation and intervention powers of the BMA.

Under the Act, each of Bermuda Re and Everest International, as a Class 4 insurer, is required to maintain a principal office in Bermuda, maintain a minimum of $100 million in statutory capital and surplus, have an independent auditor approved by the BMA conduct an annual audit and report on their respective statutory and U.S.

GAAP financial statements and filings, and have an appointed loss reserve specialist (also approved by the BMA) review and report on their respective loss reserves annually.

Under the Act, Everest Assurance is licensed as a Class 3A insurer for general business and as a Class C insurer for long-term business.

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As a long-term insurer, Bermuda Re is required to maintain $250,000 in statutory capital separate from its Class 4 minimum statutory capital and surplus, to maintain long-term business funds, to separately account for this business and to have an approved actuary prepare a certificate concerning its long-term business assets and liabilities to be filed annually.

Bermuda Re’s operations in the UK are subject to regulation by the Prudential Regulation Authority (the “PRA”) and the Financial Conduct Authority (the “FCA”).

The PRA imposes solvency, capital adequacy, audit, financial reporting and other regulatory requirements on insurers transacting business in the UK.

The FCA regulates the conduct of insurers transacting business in the UK.

Bermuda Re’s operations in the U.K.

are subject to regulation by the Prudential Regulation Authority (the

“PRA”) and the Financial Conduct Authority (the “FCA”).

The PRA imposes solvency, capital adequacy, audit, financial reporting and other regulatory requirements on insurers transacting business in the U.K.

The FCA regulates the conduct of insurers transacting business in the U.K.

Bermuda Re presently meets or exceeds all of the PRA’s solvency and capital requirements.

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These regulations are primarily designed for the protection of policyholders.

Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write insurance on a surplus lines basis in the U.S.

Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write insurance on a surplus lines basis in the United States.

The operations of Ireland Insurance are regulated by the Central Bank of Ireland.

Its branch office in the UK is also regulated by the PRA and FCA.

Its branch offices in the Netherlands, Germany, France and Spain are subject to limited local regulation by the insurance regulatory officials of those jurisdictions.

Its branch office in the U.K.

is also regulated by the PRA and FCA.

Its branch offices in the Netherlands, Germany, France, Italy and Spain are subject to limited local regulation by the insurance regulatory officials of those jurisdictions.

Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in each of these jurisdictions.

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Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in each of these jurisdictions.

Compañía de Seguros Generales Everest Mexico S.A.

is an insurance company dully incorporated under the Mexican law.

The company is regulated by the Comisión Nacional de Seguros y Fianzas (National Insurance and Bonds Commission).

Management believes that the Company is in compliance with the applicable laws and regulations pertaining to its business and operations in Mexico.

Everest Compañía de Seguros Generales Chile S.A.

is an insurance company legally incorporated in Chile.

Everest Chile is regulated by the Financial Market Commission (“CMF”) which oversees the entities and activities involved in the securities, insurance, banking, and financial institutions markets in Chile.

Management believes that the Company is in compliance with the applicable laws and regulations pertaining to its business and operations in Chile.

Everest Compañía de Seguros Generales Colombia S.A.

is an insurance company legally constituted in the Republic of Colombia, with an office in the city of Bogotá, and is supervised and monitored by the Superintendencia Financiera de Colombia (“SFC”) Insurance Regulatory Authority in Colombia.

Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in Colombia.

Everest Re is a licensed property and casualty insurer and/or reinsurer in all states, the District of Columbia, Puerto Rico and Guam.

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Bolivia, Brazil, Chile, China, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, India, Mexico, Nicaragua, Panama, Paraguay, the Philippines, Singapore and Venezuela.

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

Everest 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 October 24, 2023 and in Alabama, effective December 19, 2023.

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

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

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Bermuda Re and Everest International are registered as Class 4 insurers in Bermuda, and Bermuda Re is also registered as a long-term insurer in Bermuda.

Bermuda Re is also registered as a certified reinsurer in New York and Delaware and is registered as a reciprocal reinsurer in Delaware, Arizona, Arkansas, California, Connecticut, Georgia, Illinois, Iowa, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New York, North Dakota, Ohio, Oregon, Pennsylvania and Texas.

Bermuda Re is also an authorized reinsurer in the UK, registered as a reinsurer in China, and also an authorized insurer in Singapore.

Bermuda Re is also registered as a certified reinsurer in New York and Delaware and is registered as a reciprocal reinsurer in Delaware, Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Illinois, Iowa, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island and Texas.

Bermuda Re is also an authorized reinsurer in the U.K., registered as a reinsurer in China and is also an authorized insurer in Singapore.

Everest Assurance is registered as a Class 3A general business insurer in Bermuda and a Class C long-term insurer in Bermuda.

By virtue of its one-time election under section 953(d) of the U.S.

Internal Revenue Code to be a U.S.

IRC to be a U.S.

income tax paying “Controlled Foreign Corporation,” Everest Assurance may operate in both the U.S.

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Ireland Re is licensed to write non-life reinsurance for the European Union, European Economic Area and Swiss markets.

Ireland Insurance is licensed to write insurance for the European Union, European Economic Area and UK markets.

Additionally, Ireland Re is registered as a reciprocal reinsurer in Delaware and New York.

Ireland Insurance is licensed to write insurance for the European Union, European Economic Area and U.K.

Ireland Insurance is also considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia.

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is an insurance corporation authorized by the general laws of Chile.

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

Compañia de Seguros Generales Everest Mexico S.A.

de C.V., a Mexico based insurance company, is licensed to write property and casualty business within Mexico.

Periodic Examinations.

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NAIC Risk-Based Capital Requirements.

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 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.

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There can be no assurance that legislative, judicial, or administrative changes will not be enacted that might materially affect this summary.

With the assent of the governor on December 27, 2023, the Bermuda Corporate Income Tax Act of 2023 (“The 2023 Act”) became law.

Beginning in 2025, a 15% corporate income tax will be applicable to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750M or more.

Group’s Bermuda entities will be subject to the new corporate income tax.

The Company has evaluated The 2023 Act and has recorded $578 million of net deferred income tax benefits in 2023 related to it.

The net deferred income tax benefits relate primarily to a default provision in the law which allows for what is called an “Economic Transition Adjustment” (“ETA”).

The ETA allows companies to establish deferred tax assets or liabilities related to the revaluation of intangible assets, excluding goodwill, and their other assets and liabilities, based on fair value as of September 30, 2023.

The deferred tax assets or liabilities are then amortized in accordance with The 2023 Act.

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025.

The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company.

However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026.

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

Under current Bermuda law through 2024, no income, withholding or capital gains taxes are imposed upon Group and its Bermuda subsidiaries.

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Other Countries .

The Company does business in the following locations where it is subject to the taxation by the local authorities:

Australia, Belgium, Canada, Chile, Columbia, France, Germany, Ireland, Mexico, Netherlands, United Kingdom, Singapore, Spain, and Switzerland.

The Company does business in the following locations where it is subject to taxation by the local authorities:

Australia, Belgium, Canada, Chile, Colombia, France, Germany, Ireland, Italy, Mexico, Netherlands, U.K., Singapore, Spain, and Switzerland.

Available Information.

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

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

Securities and Exchange Commission (the “SEC”).

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business