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Item 9A. Controls and Procedures

2025-02-27 compared with 2024-02-28 · 544 added, 460 removed, 2223 unchanged (31% of the section changed)

9 unchanged sentences

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2024.

In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013) .

In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013) .

Based on our assessment we concluded that, as of December 31, 2024, our internal control over financial reporting is effective based on those criteria.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2023, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

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

Changes in Internal Control over Financial Reporting.

3 unchanged sentences

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

Additionally, as part of Everest’s commitment to ethical standards of business and compliance with applicable laws, rules and regulations, we have an Insider Trading Policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, employees and third-party contractors that we believe is reasonably designed to

promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us.

A copy of our Insider Trading Policy is included in the Ethics and Guidelines and Index to Compliance Policies and Procedures filed as Exhibit 14.1 to this Annual Report on Form 10-K.

A copy of our Insider Trading Policy is included in the Ethics and Guidelines and Index to Compliance Policies and Procedures filed as Exhibit 14.1 to the Annual Report on Form 10-K for the period ended December 31, 2023 and incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Reference is made to the sections captioned “Information Concerning Director Nominees”, “Information Concerning Executive Officers”, “Audit Committee”, “Nominating and Governance Committee”, “Code of Ethics for CEO and Senior Financial Officers” and “Section 16(a) Beneficial Ownership Reporting Compliance” in our proxy statement for the 2024 Annual General Meeting of Shareholders, which will be filed with the Commission within 120 days of the close of our fiscal year ended December 31, 2023 (the “Proxy Statement”), which sections are incorporated herein by reference.

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

EXECUTIVE COMPENSATION

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

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

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

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

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

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

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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.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 28, 2024.

EVEREST GROUP, LTD.

(President and Chief Executive Officer)

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

Signature Title Date

ANDRADE President and Chief Executive Officer

(Principal Executive Officer)

February 28, 2024

/S/ MARK KOCIANCIC Executive Vice President and Chief Financial Officer February 28, 2024

Mark Kociancic

/S/ ROBERT J.

FREILING Senior Vice President and Chief Accounting Officer February 28, 2024

/S/ JOSEPH V.

TARANTO Chairman February 28, 2024

AMORE Director February 28, 2024

/S/ WILLIAM F.

Director February 28, 2024

GRAF Director February 28, 2024

/S/ MERYL HARTZBAND Director February 28, 2024

Meryl Hartzband

/S/ GERALDINE LOSQUADRO Director February 28, 2024

Geraldine Losquadro

/S/ HAZEL McNEILAGE Director February 28, 2024

Hazel McNeilage

SINGER Director February 28, 2024

INDEX TO EXHIBITS

40 unchanged sentences

2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix B to the 2015 Proxy Statement filed on April 10, 2015

*10.12 Employment agreement between Everest Global Services, Inc., Everest Reinsurance Holdings Inc.

and Dominic J.

Addesso, dated December 4, 2015, incorporated herein by reference to Exhibit 10.1 to Everest Group , Ltd.

Form 8-K filed on December 8, 2015

10.13 Standby Letter of Credit, dated November 9, 2015, between Everest International Reinsurance, Ltd.

and Lloyds Bank, Plc.

providing £175.0 million four year credit facility, incorporated herein by reference to Exhibit 10.23 to Everest Group , Ltd.

Annual Report on Form 10-K- for the year ended December 31, 2015 filed on February 29, 2016

Amendment of employment agreement between Everest Global Services, Inc.

1 unchanged sentence

Form 8-K filed on February 17, 2016

*10.15 Employment agreement between Everest Global Services, Inc.

and Craig Howie, dated April 7, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group , Ltd.

Form 8-K filed on April 8, 2016

10.13 Credit Agreement, dated May 26, 2016, between Everest Group, Ltd., Everest Reinsurance (Bermuda), Ltd.

3 unchanged sentences

This new agreement replaces the June 22, 2012 four year, $800.0 million senior credit facility

*10.17 Chairmanship agreement between Everest Group , Ltd.

and Joseph V.

Taranto, dated August 15, 2016 and effective January 1, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group , Ltd.

Form 8-K filed on August 16, 2016

Employment agreement between Everest Global Services, Inc., and John P.

3 unchanged sentences

Form 8-K filed on January 6, 2017

10.20 Amendment of Standby Letter of Credit, dated May 17, 2017, between Everest International Reinsurance, Ltd.

and Lloyds Bank, Plc.

providing £145.0 million four year credit facility, herein by reference to Exhibit 10.1 to Everest Group , Ltd., Form 10-Q filed on August 9, 2017

Amendment of employment agreement between Everest Global Services, Inc., Everest Group , Ltd., Everest Reinsurance Holdings Inc.

and Dominic J.

Addesso, dated November 20, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group , Ltd.

Form 8-K filed on November 20, 2017

10.16 Bye-Law waiver agreement between Everest Group, Ltd., and BlackRock, Inc.

2 unchanged sentences

and Citibank Europe plc providing $250.0 million four year credit facility, incorporated herein by reference to exhibit 10.26 to the Everest Group, Ltd., Form 10-K filed on March 1, 2018

10.24 Amendment of Standby Letter of Credit, dated November 9, 2018, between Everest International Reinsurance, Ltd.

and Lloyds Bank, Plc.

providing £30.0 million four year credit facility, incorporated herein by reference to exhibit 10.33 to the Everest Group , Ltd., Form 10-K filed on March 1, 2019

10.18 Amendment of Committed Facility Letter, dated December 10, 2018, between Everest Reinsurance (Bermuda), Ltd.

3 unchanged sentences

Form 8-K filed on August 8, 2019.

10.27 Amendment of Standby Letter of Credit, dated November 7, 2019, between Everest International Reinsurance, Ltd.

and Lloyds Bank, Plc.

providing £47.0 million four year credit facility, incorporated herein by reference to Exhibit 10.30 to the Everest Group , Ltd.

Form 10-K filed on March 2, 2020

10.20 Amendment of Committed Facility Letter, dated December 31, 2019, between Everest Reinsurance (Bermuda), Ltd.

3 unchanged sentences

2020 Stock Incentive Plan for employees is incorporated herein by reference to Appendix A of the 2021 Proxy Statement filed on April 9, 2021

10.30 Amendment of Standby Letter of Credit, dated May 7, 2020 between Everest International Reinsurance, Ltd.

and Lloyds Bank, Plc.

providing £52.175 million four year credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group , Ltd.

Form 10-Q filed on August 10, 2020

Employment agreement between Everest Global Services, Inc.

21 unchanged sentences

Form 10-Q filed on November 4, 2021

10.38 Credit Facility agreement, dated October 8, 2021 between Everest Reinsurance (Bermuda), Ltd.

and Lloyd’s Bank Corporate Markets Plc providing up to $50.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.39 to Everest Group , Ltd.

Form 10-K filed on February 28, 2022

10.29 Credit Facility agreement, dated November 3, 2021 between Everest Reinsurance (Bermuda), Ltd.

2 unchanged sentences

10.30 Credit Facility agreement, dated November 21, 2022 between Everest Reinsurance (Bermuda), Ltd.

and Nordea Bank ABP, New York Branch providing up to $200.0 million of committed credit facility and $100.0 million of additional uncommitted credit facility, filed herewith

and Nordea Bank ABP, New York Branch providing up to $200.0 million of committed credit facility and $100.0 million of additional uncommitted credit facility, incorporated herein by reference to Exhibit 10.41 to Everest Group, Ltd.

Form 10-K filed on February 24, 2023

10.31 Amendment of Credit Facility agreement, dated December 30, 2022, between Everest Reinsurance (Bermuda), Ltd.

and Bayerische Landesbank, New York Branch, providing up to $150.0 million of committed, unsecured credit facility, filed herewith

and Bayerische Landesbank, New York Branch, providing up to $150.0 million of committed, unsecured credit facility, incorporated herein by reference to Exhibit 10.42 to Everest Group, Ltd.

Form 10-K filed on February 24, 2023

Employment agreement between Everest Global Services, Inc.

and Joseph V.

Taranto , incorporated herein by reference to Exhibit 10.

1 to Everest Group, Ltd.

Taranto , incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd.

Form 10-Q filed on May 4, 2023

10.43 D eparture 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.

Departure of Sanjoy Mukherjee, Executive Vice President, General Counsel and Secretary of Everest Group, Ltd.

effective July 3, 2023, herein by reference to Exhibit 10.2 to Everest Group, Ltd.

Form 10-Q filed on May 4, 2023

10.34 Standby Letter of Credit, dated August 18, 2023 between Everest Reinsurance (Bermuda), Ltd.

and Lloyd’s Bank Corporate Markets Plc providing up to $250.0 million of unsecured letters of credit, incorporated herein by reference to Exhibit 10.

3 to Everest Group, Ltd.

and Lloyd’s Bank Corporate Markets Plc providing up to $250.0 million of unsecured letters of credit, incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd.

Form 10-Q filed on November 1, 2023

10.35 Amended and restated standby letter of credit agreement between Everest Reinsurance (Bermuda), Ltd.

and L loyd ’ s Bank Corporate Markets Plc to add Everest Insurance (Ireland), dac (the new account party) as an account party with $15.0 million sublimit for the issuance of letters of credit, filed herewith

and Lloyd’s Bank Corporate Markets Plc to add Everest Insurance (Ireland), dac (the new account party) as an account party with $15.0 million sublimit for the issuance of letters of credit, incorporated herein by reference to Exhibit 10.44 to Everest Group, L td.

Form 10-K fil ed on Fe bruary 2 8 , 2024

Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc.

and Ricardo A.

Anzaldua , filed herewith

14.1 Ethics Guidelines and Index to Compliance Policies

Anzaldua, incorporated herein by reference to Exhibit 10.4 5 to Everest Group, Ltd.

Form 10-K filed on February 28, 2024

Amendment to Employment Agreement between Everest Global Services, Inc., Everest Group, Ltd., Everest Reinsurance Holdings Inc.

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

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

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

Amended and Restated Employment Agreement between Everest National Insurance Company and Michael Karmilowicz dated March 24, 2024 , incorpo r a ted herein by reference to Exhibit 10.4 to Everest Group, Ltd.

Form 10-Q filed on May 3, 2024

Amended and Restated Employment Agreement between Everest Global Services, Inc.

and Ricardo Anzaldua dated April 22, 2024 , incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd.

Form 10-Q filed on May 3, 2024

10.42 Everest Reinsurance Group, Ltd.

Senior Executive Change of Control Plan, as amended and restated effective November 17, 2015, incorporated herein by reference to Exhibit 10.6 to Everest Group, Ltd.

Form 10-Q filed on May 3, 2024

10.43 Amendment of Bilateral Letter of Credit Facility Agreement, dated June 2024, between Everest Reinsurance (Bermuda), Ltd.

and Wells Fargo Bank N.A., incorporated herein by reference to Exhibit 10.

5 to Everest Group, Ltd.

Form 10-Q filed on August 2 , 2024

10.44 Amendment of Credit Facility agreement, dated October 3 0 , 202 4 between Everest Reinsurance (Bermuda), Ltd.

and Barclays Bank Plc , filed herewith

10.45 Standby Letter of Credit Facility Agreement, dated October 30, 2024 between Everest International Reinsurance , Ltd.

and Lloyds Bank P lc , providing up to £113 million of unsecured letters of credit, filed herewith

10.46 Amendment of Credit Facility agreement, dated December 2 0, 202 4 , between Everest Reinsurance (Bermuda), Ltd.

and Bayerische Landesbank, New York Branch, filed herewith

10.47 Standby Letter of Credit Facility Agreement , dated December 30 , 202 4 between Everest Reinsurance Company ( Ireland ), dac and Commerzbank AG, New York Branch providing up to €75 million of unsecured letters of credit, filed herewith

14.1 Ethics Guidelines and Index to Compliance Policies , incorporated herein by reference to Exhibit 14.1 to Everest Group, Ltd.

Form 10-K filed on February 28, 2024

21.1 Subsidiaries of the registrant, filed herewith

23.1 Consent of PricewaterhouseCoopers LLP, filed herewith

31.1 Section 302 Certification of Juan C.

Andrade, filed herewith

23.1 Consent of KPMG LLP, filed herewith

23.2 C onse nt of Pricewaterhouse C oo pers LLP, filed herewith

31.1 Section 302 Certification of J ames Williamson, filed herewith

31.2 Section 302 Certification of Mark Kociancic, filed herewith

32.1 Section 906 Certification of Juan C.

Andrade and Mark Kociancic, furnished herewith

97.1 E verest Group, Ltd.

Clawback P olicy

32.1 Section 906 Certification of J ames Williamson and Mark Kociancic, furnished herewith

97.1 Everest Group, Ltd.

Clawback Policy , incorporated herein by reference to Exhibit 97.1 to Everest Group, Ltd.

Form 10-K filed on February 28, 2024

101.INS XBRL Instance Document

7 unchanged sentences

* Management contract or compensatory plan or arrangement.

EVEREST GROUP, LTD.

/S/ JAMES WILLIAMSON

James Williamson

(President and Chief Executive Officer)

Signature Title Date

/S/ JAMES WILLIAMSON

President and Chief Executive Officer

(Principal Executive Officer)

February 27, 2025

James Williamson

/S/ MARK KOCIANCIC Executive Vice President and Chief Financial Officer February 27, 2025

Mark Kociancic

/S/ ROBERT J.

FREILING Senior Vice President and Chief Accounting Officer February 27, 2025

/S/ JOSEPH V.

TARANTO Chairman February 27, 2025

AMORE Director February 27, 2025

/S/ WILLIAM F.

Director February 27, 2025

GRAF Director February 27, 2025

/S/ MERYL HARTZBAND Director February 27, 2025

Meryl Hartzband

/S/ GERALDINE LOSQUADRO Director February 27, 2025

Geraldine Losquadro

/S/ HAZEL McNEILAGE Director February 27, 2025

Hazel McNeilage

SINGER Director February 27, 2025

EVEREST GROUP, LTD.

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 185 , 238 )

Consolidated Balance Sheets a t December 31, 2023 and 2022

Consolidated Balance Sheets at December 31, 2024 and 2023

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2024 , 2023 and 2022

8 unchanged sentences

Notes to Condensed Financial Information

III Supplementary Insurance Information a s of and for the Years Ended December 31, 2023 , 2022 and 2021

III Supplementary Insurance Information as of and for the Years Ended December 31, 2024 , 2023 and 2022

IV Reinsurance for the Years Ended December 31, 2024 , 2023 and 2022

1 unchanged sentence

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Everest Group, Ltd.

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 shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 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.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

To the Board of Directors and Shareholders

Everest Group, Ltd.:

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

We have audited the accompanying consolidated balance sheet of Everest Group, Ltd.

and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for the year then ended, and the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with U.S.

generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A.

Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting appearing under Item 9A.

Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

2 unchanged sentences

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

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our 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.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

3 unchanged sentences

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

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

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of

management and directors of the company;

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

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate 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 matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

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 $24.6 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 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.

Measurement of Deferred Tax Assets related to Certain Identifiable Intangible Assets in Certain Bermuda Entities

As described in Note 16 to the consolidated financial statements, management evaluated the enactment of the Bermuda Corporate Income Tax Act of 2023 and recorded $578 million of net deferred tax assets as of December 31, 2023.

Through the Economic Transition Adjustment, the Act allows a company to establish deferred tax assets or liabilities related to the revaluation of intangible assets, excluding goodwill, and 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 Act.

As disclosed by management, the net deferred tax assets principally relate to the identifiable intangible assets.

Management estimated the fair value of the identifiable intangible assets using discounted future cash flow models.

The significant assumptions utilized in the discounted future cash flow models included the forecasted revenues and expected profits to be generated by the identifiable intangible assets and discount rates.

The principal considerations for our determination that performing procedures relating to the measurement of deferred tax assets related to certain identifiable intangible assets in certain Bermuda entities is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the identifiable intangible assets, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to the forecasted revenues and expected profits to be generated by the identifiable intangible assets and the discount rates, 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 the enactment of the Bermuda Corporate Income Tax Act of 2023, including controls over the valuation of certain identifiable intangible assets.

These procedures also included, among others, (i) testing management’s process for developing the fair value estimate of the certain identifiable intangible assets of certain Bermuda entities, (ii) evaluating the appropriateness of the discounted future cash flow models used by management, (iii) testing the completeness and accuracy of the data used in the models, (iv) evaluating the reasonableness of the significant assumptions used by management related to the forecasted revenues and expected profits to be generated by the identifiable intangible assets and the discount rates.

Evaluating management’s assumptions related to the forecasted revenues and expected profits to be generated by the identifiable intangible assets involved evaluating whether the assumptions used were reasonable considering (i) their consistency with historical revenue and profits generated by the certain Bermuda entities and (ii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in (i) evaluating the appropriateness of the discounted future cash flow models and (ii) the reasonableness of the discount rate assumptions.

/s/ PricewaterhouseCoopers LLP

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Estimate of the reserve for losses and loss adjustment expenses

As discussed in Notes 1E and 4 to the consolidated financial statements, the reserve for losses and loss adjustment expenses represents the Company’s best estimate of the ultimate liability for reported and unreported claims for both its insurance and reinsurance businesses.

The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings.

The Company considers many factors when setting reserves including:

(1) exposure base and projected ultimate premium;

(2) expected loss ratios;

(3) actuarial methodologies and assumptions;

(4) current legal interpretations of coverage and liability;

and (5) economic conditions.

The Company’s reserve for losses and loss adjustment expenses as of December 31, 2024 was $29,889 million.

We identified the evaluation of the estimate of the reserve for losses and loss adjustment expenses as a critical audit matter.

Evaluation of the estimate required subjective auditor judgment and the involvement of actuarial professionals with specialized skills and knowledge to assess the methods and assumptions used to estimate the reserve for losses and loss adjustment expenses.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process for estimating the reserve for losses and loss adjustment expenses.

This included controls related to the selection of methodologies and certain assumptions used to derive the Company’s estimate.

We involved actuarial professionals with specialized skills and knowledge who assisted in:

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

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

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

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

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

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

New York, New York

February 27, 2025

We have served as the Company’s or its predecessor's auditor since 1996.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the consolidated balance sheet of Everest Group, Ltd.

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

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

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.

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.

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.

We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

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

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

EVEREST GROUP, LTD.

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to fixed maturity securities, held to maturity at amortized cost net of credit allowances $ — $ — $ 722

Non-cash limited partnership distribution 23 — —

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

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Everest International Reinsurance, Ltd.

(“Everest International”), Mt.

(“Everest International”), Everest Compañia de Seguros Generales Colombia S.A., Mt.

Logan Insurance Managers, Ltd., Mt.

Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd.

(“International Holdings”), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, Ltd.

(“International Holdings”), Everest Corporate Member Limited, Everest Service Company (U.K.), Ltd., Everest Preferred International Holdings, Ltd.

(“Preferred International”), Everest Reinsurance (Bermuda), Ltd.

(“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Compañia de Seguros Generales Chile S.A.

(“Everest Chile”), Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc.

(“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (U.K.), Ltd., Everest Compañia de Seguros Generales Chile S.A.

(“Everest Chile”), Compañia de Seguros Generales Everest Mexico S.A.

de C.V., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc.

(“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), dac (“Ireland Insurance”), Everest Reinsurance Company (Ireland), dac (“Ireland Re”), Everest Reinsurance Holdings, Inc.

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(Brazil), Mt.

Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest Service Company Mexico, and Everest Service Company Colombia.

Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable and Everest Servicios Colombia S.A.S.

All intercompany accounts and transactions have been eliminated.

All amounts are reported in U.S.

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.

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Ultimate actual results could differ, possibly materially, from those estimates.

See ITEM 7, “Management’s Discussion and Analysis of Critical Accounting Estimates”.

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

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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.

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 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;

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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.

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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.

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.

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Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag and are included within net investment income.

Corporate-owned life insurance policies are carried at policy cash surrender value and changes in the policy cash surrender value are included within net investment income.

COLI policies are carried at policy cash surrender value and changes in the policy cash surrender value are included within net investment income.

Cash includes cash on hand.

Restricted cash is included within cash in the consolidated balance sheets and represents amounts held for the benefit of third parties that is legally or contractually restricted as to its withdrawal or usage.

Amounts include trust funds set up for the benefit of ceding companies.

Amounts include cash in trust funds set up for the benefit of ceding companies.

Allowance for Premium Receivable and Reinsurance Recoverables.

The Company applies the Current Expected Credit Losses (CECL) methodology for estimating allowances for credit losses.

The Company applies the Current Expected Credit Losses methodology for estimating allowances for credit losses.

The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts.

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The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios.

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

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

The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay.

The allowance for uncollectible reinsurance recoverable comprises an allowance and an allowance for disputed balances.

The allowance for uncollectible reinsurance recoverable includes an allowance for disputed balances.

Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible.

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Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income.

Reserve for Losses and Loss Adjustment Expenses.

The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies.

Reserve for Losses and LAE.

The reserve for losses and LAE is based on individual case estimates and reports received from ceding companies.

A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience.

Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures, COVID-19 and other exposures, for which liabilities cannot be estimated using traditional reserving techniques.

See also Note 6.

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.

Share-Based Compensation.

Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award.

The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted).

The tax benefit on the recorded expense is deferred until the

time the award is exercised or vests (becomes unrestricted).

See Note 14 of the Notes to these Consolidated Financial Statements.

Recent Accounting Pronouncements.

Adoption of New Accounting Standards

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

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No.

2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures , which requires enhanced disclosures related to a public entity’s reportable segments.

The Company adopted the accounting standard effective year end 2024.

Adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

The Company did not adopt any other new accounting standards that had a material impact in 2024.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2023 by the Financial Accounting Standards Board on the Company’s consolidated financial statements.

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 by the FASB on the Company’s consolidated financial statements.

Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2024.

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Improvements to Income Tax Disclosures.

In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update No.

In December 2023, the FASB issued Accounting Standard Update No.

2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid.

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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.

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

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(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:

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

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

The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as of December 31, 2023 utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses.

These fixed maturities classified as held to maturity are of a high credit quality and are all rated investment grade as of December 31, 2023.

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

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Fixed maturity securities - available for sale and short-term investments $ ( 203 ) $ 1,129

Change in unrealized appreciation (depreciation), pre-tax 1,129 ( 2,225 )

Equity method investments 18 —

Change in URA(D), pre-tax ( 185 ) 1,129

Deferred tax benefit (expense) 76 ( 142 )

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(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:

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

Duration of Unrealized Loss at December 31, 2024 by Security Type

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

The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2023, did not exceed 3.0 % of the overall market value of the Company’s fixed maturity securities.

The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.7 % of the Company’s fixed maturity securities.

The fair value of securities

for the single issuer (the U.S.

government) whose securities comprised the largest unrealized loss position at December 31, 2024, amounted to less than 1.6 % of the overall fair value of the Company’s fixed maturity securities - available for sale.

The fair value of the securities for the issuer with the second largest unrealized loss position at December 31, 2024 comprised less than 0.9 % of the Company’s fixed maturity securities - available for sale.

In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.

The $ 102 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, asset-backed securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 86 million were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency.

The $ 1.0 billion of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 1.0 billion were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency.

The $ 324 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 319 million were related to securities that were rated investment grade by at least one nationally recognized rating agency.

The $ 833 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 810 million were related to securities that were rated investment grade by at least one nationally recognized rating agency.

In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.

The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2024, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related.

In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.

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

Duration of Unrealized Loss at December 31, 2023 by Security Type

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The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2023 were $ 14.8 billion and $ 1.1 billion, respectively.

The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2022, did not exceed 5.2 % of the overall fair value of the Company’s fixed maturity securities.

The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.2 % of the Company’s fixed maturity securities.

The fair value of securities for the single issuer (the U.S.

government) whose securities comprised the largest unrealized loss position at December 31, 2023, amounted to less than 3.0 % of the overall fair value of the Company’s fixed maturity securities - available for sale.

The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.7 % of the Company’s fixed maturity securities - available for sale.

In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.

The $ 1.2 billion 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, asset-backed securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 1.1 billion were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency.

The $ 764 million of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 732 million were related to securities that were rated investment grade by at least one nationally recognized statistical 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 $ 102 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 86 million were related to securities that were rated investment grade by at least one nationally recognized rating agency.

The $ 1.0 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 1.0 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency.

In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.

The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

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The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income.

The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values of interests underlying each limited partnership.

Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

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

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 $ 2.8 billion in limited partnerships and private placement loans at December 31, 2023.

The Company had contractual commitments to invest up to an additional $ 3.3 billion in limited partnerships and private placement loan securities at December 31, 2024.

These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2034.

During the fourth quarter of 2022, the Company entered into corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities.

The COLI policies are carried within other invested assets at policy cash surrender value of $ 1.3 billion and $ 939 million as of December 31, 2023 and December 31, 2022, respectively.

In 2022, the Company entered into COLI policies, which are invested in private debt and private equity securities.

The COLI policies are carried within other invested assets at the policy cash surrender value of $ 1.7 billion and $ 1.3 billion as of December 31, 2024 and December 31, 2023, respectively.

Variable Interest Entities

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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.

The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements.

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The Company’s maximum exposure to loss as of December 31, 2024 and 2023 is limited to the total carrying value of $ 5.4 billion and $ 4.8 billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets.

Exposure relating specifically to general and limited partnerships as of December 31, 2024 and December 31, 2023 is limited to the total carrying value of $ 3.6 billion and $ 3.4 billion.

As of December 31, 2024, the Company has outstanding commitments totaling $ 2.0 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses.

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The Company has not provided financial or other support with respect to these investments other than its original investment.

For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs.

For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs.

The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.

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Net realized gains (losses) from dispositions 6 ( 292 ) ( 87 )

Gains (losses) from fair value adjustments — — —

Equity securities:

Equity securities, fair value

Net realized gains (losses) from dispositions 1 8 112

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Twelve Months Ended December 31, 2024

Securities Asset-Backed

Securities Foreign

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(Some amounts may not reconcile due to rounding.)

Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity

Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale

Twelve Months Ended December 31, 2023

Securities Asset-Backed

Securities Foreign

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(Some amounts may not reconcile due to rounding.)

Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale

Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity

Twelve Months Ended December 31, 2024

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Increases in allowance on previously impaired securities — — — —

Decreases in allowance on previously

Decreases in allowance on previously impaired securities

Reduction in allowance due to disposals — 1 — 1

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Securities with a carrying value amount of $ 1.4 billion at December 31, 2024 were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws.

GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP.

See Note 10 of the Notes to these Consolidated Financial Statements.

GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP.

It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date.

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The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability.

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

The level in the hierarchy within which a

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

The levels in the hierarchy are defined as follows:

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The Company obtains prices from nationally recognized pricing services.

These services seek to utilize market data and observations in their

evaluation process.

These services use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.

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

These services use pricing applications that vary by asset class and incorporate available market information.

When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.

In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

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In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

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

At December 31, 2024 and 2023, $ 2.2 billion and $ 2.0 billion, respectively, of fixed maturities were fair valued using unobservable inputs.

The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties.

The Company has procedures in place to evaluate these independent third-party valuations.

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

Equity securities denominated in U.S.

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Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority.

For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S.

For foreign government securities and foreign corporate securities, the fair values provided by the third-party pricing services are in local currencies, and where applicable, are converted to U.S.

dollars using currency exchange rates from nationally recognized sources.

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The prices received from brokers are reviewed for reasonableness by the third-party asset managers and the Company.

If the broker quotes are for foreign denominated securities, the quotes are converted to U.S.

If the broker quotes are

for foreign denominated securities, the quotes are converted to U.S.

dollars using currency exchange rates from nationally recognized sources.

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• Foreign government securities are comprised of global non-U.S.

sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S.

dollars using an exchange rate from a nationally recognized source;

• Foreign corporate securities are comprised of global non-U.S.

corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S.

dollars using an exchange rate from a nationally recognized source.

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

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

Fair Value Measurement Using:

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(Some amounts may not reconcile due to rounding.)

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

Fair Value Measurement Using:

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Securities Asset-Backed

Securities CMBS Foreign

Securities Foreign

Corporate Total Corporate

Securities Asset-Backed

Securities CMBS Foreign

Securities Foreign

Corporate Total

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Purchases, issuances and settlements ( 154 ) 339 ( 2 ) 183 ( 45 ) 305 — 260

Transfers in and/or (out) of Level 3 — — — — — ( 35 ) ( 735 ) ( 6 ) ( 4 ) ( 779 )

Transfers in and/or (out) of Level 3 and reclassification

of securities in/(out) of investment categories — — — — — — — —

Ending balance $ 518 $ 1,657 $ 14 $ 2,189 $ 672 $ 1,305 $ 16 $ 1,993

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(Some amounts may not reconcile due to rounding.)

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

The $ 779 million shown as transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories for the year ended December 31, 2022 related mainly to previously designated Level 3 securities that the Company had reclassified from “fixed maturities - available for sale” to “fixed maturities - held to maturity” during 2022.

As “fixed maturities - held to maturity" are carried at amortized cost, net of credit allowances rather than at fair value as “fixed maturities - available for sale”, these securities are no longer included within the fair value hierarchy table or in the roll forward of Level 3 securities.

The fair values of these securities are determined in a similar manner as the Company’s

fixed maturity securities - available for sale as described above.

The fair values of these securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy as of December 31, 2022.

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

Financial Instruments Disclosed, But Not Reported, at Fair Value

Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above.

Fair values of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 8 and 9, respectively.

Fair values and valuation hierarchy of fixed maturity securities - held to maturity, senior notes and long-term subordinated notes can be found within Notes 2, 8 and 9 of the Notes to these Consolidated Financial Statements, respectively.

Short-term investments are stated at cost, which approximates fair value.

See Note 1 of the Notes to these Consolidated Financial Statements.

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations.

The Company’s investment in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above.

The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above.

See Note 1 of the Notes to these Consolidated Financial Statements for details of investments in COLI policies.

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

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

RESERVE FOR LOSSES AND LAE

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Current year incurred losses were $ 10.0 billion, $ 8.4 billion and $ 8.1 billion in 2024, 2023 and 2022, respectively.

The increase in current year incurred losses from 2022 to 2023 was primarily related to an increase of $ 916 million in current year attritional losses, resulting from the impact of the increase in premiums earned and changes in the mix of business, partially offset by a decrease of $ 585 million in current year catastrophe losses.

The recent emergence of the Middle East war and t he 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.

Gross and net reserves increased in 2022, reflecting an increase in underlying exposure due to earned premium growth, year over year, the impact of $ 45 million of incurred losses related to the Ukraine/Russia war, partially offset by a decrease of $ 80 million in 2022 current year catastrophe losses compared to 2021.

Incurred prior years favorable development in losses were $ 5 million in 2023, $ 2 million in 2022 and $ 9 million in 2021.

The net favorable development on prior year reserves of $ 5 million in 2023 is comprised of $ 397 million of favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, mostly offset by $ 392 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019.

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

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

Incurred prior years unfavorable development in losses was $ 1.3 billion in 2024.

Incurred prior years favorable development in losses was $ 5 million in 2023 and $ 2 million in 2022.

The net unfavorable development on prior year reserves of $ 1.3 billion in 2024 is primarily comprised of $ 1.1 billion of unfavorable development on prior years attritional losses for the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S.

casualty lines and $ 403 million of unfavorable development on prior years attritional losses for Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $ 54 million resulting in a 3-year net asbestos survival ratio of 7 years.

In addition, the Reinsurance segment recorded $ 684 million of unfavorable development on prior year casualty reserves.

This unfavorable development in the Reinsurance segment was largely offset by favorable development booked on property and mortgage lines.

The net favorable development on prior year reserves of $ 5 million in 2023 is comprised of $ 401 million of

favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, mostly offset by $ 285 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019 as well as $ 110 million of unfavorable development on prior years attritional losses for other lines.

The favorable development on prior year reserves of $ 2 million in 2022 is primarily driven by better than expected loss emergence in workers’ compensation and surety lines of business, as well as attritional property.

The favorable development on prior year reserves of $ 9 million in 2021 is primarily driven by a commutation and reserve releases within the Reinsurance segment.

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

The following is information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts.

Each of the Company’s financial reporting segments has been disaggregated into casualty and property business.

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Total gross liability for unpaid claims and claim adjustment expense $ 29,889

(Some amounts may not reconcile due to rounding.)

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

(Some amounts may not reco ncile due to rounding.)

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

(2) The other amount is primarily comprised of the new Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale.

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

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

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

Reinsurance - Casualty Business

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Reserving Methodology

The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses.

The Company maintains reserves equal to management’s estimated ultimate liability for losses and LAE for reported and unreported claims for our insurance and reinsurance businesses.

Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves whenever an adjustment appears warranted.

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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 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.

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

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

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The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis.

The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses.

The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss

development characteristics and are large enough to facilitate credible estimation of ultimate losses.

The Company periodically reviews its exposure groupings and may change groupings over time as business changes.

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Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines.

Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatility than those for the longer tail lines.

Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less uncertainty than those for the longer tail lines.

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

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Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation.

Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses.

IBNR reserves are calculated using earned premium, an a priori loss ratio and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses.

It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method.

The reliability of the method depends on the accuracy of the selected a priori loss ratio.

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

As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years.

For both short and long tail lines, the Company supplements these general approaches with analytically based judgments.

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

For immature underwriting or accident years, the initial expected loss ratios are key inputs that involve management’s judgment and are based on a variety of factors, including:

(1) expected loss ratios developed during the Company’s pricing process;

(2) historical loss ratios adjusted for rate change and trend;

and (3) industry benchmarks for similar business.

These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including:

(1) market conditions;

(2) changes in the business underwritten;

(3) changes in timing of the emergence of claims;

and (4) other factors.

The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment.

Carried reserves at each reporting date are the management’s best estimate of ultimate unpaid losses and LAE at that date.

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Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods.

These types of events are reserved for separately using a variety of statistical and actuarial techniques.

We estimate losses for these types of events based on information derived from catastrophe models, quantitative and qualitative exposure analyses, reports and communications from ceding companies and development patterns for historically similar events, where available.

Rather, loss and LAE reserves are estimated by management by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss.

The analysis uses inputs from various sources and methodology, to build up a comprehensive perspective.

Such analysis generally involves:

(1) estimating the size of insured industry losses;

(2) reviewing portfolios to identify contracts which are exposed;

(3) reviewing information reported or otherwise provided by customers and brokers;

(4) discussing the loss with customers

and (5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the loss on a contract-by-contract basis and in aggregate for the event.

Due to the inherent uniqueness or specific nature of a catastrophic event, each event has its own unique assessment, and different weights may be applied to various inputs based on management’s judgment.

Once a loss has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the loss.

The Company’s estimate of loss and LAE reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss.

The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss.

Because catastrophe losses are typically due to prominent, public events such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process.

The Company also reviews catastrophe bulletins published by various statistical modeling agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event.

For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical modeling agencies to assist in determining what events occurred during the reporting period than the Company does for large events.

This includes reviewing catastrophe bulletins published by Property Claim Services for U.S.

catastrophes.

The Company sets its initial estimates of reserves for loss and LAE for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical modeling agencies, although management may make significant adjustments based on the Company’s current exposure to the geographic region involved as well as the size of the loss and the peril involved.

In general, reserves for the Company’s more recent large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next.

This is due to the uncertainty as to the size of the industry losses, uncertainty as to which contracts have been exposed, uncertainty due to complex legal and coverage issues that can arise out of large or complex losses and uncertainty as to the magnitude of losses and LAE incurred by the Company’s customers.

As the Company’s losses age, more information becomes available, and the Company believes its estimates become more certain.

The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos.

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The Company’s A&E liabilities emanate from Mt.

McKinley Insurance Company’s, a former wholly owned subsidiary that was sold in 2015, direct insurance business and Everest Re’s assumed reinsurance business.

McKinley Insurance Company’s (“Mt.

McKinley”), a former wholly owned subsidiary that was sold in 2015, direct insurance business and Everest Re’s assumed reinsurance business.

All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago.

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In 2015, the Company sold Mt.

McKinley to Clearwater Insurance Company, a subsidiary of Fairfax Financial.

Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater Insurance Company.

McKinley to Clearwater Insurance Company (“Clearwater”), a subsidiary of Fairfax Financial.

Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater.

Per the retrocession treaty, the Company retroceded 100 % of the liabilities associated with certain Mt.

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In addition, the maximum liability permitted to be retroceded increased to $ 450 million.

In 2022, the Company posted additional A&E reserves of $ 138 million, following a comprehensive actuarial reserving review.

This increase in reserves brings the Company A&E position in line with the overall industry survival ratios.

Reinsurance Recoverables.

1 unchanged sentence

At December 31, 2024, $ 395 million, or 12.6 %, was receivable from Mt.

Logan Re, Ltd.

Logan Re”) collateralized segregated accounts;

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Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance.

Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses.

The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants.

The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements.

Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses.

Reinsurance recoverables include an estimate of the amount of gross losses and LAE reserves that may be ceded under the terms of the reinsurance agreements, including IBNR unpaid losses.

The Company’s estimate of losses and LAE reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants.

The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR losses will ultimately be ceded under reinsurance agreements.

Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and LAE.

The Company may hold partial collateral, including letters of credit and funds held, under these agreements.

See also Note 1C, Note 4 and Note 10.

See also Note 1C, Note 4 and Note 10 of the Notes to these Consolidated Financial Statements.

Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days.

2 unchanged sentences

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

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

See Note 1C of the Notes to these Consolidated Financial Statements for discussion of allowance on reinsurance recoverables.

Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks.

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SEGMENT REPORTING

The Company operates through two operating segments.

The Company conducts business through two reportable segments:

Reinsurance and Insurance.

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

Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the UK and Switzerland.

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

Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom (“U.K.”) and Switzerland.

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

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

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

Our two reportable segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources.

We report the results of our operations consistent with the manner in which our CODM reviews the business.

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

These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed.

These changes have been reflected retrospectively.

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

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

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

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".

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

These segment presentation changes have been reflected retrospectively within this Form 10-K, including Schedule III - Supplementary Insurance Information.

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

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

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

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

The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

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We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

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

The following tables present segment underwriting results for the periods indicated:

Year Ended December 31, 2024

(Dollars in millions) Reinsurance Insurance Total

(Dollars in millions) Reinsurance Insurance Other Total

Gross written premiums $ 12,941 $ 5,078 $ 212 $ 18,232

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Year Ended December 31, 2023

(Dollars in millions) Reinsurance Insurance Total

(Dollars in millions) Reinsurance Insurance Other Total

Gross written premiums $ 11,460 $ 4,888 $ 289 $ 16,637

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Year Ended December 31, 2022

(Dollars in millions) Reinsurance Insurance Total

(Dollars in millions) Reinsurance Insurance Other Total

Gross written premiums $ 9,246 $ 4,426 $ 279 $ 13,952

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CREDIT FACILITIES

The Company has multiple active letter of credit facilities for a total commitment of up to $ 1.7 billion as of December 31, 2023, providing for the issuance of letters of credit.

The Company also has additional uncommitted letter of credit facilities of up to $ 240 million which may be accessible via written request and corresponding authorization from the applicable lender.

As of December 31, 2024, the Company has multiple active committed letter of credit facilities with a total commitment of up to $ 1.7 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £ 113 million and € 75 million, respectively.

The Company also has additional uncommitted letter of

credit facilities of up to $ 240 million which may be accessible via written request and corresponding authorization from the applicable lender.

There is no guarantee the uncommitted capacity will be available to us on a future date.

The terms and outstanding amounts for each facility are discussed below.

See Note 10 for collateral posted related to secured letters of credit.

See Note 10 of the Notes to these Consolidated Financial Statements for collateral posted related to secured letters of credit.

Bermuda Re Wells Fargo Bilateral Letter of Credit Facility

1 unchanged sentence

Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $ 500 million of secured letters of credit.

Effective May 2, 2023, the agreement was amended to extend the availability of committed issuance for an additional year.

Effective June 10, 2024, the agreement was amended to extend the availability of committed issuance for one year.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 97 6/24/2024 $ 500 $ 463 12/29/2023

$ 71 6/28/2024 $ —

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bermuda Re Wells Fargo Bank Bilateral LOC Facility $ 500 $ 455 12/31/2025 $ 500 $ 97 6/24/2024

318 12/31/2024

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Bermuda Re Citibank Letter of Credit Facility

Effective August 9, 2021, Bermuda Re entered into a new letter of credit issuance facility with Citibank N.A.

which superseded the previous letter of credit issuance facility with Citibank that was effective December 31, 2020.

Both of these are referred to as the “Bermuda Re Citibank Letter of Credit Facility”.

The current Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $ 230 million of secured letters of credit.

Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A.

referred to as the “Bermuda Re Citibank Letter of Credit Facility”.

The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $ 230 million of secured letters of credit.

In addition, the facility provided for the uncommitted issuance of up to $ 140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A.

2 unchanged sentences

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bermuda Re Citibank LOC Facility- Committed $ 230 $ — 1/21/2025 $ 230 $ — 01/21/2024

13 unchanged sentences

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”.

The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $ 200 million of secured letters of credit.

The Bermuda Re

Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $ 200 million of secured letters of credit.

Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years .

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 192 12/31/2024 $ 200 $ 183 12/31/2023

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed $ 200 $ 193 12/31/2025 $ 200 $ 192 12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”.

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”.

The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $ 150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

1 unchanged sentence

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2024 $ 150 $ 150 12/31/2023

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed $ 150 $ 150 12/31/2025 $ 150 $ 150 12/31/2024

(Some amounts may not reconcile due to rounding.)

4 unchanged sentences

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bermuda Re Lloyd's Bank Credit Facility-Committed $ 250 $ 244 12/31/2025 $ 250 $ 235 12/31/2024

Bermuda Re Lloyd's Bank Credit Facility-Uncommitted — — $ 200 $ 136 12/31/2023

Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 235 $ 250 $ 186

(Some amounts may not reconcile due to rounding.)

Bermuda Re Barclays Credit Facility

Bermuda Re Barclays Bank Credit Facility

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”.

The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $ 200 million of secured letters of credit.

Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for three years .

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 150 12/30/2025 $ 200 $ 168 12/30/2024

7 unchanged sentences

(Dollars in millions) At December 31, 2024 At December 31, 2023

Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Letter of Credit Facility Commitment In Use Date of Expiry Commitment In Use Date of Expiry

Nordea Bank Letter of Credit Facility - Committed $ 200 $ 200 12/31/2025 $ 200 $ 200 12/31/2024

2 unchanged sentences

(Some amounts may not reconcile due to rounding.)

Everest International Reinsurance, Ltd.

Funds at Lloyds Syndicated Letter of Credit Facility

Effective October 30, 2024, Everest International entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch, referred to as the “Funds at Lloyds Syndicated Letter of Credit Facility”.

The Everest International Reinsurance Funds at Lloyds Syndicated Letter of Credit Facility provides for the committed issuance of up to £ 113 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) At December 31, 2024

Letter of Credit Facility Commitment In Use Date of Expiry

Everest International Reinsurance, Ltd.

Funds at Lloyds Syndicated Letter of Credit Facility £ 113 £ 107 11/1/2028

(Some amounts may not reconcile due to rounding.)

Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility

Effective December 30, 2024, Ireland Re entered into a letter of credit issuance facility with Commerzbank AG, New York Branch, referred to as the “Commerzbank Letter of Credit Facility”.

The Ireland Re Commerzbank Letter of Credit Facility provides for the committed issuance of up to € 75 million of unsecured letters of credit.

The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) At December 31, 2024

Letter of Credit Facility Commitment In Use Date of Expiry

Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility € 75 € 20 12/31/2025

(Some amounts may not reconcile due to rounding.)

Federal Home Loan Bank Membership

Everest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10 % of its statutory admitted assets.

As of December 31, 2023, Everest Re had admitted assets of approximately $ 26.3 billion which provides borrowing capacity in excess of $ 2.6 billion.

As of December 31, 2023, Everest Re had $ 819 million of borrowings outstanding, all of which expire in 2024.

As of December 31, 2024, Everest Re had statutory admitted assets of approximately $ 30.8 billion which provides borrowing capacity of up to approximately $ 3.1 billion.

As of December 31, 2024, Everest Re had $ 1.0 billion of borrowings outstanding, which begin to expire in 2025.

Everest Re incurred interest expense of $ 45 million and $ 30 million for the years ended December 31, 2024 and 2023, respectively.

The FHLBNY membership agreement requires that 4.5 % of borrowed funds be used to acquire additional membership stock.

Additionally, the FHLBNY membership requires that members must have sufficient qualifying collateral pledged.

Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged.

As of December 31, 2024, Everest Re had $ 1.3 billion of collateral pledged.

The table below displays Holdings’ outstanding senior notes.

Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

The table below displays Holdings’ outstanding senior notes (the “Senior Notes”).

Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

December 31, 2024 December 31, 2023

13 unchanged sentences

(Some amounts may not reconcile due to rounding.)

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

Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

Years Ended December 31,

9 unchanged sentences

LONG-TERM SUBORDINATED NOTES

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

Fair value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy.

The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”).

Fair value is based on quoted market prices, but due to limited trading activity, these Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.

Maturity Date December 31, 2024 December 31, 2023

5 unchanged sentences

Amount Fair Value

Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 187 $ 218 $ 187

Subordinated Notes Issued 2007 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 215 $ 218 $ 187

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6 %, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007.

During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.

During the floating rate interest period from May 15, 2017 through maturity, interest was initially on the 3-month London Interbank Offered Rate (“LIBOR”) plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.

Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017.

The reset quarterly interest rate for November 15, 2023 to February 14, 2024 is 8.03 %.

Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on 3-month CME Term SOFR plus a spread.

Holdings may redeem the long-term subordinated notes on or after May 15, 2017, in whole or in part at 100 % of the principal amount plus accrued and unpaid interest;

The reset quarterly interest rate for November 15, 2024 to February 18,

2025 is 7.17 %.

Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on the 3-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus a spread.

Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100 % of the principal amount plus accrued and unpaid interest;

however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant.

This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes.

The Company’s 4.868 % senior notes due on June 1, 2044, 3.5 % senior notes due on October 15, 2050 and 3.125 % senior notes due on October 15, 2052 are the Company’s long-term indebtedness that rank senior to the long-term subordinated notes.

This covenant is for the benefit of the Senior Note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the Subordinated Notes Issued 2007.

The Company’s Senior Notes are the Company’s long-term indebtedness that rank senior to the Subordinated Notes Issued 2007.

In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes.

1 unchanged sentence

The Company realized a gain of $ 1 million on the repurchases made during 2022.

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

Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:

Years Ended December 31,

7 unchanged sentences

Collateral in trust for non-affiliated agreements $ 3,241 $ 3,208

$ 3,208 $ 2,406

Collateral for secured letter of credit facilities 1,386 1,438

4 unchanged sentences

Total restricted assets $ 8,885 $ 8,843

(1) At December 31, 2023 and December 31, 2022, the total amount on deposit in trust accounts includes $ 243 million and $ 122 million of restricted cash respectively.

The Company reinsures some of its catastrophe exposures with the segregated accounts of Mt.

Restricted cash is included in cash on the consolidated balance sheets.

At December 31, 2024 and December 31, 2023, the Company had restricted cash of $ 397 million and $ 243 million, respectively.

Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements and secured letter of credit facilities.

The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt.

Logan Re is a collateralized insurer registered in Bermuda and 100 % of the voting common shares are owned by Group.

17 unchanged sentences

The Company will retain liability for any amounts exceeding the maximum liability.

Effective July 1, 2022, the Company commuted this reinsurance agreement with Mt.

8 unchanged sentences

Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate

Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence

Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate

Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate

3 unchanged sentences

Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/25/2025 300 Aggregate

Series 2024-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/27/2024 6/30/2028 75 Occurrence

Series 2024-1 Class B US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/27/2024 6/30/2028 125 Occurrence

Total available limit as of December 31, 2024 $ 1,150

1 unchanged sentence

The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.

The Company has up to $ 350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry loss threshold.

This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level.

As a result of Hurricane Ian, PCS’s current industry estimate of $48.2 billion issued in February 2024 exceeds the attachment point.

The potential recovery under the CAT Bond is not expected to be material.

As a result, no portion of the potential CAT bond recovery has been included in the Company’s current financial results.

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors.

1 unchanged sentence

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

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

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

COMMITMENTS AND CONTINGENCIES

3 unchanged sentences

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.

In all such matters, the Company believes that its

positions are legally and commercially reasonable.

The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.

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

29 unchanged sentences

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

(Dollars in millions)

(Dollars in millions) As of December 31,

Thereafter 67

2 unchanged sentences

Total operating lease liability $ 126

(Some amounts may not reconcile due to rounding.)

OTHER COMPREHENSIVE INCOME (LOSS)

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

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

Years Ended December 31,

1 unchanged sentence

(Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax

URA(D) on securities - non-credit related $ 843 $ ( 101 ) $ 743 $ ( 2,332 ) $ 295 $ ( 2,037 ) $ ( 548 ) $ 59 $ ( 488 )

Reclassification of net realized losses (gains) included in net income (loss) 285 ( 41 ) 244 107 ( 18 ) 89 5 ( 2 ) 4

Foreign currency translation adjustments 64 ( 5 ) 59 ( 82 ) 5 ( 77 ) ( 64 ) 2 ( 62 )

URA(D) of securities (1)

$ ( 167 ) $ 70 $ ( 97 ) $ 843 $ ( 101 ) $ 743 $ ( 2,332 ) $ 295 $ ( 2,037 )

Reclassification of net realized losses (gains)

included in net income (loss) (1)

( 18 ) 6 ( 12 ) 285 ( 41 ) 244 107 ( 18 ) 89

Foreign currency translation and other adjustments ( 139 ) 11 ( 128 ) 64 ( 5 ) 59 ( 82 ) 5 ( 77 )

Benefit plan actuarial net gain (loss) 43 ( 9 ) 34 19 ( 4 ) 15 18 ( 4 ) 15

Reclassification of benefit plan liability amortization included in net income (loss) 2 — 2 3 ( 1 ) 2 8 ( 2 ) 6

Reclassification of benefit plan liability amortization

included in net income (loss) ( 2 ) — ( 1 ) 2 — 2 3 ( 1 ) 2

Total other comprehensive income (loss) $ ( 283 ) $ 79 $ ( 204 ) $ 1,214 $ ( 151 ) $ 1,063 $ ( 2,285 ) $ 277 $ ( 2,008 )

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

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.

The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:

December 31, Affected line item within the statements of

2 unchanged sentences

(Dollars in millions)

URA(D) on securities $ 285 $ 107 Other net realized capital gains (losses)

URA(D) of securities (1)

$ ( 18 ) $ 285 Net gains (losses) on investments

6 ( 41 ) Income tax expense (benefit)

3 unchanged sentences

$ ( 1 ) $ 2 Net income (loss)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

(Dollars in millions) 2024 2023

Beginning balance of URA(D) on securities $ ( 1,709 ) $ 239

Current period change in URA(D) of investments - non-credit related 986 ( 1,948 )

Ending balance of URA(D) on securities ( 723 ) ( 1,709 )

Beginning balance of foreign currency translation adjustments ( 254 ) ( 177 )

Current period change in foreign currency translation adjustments 59 ( 77 )

Ending balance of foreign currency translation adjustments ( 195 ) ( 254 )

Beginning balance of URA(D) of securities (1)

$ ( 723 ) $ ( 1,709 )

Current period change in URA(D) of securities ( 109 ) 986

Ending balance of URA(D) of securities ( 831 ) ( 723 )

Beginning balance of foreign currency translation and other adjustments ( 195 ) ( 254 )

Current period change in foreign currency translation and other adjustments ( 128 ) 59

Ending balance of foreign currency translation and other adjustments ( 323 ) ( 195 )

Beginning balance of benefit plan net gain (loss) ( 16 ) ( 33 )

3 unchanged sentences

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

SHARE-BASED COMPENSATION PLANS

1 unchanged sentence

The 2020 Employee Plan was established in June 2020.

Under the 2020 Employee Plan, 1,400,000 common shares have been authorized to be granted as non-qualified share options, share appreciation rights, restricted share awards or performance share unit awards to officers and key employees of the Company.

Under the 2020 Employee Plan, 1,400,000 common shares have been authorized to be granted as non-qualified share options, share appreciation rights, restricted share awards or performance share unit (“PSU”) awards to officers and key employees of the Company.

At December 31, 2024, there were 554,882 remaining shares available to be granted under the 2020 Employee Plan.

Through December 31, 2023, only non-qualified share options, restricted share awards and performance share unit awards had been granted under the employee plans.

Through December 31, 2024, only non-qualified share options, restricted share awards and PSU awards had been granted under the employee plans.

Under the 2009 Director Plan, 37,439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company.

2 unchanged sentences

At December 31, 2024, there were 264,704 remaining shares available to be granted under the 2003 Director Plan.

Options and restricted shares granted under the 2020 Employee Plan vest at the earliest of 20 % per year over five years or in accordance with any applicable employment agreement.

Options and restricted shares granted under the 2020 Employee Plan prior to January 1, 2024 vest at the earliest of 20 % per year over five years or in accordance with any applicable employment agreement.

Restricted shares granted under the 2020 Employee Plan after January 1, 2024 vest at the earliest of 33.3 % per year over three years or in accordance with any applicable employment agreement.

Options and restricted shares granted under the 2003 Director Plan generally vest at 33 % per year over three years , unless an alternate vesting period is authorized by the Board.

1 unchanged sentence

All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant.

Performance Share Unit awards granted under the 2020 Employee Plan will vest 100 % after three years .

The Performance Share Unit awards represent the right to receive between 0 and 1.75 shares of stock for each unit awarded depending upon performance in relation to certain metrics.

The performance share unit valuation will be based partly on growth in book value per share over the three year vesting period, compared to designated peer companies.

The remaining portion of the performance share valuation will be based upon operating return on equity for each of the separate operating years within the vesting period.

For share options, restricted shares and performance share units granted under the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $ 49 million, $ 45 million and $ 43 million for the years ended December 31, 2023, 2022 and 2021, respectively.

PSU awards granted under the 2020 Employee Plan will vest 100 % after three years .

The PSU awards represent the right to receive between 0 and 1.75 shares of stock for each unit awarded depending upon performance in relation to certain metrics.

The PSU valuation will be based partly on growth in book value per share over the three year vesting period, compared to designated peer companies.

The remaining portion of the PSU valuation will be based upon operating return on equity for each of the separate operating years within the vesting period.

For share options, restricted shares and PSU awards granted under the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $ 63 million, $ 49 million and $ 45 million for the years ended December 31, 2024, 2023

and 2022, respectively.

The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $ 8 million, $ 7 million and $ 4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

For the year ended December 31, 2023, a total of 181,646 restricted shares were granted on February 23, 2023, May 18, 2023, September 8, 2023 and November 8, 2023, with a fair value of $ 382.385 , $ 372.9050 , $ 369.15 and $ 383.2200 per share, respectively.

Additionally, 14,975 performance share units were awarded on February 23, 2023, with a fair value of $ 382.3850 per unit.

For the year ended December 31, 2024, a total of 222,196 shares of restricted stock were granted on February 28, 2024, February 29, 2024, May 15, 2024, September 12, 2024 and November 7, 2024, with a fair value of $ 369.52 , $ 367.04 , $ 377.80 , $ 376.58 and $ 365.61 per share, respectively.

Additionally, 18,713 PSU awards were granted on February 28, 2024, with a fair value of $ 369.52 per unit.

No share options were granted during the year ended December 31, 2024.

3 unchanged sentences

For the years ended December 31, 2024, 2023 and 2022, the Company recognized $ 0.6 million, $ 0.5 million and $ 0.6 million, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares.

A summary of the option activity under the Company’s shareholder approved plans as of December 31, 2022 and 2021, and changes during the year then ended is presented in the following tables:

(Aggregate Intrinsic Value in millions;

Shares in whole amounts) Shares Weighted-

Price/Share Weighted-

Term Aggregate

Outstanding at January 1, 2022 49,028 $ 88.52

Exercised 49,028 88.52

Forfeited/Cancelled/Expired — —

Outstanding at December 31, 2022 — — 0 $ —

Exercisable at December 31, 2022 — — 0 $ —

(Aggregate Intrinsic Value in millions;

Shares in whole amounts) Shares Weighted-

Price/Share Weighted-

Term Aggregate

Outstanding at January 1, 2021 116,871 $ 87.87

Exercised 67,843 87.39

Forfeited/Cancelled/Expired — —

Outstanding at December 31, 2021 49,028 88.52 0.2 $ 9

Exercisable at December 31, 2021 49,028 88.52 0.2 $ 9

There have been no stock options granted since 2012.

1 unchanged sentence

Any remaining stock options were exercised in 2022.

The aggregate intrinsic value (market price less exercise price) of options exercised during the years ended December 31, 2022 and 2021 was $ 10 million and $ 11 million, respectively.

The cash received from the exercised share options for the years ended December 31, 2022 and 2021 were $ 4 million and $ 6 million, respectively.

The tax benefit realized from the options exercised for the years ended December 31, 2022 and 2021 were $ 2 million and $ 3 million, respectively.

The aggregate intrinsic value (market price less exercise price) of options exercised during 2022 was $ 10 million.

The cash received from the exercised share options during 2022 was $ 4 million.

The tax benefit realized from the options exercised during 2022 was $ 2 million.

The following table summarizes the status of the Company’s restricted non-vested shares and changes for the periods indicated:

16 unchanged sentences

The Company acquired 54,537 , 56,832 and 69,833 common shares at a cost of $ 20 million, $ 22 million and $ 21 million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares.

The following table summarized the status of the Company’s non-vested performance share unit awards and changes for the period indicated:

The following table summarizes the status of the Company’s non-vested PSU awards and changes for the period indicated:

Years Ended December 31,

9 unchanged sentences

Outstanding at December 31, 52,682 — 51,000 — 54,861 —

The Company acquired 6,117 , 6,175 and 3,104 common shares at a cost of $ 2.1 million, $ 1.7 million and $ 0.8 million in 2023, 2022 and 2021, respectively, from employees who chose to pay required withholding taxes on performance shares units settlements by withholding shares.

The Company acquired 11,336 , 6,117 and 6,175 common shares at a cost of $ 4 million, $ 2 million and $ 2 million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes on PSU settlements by withholding shares.

EMPLOYEE BENEFIT PLANS

3 unchanged sentences

Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service.

The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations.

The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to the U.S.

Internal Revenue Code (the “IRC”) limitations.

Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan no longer accrue additional service benefits.

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

Additionally, on November 15, 2023, the Company's Board approved the termination of the qualified defined benefit pension plan.

In June 2024, the Company amended the qualified defined benefit pension plan to freeze all benefits accruals and terminate the plan effective June 30, 2024.

Plan participants no longer accrue future plan benefits after June 30, 2024.

Plan assets consist primarily of shares in investment trusts with 100 % of the underlying assets consisting of short-term investments.

The Company manages the qualified plan investments for U.S.

Although not required to make contributions under U.S.

Internal Revenue Service (the “IRS”) regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated:

Years Ended December 31,

21 unchanged sentences

Actual contributions during the year 3 1

Administrative expenses paid — —

Benefits paid ( 15 ) ( 25 )

42 unchanged sentences

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were 5.00 %, 5.25 % and 2.86 %, respectively.

The rate of compensation increase used to determine the net periodic benefit cost for January 2024 through April 2024 was 4.00 %.

The net periodic benefit cost was remeasured at May 1, 2024 due to plan curtailment.

Rate of compensation increase is not applicable to calculate the net periodic benefit cost for May 2024 through December 2024.

The rate of compensation increase used to determine the net periodic benefit cost for 2023 and 2022 was 4.00 %.

1 unchanged sentence

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

In 2024, the weighted average discount rate used to determine the actuarial present value of the projected benefit obligation, based on plan termination rates, was 4.75 % for annuities and ranged from 4.66 % to 5.57 % for lump sums.

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

8 unchanged sentences

(Dollars in millions) 2024 2023

Qualified Plan

Projected benefit obligation $ 289 $ 284

Fair value of plan assets 308 285

Non-qualified Plan

4 unchanged sentences

(Dollars in millions) 2024 2023

Qualified Plan

Accumulated benefit obligation $ — $ —

Fair value of plan assets — —

Non-qualified Plan

4 unchanged sentences

Next 5 years 1

Plan assets consist primarily of shares in investment trusts with 75 %, 24 % and 1 % of the underlying assets consisting of equity securities, fixed maturities and cash, respectively.

The Company manages the qualified plan investments for U.S.

The assets in the plan consist of debt and equity mutual funds.

Due to the long-term nature of the plan, the target asset allocation has historically been 70 % equities and 30 % bonds.

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

4 unchanged sentences

Short-term investments, which approximates fair value (a) $ 331 $ 331 $ — $ —

Mutual funds, fair value

Fixed income (b) 73 73 — —

Equities (c) 232 232 — —

Total $ 331 $ 331 $ — $ —

1 unchanged sentence

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

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

securities and 10 % in international securities.

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

Fair Value Measurement Using:

(Dollars in millions) December 31, 2022 Fair Value Measurement Using:

Quoted Prices

(Dollars in millions) December 31, 2023 Quoted Prices

(Level 1) Significant

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equities and 50 % in international equities.

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

No contributions were made to the qualified pension benefit plan for the years ended December 31, 2024 and 2023.

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Under the plans, the Company contributes up to a maximum 3 % of the participants’ compensation based on the contribution percentage of the employee.

The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations.

The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to IRC limitations.

In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3 % and 8 % of an employee’s earnings for each payroll period based on the employee’s age.

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This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage.

The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company.

The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for

The cost of these benefits is shared with the retiree.

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Next 5 years 7

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.

All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations.

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The provision reflects the permanent differences between financial and taxable income relevant to each entity.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted.

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

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

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Creditable foreign premium tax ( 14 ) — ( 14 ) — ( 11 ) —

Tax audit settlement — — — — — —

Share-based compensation tax benefits formerly in APIC ( 1 ) — ( 3 ) — ( 3 ) —

BEAT Tax 66 — — — — —

Valuation allowance — — — ( 13 ) — 5

Bermuda corporate income tax — — — ( 578 ) — 5

Insurance company-owned life insurance ( 13 ) — ( 1 ) — — —

Insurance corporate-owned life insurance ( 18 ) — ( 13 ) — ( 1 ) —

Other 9 1 ( 3 ) ( 6 ) 6 —

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Federal tax returns are under audit by the IRS.

Over several years, the Company had received and responded to a substantial number of Information Document Requests (“IDRs”).

In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment.

The Company had filed amended tax returns requesting refunds for 2015 and 2016 for $ 2 million and $ 5 million, respectively.

In the fall of 2023, the IRS issued a final Revenue Agent Report (“RAR”) which is under review by the Company.

We have asked for and received an extension from the IRS to complete our review.

Note that the IRS requested, and we have signed, an extension of the audit to June 30, 2025.

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

Over several years, the Company had received and responded to a substantial number of Information Document Requests.

In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment and then a final Revenue Agent Report (“RAR”).

In 2024, the Company responded to the RAR with substantial additional information which the IRS has been processing.

The IRS requested, and we have signed, an extension of the audit to December 31, 2025.

For tax years 2019 and 2020, the Statute of Limitations has expired and, thus, the Federal income tax return for those years is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2021, 2022, and 2023 are open for examination by the U.S.

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Deferred tax assets:

Bermuda intangible asset $ 536 $ —

Bermuda economic transition adjustment $ 536 $ 536

Loss reserves 313 270

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Depreciation 55 44

Lease liability 27 29

Unrealized foreign currency losses 35 15

Net operating loss carryforward 24 18

Net Unrealized foreign currency losses 15 24

Investment impairments 12 12

Lease liability 23 27

Foreign tax credits 16 —

Capital loss carryforward 14 —

Equity compensation 10 8

Net unrealized losses on benefit plans 4 9

Investment impairments 10 12

Uncollectible reinsurance reserves — 3

Foreign tax credits — 3

Net unrealized losses on benefit plans — 4

Other assets 21 22

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Right of use asset 19 23

Deferred investment income 12 —

Benefit plan asset — 3

Depreciation — 16

Other liabilities 13 11

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(Some amounts may not reconcile due to rounding.)

At December 31, 2023 and 2022, the Company had $ 15 million and $ 25 million of Valuation Allowance (“VA”), respectively.

The VA is a result of our conclusion under US GAAP accounting principles that the UK, Netherlands, Ireland, Switzerland, France, Germany, Singapore, Mexico, and U.S.

At December 31, 2024 and 2023, the Company had $ 25 million and $ 15 million of Valuation Allowances (“VA”), respectively.

The VA is a result of our conclusion under U.S.

GAAP accounting principles that the Australia, Colombia, Netherlands, Ireland, Italy, Switzerland, France, Germany, Singapore, Mexico, U.K., and U.S.

jurisdictions could not demonstrate that it was more likely than not that the related deferred tax assets will be realized.

This was primarily due to factors such as cumulative operating losses in recent years, cumulative capital losses and, therefore, an inability to demonstrate overall profitability within the specific jurisdiction.

During the year ended December 31, 2023, the Company recorded an overall decrease in its VA of $ 10 million.

Tax effected UK Net Operating Losses (“NOLs”) of $ 7 million do not expire.

During the year ended December 31, 2024, the Company recorded an overall increase in its VA of $ 10 million.

Tax effected U.K.

Net Operating Losses (“NOLs”) of $ 11 million do not expire.

Tax effected Irish NOLs of $ 4 million do not expire.

Tax effected Swiss NOLs of $ 2 million begin to expire in 2028.

The remaining tax effected NOLs of $ 7 million arose in various jurisdictions and begin expiring in 2027.

Tax effected Spanish NOLs of $ 2 million do not expire.

The remaining tax effected NOLs of $ 8 million arose in various jurisdictions and do not expire.

Note that not all NOLs had a VA up against them.

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

The branch basket FTCs begin to expire in 2030.

At December 31, 2024 and 2023, the Company had $ 16 million and $ 0 million respectively of foreign tax credit (“FTC”) carryforwards.

In 2024, there were approximately $ 9 million of U.S.

FTCs and $ 7 million of non-US FTCs.

FTCs expire in 2034.

FTCs do not expire.

At December 31, 2024, $ 138 million of the Company’s deferred tax asset relates primarily to unrealized losses on available for sale fixed maturity securities.

The unrealized losses on available for sale fixed maturity securities were a result of market conditions, including rising interest rates.

Ultimate realization of the deferred tax asset depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature.

December 31, 2023, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expected to be realized.

The unrealized losses on available for sale fixed maturity securities, primarily occurring in 2022, were the result of market conditions, including rising interest rates.

Ultimate realization of these deferred tax assets depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature.

As of December 31, 2024, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expected to be realized.

The Company follows ASU 2016-09 regarding the treatment of the tax effects of share-based compensation transactions.

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Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law.

Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the Bermuda Monetary Authority (“BMA”) and Everest Re is subject to the RBC developed by the NAIC.

Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the Bermuda Monetary Authority (the “BMA”) and Everest Re is subject to the Risk-Based Capital Model (“RBC”) developed by the U.S.

National Association of Insurance Commissioners (“NAIC”).

These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus.

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The statutory capital and surplus of Bermuda Re was $ 4.3 billion and $ 3.7 billion at December 31, 2024 and 2023, respectively.

The statutory net income of Bermuda Re was $ 1.5 billion, $ 603 million and $ 681 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The statutory net income of Bermuda Re was $ 1.4 billion, $ 1.5 billion and $ 603 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months , exceeds the greater of (1) 10 % of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement.

In addition, no dividend may be paid in excess of unassigned earned surplus.

Accordingly, as of December 31, 2023, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $ 877 million.

Accordingly, as of

December 31, 2024, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $ 813 million.

Statutory Financial Information.

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however, the Company anticipates that Bermuda Re's December 31, 2024 actual capital will exceed the targeted capital level.

In accordance with guidance issued by the BMA in February 2024, Bermuda Re has not reflected the impacts of the Economic Transition Adjustment recognized in response to the Bermuda Corporate Income Tax Act of 2023 (“the 2023 Act”) in its 2023 regulatory targeted capital or actual capital.

The BMA expects to complete its assessment before the 2023 Act becomes effective and to issue directives within a timeline that will be compatible with the 2023 Act coming into effect.

In accordance with guidance issued by the BMA in 2025, Bermuda Re has reflected the impacts of the ETA recognized in response to The 2023 Act in its 2024 regulatory targeted capital and actual capital.

SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events.

The Company does not have any subsequent events to report

In January 2025, wildfires impacted Southern California.

The Company is estimating pre-tax net catastrophe losses to be in the range of $ 350 to $ 450 million for the first quarter 2025, net of any estimated recoveries or reinstatement premiums.

The Company does not have any other subsequent events to report.

SCHEDULE I — SUMMARY OF INVESTMENTS —

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Column A Column B Column C Column D

(Dollars in millions) Cost Market

(Dollars in millions) Cost Fair

Fixed maturities - available for sale

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(Dollars and share amounts in millions, except par value per share) 2024 2023

Fixed maturities - available for sale (amortized cost:

Other invested assets (cost:

Short-term investments 8 —

Investment in subsidiaries, at equity in the underlying net assets 15,329 14,832

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Increase (decrease) in due to/from affiliates ( 3 ) 2 2

Amortization of bond premium (accrual of bond discount) — — —

Net (gains) losses on investments — — —

Non-cash compensation expense 2 3 2

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Additional investment in subsidiaries ( 161 ) ( 377 ) ( 824 )

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

Proceeds from fixed maturities sold - available for sale — 23 —

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However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

3.) Everest Group, Ltd.

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However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

4.) Everest Group, Ltd.

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However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

5.) Everest Group, Ltd.

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However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

6.) Everest Group, Ltd.

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However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

7.) Everest Group, Ltd.

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Everest Reinsurance Bermuda repaid $ 50 million to Everest Group, Ltd.

in September 2023 which leaves $ 50 million outstanding as of December 31, 2023.

in September 2023 and $ 50 million in May 2024 and the note is no longer outstanding as of December 31, 2024.

9.) Everest Group, Ltd.

issued a $ 600 million long-term note agreement to Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2024.

The note will pay interest annually at a rate of 4.30 % and is scheduled to mature in December 2027.

At December 31, 2024, this transaction was included within long-term notes receivable, affiliated in the condensed balance sheets of Everest Group, Ltd.

10.) Everest Group, Ltd.

entered into a $ 100 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2024.

The note will pay interest annually at a rate of 4.30 % and is scheduled to mature in December 2027.

At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

11.) Everest Group, Ltd.

entered into a $ 300 million long-term note agreement with Everest Reinsurance Bermuda, an affiliated company, as of December 2024.

The note will pay interest annually at a rate of 4.30 % and is scheduled to mature in December 2027.

At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

12.) Everest Group, Ltd.

has invested funds in the segregated accounts of Mt.

Logan Re, Ltd.

Logan Re, an affiliated entity.

On the condensed balance sheets, investments in Mt.

Logan Re valued at $ 46 million and $ 65 million as of December 31, 2023 and 2022, respectively, have been recorded within other assets.

Logan Re valued at $ 39 million and $ 46 million as of December 31,

2024 and 2023, respectively, have been recorded within other assets.

On the condensed statements of operations, income (expense) of $ 8 million, $ 8 million and $( 1 ) million for the years ended December 31, 2024, 2023 and 2022, respectively, have been recorded in other income (expense).

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Insurance 270 8,841 2,635 3,579 605 3,622 439 615 3,678

Other 6 1,340 68 197 94 580 24 33 167

Total $ 1,461 $ 29,889 $ 7,324 $ 15,187 $ 1,954 $ 11,305 $ 3,300 $ 938 $ 15,814

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Insurance 271 6,338 2,504 3,420 391 2,471 410 556 3,704

Other 9 939 109 225 59 266 22 35 225

Total $ 1,247 $ 24,604 $ 6,622 $ 13,443 $ 1,434 $ 8,427 $ 2,952 $ 846 $ 14,730

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Insurance 243 5,438 2,153 2,998 219 2,040 399 438 3,223

Other 11 871 113 194 37 98 14 28 204

Total $ 962 $ 22,065 $ 5,147 $ 11,787 $ 830 $ 8,100 $ 2,528 $ 682 $ 12,344

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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 9A. Controls and Procedures