What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-27 · 175 added, 154 removed, 448 unchanged (42% of the section changed)

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

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

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

In 2025, the Company had gross written premiums of $17.7 billion with approximately 72.4% representing Reinsurance and 27.1% representing Insurance with the remaining 0.5% of gross written premium coming from our “Other” operating segment.

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Best”), a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders.

On October 26, 2025, the Company entered into an agreement with American International Group, Inc.

(“AIG”) to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K.

and Asia Pacific, for an aggregate purchase price of $252 million.

AIG paid the Company $30 million for originating and structuring the transaction.

In addition, on October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million.

Under the sale agreements, AIG has also agreed to pay the Company a total of $10 million per month for nine months for specified transition services starting January 1, 2026.

For more details, see Form 8-K filed with the SEC on October 28, 2025 and the Master Transaction Agreements incorporated herein.

These transactions sharpen the Company’s focus on its core global reinsurance business as well as its global wholesale and specialty insurance businesses.

The renewal rights of these businesses total an estimated $2 billion of aggregate gross premiums written.

Operating Subsidiaries.

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

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

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

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

• Everest International Reinsurance, Ltd.

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Branch, Ireland Re and Ireland Insurance.

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

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

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

• Ireland Insurance, an Ireland insurance company and an indirect subsidiary of Group, is licensed to write insurance for the European markets through its Ireland office as well as through its branches in the U.K., the Netherlands, Spain, France, Germany and Italy.

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

• Lloyd's of London (“Lloyd's”) Syndicate 2786, a wholly-owned Everest syndicate supported by funds at Lloyd’s provided by Everest Corporate Member Limited, was established in 2015 as a platform to facilitate the further expansion of Everest's international insurance operations.

The syndicate is managed by a third-party managing agency.

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

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

• Everest Corporate Member Limited (“ECML”) writes insurance business through Lloyd's of London (“Lloyd's”) Syndicate 2786, a wholly-owned Everest syndicate supported by funds at Lloyd’s provided by ECML.

Lloyd’s Syndicate 2786 was established in 2015 as a platform to facilitate the further expansion of Everest's international insurance operations.

The syndicate is internally managed by Everest Managing Agency Limited as of August 18, 2025.

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

• Compañia de Seguros Generales Everest Mexico S.A.

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

de C.V., a Mexico based insurance company and an indirect subsidiary of Group , is licensed to write property and casualty insurance and reinsurance business within Mexico.

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

• Everest Reinsurance Company, a Delaware reinsurance company and a direct subsidiary of Holdings, is a licensed property and casualty insurer and/or reinsurer in all 50 states, the District of Columbia, Puerto Rico and Guam and is authorized to conduct reinsurance business in Canada, Singapore and Brazil.

Everest Reinsurance Company underwrites property and casualty reinsurance for insurance and reinsurance companies in the U.S.

and international markets, through its U.S.

offices as well as through its branches in Canada and Singapore.

As of December 31, 2024, Everest Reinsurance Company had statutory surplus of $8.1 billion .

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

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

• Everest Indemnity Insurance Company (“Everest Indemnity”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, writes excess and surplus lines insurance business in the U.S.

• Everest Re, a Delaware reinsurance company and a direct subsidiary of Holdings, is a licensed property and casualty insurer and/or reinsurer in all 50 states, the District of Columbia, Puerto Rico and Guam and is authorized to conduct reinsurance business in Canada, Singapore, India and Brazil.

• Everest National Insurance Company (“Everest National”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed in all 50 states, the District of Columbia and Puerto Rico and is authorized to write property and casualty insurance on an admitted basis in the jurisdictions in which it is licensed.

The majority of Everest National’s business is reinsured by its parent, Everest Re.

• Everest Indemnity Insurance Company (“Everest Indemnity”), a Delaware insurance company and a direct subsidiary of Everest Re, writes excess and surplus lines insurance business in the U.S.

on a non-admitted basis.

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

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

• Everest Security Insurance Company (“Everest Security”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed to write property and casualty insurance on an admitted basis in Delaware, Georgia and Alabama.

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

• Everest Premier Insurance Company (“Everest Premier”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed to write property and casualty insurance in all 50 states and the District of Columbia.

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

• Everest Denali Insurance Company (“Everest Denali”), a Delaware insurance company and a direct subsidiary of Everest Reinsurance Company, is licensed to write property and casualty insurance in all 50 states and the District of Columbia.

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

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

• Everest Security Insurance Company (“Everest Security”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed to write property and casualty insurance on an admitted basis in Delaware, Georgia, Alabama and Texas.

The majority of Everest Security’s business is reinsured by its parent, Everest Re.

• Everest Premier Insurance Company (“Everest Premier”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed to write property and casualty insurance in all 50 states and the District of Columbia.

The majority of Everest Premier’s business is reinsured by its parent, Everest Re.

• Everest Denali Insurance Company (“Everest Denali”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed to write property and casualty insurance in all 50 states and the District of Columbia.

The majority of Everest Denali’s business is reinsured by its parent, Everest Re.

• Everest International Assurance, Ltd.

(“Everest Assurance”), a Bermuda company and a direct subsidiary of Holdings is registered in Bermuda as a Class 3A general business insurer and as a Class C long-term insurer.

(“Everest Assurance”), a Bermuda company and a direct subsidiary of Everest Re is registered in Bermuda as a Class 3A general business insurer and as a Class C long-term insurer.

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

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

Business and Underwriting Strategy.

Everest Group, Ltd.

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

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

The Company is not substantially dependent on any single customer, small group of customers, line of business or geographic area.

For the year ended December 31, 2025, no single customer (ceding company or insured) generated more than 3.6% of the Company’s gross written premiums.

The Company believes that a reduction of business from any one customer would not have a material adverse effect on its future financial condition or results of operations.

Approximately 65.9%, 27.0% and 7.1% of the Company’s 2025 gross written premiums were written in the broker reinsurance market, the insurance business and the direct reinsurance market, respectively.

The broker reinsurance market consists of several substantial national and international brokers and a number of smaller specialized brokers.

Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor does the Company commit in advance to accept any portion of a broker’s submitted business.

Reinsurance business from any ceding company, whether new or renewal is subject to acceptance by the Company.

Brokerage fees are generally paid by reinsurers.

The Reinsurance segment’s ten largest brokers accounted for an aggregate of approximately 60.9% of gross written premiums in 2025.

The broker with the largest share of the company’s business, Marsh McLennan, accounted for approximately 22.4% of gross written premiums.

The broker with the next-largest share, Aon, accounted for approximately 18.7% of gross written premiums.

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

The direct reinsurance market is an important distribution channel for reinsurance business written by the Company.

Direct placement of reinsurance enables the Company to access clients who prefer to place their reinsurance directly with reinsurers based upon the reinsurer’s in-depth understanding of the ceding company’s needs.

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

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

In 2025, no single program administrator accounted for more than 4.3% of the Insurance segment’s gross written premium in total.

Effective October 26, 2025, the Company sold its renewals rights to certain lines of commercial property and casualty insurance business written through retail brokers.

See the Our Operations section for further details of this transaction.

It is our long-standing client and broker relationships that help us continue to grow and maintain our global leadership position.

The Company continually evaluates each business relationship, including within its distribution channel bearing underwriting expertise and experience, performs analyses to evaluate financial security, monitors performance and adjusts underwriting decisions accordingly.

The Company’s underwriting strategies seek to capitalize on what we believe are our global franchise, financial strength and capacity, stable and experienced management team, diversified product and distribution offerings, underwriting expertise and disciplined approach, efficient and low-cost operating structure and effective enterprise risk management practices.

The Company’s underwriting strategies emphasize disciplined underwriting, prioritizing underwriting profitability over premium volume and flexibility to adjust and respond to changing market conditions.

Key elements of these strategies, as applicable to the Reinsurance segment, include careful risk selection, appropriate pricing through strict underwriting discipline and adjustments to the Company’s business mix as market conditions change.

(re)insuring companies that effectively manage their own underwriting cycle through proper analysis and appropriate pricing of underlying risks and whose underwriting guidelines and performance are compatible with their and the Company’s objectives.

Key elements of the Company’s underwriting strategies, as applicable to the Insurance segment, include careful expansion on what we believe to be the Company’s existing strengths in the primary insurance market, including its broad underwriting expertise, global presence, strong financial ratings and substantial capital, and facilitating adjustments to its mix of business by geographic region, line of business and type of coverage.

These strategies allow Everest to fully participate in market opportunities that provide the greatest potential for underwriting profitability.

The Company’s insurance and reinsurance operations allow the Company to execute its strategies by providing access to the global business markets.

The Company carefully monitors its mix of business across all operations to seek to avoid unacceptable geographic or other risk concentrations.

The global reinsurance and insurance markets are highly competitive and mature.

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

Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

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

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

In addition, we also compete with new companies and existing companies that move into the insurance industry.

Competitors sell through various distribution channels and business models, across a broad array of product lines and with a high level of variation regarding geographic, marketing and customer segmentation.

Human Capital Management.

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and, thought leadership topics with senior leaders.

By offering a meaningful and engaging colleague experience, we are focused on inspiring our global teams to underwrite opportunity in everything that they do.

Everest’s Colleague Value Proposition, Opportunity through Unity, includes the building blocks of the Company’s culture:

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

offering a meaningful and engaging colleague experience, we are focused on inspiring our global teams to underwrite opportunity in everything that they do.

Everest’s Values and Colleague Behaviors speak to how we operate as One Everest, regardless of location, level or function.

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

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

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

Alignment & Accountability:

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

Colleague-Centered:

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

Culture & Engagement:

Our workplace culture of deep colleague engagement thrives because of our efforts to advance inclusion, allyship and belonging.

Opportunity & Growth:

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

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

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

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

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

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

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

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

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

Business and Underwriting Strategy.

Since 2023, Everest Group, Ltd.

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

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

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

The Company is not substantially dependent on any single customer, small group of customers, line of business or geographic area.

For the year ended December 31, 2024, no single customer (ceding company or insured) generated more than 3.9% of the Company’s gross written premiums.

The Company believes that a reduction of business from any one customer would not have a material adverse effect on its future financial condition or results of operations.

Approximately 64.8%, 28.5% and 6.7% of the Company’s 2024 gross written premiums were written in the broker reinsurance market, the insurance business and the direct reinsurance market, respectively.

The broker reinsurance market consists of several substantial national and international brokers and a number of smaller specialized brokers.

Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor

does the Company commit in advance to accept any portion of a broker’s submitted business.

Reinsurance business from any ceding company, whether new or renewal is subject to acceptance by the Company.

Brokerage fees are generally paid by reinsurers.

The Reinsurance segment’s ten largest brokers accounted for an aggregate of approximately 60.5% of gross written premiums in 2024.

The broker with the largest share of the company’s business, Marsh and McLennan, accounted for approximately 21.9% of gross written premiums.

The broker with the next-largest share, Aon, accounted for approximately 19.2% of gross written premiums.

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

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

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

In 2024, no program administrator accounted for more than 5.5% of the Insurance segment’s gross written premium in total .

The direct reinsurance market is an important distribution channel for reinsurance business written by the Company.

It is our long-standing client and broker relationships that help us continue to grow and maintain our global leadership position.

The Company’s business strategy is to sustain its leadership position within targeted reinsurance and insurance markets and provide effective management throughout the property and casualty underwriting cycle, thereby achieving an attractive return for its shareholders.

The Company’s underwriting strategies seek to capitalize on what we believe are our financial strength and capacity, global franchise, stable and experienced management team, diversified product and distribution offerings, underwriting expertise and disciplined approach, efficient and low-cost operating structure and effective enterprise risk management practices.

We focus on (re)insuring companies that effectively manage their own underwriting cycle through proper analysis and appropriate pricing of underlying risks and whose underwriting guidelines and performance are compatible with their and the Company’s objectives.

These strategies allow Everest to fully participate in market opportunities that provide the greatest potential for underwriting profitability.

The Company’s insurance and reinsurance operations allow the Company to execute its strategies by providing access to the global business markets.

The Company carefully monitors its mix of business across all operations to seek to avoid unacceptable geographic or other risk concentrations.

Segments Overview.

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

As of December 31, 2025, the Company managed its business through two reportable segments, Reinsurance and Insurance.

Key strategic decisions are based on the aggregate operating results and projections for the two business segments.

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

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

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

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

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

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

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

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

These segment presentation changes have been reflected retrospectively.

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

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

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

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

and Switzerland.

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

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

We measure our underwriting results using ratios, in particular, loss, commission and

brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

For selected financial information regarding these segments, see ITEM 8, “Financial Statements and Supplementary Data - Note 7 of Notes to Consolidated Financial Statements” and ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operation - Segment Results”.

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In pro rata reinsurance, the reinsurer generally pays the ceding company a ceding commission.

The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (such as commissions, premium taxes, assessments and miscellaneous administrative expenses, and may contain profit sharing provisions,

whereby the ceding commission is adjusted based on loss experience).

Premiums paid by the ceding company to a reinsurer for excess of loss reinsurance are not directly proportional to the premiums that the ceding company receives because the reinsurer does not assume a proportionate risk.

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All the Company’s reinsurance and retrocessional agreements transfer significant reinsurance risk and therefore, are accounted for as reinsurance in accordance with GAAP guidance.

Reinsurance can be written through intermediaries, generally professional reinsurance brokers, or directly with ceding companies.

From a ceding company's perspective, the broker and the direct distribution channels have advantages and disadvantages.

A ceding company's decision to select one distribution channel over the other will be influenced by its perception of such advantages and disadvantages relative to the reinsurance coverage being placed.

For the year ended December 31, 2025, the Company’s Reinsurance segment wrote $12.8 billion of gross written premiums.

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• Financial Lines business, which accounted for 6.9% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses arising from political risk, credit, surety, mortgage and alternative risk lines of business on both a pro rata and excess of loss basis.

Our reinsurance divisions provide treaty and facultative reinsurance on either a pro rata basis or an excess of loss basis to insurance companies across the globe.

Our Reinsurance segment provides treaty and facultative reinsurance on either a pro rata or an excess of loss basis to insurance companies across the globe.

Our company provides products for the following lines of business:

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Losses might arise from property loss or property damage, as well as other related risks, such as business interruption and other non-property losses that arise from the covered peril.

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

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

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

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

Typical lines covered by the underlying insurers can be general liability, workers’ compensation, automobile liability, umbrella and excess casualty.

• Mortgage reinsurance provides protection in the U.S.

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

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

Typical lines covered by the underlying insurers can be general liability, workers’ compensation, automobile liability, umbrella and excess casualty.

• Marine provides protection for property damages, physical loss or liability affecting the marine business, which includes losses relating to cargo ships, hull, recreational craft, inland marine and offshore energy.

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

The global reinsurance market is highly competitive and mature.

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

Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

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

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

Insurance Segment.

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Our Insurance segment operates through both North America and international markets.

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

Effective October 26, 2025, the Company sold its renewals rights to certain lines of commercial property and casualty insurance business written through retail brokers.

See the Our Operations section for further details of this transaction.

In 2025, the Company’s Insurance segment wrote $4.8 billion of gross written premiums.

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• Workers’ Compensation business, which accounted for 6.6% of Insurance gross written premiums, consists predominantly of policies covering Workers’ Compensation, including both guaranteed cost and loss sensitive product offerings.

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

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

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

The global insurance market is highly competitive.

Insurance companies differentiate themselves based on financial strength, range of products, brand recognition, agent and broker relationships, distribution channels, claims management and customer service.

Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

We compete on a global and regional basis with major U.S., Bermuda, European, and other international insurers.

In addition, we also compete with new companies and existing companies that move into the insurance industry.

Insurance claims are managed by the Company’s professional claims staff (the “Claims staff”), many of whom have insurance and legal professional qualifications.

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In addition to claims assessment, processing and payment, the Claims staff selectively conducts comprehensive claim audits of both specific claims and overall claim procedures at the offices of selected ceding companies.

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

Some reinsurance claims are handled by third party claims service providers who have

limited authority and are subject to oversight by the Company’s Claims staff.

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

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Reserves for Unpaid Property and Casualty Losses and LAE.

Significant periods of time may elapse between the occurrence of an insured loss, the reporting of the loss to the insurer and the reinsurer, the payment of that loss by the insurer and subsequent payments to the insurer by the reinsurer.

Significant periods of time may elapse between the occurrence of an insured loss, the reporting of the loss to the (re) insurer, the payment of that loss by the insurer and subsequent payments to the insurer by the reinsurer.

To recognize liabilities for unpaid losses and LAE, insurers and reinsurers establish reserves, which are balance sheet liabilities representing estimates of future amounts needed to pay reported and unreported claims and related expenses for losses that have already occurred.

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See ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Loss and LAE Reserves”.

As part of the reserving process, insurers and reinsurers evaluate historical data and trends and make judgments as to the impact of various factors, such as legislative and judicial developments that may affect future claim amounts, changes in social and political attitudes that may increase loss exposures and inflationary and general economic trends.

As part of the reserving process, (re)insurers evaluate historical data and trends and make judgments as to the impact of various factors, such as legislative and judicial developments that may affect future claim amounts, changes in social and political attitudes that may increase loss exposures and inflationary and general economic trends.

While the reserving process is difficult and subjective for insurance companies, the inherent uncertainties of estimating such reserves are even greater for the reinsurer, due primarily to the longer time between the date of an occurrence and the reporting of any attendant claims to the reinsurer, the diversity of development patterns among different types of reinsurance treaties or facultative contracts, the necessary reliance on the ceding companies for information regarding reported claims and differing reserving practices among ceding companies.

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

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

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

The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability.

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

Adverse Development Cover Reinsurance Agreements

Effective October 1, 2025, the Company through its subsidiaries Everest Re and Bermuda Re (the “Ceding Companies”) entered into adverse development reinsurance agreements with State National Insurance Company, Inc.

and MS Transverse Insurance Company.

The Reinsurance Agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital.

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies’ North American liabilities within the Insurance and Other segments (“Subject Business”) up to a gross limit of $1.2 billion.

Certain liabilities are excluded from the Subject Business, including among others those related to the A&E reserves included in the Other segment.

The carried reserves held for the Subject Business were $5.4 billion as of September 30, 2025 and $5.0 billion as of December 31, 2025, respectively.

The adverse development cover (“ADC”) is composed of three layers.

The first layer is an “in the money” layer whereby the ADC attachment point was $1,250 billion below the Company’s North American Insurance and Other segment liability subject reserves of $5.4 billion held as of September 30, 2025.

The second layer is $700 million in excess of the $5.4 billion.

The Company transferred $1,250 million of in-the-money reserves in consideration for the first two layers upon closing of the transaction.

The third layer is $500 million, for which the Company paid approximately $122 million of consideration upon closing of the transaction.

The Company has a co-participation of $100 million in each of the second and third layers.

For more details, see Form 8-K filed with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference below in Exhibits 10.55 and 10.56.

As of December 31, 2025, the total covered losses ceded to State National Insurance Company, Inc.

were $1,253 million.

The aggregated unexpired limit was $597 million and $400 million for State National Insurance Company, Inc.

and MS Transverse Insurance Company, respectively.

Reserves for Asbestos and Environmental Loss and LAE.

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Bermuda Re will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty.

On December 20, 2019, the retrocession treaty was amended and included a partial commutation.

As a result of this amendment and partial commutation, gross A&E reserves and the corresponding reinsurance receivable were reduced by $43.4 million.

In addition, the maximum liability permitted to be retroceded increased to $450.3 million.

On December 20, 2019, the retrocession treaty was amended and included a partial commutation reducing the gross A&E reserves and the corresponding reinsurance receivable by $43 million and increasing the maximum liability permitted to be retroceded to $450 million.

Additional losses, including those relating to latent injuries and other exposures, which are as yet unrecognized and the type or magnitude of which cannot be foreseen by either the Company or the industry, may emerge in the future.

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See ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Asbestos and Environmental Exposures” and ITEM 8, “Financial Statements and Supplementary Data” - Note 4 of Notes to Consolidated Financial Statements.

The board of directors of each of the Company’s operating subsidiaries is responsible for establishing investment policy and guidelines and, together with senior management, for overseeing their execution.

The Board of Directors of the Company has an Investment Policy Committee that is responsible for establishing investment policy and guidelines and, together with senior management, for overseeing their execution.

The Board of Directors of each of the Company’s operating subsidiaries ensures that investment policies are in compliance with local regulatory requirements and are aligned with Group’s overall investment policy and guidelines.

The Company’s principal investment objectives are to ensure funds are available to meet its insurance and reinsurance obligations and to maximize after-tax investment income while maintaining a high-quality diversified investment portfolio.

Considering these objectives, the Company views its investment portfolio as having two components:

(1) the investments needed to satisfy outstanding liabilities (i.e., its core fixed maturities portfolio) and (2) investments funded by the Company’s shareholders’ equity.

(1) the investments needed to satisfy outstanding liabilities (i.e., largely its core fixed maturities portfolio) and (2) investments funded by the Company’s shareholders’ equity.

For the portion needed to satisfy global outstanding liabilities, the Company generally invests in fixed maturities with strong average credit quality.

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Everest Insurance (Ireland), dac A+ (Superior) A+ (Strong) Not Rated

Compañia de Seguros Generales Everest Mexico S.A.

A+ (Superior) Not Rated Not Rated

(1) Everest Compañía de Seguros Generales Chile S.A.

is rated AA by Humphreys and AA+ by ICR Chile.

These ratings were affirmed as of July 25, 2025, and July 31, 2025, respectively.

(2) Everest Compañía de Seguros Generales Colombia S.A.

is rated AA by Value & Risk.

This rating was affirmed as of September 25, 2025.

Best Financial Strength Ratings Scale:

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

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

Best affirmed these ratings on October 29, 2025, and revised the outlook from stable to negative.

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

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

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

Moody’s affirmed these ratings on October 28, 2025, and revised the outlook from stable to negative.

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

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(1) senior notes due June 1, 2044, (2) senior notes due October 15, 2050, (3) senior notes due October 15, 2052 and (4) long-term notes due May 1, 2067.

Debt ratings are the rating agencies’ current assessment of the credit worthiness of an obligor with respect to a specific obligation.

Debt ratings are the rating agencies’ current assessment of the credit worthiness and outlook of an obligor with respect to a specific obligation.

Instrument A.M.

Senior Notes due June 1, 2044 a- (Strong) BBB+ (Strong) Baa1 (Medium Grade)

Senior Notes due October 15, 2050 a- (Strong) BBB+ (Strong) Baa1 (Medium Grade)

Best S&P Moody's

Senior Notes due June 1, 2044 a- (Excellent) BBB+ (Strong) Baa1 (Medium Grade)

Senior Notes due October 15, 2050 a- (Excellent) BBB+ (Strong) Baa1 (Medium Grade)

Senior Notes due October 15, 2052 Not Rated BBB+ (Strong) Baa1 (Medium Grade)

Long-Term Notes due May 1, 2067 bbb (Adequate) BBB- (Adequate) Baa2 (Medium Grade)

(1) On January 29, 2024, S&P lowered the ratings of the Company’s non-operating holding companies (“NOHCs”) and debt (from two notches lower than the operating companies to three notches) to align Everest with the potential high regulatory restrictions on payment distributions from the company's U.S.

operating subsidiaries to the NOHCs.

Long-Term Notes due May 1, 2067 bbb (Good) BBB- (Adequate) Baa2 (Medium Grade)

Enterprise Risk Management.

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The ERC meets at least quarterly and is comprised of the following senior executives:

Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Operating Officer, Reinsurance Chief Underwriting Officer, Insurance Chief Underwriting Officer, Chief Transformation, Innovation and Operations Leader, Chief Reserving Actuary and Chief Risk Officer.

Chief Executive Officer, Chief Financial Officer, General Counsel, Group Chief Underwriting Officer, Reinsurance Chief Underwriting Officer, Insurance Chief Underwriting Officer, Global Operations Executive, Chief Executive of Legacy Operations, Chief Reserving Actuary and Chief Risk Officer.

The ERC is assisted in its activities by Everest’s ERM function and senior management risk committees.

The ERC provides strategic risk management direction to the Group, which is then executed by the business units and by Everest’s ERM function.

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

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

ERM is centrally responsible for implementing the risk management framework and identifying, assessing, monitoring, controlling and communicating the Company’s risk exposures.

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

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

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

Our Chief Risk Officer also reports to the Board’s Risk Management Committee (“RMC”), which helps execute the Board’s supervisory responsibility pertaining to ERM.

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Regulatory Matters.

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

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

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

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

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

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

Effective January 7, 2026, the Bermuda Insurance Amendment (No.

2) Act 2025 (the "Amendment Act") expanded the Bermuda Monetary Authority's ("BMA") group supervision framework under the Bermuda Insurance Act 1978 (the “Act”).

Under the Amendment Act, the BMA will now designate and register non-regulated insurance holding companies, including insurance groups headed by either (a) a specified insurer or (b) a Bermuda company that is the ultimate parent company of an insurance group.

For this purpose, a “specified insurer” will be a Class 3A, 3B, 4, C, D or E insurer unless such other class of insurer is designated by the BMA.

Since the Company is incorporated in Bermuda and is the ultimate parent of Everest’s insurance group, the Company may become subject to group supervision by the BMA under the Amendment Act.

The BMA may designate one of Everest's Bermuda-licensed subsidiaries as the "designated insurer" responsible for group-level regulatory compliance or if it determines that effective group supervision cannot be achieved through the designated insurer, instead designate and register the Company as a "designated insurance holding company".

Notice of this determination will be given, following which such entity will be registered by the BMA.

If such a designation is made with respect to the Company, the BMA's supervisory and enforcement powers will extend directly to Everest at the holding company level.

Under the Amendment Act, insurance groups subject to supervision have a 12-month transition period to take steps required for compliance, with the BMA authorized to grant extensions of up to an additional 12 months upon application.

As a result of the Amendment Act, the Company may become subject to group-level solvency and capital requirements, consolidated financial reporting and auditing obligations, recovery planning requirements and prior notification or approval requirements for certain material changes.

For example no member of an insurance group domiciled in Bermuda can amalgamate with, acquire or merge with another firm without the designated insurer of that group first providing notice to the BMA that the member intends to effect such material change and allowing the BMA at least 30 days to confirm it has no objection.

The Company is evaluating the impact of the Amendment Act on its regulatory obligations and on its solvency and capital requirements.

The Insurance Companies Act of Canada requires prior approval by the Minister of Finance of anyone acquiring a significant interest in an insurance company authorized to do business in Canada.

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Under Irish corporate and regulatory law, Holdings Ireland, Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”) and their respective subsidiaries are limited as to the dividends they can pay based on retained earnings and net income (loss) and/or capital and minimum solvency requirements.

As Holdings has outstanding debt obligations, it is dependent upon dividends and other permissible payments from its operating subsidiaries to enable it to meet its debt and operating expense obligations and to pay dividends.

As Holdings has outstanding debt obligations, it is dependent upon dividends and other permissible

payments from its operating subsidiaries to enable it to meet its debt and operating expense obligations and to pay dividends.

Under Bermuda law, Bermuda Re, Everest International and Everest Assurance are unable to declare or make payment of a dividend if they fail to meet their minimum solvency margin or minimum liquidity ratio.

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

Bermuda Re is also registered under the Act as a long-term insurer and is thereby authorized to write life and annuity business.

As noted above, in light of the Amendment Act, Group may become regulated by the BMA as its Group Supervisor.

Additionally, as Group Supervisor, the BMA will chair a Supervisory College, coordinating with other regulators that supervise Group’s licensed entities in other jurisdictions.

The Company is assessing the full scope of its compliance obligations and the potential impact of these requirements.

We may need to allocate considerable time and resources to comply with new regulatory requirements and such requirements could impact our domicile and the operations of our insurance and/or non-insurance subsidiaries, impact our financial condition, capital requirements, outstanding debt, ratings and significantly increase our cost of regulatory compliance.

Bermuda Re is also registered under the Act as a Class C long-term insurer and is thereby authorized to write life and annuity business.

As a long-term insurer, Bermuda Re is required to maintain $500,000 in statutory capital separate from its Class 4 minimum statutory capital and surplus, to maintain long-term business funds, to separately account for this business and to have an approved actuary prepare a certificate concerning its long-term business assets and liabilities to be filed annually.

Bermuda Re’s operations in the U.K.

are subject to regulation by the Prudential Regulation Authority (the

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

are subject to regulation by the Prudential Regulation Authority (the “PRA”) and the Financial Conduct Authority (the “FCA”).

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

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The rates and policy terms of reinsurance agreements are generally not subject to direct regulation by any governmental authority.

The operations of Everest Re’s foreign branch offices in Canada and Singapore are subject to regulation by the insurance regulatory officials of those jurisdictions.

The operations of Everest Re’s foreign branch offices in Canada, Singapore and India are subject to regulation by the insurance regulatory officials of those jurisdictions.

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

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Everest Re is licensed as a property and casualty reinsurer in Canada.

It is also authorized to conduct reinsurance business in Singapore and Brazil.

It is also authorized to conduct reinsurance business in India, Singapore and Brazil.

Everest Re can also write reinsurance in other foreign countries.

Because some jurisdictions require a reinsurer to register in order to be an acceptable market for local insurers, Everest Re is registered as a foreign insurer and/or reinsurer in the following countries:

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

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

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

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

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

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

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

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

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

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

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

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Bolivia, Colombia, Chile, Ecuador, Guatemala, Mexico and Paraguay.

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

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

Ireland Re is licensed to write property and casualty reinsurance for the European Union, European Economic Area and Swiss markets.

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

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

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

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

Compañia de Seguros Generales Everest Mexico S.A.

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

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

Periodic Examinations.

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National Association of Insurance Commissioners (“NAIC”) has developed a formula to measure the statutory minimum amount of capital required for a property and casualty insurance company to support its overall business operations in light of its size and risk profile.

The major categories of a company’s risk profile are its asset risk, credit risk

and underwriting risk.

The major categories of a company’s risk profile are its asset risk, credit risk and underwriting risk.

The standard is an effort to anticipate insolvencies.

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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.

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

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

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

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

Non-Bermuda branches of Bermuda subsidiaries are subject to local taxes in the jurisdictions in which they operate.

United States.

The Group’s U.S.

subsidiaries conduct business and are subject to taxation in the United States.

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income tax, there could be a material adverse effect on the Company’s financial condition, results of operations and cash flows.

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.

On July 4, 2025, The One Big Beautiful Bill was signed into law.

The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition or cash flows upon enactment in 2025, and we do not expect it to have a material impact in the future;

however, we will continue to evaluate the impact of The One Big Beautiful Bill.

Other Countries.

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

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

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

Available Information.

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

Securities and Exchange Commission (the “SEC”).

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

You may also access this information at the SEC’s website (www.sec.gov).

This site contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

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

What changed 10-K

Item 1. Business