What changed in this filing

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Item 9A. Controls and Procedures

2026-02-26 compared with 2025-02-27 · 598 added, 480 removed, 2287 unchanged (32% of the section changed)

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EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements and Schedules.

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

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.

EVEREST GROUP, LTD.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES

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

Consolidated Balance Sheets at December 31, 2025 and 2024

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025 , 2024 and 2023

Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2025 , 2024 and 2023

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 , 2024 and 2023

Notes to Consolidated Financial Statements

I Summary of Investments Other Than Investments in Related Parties at December 31, 2025

II Condensed Financial Information of Registrant:

Balance Sheets as of December 31, 2025 and 2024

Statements of Operations for the Years Ended December 31, 2025 , 2024 and 2023

Statements of Cash Flows for the Years Ended December 31, 2025 , 2024 and 2023

Notes to Condensed Financial Information

III Supplementary Insurance Information as of and for the Years Ended December 31, 2025 , 2024 and 2023

IV Reinsurance for the Years Ended December 31, 2025 , 2024 and 2023

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

INDEX TO EXHIBITS

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3.1 Memorandum of Association of Everest Group, Ltd., incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-4 (No.

3.2 Bye-Laws of Everest Group, Ltd., incorporated herein by reference to exhibit 3.2 to the Everest Group, Ltd., Quarterly Report for Form 10-Q for the quarter ended June 30, 2011 (the “second quarter 2011 10-Q”)

3.2 Bye-laws of Everest Group, Ltd., as amended May 14, 2025 incorporated herein by reference to Exhibit 3.1 to Everest Group, Ltd.

Form 10-Q filed on August 1, 2025

4.1 Specimen Everest Group, Ltd.

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Form 8-K filed on October 4, 2021

4.6 De scription of Registrant's C ommon Stock as incorporated herein by reference to Form 8-A filed with the Commission on March 8, 2000 under the Exchange Act

Everest Group, Ltd.

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Form 8-K filed on February 17, 2016

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

and Everest International Reinsurance, Ltd., certain lenders party thereto and Wells Fargo Bank, N.A.

as administrative agent, providing for an $800.0 million four year senior credit facility, incorporated herein by reference to Exhibit 10.31 to Everest Group, Ltd.

Form 10-Q filed on August 9, 2016.

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

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

Doucette, dated October 21, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd.

Form 8-K filed on October 26, 2016

Employment agreement between Everest Global Services, Inc., and Sanjoy Mukherjee, dated January 3, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd.

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

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

Form 10-K filed on February 28, 2024

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

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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.

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

Form 10-Q filed on May 3, 2024

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10.41 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.

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

Letter Agreement between Everest Global Services, Inc.

and James Williamson, dated January 13, 2025, incorporated herein by reference to Exhibit 10.1 of the Everest Group, Ltd.

Form 8-K filed with the SEC on January 14, 2025.

10.43 Amendment of Credit Facility agreement, dated October 30, 2024 between Everest Reinsurance (Bermuda), Ltd.

and Barclays Bank Plc , filed herewith

and Barclays Bank Plc, in corporated her e in by reference to Exhibit 10.44 to Everest Group, Ltd.

Form 10-K filed on February 27, 202 5

10.44 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

and Lloyds Bank Plc, providing up to £113 million of unsecured letters of credit, incorporated herein by reference to Exhibit 10.4 5 to Everest Group, Ltd.

Form 10-K filed on February 27, 2025

10.45 Amendment of Credit Facility agreement, dated December 20, 2024, 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

and Bayerische Landesbank, New York Branch, incorporated herein by reference to Exhibit 10.4 6 to Everest Group, Ltd.

Form 10-K filed on February 27, 2025

10.46 Standby Letter of Credit Facility Agreement, dated December 30, 2024 between Everest Reinsurance Company (Ireland), dac and Commerzbank AG, New York Branch providing up to €75 million of unsecured letters of credit, incorporated herein by reference to Exhibit 10.4 7 to Everest Group, Ltd.

Form 10-K filed on February 27, 2025

Employment agreement between Everest Global Services, Inc., Everest Group, Ltd.

and James Williamson, dated March 26, 2025, incorporated herein by reference to Exhibit 10.1 of the Everest Group, Ltd.

Form 8-K/A filed with the SEC on March 28, 2025

10.48 Amendment to Bermuda Re Wells Fargo Bilateral Letter of Credit Facility, effective June 9, 2025 , incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd.

Form 10-Q filed on August 1, 2025

10.49 Amendment to Bermuda Re Lloyd’s Bank Letter of Credit Facility, effective August 18, 2025 , incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd.

Form 10-Q filed on October 3 1, 2025

10.50 Amendment of Standby Letter of Credit Facility, dated October 20, 2025 between Everest International Reinsurance Ltd.

and Lloyds Bank Plc

10.51 Amendment of Committed Facility Letter, dated December 23, 2025, between Everest Reinsurance (Bermuda), Ltd.

and Citibank Europe plc

S eparation, T ransition S ervices and G eneral R elease agreement between Everest Global Services, Inc.

and Mark Kocianci c , dated November 25 , 2025

Employment A greement between Everest Global Services, Inc.

and Elias Habayeb , dated October 22 , 2025

Employment A greement between Everest Global Services, Inc.

and Anthony Vidovich , dated September 2 5 , 2025

Employment A greement A ddendum between Everest Global Services, Inc.

and Anthony Vidovich, dated November 11 , 2025

Employment A greement between Everest Reinsurance Company and Jill Beggs , dated O ctober 13 , 202 1

10.57 Adverse Development Reinsurance Agreement, dated as of October 26, 2025, by and between Everest Reinsurance Company, Everest Reinsurance (Bermuda) Ltd.

and State National Insurance Company, Inc.

, incorporated herein by reference to Exhibit 10 .1 to Everest Group, Ltd .

Form 8-K filed on October 2 7, 202 5

10.58 Adverse Development Reinsurance Agreement, dated as of October 26, 2025, by and between Everest Group , Ltd.

Everest Reinsurance Company, Everest Reinsurance (Bermuda) Ltd.

and MS Transverse Insurance Company , incorporated herein by reference to Exhibit 10.

2 to Everest Group, Ltd.

Form 8-K filed on October 27, 2025

10.59 R OW Master Transactio n Agreement, dated as of October 26, 2025, by and between Everest Group, Ltd.

and American International Group, Inc.

10.60 E U Master Transaction Agreement, dated as of October 26, 2025, by and between Everest Group, Ltd.

and American International Group, Inc.

Everest Group, Ltd.

Director Com pensation Policy

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

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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

23.2 Consent of PricewaterhouseCoopers LLP, filed herewith

31.1 Section 302 Certification of James Williamson, filed herewith

31.2 Section 302 Certification of Mark Kociancic, filed herewith

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

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

97.1 Everest Group, Ltd.

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

The exhibits listed on the index above 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.

_________________

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Signature Title Date

/S/ JAMES WILLIAMSON

President and Chief Executive Officer

/S/ JAMES WILLIAMSON President and Chief Executive Officer

(Principal Executive Officer)

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FREILING Senior Vice President and Chief Accounting Officer February 26, 2026

/S/ JOSEPH V.

TARANTO Chairman February 27, 2025

GRAF Chairman February 26, 2026

AMORE Director February 26, 2026

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Director February 26, 2026

GRAF Director February 27, 2025

/S/ MERYL HARTZBAND Director February 26, 2026

Meryl Hartzband

/S/ LAURA HAY

Director February 26, 2026

/S/ JOHN HOWARD

Director February 26, 2026

/S/ ALLAN LEVINE

Director February 26, 2026

/S/ GERALDINE LOSQUADRO Director February 26, 2026

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Hazel McNeilage

/S/ DARRYL PAGE

Director February 26, 2026

SINGER Director February 26, 2026

EVEREST GROUP, LTD.

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, NOTES AND SCHEDULES

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

Consolidated Financial Statements

Consolidated Balance Sheets at December 31, 2025 and 2024

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Notes to Consolidated Financial Statements

Summary of Significant Accounting Policies

Reserve for Losses and LAE

Sale of Renewal Rights

Segment Reporting

Credit Facilities

Long-Term Subordinated Notes

Collateralized Reinsurance, Trust Agreements and Other Restricted Assets

Commitments and Contingencies

Other Comprehensive Income (Loss)

Share-Based Compensation Plans

Employee Benefit Plans

Dividend Restrictions and Statutory Financial Information

Subsequent Events

Financial Statement Schedules

I Summary of Investments Other Than Investments in Related Parties at December 31, 2025

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

and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2025, 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, 2025, 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.

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, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S.

generally accepted accounting principles.

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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.

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.

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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.

As discussed in Notes 1G 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.

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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.

We have audited the consolidated statements of operations and comprehensive income (loss), of changes in shareholders’ equity and of cash flows of Everest Group, Ltd.

and its subsidiaries (the “Company”) for the year ended December 31, 2023, including the related notes and schedules of condensed financial information of the registrant, supplementary insurance information and reinsurance for the year ended December 31, 2023 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 results of operations and cash flows of the Company for the year 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.

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

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

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB.

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.

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.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

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

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

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

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

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

We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

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Balance end of period 3,852 3,812 3,773

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),

NET OF DEFERRED INCOME TAXES:

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

Balance beginning of period ( 1,138 ) ( 934 ) ( 1,996 )

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Proceeds from fixed maturities matured/called/repaid - held to maturity 199 157 105

Proceeds from fixed maturities sold - held to maturity 10 — —

Proceeds from equity securities sold 56 37 126

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Net change in unsettled securities transactions ( 83 ) ( 27 ) 181

Proceeds from sale of renewal rights 331 — —

Net cash provided by (used in) investing activities ( 2,096 ) ( 4,478 ) ( 5,902 )

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Dividends paid to shareholders ( 335 ) ( 334 ) ( 288 )

Proceeds from issuance of senior notes — — —

Cost of debt repurchase — — ( 6 )

Net FHLB borrowings (repayments) — 200 300

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NON-CASH TRANSACTIONS:

Reclassification of specific investments from fixed maturity securities, available for sale at fair value

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

Non-cash limited partnership distribution $ 8 $ 23 $ —

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As used in this document, “Company” means Group and its subsidiaries.

Effective July 10, 2023, the Company changed Group’s name to Everest Group, Ltd.

from Everest Re Group, Ltd.

and started trading under a new ticker symbol (NYSE:

EG) to reflect the evolution, global growth and diversification strategy of the Company.

In October 2025, the Company entered into definitive agreements to sell the renewal rights for certain lines of the commercial retail insurance business in the U.S., U.K., E.U.

and Asia Pacific American International Group, Inc.

See Note 6 of the Notes to these Consolidated Financial Statements for more information.

Additionally, effective October 1, 2025, the Company entered into adverse development reinsurance agreements with State National Insurance Company, Inc.

and MS Transverse Insurance Company.

See Note 4 of the Notes to these Consolidated Financial Statements for more information.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

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

Logan Re, Ltd.

Logan Re”), Mt.

Logan Insurance Managers, Ltd., Mt.

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

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

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

Logan Capital Management, Ltd., Everest Preferred International Holdings, Ltd.

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

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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.

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

(“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd.

(Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc.

(“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt.

McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda.

(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, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable and Everest Servicios Colombia S.A.S.

(“Everest Assurance”), EverSports & Entertainment Insurance, Inc.

(“EverSports”), SIG Sports, Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt.

Whitney Securities, LLC, 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.

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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 2025 presentation.

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Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets.

The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review.

The Company reviews all of its fixed maturity, available

for sale securities whose fair value has fallen below their amortized cost at the time of review.

The Company then assesses whether the decline in value is due to non-credit related or credit related factors.

In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information.

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.

Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value.

Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss).

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

The Company assumes reinsurance from other insurers.

Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies or pools have underwritten.

The Company also cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief.

Such arrangements do not relieve the Company of its primary liability to policyholders.

Failure of reinsurers to honor their obligations could result in losses to the Company.

Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e., risk transfer).

To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss to the reinsurer.

If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as deposit transactions.

The Company did not hold any contracts that did not pass risk transfer as of December 31, 2025 or 2024.

Premiums, commissions, losses and loss adjustment expenses reflect the net effects of ceded and assumed prospective reinsurance transactions.

Prepaid reinsurance premium represents the portion of premium ceded to reinsurers applicable to the unexpired terms of the reinsurance contract.

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.

Refer to Reserve for Losses and LAE accounting policy below.

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

Refer to Allowance for Premium Receivable and Reinsurance Recoverables accounting policy below.

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.

In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances.

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.

Retroactive reinsurance agreements are reinsurance agreements under which a reinsurer agrees to reimburse the Company as a result of loss development related to past insurable events.

For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves.

The amount of deferred gain liability is recalculated each period based on cumulative recoveries not yet collected relative to the latest estimate of ultimate losses to be recovered.

If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the agreement is recognized in income immediately in incurred losses and loss adjustment expenses in the Company’s consolidated statement of operations.

In any given period, the change in deferred gain included in net income includes amortization of the deferred gain based on the percentage of ultimate ceded losses collected plus any change in the deferred liability due to change in the estimated losses to be recovered.

The amounts are recalculated each period based on loss payments and updated loss reserves estimates.

Premium Revenues.

Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts.

Unearned premium reserves are established relative to the unexpired contract period.

For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data.

Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted.

The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement.

Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued.

Premiums are net of ceded reinsurance.

Allowance for Premium Receivable and Reinsurance Recoverables.

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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.

Reinsurance recoverable balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods.

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

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The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios.

To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer.

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

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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.

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

See also Note 4 of the Notes to these Consolidated Financial Statements.

5 unchanged sentences

Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE.

Premium Revenues.

Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts.

Unearned premium reserves are established relative to the unexpired contract period.

For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data.

The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement.

Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued.

Premiums are net of ceded reinsurance.

During 2023, the Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used.

The refined estimate resulted in an increase of gross written premium for the twelve months ended December 31, 2023, and has further aligned the estimation methodology across the reinsurance division globally.

This change had no impact on the total written premium to be recognized over the term of the treaty.

There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income or any related per-share amounts.

Prepaid Reinsurance Premiums.

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Income Taxes.

Holdings and its wholly owned subsidiaries file a consolidated U.S.

Holdings, the Company’s U.S.

holding company, and its wholly owned subsidiaries file a consolidated U.S.

federal income tax return.

43 unchanged sentences

There were no options outstanding as of December 31, 2025 and 2024, respectively.

Options granted under share-based compensation plans have all expired as of September 19, 2022.

There were no anti-diluted options outstanding as of December 31, 2023 or 2022.

Segmentation.

2 unchanged sentences

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.

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 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.

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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 15 of the Notes to these Consolidated Financial Statements.

1 unchanged sentence

Adoption of New Accounting Standards

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

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

The Company adopted the accounting standard effective year end 2024.

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

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

Future Adoption of Recently Issued Accounting Standards

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.

There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.

Improvements to Income Tax Disclosures.

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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 Company adopted and prospectively applied the accounting standard effective year end 2025.

The Company did not adopt any other new accounting standards that had a material impact in 2025.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2025 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 2025.

There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.

Disaggregation of Income Statement Expenses.

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Mortgage-backed securities

Commercial 965 — 1 ( 66 ) 900

Agency commercial 404 — 9 ( 2 ) 412

Non-agency commercial 1,151 — 4 ( 33 ) 1,121

Agency residential 5,544 — 82 ( 161 ) 5,465

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Mortgage-backed securities

Commercial 1,091 — 1 ( 92 ) 1,000

Agency commercial — — — — —

Non-agency commercial 965 — 1 ( 66 ) 900

Agency residential 5,205 — 13 ( 287 ) 4,931

45 unchanged sentences

Mortgage-backed securities

Commercial 965 900 1,091 1,000

Agency commercial 404 412 — —

Non-agency commercial 1,151 1,121 965 900

Agency residential 5,544 5,465 5,205 4,931

26 unchanged sentences

of investments carried at fair value, and deferred taxes thereon:

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

Fixed maturity securities - available for sale, held to maturity and short-term investments $ 1,018 $ ( 203 )

Equity method investments — 18

17 unchanged sentences

Mortgage-backed securities

Commercial 53 ( 3 ) 757 ( 63 ) 810 ( 66 )

Agency commercial 43 ( 1 ) 17 ( 1 ) 60 ( 2 )

Non-agency commercial 288 ( 5 ) 631 ( 29 ) 919 ( 33 )

Agency residential 234 ( 3 ) 1,755 ( 158 ) 1,990 ( 161 )

22 unchanged sentences

(Some amounts may not reconcile due to rounding.)

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

The fair value of securities

for the single issuer (the U.S.

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2025 were $ 12.0 billion and $ 619 million, respectively.

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

government) whose securities comprised the largest unrealized loss position at December 31, 2025, amounted to less than 1.7 % of the overall fair value of the Company’s fixed maturity securities - available for sale.

1 unchanged sentence

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

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.

The $ 70 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, non-agency commercial mortgage-backed securities and foreign government securities.

Of these unrealized losses, $ 66 million were related to securities that were rated investment grade by at least one nationally recognized rating agency.

The $ 549 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 and non-agency commercial mortgage-backed securities and foreign government securities.

unrealized losses, $ 540 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.

2 unchanged sentences

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:

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

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

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Mortgage-backed securities

Commercial 181 ( 19 ) 742 ( 73 ) 923 ( 92 )

Agency commercial — — — — — —

Non-agency commercial 53 ( 3 ) 757 ( 63 ) 810 ( 66 )

Agency residential 2,754 ( 115 ) 1,226 ( 172 ) 3,980 ( 287 )

27 unchanged sentences

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 - 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.

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 $ 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.

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.

17 unchanged sentences

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

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

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

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

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

If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

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

The Company had contractual commitments to invest up to an additional $ 2.5 billion in limited partnerships and private placement loan securities at December 31, 2025, which includes $ 1.4 billion specific to limited partnerships as noted below.

These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2035.

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

The Company is the beneficiary of COLI policies, which are invested in debt and equity securities.

The COLI policies are carried within other invested assets at the policy cash surrender value of $ 1.9 billion and $ 1.7 billion as of December 31, 2025 and December 31, 2024, respectively.

5 unchanged sentences

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

As of December 31, 2024 and 2023, the Company did not hold any securities for which it is the primary beneficiary.

As of December 31, 2025 and 2024, the Company did not hold any investments for which it is the primary beneficiary.

The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments.

For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments.

The Company’s maximum exposure to loss as of December 31, 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.

The Company’s maximum exposure to loss as of December 31, 2025 and 2024 is limited to the total carrying value of $ 3.9 billion and $ 3.6 billion, respectively, which are included in general and limited partnerships.

As of December 31, 2025, the Company has outstanding commitments totaling $ 1.4 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.

3 unchanged sentences

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 or 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, credit subordination that 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.

2 unchanged sentences

(Dollars in millions) 2025 2024 2023

Fixed maturity securities

Allowance for credit losses $ 13 $ 7 $ ( 33 )

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

Equity securities, fair value

Credit allowance on fixed maturity securities $ ( 30 ) $ 13 $ 7

Gains (losses) from fair value adjustment on public equities ( 1 ) ( 1 ) —

Net realized gains (losses) from dispositions:

Gains (losses) from fair value adjustments ( 1 ) — ( 460 )

Fixed maturities ( 112 ) 6 ( 292 )

Equity securities ( 1 ) 1 8

Other invested assets — ( 1 ) —

Short-term investments gain (loss) 1 — —

Short-term investments — 1 —

Total net gains (losses) from dispositions ( 112 ) 7 ( 283 )

Total net gains (losses) on investments $ ( 143 ) $ 19 $ ( 276 )

3 unchanged sentences

Twelve Months Ended December 31, 2025

Securities Foreign

Securities Total

(Dollars in millions)

Beginning balance $ ( 47 ) $ ( 1 ) $ ( 48 )

Credit losses on securities where credit losses were not previously recorded ( 9 ) — ( 9 )

Increases in allowance on previously impaired securities — — —

Decreases in allowance on previously impaired securities — — —

Reduction in allowance due to disposals 20 1 21

Balance, end of period $ ( 35 ) $ — $ ( 36 )

(Some amounts may not reconcile due to rounding.)

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

Twelve Months Ended December 31, 2023

Securities Foreign

Securities Total

(Dollars in millions)

Beginning balance $ ( 45 ) $ ( 10 ) $ ( 54 )

Credit losses on securities where credit losses were not previously recorded ( 23 ) — ( 24 )

Increases in allowance on previously impaired securities ( 1 ) — ( 1 )

Decreases in allowance on previously impaired securities — — —

Reduction in allowance due to disposals 22 8 30

Balance, end of period $ ( 47 ) $ ( 1 ) $ ( 48 )

(Some amounts may not reconcile due to rounding.)

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

Twelve Months Ended December 31, 2024

Securities Asset-Backed

9 unchanged sentences

(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, 2024

10 unchanged sentences

(Some amounts may not reconcile due to rounding.)

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

The allowance for credit losses for fixed maturities - held to maturity was not significant as of December 31, 2025 and December 31, 2024.

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

Years Ended December 31,

3 unchanged sentences

Gross losses from sales ( 159 ) ( 160 ) ( 327 )

Proceeds from sales of fixed maturity securities - held to maturity $ 10 $ — $ —

Gross gains from sales — — —

Gross losses from sales ( 1 ) — —

Proceeds from sales of equity securities $ 56 $ 37 $ 126

1 unchanged sentence

Gross losses from sales ( 1 ) ( 1 ) —

(Some amounts may not reconcile due to rounding.)

During the year ended December 31, 2025, the Company sold fixed maturity securities - held to maturity with a net carrying amount of $ 11 million, which had realized losses of $ 1 million as part of the sale.

The Company's decision to sell was due to significant credit deterioration of the issuer of the securities.

Securities with a carrying value amount of $ 1.4 billion at December 31, 2025 were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws.

4 unchanged sentences

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:

21 unchanged sentences

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 are in local currencies, and where applicable, are converted to U.S.

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

dollars using currency exchange rates from nationally recognized sources.

In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are obtained from investment managers and are derived using unobservable inputs.

In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services, are obtained from investment managers and are derived using unobservable inputs.

The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers.

2 unchanged sentences

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.

14 unchanged sentences

dollars using an exchange rate from a nationally recognized source.

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:

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

Fair Value Measurement Using:

10 unchanged sentences

Mortgage-backed securities

Commercial 900 — 900 —

Agency commercial 412 — 412 —

Non-agency commercial 1,121 — 1,121 —

Agency residential 5,465 — 5,465 —

56 unchanged sentences

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.

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

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.

11 unchanged sentences

Current year 10,202 9,967 8,432

Prior years 1,337 ( 5 ) ( 2 )

Prior years, excluding impact from retroactive reinsurance 535 1,337 ( 5 )

Prior years, impact from retroactive reinsurance (1)

Total incurred losses and LAE 10,859 11,305 8,427

4 unchanged sentences

Foreign exchange/translation adjustment 663 ( 298 ) 229

Retroactive reinsurance adjustment (1)

Net reserves end of period 30,597 26,975 22,506

Plus reinsurance recoverables on unpaid losses (2)

3,715 2,915 2,098

Gross reserves end of period $ 34,312 $ 29,889 $ 24,604

(Some amounts may not reconcile due to rounding.)

(1) The consideration paid ($ 1,372 million) exceeds the ceded loss reserves at the inception of the Agreement ($ 1,250 million), as a result the Company recognized an immediate pre-tax loss of $ 122 million in earnings, in accordance with retroactive reinsurance accounting guidance.

The Company recognized the loss by writing off the reinsurance recoverable of $ 122 million, which represents excess compensation for the uncertainty of future claims development, and is not a component of our best estimate of loss reserves.

(2) This amount excludes the unpaid recoverable of the adverse development reinsurance agreements of $ 1,253 million as of December 31, 2025.

Current year incurred losses were $ 10.2 billion, $ 10.0 billion and $ 8.4 billion in 2025, 2024 and 2023, respectively.

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 increase in current year incurred losses from 2024 to 2025 was primarily related to an increase of $ 308 million in current year attritional losses, resulting from the impact of the increase in premiums earned, strengthening of U.S.

casualty reserves and changes in the mix of business, partially offset by a decrease of $ 73 million in current year catastrophe losses.

The increase in current year incurred losses from 2023 to 2024, was primarily related to an increase in underlying exposure due to premium growth, year over year and changes in the mix of business as well an increase of $ 423 million in 2024 current year catastrophe losses.

Incurred prior years unfavorable development in losses was $ 657 million and $ 1.3 billion in 2025 and 2024, respectively, and incurred prior years favorable development in losses of $ 5 million in 2023.

The unfavorable development on prior year reserves of $ 657 million in 2025 was primarily due to strengthening of U.S.

casualty reserves, as well as aviation

losses associated with the Russia/Ukraine war within the Reinsurance segment, partially offset by the release of well-seasoned reserves in the property and mortgage lines within the Reinsurance segment.

The reserve strengthening for prior year loss development was driven by elevated loss experience in excess casualty and U.S.

liability lines primarily on accident years 2022-2024.

In 2025, the United Kingdom’s High Court concluded that the confiscation of certain aircraft was covered under the war provision within certain reinsurance contracts.

As a result of the court’s decision, the Company increased its net ultimate loss reserve for contracts that were exposed to the war in Russia/Ukraine.

This increase in ultimate loss is reflected in the prior year incurred loss line in the table above.

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.

casualty lines and $ 403 million of unfavorable development on prior years attritional losses for the Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $ 54 million.

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 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 following is information about incurred and paid claims development as of December 31, 2025, 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.

31 unchanged sentences

Total reinsurance recoverable on unpaid claims (1), (3)

Insurance lines other than short-duration —

Unallocated claims adjustment expenses 360

2 unchanged sentences

(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.

(2) The other amount is primarily comprised of the 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.

(3) This amount excludes the unpaid recoverable of the adverse development reinsurance agreements of $ 1,253 million as of December 31, 2025.

Adverse Development Reinsurance Agreements

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

(“State National Reinsurer”) and (2) entered into an adverse development reinsurance agreement (the “MS Transverse Reinsurance Agreement”) with MS Transverse Insurance Company (“MS Transverse Reinsurer”) (collectively the “Reinsurers”).

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 out of the Ceding Companies’ North American liabilities within the Insurance and Other segments (“Subject Business”), subject to exclusions for certain liabilities, including among others those related to the Asbestos and Environmental reserves included in the Other segment.

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

Under the State National Reinsurance Agreement, the Company paid a reinsurance premium of $ 1.3 billion, including interest, to State National Reinsurer to assume $ 1.3 billion of carried reserves as of September 30, 2025, and potential subsequent adverse development for net paid losses on an approximately 85.7 percent coinsurance basis up to an aggregate limit of $ 600 million above the Company’s net carried reserves for the Subject Business.

Under the State National Reinsurance Agreement $ 250 million of the reinsurance premium was placed into a funds withheld collateral trust account as security for State National Reinsurer’s claim payment obligations to the Company.

Under the MS Transverse Reinsurance Agreement, the Company paid a reinsurance premium of $ 122 million to MS Transverse Reinsurer to assume potential subsequent adverse development for net paid losses on an 80 percent

coinsurance basis up to an aggregate limit of $ 400 million.

The $ 122 million payment to MS Transverse Reinsurer exceeds the retroactive reinsured liabilities and represents excess compensation for the uncertainty of future claims development, as a result the Company recognized an immediate pre-tax loss of $ 122 million in Incurred losses and loss adjustment expenses in the Company’s consolidated statement of operations.

Mitsui Sumitomo Insurance Company Limited, the parent of MS Transverse Reinsurer, has provided a parental guarantee to secure its obligations under the agreement.

The Company has retained the risk of collection on amounts due from other third-party reinsurers and continues to be responsible for claims handling and other administrative services, subject to certain conditions.

As of December 31, 2025, the Company had a deferred gain of $ 3 million.

The deferred gain would be recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries.

The total covered losses ceded to State National Reinsurer were $ 1,253 million and the aggregated unexpired limit was $ 597 million and $ 400 million for State National Reinsurer and MS Transverse Reinsurer, respectively.

Prior Year Development

The following table presents net prior year development before the adverse development cover reinsurance agreements (“ADC”) cessions for the year ended December 31, 2025:

(Dollars in millions) Prior Year Development Net of External Reinsurance Before ADC Cessions (1)

Reinsurance - Casualty Business $ 456

Reinsurance - Property Business ( 428 )

Insurance - Casualty Business 474

Insurance - Property Business ( 113 )

Subtotal, adjusted pre-tax basis $ 389

(1) Excluding the impact of:

- Our Other segment which has $ 146 million of prior year development.

- $ 122 million of excess compensation for the uncertainty of future claims development of which $ 105 million is from our Insurance segment and $ 17 million from our Other segment.

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.

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Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 798 $ 880 $ 877 $ 872 $ 947 $ 949 $ 980 $ 1,009 $ 1,032 $ 1,055 $ 37 N/A

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Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 93 $ 195 $ 330 $ 437 $ 552 $ 627 $ 706 $ 775 $ 840 $ 903

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Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 1,711 $ 1,539 $ 1,574 $ 1,568 $ 1,546 $ 1,547 $ 1,543 $ 1,545 $ 1,539 $ 1,542 $ 3 N/A

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Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 445 $ 855 $ 1,130 $ 1,239 $ 1,289 $ 1,312 $ 1,320 $ 1,332 $ 1,345 $ 1,346

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Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance

Years Ended December 31, Total of

Years Ended December 31, 2025 Prior Year Development Excluding the Impact of ADC Total of

IBNR Liabilities

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Claims Cumulative

Claims Incurred Impact of ADC IBNR Impact of ADC 2025 (Net of Impact of ADC) Total of IBNR Liabilities Net of Impact of ADC

Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 509 $ 495 $ 539 $ 558 $ 489 $ 474 $ 478 $ 488 $ 493 $ 507 $ 13 $ 17 31,277 $ 9 $ 3 $ 498 $ 14

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2025 1,698 — 1,458 30,732 — — 1,698 1,458

$ 12,721 $ 474 $ 4,853 $ 1,015 $ 706 $ 11,706 $ 4,148

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below ( 6,227 ) — ( 6,227 )

Liabilities for losses and loss adjustment expenses and prior year development before accident year 2016, net of reinsurance 104 — 27 32 7 72 20

Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 6,597 $ 474 $ 4,880 $ 1,046 $ 713 $ 5,551 $ 4,167

(Some amounts may not reconcile due to rounding.)

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Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 53 $ 149 $ 253 $ 314 $ 362 $ 398 $ 430 $ 448 $ 460 $ 471

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Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance

Years Ended December 31, Total of

Years Ended December 31, 2025 Prior Year Development Excluding the Impact of ADC Total of

IBNR Liabilities

1 unchanged sentence

Claims Cumulative

Claims Incurred Impact of ADC IBNR Impact of ADC 2025 (Net of Impact of ADC) Total of IBNR Liabilities Net of Impact of ADC

Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 289 $ 280 $ 284 $ 292 $ 297 $ 299 $ 300 $ 302 $ 302 $ 300 $ ( 2 ) $ — N/A $ — $ — $ 300 $ —

8 unchanged sentences

2025 900 — 410 N/A — — 900 410

$ 5,490 $ ( 113 ) $ 536 $ 29 $ 14 $ 5,461 $ 522

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below ( 4,507 ) — ( 4,507 )

Liabilities for losses and loss adjustment expenses and prior year development before accident year 2016, net of reinsurance — — — — — — —

Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 983 $ ( 113 ) $ 537 $ 29 $ 14 $ 954 $ 522

(Some amounts may not reconcile due to rounding.)

2 unchanged sentences

Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(unaudited) 2016

(unaudited) 2017

(unaudited) 2018

(unaudited) 2019

(unaudited) 2020

(unaudited) 2021

(unaudited) 2022

(unaudited) 2023

(unaudited) 2024

(Dollars in millions)

(Dollars in millions) (Unaudited)

2016 $ 167 $ 248 $ 272 $ 290 $ 296 $ 297 $ 299 $ 300 $ 300 $ 300

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(2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries;

(3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments and product mix;

(3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, size of loss distributions, reports from ceding companies and historical trends, such as reserving

patterns, loss payments and product mix;

(4) current legal interpretations of coverage and liability;

and (5) economic conditions.

and (5) economic conditions including but not limited to social inflation.

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

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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.

Our insurance and reinsurance loss and LAE reserves represent management’s best estimate of our ultimate liability.

Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves.

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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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Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study.

The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.

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

The Company analyzes significant variances between actual and expected losses and also considers recent market, underwriting and management criteria to determine management’s best estimate of ultimate unpaid losses and LAE.

Certain reserves, including losses from widespread catastrophic events, cannot be estimated using traditional actuarial methods.

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.

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

(4) discussing the loss with customers

(4) discussing the loss with customers and brokers;

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.

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Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water.

Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.

claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos.

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

Our reserves include an estimate of our ultimate liability for A&E claims.

There are significant uncertainties surrounding our estimates of our potential losses from A&E claims.

Among the uncertainties are:

(a) potentially long waiting periods between exposure and manifestation of any bodily injury or property damage;

(b) difficulty in identifying sources of asbestos or environmental contamination;

(d) changes in underlying laws and judicial interpretation of those laws;

(e) the potential for an asbestos or environmental claim to involve many insurance providers over many policy periods;

(f) questions concerning interpretation and application of insurance and reinsurance coverage;

and (g) uncertainty regarding the number and identity of insureds with potential asbestos or environmental exposure.

Due to the uncertainties discussed above, the ultimate losses attributable to A&E, and particularly asbestos, may be subject to more variability than are non-A&E reserves.

The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims.

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Reinsurance recoverables for both paid and unpaid losses totaled $ 5.1 billion and $ 3.1 billion at December 31, 2025 and December 31, 2024, respectively.

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

Logan Re, Ltd.

Logan Re”) collateralized segregated accounts;

$ 316 million, or 10.1 %, was receivable from Munich Reinsurance America, Inc.

and $ 187 million, or 6.0 %, was recoverable from Endurance Reinsurance Corporation of America.

No other retrocessionaire accounted for more than 5 % of our receivables.

At December 31, 2025, in connection with the ADC reinsurance agreements, $ 1,253 million was unpaid recoverable from State National Insurance Company, Inc.

Additionally at December 31, 2025, $ 411 million, or 8.1 %, was recoverable from Mt.

Logan Re collateralized segregated accounts and $ 289 million, or 5.7 %, was recoverable from Munich Reinsurance America, Inc.

No other retrocessionaire accounted for more than 5 % of our recoverables.

The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences.

These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders.

Losses and LAE incurred and premiums earned are reported after deduction for reinsurance.

The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary and regularly monitoring the financial condition and ratings of its reinsurers.

Reinsurance 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 LAE reserves that may be ceded under the terms of the reinsurance agreements, including IBNR unpaid losses.

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 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.

To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer.

See also Note 1E, Note 4 and Note 11 of the Notes to these Consolidated Financial Statements.

In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration and establishes limits tiered by reinsurer credit rating.

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

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

Failure of reinsurers to honor their obligations could result in losses to the Company.

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

Effective October 1, 2025, the Company’s subsidiaries entered into two adverse development reinsurance agreements, both of which are accounted for as retroactive reinsurance.

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising out of the ceding companies’ North American liabilities in the Insurance and Other segment, subject to exclusions for certain liabilities, including among others those related to the A&E reserves included in the Other segment.

For additional details on the ADC agreements, refer to Note 4 - Reserve for Losses and Loss Adjustment Expenses.

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

18 unchanged sentences

Ceded ( 1,698 ) ( 1,624 ) ( 651 )

Retroactive reinsurance adjustment (1)

Net incurred losses and LAE $ 10,859 $ 11,305 $ 8,427

(Some amounts may not reconcile due to rounding.)

(1) The consideration paid ($ 1.4 billion) exceeds the ceded loss reserves at the inception of the Agreement ($ 1.3 billion), as a result the Company recognized an immediate pre-tax loss of $ 122 million in earnings, in accordance with retroactive reinsurance accounting guidance.

SALE OF RENEWAL RIGHTS

On October 26, 2025, the Company entered into a Master Transaction Agreement (the “ROW Master Transaction Agreement”) with American International Group, Inc.

(the “Buyer”), pursuant to which the Company agreed to cause (i) Everest International Australia and Singapore branches, (ii) Ireland Insurance UK branch and (iii) Everest National, Everest Indemnity, Everest Security, Everest Premier and Everest Denali, Everest Assurance and Everest Reinsurance Company to

sell to Buyer the renewal rights in respect of certain lines of commercial retail insurance business, subject to certain exclusions as set forth in the ROW Master Transaction Agreement, for an aggregate purchase price of $ 252 million.

Pursuant to the ROW Master Transaction Agreement, if the gross written premium paid and payable to the Buyer in respect to the Aggregate Renewed Premiums (as defined in the ROW Master Transaction Agreement) from the closing date of the transaction to December 31, 2027 are less than 80 % of the aggregate premiums for the year ended December 31, 2025, the Company will reimburse a portion of the aggregate purchase price under the ROW Master Transaction Agreement to the Buyer based on the relative percentage of such 2025 premiums renewed, which amount shall not exceed $ 70 million.

The closing of the transaction pursuant to the ROW Master Transaction Agreement occurred on October 26, 2025.

Upon closing of the transaction, the Company recognized a $ 204 million gain on sale included in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025.

The remaining $ 47 million was recorded as a liability within Other liabilities on the Company’s consolidated balance sheet as of December 31, 2025 due to significant uncertainty related to factors outside the Company's influence, including the Buyer's underwriting decisions and the period until resolution.

The Company also received and recognized $ 30 million for originating and structuring the transaction in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025.

In addition, on October 26, 2025, the Company entered into a Master Transaction Agreement (the “EU Master Transaction Agreement,” and together with the ROW Master Transaction Agreement, the “Master Transaction Agreements”), between the Company and the Buyer, pursuant to which the Company agreed to cause Ireland Insurance to sell to the Buyer, the renewal rights in respect of certain lines of commercial retail insurance business written by Ireland Insurance in certain countries in the European Union, for an aggregate purchase price of $ 49 million.

The closing of the transaction pursuant to the EU Master Transaction Agreement is subject to the receipt of antitrust approvals from the European Commission and other customary closing conditions, which occurred on December 10, 2025.

Upon closing of the transaction, the Company recognized a $ 55 million gain on sale included in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025.

Under the Master Transaction Agreements, the Buyer 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.

In addition, as a result of the Master Transaction Agreements, the Company also recorded severance and impairments of capitalized software in the amount of $ 28 million and $ 83 million, respectively, for the year ended December 31, 2025.

Legal expenses and merger and acquisition fees related to the sale were $ 21 million for the year ended December 31, 2025.

These expenses were recorded in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025.

SEGMENT REPORTING

2 unchanged sentences

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 United Kingdom (“U.K.”) and Switzerland.

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

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

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

During the fourth quarter of 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.

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As of December 31, 2025, the Company has multiple active committed letter of credit facilities with a total commitment of up to $ 1.6 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £ 150 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 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 that the uncommitted capacity will be available to us on a future date.

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

1 unchanged sentence

Bermuda Re Wells Fargo Bilateral Letter of Credit Facility

Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo, referred to as the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $ 50 million of secured letters of credit.

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

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

Effective June 10, 2024, Everest Reinsurance (Bermuda) Ltd.

(“Bermuda Re”) entered into a Second Amended and Restated Letter of Credit Facility agreement with Wells Fargo (the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility”).

The agreement provides a commitment for the issuance of up to $ 500 million of secured letters of credit.

Effective June 9, 2025, the Bermuda Re Wells Fargo Bilateral Letter of Credit Facility was amended to tranche the facility, extend the availability of committed issuance for two years , and to reduce the overall size of the facility.

As of December 31, 2025, the amended Bermuda Re Wells Fargo Bilateral Letter of Credit Facility provides for the committed issuance of up to $ 175 million of unsecured letters of credit and $ 175 million of secured letters of credit.

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

1 unchanged sentence

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

$ 500 $ 455 $ 500 $ 486

Bermuda Re Wells Fargo Bank Bilateral LOC Facility - Secured Tranche $ 175 $ 141 12/31/2026 $ 500 $ 455 12/31/2025

Bermuda Re Wells Fargo Bank Bilateral LOC Facility - Unsecured Tranche 175 140 12/31/2026

Total Bermuda Re Wells Fargo Bank Bilateral LOC Facility $ 350 $ 280 $ 500 $ 455

(Some amounts may not reconcile due to rounding.)

1 unchanged sentence

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”).

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

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— 12/20/2026 7 12/30/2028

Total Citibank Bilateral Agreement $ 370 $ 293 $ 370 $ 340

42 12/31/2026

Total Bermuda Re Citibank LOC Facility $ 370 $ 253 $ 370 $ 293

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility

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.

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank (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.

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 .

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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 “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”.

Effective December 30, 2022, Bermuda Re entered into an additional letter of credit issuance facility with Bayerische Landesbank, New York Branch (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.

Effective December 30, 2024, the Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility was amended to extend the availability of committed issuance for two years .

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

4 unchanged sentences

Bermuda Re Lloyd’s Bank Letter of Credit Facility.

Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Ireland Insurance as an account party with access to a $ 15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023.

Effective August 18, 2025, the Bermuda Re Lloyds Bank Letter of Credit Facility was amended to add Everest Re as an account party and to extend the availability of committed issuance for an additional two years .

The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $ 250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

Letters of credit under the Bermuda Re Lloyd’s Bank Letter of Credit Facility may be issued in U.S.

dollars, Canadian dollars, Euros or Sterling.

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

2 unchanged sentences

Bermuda Re Lloyd's Bank Credit Facility - Committed $ 250 $ 67 10/22/2026 $ 250 $ 244 12/31/2025

61 12/18/2026

107 12/31/2026

Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 235 $ 250 $ 244

(Some amounts may not reconcile due to rounding.)

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 .

Bermuda Re Barclays Bank Letter of Credit Facility

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC (the “Bermuda Re Barclays Letter of Credit Facility”).

The Bermuda Re Barclays Letter of 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 an additional three years .

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

6 unchanged sentences

Bermuda Re Nordea Bank Letter of Credit Facility

Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”.

Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch (the “Nordea Bank Letter of Credit Facility”).

The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $ 200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $ 100 million for a maximum total facility amount of $ 300 million.

8 unchanged sentences

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.

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 (the “Funds at Lloyds Syndicated Letter of Credit Facility”).

Effective October 26, 2025, the agreement was extended for an additional one year and amended to £ 150 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.

(Pounds in millions) At December 31, 2025 At December 31, 2024

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

Funds at Lloyds Syndicated Letter of Credit Facility £ 150 £ 143 11/1/2029 £ 113 £ 107 11/1/2028

1 unchanged sentence

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.

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

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

Letters of credit under the Commerzbank Letter of Credit Facility may be issued in U.S.

dollars or Euros.

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

(Dollars and Euros in millions) At December 31, 2025 At December 31, 2024

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

Commerzbank Letter of Credit Facility € 75 € 51 1/30/2027 € 75 € 20 12/31/2025

$ 25 12/31/2026

$ — 12/26/2026

(Some amounts may not reconcile due to rounding.)

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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, 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, 2025, Everest Re had statutory admitted assets of approximately $ 32.6 billion which provides borrowing capacity in excess of approximately $ 3.3 billion.

As of December 31, 2025, Everest Re had $ 1.0 billion of borrowings outstanding, which begin to expire in 2026.

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As of December 31, 2025, Everest Re had $ 1.4 billion of collateral pledged.

See Note 11 of the Notes to these Consolidated Financial Statements.

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

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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.

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

Maturity Date December 31, 2025 December 31, 2024

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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 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.

During the floating rate interest period from May 15, 2017 through maturity, interest was initially based 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, 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.

The reset quarterly interest rate for November 17, 2025 to February 16, 2026 is 6.50 %.

Following the cessation of LIBOR, for periods from and including August 15, 2023, interest is 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;

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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.

In addition, the Company repurchased and retired $ 6 million of the outstanding long-term subordinated notes for the year ended December 31, 2022.

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

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

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

Years Ended December 31,

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Assumed earned premiums 14 10 6

Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt.

Logan Re segregated accounts to retrocede $ 269 million of casualty reserves held by Bermuda Re related to accident years 2002 through 2015.

As consideration for entering the agreement, the Company transferred cash of $ 252 million to the Mt.

Logan Re segregated account.

The maximum liability to be retroceded under the agreement will be $ 319 million.

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

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

Logan segregated account.

Assumed losses and LAE — — —

The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage.

These agreements are multi-year reinsurance contracts which cover named storm and earthquake events.

agreements are multi-year reinsurance contracts which cover named storm and earthquake events.

The table below summarizes the various agreements.

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

Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate

Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate

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

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

Series 2025-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/9/2029 105 Aggregate

Series 2025-2 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/8/2030 105 Aggregate

Series 2025-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/9/2029 120 Aggregate

Series 2025-2 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/8/2030 120 Aggregate

Series 2025-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/9/2029 170 Occurrence

Series 2025-2 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/8/2030 170 Occurrence

Series 2025-1 Class D-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/9/2029 105 Occurrence

Series 2025-2 Class D-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/26/2025 7/8/2030 105 Occurrence

Total available limit as of December 31, 2025 $ 1,530

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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.

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.

The Company has entered into separate annuity agreements with The Prudential Insurance of America (“The Prudential”), an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future.

In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

The Company has entered into separate annuity agreements with Prudential Insurance Company (“Prudential”), an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future.

In both instances, the Company would become contingently liable if either Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

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

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(Dollars in millions) 2025 2024

The Prudential $ 136 $ 136

Prudential $ 134 $ 136

Other unaffiliated life insurance company $ 31 $ 32

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The exercise of the renewal is at the Company’s discretion.

The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options.

The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercising those options.

The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

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(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:

The following table presents the components of AOCI, net of tax, in the consolidated balance sheets for the periods indicated:

(Dollars in millions) 2025 2024

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SHARE-BASED COMPENSATION PLANS

The Company has a 2020 Stock Incentive Plan (“2020 Employee Plan”), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan (“2009 Director Plan”) and a 2003 Non-Employee Director Equity Compensation Plan (“2003 Director Plan”).

The Company has a 2020 Stock Incentive Plan (“2020 Employee Plan”), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan (“2009 Director Plan”), a 2003 Non-Employee Director Equity Compensation Plan (“2003 Director Plan”) and a 2025 Employee Stock Purchase Plan (“2025 ESPP”).

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 (“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.

At December 31, 2025, there were 517,298 remaining shares available to be granted under the 2020 Employee Plan, which includes 257,408 shares related to previous grants from the 2020 Employee Plan that have been forfeited by participants and are now eligible to be re-issued.

Through December 31, 2025, only non-qualified share options, restricted share awards and PSU awards had been granted under the employee plans.

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At December 31, 2025, there were 252,793 remaining shares available to be granted under the 2003 Director Plan.

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.

Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement.

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.

In May 2025, shareholders approved the ESPP which allows for 500,000 common shares to be issued.

No common shares have yet been issued under the ESPP, so all 500,000 are available for issuance as of December 31, 2025.

Options and restricted share awards 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 share awards granted under the 2020 Employee Plan after January 1, 2024 vest at the earliest of 33.30 % per year over three years or in accordance with any applicable employment agreement.

Restricted share awards granted under the 2003 Director Plan and 2009 Director Plan generally vest at 33 % per year over three years , unless an alternate vesting period is authorized by the Board.

Options granted under the 2020 Employee Plan have all expired as of September 19, 2022.

There are no options outstanding as of December 31, 2025 and 2024, 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.

For PSU awards granted prior to January 1, 2025, the PSU awards represent the right to receive between 0 and 1.75 shares of stock for each unit depending upon performance in relation to certain metrics.

For PSU awards granted after January 1, 2025, the PSU awards represent the right to receive between 0 and 2.00 shares of stock for each unit awarded depending upon performance in relation to certain metrics.

The PSU metrics generally include operating return on equity for each of the individual years within the performance period, total shareholder return (“TSR”) for each of the individual years within the performance period and growth in book value per share over the three year performance period, compared to designated peer companies.

For restricted share awards 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 $ 61 million, $ 63 million and $ 49 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $ 6 million, $ 8 million and $ 7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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.

For the year ended December 31, 2025, a total of 300,709 shares of restricted stock were granted on February 26, 2025, February 27, 2025, March 6, 2025, May 13, 2025, June 23, 2025, August 20, 2025, September 11, 2025 and November 4, 2025 with a fair value of $ 344.48 , $ 347.23 , $ 359.28 , $ 348.41 , $ 339.93 , $ 341.44 , $ 343.83 and $ 315.22 per share, respectively.

Additionally, 27,204 PSU awards were granted on February 26, 2025, with a fair value of $ 344.48 per unit.

No share options were granted during the year ended December 31, 2025.

For share options granted during previous years, the fair value per option was calculated on the date of the grant using the Black-Scholes option valuation model.

The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares.

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For the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 0.6 million, $ 0.6 million and $ 0.5 million, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares.

There have been no stock options granted since 2012.

As of December 31, 2024, there were no stock options outstanding.

Any remaining stock options were exercised in 2022.

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:

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Outstanding at December 31, 492,749 347.71 467,185 343.53 461,537 313.05

As of December 31, 2024, there was $ 113 million of total unrecognized compensation cost related to non-vested share-based compensation expense.

As of December 31, 2025, there was $ 122 million of total unrecognized compensation cost related to non-vested restricted stock award compensation expense.

That cost is expected to be recognized over a weighted-average period of 2 years.

The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $ 43 million, $ 41 million and $ 40 million, respectively.

The total grant-date fair value of shares vested during the years ended December 31, 2025, 2024 and 2023, was $ 54 million, $ 43 million and $ 41 million, respectively.

The tax benefit realized from the shares vested for the years ended December 31, 2025, 2024 and 2023 were $ 9 million, $ 9 million and $ 11 million, respectively.

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These issuances had aggregate values of $ 0.3 million, $ 0.1 million and $ 0.2 million in 2025, 2024 and 2023.

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 Company acquired 57,715 , 54,537 and 56,832 common shares at a cost of $ 20 million, $ 20 million and $ 22 million in 2025, 2024 and 2023, respectively, from employees who chose to pay required withholding taxes on restricted share vestings by withholding shares.

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

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The Company acquired 4,981 , 11,336 and 6,117 common shares at a cost of $ 2 million, $ 4 million and $ 2 million in 2025, 2024 and 2023, respectively, from employees who chose to pay required withholding taxes on PSU settlements by withholding shares.

Employee Stock Purchase Plan.

In August 2025, following shareholder approval, the Company implemented an Employee Stock Purchase Plan (“2025 ESPP”), authorizing the issuance of 500,000 shares under such plan.

The ESPP provides employees of the Company and its participating subsidiaries with the opportunity to purchase Group common shares at a discount through accumulated payroll deductions during established offering periods.

Under this plan, eligible employees of the Company purchase common shares at a discount rate of 15 % from the market price per share on the last trading day of the offering period.

The ESPP is a compensatory plan, based on the discount rate of 15 %.

Therefore, consistent with other forms of share-

based payments, compensation cost for equity awarded through the ESPP is measured as the fair value of the award at grant date.

EMPLOYEE BENEFIT PLANS

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

In the second quarter of 2025, the Company entered into an annuity purchase contract to liquidate the plan and settled substantially all of the pension benefit obligation.

Upon termination of the qualified defined benefit pension plan, participants were given the option to receive a lump sum payout or receive payments from the annuity purchaser.

In June 2025, the Company executed a lump sum payout of $ 49 million for a specified group of elected participants and completed the transfer of the agreed-upon annuity contract purchase consideration of $ 186 million for a total payout of $ 235 million.

Final settlement of the annuity contract purchase occurred in November 2025 at which time the Company was relieved of all remaining plan benefit obligation.

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,

(Dollars in millions) 2024 2023 2022

Company contributions $ 3 $ 1 $ 6

The Company’s contributions to the defined benefit pension plans were not significant for the years ended December 31, 2025, 2024 and 2023, although such contributions are not required under U.S.

Internal Revenue Service (the “IRS”) regulations.

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

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(Dollars in millions) 2025 2024 2023

Pension expense $ ( 15 ) $ 5 $ ( 2 )

Pension expense (income) $ ( 30 ) $ ( 15 ) $ 5

The following table summarizes the status of these defined benefit plans for U.S.

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Actual contributions during the year 1 3

Curtailment ( 235 ) —

Benefits paid ( 8 ) ( 15 )

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(Some amounts may not reconcile due to rounding.)

In 2025, the weighted average discount rate used to determine net periodic benefit cost was 4.75 % for annuities and ranged from 4.66 % to 5.57 % for lump sums.

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

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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 %.

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

The expected long-term rate of return on plan assets for 2025, 2024 and 2023 was 4.25 %, 7.25 % and 7.00 % respectively.

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.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023 was 5.00 %.

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.

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Fair value of plan assets — —

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

The following table displays the expected benefit payments for the non-qualified defined benefit pension plan in the periods indicated:

(Dollars in millions)

Next 5 years 1

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

Fair Value Measurement Using:

(Dollars in millions) December 31, 2024 Quoted Prices

(Level 1) Significant

(Level 2) Significant

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

Total $ 331 $ 331 $ — $ —

(Some amounts may not reconcile due to rounding.)

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

Fair Value Measurement Using:

(Dollars in millions) December 31, 2023 Quoted Prices

(Level 1) Significant

(Level 2) Significant

Short-term investments, which approximates fair value (a) $ 2 $ 2 $ — $ —

Mutual funds, fair value

Fixed income (b) 73 73 — —

Equities (c) 232 232 — —

Total $ 308 $ 308 $ — $ —

(Some amounts may not reconcile due to rounding.)

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

(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.

The fair value measurement levels for the qualified plan assets were all categorized as Level 1 short-term investments with a fair value of $ 96 million and $ 331 million for the years ended December 31, 2025 and 2024, respectively.

No contributions were made to the qualified pension benefit plan for the years ended December 31, 2025 and 2024.

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A medical cost trend rate of 7.50 % in 2025 was assumed to decrease gradually to 4.75 % in 2033 and then remain at that level.

The Company incurred expenses of $( 0.4 ) million, $( 1 ) million and $ 1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The post-retirement benefit expenses incurred by the Company were not significant for the years ended December 31, 2025, 2024 and 2023.

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

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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.

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.

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.

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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withholding tax.

Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them.

There has been no withholding tax accrued with respect to such unremitted earnings as management has no intention of remitting them as of December 31, 2025.

The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute.

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

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which the Company has adopted effective January 1, 2025, on a prospective basis.

ASU 2023-09 enhances the transparency of income tax reporting by requiring, among other items, further disaggregation of the rate reconciliation and additional information on income taxes paid by jurisdiction as shown in the tables below.

The adoption did not have an impact on our results of operations, financial condition, or cash flows.

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

Year Ended December 31,

(Dollars in millions) 2025

Current tax expense (benefit):

Non-Bermuda 265

Total current tax expense (benefit) 339

Deferred tax expense (benefit):

Bermuda ( 9 )

Non-Bermuda ( 34 )

Total deferred tax expense (benefit) ( 42 )

Total income tax expense (benefit) $ 296

(Some amounts may not reconcile due to rounding.)

The significant components of the provision for the years ended 2024 and 2023 remain on the originally as-filed basis prior to the adoption of the Improvements to Income Tax Disclosures standard:

Years Ended December 31,

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Current tax expense (benefit):

$ 152 $ 284 $ 76

Total current tax expense (benefit) 171 291

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(Some amounts may not reconcile due to rounding.)

The rate reconciliation for income taxes is disclosed under ASU 2023-09 for the period indicated:

Year Ended December 31,

(Dollars in millions) Bermuda Non-Bermuda

Underwriting gain (loss) $ 452 $ ( 241 )

Net investment income 628 1,497

Net realized gain (loss) ( 54 ) ( 89 )

Realized loss derivative event — —

Corporate expense ( 73 ) ( 36 )

Interest, fees and bond issue cost amortization expense — ( 151 )

Other income (expense) ( 40 ) ( 6 )

Pre-tax income (loss) $ 913 $ 974

(Some amounts may not reconcile due to rounding.)

Year Ended December 31, 2025

(Dollars in millions) Amount Percent

Expected tax provision at Bermuda statutory tax rate $ 283 15.00 %

Foreign tax effects

United Kingdom

Statutory tax rate difference between United Kingdom and Bermuda 10 0.51 %

Effect of cross-border tax laws 41 2.20 %

Other 34 1.78 %

United States

Statutory tax rate difference between United States and Bermuda 64 3.39 %

Return to provision adjustment ( 30 ) ( 1.57 ) %

Tax credits ( 44 ) ( 2.33 ) %

Insurance corporate-owned life insurance ( 27 ) ( 1.42 ) %

Other 4 0.22 %

Statutory tax rate difference between Spain and Bermuda — ( 0.03 ) %

Effect of cross-border tax laws 16 0.82 %

Other 4 0.23 %

Statutory tax rate difference between Canada and Bermuda 8 0.45 %

Other 7 0.36 %

Other Foreign Jurisdictions 1 0.07 %

Effect of cross-border tax laws —

State and local income taxes, net of federal —

Tax credits ( 17 ) ( 0.90 ) %

Changes in valuation allowances —

Nontaxable or nondeductible items 4 0.21 %

Changes in unrecognized tax benefits —

Other adjustments 12 0.64 %

Effective Tax Rate, subtotal $ 370 19.62 %

Effect of changes in tax laws or rates enacted in the current period

Bermuda Corporate Income Tax Act - Amendment 2025 ( 74 ) ( 3.92 ) %

Effective Tax Rate, total $ 296 15.70 %

(Some amounts may not reconcile due to rounding.)

The Company made the following net tax payments after the adoption of ASU 2023-09 for the period indicated:

Year Ended December 31,

(Dollars in millions) 2025

Corporate income tax $ 76

United Kingdom 35

Total taxes paid $ 150

(Some amounts may not reconcile due to rounding.)

The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate.

Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below:

Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the years ended 2024 and 2023 remain on the originally as-filed basis prior to the adoption of the improvements to income tax disclosures standard and are provided below:

Years Ended December 31,

2024 2023 2022

(Dollars in millions) U.S.

25 unchanged sentences

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.

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.

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

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

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

The IRS requested, and we have signed, an extension of the audit to September 30, 2026.

For tax years 2019, 2020, and 2021, 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.

10 unchanged sentences

Unearned premium reserves 152 152

Net unrealized investment losses 138 67

Depreciation 64 55

Unrealized foreign currency losses 35 15

Net operating loss carryforward 24 18

Amortization 41 —

Lease liability 36 23

Net operating loss carryforward 24 24

Investment impairments 16 10

Equity compensation 10 10

Foreign tax credits 7 16

Net unrealized investment losses 6 138

Unrealized foreign currency losses — 35

Capital loss carryforward — 14

Equity compensation 10 8

Investment impairments 10 12

Uncollectible reinsurance reserves — 3

Net unrealized losses on benefit plans — 4

Other assets 25 21

2 unchanged sentences

Deferred acquisition costs 176 171

Net fair value income 74 74

Partnership investments 40 43

2 unchanged sentences

Benefit plan asset 13 —

Net fair value income — 74

Other liabilities 25 13

4 unchanged sentences

(Some amounts may not reconcile due to rounding.)

(1) The Company has net current tax receivable and net deferred tax asset of $ 43 million and $ 872 million, respectively, as of December 31, 2025, totaling to an income tax asset, net of $ 915 million as presented in consolidated balance sheets.

The net current tax receivable of $ 43 million represents a gross federal and state tax receivable of $ 118 million offset by foreign tax payable of $ 75 million.

At December 31, 2025 and 2024, the Company had $ 28 million and $ 25 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.

GAAP accounting principles that the Australia, Colombia, Italy, France, Mexico, Singapore, Spain, and U.K.

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

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Net Operating Losses (“NOLs”) of $ 12 million do not expire.

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

Tax effected Spanish NOLs of $ 3 million do not expire.

2 unchanged sentences

At December 31, 2025 and 2024, the Company had $ 7 million and $ 16 million respectively of foreign tax credit (“FTC”) carryforwards.

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

In 2025, there were approximately no U.S.

FTCs and $ 7 million of non-US FTCs.

1 unchanged sentence

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, 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.

ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss).

Per ASU 2016-09, the Company recorded excess tax benefits of $ 1 million, $ 2 million and $ 2 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2024, 2023 and, 2022, respectively.

Per ASU 2016-09, the Company recorded excess tax benefits related to restricted stock vestings and stock option exercises that were not significant as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2025, 2024 and, 2023, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock.

12 unchanged sentences

Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio.

As a long-term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long-term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $ 0.3 million minimum solvency margin.

Prior approval of the BMA is required if Bermuda Re’s dividend payments would exceed 25 % of their prior year-end total statutory capital and surplus.

1 unchanged sentence

The statutory capital and surplus of Bermuda Re was $ 4.2 billion and $ 4.3 billion at December 31, 2025 and 2024, 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.

The statutory net income of Bermuda Re was $ 0.6 billion, $ 1.4 billion and $ 1.5 billion for the years ended December 31, 2025, 2024 and 2023, 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, 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.

Accordingly, as of December 31, 2025, 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 $ 886 million.

Statutory Financial Information.

22 unchanged sentences

however, the Company anticipates that Bermuda Re's December 31, 2025 actual capital will exceed the targeted capital level.

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.

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.

The Company does not have any subsequent events to report.

SCHEDULE I — SUMMARY OF INVESTMENTS —

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Fixed maturities - available for sale

government and government agencies $ 688 $ 669 $ 669

State, municipalities and political subdivisions 75 70 70

Foreign government securities 2,330 2,196 2,196

Foreign corporate securities 6,099 5,861 5,861

Public utilities 449 424 424

All other corporate bonds 12,369 12,105 12,105

Treasury securities and obligations of U.S.

government agencies and corporations $ 845 $ 830 $ 830

Obligations of U.S.

states and political subdivisions 45 41 41

Corporate securities 9,913 9,882 9,882

Asset-backed securities 5,094 5,077 5,077

Mortgage-backed securities:

Commercial 965 900 900

Agency commercial 404 412 412

Non-agency commercial 1,151 1,121 1,121

Agency residential 5,544 5,465 5,465

Non-agency residential 1,689 1,721 1,721

Redeemable preferred stock 464 464 464

Foreign government securities 2,400 2,371 2,371

Foreign corporate securities 7,535 7,653 7,653

Total fixed maturities-available for sale 34,620 34,573 34,573

1 unchanged sentence

Foreign corporate securities 79 84 78

Public utilities 4 5 4

All other corporate bonds 656 647 650

Corporate securities 166 169 164

Asset-backed securities 328 322 325

Mortgage-backed securities:

10 unchanged sentences

CONDENSED BALANCE SHEETS

(Dollars and share amounts in millions, except par value per share) 2024 2023

(In millions of U.S.

dollars, except par value per share) 2025 2024

Other invested assets (cost:

2025, $ 207 ;

Short-term investments — 8

1 unchanged sentence

Long-term notes receivable, affiliated 600 600

Accrued investment income — 2

Receivable from subsidiaries 65 17

Income tax asset, net 2 —

Other assets 40 37

35 unchanged sentences

INCOME (LOSS) BEFORE TAXES 1,589 1,373 2,517

Income tax expense (benefit) ( 3 ) — —

NET INCOME (LOSS) $ 1,591 $ 1,373 $ 2,517

10 unchanged sentences

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

Decrease (increase) in income taxes ( 2 ) — —

Equity in retained (earnings) deficit of subsidiaries ( 1,658 ) ( 1,510 ) ( 2,641 )

13 unchanged sentences

(Issuance) of long term notes receivable - affiliated — ( 600 ) ( 100 )

Proceeds from sale of renewal rights 30 — —

Net cash provided by (used in) investing activities ( 228 ) ( 745 ) ( 465 )

10 unchanged sentences

Cash, end of period $ 6 $ 5 $ 9

Non-Cash Transactions:

Dividend of 4,297,463 shares of Everest Group, Ltd.

(“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary

$ — $ — $ 1,405

Issuance of $ 1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings

Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd.

(Some amounts may not reconcile due to rounding.)

2 unchanged sentences

NOTES TO CONDENSED FINANCIAL INFORMATION

1.) The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related notes of Everest Group, Ltd.

i.) The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related notes of Everest Group, Ltd.

and its subsidiaries.

2.) Everest Group, Ltd.

ii.) Everest Group, Ltd.

entered into a $ 300 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of December, 2019.

1 unchanged sentence

However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

3.) Everest Group, Ltd.

iii.) Everest Group, Ltd.

entered into a $ 200 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of August 2021.

1 unchanged sentence

However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

4.) Everest Group, Ltd.

iv.) Everest Group, Ltd.

entered into a $ 215 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of June 2022.

1 unchanged sentence

However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

5.) Everest Group, Ltd.

v.) Everest Group, Ltd.

entered into a $ 125 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2022.

1 unchanged sentence

However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

6.) Everest Group, Ltd.

vi.) Everest Group, Ltd.

entered into a $ 125 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2022.

1 unchanged sentence

However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

7.) Everest Group, Ltd.

vii.) Everest Group, Ltd.

entered into a $ 1.8 billion long-term note agreement with Everest Preferred International Holdings, an affiliated company, as of December 2022.

The note will pay interest annually at a rate of 4.34 % and is scheduled to mature in December 2052.

The note will pay interest quarterly at a rate of 4.34 % and is scheduled to mature in December 2052.

At December 31, 2025, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

8.) Everest Group, Ltd.

viii.) Everest Group, Ltd.

issued a $ 100 million long-term note agreement to Everest Reinsurance Bermuda, an affiliated company, as of May 2023.

2 unchanged sentences

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.

ix.) In December 2024, Everest Group, Ltd.

entered into a $ 1.5 billion revolving loan facility with Everest Reinsurance Holdings, Inc., an affiliated company, and funded a $ 600 million long-term note.

The note will pay interest semi-annually at a rate of 4.30 % and is scheduled to mature in December 2027.

At December 31, 2025, 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.

x.) In December 2024, Everest Group, Ltd.

entered into a $ 500 million revolving loan facility with Everest International Reinsurance, an affiliated company, and drew down $ 100 million under a long-term note.

The note will pay interest semi-annually at a rate of 4.30 % and is scheduled to mature in December 2027.

At December 31, 2025, 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.

xi.) In December 2024, Everest Group, Ltd.

entered into a $ 1.0 billion revolving loan facility with Everest Reinsurance Bermuda, an affiliated company and drew down $ 300 million under a long-term note.

The note will pay interest semi-annually at a rate of 4.30 % and is scheduled to mature in December 2027.

During 2025, Everest Group, Ltd.

drew down an additional $ 175 million in the first quarter and repaid $ 275 million in December, leaving $ 200 million outstanding as of December 31, 2025.

At December 31, 2025, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

12.) Everest Group, Ltd.

xii.) Everest Group, Ltd.

has invested funds in the segregated accounts of Mt.

1 unchanged sentence

On the condensed balance sheets, investments in Mt.

Logan Re valued at $ 39 million and $ 46 million as of December 31,

2024 and 2023, respectively, have been recorded within other assets.

Logan Re valued at $ 35 million and $ 39 million as of December 31, 2025 and 2024, respectively, have been recorded within other assets.

On the condensed statements of operations, income (expense) of $ 7 million, $ 8 million and $ 8 million for the years ended December 31, 2025, 2024 and 2023, respectively, have been recorded in other income (expense).

xiii.) On October 26, 2025, Everest Group, Ltd.

entered into definitive agreements to sell the renewal rights for certain lines of the commercial retail insurance business in the U.S., U.K., E.U.

and Asia Pacific to American International Group, Inc.

On the condensed statements of operations, income from the sale of renewal rights of $ 68 million for the year ended December 31, 2025 has been recorded in other income (expense).

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

36 unchanged sentences

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