Companies: 10,831     total market cap: ยฃ108.316 T
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Everest Group
EG
#1526
Rank
ยฃ10.55 B
Marketcap
๐Ÿ‡ง๐Ÿ‡ฒ
Country
ยฃ266.72
Share price
0.34%
Change (1 day)
3.41%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Everest Group
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-05

Everest Group - 10-Q quarterly report FY


Text size:
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2026
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission file number 1-15731
EVEREST GROUP, LTD.
(Exact name of registrant as specified in its charter)
Bermuda
98-0365432
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Seon Place – 4th Floor
141 Front Street
PO Box HM 845
Hamilton Bermuda
HM 19
(Address of principal executive offices)
(Zip Code)
441-295-0006
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Class
Trading Symbol
Name of Exchange where Registered
Common Shares, $0.01 par value
EG
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesXNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesXNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerXAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
X
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Number of Shares Outstanding at April 28, 2026
Common Shares, $0.01 par value
39,571,602
            

Table of Contents
EVEREST GROUP, LTD.
Table of Contents
Form 10-Q
Page
PART I
FINANCIAL INFORMATION
Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025
1
Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 (unaudited)
2
Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)
3
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)
4
Notes to Consolidated Interim Financial Statements (unaudited)
5
Management’s Discussion and Analysis of Financial Condition and Results of Operations
35
Quantitative and Qualitative Disclosures About Market Risk
54
Controls and Procedures
54
PART II
OTHER INFORMATION
Legal Proceedings
55
Risk Factors
55
Unregistered Sales of Equity Securities and Use of Proceeds
55
Defaults Upon Senior Securities
55
Mine Safety Disclosures
55
Other Information
55
Exhibits
56

Table of Contents
Safe Harbor Disclosure.
This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may”, “will”, “should”, “could”, “anticipate”, “estimate”, “expect”, “plan”, “believe”, “predict”, “potential” and “intend”. Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those expressed in forward-looking statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements are discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”) include, but are not limited to, those described under the caption “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K (the “Form 10-K filing”). These include:
•the effects of catastrophic events on our financial results;
•losses from catastrophe exposure that exceed our projections;
•insufficient reserves for losses and loss adjustment expenses (“LAE”) due to the impact of social inflation or other factors;
•greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;
•our failure to accurately assess underwriting risk and establish adequate premium rates;
•decreases in pricing for property and casualty reinsurance and insurance;
•our inability or failure to purchase adequate reinsurance;
•our ability to maintain our financial strength ratings;
•our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including but not limited to the sale of our commercial retail insurance business globally;
•the failure of our insureds, intermediaries and reinsurers to satisfy their obligations to us;
•decline in our investment values and investment income due to exposure to financial markets conditions;
•the failure to maintain enough cash to meet near-term financial obligations;
•our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from subsidiaries in our holding company structure;
•reduced net income and capital levels due to foreign currency exchange losses;
•our sensitivity to unanticipated levels of inflation;
•the effects of global economic conditions, conflicts and measures taken by domestic or foreign governments on our business, including but not limited to the impact of tariffs imposed or threatened by the U.S. or foreign governments;
•our ability to attract and retain key executive officers and the executives and employees necessary to manage our business;
•the effect of cybersecurity risks, including technology breaches, systems or operational failures by us or our third-party service providers, and regulatory and legislative developments related to cybersecurity on our business;
•our dependence on brokers and agents for business development;
•material variation of analytical models used in decision making from actual results;
•the effects of business continuation risk on our operations;
•the effect on our business of the highly competitive nature of our industry, including the effects of new entrants to, competing products for and consolidation in the (re)insurance industry;
•an anti-takeover effect caused by insurance laws and provisions in the bye-laws of Group (as defined in Part I below);
•the difficulty investors in Group may have in protecting their interests compared to investors in a U.S. corporation;
•the effects of new regulation and our failure to comply with insurance laws and regulations and other regulatory challenges;
•the ability of Bermuda Re (as defined in Part I below) to obtain licenses or admittance in additional jurisdictions to develop its business;
•the ability of Bermuda Re to arrange for security to back its reinsurance impacting its ability to write reinsurance;
•changes in international and U.S. tax laws;
•the effect on Group and/or Bermuda Re should it/they become subject to taxes in jurisdictions where not currently subject to taxation; and
•the ability of subsidiary entities to pay dividends.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Table of Contents
PART I.    FINANCIAL INFORMATION
ITEM 1.     FINANCIAL STATEMENTS
EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
March 31,December 31,
(In millions of U.S. dollars, except par value per share)20262025
(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value$34,651 $34,573 
(amortized cost: 2026, $35,137; 2025, $34,620, credit allowances: 2026, $(53); 2025, $(68))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2026, $601; 2025, $576, net of credit allowances: 2026, $(8); 2025, $(6))
596 567 
Equity securities, at fair value177 180 
Other invested assets5,957 5,796 
Short-term investments 2,223 2,994 
Cash1,415 1,318 
Total investments and cash45,020 45,429 
Accrued investment income389 436 
Premiums receivable (net of credit allowances: 2026, $(94); 2025, $(94))
5,579 5,727 
Reinsurance loss recoverables (net of credit allowances: 2026, $(60); 2025, $(57))
5,119 5,110 
Funds held by reinsureds1,395 1,326 
Deferred acquisition costs1,540 1,546 
Prepaid reinsurance premiums511 653 
Income tax asset, net933 915 
Other assets (net of credit allowances: 2026, $(17); 2025, $(17))
1,856 1,372 
TOTAL ASSETS$62,342 $62,514 
LIABILITIES:
Reserve for losses and loss adjustment expenses$34,649 $34,312 
Unearned premium reserve6,697 7,275 
Funds held under reinsurance treaties272 267 
Amounts due to reinsurers624 642 
Losses in course of payment141 151 
Senior notes2,352 2,352 
Long-term notes218 218 
Borrowings from FHLB1,019 1,019 
Accrued interest on debt and borrowings42 21 
Unsettled securities payable217 — 
Other liabilities819 797 
Total liabilities47,051 47,054 
Commitments and contingencies (Note 11)
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding
— — 
Common shares, par value: $0.01; 200.0 shares authorized; 74.5 (2026) and 74.4 (2025)
shares issued and outstanding
1 1 
Additional paid-in capital3,849 3,852 
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(111) at 2026 and $(23) at 2025
(462)(52)
Treasury shares, at cost; 34.7 shares (2026) and 33.7 shares (2025)
(5,236)(4,906)
Retained earnings17,139 16,565 
Total shareholders' equity 15,291 15,461 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$62,342 $62,514 
The accompanying notes are an integral part of the consolidated financial statements.
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EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended
March 31,
(In millions of U.S. dollars, except per share amounts)20262025
(unaudited)
REVENUES:
Premiums earned$3,574 $3,852 
Net investment income567 491 
Net gains (losses) on investments(10)(7)
Other income (expense)(63)(73)
Total revenues4,068 4,263 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses2,217 2,893 
Commission, brokerage, taxes and fees825 824 
Other underwriting expenses216 238 
Corporate expenses38 21 
Interest, fees and bond issue cost amortization expense36 38 
Total claims and expenses3,332 4,015 
INCOME (LOSS) BEFORE TAXES736 248 
Income tax expense (benefit)83 39 
NET INCOME (LOSS)$653 $210 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period(375)284 
Reclassification adjustment for realized losses (gains) included in net income (loss)1 4 
Total URA(D) of securities arising during the period(374)289 
Foreign currency translation and other adjustments(35)64 
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)— — 
Total benefit plan net gain (loss) for the period— — 
Total other comprehensive income (loss), net of tax(410)352 
COMPREHENSIVE INCOME (LOSS)$243 $562 
EARNINGS PER COMMON SHARE:
Basic$16.21 $4.90 
Diluted16.21 4.90 
The accompanying notes are an integral part of the consolidated financial statements.
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EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended
March 31,
(In millions of U.S. dollars, except dividends per share amounts)20262025
(unaudited)
COMMON SHARES (shares outstanding):
Balance beginning of period40.7 43.0 
Issued (redeemed) during the period, net0.1 0.2 
Treasury shares acquired(1.0)(0.6)
Balance end of period 39.8 42.5 
COMMON SHARES (par value):
Balance beginning of period$1 $1 
Issued during the period, net— — 
Balance end of period 1 1 
ADDITIONAL PAID-IN CAPITAL:
Balance beginning of period3,852 3,812 
Share-based compensation plans(3)(13)
Balance end of period 3,849 3,799 
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
Balance beginning of period(52)(1,138)
Net increase (decrease) during the period(410)352 
Balance end of period (462)(786)
RETAINED EARNINGS:
Balance beginning of period16,565 15,309 
Net income (loss) 653 210 
Dividends declared ($2.00 per share in 1Q 2026 and $2.00 per share in 1Q 2025)
(80)(85)
Balance, end of period17,139 15,434 
TREASURY SHARES AT COST:
Balance beginning of period(4,906)(4,108)
Purchase of treasury shares(331)(200)
Share-based compensation plans1 — 
Balance end of period (5,236)(4,308)
TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD$15,291 $14,140 
The accompanying notes are an integral part of the consolidated financial statements.
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EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
(In millions of U.S. dollars)20262025
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$653 $210 
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable92 (155)
Decrease (increase) in funds held by reinsureds, net(65)(35)
Decrease (increase) in reinsurance recoverables(151)(248)
Decrease (increase) in income taxes66 35 
Decrease (increase) in prepaid reinsurance premiums105 71 
Increase (decrease) in reserve for losses and loss adjustment expenses553 1,343 
Increase (decrease) in unearned premiums(519)(152)
Increase (decrease) in amounts due to reinsurers26 19 
Increase (decrease) in losses in course of payment(10)29 
Change in equity adjustments in limited partnerships(153)(47)
Distribution of limited partnership income34 22 
Change in other assets and liabilities, net18 (131)
Non-cash compensation expense 18 6 
Amortization of bond premium (accrual of bond discount)(29)(46)
Net (gains) losses on investments10 7 
Net cash provided by (used in) operating activities649 928 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale1,151 1,085 
Proceeds from fixed maturities sold - available for sale519 127 
Proceeds from fixed maturities matured/called/repaid - held to maturity20 55 
Proceeds from fixed maturities sold - held to maturity— 10 
Proceeds from equity securities sold— 50 
Distributions from other invested assets50 132 
Cost of fixed maturities acquired - available for sale(2,455)(3,650)
Cost of fixed maturities acquired - held to maturity(51)(2)
Cost of other invested assets acquired(98)(103)
Net change in short-term investments765 1,804 
Net change in unsettled securities transactions10 (77)
Net cash provided by (used in) investing activities(88)(569)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense(20)(19)
Purchase of treasury shares(330)(200)
Dividends paid to shareholders(80)(85)
Cost of shares withheld on settlements of share-based compensation awards(23)(19)
Net cash provided by (used in) financing activities(454)(324)
EFFECT OF EXCHANGE RATE CHANGES ON CASH28 (18)
Net increase (decrease) in cash including balances classified as held-for-sale134 17 
Net increase (decrease) in cash balances classified as held-for-sale (1)
(38)— 
Cash, beginning of period1,318 1,549 
Cash, end of period$1,415 $1,567 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)$12 $1 
Interest paid 35 16 
NON-CASH TRANSACTIONS:
Non-cash limited partnership distribution$— $8 
Non-cash restructure of fixed maturity securities - available for sale and other invested assets— 34 
Non-cash restructure of fixed maturity securities - available for sale and equity securities6 — 
The accompanying notes are an integral part of the consolidated financial statements.
(1) See Note 6 for details of the assets and liabilities classified as “held-for-sale” as of March 31, 2026.
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NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
For the Three Months Ended March 31, 2026 and 2025
1.GENERAL
Everest Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” and “Everest” mean Group and its subsidiaries.
Unless noted otherwise, all tabular dollar amounts are in millions of United States (“U.S.”) dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.
Recent Developments
On March 22, 2026, the Company entered into a definitive agreement to sell its Canadian Commercial Retail Insurance Operations, Everest Insurance Company of Canada (“Everest Canada”) to The Wawanesa Mutual Insurance Company (“Wawanesa”). The transaction is anticipated to close in the second half of 2026. See Note 6 of the Notes to these Consolidated Financial Statements for more information.
Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business to American International Group, Inc. (“AIG”). This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed. See Note 7 of the Notes to the Consolidated Financial Statements for more information.
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., European Union (“E.U.”) and Asia Pacific to AIG. See Note 6 of the Notes to the 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. (“State National Reinsurer”) and MS Transverse Insurance Company (“MS Transverse Reinsurer”). See Note 5 of the Notes to the Consolidated Financial Statements for more information.
2.BASIS OF PRESENTATION
The unaudited consolidated financial statements of the Company as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2025 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2025, 2024 and 2023, included in the Company’s most recent Form 10-K filing.
The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.
All intercompany accounts and transactions have been eliminated.
Adoption of New Accounting Standards
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The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2026.
Future Adoption of Recently Issued Accounting Standards
The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2026 by the Financial Accounting Standards Board (“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 2026. 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. In November 2024, the FASB issued Accounting Standard Update No. 2024-03, which requires additional disclosure about specific expense categories included in the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
3.INVESTMENTS
As of March 31, 2026, we held $132 million and $15 million of fixed maturity securities - available for sale and short-term investments, respectively, for our Canadian Commercial Retail Insurance operations, reported as assets held-for-sale within Other assets. This compares to $139 million and $12 million of fixed maturity securities - available for sale and short-term investments, respectively, at December 31, 2025, which was included in total investments and cash. Refer to Note 6 of the Notes to the Consolidated Financial Statements for additional information.
The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:
At March 31, 2026
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - available for sale
  U.S. Treasury securities and obligations of
  U.S. government agencies and corporations$888 $— $2 $(17)874 
Obligations of U.S. states and political subdivisions45 — — (5)40 
Corporate securities9,987 (39)110 (215)9,843 
Asset-backed securities4,949 (14)5 (43)4,898 
Mortgage-backed securities
Agency commercial403 — 7 (2)408 
Non-agency commercial1,249 — 2 (36)1,215 
Agency residential5,429 — 53 (174)5,309 
Non-agency residential1,772 — 17 (6)1,783 
Foreign government securities2,375 — 21 (85)2,311 
Foreign corporate securities8,040 — 132 (201)7,970 
Total fixed maturity securities - available for sale$35,137 $(53)$352 $(784)$34,651 
(Some amounts may not reconcile due to rounding.)
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At December 31, 2025
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - available for sale
 U.S. Treasury securities and obligations of
 U.S. government agencies and corporations$845 $— $4 $(19)$830 
Obligations of U.S. states and political subdivisions45 — — (4)41 
Corporate securities9,913 (54)206 (183)9,882 
Asset-backed securities5,094 (14)14 (17)5,077 
Mortgage-backed securities
Agency commercial404 — 9 (2)412 
Non-agency commercial1,151 — 4 (33)1,121 
Agency residential5,544 — 82 (161)5,465 
Non-agency residential1,689 — 32 (1)1,721 
Foreign government securities2,400 — 36 (64)2,371 
Foreign corporate securities7,535 — 253 (135)7,653 
Total fixed maturity securities - available for sale$34,620 $(68)$640 $(619)$34,573 
(Some amounts may not reconcile due to rounding.)
The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:
At March 31, 2026
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - held to maturity
Corporate securities$181 $(2)$4 $(2)$180 
Asset-backed securities340 (5)5 (7)333 
Mortgage-backed securities
Non-agency commercial— — — — — 
Foreign corporate securities83 (1)6 — 88 
Total fixed maturity securities - held to maturity$604 (8)$14 $(9)$601 
(Some amounts may not reconcile due to rounding.)
At December 31, 2025
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - held to maturity
Corporate securities$166 $(2)$7 $(1)$169 
Asset-backed securities328 (3)5 (8)322 
Mortgage-backed securities
Commercial— — — — — 
Foreign corporate securities79 (1)6 — 84 
Total fixed maturity securities - held to maturity$573 $(6)$18 $(9)$576 
(Some amounts may not reconcile due to rounding.)
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The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
At March 31, 2026At December 31, 2025
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Fixed maturity securities – available for sale
Due in one year or less$1,425 $1,389 $1,440 $1,405 
Due after one year through five years11,228 11,138 10,746 10,819 
Due after five years through ten years7,065 6,973 6,722 6,781 
Due after ten years1,617 1,539 1,830 1,772 
Asset-backed securities4,949 4,898 5,094 5,077 
Mortgage-backed securities
Agency commercial403 408 404 412 
Non-agency commercial1,249 1,215 1,151 1,121 
Agency residential5,429 5,309 5,544 5,465 
Non-agency residential1,772 1,783 1,689 1,721 
Total fixed maturity securities - available for sale$35,137 $34,651 $34,620 $34,573 
(Some amounts may not reconcile due to rounding.)
The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
At March 31, 2026At December 31, 2025
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Fixed maturity securities – held to maturity
Due in one year or less$32 $32 $25 $25 
Due after one year through five years86 86 68 69 
Due after five years through ten years42 43 4 4 
Due after ten years105 107 148 155 
Asset-backed securities340 333 328 322 
Mortgage-backed securities
Non-agency commercial— — — — 
Total fixed maturity securities - held to maturity$604 $601 $573 $576 
(Some amounts may not reconcile due to rounding.)
The changes in net URA(D) for the Company’s investments are as follows:
Three Months Ended
March 31,
(Dollars in millions)20262025
Increase (decrease) during the period between the fair value and cost of
investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities - available for sale, held to maturity and short-term investments$(453)$347 
Equity method investments— — 
Change in URA(D), pre-tax(453)347 
Deferred tax benefit (expense)78 (59)
Change in URA(D), net of deferred taxes, included in shareholders’ equity$(374)$289 
(Some amounts may not reconcile due to rounding.)
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The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:
Duration of Unrealized Loss at March 31, 2026 by Security Type
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations$449 $(4)$280 $(13)$729 $(17)
Obligations of U.S. states and political subdivisions2 — 33 (5)34 (5)
Corporate securities2,784 (58)1,949 (156)4,733 (214)
Asset-backed securities1,970 (28)426 (15)2,396 (43)
Mortgage-backed securities
Agency commercial86 (1)16 (1)102 (2)
Non-agency commercial 480 (6)598 (30)1,078 (36)
Agency residential682 (7)1,704 (167)2,386 (174)
Non-agency residential541 (5)76 (1)617 (6)
Foreign government securities1,178 (34)460 (51)1,638 (85)
Foreign corporate securities2,769 (76)1,465 (125)4,234 (201)
Total$10,939 $(220)$7,007 $(563)$17,946 $(783)
Securities where an allowance for credit loss was recorded41 (1)— — 41 (1)
Total fixed maturity securities - available for sale$10,980 $(221)$7,007 $(563)$17,987 $(784)
(Some amounts may not reconcile due to rounding.)
Duration of Unrealized Loss at March 31, 2026 by Maturity
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
Due in one year or less$307 $(11)$523 $(12)$830 $(23)
Due in one year through five years3,627 (68)2,142 (162)5,768 (230)
Due in five years through ten years2,922 (78)815 (94)3,736 (172)
Due after ten years325 (15)707 (82)1,033 (97)
Asset-backed securities1,970 (28)426 (15)2,396 (43)
Mortgage-backed securities1,789 (19)2,394 (199)4,182 (218)
Total$10,939 $(220)$7,007 $(563)$17,946 $(783)
Securities where an allowance for credit loss was recorded41 (1)— — 41 (1)
Total fixed maturity securities - available for sale$10,980 $(221)$7,007 $(563)$17,987 $(784)
(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 March 31, 2026 were $18.0 billion and $784 million, respectively. The fair value of securities for the single issuer (the U.K. government), whose securities comprised the largest unrealized loss position at March 31, 2026, amounted to less than 1% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at March 31, 2026 comprised less than 2% of the Company’s fixed maturity securities available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $221 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities and asset-backed securities. Of these unrealized losses, $213 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $563 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
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foreign corporate securities, agency residential and non-agency commercial mortgage-backed securities and foreign government securities. Of these unrealized losses, $554 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of March 31, 2026, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.
The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:
Duration of Unrealized Loss at December 31, 2025 by Security Type
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations$244 $(5)$333 $(14)$577 $(19)
Obligations of U.S. states and political subdivisions2 — 33 (4)35 (4)
Corporate securities1,370 (31)1,990 (147)3,360 (179)
Asset-backed securities802 (5)429 (12)1,231 (17)
Mortgage-backed securities
Agency commercial43 (1)17 (1)60 (2)
Non-agency commercial288 (5)631 (29)919 (33)
Agency residential234 (3)1,755 (158)1,990 (161)
Non-agency residential81 — 87 — 168 (1)
Foreign government securities260 (4)854 (61)1,114 (64)
Foreign corporate securities847 (15)1,615 (120)2,463 (135)
Total$4,171 $(68)$7,745 $(547)$11,916 $(615)
Securities where an allowance for credit loss was recorded24 (2)14 (2)37 (4)
Total fixed maturity securities - available for sale$4,194 $(70)$7,759 $(549)$11,953 $(619)
(Some amounts may not reconcile due to rounding.)
Duration of Unrealized Loss at December 31, 2025 by Maturity
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
Due in one year or less$165 $(5)$675 $(18)$840 $(23)
Due in one year through five years1,475 (33)2,411 (156)3,887 (189)
Due in five years through ten years859 (14)987 (99)1,846 (112)
Due after ten years223 (3)752 (74)975 (77)
Asset-backed securities802 (5)429 (12)1,231 (17)
Mortgage-backed securities646 (8)2,490 (188)3,137 (196)
Total$4,171 $(68)$7,745 $(547)$11,916 $(615)
Securities where an allowance for credit loss was recorded24 (2)14 (2)37 (4)
Total fixed maturity securities - available for sale$4,194 $(70)$7,759 $(549)$11,953 $(619)
(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, 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
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December 31, 2025, amounted to less than 1.7% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.2% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $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. Of these 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. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.
The components of net investment income are presented in the table below for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20262025
Fixed maturities$393 $386 
Equity securities2 1 
Short-term investments and cash26 48 
Other invested assets
Limited partnerships119 25 
Other 37 30 
Gross investment income before adjustments 577 490 
Funds held interest income (expense)4 12 
Future policy benefit reserve income (expense)— — 
Gross investment income 581 502 
Investment expenses 13 11 
Net investment income$567 $491 
(Some amounts may not reconcile due to rounding.)
The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“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 $2.3 billion in limited partnerships and private placement loan securities at March 31, 2026, which includes $1.3 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 2036.
In 2022, the Company entered into corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.9 billion and $1.9 billion as of March 31, 2026 and December 31, 2025, respectively.
Variable Interest Entities
The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs, primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling
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financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements. As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 is limited to the total carrying value of $4.0 billion and $3.9 billion, respectively, which are included in general and limited partnerships.
As of March 31, 2026, the Company has outstanding commitments totaling $1.3 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.
In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations, and are classified as fixed maturities, available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, credit subordination that reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.
The components of net gains (losses) on investments are presented in the table below for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20262025
Credit allowance on fixed maturity securities13 (1)
Gains (losses) from fair value adjustment on public equities$(7)$(2)
Net realized gains (losses) from dispositions:
Fixed maturities(16)(4)
Equity securities— — 
Other Invested Assets— — 
Short-term investments— — 
Total net realized gains (losses) from dispositions(16)(5)
Total net gains (losses) on investments(10)(7)
(Some amounts may not reconcile due to rounding.)
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The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
Three Months Ended March 31, 2026
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Total
Beginning balance$(54)$(14)$(68)
Credit losses on securities where credit
losses were not previously recorded(1)— (1)
Increases in allowance on previously
impaired securities(6)— (6)
Decreases in allowance on previously
impaired securities— — — 
Reduction in allowance due to disposals22 — 22 
Balance, end of period$(39)$(14)$(53)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
Three Months Ended March 31, 2025
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Total
Beginning balance$(35)$— $(36)
Credit losses on securities where credit
losses were not previously recorded(1)— (1)
Increases in allowance on previously
impaired securities— — — 
Decreases in allowance on previously
impaired securities— — — 
Reduction in allowance due to disposals— — — 
Balance, end of period$(36)$— $(37)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
Three Months Ended March 31, 2026
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
Beginning balance$(2)$(3)$(1)$(6)
Credit losses on securities where credit
losses were not previously recorded— (2)— (2)
Increases in allowance on previously
impaired securities— — — — 
Decreases in allowance on previously
impaired securities— — — — 
Reduction in allowance due to disposals— — — — 
Balance, end of period$(2)$(5)$(1)$(8)
(Some amounts may not reconcile due to rounding.)
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Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
Three Months Ended March 31, 2025
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
Beginning balance$(2)$(4)$(1)(8)
Credit losses on securities where credit
losses were not previously recorded— — — — 
Increases in allowance on previously
impaired securities— — — — 
Decreases in allowance on previously
impaired securities— — — — 
Reduction in allowance due to disposals— — — — 
Balance, end of period(2)(4)$(1)$(8)
(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, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20262025
Proceeds from sales of fixed maturity securities - available for sale$519 $127 
Gross gains from sales14 5 
Gross losses from sales(30)(9)
Proceeds from sales of fixed maturity securities - held to maturity$— $10 
Gross gains from sales— — 
Gross losses from sales— (1)
Proceeds from sales of equity securities$— $50 
Gross gains from sales— — 
Gross losses from sales— — 
(Some amounts may not reconcile due to rounding.)
In 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. There were no sales of fixed maturity securities - held to maturity for the three months ended March 31, 2026.
4.FAIR VALUE
GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. 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.
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The levels in the hierarchy are defined as follows:
Level 1:
Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
Level 2:
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;
Level 3:
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information. When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.
The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.
At March 31, 2026 and December 31, 2025, $2.6 billion and $2.5 billion, respectively, of fixed maturities were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third-party valuations.
Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources.
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 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, 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. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. 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. dollars using currency exchange rates from nationally recognized sources.
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The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:
•U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;
•Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;
•Corporate securities are primarily comprised of U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;
•Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;
•Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and
•Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.
Excluded from our fair value hierarchy disclosures as of March 31, 2026 are $132 million of fixed maturity - available for sale securities that have been reclassified to assets held-for-sale reported within other assets at March 31, 2026, representing invested assets related to our Canadian Commercial Retail Insurance operations. Additionally, as of March 31, 2026, $15 million of short term investments related to our Canadian Commercial Retail Insurance operations have been reclassified to assets held-for-sale reported within other assets; short-term investments are stated at cost, which approximates fair value. See Note 6 of the Notes to the Consolidated Financial Statements for more information.

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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
March 31, 2026Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(Dollars in millions)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government
agencies and corporations$874 $— $874 $— 
Obligations of U.S. States and political subdivisions40 — 40 — 
Corporate securities9,843 — 9,479 364 
Asset-backed securities4,898 — 2,708 2,190 
Mortgage-backed securities
Agency commercial 408 — 408 — 
Non-agency commercial 1,215 — 1,215 — 
Agency residential5,309 — 5,309 — 
Non-agency residential1,783 — 1,783 — 
Foreign government securities2,311 — 2,311 — 
Foreign corporate securities7,970 — 7,957 14 
Total fixed maturities - available for sale34,651 — 32,084 2,568 
Equity securities, fair value177 89 89 — 
(Some amounts may not reconcile due to rounding.)
Fair Value Measurement Using
December 31, 2025Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(Dollars in millions)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government
agencies and corporations$830 $— $830 $— 
Obligations of U.S. States and political subdivisions41 — 41 — 
Corporate securities9,882 — 9,512 370 
Asset-backed securities5,077 — 2,987 2,091 
Mortgage-backed securities
Agency commercial412 — 412 — 
Non-agency commercial1,121 — 1,121 — 
Agency residential5,465 — 5,465 — 
Non-agency residential1,721 — 1,721 — 
Foreign government securities2,371 — 2,371 — 
Foreign corporate securities7,653 — 7,639 14 
Total fixed maturities - available for sale34,573 — 32,099 2,474 
Equity securities, fair value180 88 92 — 
(Some amounts may not reconcile due to rounding.)
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The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:
Total Fixed Maturities - Available for Sale
Three Months Ended March 31, 2026
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate		Total
Beginning balance of fixed maturities$370 $2,091 $14 $2,474 
Total gains or (losses) (realized/unrealized)
Included in earnings(2)— — (2)
Included in other comprehensive income (loss)2 (4)— (2)
Purchases, issuances and settlements(6)103 — 97 
Transfers in/(out) of Level 3 and reclassification of
securities in/(out) of investment categories— — — — 
Ending balance of fixed maturities$364 $2,190 $14 $2,568 
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at
the reporting date$(1)$— $— $(1)
(Some amounts may not reconcile due to rounding.)
Total Fixed Maturities - Available for Sale
Three Months Ended March 31, 2025
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate		Total
Beginning balance of fixed maturities$518 $1,657 $14 $2,189 
Total gains or (losses) (realized/unrealized)
Included in earnings— — — — 
Included in other comprehensive income (loss)(6)1 — (5)
Purchases, issuances and settlements(45)94 — 49 
Transfers in/(out) of Level 3 and reclassification of
securities in/(out) of investment categories— — — — 
Ending balance of fixed maturities$468 $1,752 $14 $2,234 
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at
the reporting date$— $— $— $— 
(Some amounts may not reconcile due to rounding.)
There were no transfers of assets in/(out) of Level 3 for the three months ended March 31, 2026 or the three months ended March 31, 2025.
Financial Instruments Disclosed, But Not Reported, at Fair Value
Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values and valuation hierarchy of fixed maturity securities – held to maturity, senior notes and long-term subordinated notes can be found within Notes 3, 9 and 10 of the Notes to the Consolidated Financial Statements, respectively. Short-term investments are stated at cost, which approximates fair value.
Exempt from Fair Value Disclosure Requirements
Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 3 of the Notes to the Consolidated Financial Statements for details of investments in COLI policies.
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In addition, $220 million and $233 million of investments within other invested assets on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively, are not included within the fair value hierarchy tables, as the assets are measured at NAV as a practical expedient to determine fair value.
5.RESERVE FOR LOSSES AND LAE
The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:
Three Months Ended
March 31,
20262025
(Dollars in millions)
Gross reserves beginning of period$34,312 $29,889 
Less reinsurance recoverables on unpaid losses(3,715)(2,915)
Net reserves beginning of period30,597 26,975 
Incurred related to:
Current year2,250 2,893 
Prior years(33)— 
Prior years, impact from retroactive reinsurance— — 
Total incurred losses and LAE2,217 2,893 
Paid related to:
Current year297 410 
Prior years1,268 1,346 
Total paid losses and LAE1,565 1,755 
Foreign exchange/translation adjustment(145)224 
Retroactive reinsurance adjustment— — 
Net reserves end of period31,104 28,337 
Plus reinsurance recoverables on unpaid losses (1)
3,545 3,175 
Gross reserves end of period$34,649 $31,512 
(1) This amount excludes the unpaid recoverable of the adverse development reinsurance agreements of $1.25 billion as of March 31, 2026.
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $2.3 billion and $2.9 billion for the three months ended March 31, 2026 and 2025, respectively. Current year incurred losses decreased overall due to a decrease of $239 million of current year attritional losses in 2026 compared to 2025, as well as a decrease of $404 million in 2026 current year catastrophe losses. 2025 current year attritional losses for the three months ended March 31, 2025 included approximately $83 million from the Washington D.C. aviation incident.
The net favorable development on prior year reserves of $33 million was primarily due to favorable prior year development on catastrophe losses of $70 million, driven by the release of reserves for well-seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves, partially offset by $37 million unfavorable development on prior year attritional losses primarily driven by development of Russia/Ukraine losses.
The current year catastrophe losses of $130 million for the three months ended March 31, 2026 related primarily to the 2026 Middle East Conflict ($58 million), the 2026 Winter Storm Fern ($27 million), the 2026 U.S. Winter Weather Events ($20 million), the 2026 Kristin Storms ($15 million) and the 2026 Nils Storms ($10 million). The $534 million of current year catastrophe losses for the three months ended March 31, 2025 related to the 2025 Southern California wildfires ($512 million) and the Myanmar earthquake ($22 million).
We are exposed to losses arising from unpredictable catastrophic events, including, but not limited to, weather-related and other natural catastrophes, as well as acts of terrorism, wars, pandemics, political instability and significant cyber or operational incidents, for which liabilities cannot be estimated using traditional reserving techniques. For example, we have exposure to losses due to the uncertainty regarding the current conflict in the Middle East.
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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 Reinsurer and (2) entered into an adverse development reinsurance agreement (the “MS Transverse Reinsurance Agreement”) with 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 Global Wholesale & Specialty and Legacy segments (“Subject Business”), subject to exclusions for certain liabilities, including among others those related to the Asbestos and Environmental (“A&E”) reserves included in the Legacy segment. At the time the Company entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.
Under the State National Reinsurance Agreement, the Company paid a reinsurance premium of $1.30 billion, including interest, to State National Reinsurer to assume $1.30 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 2025 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 March 31, 2026 and December 31, 2025, the Company had a deferred gain of $2 million and $3 million, respectively. 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 as of March 31, 2026 and December 31, 2025 were $1.25 billion and $1.25 billion, respectively. The aggregated unexpired limit for State National Reinsurer as of March 31, 2026 and December 31, 2025 was $598 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of March 31, 2026 and December 31, 2025 was $400 million.
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6.SALE OF COMMERCIAL RETAIL BUSINESS AND RENEWAL RIGHTS
Sale of Canadian Commercial Retail Insurance Operations
On March 22, 2026, Everest Underwriting Group (Ireland) Limited (“EUGIL”), an Irish direct subsidiary of the Company, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with The Wawanesa Mutual Insurance Company, a mutual insurance company existing under the Insurance Companies Act (Canada) (“Buyer”), pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Canada, a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing the Company’s Canadian Commercial Retail Insurance operations for C$410 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).
In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company (Canadian Branch), a Delaware reinsurance company and affiliate of EUGIL (“ERC - Canadian Branch”), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement. Upon execution of the loss portfolio transfer reinsurance agreement described in item (i), assets held-for-sale would be comprised of only investments and cash at the time of the transaction close.
The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions. For more details, see the Current Report on Form 8-K filed with the SEC on March 23, 2026 and the Purchase Agreement filed as Exhibit 32.2 hereto.
The following table presents the carrying amounts of assets and liabilities held-for-sale related to the pending sale of Everest Canada described above:
(Dollars in millions)March 31, 2026
Assets held-for-sale (1)
Fixed maturities - available for sale, at fair value$132 
Short-term investments15 
Cash38 
Total investments and cash185 
Accrued investment income1 
Income tax asset, net6 
Other assets19 
Total assets held-for-sale$212 
Liabilities held-for-sale (2)
Other liabilities1 
Total liabilities held-for-sale$1 
(1) Assets held-for-sale are included in other assets on the consolidated balance sheets and are defined as assets associated with pending business dispositions. The Company classifies a business as held-for-sale when the Company has entered into an agreement to sell the business and certain other specified criteria are met. The business classified as held-for-sale is recorded at the lower of carrying value or estimated fair value, less costs to sell. If the carrying value of the business exceeds its estimated fair value, less costs to sell, a loss is recognized when the criteria for the held-for-sale classification as described above are met. If the estimated fair value, less costs to sell, exceeds the carrying value of the business, the gain is recorded when the sale is completed.
(2) Liabilities held-for-sale are included in other liabilities on the consolidated balance sheets and are defined as liabilities associated with pending business dispositions. See description of assets held-for-sale above for further definition of the held-for-sale classification. The Company has implemented a prospective presentation and disclosure of assets and liabilities held-for-sale.
The pre-tax net income (loss) of our held-for-sale business was not significant for the three months ended March 31, 2026.
As of March 31, 2026, the Company reported held-for-sale assets and liabilities within the other assets and other liabilities captions on the consolidated balance sheets, respectively. Everest Canada operating results continue to be reported within the consolidated statements of operations and as part of the Legacy segment for the three months ended March 31, 2026. The Company has determined that the Purchase Agreement does not represent a strategic shift, and therefore, does not meet the requirements for discontinued operations.
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Sale of Certain Commercial Retail Insurance Renewal Rights
On October 26, 2025, the Company entered into a Master Transaction Agreement (the “ROW Master Transaction Agreement”) with AIG (the “Buyer”), pursuant to which the Company agreed to cause (i) Everest International Reinsurance, Ltd. - Australian Branch and Everest International Reinsurance, Ltd. - Singapore Branch, (ii) Everest Insurance (Ireland), dac - UK Branch and (iii) Everest National Insurance Company, Everest Indemnity Insurance Company, Everest Security Insurance Company, Everest Premier Insurance Company and Everest Denali Insurance Company, Everest International Assurance, Ltd. 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 Everest Insurance (Ireland), dac to sell to the Buyer, the renewal rights in respect of certain lines of commercial retail insurance business written by Everest Insurance (Ireland), dac in certain countries in the E.U., 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.
The final purchase price under the Master Transaction Agreements will be adjusted to equal 15% of the gross written premiums of the subject business for the year ended December 31, 2025, inclusive of agreed-upon year-end renewals as agreed between the Company and the Buyer.
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 costs and impairments of capitalized software in the amounts 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. For the quarter ended March 31, 2026, the Company recognized $81 million of net transaction expenses associated with the this agreement primarily relating to additional severance and retention expenses. These expenses were recorded in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025 and for the three months ended March 31, 2026.
7.SEGMENT REPORTING
Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business to AIG. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and
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positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.
Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively.
Our three 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 President and Chief Executive Officer (“CEO”) 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. These reportable segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.
The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following tables present segment underwriting results for the periods indicated:
Three Months Ended March 31, 2026
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal
Gross written premiums$2,674 $793 $135 $3,602 
Net written premiums2,405 692 89 3,186 
Premiums earned$2,456 $719 $399 $3,574 
Incurred losses and LAE1,448 453 316 2,217 
Commission and brokerage632 152 41 825 
Other underwriting expenses61 90 65 216 
Underwriting gain (loss)$315 $23 $(22)$316 
Net investment income567 
Net gains (losses) on investments(10)
Corporate expenses(38)
Interest, fee and bond issue cost amortization expense(36)
Other income (expense)(63)
Income (loss) before taxes$736 
(Some amounts may not reconcile due to rounding.)
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Three Months Ended March 31, 2025
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal
Gross written premiums$2,935 $770 $686 $4,391 
Net written premiums2,528 655 552 3,735 
Premiums earned$2,579 $732 $540 $3,852 
Incurred losses and LAE2,005 482 407 2,893 
Commission and brokerage637 143 44 824 
Other underwriting expenses60 76 103 238 
Underwriting gain (loss)$(122)$32 $(14)$(104)
Net investment income491 
Net gains (losses) on investments(7)
Corporate expenses(21)
Interest, fee and bond issue cost amortization expense(38)
Other income (expense)(73)
Income (loss) before taxes$248 
(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.
8.CREDIT FACILITIES
As of March 31, 2026, 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 that the uncommitted capacity will be available to us on a future date.
The terms and outstanding amounts for each facility are discussed below. See Note 11 of the Notes to the Consolidated Financial statements for collateral posted related to secured letters of credit.
Bermuda Re Wells Fargo Bilateral Letter of Credit Facility
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 March 31, 2026, 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:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility - secured tranche$175 $138 12/31/2026$175 $141 12/31/2026
Bermuda Re Wells Fargo Bank Bilateral LOC Facility - unsecured tranche175 152 12/31/2026$175 140 12/31/2026
— 2/20/2027
Total Bermuda Re Wells Fargo Bank Bilateral LOC Facility$350 $290 $350 $280 
(Some amounts may not reconcile due to rounding.)
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Bermuda Re Citibank Letter of Credit Facility
Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. (the “Bermuda Re Citibank Letter of Credit Facility”). The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 23, 2025, the agreement was amended to extend the availability of committed issuance for an additional two years.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Citibank LOC Facility - Committed$230 $— 12/16/2026$230 $— 1/21/2026
175 12/31/20264 2/28/2026
3 1/1/20272 3/1/2026
— 1/21/20271 3/15/2026
— 1/31/2027— 12/16/2026
4 2/28/2027191 12/31/2026
2 3/1/20271 8/15/2027
1 3/15/20273 9/23/2027
1 8/15/2027
3 9/23/2027
1 12/1/2027
— 12/16/2027
— 12/20/2027
2 12/31/2027
Bermuda Re Citibank LOC Facility - Uncommitted140 63 12/31/2026140 1 12/1/2026
7 3/30/2030— 12/20/2026
42 12/31/2026
7 12/30/2029
Total Bermuda Re Citibank LOC Facility$370 $262 $370 $253 
(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 (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.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed$200 $130 12/31/2026$200 $123 12/31/2026
(Some amounts may not reconcile due to rounding.)
Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility
Effective December 30, 2022, Bermuda Re entered into 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
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Guarantor. Effective December 20, 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:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed$150 $150 12/31/2026$150 $150 12/31/2026
(Some amounts may not reconcile due to rounding.)
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 Everest Insurance (Ireland), dac as an account party with access to a $15 million sub-limit for the issuance of letters of credit (the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”). This facility 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:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Lloyd's Bank Credit Facility - Committed$250 $65 10/22/2026$250 $67 10/22/2026
61 12/18/202661 12/18/2026
105 12/31/2026107 12/31/2026
Total Bermuda Re Lloyd's Bank LOC Facility$250 $231 $250 $235 
(Some amounts may not reconcile due to rounding.)
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:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility$200 $13 11/14/2026$200 $13 11/14/2026
5 12/31/20265 12/31/2026
Total Bermuda Re Barclays Bilateral Letter of Credit Facility$200 $17 $200 $17 
(Some amounts may not reconcile due to rounding.)
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 (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.
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The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Nordea Bank Letter of Credit Facility - Committed$200 $200 12/31/2026$200 $200 12/31/2026
Nordea Bank Letter of Credit Facility - Uncommitted100 100 12/31/2026100 100 12/31/2026
Total Nordea Bank ABP, NY LOC Facility$300 $300 $300 $300 
(Some amounts may not reconcile due to rounding.)
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility
Effective October 30, 2024, Everest International Reinsurance, Ltd. (“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:
(Pounds in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Funds at Lloyds Syndicated Letter of Credit Facility£150 £143 11/1/2029£150 £143 11/1/2029
(Some amounts may not reconcile due to rounding.)
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility
Effective December 30, 2024, Everest Reinsurance Company (Ireland), dac (“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 and Euros in millions)At March 31, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Commerzbank Letter of Credit Facility€75 €51 1/30/2027€75 €51 1/30/2027
$21 12/31/202622 12/31/2026
$— 1/30/2027— 12/26/2026
Total Commerzbank Letter of Credit Facility€75 €72 €75 €72 
Some amounts may not reconcile due to rounding.)
Federal Home Loan Bank Membership
Everest Reinsurance Company (“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 March 31, 2026, Everest Re had statutory admitted assets of approximately $32.2 billion which provides borrowing capacity of up to approximately $3.2 billion. As of March 31, 2026, Everest Re has $1.0 billion of borrowings outstanding, which begin to expire in 2026. Everest Re incurred interest expense of $10 million and $12 million for the three months ended March 31, 2026 and 2025, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership requires that members must have sufficient qualifying collateral pledged. As of March 31, 2026, Everest Re had $1.4 billion of collateral pledged.
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9.SENIOR NOTES
The table below displays Everest Reinsurance Holdings, Inc.’s (“Holdings”) outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.
March 31, 2026December 31, 2025
(Dollars in millions)Date IssuedDate DuePrincipal
Amounts		Consolidated Balance
Sheet Amount		Fair ValueConsolidated Balance
Sheet Amount		Fair Value
4.868% Senior notes
6/5/20146/1/2044$400 $398 $339 $398 $355 
3.5% Senior notes
10/7/202010/15/20501,000 982 664 982 698 
3.125% Senior notes
10/4/202110/15/20521,000 972 605 972 636 
$2,400 $2,352 $1,609 $2,352 $1,689 
(Some amounts may not reconcile due to rounding.)
Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)Interest PaidPayable Dates20262025
4.868% Senior notes
semi-annuallyJune 1/December 1$5 $5 
 3.5% Senior notes
semi-annuallyApril 15/October 159 9 
 3.125% Senior notes
semi-annuallyApril 15/October 158 8 
$22 $22 
(Some amounts may not reconcile due to rounding.)
10.LONG-TERM SUBORDINATED NOTES
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, the Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.
Maturity DateMarch 31, 2026December 31, 2025
(Dollars in millions)Date IssuedOriginal
Principal Amount		ScheduledFinalConsolidated Balance
Sheet Amount		Fair ValueConsolidated Balance
Sheet Amount		Fair Value
Subordinated Notes Issued 20074/26/2007$400 5/15/20375/1/2067$218 $206 $218 $208 
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 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 February 17, 2026 to May 5, 2026 is 6.30%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest are based on the 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus a spread.
Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of the Senior Note holders and it mandates that Holdings receive net proceeds from the issuance of other qualifying securities, of at least similar ranking and duration, to be used to repay the Subordinated Notes Issued 2007.
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Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20262025
Interest expense incurred$3 $4 
11. COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS
The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:
At March 31,At December 31,
(Dollars in millions)
2026 (1)
2025
Collateral in trust for non-affiliated agreements$3,347 $3,363 
Collateral for secured letter of credit facilities662 739 
Collateral for FHLB borrowings1,357 1,418 
Securities on deposit with or regulated by government authorities1,398 1,417 
Funds at Lloyd's256 260 
Funds held by reinsureds1,395 1,326 
Total restricted assets8,414 8,522 
(1) As applicable, restricted assets summarized in the table above include assets classified as held-for-sale, which are reported within Other assets on the consolidated balance sheets as of March 31, 2026. See Note 6 of the Notes to these consolidated financial statements.
Restricted cash is included in cash on the consolidated balance sheets. At March 31, 2026 and December 31, 2025, the Company had restricted cash of $122 million and $122 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements and secured letter of credit facilities. See Note 6 of the Notes to the Consolidated Financial Statements for details of assets held-for-sale.
The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt. Logan Re, Ltd. (“Mt. Logan Re”). Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.
The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.
Three Months Ended
March 31,
Mt. Logan Re Segregated Accounts20262025
(Dollars in millions)
Ceded written premiums$118 $170 
Ceded earned premiums118 125 
Ceded losses and LAE30 121 
Assumed written premiums1 3 
Assumed earned premiums1 3 
Assumed losses and LAE— — 
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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. The table below summarizes the various agreements.
(Dollars in millions)
ClassDescriptionEffective DateExpiration DateLimitCoverage Basis
Series 2021-1 Class A-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/2026150 Occurrence
Series 2021-1 Class B-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/202690 Aggregate
Series 2021-1 Class C-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/202690 Aggregate
Series 2024-1 Class AUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/27/20246/30/202875 Occurrence
Series 2024-1 Class BUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/27/20246/30/2028125 Occurrence
Series 2025-1 Class A-1US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/9/2029105 Aggregate
Series 2025-2 Class A-2US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/8/2030105 Aggregate
Series 2025-1 Class B-1US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/9/2029120 Aggregate
Series 2025-2 Class B-2US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/8/2030120 Aggregate
Series 2025-1 Class C-1US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/9/2029170 Occurrence
Series 2025-2 Class C-2US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/8/2030170 Occurrence
Series 2025-1 Class D-1US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/9/2029105 Occurrence
Series 2025-2 Class D-2US, Canada, Puerto Rico – Named Storm and Earthquake Events6/26/20257/8/2030105 Occurrence
Total available limit as of March 31, 2026$1,530 
Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry-level insured losses from covered events, as well as the geographic location of the events. The estimated industry-level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.
Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.
12.COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and 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.
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13.OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:
Three Months Ended March 31, 2026
(Dollars in millions)Before TaxTax EffectNet of Tax
URA(D) of securities (1)
$(456)$81 $(375)
Reclassification of net realized losses (gains) included
 in net income (loss) (1)
3 (2)1 
Foreign currency translation and other adjustments(45)10 (35)
Reclassification of benefit plan liability amortization included
 in net income (loss)— — — 
Total other comprehensive income (loss)$(499)$88 $(410)
(Some amounts may not reconcile due to rounding)
(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.
Three Months Ended March 31, 2025
(Dollars in millions)Before TaxTax EffectNet of Tax
URA(D) of securities$342 $(58)$284 
Reclassification of net realized losses (gains) included
in net income (loss)5 (1)4 
Foreign currency translation and other adjustments 67 (3)64 
Reclassification of benefit plan liability amortization included
in net income (loss)— — — 
Total other comprehensive income (loss)$414 $(62)$352 
(Some amounts may not reconcile due to rounding)
The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:
(Dollars in millions)Three Months Ended
March 31,		Affected line item within the statements of operations and comprehensive income (loss)
AOCI component20262025
URA(D) of securities (1)
$3 $5 Net gains (losses) on investments
(2)(1)Income tax expense (benefit)
$1 $4 Net income (loss)
Benefit plan net gain (loss)$— $— Other underwriting expenses
— — Income tax expense (benefit)
$— $— Net income (loss)
(Some amounts may not reconcile due to rounding)
(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.
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The following table presents the components of AOCI, net of tax, in the consolidated balance sheets for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20262025
Beginning balance of URA(D) of securities (1)
$23 $(831)
Current period change in URA(D) of securities(374)289 
Ending balance of URA(D) of securities(351)(543)
Beginning balance of foreign currency translation and other adjustments (81)(323)
Current period change in foreign currency translation and other adjustments(35)64 
Ending balance of foreign currency translation and other adjustments (116)(259)
Beginning balance of benefit plan net gain (loss)6 16 
Current period change in benefit plan net gain (loss)— — 
Ending balance of benefit plan net gain (loss)6 16 
Ending balance of accumulated other comprehensive income (loss)$(462)$(786)
(Some amounts may not reconcile due to rounding.)
(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.
14.SHARE-BASED COMPENSATION PLANS
For the three months ended March 31, 2026, a total of 223,910 restricted stock awards were granted as follows: 223,910 restricted stock awards were granted on February 26, 2026. The fair value per share of each restricted stock award was $338.69. Additionally, 47,312 performance share unit awards were granted on February 26, 2026, with a fair value of $338.69 per unit.
For the three months ended March 31, 2025, a total of 238,728 restricted stock awards were granted: 230,334, 7,488 and 906 of restricted stock awards were granted on February 26, 2025, February 27, 2025 and March 6, 2025, respectively. The fair value per share of each restricted stock award was $344.48, $347.23 and $359.28, respectively. Additionally, 27,204 performance share unit awards were granted on February 26, 2025, with a fair value of $344.48 per unit.
Employee Stock Purchase Plan
In August 2025, following shareholder approval, the Company implemented an Employee Stock Purchase Plan (“ESPP”), authorizing the issuance of up to 500,000 shares under such plan. The shares issued under the ESPP were previously repurchased by Everest Group, Ltd. and are held as Treasury Shares. 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. For the three months ended March 31, 2026, 11,703 shares were purchased by employees and issued from the Company’s treasury stock. For the three months ended March 31, 2026, the Company received $3 million in cash from sales under this plan.
15.EARNINGS PER COMMON SHARE
Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.
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Net income (loss) per common share has been computed as shown below, based upon weighted average common basic and dilutive shares outstanding.
(Dollars in millions, except per share amounts)Three Months Ended
March 31,
20262025
Net income (loss) per share:
Numerator
Net income (loss) $653$210
Less: dividends declared - common shares and unvested common shares(80)(85)
Undistributed earnings573125
Percentage allocated to common shareholders (1)
98.7%98.9%
566123
Add: dividends declared - common shareholders7984
Numerator for basic and diluted earnings per common share$645$208
Denominator
Denominator for basic earnings per weighted-average common shares39.842.3
Effect of dilutive securities:
ESPP Offering——
Denominator for diluted earnings per adjusted weighted-average common shares39.842.3
Per common share net income (loss)
Basic$16.21$4.90
Diluted$16.21$4.90
(1) Basic weighted - average common shares outstanding
39.842.3
Basic weighted - average common shares outstanding and unvested common shares expected to vest40.342.8
Percentage allocated to common shareholders98.7%98.9%
(Some amounts may not reconcile due to rounding.)
The ESPP Offering has a weighted average dilutive effect of 1,804 shares for the three months ended March 31, 2026, based upon the outstanding rights to purchase shares through the ESPP offering purchase date of March 31, 2026.
16.INCOME TAXES
On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment”, 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 Organisation for Economic Co-operation and Development (“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 subsidiaries is subject to the applicable federal, foreign, state, and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. 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. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity. Additionally, the first quarter 2026 income tax expense includes a one-time tax benefit of approximately $40 million resulting from a change in the U.K. tax law effective March 20, 2026, following the OECD’s January 2025 guidance on “covered taxes”.
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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. The adoption did not have an impact on our results of operations, financial condition, or cash flows.
On July 4, 2025, The One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of The One Big Beautiful Bill.
17.SUBSEQUENT EVENTS
The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview.
Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.
As a global leader with a 50-year track record, we are a preferred Reinsurance partner in the markets we serve, and with our growing Global Wholesale & Specialty insurance franchise we strive to deliver consistent value to all our stakeholders.
Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in certain geographic regions to AIG. This reflects our sharpened focus on our core global Reinsurance Treaty business as well as the Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed.
Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.
The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three months ended March 31, 2026. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s most recent Form 10-K filing.
All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.
Recent Developments.
Sale of Canadian Commercial Retail Insurance Operations
On March 22, 2026, EUGIL, an Irish direct subsidiary of the Company, entered into a Purchase Agreement with the Buyer, pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Canada, a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing the Company’s Canadian Commercial Retail Insurance operations for C$410 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).
In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company (Canadian Branch), a Delaware reinsurance company and affiliate of EUGIL (“ERC - Canadian Branch”), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to the insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement. As a result of the loss
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portfolio transfer reinsurance agreement described in item (i), assets held-for-sale will be comprised of only investments and cash at the time of the transaction close.
The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions. For more details, see the Current Report on Form 8-K filed with the SEC on March 23, 2026 and the Purchase Agreement attached hereto as Exhibit 10.4.
As of March 31, 2026, Everest Canada assets and liabilities are presented as held-for sale within Other assets and Other liabilities on the Company’s consolidated balance sheet. Refer to Note 6 of the Notes to the Consolidated Financial Statements for additional information.
Adverse Development Cover Reinsurance Agreements
Effective October 1, 2025, the Company, through its subsidiaries Everest Re and Bermuda Re (the “Ceding Companies”), entered into adverse development reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company (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 from substantially all of the Ceding Companies’ North American liabilities within the Insurance and Legacy segments (“Subject Business”) up to a gross limit of $1.2 billion. Certain liabilities are excluded from the subject business, including among others those related to the Asbestos and Environmental (“A&E”) reserves included in the Legacy segment. At the time the Company entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.
The adverse development cover (“ADC”) is composed of three layers. The first layer is an “in the money” layer whereby the ADC attachment point was $1,250 billion below the Company’s North American Insurance and Legacy segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million in excess of the $5.4 billion. The Company transferred $1,250 million of in-the-money reserves in consideration for the first two layers upon closing of the transaction. The third layer is $500 million, for which the Company paid approximately $122 million of consideration upon closing of the transaction. The Company has a co-participation of $100 million in each of the second and third layers. For more details, see Form 8-K filed with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference in Exhibits 10.57 and 10.58 to the Company’s Annual Report on Form 10-K. The total covered losses ceded to State National Reinsurer as of March 31, 2026 and December 31, 2025 were $1.25 billion and $1.25 billion, respectively. The aggregated unexpired limit for State National Reinsurer as of March 31, 2026 and December 31, 2025 was $598 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of March 31, 2026 and December 31, 2025 was $400 million.
Sale of Certain Commercial Retail Insurance Renewal Rights
On October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million. AIG paid the Company $30 million for originating and structuring the transaction. In addition, on October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of the commercial retail insurance business written by the Company in certain countries in the E.U., for an aggregate purchase price of $49 million. The final purchase price under the Master Transaction Agreements will be adjusted to equal 15% of the gross written premiums of the subject business for the year ended December 31, 2025, inclusive of agreed-upon year-end renewals as agreed between the Company and the Buyer.
Under the agreements, AIG agreed to pay the Company a total of $10 million per month for nine months starting January 1, 2026 for specified transition services. For more details, see the Current Report on Form 8-K filed with the SEC on October 28, 2025 and the Master Transaction Agreements incorporated by reference in Exhibits 10.59 and 10.60 to the Company’s Annual Report on Form 10-K.


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Financial Summary.
We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:
Three Months Ended
March 31,		Percentage
Increase/
(Decrease)
(Dollars in millions)20262025
Gross written premiums$3,602 $4,391 (18.0)%
Net written premiums3,186 3,735 (14.7)%
REVENUES:
Premiums earned$3,574 $3,852 (7.2)%
Net investment income567 491 15.5 %
Net gains (losses) on investments(10)(7)40.9 %
Other income (expense)(63)(73)(13.1)%
Total revenues4,068 4,263 (4.6)%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses2,217 2,893 (23.4)%
Commission, brokerage, taxes and fees825 824 0.1 %
Other underwriting expenses216 238 (9.4)%
Corporate expenses38 21 82.3 %
Interest, fees and bond issue cost amortization expense36 38 (5.7)%
Total claims and expenses3,332 4,015 (17.0)%
INCOME (LOSS) BEFORE TAXES736 248 NM
Income tax expense (benefit)83 39 NM
NET INCOME (LOSS)$653 $210 NM
RATIOS:Point
Change
Loss ratio62.0 %75.1 %(13.1)
Commission and brokerage ratio23.1 %21.4 %1.7 
Other underwriting expense ratio6.0 %6.2 %(0.1)
Combined ratio91.2 %102.7 %(11.6)
At
March 31,		At
December 31,		Percentage
Increase/
(Decrease)
(Dollars in millions, except per share amounts)20262025
Balance sheet data (1):
Total investments and cash$45,020 $45,429 (0.9)%
Total assets62,342 62,514 (0.3)%
Reserve for losses and loss adjustment expenses34,649 34,312 1.0 %
Total debt3,589 3,589 — %
Total liabilities47,051 47,054 — %
Shareholders' equity15,291 15,461 (1.1)%
Book value per share383.75 379.83 1.0 %
(NM, not meaningful)
(Some amounts may not reconcile due to rounding.)
(1) Certain assets and liabilities related to the sale of our Canadian Commercial Retail Insurance Operations are classified as assets and liabilities held-for-sale beginning in first quarter 2026 within Other Assets and Other Liabilities. Refer to Recent Developments and Note 6 of the Notes to the Consolidated Financial Statements for additional information.
Revenues.
Premiums. Gross written premiums decreased by 18.0% to $3.6 billion for the three months ended March 31, 2026, compared to $4.4 billion for the three months ended March 31, 2025, reflecting a $551 million, or 80.3% decrease in our Legacy business and a $261 million, or 8.9%, decrease in our Reinsurance Treaty business, partially offset by a $22 million,
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or 2.9% increase in our Global Wholesale & Specialty business. The decrease in Legacy premiums was primarily driven by the non-renewal of retail business globally as well as remaining lines of business that have been previously discontinued.
The increase in Global Wholesale & Specialty premiums was primarily driven by specialty and professional liability businesses within North America and Accident and Health lines of business globally, partially offset by decreases in property/short tail, workers’ compensation and specialty casualty businesses. The decrease in Reinsurance Treaty premiums was primarily driven by portfolio actions to reduce casualty pro rata business, lower reinstatement premium and declining property rates in the second half of the prior year.
Net written premiums decreased by 14.7% to $3.2 billion for the three months ended March 31, 2026, compared to $3.7 billion for the three months ended March 31, 2025, which is consistent with the change in gross written premiums as well as the impact of seasonality of Mt. Logan premium cessions on the Reinsurance Treaty segment.
Premiums earned decreased by 7.2% to $3.6 billion during the three months ended March 31, 2026, compared to $3.9 billion during the three months ended March 31, 2025. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in 2025 is being earned through the 2026 period; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.
Other Income (Expense). We recorded other expense of $63 million and other expense of $73 million for the three months ended March 31, 2026 and 2025, respectively. The change was primarily due to transaction expenses incurred from the sale of renewal rights to the Company’s commercial retail insurance business in certain geographic regions, partially offset by the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling. We recognized foreign currency exchange income of $12 million for the three months ended March 31, 2026 and foreign currency exchange expense of $74 million for the three months ended March 31, 2025. The transaction related expenses are primarily comprised of severance and retention costs.
The following table shows the components of other income (expense) for the periods indicated:
Three Months Ended
(Dollars in millions)20262025
Mt. Logan cell income$1 $— 
Foreign currency exchange income (expense)12 (74)
Gain on pension plan settlement— (1)
Transaction-related expenses (81)— 
Other4 2 
Total other income (expense)$(63)$(73)
Net Investment Income. Refer to Consolidated Investments Results Section below.
Net Gains (Losses) on Investments. Refer to the Consolidated Investments Results Section below.
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Claims and Expenses.
Incurred Losses and Loss Adjustment Expenses (“LAE”). The following table presents our incurred losses and LAE for the periods indicated.
Three Months Ended March 31,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2026
Attritional$2,121 59.3 %$37 1.0 %$2,157 60.4 %
Catastrophes130 3.6 %(70)(2.0)%60 1.7 %
Total$2,250 63.0 %$(33)(0.9)%$2,217 62.0 %
2025
Attritional$2,359 61.3 %$— — %$2,359 61.3 %
Catastrophes534 13.9 %— — %534 13.9 %
Total$2,893 75.1 %$— — %$2,893 75.1 %
Variance 2026/2025
Attritional$(239)(1.9) pts$37 1.0  pts$(202)(0.9)  pts
Catastrophes(404)(10.2) pts(70)(2.0) pts(474)(12.2)  pts
Total$(643)(12.2) pts$(33)(0.9) pts$(676)(13.1)  pts
(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE decreased by 23.4% to $2.2 billion for the three months ended March 31, 2026, compared to $2.9 billion for the three months ended March 31, 2025, primarily due to a decrease of $404 million in current year catastrophe losses, a decrease of $239 million in current year attritional losses and favorable development on prior year catastrophe losses of $70 million, partially offset by an increase in unfavorable development on prior year attritional losses of $37 million.
The decrease in current year attritional losses was mainly related to the impact of improved selections within the facultative line of business in the Global Wholesale & Specialty segment, the effect of the Washington D.C. aviation accident loss recognized in first quarter 2025 in the Reinsurance Treaty segment and change in business mix for both the Global Wholesale & Specialty and Reinsurance Treaty segments. The unfavorable development on prior year attritional losses of $37 million was primarily driven by development of Russia/Ukraine losses.
The current year catastrophe losses of $130 million for the three months ended March 31, 2026 related primarily to the 2026 Middle East Conflict ($58 million), the 2026 Winterstorm Fern ($27 million), the 2026 U.S. Winter Weather Events ($20 million), and the 2026 Kristin/Nils Storms ($25 million). The $534 million of current year catastrophe losses for the three months ended March 31, 2025 related primarily to the 2025 Southern California wildfires ($512 million) and the Myanmar earthquake ($22 million). For the three months ended March 31, 2026, the favorable development on prior year catastrophe losses was mainly related to reserves released related to various well-seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business.
Catastrophe losses and loss expenses typically have a material effect on our incurred losses and LAE results and can vary significantly from period to period. Losses from natural and man-made catastrophes contributed 1.7 percentage points to the combined ratio for the three months ended March 31, 2026, compared with 13.9 percentage points for the three months ended March 31, 2025.
Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased slightly by 0.1% to $825 million for the three months ended March 31, 2026, compared to $824 million for the three months ended March 31, 2025. Commission, brokerage, taxes and fees remained relatively consistent period over period for Reinsurance Treaty business, and slightly increased in Global Wholesale & Specialty premiums driven by mix of business.
Other Underwriting Expenses. Other underwriting expenses decreased by 9.4% to $216 million for the three months ended March 31, 2026, compared to $238 million for the three months ended March 31, 2025. The decrease in other underwriting expenses was mainly due to the impact of the decrease in premiums earned as well as $30 million of
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transition services expense reimbursement from AIG related to the Sale of Certain Commercial Retail Insurance Renewal Rights.
Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $38 million and $21 million for the three months ended March 31, 2026 and 2025, respectively. The increase in 2026 compared to 2025 was primarily due to professional fees associated with certain corporate initiatives.
Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense was $36 million and $38 million for the three months ended March 31, 2026 and 2025, respectively. Interest expense was mainly impacted by the movement in the floating interest rate related to the Company’s long-term subordinated notes, which is reset quarterly per the note agreement, as well as variable interest rate costs on borrowings from FHLBNY.
Income Tax Expense (Benefit). Income tax expense was $83 million and $39 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates. The first quarter 2026 income tax expense includes a one-time tax benefit of approximately $40 million resulting from a change in the U.K. tax law effective March 20, 2026, following the OECD’s January 2025 guidance on “covered taxes”.
On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment”, 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” 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.
On January 20, 2025, President Trump issued a memorandum announcing that the OECD framework has “no force or effect in the United States” and disavowing any commitments previously made by the United States with respect to the framework. The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are “extraterritorial or disproportionately affect American companies.” The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States’ response to these rules could cause uncertainties to and increases in our income taxes.
On July 4, 2025, the One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of the One Big Beautiful Bill.
On January 5, 2026, the OECD released Administrative Guidance containing the side-by-side (SbS) package on the OECD’s global minimum tax. The SbS Administrative Guidance introduced, among other things, new safe harbors, including a SbS safe harbor for multi-national groups headquartered in certain eligible jurisdictions, now limited to the US. Qualification for this safe harbor would exempt companies from the OECD global minimum tax. We expect additional Administrative Guidance in the future providing implementation guidance on the SbS. Accordingly, the OECD’s global minimum tax could be subject to further changes that will continue to cause uncertainties related to income taxes payable by our company.
Net Income (Loss).
Our net income was $653 million and $210 million for the three months ended March 31, 2026 and 2025, respectively. The period over period increase in net income was primarily driven by the financial component fluctuations explained above.
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Ratios.
Our combined ratio decreased by 11.6 points to 91.2% for the three months ended March 31, 2026, compared to 102.7% for the three months ended March 31, 2025. The current year decrease is primarily due to lower current year catastrophe losses, favorable development on prior year catastrophe losses partially offset by unfavorable development on Russia/Ukraine losses, and a decrease in other underwriting expenses. For further details, please refer to the analysis of combined ratio components below.
The loss ratio component decreased by 13.1 points to 62.0% for the three months ended March 31, 2026, compared to 75.1% for the three months ended March 31, 2025 mainly due to a $404 million decrease in current year catastrophe losses, a $239 million decrease in current year attritional losses, and favorable development on prior catastrophe losses of $70 million noted above slightly offset by unfavorable development of $37 million primarily driven by Russia/Ukraine losses.
The commission and brokerage ratio components increased by 1.7 points to 23.1% for the three months ended March 31, 2026, compared to 21.4% for the three months ended March 31, 2025 primarily due to mix of business.
The other underwriting expense ratios decreased by 0.1 points to 6.0% for the three months ended March 31, 2026, compared to 6.2% for the three months ended March 31, 2025.
Shareholders’ Equity.
Shareholders’ equity decreased by $170 million to $15.3 billion at March 31, 2026 from $15.5 billion at December 31, 2025, principally as a result of $374 million of unrealized depreciation on available for sale fixed maturity portfolio net of tax, $331 million of treasury share purchases, $80 million of shareholder dividends and $35 million of net foreign currency translation adjustments, partially offset by $653 million of net income.
Consolidated Investment Results
Net Investment Income.
Net investment income increased by 15.5% to $567 million for the three months ended March 31, 2026, compared with net investment income of $491 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026 was primarily the result of an increase of $94 million in limited partnership income, an increase of $7 million in income from fixed maturity investments and an increase of $7 million in income from other alternative investments, partially offset by a decline of $22 million in income from short-term investments and cash. The limited partnership income primarily reflects changes in their reported net asset values. As such, until these asset values are monetized and the resultant income is distributed, they are subject to volatile results of future increases or decreases in the asset value.
The following table shows the components of net investment income for the periods indicated:
Three Months Ended
March 31,
(Dollars in millions)20262025
Fixed maturities$393 $386 
Equity securities2 1 
Short-term investments and cash26 48 
Other invested assets
Limited partnerships119 25 
Other 37 30 
Gross investment income before adjustments 577 490 
Funds held interest income (expense)4 12 
Future policy benefit reserve income (expense)— — 
Gross investment income 581 502 
Investment expenses 13 11 
Net investment income$567 $491 
(Some amounts may not reconcile due to rounding.)
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The following table shows a comparison of various investment yields for the periods indicated:
Three Months Ended
March 31,
20262025
Annualized pre-tax yield on average cash and invested assets5.0 %4.6 %
Annualized after-tax yield on average cash and invested assets4.1 %3.8 %
Annualized return on invested assets4.9 %4.5 %
Net Gains (Losses) on Investments.
The following table presents the composition of our net gains (losses) on investments for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)20262025Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains$14 $5 $9 
Losses(30)(9)(22)
Total(16)(3)(13)
Fixed maturity securities - held to maturity
Gains— — — 
Losses— (1)1 
Total— (1)1 
Equity securities
Gains— — — 
Losses— — — 
Total— — — 
Other Invested Assets
Gains— — — 
Losses— — — 
Total— — — 
Short-Term Investments
Gains— — — 
Losses— — — 
Total— — — 
Total net realized gains (losses) from dispositions
Gains14 5 9 
Losses(30)(10)(21)
Total(16)(5)(12)
Allowance for credit losses13 (1)14 
Gains (losses) from fair value adjustments
Equity securities(7)(2)(5)
Total(7)(2)(5)
Total net gains (losses) on investments$(10)$(7)$(3)
(Some amounts may not reconcile due to rounding.)
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Net gains (losses) on investments during the three months ended March 31, 2026 primarily relate to $16 million of losses due to the disposition of investments, $7 million of losses from fair value adjustments on equity securities and a decrease to the allowance for credit losses of $13 million. The $13 million net decrease in allowance for credit losses is primarily comprised of reductions in allowance of $22 million due to disposals of securities that were earmarked with a credit allowance, partially offset by impairments of approximately $9 million.
Segment Results.
Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Commercial Retail Insurance business in certain geographic regions to AIG. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.
The Company now has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty. Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. These segment presentation changes have been reflected retrospectively.
Our three reportable segments, Reinsurance Treaty, Global Wholesale & Specialty and Legacy, 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 President and 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.
The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following discusses the underwriting results for each of our segments for the periods indicated.
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Reinsurance Treaty.
The following table presents the underwriting results and ratios for the Reinsurance Treaty segment for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)20262025Variance% Change
Gross written premiums$2,674$2,935$(261)(8.9)%
Net written premiums2,4052,528(123)(4.9)%
Premiums earned$2,456$2,579$(123)(4.8)%
Incurred losses and LAE1,4482,005(556)(27.7)%
Commission and brokerage632637(5)(0.8)%
Other underwriting expenses61601 1.9 %
Underwriting gain (loss)$315$(122)$437 NM
Point Chg
Loss ratio59.0 %77.7 %(18.7)
Commission and brokerage ratio25.7 %24.7 %1.0 
Other underwriting expense ratio2.5 %2.3 %0.2 
Combined ratio87.2 %104.7 %(17.5)
(NM, Not Meaningful)
(Some amounts may not reconcile due to rounding.)
Premiums. Gross written premiums decreased by 8.9% to $2.7 billion for the three months ended March 31, 2026 from $2.9 billion for the three months ended March 31, 2025, primarily driven by portfolio actions on casualty pro rata business, lower reinstatement premium and declining property rates in the second half of the prior year and into the first quarter of 2026.
Net written premiums decreased by 4.9% to $2.4 billion for the three months ended March 31, 2026, compared to $2.5 billion for the three months ended March 31, 2025, which is consistent with the change in gross written premiums as well as impact of seasonality of Mt.Logan premium cessions.
Premiums earned decreased by 4.8% to $2.5 billion for the three months ended March 31, 2026, compared to $2.6 billion for the three months ended March 31, 2025. The change in premiums earned relative to net written premiums is the result of timing of earning in comparison with writing.
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Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Reinsurance Treaty segment for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2026
Attritional$1,392 56.7 %$37 1.5 %1,428 58.2 %
Catastrophes90 3.7 %(70)(2.8)%20 0.8 %
Total Segment$1,482 60.3 %$(33)(1.4)%$1,448 59.0 %
2025
Attritional$1,496 58.0 %$— — %1,496 58.0 %
Catastrophes509 19.7 %— — %509 19.7 %
Total Segment$2,004 77.7 %$— — %$2,005 77.7 %
Variance 2026/2025
Attritional$(104)(1.3) pts$37 1.5  pts$(68)0.2  pts
Catastrophes(418)(16.0) pts(70)(2.9) pts(489)(18.9) pts
Total Segment$(523)(17.4) pts$(34)(1.4) pts$(556)(18.7) pts
(Some amounts may not reconcile due to rounding.)
Incurred losses decreased by 27.7% to $1.4 billion for the three months ended March 31, 2026, compared to $2.0 billion for the three months ended March 31, 2025. The decrease was primarily due to a decrease of $418 million in current year catastrophe losses, a decrease of $104 million in current year attritional losses and favorable development on prior year catastrophe losses of $70 million, partially offset by an increase of unfavorable development on prior year attritional losses of $37 million.
The decrease in current year attritional losses was mainly related to the impact of change in business mix and effect of the Washington D.C. aviation accident loss recognized in first quarter 2025. The unfavorable development on prior year attritional losses of $37 million was primarily driven by development of Russia/Ukraine losses.
The $90 million of current year catastrophe losses for the three months ended March 31, 2026 related primarily to the 2026 Middle East Conflict ($40 million), 2026 Kristin Storms ($15 million), the 2026 Winter Storm Fern ($15 million), the 2026 U.S. Winter Weather Events ($10 million) and the 2026 Nils Storm ($10 million). The $509 million of current year catastrophe losses for the three months ended March 31, 2025 related primarily to the 2025 Southern California wildfires ($489 million) and the Myanmar earthquake ($20 million). For three months ended March 31, 2026, the favorable development on prior year catastrophe losses was mainly related to reserves released for various well seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business.
Segment Expenses. Commission and brokerage expense decreased by 0.8% to $632 million for the three months ended March 31, 2026, compared to $637 million for the three months ended March 31, 2025. The decrease was mainly due to the impact of the decrease in premiums earned. Segment other underwriting expenses remained relatively consistent, increasing slightly by 1.9% to $61 million for the three months ended March 31, 2026, compared to $60 million for the three months ended March 31, 2025.
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Global Wholesale & Specialty.
The following table presents the underwriting results and ratios for the Global Wholesale & Specialty segment for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)20262025Variance% Change
Gross written premiums$793$770$22 2.9 %
Net written premiums69265537 5.6 %
Premiums earned$719$732$(13)(1.8)%
Incurred losses and LAE453482(29)(5.9)%
Commission and brokerage1521439 6.3 %
Other underwriting expenses907615 19.4 %
Underwriting gain (loss)$23$32$(8)(26.4)%
Point Chg
Loss ratio63.0 %65.8 %(2.8)
Commission and brokerage ratio21.2 %19.6 %1.6 
Other underwriting expense ratio12.6 %10.3 %2.3 
Combined ratio96.8 %95.7 %1.1 
(NM not meaningful)
(Some amounts may not reconcile due to rounding.)
Premiums. Gross written premiums increased by 2.9% to $793 million for the three months ended March 31, 2026, compared to $770 million for the three months ended March 31, 2025. The increase in Global Wholesale & Specialty was primarily driven by specialty, professional liability, and accident and health business globally, partially offset by property/short-tail and casualty businesses.
Net written premiums increased by 5.6% to $692 million for the three months ended March 31, 2026, compared to $655 million for the three months ended March 31, 2025. The increase is consistent with gross written premium changes in addition to business mix which reflects an increased proportion in lines of business with higher overall net retention
Premiums earned decreased by 1.8% to $719 million for the three months ended March 31, 2026, compared to $732 million for the three months ended March 31, 2025. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.
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Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Global Wholesale & Specialty segment for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2026
Attritional$423 58.9 %$— — %423 58.9 %
Catastrophes30 4.2 %— — %30 4.2 %
Total Segment$453 63.0 %$— — %$453 63.0 %
2025
Attritional$461 63.0 %$— — %461 63.0 %
Catastrophes23 3.1 %(2)(0.3)%21 2.8 %
Total Segment$484 66.1 %$(2)(0.3)%$482 65.8 %
Variance 2026/2025
Attritional$(38)(4.1) pts$— —  pts$(38)(4.1) pts
Catastrophes7 1.1  pts2 0.3  pts9 1.4  pts
Total Segment$(31)(3.1) pts$2 0.3  pts$(29)(2.8) pts
(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE decreased by 5.9% to $453 million for the three months ended March 31, 2026, compared to $482 million for the three months ended March 31, 2025. The decrease was mainly due to a decrease of $38 million in current year attritional losses, partially offset by an increase of $7 million in current year catastrophe losses and a decrease of $2 million in favorable development from prior year catastrophe losses.
The decrease in current year attritional losses was mainly related to the impact of change in business mix. The $30 million of current year catastrophe losses for the three months ended March 31, 2026 related to the 2026 Middle East Conflict ($17 million) and 2026 Winterstorm Fern ($13 million). The $23 million of current year catastrophe losses for the three months ended March 31, 2025 related to the 2025 Southern California wildfires and the Myanmar earthquake.
Segment Expenses. Commission and brokerage increased by 6.3% to $152 million for the three months ended March 31, 2026, compared to $143 million for the three months ended March 31, 2025. The increase in commission and brokerage expenses were primarily due to mix of business. Segment other underwriting expenses increased to $90 million for the three months ended March 31, 2026, compared to $76 million for the three months ended March 31, 2025. The increase was mainly due to investment in people and technology.
Legacy.
The Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for finite period in 2026.
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The following table presents the underwriting results and ratios for the Legacy segment for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)20262025Variance% Change
Gross written premiums$135 $686 $(551)(80.3)%
Net written premiums89 552 (462)(83.8)%
Premiums earned$399 $540 $(141)(26.1)%
Incurred losses and LAE316 407 (92)(22.5)%
Commission and brokerage41 44 (3)(7.8)%
Other underwriting expenses65 103 (38)(37.1)%
Underwriting gain (loss)$(22)$(14)$(8)55.4 %
(Some amounts may not reconcile due to rounding.)
Premiums. Gross written premiums decreased by 80.3% to $135 million for the three months ended March 31, 2026, compared to $686 million for the three months ended March 31, 2025. Net written premiums decreased by 83.8% to $89 million for the three months ended March 31, 2026, compared to $552 million for the three months ended March 31, 2025. Premiums earned decreased by 26.1% to $399 million for the three months ended March 31, 2026, compared to $540 million for the three months ended March 31, 2025. Premiums are expected to decrease as premiums earn and as the commercial retail insurance business is renewed with AIG under the previously announced renewal rights agreement.
Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Legacy segment for the periods indicated:
Three Months Ended March 31,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2026
Attritional$306 76.7 %$— — %306 76.7 %
Catastrophes10 2.5 %— — %10 2.5 %
Total Segment$316 79.2 %$— — %$316 79.2 %
2025
Attritional$402 74.5 %$— — %403 74.6 %
Catastrophes3 0.5 %2 0.4 %5 0.9 %
Total Segment$405 75.0 %$2 0.4 %$407 75.4 %
Variance 2026/2025
Attritional$(97)2.1  pts$— —  pts$(97)2.1  pts
Catastrophes7 2.0  pts(2)(0.4) pts5 1.6  pts
Total Segment$(89)4.1  pts$(2)(0.4) pts$(92)3.7  pts
(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE decreased by 22.5% to $316 million for the three months ended March 31, 2026, compared to $407 million for the three months ended March 31, 2025. The decrease was mainly due to a decrease of $97 million in current year attritional losses and a decrease of $2 million in unfavorable development from prior year catastrophe losses, partially offset by an increase of $7 million in current year catastrophe losses.
The increase in current year attritional loss ratio is primarily driven by continued conservative loss selections within the North America Casualty lines of business. The $10 million of current year catastrophe losses for the three months ended March 31, 2026 primarily related to the 2026 U.S. Winter Weather Events. The $3 million of current year catastrophe losses for the three months ended March 31, 2025 related to the 2025 Southern California wildfires.
Segment Expenses. Commission and brokerage decreased by 7.8% to $41 million for the three months ended March 31, 2026, compared to $44 million for the three months ended March 31, 2025. Segment other underwriting expenses decreased to $65 million for the three months ended March 31, 2026, compared to $103 million for the three months
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ended March 31, 2025. The decrease in commission was mainly due to the impact of the decrease in premiums earned, due to the lines of business included in this segment primarily being in run-off. The decrease in operating expenses is driven by the recognition of transition services income driven by the Renewal Right Sale.
FINANCIAL CONDITION
Investments. Total investments, were $43.6 billion at March 31, 2026, a decrease of $505 million compared to $44.1 billion at December 31, 2025. The decrease in investments was primarily driven by a decrease in short-term investments of $765 million, an increase in fixed maturities - available for sale due to an overall net purchase of $785 million, an increase in fixed maturities - held to maturity due to an overall net purchase of $30 million, a net increase in other invested assets of $14 million, and net unrealized loss of $453 million during the three months ended March 31, 2026.
The Company’s limited partnership investments are comprised of limited partnerships that invest in private equity, private credit and private real estate. Generally, the limited partnerships are reported on a month or quarter lag. We receive annual audited financial statements for all of the limited partnerships, which are primarily prepared using fair value accounting in accordance with Financial Accounting Standards Board guidance. For the quarterly reports, the Company reviews the financial reports for any unusual changes in carrying value. If the Company becomes aware of a significant decline in value during the lag reporting period, the loss will be recorded in the period in which the Company identifies the decline.
The table below summarizes the composition and characteristics of our investment portfolio for the periods indicated.
At
March 31, 2026		At
December 31, 2025
Fixed income portfolio duration (years)3.53.4
Fixed income composite credit qualityAA-AA-
Reinsurance Recoverables.
Reinsurance recoverables totaled $5.1 billion and March 31, 2026 respectively. At March 31, 2026, in connection with the ADC reinsurance agreements, $1.25 billion was recoverable from State National Insurance Company, Inc. At March 31, 2026, $394 million, or 7.7%, was receivable from Mt. Logan Re collateralized segregated accounts; $350 million, or 10.0%, was receivable from Munich Reinsurance America, Inc. and $326 million, or 7.7% was receivable from Endurance Assurance Corporation. No other retrocessionaire accounted for more than 5% of our recoverables.
Loss and LAE Reserves. Gross loss and LAE reserves totaled $34.6 billion and $34.3 billion at March 31, 2026 and December 31, 2025, respectively.
The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and Incurred But Not Reported (“IBNR”) reserves, for the periods indicated.
At March 31, 2026
(Dollars in millions)Case
Reserves		IBNR
Reserves		Total
Reserves		% of
Total
Reinsurance Treaty$6,260 $14,128 $20,388 58.8 %
Global Wholesale & Specialty1,708 4,334 6,042 17.4 %
Legacy (1)
2,197 6,023 8,219 23.7 %
Total$10,164 $24,484 $34,649 100.0 %
(Some amounts may not reconcile due to rounding.)
(1) Reserves for A&E exposures are included within Legacy. At March 31, 2026, A&E case and IBNR reserves totaled $148 million and $56 million, respectively.
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At December 31, 2025
(Dollars in millions)Case
Reserves		IBNR
Reserves		Total
Reserves		% of
Total
Reinsurance Treaty$6,223 $13,830 $20,053 58.4 %
Global Wholesale & Specialty1,715 4,220 5,935 17.3 %
Legacy (1)
2,264 6,060 8,324 24.3 %
Total$10,201 $24,110 $34,312 100.0 %
(Some amounts may not reconcile due to rounding.)
(1) Reserves for A&E exposures are included within Legacy. At December 31, 2025, A&E case and IBNR reserves totaled $150 million and $59 million, respectively.
Changes in premiums earned and business mix, reserve refinement, catastrophe losses, including losses related to the Middle East conflict, and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.
Our carried loss and LAE reserves represent management’s best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels, including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities, and in the aggregate. In order to set appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates, which are subject to variation, which may be significant.
We are exposed to losses arising from unpredictable catastrophic events, including, but not limited to, weather-related and other natural catastrophes, as well as acts of terrorism, wars, pandemics, political instability and significant cyber or operational incidents, for which liabilities cannot be estimated using traditional reserving techniques. For example, we have exposure to losses due to the uncertainty regarding the current conflict in the Middle East. The Company’s loss and LAE reserves represent management’s current best estimate of the ultimate liability.
There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.
Asbestos and Environmental Exposures. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The results of run-off A&E exposures are included within the Company’s Legacy segment. The following table summarizes the outstanding loss reserves with respect to A&E reserves on both a gross and net of retrocessions basis for the periods indicated.
At
March 31,		At
December 31,
(Dollars in millions)20262025
Gross reserves$204 $209 
Ceded reserves(16)(16)
Net reserves$188 $193 
(Some amounts may not reconcile due to rounding.)
With respect to asbestos only, at March 31, 2026, we had net asbestos loss reserves of $165 million, or 87.9%, of total net A&E reserves, all of which was for assumed business. At March 31, 2026, we had gross asbestos loss reserves of $181 million, or 88.9% of total gross A&E reserves, all of which was for assumed business.
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Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management’s best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.
Industry analysts use the “survival ratio” to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company’s current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 4.6 years at March 31, 2026 and 4.7 years at December 31, 2025. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore may not be indicative of the timing of future payments.
LIQUIDITY AND CAPITAL RESOURCES
Capital. Shareholders’ equity at March 31, 2026 and December 31, 2025 was $15.3 billion and $15.5 billion, respectively. Management’s objective in managing capital is to ensure that the Company’s overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.
Our two main operating companies, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) and Everest Reinsurance Company (“Everest Re”), are regulated by the Bermuda Monetary Authority (“BMA”) and the State of Delaware’s Department of Insurance, respectively. Both regulatory bodies have their own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the BMA and Everest Re is subject to the RBC developed by the U.S. National Association of Insurance Commissioners (“NAIC”). Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.
The actual and required statutory capital and surplus of Bermuda Re was as follows:
Bermuda Re
At December 31,
(Dollars in millions)20252024
Statutory economic capital and surplus$5,415 $4,623 
Required statutory capital and surplus (1)
$2,532 $2,626 
(1) The required statutory capital and surplus is calculated as the BSCR.
The regulatory targeted capital and the actual statutory capital for Everest Re was as follows:
Everest Re (1)
At December 31,
(Dollars in millions)20252024
Actual capital$8,856 $8,126 
Regulatory targeted capital$5,119 $4,799 
(1) Regulatory targeted capital represents 200% of the Risk Based Capital authorized control level calculation for the applicable year.
Our financial strength ratings, as determined by A.M. Best, S&P and Moody’s, are important, as they provide our customers and investors with an independent assessment of our financial strength using a rating scale that provides for relative comparisons. We continue to possess significant financial flexibility and access to debt and equity markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies.
We maintain our own economic capital models to monitor and project our overall capital. We also monitor and project the regulatory capital at our operating subsidiaries. A key input to the economic models is projected income, and this input is continually compared to actual results, which may require a change in the capital strategy.
For the three months ended March 31, 2026, we repurchased 1,002,516 of our common shares at a cost of $331 million in the open market and paid $80 million in common share dividends to enhance long-term expected returns to our shareholders. During fiscal year 2025, we repurchased 2,394,763 of our common shares at a cost of $797 million in the open market and paid $335 million in common share dividends. From time to time, we may enter into a Rule 10b5-1 repurchase plan to facilitate the repurchase of shares, repurchase shares in open market transactions, privately
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negotiated transactions or otherwise. On November 7, 2024, our existing board of directors (“Board”) authorization to repurchase up to 32 million of our shares was increased by 10 million shares to authorize the repurchase of up to 42 million shares. As of March 31, 2026, we had repurchased 34.7 million shares under this authorization. During the first quarter of 2026, the Company’s Board declared a quarterly common stock dividend of $2.00 per share. The common stock dividend was paid on March 27, 2026 for holders of record as of March 13, 2026.
We may continue, from time to time, to seek to retire portions of our outstanding debt securities through cash repurchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be subject to and depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.
Liquidity. Our liquidity requirements are generally met from positive cash flow from operations. Positive cash flow results from reinsurance and insurance premiums being collected prior to disbursements for claims, with disbursements generally taking place over an extended period after the collection of premiums, sometimes a period of many years. Collected premiums are generally invested, prior to their use in such disbursements, and investment income provides additional funding for loss payments. Our net cash flows from operating activities were $649 million and $928 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, these cash flows reflected net catastrophe loss payments of $107 million and $317 million for the three months ended March 31, 2026 and 2025, respectively, and net tax payments of $12 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.
If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from insurance operations would be partially offset by cash flow from investment income. Additionally, cash inflows from investment maturities of both short-term investments and longer-term maturities are available to supplement other operating cash flows. We do not expect to supplement negative insurance operations cash flows with investment dispositions.
As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At March 31, 2026 and December 31, 2025, we held cash and short-term investments of $3.6 billion and $4.3 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, at March 31, 2026, we had $1.4 billion of fixed maturity securities - available for sale maturing within one year or less, $11.1 billion maturing within one to five years and $8.5 billion maturing after five years. We believe that these fixed maturity securities, in conjunction with the short-term investments and positive cash flow from operations, provide ample sources of liquidity for the expected payment of losses and LAE in the near future. We do not anticipate selling a significant amount of securities to pay losses and LAE. At March 31, 2026, we had $432 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $784 million of pre-tax unrealized depreciation and $352 million of pre-tax unrealized appreciation.
Management generally expects annual positive cash flow from operations. However, given catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.
In addition to our cash flows from operations and liquid investments, 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 March 31, 2026, Everest Re had statutory admitted assets of approximately $32.2 billion which provides borrowing capacity of up to approximately $3.2 billion. As of March 31, 2026, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. See Note 8 – Credit Facilities to the Notes to the consolidated financial statements in Part I, Item I of this Form 10-Q for further details.
Market Sensitive Instruments.
Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of investments is adjusted periodically, consistent with our current and projected operating results and market conditions. The fixed maturity securities in the investment portfolio are comprised of available for sale and held to maturity securities. Additionally, we have invested in equity securities.
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The overall investment strategy considers the scope of present and anticipated Company operations. In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis. This analysis includes estimated payout characteristics for which our investments provide liquidity. This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality. The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period.
Interest Rate Risk. Our $45.0 billion cash and invested assets portfolio at March 31, 2026 is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk. The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.
Interest rate risk is the potential change in value of the fixed maturity securities portfolio from a change in market interest rates. In a declining interest rate environment, interest rate risk includes prepayment risk on the $8.7 billion of mortgage-backed securities in the $35.2 billion fixed maturity portfolio. Prepayment risk results from potential accelerated principal payments that shorten the average life, and thus, the expected yield of the security.
The table below displays the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $2.2 billion of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates. For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually. To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the fair value change under the various interest rate change scenarios.
Impact of Interest Rate Shift in Basis Points
At March 31, 2026
-200-1000100200
(Dollars in millions)
Total Fair Value$40,211$38,937$37,618$36,255$34,847
Fair Value Change from Base (%)6.9%3.5%—%(3.6)%(7.4)%
Change in Unrealized Appreciation
After-tax from Base ($)$2,096$1,065$—$(1,101)$(2,236)
We had $34.6 billion and $34.3 billion of gross reserves for losses and LAE as of March 31, 2026 and December 31, 2025, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration of approximately 3.7 years, which is reasonably consistent with our fixed income portfolio. If we were to discount our loss and LAE reserves, net of ceded reserves, the discount would be approximately $5.1 billion resulting in a discounted reserve balance of approximately $26.0 billion, representing approximately 69.3% of the value of the fixed maturity investment portfolio funds.
Foreign Currency Risk. Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates. Each of our non-U.S./Bermuda operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Our operating entities may conduct business in local currency, as well as the currency of other countries in which they operate. The primary foreign currency exposures for these non-U.S. operations are the Canadian Dollar, the Singapore Dollar. the British Pound Sterling and the Euro. Generally, we mitigate foreign exchange exposure by matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with GAAP, the impact on the fair value of available for sale fixed maturities due to changes in foreign currency exchange rates, in relation to functional currency, is reflected as part of other comprehensive income. Conversely, the impact of changes in foreign currency exchange rates, in relation to functional currency, on other assets and liabilities is reflected through net income as a component of other income
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(expense). In addition, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar. This translation amount is reported as a component of other comprehensive income.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk Instruments. See “Liquidity and Capital Resources - Market Sensitive Instruments” in Part I – Item 2 of this Form 10-Q.
ITEM 4. CONTROLS AND PROCEDURES
As of the end of the period covered by this report, our management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors disclosed in Item 1A. “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities.
Issuer Purchases of Equity Securities
(a)(b)(c)(d)
Period
Total Number of
Shares (or Units)
Purchased (2)
Average Price Paid
per Share (or Unit)		Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans or
Programs
Maximum Number of Shares (or
Units) that May Yet
Be Purchased Under
the Plans or
Programs (1)
January 1 - 31, 2026297,345$327.8870 297,3458,000,331
February 1 - 28, 2026316,574$335.8802 295,0957,705,236
March 1 - 31, 2026457,076$328.5770 410,0767,295,160
Total1,070,995$— 1,002,5167,295,160
(1) On November 7, 2024, the Company’s Board approved an amendment to the share repurchase program authorizing the Company and/or its subsidiary Holdings, to purchase up to an additional 10.0 million shares. Currently, an aggregate amount of 42.0 million of the Company’s shares (recognizing that the number of shares authorized for repurchase has been reduced by those shares that have already been purchased) in open market transactions, 10b5-1 share repurchase plans, privately negotiated transactions, or a combination thereof. As of March 31, 2026, the Company and/or its subsidiary Holdings have repurchased an aggregate of 34.7 million of the Company’s shares.
(2) Shares that have not been repurchased through a publicly announced plan or program consist of shares repurchased by the Company from employees in order to satisfy tax withholding obligations on vestings and/or settlements of share-based compensation awards.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, during the fiscal quarter ended March 31, 2026.
Item 5.02. Departure of Directors or Certain Officers; Appointment of Certain Officers.
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In a Current Report on Form 8-K filed with the SEC on November 20, 2025, the Company announced the retirement of Mark Kociancic, its Executive Vice President and CFO and the appointment of Elias Habayeb as his successor. Mr. Kociancic retired from his role on April 30, 2026. During the transition period between Mr. Kociancic’s retirement and the effective date of Mr. Habayeb’s appointment as Executive Vice President and Chief Financial Officer, the Company’s Chief Accounting Officer, Robert J. Freiling, was the Company’s Principal Financial Officer. Mr. Freiling, age 58, has served as the Company’s Senior Vice President and Chief Accounting Officer since August 2021. Prior to that, he served as the Company’s Deputy Controller.
ITEM 6. EXHIBITS
Exhibit Index
Exhibit No.Description
10.1*
10.2*
10.3*
10.4*
10.5*
10.6*
31.1
31.2
32.1
Section 906 Certification of James Williamson and Robert J. Freiling
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Labels Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Filed herewith
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Everest Group, Ltd.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Everest Group, Ltd.
(Registrant)
/S/ ROBERT J. FREILING
Robert J. Freiling
Senior Vice President and
Chief Accounting Officer
(Duly Authorized Officer)
Dated: May 5, 2026
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