cik0000914748-20251231

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


			R						Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
									For the fiscal year ended December 31, 2025

			¨						Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-14527

EVEREST REINSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Delaware						22-3263609
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)


100 Everest Way Warren, New Jersey						07059
(Address of principal executive offices)						(Zip Code)

(908) 604-3000

(Registrant’s telephone number, including area code)

_____________________

Securities registered pursuant to Section 12(b) of the Act:


Class						Name of Exchange where Registered
4.868% Senior Notes Due 2044						NYSE
3.50% Senior Notes Due 2050						NYSE
3.125% Senior Notes Due 2052						NYSE
6.60% Long-Term Notes Due 2067						NYSE

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes

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.

Yes

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).

Yes

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 filer

Accelerated 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.

Yes

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.


			¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).


			¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

The aggregate market value as of June 30, 2025, the last business day of the registrant’s most recently completed second quarter, of the voting stock held by non-affiliates of the registrant was zero.

At March 31, 2026, the number of shares outstanding of the registrant’s common shares was 1,000, all of which are owned by Everest Underwriting Group (Ireland) Limited, a wholly-owned direct subsidiary of Everest Group, Ltd.

The Registrant meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format permitted by General Instruction I of Form 10-K.

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EVEREST REINSURANCE HOLDINGS, INC.

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FORM 10-K


		Page

	PART I

Item 1.	Business	1
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	22
Item 1C.	Cybersecurity	23
Item 2.	Properties	24
Item 3.	Legal Proceedings	24
Item 4.	Mine Safety Disclosures	24

	PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
Item 6.	(Reserved)	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 8.	Financial Statements and Supplementary Data	41
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	41
Item 9A.	Controls and Procedures	41
Item 9B.	Other Information	42
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	42

	PART III

Item 10.	Directors, Executive Officers and Corporate Governance	43
Item 11.	Executive Compensation	43
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	43
Item 13.	Certain Relationships and Related Transactions, and Director Independence	43
Item 14.	Principal Accountant Fees and Services	43

	PART IV

Item 15.	Exhibits and Financial Statement Schedules	44

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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 include, but are not limited to:

•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 the sale of the renewal rights for our commercial retail insurance business;

•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 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 or failure, 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

•our failure to comply with insurance laws and regulations and other regulatory challenges.

The above list is not exhaustive. Please refer to the factors described under the caption ITEM 1A, “Risk Factors” and those risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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PART I

Unless otherwise indicated, all financial data in this document have been prepared using accounting principles generally accepted in the United States of America (“GAAP”). As used in this document, “Holdings” means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”); “Group” means Everest Group, Ltd. (Holdings Ireland’s parent); “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; “Everest Re” means Everest Reinsurance Company, a subsidiary of Holdings, and its subsidiaries (unless the context otherwise requires); and the “Company”, “Everest”, “we”, “us”, and “our” means Holdings and its consolidated subsidiaries (unless the context otherwise requires).

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.

ITEM 1. BUSINESS

The Company.

Holdings, a Delaware corporation, is a wholly-owned subsidiary of Holdings Ireland. Holdings Ireland is a direct subsidiary of Group and serves as a holding company for the U.S. reinsurance and insurance subsidiaries. Group is a Bermuda holding company whose common shares are publicly traded in the U.S. on the New York Stock Exchange under the symbol “EG”. Group files an annual report on Form 10-K with the Securities and Exchange Commission (the “SEC”) with respect to its consolidated operations, including Holdings.

At December 31, 2025, we had stockholder’s equity of $8.5 billion and total assets of $39.6 billion.

Our Operations.

The Company’s principal business, conducted through its Reinsurance and Insurance reportable segments, is the underwriting of reinsurance and insurance in the U.S. and international markets. In 2025, the Company had gross written premiums of $11.1 billion with approximately 71% representing Reinsurance and 28% representing Insurance with the remaining 1% of gross written premium coming from our “Other” operating segment. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company’s preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. Holdings’ active operating subsidiaries are each rated A+ (“Superior”) by A.M. Best Company (“A.M. Best”), a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders.

In October 2025, Group entered into definitive agreements to sell the renewal rights for certain lines of commercial retail insurance business written by the Company to American International Group, Inc. (“AIG”) for an aggregate purchase price of $252 million, of which $170 million was attributable to the Company. AIG paid Group $30 million for originating and structuring the transaction.

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

Under the sale agreements, AIG has also agreed to pay Group a total of $10 million per month for nine months for specified transition services starting January 1, 2026, of which the Company will receive $7 million per month. For more details, see Form 8-K filed with the SEC on October 28, 2025 and the Master Transaction Agreements incorporated herein. These transactions sharpen the Company’s focus on its core global reinsurance business as well as its global wholesale and specialty insurance businesses.

Adverse Development Cover Reinsurance Agreements

Effective October 1, 2025, Everest Re and a Bermuda affiliate, Everest Reinsurance (Bermuda), Ltd. (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.

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The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies’ North American liabilities within the Insurance and Other segments (“Subject Business”) up to a gross limit of $1.2 billion. Certain liabilities are excluded from the subject business, including among others those related to the Asbestos and Environmental (“A&E”) reserves included in the Other segment. The carried reserves held for the Subject Business, were $5.4 billion as of September 30, 2025 and $5.0 billion as of December 31, 2025, respectively.

The adverse development cover (“ADC”) is composed of three layers. The first layer is an “in the money” layer whereby the ADC attachment point was $1,250 billion below Group’s North American Insurance and Other segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million in excess of the $5.4 billion. The Ceding Companies transferred $1,250 million of in-the-money reserves in consideration for the first two layers upon closing of the transaction, of which $1,000 million was attributable to the Company. The third layer is $500 million, for which the Ceding Companies paid approximately $122 million of consideration upon closing of the transaction, of which $44 million was attributable to the Company. The Ceding Companies have a co-participation of $100 million in each of the second and third layers. For more details, see Form 8-K filed by Group with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference in Exhibits 10.20 and 10.21. At December 31, 2025, the total covered losses ceded to State National Reinsurer by the Ceding Companies were $1,253 million, of which $1,003 million were attributable to the Company. The aggregated unexpired limit for the adverse development reinsurance agreements was $597 million for State National Reinsurer and $400 million for MS Transverse Reinsurer, respectively.

Operating Subsidiaries.

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

•Everest Re, a Delaware reinsurance company and a direct subsidiary of Holdings, is a licensed property and casualty insurer and/or reinsurer in all 50 states, the District of Columbia, Puerto Rico and Guam and is authorized to conduct reinsurance business in Canada, Singapore, India and Brazil. Everest Re has engaged in reinsurance transactions with Bermuda Re, Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Re, Ltd. (“Mt. Logan Re”) and Everest Insurance Company of Canada (“Everest Canada”), which are affiliated companies, primarily driven by enterprise risk and capital management considerations under which business is transacted at market rates and terms.

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

•Everest Indemnity Insurance Company (“Everest Indemnity”), a Delaware insurance company and a direct subsidiary of Everest Re, writes excess and surplus lines insurance business in the U.S. on a non-admitted basis. Excess and surplus lines insurance is specialty property and liability coverage that an insurer not licensed to write insurance in a particular jurisdiction is permitted to provide to insureds when the specific specialty coverage is unavailable from admitted insurers. Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write business on a non-admitted basis in all 50 states, the District of Columbia and Puerto Rico. The majority of Everest Indemnity’s business is reinsured by its parent, Everest Re.

•Everest Security Insurance Company (“Everest Security”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed to write property and casualty insurance on an admitted basis in Delaware, Georgia Alabama and Texas. The majority of Everest Security’s business is reinsured by its parent, Everest Re.

•Everest Denali Insurance Company (“Everest Denali”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed to write property and casualty insurance in all 50 states and the District of Columbia. The majority of Everest Denali’s business is reinsured by its parent, Everest Re.

•Everest Premier Insurance Company (“Everest Premier”), a Delaware insurance company and a direct subsidiary of Everest Re, is licensed to write property and casualty insurance in all 50 states and the District of Columbia. The majority of Everest Premier’s business is reinsured by its parent, Everest Re.

•Everest International Assurance, Ltd. (“Everest Assurance”), a Bermuda company and a direct subsidiary of Everest Re, is registered in Bermuda as a Class 3A general business insurer and as a Class C long-term insurer. Everest Assurance is also an approved/eligible alien surplus lines insurer in all 50 states and the District of

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Columbia and is authorized to write life reinsurance and casualty reinsurance in both Bermuda and the U.S. Everest Assurance has made a one-time election under section 953(d) of the U.S. Internal Revenue Code (“IRC”) to be a U.S. income tax paying “Controlled Foreign Corporation.”

Business and Underwriting Strategy.

The Company writes business on a worldwide basis for many different customers and lines of business, thereby obtaining a broad spread of risk. The Company is not substantially dependent on any single customer, small group of customers, line of business or geographic area. The Company believes that a reduction of business from any one customer would not have a material adverse effect on its future financial condition or results of operations.

The broker reinsurance market consists of several substantial national and international brokers and a number of smaller specialized brokers. Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor does the Company commit in advance to accept any portion of a broker’s submitted business. Reinsurance business from any ceding company, whether new or renewal is subject to acceptance by the Company. Brokerage fees are generally paid by reinsurers. The Company believes that a reduction of business assumed from any one broker would not have a material adverse effect on the Company.

The Company’s Insurance segment mainly writes commercial property and casualty business on an admitted and non-admitted basis. The business is written through wholesale and retail brokers, surplus lines brokers and through program administrators. Effective October 26, 2025, Group sold its renewal rights to certain lines of commercial property and casualty insurance business written through retail brokers. See the Our Operations section for further details of this transaction.

The direct reinsurance market is an important distribution channel for reinsurance business written by the Company. Direct placement of reinsurance enables the Company to access clients who prefer to place their reinsurance directly with reinsurers based upon the reinsurer’s in-depth understanding of the ceding company’s needs.

It is our long-standing client and broker relationships that help us continue to grow and maintain our global leadership position. The Company continually evaluates each business relationship, including within its distribution channel bearing underwriting expertise and experience, performs analyses to evaluate financial security, monitors performance and adjusts underwriting decisions accordingly.

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

The Company’s underwriting strategies emphasize disciplined underwriting, prioritizing underwriting profitability over premium volume and flexibility to adjust and respond to changing market conditions. Key elements of these strategies, as applicable to the Reinsurance segment, include careful risk selection, appropriate pricing through strict underwriting discipline and adjustments to the Company’s business mix as market conditions change. We focus on (re)insuring companies that effectively manage their own underwriting cycle through proper analysis and appropriate pricing of underlying risks and whose underwriting guidelines and performance are compatible with their and the Company’s objectives. Key elements of the Company’s underwriting strategies, as applicable to the Insurance segment, include careful expansion on what we believe to be the Company’s existing strengths in the primary insurance market, including its broad underwriting expertise, global presence, strong financial ratings and substantial capital, and facilitating adjustments to its mix of business by geographic region, line of business and type of coverage. These strategies allow Everest to fully participate in market opportunities that provide the greatest potential for underwriting profitability. The Company’s insurance and reinsurance operations allow the Company to execute its strategies by providing access to the global business markets. The Company carefully monitors its mix of business across all operations to seek to avoid unacceptable geographic or other risk concentrations.

Competition.

The global reinsurance and insurance markets are highly competitive and mature. Reinsurance and insurance companies differentiate themselves based on financial strength, range of products, brand recognition, duration of the relationship with the cedents, agent and broker relationships, distribution channels, claims management and customer service. Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

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We compete in global and local markets with U.S. and international reinsurers and on a regional basis with major U.S. insurers. Reinsurance competitors might include investment companies, mutual companies, insurance companies, alternative risk providers (such as captives, catastrophe bonds and pools) and others, as alternative products are introduced into the capital markets to compete with traditional reinsurance companies. In addition, we also compete with new companies and existing companies that move into the insurance industry. Competitors sell through various distribution channels and business models, across a broad array of product lines and with a high level of variation regarding geographic, marketing and customer segmentation.

Human Capital Management.

Our colleagues worldwide are essential to our success, and we strive to attract and retain the highest caliber of talent to meet our business needs as well as the needs of our clients and customers. It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in a broad range of thought and experiences. As of February 1, 2026, the Company employed 2,064 persons. Management believes that colleague engagement is strong. None of the Company’s U.S.-based employees are subject to collective bargaining agreements, and the Company is not aware of any current efforts to enter into such agreements.

Talent Attraction, Development and Retention.

Everest is proud to be home to top industry talent, and we make ongoing, strategic investments in our people. Our ability to attract, develop and retain a high caliber of professionals is critical to our continued growth and ability to execute on our strategic priorities.

Investing in the ongoing development of our colleagues is fundamental to our success and sustained competitive advantage as a global leader in risk management. We empower our colleagues to take ownership of their professional growth through a comprehensive suite of resources, including industry-leading training programs, technical upskilling, opportunities, mentorship initiatives and robust management and leadership development offerings. Our commitment to continuous learning and development spans all levels, and we are continually expanding our program offerings to meet evolving needs. This includes a newly implemented enterprise-wide program focused on cultivating next-generation skills, and an expansion of our early career program to develop future Underwriters, Actuaries and IT professionals through rotational placements. Further, Everest maintains a proactive approach to succession planning, prioritizing internal talent development and advancement opportunities.

Proactive recruitment of skilled and experienced teams is an important aspect of succession planning at both our Board of Directors (the “Board”) level and throughout the organization. Everest seeks to attract, retain and develop exceptional talent, fostering an inclusive workplace that embraces unique skill sets, experiences and perspectives.

People power our success. We are committed to providing all colleagues with an engaging and supportive environment so they can develop personally and help drive our future growth. That is why Everest is pleased to offer various global initiatives such as leadership coffee hours and fireside chats; charitable community outreach events and volunteer opportunities; networking events; employee recognition awards; and thought leadership topics with senior leaders. By offering a meaningful and engaging colleague experience, we are focused on inspiring our global teams to underwrite opportunity in everything that they do.

Culture.

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

•Our Values are the guiding principles that inform our decisions, actions and behaviors. They are an expression of our culture and an integral part of how we work.

•Our Colleague Behaviors define how we operate and interact with each other no matter our location, level or function: Respect Everyone. Pursue Better. Lead by Example. Own our Outcomes. Win Together.

•The Company has embedded these behaviors within colleague programs and practices globally. We are taking a systematic approach to integrating them into everything we do, from our talent acquisition and onboarding programs to our performance and compensation plans, recognition initiatives and general employment policies.

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People are Everest’s greatest asset, and the quality of our teams has been enhanced through the wide range of backgrounds, perspectives and interests our colleagues bring to our community. At Everest, our commitment to equal opportunity in our dealings and cultural inclusivity reflects a core principle that we promote not only within our workplace but also in the global communities where we operate. Our Board is committed to selecting director and executive management candidates who possess unique skill sets, experiences and perspectives that enhance our governance, strategy, corporate responsibility, culture and risk management.

Everest has a global inclusion, culture and engagement strategic framework and focus areas that align with our corporate values and initiatives. As part of our global inclusion, culture and engagement efforts, our mission is to help foster an environment that attracts, retains and develops the best talent; prioritizes people, their life experiences and perspectives; and serves as a conduit to senior management to promote measurable company-wide engagement.

Segments Overview.

As of December 31, 2025, the Company managed its business through two reportable segments, Reinsurance and Insurance. Key strategic decisions are based on the aggregate operating results and projections for the two business segments.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, as part of the Segment results presentation, we have separately presented the Company’s affiliated reinsurance arrangements with its affiliated Bermuda entities. See Note 16 of the Notes to the Consolidated Financial Statements for a discussion of reinsurance transactions with its affiliated Bermuda entities that are included in this segment presentation. These segment presentation changes have been reflected retrospectively.

The Reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States as well as through branches in Canada, India and Singapore. The Insurance segment writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States.

The two reportable segments are managed independently but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of the two reportable segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. For selected financial information regarding these segments, see ITEM 8, “Financial Statements and Supplementary Data - Note 7 of the Notes to the Consolidated Financial Statements” and ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operation - Segment Results”.

Reinsurance Segment.

Overview

Reinsurance is an arrangement in which an (re)insurance company, the reinsurer, agrees to indemnify another insurance or reinsurance company, the ceding company, against all or a portion of the risks underwritten by the ceding company under one or more insurance and/or reinsurance contract. Reinsurance can provide a ceding company with several benefits, including a reduction in its net liability on individual risks or classes of risks, catastrophe protection from large and/or multiple losses and/or a reduction in operating leverage as measured by the ratio of net premiums and reserves to capital. Reinsurance also provides a ceding company with additional underwriting capacity by permitting it to accept larger risks and write more business than would be acceptable relative to the ceding company’s financial resources.

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Reinsurance does not discharge the ceding company from its liability to policyholders; rather, it reimburses the ceding company for covered losses.

There are two types of reinsurance arrangements: treaty and facultative. Treaty reinsurance obligates the ceding company to cede and the reinsurer to assume a specified portion of a type or category of risks insured by the ceding company. Treaty reinsurers do not separately evaluate each of the individual risks assumed under their treaties; instead, the reinsurer evaluates portfolio level exposure based on information provided by the ceding company. In facultative reinsurance, the ceding company cedes, and the reinsurer assumes, all or part of the risk under a single insurance contract. Facultative reinsurance is negotiated separately for each insurance contract that is reinsured. Facultative reinsurance, when purchased by ceding companies, usually is intended to cover individual risks not covered by their reinsurance treaties because of the dollar limits involved or because the risk is unusual.

Both treaty and facultative reinsurance can be written on either a pro rata basis or an excess of loss basis. Under pro rata reinsurance, the ceding company and the reinsurer share the premiums as well as the losses and expenses in an agreed proportion. Under excess of loss reinsurance, the reinsurer indemnifies the ceding company against all or a specified portion of losses and expenses in excess of a specified dollar amount, known as the ceding company's retention or reinsurer's attachment point, generally subject to a negotiated reinsurance contract limit.

In pro rata reinsurance, the reinsurer generally pays the ceding company a ceding commission. The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (such as commissions, premium taxes, assessments and miscellaneous administrative expenses, and may contain profit sharing provisions, whereby the ceding commission is adjusted based on loss experience). Premiums paid by the ceding company to a reinsurer for excess of loss reinsurance are not directly proportional to the premiums that the ceding company receives because the reinsurer does not assume a proportionate risk. There is usually no ceding commission on treaty excess of loss reinsurance.

Reinsurers may purchase reinsurance to cover their own risk exposure. Reinsurance of a reinsurer's business is called a retrocession. Reinsurance companies cede risks under retrocessional agreements to other reinsurers, known as retrocessionaires, for reasons similar to those that cause insurers to purchase reinsurance: to reduce net liability on individual or classes of risks, protect against catastrophic losses, stabilize financial ratios and obtain additional underwriting capacity. All the Company’s reinsurance and retrocessional agreements transfer significant reinsurance risk and therefore, are accounted for as reinsurance in accordance with GAAP guidance.

Reinsurance can be written through intermediaries, generally professional reinsurance brokers, or directly with ceding companies. From a ceding company's perspective, the broker and the direct distribution channels have advantages and disadvantages. A ceding company's decision to select one distribution channel over the other will be influenced by its perception of such advantages and disadvantages relative to the reinsurance coverage being placed.

For the year ended December 31, 2025, the Company’s Reinsurance segment wrote $8.0 billion of gross written premiums. Our Reinsurance segment is comprised of property and casualty reinsurance and specialty lines of business on both a treaty, facultative and large corporate risk basis, including:

•Property Pro Rata business, which consists predominantly of contracts providing coverage to cedents for property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils arising from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

•Property Non-Catastrophe Excess of Loss (“XOL”) business, which consists predominantly of contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils in excess of an agreed upon deductible up to a stated limit.

•Property Catastrophe XOL business, which consists predominantly of contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from catastrophic losses, in excess of an agreed upon deductible up to a stated limit. The main perils covered include hurricane, earthquake, flood, convective storm and fire.

•Casualty Pro Rata business, which consists predominantly of contracts providing coverage to cedents for losses primarily arising from general liability, professional indemnity, product liability, workers' compensation,

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employer’s liability, aviation and auto liability from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

•Casualty XOL business, which consists predominantly of contracts providing coverage to cedents for losses primarily arising from general liability, professional indemnity, product liability, workers' compensation, aviation and auto liability from their underlying portfolio of policies in excess of an agreed upon deductible up to a stated limit.

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

Products

Our Reinsurance segment provides treaty and facultative reinsurance on either a pro rata or an excess of loss basis to insurance companies across the globe. Our company provides products for the following lines of business:

•Property provides protection for property damage and other related losses covered in the underlying insurance policies. Losses might arise from property loss or property damage, as well as other related risks, such as business interruption and other non-property losses that arise from the covered peril. Perils covered by such policies may be natural or man-made and include hurricanes, tornadoes, hail, windstorms, earthquakes, freezes, floods, explosions and fires.

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

•Casualty provides protection for losses covered in liability or casualty insurance policies. Typical lines covered by the underlying insurers can be general liability, workers’ compensation, automobile liability, umbrella and excess casualty.

•Mortgage reinsurance provides protection on private mortgage insurance policies as well as participating in Government Sponsored Entities (i.e., Fannie Mae & Freddie Mac) credit risk-sharing transactions. Reinsurance coverage is provided on a proportional and non-proportional basis. We participate regularly in both Fannie Mae & Freddie Mac single family and multifamily risk sharing programs.

•Marine provides protection for property damages, physical loss or liability affecting the marine business, which includes losses relating to cargo ships, hull, recreational craft, inland marine and offshore energy. Perils can be natural or man-made and include storms, sinking/stranding, pollution, fire, explosion and accidents.

•Aviation provides protection cover for aircrafts, airline, aerospace and other general aviation risks.

•Engineering provides protection for construction and machinery risks including testing, setting up of machinery, operational failures, incidents affecting plant and equipment, business interruption and other mechanical failures. This class also covers property and liability exposures related to construction sites.

•Professional Lines provides protection for losses arising from employment, practices and coverage of risks, such as director’s and officer’s liability, employment litigation liability, medical malpractice, professional indemnity, environmental liability, omission of insurance and cyber liability.

•Credit and Surety provides protection for losses arising from insurance products, offering payments in the event of default from a borrower. Losses may arise from surety bonds issued by insurers as required by regulators or guarantors. For example, mortgage insurance provides coverage for losses related to credit risk.

•Motor provides protection to insurance companies offering motor liability and property damage. Losses may affect the underlying insured party or other claimants.

•Agriculture/Crop provides protection for risks associated with agriculture and production of food. Underlying insurance contracts might offer contracts covering against natural or man-perils, such as hail, storms and floods, and might cover crop yields or price deviation from set amounts.

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•Political Violence provides protection against damages resulting from various perils, such as terrorism, sabotage, strikes, riots, insurrection, revolution, coup and war. Losses might occur due to property damage resulting from such perils, business interruption, cyber/malicious attack, event cancellation or construction delays.

Insurance Segment.

Overview

Everest’s Insurance segment markets and distributes a wide range of insurance products and services through various forms of brokers and agents. We serve multinational corporations and mid-size commercial clients across various industries globally. Our Insurance segment operates through the North America markets. These operations are managed to conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital and investments. Effective October 26, 2025, Group sold its renewal rights to certain lines of commercial property and casualty insurance business written through retail brokers. See the Our Operations section for further details of this transaction.

In 2025, the Company’s Insurance segment wrote $3.1 billion of gross written premiums. The Insurance segment lines of business write a broad suite of tailored products and services, including:

•Accident and Health business, which consists predominantly of policies covering Participant Accident, Short-Term Medical and Medical Stop-Loss protection for employers with self-funded medical plans.

•Specialty Casualty business, which consists predominantly of policies covering General Liability (Premises/Operations and Products), Auto Liability and Umbrella/Excess Liability.

•Other Specialty business, which consists predominantly of policies covering specialty areas including, but not limited to, Surety, Trade Credit & Political Risk, Transactional Liability, Energy & Construction and Aviation.

•Professional Liability business, which consists predominantly of policies covering Directors & Officers Liability, Errors & Omissions, Cyber Liability and other ancillary financial lines products.

•Property/Short-Tail business, which consists predominantly of policies covering Property, Inland Marine and other short-tail lines.

•Workers’ Compensation business, which consists predominantly of policies covering Workers’ Compensation, including both guaranteed cost and loss sensitive product offerings.

Products

The Insurance segment writes property, casualty and specialty insurance products, which are aligned with the lines of business described within the Insurance Segment Overview. These products are written directly, as well as through brokers, including for surplus lines and general agents within the U.S.

Financial Strength Ratings.

The following table shows the current financial strength ratings of the Company’s operating subsidiaries as reported by A.M. Best, Standard & Poor (“S&P”) and Moody’s. These ratings represent an independent opinion of our subsidiaries’ financial strength, operating performance, business profile and ability to meet policyholder obligations. The ratings are not intended to be an indication of the degree or lack of risk involved in a direct or indirect equity investment or a recommendation to buy, sell or hold our securities. Additionally, rating organizations may change their rating methodology, which could have a material impact on our financial strength ratings.

All of the below-mentioned ratings are continually monitored and revised, if necessary, by each of the rating agencies. The ratings presented in the following table were in effect as of December 31, 2025.

The Company believes that its ratings are important as they provide the Company’s customers and others with an independent assessment of the Company’s financial strength using a rating scale that provides for relative comparisons. Strong financial ratings are particularly important for reinsurance and insurance companies given that customers rely on a company to pay covered losses well into the future. As a result, a highly rated company is generally preferred.

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Operating Subsidiary:

A.M. Best (1)

S&P (2)

Moody's (3)

Everest Reinsurance Company

A+ (Superior)

A+ (Strong)

A1 (upper-medium)

Everest National Insurance Company

A+ (Superior)

A+ (Strong)

Not Rated

Everest Indemnity Insurance Company

A+ (Superior)

A+ (Strong)

Not Rated

Everest Security Insurance Company

A+ (Superior)

A+ (Strong)

Not Rated

Everest International Assurance, Ltd.

A+ (Superior)

A+ (Strong)

Not Rated

Everest Denali Insurance Company

A+ (Superior)

A+ (Strong)

Not Rated

Everest Premier Insurance Company

A+ (Superior)

A+ (Strong)

Not Rated

(1)A.M. Best Financial Strength Ratings Scale: D (Poor) to A+ (Superior). Each financial strength rating category from A to C includes a rating notch to reflect a graduation of financial strength within the category. A rating notch is expressed with either a second plus (+) or a minus (-).

(2)S&P Financial Strength Ratings Scale: D (Payment Default) to AAA (Extremely Strong). Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

(3)Moody’s Financial Strength Ratings Scale: C (Low Grade) to Aaa (High Grade). Note that Moody’s appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; modifier 2 indicates a mid-range ranking; and modifier 3 indicates a ranking in the lower end of that generic rating category.

A.M. Best states that the “A+” (“Superior”) rating is assigned to those companies which, in its opinion, have a superior ability to meet their ongoing insurance policies and contract obligations based on A.M. Best’s comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile. A.M. Best affirmed these ratings on October 29, 2025, and revised the outlook from stable to negative. S&P states that the “A+”/“A” ratings are assigned to those insurance companies which, in its opinion, have strong financial security characteristics with respect to their ability to pay under their insurance policies and contracts in accordance with their terms. S&P affirmed all ratings on January 28, 2025, and changed the outlook from stable to negative. Moody’s states that an “A1” rating is assigned to companies that, in their opinion, offer upper-medium grade security and are subject to low credit risk. Moody’s affirmed these ratings on October 28, 2025, and revised the outlook from stable to negative.

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

Debt Ratings.

The following table shows the debt ratings by A.M. Best, S&P and Moody’s of the following series of notes issued by Holdings, all of which are considered investment grade: (1) senior notes due June 1, 2044, (2) senior notes due October 15, 2050, (3) senior notes due October 15, 2052 and (4) long-term notes due May 1, 2067. Debt ratings are the rating agencies’ current assessment of the credit worthiness and outlook of an obligor with respect to a specific obligation.

Instrument

A.M. Best

S&P (1)

Moody's

Senior Notes due June 1, 2044

(Excellent)

BBB+

(Strong)

Baa1

(Medium Grade)

Senior Notes due October 15, 2050

(Excellent)

BBB+

(Strong)

Baa1

(Medium Grade)

Senior Notes due October 15, 2052

Not Rated

BBB+

(Strong)

Baa1

(Medium Grade)

Long-Term Notes due May 1, 2067

bbb

(Good)

BBB-

(Adequate)

Baa2

(Medium Grade)

Enterprise Risk Management.

Everest underwrites and manages risk for its customers. As a global insurance and reinsurance business, we have an established Enterprise Risk Management (“ERM”) framework that is integrated into the day-to-day management of our businesses and operations. The ERM framework provides a group-wide systemic approach to managing the organization’s key risks and is supported by Risk Appetite Statements approved by the Everest Board.

Risk governance is a key component of Everest’s ERM framework in order to establish and coordinate risk guidelines that reflect the enterprise’s appetite for risk, facilitate monitoring of risk exposure relative to established guidelines and ensure effective and timely escalation and communication to management and the Board. Risk management is overseen by Board and senior management risk committees. The risk committees are established at the Group level, as well as within certain Everest entities, to oversee capital and risk positions, approve risk management strategies and limits and establish appropriate risk standards and policies.

Our Enterprise Risk Committee (“ERC”) reports to and assists the Chief Executive Officer in the oversight and review of Everest’s ERM framework and key risks, including Underwriting, Financial, Operational and Strategic risks. The ERC is responsible for establishing the Group’s risk management principles, policies and risk appetite levels. The ERC meets at

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least quarterly and is comprised of the following senior executives: Chief Executive Officer, Chief Financial Officer, General Counsel, Group Chief Underwriting Officer, Reinsurance Chief Underwriting Officer, Insurance Chief Underwriting Officer, Global Operations Executive, Chief Executive of Legacy Operations, Chief Reserving Actuary and Chief Risk Officer.

The ERC is assisted in its activities by Everest’s ERM function and senior management risk committees. The ERC provides strategic risk management direction to the Group, which is then executed by the business units and by Everest’s ERM function. ERM is centrally responsible for implementing the risk management framework and identifying, assessing, monitoring, controlling and communicating the Company’s risk exposures. Everest’s ERM function is independent of operating units and reports to the Chief Risk Officer. Everest’s senior management risk committees, including the Underwriting Risk Committee, Financial Risk Committee and Operational Risk Committee, report to the ERC with the monitoring and analysis of risk insights with regards to exposure management and execution management.

Our Chief Risk Officer also reports to the Board’s Risk Management Committee (“RMC”), which helps execute the Board’s supervisory responsibility pertaining to ERM. The role of the RMC includes evaluation of the integrity and effectiveness of our ERM procedures, systems and information; governance on major policy decisions pertaining to risk aggregation and minimization; and assessment of our major decisions and preparedness levels pertaining to perceived material risks.

Regulatory Matters.

The Company and its insurance subsidiaries are subject to regulation under the insurance statutes of the various jurisdictions in which they conduct business, including all U.S. states, Canada, India and Singapore. These regulations vary from jurisdiction to jurisdiction and are generally designed to protect ceding insurance companies and policyholders by regulating the Company’s conduct of business, financial integrity and ability to meet its obligations. Many of these regulations require reporting of information designed to allow insurance regulators to closely monitor the Company’s performance.

Climate-Related Risk Management.

As a global insurance and reinsurance organization, we recognize the potential impact of extreme natural perils on our world. We are also acutely aware of the fact that our industry plays a critical role in economic and social recovery after such extreme weather events. It is our policy to remain committed to providing solutions that can help our clients manage their own environmental risks in real and practical ways. We are also dedicated to managing and reducing our own ecological footprint wherever possible and considering environmental factors when making investment decisions.

Much of our business involves protecting clients through insurance and reinsurance from the impact of devastating natural catastrophes. As such, it is our policy to take a proactive approach to incorporating climate and weather-related risk into our underwriting procedure. To meet this challenge, our underwriting, actuarial and catastrophe modelling teams work together in researching and analyzing external raw climate/meteorological data in conjunction with our internal proprietary claims and loss information data to assess the geographical impacts of climate-related risk and develop predictive analytics models to refine our pricing tolerances and product development. This team approach to assessing the impact of climate-related risk for Everest, as well as our customers, ensures that we are most accurately and responsibly providing specialized coverage to our clients for climate and other environment-related risks.

Insurance Holding Company Regulation.

Under applicable U.S. laws and regulations, no person, corporation or other entity may acquire a controlling interest in the Company, unless such person, corporation or entity has obtained prior approval for such acquisition from the insurance commissioners of Delaware and any other state in which the Company’s insurance subsidiaries are domiciled or deemed domiciled (as of this date, California). Under these laws, “control” is presumed when any person acquires, directly or indirectly, 10% or more of the voting securities of an insurance company. To obtain the approval of any change in control, the proposed acquirer must file an application with the relevant insurance commissioner disclosing, among other things, the background of the acquirer and that of its directors and officers, the acquirer’s financial condition and its proposed changes in the management and operations of the insurance company. U.S. state regulators also require prior notice or regulatory approval of material intercompany and inter-affiliate transactions within the holding company structure.

Effective January 7, 2026, the Bermuda Insurance Amendment (No.2) Act 2025 (the “Amendment Act”) expanded the Bermuda Monetary Authority’s (“BMA”) group supervision framework under the Bermuda Insurance Act 1978 (the “Act”). Under the Amendment Act, the BMA will now designate and register non-regulated insurance holding companies, including insurance groups headed by either (a) a specified insurer or (b) a Bermuda company that is the ultimate parent

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company of an insurance group. For this purpose, a “specified insurer” will be a Class 3A, 3B, 4, C, D or E insurer unless such other class of insurer is designated by the BMA. Since Group is incorporated in Bermuda and is the ultimate parent of Everest’s insurance group, Group may become subject to group supervision by the BMA under the Amendment Act.

Under the Amendment Act, insurance groups subject to supervision have a 12-month transition period to take steps required for compliance, with the BMA authorized to grant extensions of up to an additional 12 months upon application. As a result of the Amendment Act, Group may become subject to group-level solvency and capital requirements, consolidated financial reporting and auditing obligations, recovery planning requirements and prior notification or approval requirements for certain material changes. For example no member of an insurance group domiciled in Bermuda can amalgamate with, acquire or merge with another firm without the designated insurer of that group first providing notice to the BMA that the member intends to effect such material change and allowing the BMA at least 30 days to confirm it has no objection. Group is evaluating the impact of the Amendment Act on its regulatory obligations and on its solvency and capital requirements.

The Insurance Companies Act of Canada requires prior approval by the Minister of Finance of anyone acquiring a significant interest in an insurance company authorized to do business in Canada. In addition, the Company is subject to regulation by the insurance regulators of other U.S. states and foreign jurisdictions in which it is authorized to do business. Certain of these U.S. states and foreign jurisdictions impose regulations regulating the ability of any person to acquire control of an insurance company authorized to do business in that jurisdiction without appropriate regulatory approval similar to those described above.

Dividends.

Under Bermuda law, Everest Assurance is unable to declare or make payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. As a long-term insurer, Everest Assurance is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in its long-term business fund, as certified by its approved actuary, exceeds its liabilities for long-term business by at least the $500,000 minimum solvency margin. Prior approval of the Bermuda Monetary Authority (the “BMA”) is required if Everest Assurance’s dividend payments would exceed 25% of its respective prior year end statutory capital and surplus. At December 31, 2025, Bermuda Re, Everest International and Everest Assurance exceeded their solvency and liquidity requirements.

The payment of dividends to Holdings by Everest Re is subject to limitations imposed by Delaware law. Generally, Everest Re may only pay dividends out of its statutory earned surplus, which was $8.9 billion at December 31, 2025, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve-month period is the greater of (1) 10% of the insurer’s statutory surplus as of the end of the prior calendar year and (2) the insurer’s statutory net income (loss), not including realized capital gains (losses), for the prior calendar year. Accordingly, as of December 31, 2025, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $886 million.

Insurance Regulation.

Everest Assurance is regulated by the Insurance Act 1978 (as amended) and related regulations (the “Act”). The Act establishes solvency and liquidity standards and auditing and reporting requirements and subjects Everest Assurance to the supervision, investigation and intervention powers of the BMA. Under the Act, Everest Assurance is licensed as a Class 3A insurer for general business and as a Class C insurer for long-term business.

U.S. domestic property and casualty insurers, including reinsurers, are subject to regulation by their states of domicile and by those states in which they are licensed. The regulation of reinsurers is typically focused on financial condition, investments, management and operation. The rates and policy terms of reinsurance agreements are generally not subject to direct regulation by any governmental authority.

The operations of Everest Re’s foreign branch offices in Canada, India and Singapore are subject to regulation by the insurance regulatory officials of those jurisdictions. Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations.

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Everest National, Everest Security, Everest Denali and Everest Premier are subject to regulations similar to the U.S. regulations applicable to Everest Re. In addition, these companies must comply with substantial regulatory requirements in each state where they conduct business. These additional requirements include, but are not limited to, rate and policy form requirements, as well as requirements on licensing, agent appointments, participation in residual markets and claim handling procedures. These regulations are primarily designed for the protection of policyholders. Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write insurance on a surplus lines basis in the United States.

Licenses.

Everest Re is a licensed property and casualty insurer and/or reinsurer in all states, the District of Columbia, Puerto Rico and Guam. Such licensing enables U.S. domestic ceding company clients to take credit for uncollateralized reinsurance receivables from Everest Re in their statutory financial statements. Everest Re is licensed as a property and casualty reinsurer in Canada. It is also authorized to conduct reinsurance business in India, Singapore and Brazil. Everest Re can also write reinsurance in other foreign countries. Because some jurisdictions require a reinsurer to register in order to be an acceptable market for local insurers, Everest Re is registered as a foreign insurer and/or reinsurer in the following countries: Bolivia, Brazil, Chile, China, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, India, Mexico, Nicaragua, Panama, Paraguay, the Philippines, Singapore and Venezuela.

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

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

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

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

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

Everest Assurance is registered as a Class 3A general business insurer in Bermuda and a Class C long-term insurer in Bermuda. Everest Assurance is also considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia. In addition, Everest Assurance can also write reinsurance in other foreign countries. Because some jurisdictions require a reinsurer to register in order to be an acceptable market for local insurers, Everest Assurance is registered as a foreign insurer and/or reinsurer in the following countries: Bolivia, Colombia, Chile, Ecuador, Guatemala, Mexico and Paraguay.

Periodic Examinations.

Led by their states of domicile, U.S. insurance companies are subject to periodic financial examination of their affairs, usually every three to five years. U.S. insurance companies are also subject to examinations by the various state insurance departments where they are licensed concerning compliance with applicable conduct of business regulations. In addition, non-U.S. insurance companies and branches are subject to examination and review by regulators in their respective jurisdictions. In 2025, there were no reports of these examinations or reviews issued that contained any material findings or recommendations.

NAIC Risk-Based Capital Requirements.

The U.S. National Association of Insurance Commissioners (“NAIC”) has developed a formula to measure the statutory minimum amount of capital required for a property and casualty insurance company to support its overall business operations in light of its size and risk profile. The major categories of a company’s risk profile are its asset risk, credit risk and underwriting risk. The standard is an effort to anticipate insolvencies. This allows regulators to take actions that could limit the impact of these insolvencies on policyholders.

Under the approved formula, a company’s adjusted statutory surplus (end of period surplus adjusted for items not currently applicable to the Everest companies) is compared to the Risk-Based Capital Model (“RBC”) developed by the NAIC. If this ratio is above a minimum threshold, no action is necessary. Below this threshold are four distinct action levels at which an insurer’s domiciliary state regulator can intervene with increasing degrees of authority over an insurer

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as the ratio of adjusted surplus to RBC decreases. The mildest intervention requires an insurer to submit a plan of appropriate corrective actions. The most severe action requires an insurer to be rehabilitated or liquidated.

Based on their financial positions, as of December 31, 2025, Everest Re, Everest National, Everest Indemnity, Everest Security, Everest Denali and Everest Premier exceed the minimum RBC thresholds.

Tax Matters.

The following summary of the taxation of the Company is based on current law. There can be no assurance that legislative, judicial or administrative changes will not be enacted that might materially affect this summary.

The Company conducts business and is subject to taxation in the United States. Non-U.S. branches of the Company are subject to both local taxation in the jurisdictions in which they operate and U.S. corporate income tax but are generally relieved from double taxation through the application of foreign tax credits against their U.S. income tax liability.

On July 4, 2025, The One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition or cash flows upon enactment in 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of The One Big Beautiful Bill.

Other Countries

The Company does business in the following locations where it is subject to taxation by the local authorities: Brazil, Canada, India and Singapore.

Available Information.

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

ITEM 1A. RISK FACTORS

Our business, results of operations and financial conditions are subject to numerous risks and uncertainties. While we seek to identify, manage and mitigate risks to our business, risk and uncertainty cannot be eliminated or necessarily predicted. In connection with any investment decision with respect to our securities, you should carefully consider the following risk factors, as well as the other information contained in this report and our other SEC filings. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Should any of these risks materialize, actual results may differ materially from the disclosed information, and our business financial condition and results of operations could be materially and adversely affected.

UNDERWRITING

Our results could be adversely affected by catastrophic events.

We are exposed to 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.

The frequency and/or severity of some catastrophic events may be impacted in the future by the continued effects of climate change. Secondary perils, such as severe convective storms, may also become increasingly impactful. Climate change and resulting changes in global temperatures, weather patterns and sea levels may both increase the frequency and severity of natural catastrophes and the resulting losses in the future and impact our risk modeling assumptions. We cannot predict the impact that changing climate conditions, if any, may have on our results, operations or our financial condition. Additionally, we cannot predict how legal, regulatory and/or social responses to concerns around global climate change and the resulting impact on various sectors of the economy may impact our business. Any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations. By way of illustration, during the past five calendar years, pre-tax catastrophe losses, net of reinsurance, were as follows:

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Calendar year:	Pre-tax net catastrophe losses
(Dollars in millions)
2025	$	680
2024	533
2023	323
2022	984
2021	940

Our losses from future catastrophic events could exceed our projections.

We use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool. We use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area. These loss projections are estimates, reliant on a mix of quantitative and qualitative processes, and actual losses may exceed the projections by a material amount.

Unfavorable loss development may adversely affect our business, financial condition, results of operations or liquidity.

We are required to maintain reserves to cover our ultimate liability of losses and LAE for both reported and unreported claims. These reserves are only estimates of what we believe the ultimate settlement and administration of claims will cost based on facts and circumstances known to us and incorporates actuarial and statistical analysis. Loss reserve estimates are reconsidered, as necessary, as experience develops and to reflect other changes in circumstances that may affect our estimate of ultimate loss, and this could potentially result in increases to our reserves. In setting reserves for our reinsurance liabilities, we rely on claims data supplied by our ceding companies and brokers, along with other data that may affect our estimate of ultimate loss and actuarial and statistical analysis to arrive at an estimate of ultimate liability for losses and LAE. The information received from our ceding companies is not always timely or accurate, which can contribute to inaccuracies in our loss projections. For the insurance and reinsurance businesses, ultimate losses may differ materially from our expectations at the time we underwrite the business. Because of the uncertainties that surround our estimates of loss and LAE reserves, we cannot be certain that ultimate losses and LAE payments will not exceed the estimates we make at any given time. Loss experience in these lines of business is very unpredictable and has been exacerbated by social inflation factors such as uncertain legal system outcomes, increased frequency of high-severity claims and third-party litigation funding. If our reserves are deficient in future periods, we may be required to increase loss reserves in the period in which such deficiencies are identified which would cause a charge to our earnings, a reduction of capital and could result in adverse effects on our business, financial condition, results of operation or liquidity.

During the past five calendar years, the reserve process resulted in a decrease to our pre-tax income in 2025, 2024, 2022 and 2021 and resulted in an increase to our pre-tax income in 2023:


Calendar year:	Effect on pre-tax income
(Dollars in millions)
2025	$	330	decrease
2024	1,211		decrease
2023	21		increase
2022	8		decrease
2021	5		decrease

The difficulty in estimating our reserves is significantly more challenging as it relates to reserving for potential asbestos and environmental (“A&E”) liabilities. As of December 31, 2025, 1.0% of our gross reserves were comprised of A&E reserves. A&E liabilities are especially hard to estimate for many reasons, including the long delays between exposure and manifestation of any bodily injury or property damage, difficulty in identifying the source of the asbestos or environmental contamination, long reporting delays and difficulty in properly allocating liability for the asbestos or environmental damage. Legal tactics and judicial and legislative developments affecting the scope of insurers’ liability, which can be difficult to predict, also contribute to uncertainties in estimating reserves for A&E liabilities. In addition, since reserve estimates of aggregate loss costs for prior years are sometimes factored into pricing our insurance products, inaccurate reserves can lead to our products not being priced adequately to cover actual losses and related loss expenses in order to generate a profit.

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If we are unable to or choose not to purchase reinsurance and transfer risk to the reinsurance markets, our net income could be reduced or we could incur a net loss in the event of unusual loss experience.

We purchase prospective reinsurance for our insurance and reinsurance operations in order to mitigate the volatility of losses on our financial results. From time to time, market conditions have limited, and in some cases have prevented, insurers and reinsurers from obtaining the types and amounts of reinsurance that they consider adequate for their business needs. There is no guarantee that our desired amounts of reinsurance or retrocessional reinsurance will be available in the marketplace in the future. In the current environment, our ability to renew our current reinsurance or retrocessional reinsurance arrangements or obtain desired amounts of new or replacement coverage on favorable terms may be substantially reduced as a result of the impact of inflation, industry catastrophic losses to reinsurer capital and the appetite for certain lines of business. In addition to capacity risk, the remaining capacity may not be on terms we deem appropriate or acceptable or with companies with whom we want to do business.


Percentage of ceded written premiums to gross written premiums	2025		2024		2023		2022		2021
Unaffiliated	14.7	%	15.8	%	13.3	%	13.2	%	14.3	%
Affiliated	4.0	%	4.0	%	3.9	%	3.8	%	4.9	%

If we are unable to or choose not to renew our current reinsurance or retrocessional reinsurance or purchase new or replacement coverage on favorable terms or at all, the amount of business we are willing to write may be limited or our protection from losses due to large loss events may be materially reduced and our net income could be materially reduced.

The failure to accurately assess underwriting risk and establish adequate premium rates could reduce our net income or result in a net loss.

Our success depends on our ability to accurately assess the risks associated with the businesses on which the risk is retained. If we fail to accurately assess the risks we retain, we may fail to establish adequate premium rates or contract terms (i.e. limits, deductibles, etc.) to cover our losses and LAE. In future years, sufficient premium rates may result in reserve deficiencies to the extent that higher than expected losses are incurred. This could reduce our net income and even result in a net loss.

Losses may arise from events or exposures that are not anticipated when the coverage is priced. In addition to such unanticipated events, we also face the unanticipated expansion of our exposures, particularly in long-tail liability lines. An example of this is the expansion over time of the scope of insurers’ legal liability within the mass tort cases, particularly for A&E exposures discussed above.

Decreases in pricing for property and casualty reinsurance and insurance could reduce our net income.

The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and market. These cycles, as well as other factors that influence aggregate supply and demand for property and casualty insurance and reinsurance products, are outside of our control. The supply of (re)insurance is driven by prevailing prices and levels of capacity that may fluctuate in response to a number of factors, including large catastrophic losses and investment returns being realized in the insurance industry. Demand for (re)insurance is influenced by underwriting results of insurers and insureds, including catastrophe losses, and prevailing general economic conditions. If any of these factors were to result in a decline in the demand for (re)insurance or an overall increase in (re)insurance capacity, our net income could decrease.

Moreover, certain states have enacted laws that require a property and casualty insurer to participate in assigned risk plans, reinsurance facilities, joint underwriting associations and other residual market plans. U.S. state regulators also require that admitted insurers offer property and casualty coverage to all risks in that market and often restrict an insurer’s ability to charge the price it might otherwise charge or restrict an insurer’s ability to offer or enforce specific policy deductibles. In these markets, we may be compelled to underwrite business at lower than desired rates or accept additional risk not contemplated in our existing rates, participate in the operating losses of residual market plans or pay assessments to fund operating deficits of state-sponsored funds, which could lead to lower than anticipated profitability.

The effects of emerging claim and coverage issues on our business are uncertain.

As industry practices and legislative, regulatory, judicial, social, financial, technological and other environmental conditions change, unexpected and unintended issues related to claims and coverage may emerge. These issues may

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adversely affect our business by either extending coverage beyond our underwriting intent or by increasing the frequency and severity of claims. Examples of emerging claims and coverage issues include, but are not limited to:

•judicial expansion of policy coverage and a greater propensity to grant claimants more favorable amounts and the impact of new theories of liability;

•plaintiffs targeting property and casualty insurers in purported class action litigation relating to claims-handling and other practices;

•social inflation trends, including higher and more frequent claims, higher awards in favor of plaintiffs and increases in the value of claims due to third-party litigation funding;

•medical developments that link health issues to particular causes, resulting in liability claims;

•claims relating to unanticipated consequences of current or new technologies, including cyber security-related risks; and

•claims relating to potentially changing climate conditions.

In some instances, these emerging issues may not become apparent for some time after we have issued the affected insurance policies. As a result, the full extent of liability under our insurance or reinsurance contracts may not be known for many years after issuance.

FINANCIAL

A decline in our financial strength ratings could adversely affect our standing among cedents and broker partners and our ability to grow premiums and earnings.

Our active insurance company subsidiaries currently hold financial strength ratings assigned by third-party rating agencies which assess and rate the claims paying ability and financial strength of insurers and reinsurers. Financial strength ratings are used by cedents, agents and brokers to assess the financial strength and credit quality of reinsurers and insurers. As noted above, A.M. Best, S&P and Moody’s has assigned a negative outlook to our financial strength ratings. A downgrade or withdrawal of any of these ratings could adversely affect our ability to market our reinsurance and insurance products, our ability to compete with other reinsurers and insurers and our ability to write new business, which in turn could impact our profitability and results.

Consistent with market practice, much of our treaty reinsurance business allows the ceding company to terminate the contract or seek collateralization of our obligations in the event of a rating downgrade below a certain threshold. The termination provision would generally be triggered if a financial strength rating fell below A.M. Best or S&P’s A- rating level. To a lesser extent, Everest Re also has modest exposure to reinsurance contracts that contain provisions for obligatory funding of outstanding liabilities in the event of a rating agency downgrade. Those provisions would also generally be triggered if Everest Re’s rating fell below A.M. Best or S&P’s A- rating level.

See also ITEM 1, “Financial Strength Ratings”.

A decline in our debt ratings could increase our borrowing costs and adversely affect our ability to access capital markets at attractive rates.

If our debt ratings are downgraded, we could incur higher borrowing costs, higher cost of capital, increased collateral requirements and our ability to access the capital markets at attractive rates could be impacted. We are unable to provide assurances as to whether or not our ratings may be downgraded by any of the rating agencies in the future.

See also ITEM 1, “Debt Ratings”.

The failure of our insureds, intermediaries and reinsurers to satisfy their obligations to us could reduce our income.

In accordance with industry practice, we have uncollateralized receivables from insureds, agents and brokers and/or rely on agents and brokers to process our payments. We may not be able to collect amounts due from insureds, agents and brokers, resulting in a reduction to net income.

We are subject to credit risk of reinsurers in connection with retrocessional arrangements because the transfer of risk to a reinsurer does not relieve us of our liability to the insured. In addition, reinsurers may be unwilling to pay us even though they are able to do so. The failure of one or more of our reinsurers, including, but not limited to, the counterparties to the adverse development cover reinsurance agreements, to honor their obligations to us in a timely fashion would impact our cash flow and reduce our net income and could cause us to incur a significant loss.

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The value of our overall investment and investment income could decline due to changed conditions in the financial markets and prevailing economic conditions.

A significant portion of our investment portfolio consists of fixed income securities and smaller portions consist of equity securities and other investments, such as limited partnerships and other alternative investments. The fair value of our invested assets and associated investment income may fluctuate depending on various factors including, but not limited to, the effects of economic events and conditions; governmental policies; changes in interest rates, currency exchange rates, inflation and credit spreads; credit ratings; loss frequency and severity; and market volatility. In addition, rapid or unprecedented changes in credit and equity market conditions could materially impact the valuation of securities. The volatility of our losses may force us to liquidate securities, which may cause us to incur capital losses. Realized and unrealized losses in our investment portfolio and changes in our estimates of current expected credit loss allowance can affect our financial condition, results of operations or liquidity and our ability to conduct business.

Interest Rate Risk.

Most of our fixed income securities are classified as available for sale, and temporary changes in the fair value of these investments due to interest rate fluctuations are reflected as changes to our shareholders’ equity. Additionally, net investment income from fixed income investments that carry prepayment risk, such as mortgage-backed and other asset-backed securities, can differ from the income anticipated from those securities at the time of purchase.

Credit Risk.

Our investment portfolio is subject to the risk of loss due to default or deterioration in the credit quality, financial condition or future recovery prospects of the underlying issuers of our fixed income securities. As a part of our ongoing analysis of our investment portfolio, we are required to assess and estimate current expected credit losses for all held-to-maturity securities and evaluate expected credit losses for available-for-sale securities when fair value is below amortized cost, which considers reasonable and supportable forecasts of future economic conditions and estimated future cash flows in addition to information about past events and current conditions. If the issuers or other obligors of individual investments are unable to meet their obligations, investment income will be reduced and realized capital losses may arise.

We have exposure to counterparties through a variety of commercial transactions and arrangements, including reinsurance transactions and agreements with banks, hedge funds, private funds and other investment vehicles that expose us to credit risk in the event a counterparty or an underlying issuer or borrower fails to perform its obligations.

Equity Risk.

We have invested a portion of our investment portfolio in equity securities. The value of these assets fluctuates with changes in the markets. In times of economic weakness, the fair value of these assets may decline. We also invest in non-traditional investments which have different risk characteristics than traditional fixed income and equity securities. These alternative investments are comprised primarily of private equity limited partnerships.

The failure to maintain access to enough cash, readily salable or unencumbered financial assets to meet near-term financial obligations may adversely impact business relations and creditworthiness.

Liquidity risk is a manifestation of events that are driven by other risk types (insurance, investment, operational). A liquidity shortfall may arise in the event of insufficient access to internal and external funding sources to meet an immediate and significant need for cash or collateral. Additionally, a rapid increase in interest rates can create a short-term pressure on regulatory capital models.

The Company's liquidity could be affected by a broad market illiquidity event, default by significant market participant, inability to sell assets, inability to access bank accounts, inability to access capital and credit markets, concentration of catastrophe events or unforeseen capital needs. A failure to have sufficient cashflow to meet obligations may adversely affect business relations and the creditworthiness of the Company.

We may require additional capital or financing sources in the future, which may not be available or may be available only on unfavorable terms.

Our future capital requirements depend on many factors, including rating agency and new regulatory requirements, the performance of our investment portfolio, our ability to write business successfully, the frequency and severity of

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catastrophe events and our ability to establish premium rates and loss reserves at levels sufficient to cover losses. We may need to raise additional funds through debt financings or seek to refinance debt as amounts become due or commitments expire. Any debt financing or refinancing, if available at all, may be on terms that are not favorable to us.

Because of our holding company structure, our ability to pay dividends, interest and principal is dependent on receiving dividends, loan payments and other funds from our subsidiaries.

Holdings is a holding company whose most significant asset is the stock of its operating subsidiaries. As a result, its ability to pay dividends, interest or other payments on its securities in the future will depend on the earnings and cash flows of its operating subsidiaries and the ability of the subsidiaries to pay dividends or to advance or repay funds to it. This ability is subject to general economic, financial, competitive, regulatory and other factors beyond our control. Payment of dividends and advances and repayments from some of the operating subsidiaries are regulated by U.S. states and foreign insurance laws and regulatory restrictions, including minimum solvency and liquidity thresholds. Accordingly, the operating subsidiaries may not be able to pay dividends or advance or repay funds to Holdings in the future, which could prevent us from paying dividends or interest or making other payments on our securities.

We may experience foreign currency exchange losses that reduce our net income and capital levels.

We conduct business in a variety of non-U.S. currencies, principally the Canadian dollar and the Singapore dollar. Assets, liabilities, revenues and expenses denominated in foreign currencies are exposed to changes in currency exchange rates. Our reporting currency is the U.S. dollar, and exchange rate fluctuations, especially relative to the U.S. dollar, may materially impact our results and financial position. In 2025, we wrote approximately 23% of our coverages in non-U.S. currencies; as of December 31, 2025, we maintained approximately 11% of our investment portfolio in investments denominated in non-U.S. currencies.

Our business is sensitive to unanticipated levels of inflation.

While consideration is given to the levels of inflation and how that may impact premiums and claims, the impacts of inflation may be different than anticipated. Premiums are established before actual losses are known, which may result in some underpricing if inflation rises more rapidly than expected, ultimately creating a deficiency that may impact our financial position. Higher inflation could lead to higher interest rates, which would negatively impact the value of our existing fixed income or other investments.

Measures taken by domestic or foreign governments could have effects on our business.

The potential political, economic, military and social risks that can emerge from a nation's involvement in international affairs can manifest into elevated geopolitical risk. For financial institutions, there are direct and indirect effects that can result from these events, including effects to the growth of business, return in foreign investments, claims patterns and local operations.

Global economic conditions could adversely affect our business, results of operations or financial condition.

The global economic environment continues to be impacted by fiscal or monetary policies; uncertainty concerning the future path of interest rates; the effect of social, economic and political conditions and geopolitical events and supply chain disruptions; the implementation of tariffs and other protectionist trade policies; and the possibility of a recession, government shutdowns, debt ceilings and funding. Ongoing global economic uncertainties and evolving market conditions may affect our results of operations, financial condition and capital resources.

OPERATIONAL

We are dependent on our key personnel.

In 2025, the Company had various promotions and new executive leadership appointments. Our success has been, and will continue to be, dependent on our ability to retain the services of our existing key executives and other key employees, and to attract and retain additional qualified personnel in the future. The loss of the services of any key executive officer, the failure to successfully effectuate a permanent leadership transition or the inability to hire and retain other highly qualified personnel in the future could adversely affect our ability to conduct business. Changes to or turnover among senior management or key executives could also disrupt the Company’s strategic focus, operational capabilities and may impede our ability to act quickly and efficiently in executing our business strategy. Additionally, the emergence of new technologies, including artificial intelligence (“AI”), which require new skill sets and changes in local

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employment legislation, taxation and the approach of regulatory bodies to compensation practices within our operating jurisdictions may result in difficulty in attracting, developing and retaining key personnel.

We rely on our processes, people and systems to maintain our operations and manage the operational risks inherent to our business. Any errors, omissions or misconduct by our employees or third-party agents in the execution of these processes could adversely affect our business, results of operations and financial condition.

We seek to monitor and control our exposure to risks arising from these processes through an enterprise risk management framework, internal controls, management review and other processes. Our processes, people and systems may not effectively identify or control all risks, and our employees and third-party agents may not effectively execute them. Losses may result from, among other things, actual or alleged fraud; errors; employee misconduct or failure to document transactions properly, obtain proper internal authorization, comply with underwriting or other internal guidelines or comply with regulatory requirements. Resulting losses could adversely affect our business, results of operations and financial condition.

We are subject to cybersecurity risks that could negatively impact our business operations.

Cybersecurity threats and incidents have increased in recent years, heightening related risks. AI technologies are quickly evolving and being adopted, which may also increase or intensify potential cybersecurity risks. We are dependent upon our information technology platform, including our processing systems, data and electronic transmissions in our business operations. Security breaches and other cyber threats, including those at third parties that have our information, could expose us to the loss or misuse of our technology systems or information, litigation and potential liability. In addition, cyber incidents that impact the confidentiality, integrity, availability, authenticity or other proper functioning of these systems could have a significant negative impact on our operations and possibly our financial results. An incident could also result in a violation of applicable privacy and other laws, damage our reputation, cause a loss of customers, result in regulatory action or give rise to monetary fines and other penalties, which could be significant, and ultimately have a material adverse effect on our business or operations. We may be unable to anticipate cybersecurity threats, react in a timely manner and may be required to devote substantial additional resources to modify or enhance our information security systems, networks and cybersecurity program and to defray the costs of complying with new or developing regulatory requirements. While we are not aware of a cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial condition, a future cybersecurity incident could have a material impact on us.

Exposure to cybersecurity risk is increasing systematically due to greater digital dependence, emerging technologies such as AI and increased possible losses due to a catastrophic cybersecurity event. Cybersecurity incidents are not bound by time or geographic limitations. Related perils do not have well-established definitions and fundamental physical properties may be engineered specifically to evade established loss mitigation controls. Any losses incurred from these risks are also dependent on our clients’ and our third-party service providers' cybersecurity practices and defenses, as well as how contract terms and conditions interact with the evolving threat landscape which is out of our control. Some of our service providers may store or have access to our data and may not have effective controls, processes or practices to protect our information. A vulnerability in our service providers’ software or systems or failure of safeguards, policies or procedures, could result in a cyberattack or other incident which could harm our business.

See Item 1C, “Cybersecurity” for additional information.

We are dependent on brokers and agents for business developments.

We rely on brokers and agents. Our relationship with this distribution network is based on quality of underwriting, claim services, financial strength and other factors, which could weaken. Deterioration in relationships with our broker and agent distribution network or their increased promotion and distribution of our competitors’ products could adversely affect our ability to sell our products. Loss of all or a substantial portion of the business provided by one or more of these brokers or agents could have an adverse effect on our business.

Analytical models used in decision making and estimates, assumptions and valuations in these models could vary materially from actual results, which could have an adverse impact on the financial condition, results of operations and cash flows of the Company.

As a financial services company, we are exposed to model risk. We utilize financial models to derive metrics and drive analysis to assist in decision making across key areas, such as pricing, underwriting, reserving, investment management, ceding business, capital allocation and risk management. These models incorporate numerous assumptions and forecasts

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about the future level of financial metrics, including interest rates, inflation, credit spreads and equity markets. These models may not operate properly, may contain incorrect information and errors and may rely on assumptions and projections that are inherently uncertain which could lead to material variations from actual results.

Our operations are subject to business continuation and resiliency risk.

Across our global business centers, there is risk that our operations, systems or data, or those of third parties on whom we rely, may be disrupted. We may experience a disruption in business continuity as a result of pandemic and public health crises, geopolitical risks including armed conflict and civil unrest, terrorist events, natural disasters, cyber or other information technology related incidents affecting technology services, supply-chain disruptions as well as governmental, business and societal responses to such events, such as restrictions on public gatherings, sanctions, trade restrictions and increased unemployment. All such events may ultimately result in workforce unavailability among other operational impacts.

STRATEGIC

Our industry is highly competitive and rapidly evolving, and we may not be able to compete successfully in the future.

Our industry is highly competitive and subject to pricing cycles that can be pronounced. We compete globally in the reinsurance and insurance markets with numerous competitors. Our competitors include independent reinsurance and insurance companies, subsidiaries or affiliates of established worldwide insurance companies, reinsurance departments of certain insurance companies and domestic and international underwriting operations.

According to S&P, Group ranks among the top ten global property and casualty reinsurance groups. The worldwide net premium written by the Top 40 global reinsurance groups for both life and non-life business was estimated to be $347.1 billion in 2024 according to data compiled by S&P. In addition to existing competitors, the entry of alternative capital market products and new company formations, such as insurtech companies, provide additional sources of reinsurance and insurance capacity, which could reduce our market share and adversely affect our business, results of operation and financial condition.

Recent technological advancements in the insurance industry and information technology industry including in underwriting, claims, distribution and operations present new and fast-evolving competitive risks as participants seek to increase the speed of transactions, lower costs and create new opportunities. We will be at a competitive disadvantage if, over time, our competitors are more effective than us in their utilization of technology and evolving data analytics. If we do not anticipate or keep pace with these technological and other changes impacting the insurance industry, it could adversely affect our business results of operations and financial condition.

Business or asset acquisitions and dispositions may expose us to certain risks.

The completion of any business or asset acquisition or sale is subject to certain risks, including those relating to the receipt of required regulatory approvals, the terms and conditions of regulatory approvals including any financial accommodations required by regulators, our ability to satisfy such terms, conditions and accommodations, the occurrence of any event, change or other circumstances that could give rise to the termination of a transaction and the risk that parties may not be willing or able to satisfy the conditions to a transaction. As a result, there can be no assurance that any business or asset acquisition or sale will be completed as contemplated, or at all, or regarding the expected timing of the completion of the acquisition or disposition. Additionally, acquisitions and divestitures may not produce the anticipated benefits and may result in unintended consequences, which could have a material adverse impact on our financial condition and results of operations. We may not be able to achieve expected synergies as a result of acquisitions or divestitures. In the case of business or asset dispositions, we may have continued financial exposure to the divested businesses through reinsurance, indemnification or other financial arrangements following the transaction. The expected benefits of acquired or divested businesses may not be realized and involve additional uncertainties, continuing costs and risks that may negatively impact our business, financial condition, results of operations or liquidity.

For example, in October 2025, Group entered into definitive agreements to sell the renewal rights for certain lines of commercial retail insurance business written by the Company to AIG. There can be no assurance that we will realize the anticipated economic, strategic or other benefits of the transaction. We may also incur other related costs and our existing businesses could also be negatively impacted.

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SHAREHOLDERS, LEGAL & REGULATION

Applicable insurance laws may have an anti-takeover effect.

Before a person can acquire control of a U.S. insurance company, prior written approval must be obtained from the insurance commissioner of the state where that insurance company is domiciled or deemed commercially domiciled. Prior to granting approval of an application to acquire control of a domestic insurance company, a state insurance commissioner will consider such factors as the financial strength of the applicant, the integrity and competence of the applicant’s board of directors and executive officers, the acquiror’s plans for the future operations of the insurance company and any anti-competitive results that may arise from the consummation of the acquisition of control. Because any person who acquired control of Group would thereby acquire indirect control of its insurance company subsidiaries in the United States, the insurance change of control laws of Delaware and California would apply to such a transaction. This could have the effect of delaying or even preventing such a change of control.

We may be subject to legal, governmental or regulatory proceedings.

In the normal course of business, we are subject to regulatory and governmental investigations, document requests, subpoenas and civil actions, litigation and other forms of dispute resolution in various domestic and foreign jurisdictions. In addition, we are involved in litigation and arbitration concerning our rights and obligations under policies and contracts issued by us and under reinsurance contracts with third parties. Such investigations, inquiries, document requests, subpoenas or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, including class-actions, in which remedies could include fines, penalties, restitution, remedial actions, enhanced supervision or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

Insurance laws and regulations restrict our ability to operate and any failure to comply with those laws and regulations could have a material adverse effect on our business.

We are subject to extensive and increasing regulation under U.S. federal, state and foreign insurance laws. These laws limit the amount of dividends that can be paid to us by our operating subsidiaries, impose restrictions on the amount and type of investments that we can hold, prescribe solvency, accounting and internal control standards that must be met and maintained and require us to maintain reserves. These laws also require disclosure of material inter-affiliate transactions and require prior approval of “extraordinary” transactions. Such “extraordinary” transactions include declaring dividends from operating subsidiaries that exceed statutory thresholds. These laws also generally require approval of changes of control of insurance companies. The application of these laws could affect our liquidity and ability to pay dividends, interest and other payments on securities, as applicable, and could restrict our ability to expand our business operations through acquisitions of new insurance subsidiaries. We may not have or maintain all required licenses and approvals or fully comply with the wide variety of applicable laws and regulations or the relevant authority’s interpretation of the laws and regulations. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities or fine us. These types of actions could have a material adverse effect on our business. To date, no material fine, penalty or restriction has been imposed on us for failure to comply with any insurance law or regulation.

As a result of the previous dislocation of the financial markets, the U.S. government implemented changes in the way the financial services industry is regulated. Some of these changes are also impacting the insurance industry. For example, the U.S. Treasury established the Federal Insurance Office with the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities and consumers have access to affordable non-health insurance products, to represent the U.S. on prudential aspects of international insurance matters, to assist with administration of the Terrorism Risk Insurance Program and to advise on important national and international insurance matters. In addition, several European regulatory bodies are in the process of updating existing regulations or developing new capital adequacy directives for insurers and reinsurers. The future impact of such initiatives or new initiatives from the current governmental authorities, if any, on our operation, net income (loss) or financial condition cannot be determined at this time.

Our business is subject to certain laws and regulations relating to sanctions and foreign corrupt practices, the violation of which could adversely affect our operations.

We must comply with all applicable economic sanctions and anti-bribery laws and regulations of the United States and other jurisdictions. U.S. laws and regulations that may be applicable to us include economic trade sanctions laws and

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regulations administered by the U.S. Treasury’s Office of Foreign Assets Control, as well as certain laws administered by the U.S. Department of State. The sanctions laws and regulations of non-U.S. jurisdictions in which we operate may differ from those of the United States and these differences may also expose us to sanctions violations. In addition, we are subject to the Foreign Corrupt Practices Act and other anti-bribery laws that generally prohibit corrupt payments or improper gifts to non-U.S. governments or officials. It is possible that personnel could fail to comply with applicable laws and regulations. In such event, we could be exposed to civil penalties, criminal penalties and other sanctions, including fines or other punitive actions, which could damage our business and reputation, and could adversely affect our financial condition and results of operations.

Regulatory and legislative developments, as well as executive orders, related to cybersecurity, privacy, data protection and AI could have an adverse impact on our business.

The NAIC’s Insurance Data Security Model Law (the “IDSML”), which was intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees has been adopted in 28 states. The IDSML requires insurers, and other entities required to be licensed under state insurance laws, to comply with certain requirements, such as developing and maintaining a written information security program, conducting risk assessments and overseeing the data security practices of third-party vendors. In addition, certain state insurance regulators are developing or have developed their own regulations that may impose additional regulatory requirements relating to cybersecurity on insurance and reinsurance companies. For example, the New York State Department of Financial Services has an applicable regulation pertaining to cybersecurity for all banking and insurance entities under its jurisdiction. Regulation of cybersecurity, privacy and data protection, operational resiliency and AI has also developed globally. We cannot predict the full impact these laws and regulations will have on our business, financial condition or results of operations, but our insurance and reinsurance companies could incur additional costs resulting from compliance with such laws and regulations.

If U.S. tax law changes, our net income may be impacted.

The 2017 Tax Cuts and Jobs Act (the “TCJA”) was adopted to address incorporation by U.S. corporations in low-tax jurisdictions to obtain a competitive advantage over domestic corporations that are subject to the U.S. corporate income tax rate of 21%. Specifically, the TCJA addressed concern over a perceived competitive advantage that foreign-controlled insurers and reinsurers may have had over U.S. controlled insurers and reinsurers, resulting from the purchase of reinsurance by U.S. insurers from affiliates operating in certain foreign jurisdictions, including Bermuda. Such affiliated reinsurance transactions may subject the U.S. ceding companies to a Base Erosion and Anti-abuse Tax (“BEAT”) of 10% from 2019 to 2025 and 10.5% thereafter, which may exceed its regular income tax. In addition, new legislation, as well as proposed and final regulations may further limit the ability of the Company to execute alternative capital balancing transactions with unrelated parties. This would further impact our net income and effective tax rate.

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax and the share repurchase excise tax, and do not expect the legislation to have a material impact on our results of operations.

On January 20, 2025, President Trump issued a memorandum announcing that the Organisation for Economic Co-operation and Development (“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 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, which 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.

ITEM 1B. UNRESOLVED STAFF COMMENTS

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None.

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

Everest has aligned and operationalized its cybersecurity program and controls with the National Institute of Standards and Technology (“NIST”) Cybersecurity Incident Response Framework to provide preventative, detective and responsive measures that are timely, comprehensive, systematic, and in alignment with industry standards, regulatory requirements, and the Company’s risk management framework. As part of the Company’s cybersecurity program, Everest has established cross-functional teams with roles and responsibilities for cybersecurity incident response. The Company has a formal incident response escalation process, which involves a dedicated Security Operation Center (“SOC”) as well as an incident response team (“IRT”), to further escalate to senior management and the Board, as appropriate. While the actual methods of incident response employed may differ based on the type and nature of the incident, our approach uses a combination of internal teams, external advisors and vendors with specialized skills to support the response and recovery efforts, including a process for escalating issues as needed to senior management and providing timely notification of incidents to law enforcement and regulatory bodies, as appropriate.

Everest uses a multi-layered process for assessing, identifying and managing material risks from cybersecurity threats and manages its systems and processes both internally and with the assistance of specialized third-party service providers. The Company obtains timely cyber-threat intelligence from various sources and maintains intrusion detection, network firewall protections, advanced threat protection, endpoint detection and response, email filtering, distributed denial-of-service and other protections to secure the company’s critical infrastructure. The SOC provides enhanced early detection of threat intelligence services, actively manages security tools, and monitors and responds to security alerts. The SOC also initiates incident response protocols, including escalating threats as needed to the IRT, including the Chief Information Security Officer (“CISO“), who can further escalate to other members of senior management and the Board, as may be appropriate. Additionally, as compromised credentials and unauthorized access remain prevalent vectors for cyberattacks, we have prioritized the advancement of our Identity and Access Management (“IAM”) protocols as a critical component of our cybersecurity strategy. We continue to modernize and strengthen access controls, password policies, multi-factor authentication and offboarding processes, to ensure that access to sensitive data and systems is restricted to authorized personnel and necessary business functions for the time period needed. Various processes, including compiling security metrics, vulnerability scans, regular patching of software and hardware vulnerabilities, external penetration testing, internal phishing tests, red team exercises and incident response exercises are used to test the effectiveness of the overall cybersecurity control environment. In addition to periodic self-assessment of various cybersecurity controls, the Company conducts annual independent NIST assessments to review its cybersecurity posture and to identify opportunities to enhance its cybersecurity controls and mitigate cybersecurity risk.

Everest outsources certain business, technological and administrative functions and relies on third-party vendors to perform certain functions or provide certain services on its behalf. The Company negotiates contractual provisions to address identified cybersecurity risk(s) with third-party vendors. Third party security assessments of these vendors are also performed as part of the Company’s third-party vendor management processes. The Company also maintains processes to oversee and manage material risks from cybersecurity threats associated with its use of third-party service providers.

Everest provides resources and learning opportunities to educate all of our colleagues on how to identify, report and be vigilant against cybersecurity threats in the workplace. In addition, we conduct cybersecurity incident simulation exercises with business, information technology, management and other key stakeholders to practice and test response processes. Furthermore, the Company collaborates with industry associations, government and regulatory authorities, peer companies and external advisors to monitor the threat environment and to inform its cybersecurity practices.

For the year ended December 31, 2025, Everest has not experienced any cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial conditions.

Governance

Cybersecurity threats present a persistent and dynamic threat to our entire industry. The Company views cybersecurity risk as an enterprise-wide concern that involves people, processes and technology. The Board, through its committees, referenced above in ITEM 1, “Enterprise Risk Management”, has ultimate responsibility for risk oversight. In 2024, a Technology and Cyber Board Committee was established to further assist the Board’s oversight responsibilities with respect to information technology governance, strategy, delivery and risk management, including cybersecurity and data

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privacy. Management is tasked with the day-to-day management of the Company’s cybersecurity risks. The Board has a practical understanding of information systems and technology use in our business operations and processes, as well as a recognition of the risk management aspects of cyber risks and cybersecurity. In addition, the Company’s subsidiary boards of directors may also provide additional oversight.

The Company also appointed a certified CISO who has significant public and private cybersecurity experience. The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps necessary to implement pertinent safeguards and protocols to manage the risk. In addition, the ERC, referenced above in ITEM 1, “Enterprise Risk Management”, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company. The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our business. The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, review overall cybersecurity strategies and policies and to report on material cybersecurity risks.

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the Company and the effectiveness of the Company’s cybersecurity program to the Board’s Technology and Cyber Committee. The topics covered by these updates include the Company's activities, policies and procedures to prevent, detect and respond to cybersecurity incidents, as well as lessons learned from cybersecurity incidents and internal and external testing of our cyber defenses.

ITEM 2. PROPERTIES

Everest Re’s corporate offices are located in approximately 321,500 square feet of leased office space in Warren, New Jersey. The Company’s 12 other locations occupy a total of approximately 186,621 square feet, all of which are leased.

ITEM 3. 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 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information and Holder of Common Stock.

As of December 31, 2025, all of the Company’s common stock was owned by Holdings Ireland and was not publicly traded.

Dividend History and Restrictions.

Holdings did not pay any dividends in 2025, 2024 and 2023. The declaration and payment of future dividends, if any, by Holdings will be at the discretion of the Board and will depend upon many factors, including the Company’s earnings, financial condition, business needs and growth objectives, capital and surplus requirements of its operating subsidiaries,

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regulatory restrictions, rating agency considerations and other factors. As an insurance holding company, the Company is dependent on dividends and other permitted payments from its subsidiaries to pay cash dividends to its stockholder. The payment of dividends to Holdings by Everest Re is subject to limitations imposed by Delaware law. Generally, Everest Re may only pay dividends out of its statutory earned surplus, which was $8.9 billion at December 31, 2025, and only after it has given 10 days prior notice to the Delaware Insurance Commissioner. During this 10-day period, the Commissioner may, by order, limit or disallow the payment of ordinary dividends if the Commissioner finds the insurer to be presently or potentially in financial distress. Further, the maximum amount of dividends that may be paid without the prior approval of the Delaware Insurance Commissioner in any twelve month period is the greater of (1) 10% of an insurer’s statutory surplus as of the end of the prior calendar year or (2) the insurer’s statutory net income, not including realized capital gains, for the prior calendar year. Accordingly, as of December 31, 2025, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $886 million. See “Regulatory Matters - Dividends” and ITEM 8, “Financial Statements and Supplementary Data”- Note 18 of the Notes to Consolidated Financial Statements.

Recent Sales of Unregistered Securities.

None.

ITEM 6. [RESERVED]

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Overview.

Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. We are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our principal subsidiaries and branches 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.

During 2024, we formed a new “Other” segment, primarily comprised of the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012, and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. As of December 31, 2025, the Company has two reportable segments consistent with how the business is managed. Additionally, as part of the Segment results presentation, we have separately presented the Company’s affiliated reinsurance arrangements with its affiliated Bermuda entities. See Note 16 of the Notes to the Consolidated Financial Statements for a discussion of reinsurance transactions with its affiliated Bermuda entities that are included in this segment presentation. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Our net income of $775 million for the year ended December 31, 2025 is inclusive of unfavorable development of prior-year loss reserves of $330 million. Our net income of $221 million for the year ended December 31, 2024 is inclusive of unfavorable development of prior-year loss reserves of $1.2 billion. We have significantly fortified our U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent and investing in our platform as we head into 2026. In addition, we have entered into an adverse development reinsurance agreement protecting the Company against potential adverse loss development for accident years 2024 and prior arising out of North American liabilities within our Insurance and Other Segments and sold the renewal rights to certain lines of commercial retail insurance business. Refer to management’s discussion of consolidated and segment results below.

The following is a discussion and analysis of our results of operations, financial condition and liquidity and capital resources for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements and related notes, under ITEM 8 of this Form 10-K. Comparisons between 2024 and 2023 have been omitted from this Form 10-K but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024.

All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.

Recent Developments.

Adverse Development Cover Reinsurance Agreements

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$500 million, for which the Ceding Companies paid approximately $122 million of consideration upon closing of the transaction, of which $44 million was attributable to the Company. The Ceding Companies have a co-participation of $100 million in each of the second and third layers. For more details, see Form 8-K filed by Group with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference in Exhibits 10.20 and 10.21. At December 31, 2025, the total covered losses ceded to State National Reinsurer by the Ceding Companies were $1,253 million, of which $1,003 million were attributable to the Company. The aggregated unexpired limit for the adverse development reinsurance agreements was $597 million for State National Reinsurer and $400 million for MS Transverse Reinsurer, respectively.

Sale of Certain Commercial Retail Insurance Renewal Rights

In October 2025, Group entered into definitive agreements with American International Group, Inc. (“AIG”) to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million, of which $170 million was attributable to the Company. In addition, on October 26, 2025, Group entered into an agreement with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by Group in certain countries in the European Union, for an aggregate purchase price of $49 million. Under the agreements, AIG agreed to pay Group a total of $10 million per month for nine months starting January 1, 2026 for specified transition services, of which the Company will receive $7 million per month. For more details, see Form 8-K filed by Group with the SEC on October 28, 2025 and the Master Transaction Agreements incorporated by reference in Exhibits 10.22 and 10.23.

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 stockholder’s equity for the periods indicated:


	Years Ended December 31,									Percentage Increase/(Decrease)
(Dollars in millions)	2025			2024			2023			2025/2024		2024/2023
Gross written premiums	$	11,141		$	11,616		$	11,117		(4.1)	%	4.5	%
Net written premiums	9,063			9,312			9,212			(2.7)	%	1.1	%

REVENUES:
Premiums earned	$	9,086		$	9,090		$	8,536		—	%	6.5	%
Net investment income	1,351			1,250			993			8.0	%	26.0	%
Net gains (losses) on investments	28			76			(180)			(62.7)	%	NM
Other income (expense)	(51)			64			(11)			NM		NM
Total revenues	10,415			10,481			9,337			(0.6)	%	12.3	%

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	6,711			7,430			5,578			(9.7)	%	33.2	%
Commission, brokerage, taxes and fees	2,009			1,946			1,851			3.2	%	5.1	%
Other underwriting expenses	601			606			574			(0.9)	%	5.6	%
Corporate expense	31			19			18			59.8	%	9.3	%
Interest, fee and bond issue cost amortization expense	176			150			134			17.8	%	11.4	%
Total claims and expenses	9,528			10,152			8,156			(6.1)	%	24.5	%

INCOME (LOSS) BEFORE TAXES	887			329			1,181			NM		(72.1)	%
Income tax expense (benefit)	112			108			210			3.1	%	(48.3)	%
NET INCOME (LOSS)	$	775		$	221		$	972		NM		(77.2)	%

RATIOS:										Point Change
Loss ratio	73.9		%	81.7		%	65.3		%	(7.9)		16.4
Commission and brokerage ratio	22.1		%	21.4		%	21.7		%	0.7		(0.3)
Other underwriting expense ratio	6.6		%	6.7		%	6.7		%	(0.1)		(0.1)
Combined ratio	102.6		%	109.8		%	93.8		%	(7.2)		16.1

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	At December 31,						Percentage Increase/ (Decrease)
(Dollars in millions)	2025		2024		2023		2025/2024		2024/2023
Balance sheet data:
Total investments and cash	$	29,122	$	26,650	$	23,439	9.3	%	13.7	%
Total assets	39,550		36,209		31,638		9.2	%	14.4	%
Loss and loss adjustment expense reserves	21,336		19,271		15,796		10.7	%	22.0	%
Total debt	3,589		3,587		3,385		—	%	6.0	%
Total liabilities	31,048		28,913		24,451		7.4	%	18.3	%
Stockholder's equity	8,501		7,296		7,187		16.5	%	1.5	%

(Some amounts may not reconcile due to rounding)

(NM - not meaningful)

Revenues.

Premiums. Gross written premiums decreased by 4.1% to $11.1 billion in 2025, compared to $11.6 billion in 2024, reflecting a $69 million, or 0.9% decrease in our reinsurance business, a $318 million, or 9.3% decrease in our insurance business and a $88 million, or 49.2% decrease in our Other segment business. The decrease in reinsurance premiums was primarily due to North America casualty pro rata and casualty excess of loss lines of business, partially offset by an increase in the property lines of business. The decrease in insurance premiums reflects portfolio actions taken in casualty lines of business partially offset by growth in accident and health and other specialty lines. Gross written premiums within Other decreased by $88 million as this segment generally represents lines of business that have been discontinued.

Net written premiums decreased by 2.7% to $9.1 billion in 2025, compared to $9.3 billion in 2024, primarily driven by overall mix of business.

Premiums earned remained relatively consistent at $9.1 billion for 2025 and 2024. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in 2024 is being earned through the 2025 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 $51 million in 2025 and other income of $64 million in 2024. The change was primarily the result of fluctuations in foreign currency exchange rates, in particular fluctuations in the Brazilian Real, Colombian Peso, South African Rand and Israeli New Shekel, partially offset by the gain from sale of renewal rights and the pension plan settlement gain recognized in the second quarter of 2025 driven by the extinguishment of the Everest Re retirement pension plan obligation liability.

The following table shows the components of other income (expense) for the periods indicated:


	Years ended December 31,
	2025		2024
Foreign currency exchange income (expense)	$	(106)	$	12
Gain on pension plan settlement	28		10
Gain (loss) from sale of renewal rights	32		—
Gain (loss) from sale of sports and leisure business	—		40
Other	(5)		2
Total other income (expense)	$	(51)	$	64

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Claims and Expenses.

Incurred Losses and LAE. The following table presents our incurred losses and LAE for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2025
Attritional	$	5,627	61.9	%	$	404	4.5	%	$	6,031	66.4	%
Catastrophes	754		8.3	%	(74)		(0.8)	%	680		7.5	%
Total	$	6,381	70.2	%	$	330	3.6	%	$	6,711	73.9	%

2024
Attritional	$	5,551	61.1	%	$	1,347	14.8	%	$	6,898	75.9	%
Catastrophes	668		7.3	%	(135)		(1.5)	%	533		5.9	%
Total	$	6,219	68.4	%	$	1,211	13.3	%	$	7,430	81.7	%

2023
Attritional	$	5,254	61.5	%	$	1	—	%	$	5,255	61.6	%
Catastrophes	346		4.0	%	(22)		(0.3)	%	323		3.8	%
Total	$	5,599	65.6	%	$	(21)	(0.3)	%	$	5,578	65.3	%

Variance 2025/2024
Attritional	$	76	0.8	pts	$	(943)	(10.4)	pts	$	(867)	(9.5)	pts
Catastrophes	86		1.0	pts	61		0.7	pts	147		1.6	pts
Total	$	162	1.8	pts	$	(882)	(9.7)	pts	$	(719)	(7.9)	pts

Variance 2024/2023
Attritional	$	297	(0.5)	pts	$	1,346	14.8	pts	$	1,643	14.3	pts
Catastrophes	323		3.3	pts	(113)		(1.2)	pts	209		2.1	pts
Total	$	619	2.8	pts	$	1,233	13.6	pts	$	1,852	16.4	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 9.7% to $6.7 billion in 2025, compared to $7.4 billion in 2024, primarily due to a decrease in unfavorable development on prior year attritional losses of $943 million, partially offset by an increase of $76 million in current year attritional losses, an increase of $86 million in current year catastrophe losses and a decrease in favorable development on prior year catastrophe losses of $61 million.

The increase in current year attritional losses was mainly due to the strengthening of U.S. casualty reserves. Unfavorable development on prior year attritional losses was $404 million in 2025 compared to unfavorable development of $1.3 billion in 2024. The net unfavorable development on prior year attritional reserves of $404 million in 2025 is comprised of $431 million of unfavorable development on prior years attritional losses from the Insurance segment due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024, and $137 million of unfavorable development in our Other segment which was driven by U.S. casualty lines, primarily from our sports and leisure business. In addition, the Reinsurance segment recorded favorable development on prior years of $144 million, primarily driven by favorable development booked on well-seasoned reserves in the property and U.S. mortgage lines. Embedded in the amounts noted above is $44 million of prior year losses related to the ADC.

The current year catastrophe losses of $754 million in 2025 related primarily to the 2025 Southern California wildfires ($461 million), Hurricane Melissa ($153 million), the 2025 Australian Storms ($47 million), Myanmar earthquake ($20 million), Typhoon Ragasa ($20 million) and the 2025 U.S. September floods ($20 million). The current year catastrophe losses of $668 million in 2024 related primarily to the Hurricane Milton ($297 million), Hurricane Helene ($80 million), Hurricane Beryl ($63 million), Hurricane Debby ($56 million), Alberta floods ($45 million), Brazil floods ($35 million), Taiwan earthquake ($23 million), Dubai floods ($20 million), the Baltimore Bridge collapse ($20 million) and Jasper fires ($10 million), with the remaining losses resulting from various storm events. For 2025, the favorable development on

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prior year catastrophe losses of $74 million was mainly related to reserves released related to the 2022 Hurricane Ian event.

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 catastrophes contributed 7.5 percentage points to the combined ratio in 2025, compared with 5.9 percentage points in 2024.

Refer to the “Ratios” section for loss ratio analysis discussion.

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees remained relatively flat at $2.0 billion in 2025 and 2024. Refer to the “Ratios” section for commission and brokerage ratio analysis discussion.

Other Underwriting Expenses. Other underwriting expenses were $601 million and $606 million in 2025 and 2024, respectively. The decrease was primarily due to the decrease in premiums earned and changes in the mix of business. Refer to the “Ratios” section for other underwriting expense ratio analysis discussion.

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $31 million and $19 million for the years ended December 31, 2025 and 2024, respectively. The increase in 2025 compared to 2024 was primarily due to an increase in other professional services related to consulting fees for corporate initiatives and an increase in compensation expenses.

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense was $176 million and $150 million in 2025 and 2024, respectively. The increase was primarily driven by higher interest costs resulting from additional borrowings from the Federal Home Loan Bank of New York (“FHLBNY”), partially offset by the change in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly per the note agreement. The floating rate was 6.50% as of December 31, 2025, compared to 7.17% as of December 31, 2024.

Income Tax Expense (Benefit). Everest had an income tax expense of $112 million and income tax expense of $108 million in 2025 and 2024, respectively. Variations in the effective tax rate (“ETR”) generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses) on investments, as well as changes in tax exempt investment income and creditable foreign taxes. The change in income tax expense resulted primarily from a decrease in pre-tax income, and a change from capital losses to capital gains.

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 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 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 U.S. Qualification for this safe harbor, which 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 $775 million and $221 million in 2025 and 2024, respectively. The period over period changes in net income were primarily driven by the financial component fluctuations explained above.

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Ratios.

Our combined ratio decreased by 7.2 points to 102.6% in 2025, compared to 109.8% in 2024. The current year decrease is primarily due to lower unfavorable prior year development on attritional losses.

The loss ratio component decreased by 7.9 points to 73.9% in 2025, compared to 81.7% in 2024 mainly due to lower unfavorable prior year development on attritional losses.

The commission and brokerage ratio components increased to 22.1% in 2025, compared to 21.4% in 2024, primarily due to change in the mix of business.

The other underwriting expense ratio decreased to 6.6% in 2025, compared to 6.7% in 2024, primarily due Reinsurance segment continued leverage against its premium base, offset by higher Insurance segment expenses driven by strategic actions.

Stockholder's Equity.

Stockholder’s equity increased by $1.2 billion to $8.5 billion at December 31, 2025 from $7.3 billion at December 31, 2024, principally as a result of $775 million of net income, $384 million of net unrealized appreciation on investments, net of tax, and $56 million of net foreign currency translation adjustments, partially offset by $10 million of net benefit plan obligation adjustments.

Consolidated Investment Results

Net Investment Income.

Net investment income increased by 8.0% to $1.4 billion in 2025, compared to $1.3 billion in 2024. The increase was primarily the result of an increase of $40 million in limited partnership income, an increase of $35 million of income from fixed maturity investments, and an increase of $20 million from other alternative investments, partially offset by a decrease of $7 million in 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:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Fixed maturities	$	1,053	$	1,019	$	822
Equity securities	4		3		3
Short-term investments and cash	91		98		74
Other invested assets
Limited partnerships	74		34		37
Dividends from preferred shares of affiliate	31		31		31
Other	124		104		59
Gross investment income before adjustments	1,378		1,289		1,027
Funds held interest income (expense)	6		7		3
Interest income from Parent	—		—		7
Gross investment income	1,384		1,297		1,038
Investment expenses	34		46		46
Net investment income	$	1,351	$	1,250	$	993

(Some amounts may not reconcile due to rounding.)

The following table shows a comparison of various investment yields for the periods indicated:


	2025		2024		2023
Annualized pre-tax yield on average cash and invested assets	4.8	%	4.9	%	4.5	%
Annualized after-tax yield on average cash and invested assets	3.9	%	3.9	%	3.6	%

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Net Gains (Losses) on Investments.

The following table presents the composition of our net gains (losses) on investments for the periods indicated:


	Years Ended December 31,						2025/2024		2024/2023
(Dollars in millions)	2025		2024		2023		Variance		Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains	$	13	$	76	$	12	$	(63)	$	65
Losses	(53)		(57)		(204)		4		147
Total	(39)		19		(192)		(59)		212

Fixed maturity securities - held to maturity
Gains	—		—		—		—		—
Losses	(1)		—		—		(1)		—
Total	—		—		—		—		—

Equity securities
Gains	—		2		8		(1)		(7)
Losses	—		(1)		—		1		(1)
Total	—		1		8		(1)		(7)

Other invested assets
Gains	—		1		—		(1)		1
Losses	—		—		—		—		—
Total	—		1		—		(1)		1

Short-term Investments:
Gains	—		—		1		—		—
Losses	—		—		—		—		—
Total	—		—		—		—		—

Total net realized gains (losses) from dispositions
Gains	14		79		20		(65)		58
Losses	(54)		(58)		(204)		4		147
Total	(40)		21		(184)		(61)		205

Allowances for credit losses:	(30)		12		(1)		(42)		13

Gains (losses) from fair value adjustments:

Equity securities	(1)		1		(4)		(2)		6
Other invested assets	99		42		9		57		33
Total	98		43		5		55		39

Total net gains (losses) on investments	$	28	$	76	$	(180)	$	(48)	$	256

(Some amounts may not reconcile due to rounding.)

Total net gains (losses) on investments during 2025 primarily relate to net gains from fair value adjustments of $98 million, partially offset by $40 million of net realized losses from disposition of investments and an increase to the allowance for credit losses of $30 million.

Segment Results.

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

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assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, as part of the Segment results presentation, we have separately presented the Company’s affiliated reinsurance arrangements with its affiliated Bermuda entities. See Note 16 of the Notes to the Consolidated Financial Statements for a discussion of reinsurance transactions with its affiliated Bermuda entities that are included in this segment presentation.

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.

Our loss and LAE reserves are management’s best estimate of our ultimate liability for unpaid claims. We re-evaluate our estimates on an ongoing basis, including all prior period reserves, taking into consideration all available information and, in particular, recently reported loss claim experience and trends related to prior periods. Such re-evaluations are recorded in incurred losses in the period in which the re-evaluation is made. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. 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.

The following discusses the underwriting results for each of our segments for the periods indicated, excluding the impact of reinsurance with its affiliated Bermuda entities. In 2025, the impact of reinsurance with affiliated Bermuda entities was an underwriting loss of $392 million that was driven by ceded written premiums of $441 million, ceded earned premiums of $441 million and ceded incurred losses and LAE of $49 million. In 2024, the impact of reinsurance with affiliated Bermuda entities was an underwriting loss of $271 million which was driven by ceded written premiums of $468 million, ceded earned premiums of $468 million and ceded incurred losses and LAE of $199 million. See Note 7 of the Notes to the Consolidated Financial Statements for further details.

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Reinsurance.

The following table presents the underwriting results and ratios for the Reinsurance segment for the periods indicated:


	Years Ended December 31,									2025/2024				2024/2023
(Dollars in millions)	2025			2024			2023			Variance		% Change		Variance		% Change
Gross written premiums	$	7,952		$	8,022		$	7,181		$	(69)	(0.9)	%	$	841	11.7	%
Net written premiums	7,121			7,219			6,635			(97)		(1.3)	%	584		8.8	%

Premiums earned	$	7,013		$	6,882		$	6,067		$	131	1.9	%	$	815	13.4	%
Incurred losses and LAE	4,307			4,157			3,271			149		3.6	%	886		27.1	%
Commission and brokerage	1,715			1,664			1,545			51		3.1	%	119		7.7	%
Other underwriting expenses	189			199			166			(10)		(5.1)	%	33		20.0	%
Underwriting gain (loss)	$	803		$	862		$	1,085		$	(59)	(6.8)	%	$	(223)	(20.6)	%

												Point Chg				Point Chg
Loss ratio	61.4		%	60.4		%	53.9		%			1.0				6.5
Commission and brokerage ratio	24.5		%	24.2		%	25.5		%			0.3				(1.3)
Other underwriting expense ratio	2.7		%	2.9		%	2.7		%			(0.2)				0.2
Combined ratio	88.6		%	87.5		%	82.1		%			1.1				5.4

(Some amounts may not reconcile due to rounding.)

(NM - not meaningful)

Premiums. Gross written premiums decreased by 0.9%, remaining relatively consistent at $8.0 billion in 2025, compared to $8.0 billion in 2024. The slight decrease in gross written premiums was primarily due to North America casualty pro rata and casualty excess of loss lines of business, mostly offset by an increase in property catastrophe excess of loss line.

Net written premiums decreased by 1.3% to $7.1 billion in 2025 from $7.2 billion in 2024. The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.

Premiums earned increased by 1.9% to $7.0 billion in 2025, compared to $6.9 billion in 2024. The change in premiums earned relative to net written premiums is primarily driven by increased property pro rata business written that was recorded over the prior quarters which are now being earned, partially offset by casualty pro rata lines. 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 table presents the incurred losses and LAE for the Reinsurance segment for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2025
Attritional	$	3,777	53.9	%	$	(114)	(1.6)	%	$	3,663	52.2	%
Catastrophes	716		10.2	%	(72)		(1.0)	%	644		9.2	%
Total segment	$	4,493	64.1	%	$	(187)	(2.7)	%	$	4,307	61.4	%

2024
Attritional	$	3,609	52.4	%	$	87	1.3	%	$	3,696	53.7	%
Catastrophes	583		8.5	%	(122)		(1.8)	%	462		6.7	%
Total segment	$	4,192	60.9	%	$	(35)	(0.5)	%	$	4,157	60.4	%

2023
Attritional	$	3,372	55.6	%	$	(410)	(6.8)	%	$	2,962	48.8	%
Catastrophes	330		5.4	%	(21)		(0.3)	%	309		5.1	%
Total segment	$	3,702	61.0	%	$	(431)	(7.1)	%	$	3,271	53.9	%

Variance 2025/2024
Attritional	$	168	1.4	pts	$	(201)	(2.9)	pts	$	(33)	(1.5)	pts
Catastrophes	133		1.7	pts	49		0.7	pts	182		2.5	pts
Total segment	$	301	3.2	pts	$	(152)	(2.2)	pts	$	149	1.0	pts

Variance 2024/2023
Attritional	$	237	(3.1)	pts	$	497	8.0	pts	$	733	4.9	pts
Catastrophes	254		3.0	pts	(101)		(1.4)	pts	153		1.6	pts
Total segment	$	490	(0.1)	pts	$	396	6.6	pts	$	886	6.5	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses increased by 3.6% to $4.3 billion in 2025, compared to $4.2 billion in 2024. The increase was primarily due to an increase of $168 million in current year attritional losses and an increase of $133 million in current year catastrophe losses, offset by a decrease in favorable development on prior year catastrophe losses of $49 million and overall favorable development on prior year attritional reserves of $201 million.

The increase in current year attritional losses was primarily related to the impact of the increase in premiums earned and reserve strengthening on the U.S. casualty business. The favorable development on prior year attritional reserves was mainly driven by favorable development booked on well-seasoned reserves in the property and mortgage lines, partially offset by aviation losses associated with the Russia/Ukraine war and casualty reserves.

The current year catastrophe losses of $716 million in 2025 related primarily to the 2025 Southern California wildfires ($453 million), Hurricane Melissa ($140 million), the 2025 Australian Storms ($47 million), Myanmar earthquake ($20 million), Typhoon Ragasa ($20 million) and the 2025 U.S. September floods ($14 million), with the remaining losses resulting from various storm events. The current year catastrophe losses of $583 million in 2024 related primarily to Hurricane Milton ($254 million), Hurricane Helene ($55 million), Hurricane Debby ($55 million), Hurricane Beryl ($54 million), Alberta floods ($45 million), the Brazil floods ($35 million), the Taiwan earthquake ($23 million), the Dubai floods ($20 million), the Baltimore bridge collapse ($20 million) and Jasper fires ($10 million), with the remaining losses resulting from various storm events. For 2025, the favorable development on prior year catastrophe losses of $72 million was mainly related to reserves released related to the 2022 Hurricane Ian and older well-seasoned CAT events.

Segment Expenses. Commission and brokerage increased overall but remained relatively consistent at $1.7 billion in 2025, compared to $1.7 billion in 2024. The increase was mainly due to the impact of the increase in premiums earned. Segment other underwriting expenses decreased to $189 million in 2025 from $199 million in 2024. The decrease was mainly due to expense management.

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Insurance.

The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated:


	Years Ended December 31,									2025/2024				2024/2023
(Dollars in millions)	2025			2024			2023			Variance		% Change		Variance		% Change
Gross written premiums	$	3,099		$	3,417		$	3,695		$	(318)	(9.3)	%	$	(279)	(7.5)	%
Net written premiums	2,299			2,413			2,810			(114)		(4.7)	%	(397)		(14.1)	%

Premiums earned	$	2,413		$	2,505		$	2,701		$	(92)	(3.7)	%	$	(197)	(7.3)	%
Incurred losses and LAE	2,206			2,938			2,063			(733)		(24.9)	%	875		42.4	%
Commission and brokerage	272			254			281			19		7.5	%	(28)		(9.9)	%
Other underwriting expenses	399			383			381			16		4.2	%	1		0.4	%
Underwriting gain (loss)	$	(464)		$	(1,070)		$	(24)		$	606	(56.6)	%	$	(1,046)	NM

												Point Chg				Point Chg
Loss ratio	91.4		%	117.3		%	76.4		%			(25.9)				40.9
Commission and brokerage ratio	11.3		%	10.1		%	10.4		%			1.2				(0.3)
Other underwriting expense ratio	16.5		%	15.3		%	14.1		%			1.3				1.2
Combined ratio	119.3		%	142.7		%	100.9		%			(23.5)				41.8

(Some amounts may not reconcile due to rounding)

(NM, not meaningful)

Premiums. Gross written premiums decreased by 9.3% to $3.1 billion in 2025, compared to $3.4 billion in 2024. The decrease in insurance premiums reflects portfolio actions taken on specialty casualty lines of business and workers’ compensation as well as the impact of the sale of renewal rights, partially offset by an increase in other specialty business and accident and health business.

Net written premiums decreased by 4.7% to $2.3 billion in 2025, compared to $2.4 billion in 2024. The decrease in net written premiums was mainly due to the reduction gross written premium partially offset by business mix and higher retentions in certain lines of business.

Premiums earned decreased by 3.7% to $2.4 billion in 2025, compared to $2.5 billion in 2024. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in 2024 is being earned through the 2025 period; 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 table presents the incurred losses and LAE for the Insurance segment for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2025
Attritional	$	1,749	72.5	%	$	431	17.9	%	$	2,181	90.4	%
Catastrophes	28		1.2	%	(3)		(0.1)	%	25		1.0	%
Total segment	$	1,778	73.7	%	$	428	17.7	%	$	2,206	91.4	%

2024
Attritional	$	1,743	69.6	%	$	1,125	44.9	%	$	2,869	114.5	%
Catastrophes	84		3.4	%	(14)		(0.6)	%	70		2.8	%
Total segment	$	1,827	72.9	%	$	1,111	44.4	%	$	2,938	117.3	%

2023
Attritional	$	1,732	64.1	%	$	316	11.7	%	$	2,048	75.8	%
Catastrophes	16		0.6	%	(1)		—	%	15		0.6	%
Total segment	$	1,748	64.7	%	$	315	11.7	%	$	2,063	76.4	%

Variance 2025/2024
Attritional	$	6	2.9	pts	$	(694)	(27.1)	pts	$	(688)	(24.1)	pts
Catastrophes	(56)		(2.2)	pts	11		0.4	pts	(45)		(1.8)	pts
Total segment	$	(49)	0.7	pts	$	(683)	(26.6)	pts	$	(733)	(25.9)	pts

Variance 2024/2023
Attritional	$	12	5.5	pts	$	809	33.2	pts	$	821	38.7	pts
Catastrophes	68		2.8	pts	(13)		(0.5)	pts	55		2.2	pts
Total segment	$	80	8.3	pts	$	796	32.7	pts	$	875	40.9	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 24.9% to $2.2 billion in 2025, compared to $2.9 billion in 2024. The decrease was mainly due to a decrease in unfavorable development on prior years attritional losses of $694 million and a decrease in current year catastrophe losses of $56 million, partially offset by a decrease in favorable development on prior years catastrophe losses of $11 million and an increase of $6 million in current year attritional losses.

The increase in current year attritional losses and the 2025 unfavorable development on prior years attritional losses of $431 million were both primarily due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.

The current year catastrophe losses of $28 million in 2025 related primarily to Hurricane Melissa ($13 million), the 2025 Southern California wildfires ($5 million), the 2025 U.S. September floods ($5 million) and the 2025 wind storms ($5 million). The $84 million of current year catastrophe losses in 2024 related primarily to Hurricane Milton ($42 million) and Hurricane Helene ($25 million), with the remaining losses resulting from various storm events. For 2025, the favorable development on prior year catastrophe losses of 3 million was related to multiple events from 2024 and prior.

Segment Expenses. Commission and brokerage increased to $272 million in 2025, compared to $254 million in 2024. The increase was mainly due to changes in the mix of business. Segment other underwriting expenses increased to $399 million in 2025, compared to $383 million in 2024. The increase in other underwriting expenses was mainly due to the impact of strategic actions in insurance operations.

Other.

The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain

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

The following table presents the underwriting results and ratios for the Other segment for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2024		2023		2022
Gross written premiums	$	90	$	178	$	241
Net written premiums	84		149		197

Premiums earned	$	102	$	172	$	199
Incurred losses and LAE	248		533		232
Commission and brokerage	22		28		25
Other underwriting expenses	13		24		27
Underwriting gain (loss)	$	(180)	$	(413)	$	(86)

(Some amounts may not reconcile due to rounding.)

Incurred Losses and LAE. Incurred losses and LAE decreased to $248 million in 2025, compared to $533 million in 2024. The decrease was mainly due to a decrease in unfavorable development on prior years’ attritional losses of $196 million. During 2025, the unfavorable development on prior year losses for the Company’s Other segment of $137 million was mainly related to unfavorable development on prior year attritional losses driven by U.S. casualty lines, primarily from our sports and leisure business.

LIQUIDITY AND CAPITAL RESOURCES

Capital. Stockholder’s equity at December 31, 2025 and December 31, 2024 was $8.5 billion and $7.3 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 main operating company, Everest Re, is regulated by the State of Delaware’s Department of Insurance. The regulatory body has its own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Failure to meet the required statutory capital levels could result in various regulatory restrictions.

The regulatory targeted capital and the actual statutory capital for Everest Re was as follows:


	Everest Re (1)
	At December 31,
(Dollars in millions)	2025		2024
Regulatory targeted capital	$	5,119	$	4,799
Actual capital	$	8,856	$	8,126

(1) Regulatory targeted capital represents 200% of the RBC 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 markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies. See also ITEM 1, “Financial Strength Ratings”.

We maintain our own economic capital models to monitor and project our overall capital as well as the 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.

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 $1.5 billion and $2.5 billion for the years ended December 31, 2025 and 2024, respectively.

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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 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 December 31, 2025 and December 31, 2024, we held cash and short-term investments of $2.1 billion and $3.4 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 December 31, 2025, we had $612 million of fixed maturity securities - available for sale maturing within one year or less, $4.5 billion maturing within one to five years and $4.8 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 December 31, 2025, we had $15 million of net pre-tax unrealized appreciation related to fixed maturity - available for sale securities, comprised of $322 million of pre-tax unrealized depreciation and $337 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.

In addition to our cash flows from operations and liquid investments, Everest Re is a member of the FHLBNY, which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2025, Everest Re had statutory admitted assets of approximately $32.6 billion which provides borrowing capacity of up to approximately $3.3 billion. As of December 31, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. See Note 10 – Federal Home Loan Bank Membership to the Notes to the Consolidated Financial Statements for further details.

Exposure to Prior Year Development. We are required to maintain reserves to cover our ultimate liability of losses and LAE for both reported and unreported claims. These reserves are only estimates of what we believe the ultimate settlement and administration of claims will cost based on facts and circumstances known to us and actuarial and statistical analysis. Loss reserve estimates are reconsidered, as necessary, as experience develops and to reflect other changes in circumstances that may affect our estimate of ultimate loss, and this could potentially result in increases to our reserves. For the insurance and reinsurance businesses, ultimate losses may differ materially from our expectations at the time we underwrite the business. Because of the uncertainties that surround our estimates of loss and LAE reserves, we cannot be certain that ultimate losses and LAE payments will not exceed the estimates we make at any given time. Loss experience in our lines of business is very unpredictable and has been exacerbated by social inflation factors such as uncertain legal system outcomes, increased frequency of high-severity claims and third-party litigation funding. If our reserves are deficient in future periods, we may be required to increase loss reserves in the period in which such deficiencies are identified which would cause a charge to our earnings, a reduction of capital and could result in adverse effects on our business, financial condition, results of operation or liquidity. We have entered into certain adverse development reinsurance agreements to reinsure against potential adverse loss development for accident years 2024 and prior arising out of North American insurance liabilities within our Insurance and Other segments subject to exclusions for certain liabilities, including among others those related to Asbestos & Environmental reserves.

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.

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

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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.

Our $29.1 billion investment portfolio, at December 31, 2025, 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. 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 $6.5 billion of mortgage-backed securities in the $21.5 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 tables below display the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $1.7 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. The market value change under the various interest rate change scenarios was estimated by taking duration into account, with modeling done at the individual security level.


	Impact of Interest Rate Shift in Basis Points
	At December 31, 2025
(Dollars in millions)	-200			-100			0			100			200
Total Fair Value	$	24,873		$	24,044		$	23,216		$	22,387		$	21,558
Fair Value Change from Base (%)	7.1		%	3.6		%	—		%	(3.6)		%	(7.1)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	1,309		$	655		$	—		$	(655)		$	(1,309)


	Impact of Interest Rate Shift in Basis Points
	At December 31, 2024
(Dollars in millions)	-200			-100			0			100			200
Total Fair Value	$	22,026		$	21,394		$	20,761		$	20,129		$	19,497
Fair Value Change from Base (%)	6.1		%	3.0		%	—		%	(3.0)		%	(6.1)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	999		$	500		$	—		$	(500)		$	(999)

We had $21.3 billion and $19.3 billion of gross reserves for losses and LAE as of December 31, 2025 and December 31, 2024, 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 that is reasonably consistent with our fixed income portfolio.

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. operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. The primary foreign currency exposures for these non-U.S. operations are the Singapore and Canadian Dollars. The Company and its non-U.S. branches may conduct business in local currency, as well as the currency of other countries with which they do business. Generally, we mitigate foreign exchange exposure by generally 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 (expense). In addition, we translate the

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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.

The tables below display the potential impact of a parallel and immediate 10% and 20% increase and decrease in foreign exchange rates on the valuation of invested assets subject to foreign currency exposure for the periods indicated. This analysis includes the after-tax impact of translation from transactional currency to functional currency as well as the after-tax impact of translation from functional currency to the U.S. dollar reporting currency.


	Change in Foreign Exchange Rates in Percent
	At December 31, 2025
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(502)	$	(251)	$	—	$	251	$	502


	Change in Foreign Exchange Rates in Percent
	At December 31, 2024
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(401)	$	(201)	$	—	$	201	$	401

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Market Sensitive Instruments” under ITEM 7.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures.

As required by Rule 13a-15(b) of the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report.

Management’s Report on Internal Control Over Financial Reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013). Based on our assessment we concluded that, as of December 31, 2025, our internal control over financial reporting is effective based on those criteria.

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Attestation Report of the Registered Public Accounting Firm.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s internal controls are not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management’s report in this annual report due to the Company’s status as a non-accelerated filer.

Changes in Internal Control over Financial Reporting.

As required by Rule 13a-15(d) of the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated our internal control over financial reporting to determine whether any changes occurred during the fourth fiscal quarter covered by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, we have determined that there has been no such change during the fourth quarter.

ITEM 9B. OTHER INFORMATION

During the fiscal quarter ended December 31, 2025, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information for Item 10 is not required pursuant to General Instruction I(2) of Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

Information for Item 11 is not required pursuant to General Instruction I(2) of Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information for Item 12 is not required pursuant to General Instruction I(2) of Form 10-K.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information for Item 13 is not required pursuant to General Instruction I(2) of Form 10-K.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Principal accountant fees incurred are as follows for the periods indicated:


(Dollars in millions)		2025		2024
(1)	Audit Fees	$	2.6	$	2.4
(2)	Audit-Related Fees	0.5		0.2
(3)	Tax Fees	—		0.4
(4)	All Other Fees	—		—

Audit fees include the annual audit and quarterly financial statement reviews, subsidiary audits and procedures required to be performed by the independent auditor to be able to form an opinion on our consolidated financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit or quarterly review. Audit fees may also include statutory audits or financial audits for our subsidiaries or affiliates and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Audit-related fees include assurance and related services that are reasonably related to the performance of the audit or review of our financial statements, including due diligence services pertaining to potential business acquisitions/dispositions, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rule making authorities; financial audits of employee benefit plans; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters and assistance with internal control reporting requirements.

Tax fees include tax compliance, tax planning and tax advice and is granted general pre-approval by Group’s Audit Committee.

All other fees represent an accounting research subscription and software.

Under its Charter and the “Audit and Non-Audit Services Pre-Approval Policy” (the “Policy”), the Audit Committee is required to pre-approve the audit and non-audit services to be performed by the independent auditors. The Policy mandates specific approval by the Audit Committee for any service that has not received a general pre-approval or that exceeds pre-approved cost levels or budgeted amounts. For both specific and general pre-approval, the Audit Committee considers whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee also considers whether the independent auditors are best positioned to provide the most effective and efficient service and whether the service might enhance the Company’s ability to manage or control risk or improve audit quality. The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services. It may determine, for each fiscal year, the appropriate ratio between the total amount of audit, audit-related and tax fees and a total amount of fees for certain permissible non-audit services classified as “All

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Other Fees”. All such factors are considered as a whole, and no one factor is determinative. The Audit Committee further considered whether the performance by the independent auditors of the non-audit related services disclosed is compatible with maintaining their independence. The Audit Committee approved all of the audit-related fees, tax fees and all other fees for 2025 and 2024.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

EVEREST REINSURANCE HOLDINGS, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES


			Pages
Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 185, 238)			F-4

Consolidated Balance Sheets at December 31, 2025 and 2024			F-5

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023			F-6

Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2025, 2024 and 2023			F-7

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023			F-8

Notes to Consolidated Financial Statements			F-9

Schedules

ISummary of Investments Other Than Investments in Related Parties at December 31, 2025			S-1

IICondensed Financial Information of Registrant:

Balance Sheets as of December 31, 2025 and 2024			S-2

Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023			S-3

Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023			S-4

Notes to Condensed Financial Information			S-5

IIISupplementary Insurance Information as of and for the Years Ended December 31, 2025, 2024 and 2023			S-7

IVReinsurance for the Years Ended December 31, 2025, 2024 and 2023			S-8

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

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INDEX TO EXHIBITS

Exhibit No.


2.1						Agreement and Plan of Merger among Everest Reinsurance Holdings, Inc., Everest Group, Ltd. and Everest Re Merger Corporation, incorporated herein by reference to Exhibit 2.1 to the Registration Statement on Form S-4 (No. 333-87361)

3.1						Certificate of Incorporation of Everest Reinsurance Holdings, Inc., incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (No. 333-05771)

3.2						By-Laws of Everest Reinsurance Holdings, Inc., incorporated herein by reference to Exhibit 3.2 to the Everest Reinsurance Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.

4.1						Indenture, dated March 14, 2000, between Everest Reinsurance Holdings, Inc. and The Chase Manhattan Bank (now known as JPMorgan Chase Bank), as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on March 15, 2000

4.2						Fourth Supplemental Indenture relating to Holdings $400 million 4.868% Senior Notes due June 1, 2044, dated June 5 2014, between Holdings and the Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on July 5, 2014.

4.3						Fifth Supplemental Indenture relating to Holdings $1.0 billion 3.50% Senior Notes due October 15, 2050, dated October 7, 2020, between Holdings and the Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 7, 2020.

4.4						Sixth Supplemental Indenture relating to Holdings $1.0 billion 3.125% Senior Notes due October 15, 2052, dated October 4, 2021, between Holdings and the Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 4, 2021.

10.1						Completion of Tender Offer relating to Everest Reinsurance Holdings, Inc. 6.60% Fixed to Floating Rate Long-Term Subordinated Notes (LoTSSM) dated March 19, 2009, incorporated herein by reference to Exhibit 99.1 to Everest Group, Ltd. Form 8-K filed on March 31, 2009.

*10.2						Employment agreement between Everest Group, Ltd. and Juan Andrade dated August 1, 2019, incorporated herein by reference to Exhibit 10.1 to Everest Group Ltd. Form 8-K filed on August 8, 2019.

*10.3						Employment agreement between Everest Global Services, Inc. and Mark Kociancic, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 1, 2020

*10.4						Employment agreement between Everest Global Services, Inc. and James Williamson, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 8-K filed on October 1, 2020

*10.5						Employment agreement between Everest Global Services, Inc. and Joseph V. Taranto, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023

*10.6						Employment agreement between Everest Global Services, Inc., and Sanjoy Mukherjee, dated January 3, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on January 6, 2017

*10.7						Amendment of employment agreement between Everest Global Services, Inc. and Sanjoy Mukherjee, dated February 12, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on February 17, 2016

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*10.8						Departure of Sanjoy Mukherjee, Executive Vice President, General Counsel and Secretary of Everest Group, Ltd. effective July 3, 2023, herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023

*10.9						Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc. and Ricardo A. Anzaldua, filed herein by reference to Exhibit 10.45 to Everest Group,Ltd. Form 10-K filed on Form 8-K file on February 28, 2024

*10.10						Amendment to Employment Agreement between Everest Global Services, Inc., Everest Group, Ltd., Everest Reinsurance Holdings Inc. and Juan C. Andrade dated April 22, 2024, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.11						Amended and Restated Employment Agreement between Everest Global Services, Inc. and Mark Kociancic dated April 25, 2024, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.12						Amended and Restated Employment Agreement between Everest Global Services, Inc. and James Williamson dated April 26, 2024, incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.13						Amended and Restated Employment Agreement between Everest National Insurance Company and Michael Karmilowicz dated March 24, 2024, incorporated herein by reference to Exhibit 10.4 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.14						Amended and Restated Employment Agreement between Everest Global Services, Inc. and Ricardo Anzaldua dated April 22, 2024, incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.15						Separation, Transition Services and General Release agreement between Everest Global Services, Inc. and Mark Kociancic, dated November 25, 2025

*10.16						Employment Agreement between Everest Global Services, Inc. and Elias Habayeb, dated October 22, 2025

*10.17						Employment Agreement between Everest Global Services, Inc. and Anthony Vidovich, dated September 25, 2025

*10.18						Employment Agreement Addendum between Everest Global Services, Inc. and Anthony Vidovich, dated November 11, 2025

*10.19						Employment Agreement between Everest Reinsurance Company and Jill Beggs, dated October 13, 2021

10.20						Adverse Development Reinsurance Agreement, dated as of October 26, 2025, by and between Everest Reinsurance Company, Everest Reinsurance (Bermuda) Ltd. and State National Insurance Company, Inc., incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 27, 2025

10.21						Adverse Development Reinsurance Agreement, dated as of October 26, 2025, by and between Everest Group, Ltd. Everest Reinsurance Company, Everest Reinsurance (Bermuda) Ltd. and MS Transverse Insurance Company, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 8-K filed on October 27, 2025

10.22						ROW Master Transaction Agreement, dated as of October 26, 2025, by and between Everest Group, Ltd. and American International Group, Inc.

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10.23						EU Master Transaction Agreement, dated as of October 26, 2025, by and between Everest Group, Ltd. and American International Group, Inc.

14.1						Ethics Guidelines and Index to Compliance Policies, incorporated herein by reference to Exhibit 14.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

23.1						Consent of KPMG LLP, filed herewith

23.2						Consent of PricewaterhouseCoopers LLP, filed herewith

31.1						Section 302 Certification of James Williamson, filed herewith

31.2						Section 302 Certification of Mark Kociancic, filed herewith

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

97.1						Everest Group, Ltd. Clawback Policy, incorporated herein by reference to Exhibit 97.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

101 INS						XBRL Instance Document

101 SCH						XBRL Taxonomy Extension Schema

101 CAL						XBRL Taxonomy Extension Calculation Linkbase

101 DEF						XBRL Taxonomy Extension Definition Linkbase

101 LAB						XBRL Taxonomy Extension Label Linkbase

101 PRE						XBRL Taxonomy Extension Presentation Linkbase

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

_________________

* Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 31, 2026.


			EVEREST REINSURANCE HOLDINGS, INC.


			By:			/S/ JAMES WILLIAMSON
						JAMES WILLIAMSON (President and Chief Executive Officer)

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


Signature	Title	Date

/S/ JAMES WILLIAMSON	President, Chief Executive Officer and Director (Principal Executive Officer)	March 31, 2026
James Williamson

/S/ MARK KOCIANCIC	Executive Vice President and Chief Financial Officer and Director	March 31, 2026
Mark Kociancic

/S/ ROBERT J. FREILING	Senior Vice President and Chief Accounting Officer	March 31, 2026
Robert J. Freiling

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EVEREST REINSURANCE HOLDINGS, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, NOTES AND SCHEDULES


			Pages
Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 185, 238)			F-4

Consolidated Financial Statements
Consolidated Balance Sheets at December 31, 2025 and 2024			F-5

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023			F-6

Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2025, 2024 and 2023			F-7

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023			F-8

Notes to Consolidated Financial Statements

1. Summary of Significant Accounting Policies			F-9

2. Investments			F-15

3. Fair Value			F-22

4. Reserve for Losses and LAE			F-27

5. Reinsurance			F-37

6. Sale of Renewal Rights			F-38

7. Segment Reporting			F-39

8. Senior Notes			F-42

9. Long-Term Subordinated Notes			F-42

10. Federal Home Loan Bank Membership			F-43

11. Collateralized Reinsurance, Trust Agreements and Other Restricted Assets			F-43

12. Commitments and Contingencies			F-44

13. Leases			F-45

14. Other Comprehensive Income (Loss)			F-46

15. Employee Benefit Plans			F-46

1 6. Related-party Transactions			F-52

17. Income Taxes			F-56

18. Dividend Restrictions and Statutory Financial Information			F-59

19. Subsequent Events			F-60

Financial Statement Schedules

ISummary of Investments Other Than Investments in Related Parties at December 31, 2025			S-1

IICondensed Financial Information of Registrant:

Balance Sheets as of December 31, 2025 and 2024			S-2

Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023			S-3

Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023			S-4

Notes to Condensed Financial Information			S-5

IIISupplementary Insurance Information as of and for the Years Ended December 31, 2025, 2024 and 2023			S-7

IVReinsurance for the Years Ended December 31, 2025, 2024 and 2023			S-8

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

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder

Everest Reinsurance Holdings, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Everest Reinsurance Holdings, Inc.: and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), changes in stockholder’s equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes and financial statement schedules listed in the accompanying index appearing on Page F-1 (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Estimate of the reserve for losses and loss adjustment expenses

As discussed in Notes 1G and 4 to the consolidated financial statements, the reserve for losses and loss adjustment expenses represents the Company’s best estimate of the ultimate liability for reported and unreported claims for both its insurance and reinsurance businesses. The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios; (3) actuarial methodologies and assumptions; (4) current legal interpretations of coverage and liability; and (5) economic conditions. The Company’s reserve for losses and loss adjustment expenses as of December 31, 2025 was $21,336 million.

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We identified the evaluation of the estimate of the reserve for losses and loss adjustment expenses as a critical audit matter. Evaluation of the estimate required subjective auditor judgment and the involvement of actuarial professionals with specialized skills and knowledge to assess the methods and assumptions used to estimate the reserve for losses and loss adjustment expenses.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process for estimating the reserve for losses and loss adjustment expenses. This included controls related to the selection of methodologies and certain assumptions used to derive the Company’s estimate. We involved actuarial professionals with specialized skills and knowledge who assisted in:

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

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

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

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

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

/s/ KPMG LLP

New York, New York

March 31, 2026

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

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Everest Reinsurance Holdings, Inc.

Opinion on the Financial Statements

We have audited the consolidated statements of operations and comprehensive income (loss), of changes in stockholder’s equity and of cash flows of Everest Reinsurance Holdings, Inc. and its subsidiaries (the “Company”) for the year ended December 31, 2023, including the related notes and financial statement schedules listed in the index appearing on page F-1 for the year ended December 31, 2023 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of operations and cash flows of the Company for the year ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 14, 2024, except for the changes in segment presentation discussed in Note 6 to the consolidated financial statements, as to which the date is March 18, 2025

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS


	December 31,
(In millions of U.S. dollars, par value per share)	2025		2024
ASSETS:
Fixed maturities - available for sale, at fair value	$	20,978	$	17,186
(amortized cost: 2025, $21,032; 2024, $17,685, credit allowances: 2025, $(68); 2024, $(36))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2025, $576; 2024, $759, net of credit allowances: 2025, $(6); 2024, $(8))	567		757
Equity securities, at fair value	108		110
Other invested assets	3,778		3,639
Other invested assets, at fair value	1,622		1,523
Short-term investments	1,670		2,819
Cash	398		616
Total investments and cash	29,122		26,650
Accrued investment income	278		248
Premiums receivable (net of credit allowances: 2025, $(49); 2024, $(35))	2,543		2,350
Reinsurance recoverables - unaffiliated (net of credit allowances: 2025, $(48); 2024, $(36))	4,001		2,481
Reinsurance recoverables - affiliated	602		1,302
Income tax asset, net	203		410
Funds held by reinsureds	372		336
Deferred acquisition costs	840		810
Prepaid reinsurance premiums	420		593
Other assets (net of credit allowances: 2025, $(17); 2024, $(9))	1,169		1,029
TOTAL ASSETS	$	39,550	$	36,209

LIABILITIES:
Reserve for losses and loss adjustment expenses	$	21,336	$	19,271
Unearned premium reserve	4,017		4,193
Funds held under reinsurance treaties	247		57
Amounts due to reinsurers	431		522
Losses in course of payment	156		127

Notes payable - affiliated	600		600
Senior notes	2,352		2,350
Long-term notes	218		218
Borrowings from FHLB	1,019		1,019
Accrued interest on debt and borrowings	21		22
Unsettled securities payable	—		84
Other liabilities	653		450
TOTAL LIABILITIES	31,048		28,913

Commitments and Contingencies (Note 11)

STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized;
1,000 shares issued and outstanding (2025 and 2024)	—		—
Additional paid-in capital	1,103		1,103
Accumulated other comprehensive income (loss), net of deferred income tax
expense (benefit) of $(6) at 2025 and $(107) at 2024	30		(400)
Retained earnings	7,368		6,593
Total stockholder's equity	8,501		7,296
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	39,550	$	36,209

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)


	Years Ended December 31,
(In millions of U.S. dollars)	2025		2024		2023

REVENUES:
Premiums earned	$	9,086	$	9,090	$	8,536
Net investment income	1,351		1,250		993
Total net gains (losses) on investments	28		76		(180)
Other income (expense)	(51)		64		(11)
Total revenues	10,415		10,481		9,337

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	6,711		7,430		5,578
Commission, brokerage, taxes and fees	2,009		1,946		1,851
Other underwriting expenses	601		606		574
Corporate expenses	31		19		18
Interest, fee and bond issue cost amortization expense	176		150		134
Total claims and expenses	9,528		10,152		8,156

INCOME (LOSS) BEFORE TAXES	887		329		1,181
Income tax expense (benefit)	112		108		210

NET INCOME (LOSS)	$	775	$	221	$	972

Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period	329		(78)		374
Reclassification adjustment for realized losses (gains) included in net income (loss)	55		(25)		153
Total URA(D) of securities arising during the period	384		(103)		527

Foreign currency translation adjustments	56		(42)		17

Benefit plan actuarial net gain (loss) for the period	(9)		34		15
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	(1)		(1)		2
Total benefit plan net gain (loss) for the period	(10)		33		17
Total other comprehensive income (loss), net of tax	430		(113)		561

COMPREHENSIVE INCOME (LOSS)	$	1,205	$	108	$	1,533

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDER’S EQUITY


	Years Ended December 31,
(In millions of U.S. dollars, except share amounts)	2025		2024		2023
COMMON STOCK (shares outstanding):
Balance, beginning of period	1,000		1,000		1,000
Balance, end of period	1,000		1,000		1,000

ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	$	1,103	$	1,102	$	1,102
Share-based compensation plans	—		1		—
Balance, end of period	1,103		1,103		1,102

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
Balance, beginning of period	(400)		(287)		(848)
Net increase (decrease) during the period	430		(113)		561
Balance, end of period	30		(400)		(287)

RETAINED EARNINGS:
Balance, beginning of period	6,593		6,372		5,400
Net income (loss)	775		221		972
Balance, end of period	7,368		6,593		6,372

TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD	$	8,501	$	7,296	$	7,187

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

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EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(In millions of U.S. dollars)	2025		2024		2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	775	$	221	$	972
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(170)		(124)		(519)
Decrease (increase) in funds held by reinsureds, net	157		(28)		9
Decrease (increase) in reinsurance recoverables	(836)		(466)		424
Decrease (increase) in income taxes	93		(267)		27
Decrease (increase) in prepaid reinsurance premiums	179		(112)		(25)
Increase (decrease) in reserve for losses and loss adjustment expenses	1,988		3,548		797
Increase (decrease) in unearned premiums	(196)		324		703
Increase (decrease) in amounts due to reinsurers	(101)		49		48
Increase (decrease) in losses in course of payment	26		(11)		61
Change in equity adjustments in limited partnerships	(171)		(121)		(83)
Distribution of limited partnership income	100		93		57
Change in other assets and liabilities, net	(240)		(520)		(274)
Non-cash compensation expense	41		50		39
Amortization of bond premium (accrual of bond discount)	(102)		(96)		(43)
Net (gains) losses on investments	(28)		(76)		180
Net cash provided by (used in) operating activities	1,514		2,465		2,374

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	3,155		2,662		1,206
Proceeds from fixed maturities sold - available for sale	341		2,207		2,546
Proceeds from fixed maturities matured/called/repaid - held to maturity	199		152		82
Proceeds from fixed maturities sold - held to maturity	10		—		—
Proceeds from equity securities sold	3		13		126
Distributions from other invested assets	218		280		127
Cost of fixed maturities acquired - available for sale	(6,727)		(6,283)		(6,518)
Cost of fixed maturities acquired - held to maturity	(7)		(49)		(112)
Cost of equity securities acquired	(2)		(11)		(14)
Cost of other invested assets acquired	(254)		(644)		(611)
Net change in short-term investments	1,211		(1,459)		(444)
Net change in unsettled securities transactions	(83)		(37)		172
Proceeds from repayment (cost of issuance) of notes receivable - affiliated	—		—		840
Proceeds from sale of renewal rights	170		—		—
Net cash provided by (used in) investing activities	(1,767)		(3,168)		(2,599)

CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation, net of expense	—		1		(38)
Net FHLB borrowings (repayments)	—		200		300
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated	—		600		—

Net cash provided by (used in) financing activities	—		801		262

EFFECT OF EXCHANGE RATE CHANGES ON CASH	34		(8)		10

Net increase (decrease) in cash	(219)		89		46
Cash, beginning of period	616		527		481
Cash, end of period	$	398	$	616	$	527

SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	25	$	375	$	182
Interest paid	176		147		130

NON-CASH TRANSACTIONS
Reclassification of specific investments from fixed maturity securities, available for sale at fair value
to fixed maturity securities, held to maturity at amortized cost net of credit allowances	$	11	$	21	$	—
Non-cash securities transfer	$	47	$	—	$	—

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.Business and Basis of Presentation.

Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Group, Ltd. (“Group”), through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States and internationally. As used in this document, “Company” means Holdings and its subsidiaries.

In October 2025, Group entered into definitive agreements to sell the renewal rights for certain lines of the commercial retail insurance business written by the Company to American International Group, Inc. See Note 6 of the Notes to these Consolidated Financial Statements for more information. Additionally, effective October 1, 2025, Everest Re and a Bermuda affiliate, Everest Reinsurance (Bermuda), Ltd. entered into adverse development reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company. See Note 4 of the Notes to these Consolidated Financial Statements for more information.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsurance Company - Escritório de Representação No Brasil Ltda. (“Everest Brazil”), Mt. Whitney Securities, Inc., Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Specialty Underwriters Services, LLC, Everest International Assurance, Ltd. (“Everest Assurance”), EverSports & Entertainment Insurance, Inc. (“EverSports”), Salus Systems (“Salus”) and Mt. McKinley Managers, L.L.C. All intercompany accounts and transactions have been eliminated. All amounts are reported in United States (“U.S.”) dollars.

The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. 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.

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2025 presentation.

B.Investments and Cash.

Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit

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loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit related or non-credit related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss).

Fixed maturity securities designated as held to maturity consist of debt securities for which the Company has both the positive intent and ability to hold to maturity or redemption and are reported at amortized cost, net of the current expected credit loss allowance. Interest income for fixed maturity securities held to maturity is determined in the same manner as interest income for fixed maturity securities available for sale. The Company evaluates fixed maturity securities classified as held to maturity for current expected credit losses utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses. The majority of these fixed maturities classified as held to maturity are of a high credit quality and are rated investment grade as of December 31, 2025.

Interest, dividend income and amortization of fixed maturity market premium and discounts, related to securities are recorded in net investment income, net of investment management and custody fees in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

For equity securities, the Company reflects changes in fair value as net gains (losses) on investments. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss).

Short-term investments comprise securities due to mature within one year from the date of purchase and are stated at cost, which approximates fair value.

Realized gains or losses on sales of investments are determined on the basis of identified cost.

For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are reviewed by the Company for reasonableness. For publicly traded securities, fair value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

Other invested assets include limited partnerships, corporate-owned life insurance (“COLI”), rabbi trusts and other investments. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag and are included within net investment income. COLI policies are carried at policy cash surrender value and changes in the policy cash surrender value are included within net investment income.

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Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair values of the Preferred Holdings convertible preferred stock at December 31, 2025 and December 31, 2024 were determined using a pricing model.

Cash includes cash on hand. Restricted cash is included within cash in the consolidated balance sheets and represents amounts held for the benefit of third parties that is legally or contractually restricted as to its withdrawal or usage. Amounts include cash in trust funds set up for the benefit of ceding companies.

C.Reinsurance

The Company assumes reinsurance from other insurers. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies or pools have underwritten. The Company also cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company.

Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e., risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as deposit transactions. The Company did not hold any contract that did not pass risk transfer as of December 31, 2025 or 2024.

Premiums, commissions, losses and loss adjustment expenses reflect the net effects of ceded and assumed prospective reinsurance transactions. Prepaid reinsurance premium represents the portion of premium ceded to reinsurers applicable to the unexpired terms of the reinsurance contract. The Company’s estimate of losses and LAE reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. Refer to Reserve for Losses and LAE accounting policy below.

Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Refer to Allowance for Premium Receivable and Reinsurance Recoverables accounting policy below. Reinsurance recoverables include an estimate of the amount of gross losses and LAE reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported (“IBNR”) unpaid losses. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how IBNR losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and LAE.

Retroactive reinsurance agreements are reinsurance agreements under which a reinsurer agrees to reimburse the Company as a result of loss development related to past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves. The amount of deferred gain liability is recalculated each period based on cumulative recoveries not yet collected relative to the latest estimate of ultimate losses to be recovered. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the agreement is recognized in income immediately in incurred losses and loss adjustment expenses in the Company’s consolidated statement of operations. In any given period, the change in deferred gain included in net income includes amortization of the deferred gain based on the percentage of ultimate ceded losses collected plus any change in the deferred liability due to change in the estimated losses to be recovered. The amounts are recalculated each period based on loss payments and updated loss reserves estimates.

D.Premium Revenues.

Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. The recognition of reinstatement premiums is based on estimates of loss and

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LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance.

E.Allowance for Premium Receivable and Reinsurance Recoverables.

The Company applies the Current Expected Credit Losses methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts.

Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/cedents. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate.

A portion of the Company's commercial lines business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is recorded within other assets in the consolidated balance sheets. The allowance is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios.

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

The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable includes an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible. Reinsurance recoverable balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods.

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

The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios.

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The Company records credit loss expenses related to reinsurance recoverable in incurred losses and LAE in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible.

F.Deferred Acquisition Costs.

Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income.

G.Reserve for Losses and LAE.

The reserve for losses and LAE is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE IBNR based on past experience. Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures and other exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 4 of the Notes to these Consolidated Financial Statements. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance.

Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE.

H.Prepaid Reinsurance Premiums.

Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2025 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

I.Income Taxes.

Holdings and its wholly owned subsidiaries file a consolidated U.S. Corporation Income Tax Return. The Company’s foreign subsidiaries and foreign branches of its U.S. subsidiaries file country and local corporation income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax basis of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules.

As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from Accumulated Other Comprehensive Income.

J.Foreign Currency.

The Company transacts business in numerous currencies through business units located around the world. The functional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes.

The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income (loss). Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated as a separate component of other comprehensive income (loss) in stockholder’s equity.

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K.Segmentation.

The Company, through its subsidiaries, conducts business through two reportable segments: Reinsurance and Insurance. During the fourth quarter of 2024, the Company revised the classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new operating segment called "Other". The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. See also Note 7 of the Notes to these Consolidated Financial Statements.

L.Recent Accounting Pronouncements.

Adoption of New Accounting Standards

Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company adopted and prospectively applied the accounting standard effective year end 2025.

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

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2025 by the FASB on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2025. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Holdings.

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.

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2.INVESTMENTS

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 December 31, 2025
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		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	$	292	$	—	$	—	$	(5)	$	287
Obligations of U.S. states and political subdivisions	45		—		—		(4)		41
Corporate securities	6,315		(54)		138		(98)		6,301
Asset-backed securities	4,571		(14)		12		(15)		4,554
Mortgage-backed securities
Agency commercial	404		—		9		(2)		412
Non-agency commercial	739		—		1		(22)		718
Agency residential	3,794		—		67		(95)		3,766
Non-agency residential	1,557		—		31		(1)		1,587
Foreign government securities	1,041		—		18		(29)		1,030
Foreign corporate securities	2,274		—		60		(50)		2,284
Total fixed maturity securities - available for sale	$	21,032	$	(68)	$	337	$	(322)	$	20,978

(Some amounts may not reconcile due to rounding.)


	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		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	$	266	$	—	$	—	$	(11)	$	255
Obligations of U.S. states and political subdivisions	75		—		—		(5)		70
Corporate securities	4,156		(35)		37		(160)		3,997
Asset-backed securities	5,321		—		24		(35)		5,311
Mortgage-backed securities

Non-agency commercial	479		—		—		(38)		441
Agency residential	3,306		—		10		(166)		3,151
Non-agency residential	1,164		—		9		(11)		1,161
Foreign government securities	1,013		—		8		(52)		970
Foreign corporate securities	1,905		—		17		(91)		1,831
Total fixed maturity securities - available for sale	$	17,685	$	(36)	$	106	$	(569)	$	17,186

(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 December 31, 2025
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	166	$	(2)	$	7	$	(1)	$	169
Asset-backed securities	328		(3)		5		(8)		322
Mortgage-backed securities
Commercial	—		—		—		—		—
Foreign corporate securities	79		(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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	At December 31, 2024
(Dollars in millions)	Amortized Cost		Allowances for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities - held to maturity
Corporate securities	$	177	$	(2)	$	5	$	(4)	$	175
Asset-backed securities	484		(4)		5		(8)		477
Mortgage-backed securities
Commercial	21		—		—		—		21
Foreign corporate securities	84		(1)		4		—		86
Total fixed maturity securities - held to maturity	$	765	$	(8)	$	14	$	(12)	$	759

(Some amounts may not reconcile due to rounding.)

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 December 31, 2025				At December 31, 2024
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – available for sale
Due in one year or less	$	638	$	612	$	383	$	369
Due after one year through five years	4,516		4,500		3,262		3,145
Due after five years through ten years	3,696		3,741		2,506		2,406
Due after ten years	1,117		1,088		1,264		1,202
Asset-backed securities	4,571		4,554		5,321		5,311
Mortgage-backed securities
Agency commercial	404		412		—		—
Non-agency commercial	739		718		479		441
Agency residential	3,794		3,766		3,306		3,151
Non-agency residential	1,557		1,587		1,164		1,161
Total fixed maturity securities - available for sale	$	21,032	$	20,978	$	17,685	$	17,186

(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 December 31, 2025				At December 31, 2024
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – held to maturity
Due in one year or less	$	25	$	25	$	7	$	7
Due after one year through five years	68		69		67		67
Due after five years through ten years	4		4		37		35
Due after ten years	148		155		150		152
Asset-backed securities	328		322		484		477
Mortgage-backed securities
Commercial	—		—		21		21
Total fixed maturity securities - held to maturity	$	573	$	576	$	765	$	759

(Some amounts may not reconcile due to rounding.)

During 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of December 31, 2025, $27 million of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these

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

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


	Years Ended December 31,
(Dollars in millions)	2025		2024
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	$	485	$	(131)
Change in URA(D), pre-tax	485		(131)
Deferred tax benefit (expense)	(100)		28
Change in URA(D), net of deferred taxes, included in stockholder's equity	$	384	$	(103)

(Some amounts may not reconcile due to rounding.)

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the 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 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	90		(1)		184		(4)		274		(5)
Obligations of U.S. states and political subdivisions	2		—		33		(4)		35		(4)
Corporate securities	625		(12)		1,096		(82)		1,721		(94)
Asset-backed securities	764		(5)		366		(10)		1,130		(15)
Mortgage-backed securities
Agency commercial	43		(1)		17		(1)		60		(2)
Non-agency commercial	256		(3)		338		(19)		594		(22)
Agency residential	194		(1)		913		(94)		1,107		(95)
Non-agency residential	74		—		86		—		160		(1)
Foreign government securities	124		(1)		338		(28)		462		(29)
Foreign corporate securities	325		(5)		580		(46)		905		(50)
Total	$	2,497	$	(30)	$	3,950	$	(288)	$	6,447	$	(318)
Securities where an allowance for credit loss was recorded	24		(2)		14		(2)		37		(4)
Total fixed maturity securities - available for sale	$	2,521	$	(32)	$	3,964	$	(290)	$	6,484	$	(322)

(Some amounts may not reconcile due to rounding.)

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	Duration of Unrealized Loss at December 31, 2025 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	55	$	(1)	$	338	$	(9)	$	393	$	(10)
Due in one year through five years	634		(9)		1,012		(70)		1,646		(80)
Due in five years through ten years	413		(8)		426		(43)		839		(52)
Due after ten years	65		(1)		455		(41)		519		(42)
Asset-backed securities	764		(5)		366		(10)		1,130		(15)
Mortgage-backed securities	567		(6)		1,353		(114)		1,920		(119)
Total	$	2,497	$	(30)	$	3,950	$	(288)	$	6,447	$	(318)
Securities where an allowance for credit loss was recorded	24		(2)		14		(2)		37		(4)
Total fixed maturity securities - available for sale	$	2,521	$	(32)	$	3,964	$	(290)	$	6,484	$	(322)

(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 $6.5 billion and $322 million, respectively. The fair value of securities for the single issuer (the Australian government) whose securities comprised the largest unrealized loss position at December 31, 2025, amounted to less than 0.2% of the overall fair value of the Company’s fixed maturity securities available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at December 31, 2025 comprised less than 0.4% 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 $32 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 and non-agency commercial mortgage-backed securities. Of these unrealized losses, $29 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $290 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, foreign government securities, non-agency commercial mortgage-backed securities, agency residential mortgage-backed securities and asset-backed securities. Of these unrealized losses, $283 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of December 31, 2025, 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.

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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 individual securities had been in a continuous unrealized loss position for the periods indicated:


	Duration of Unrealized Loss at December 31, 2024 By Security Type
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	43		(1)		187		(10)		230		(11)
Obligations of U.S. states and political subdivisions	9		—		40		(5)		48		(5)
Corporate securities	1,502		(42)		1,169		(116)		2,670		(160)
Asset-backed securities	843		(17)		501		(18)		1,344		(35)
Mortgage-backed securities
Commercial	6		—		408		(38)		415		(38)
Agency residential	1,784		(70)		583		(95)		2,367		(166)
Non-agency residential	650		(11)		24		—		674		(11)
Foreign government securities	298		(11)		376		(41)		674		(52)
Foreign corporate securities	689		(18)		569		(72)		1,258		(91)
Total	$	5,823	$	(171)	$	3,856	$	(397)	$	9,680	$	(567)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	5,841	$	(172)	$	3,856	$	(397)	$	9,697	$	(569)

(Some amounts may not reconcile due to rounding.)


	Duration of Unrealized Loss at December 31, 2024 By Maturity
	Less than 12 months				Greater than 12 months				Total
(Dollars in millions)	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
Fixed maturity securities - available for sale
Due in one year or less	$	53	$	(2)	$	166	$	(11)	$	219	$	(13)
Due in one year through five years	895		(22)		1,313		(107)		2,209		(129)
Due in five years through ten years	1,127		(23)		572		(92)		1,699		(115)
Due after ten years	465		(26)		289		(35)		754		(61)
Asset-backed securities	843		(17)		501		(18)		1,344		(35)
Mortgage-backed securities	2,441		(81)		1,015		(134)		3,455		(215)
Total	$	5,823	$	(171)	$	3,856	$	(397)	$	9,680	$	(567)
Securities where an allowance for credit loss was recorded	17		(1)		—		—		17		(1)
Total fixed maturity securities - available for sale	$	5,841	$	(172)	$	3,856	$	(397)	$	9,697	$	(569)

(Some amounts may not reconcile due to rounding.)

The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2024 were $9.7 billion and $569 million, respectively. The fair value of securities for the single issuer (the U.S. government) whose securities comprised the largest unrealized loss position at December 31, 2024, did not exceed 1.1% 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 at December 31, 2024 comprised less than 0.5% 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 $172 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 agency residential mortgage-backed securities, domestic and foreign corporate securities, foreign government securities, asset-backed securities and non-agency residential mortgage-backed securities. Of these unrealized losses, $167 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $397 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, foreign government securities, commercial mortgage-backed securities, agency residential mortgage-backed securities, asset-backed securities as well as U.S. government securities and obligations. Of these

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unrealized losses, $377 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:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Fixed maturities	$	1,053	$	1,019	$	822
Equity securities	4		3		3
Short-term investments and cash	91		98		74
Other invested assets
Limited partnerships	74		34		37
Dividends from preferred shares of affiliate	31		31		31
Other	124		104		59
Gross investment income before adjustments	1,378		1,289		1,027
Funds held interest income (expense)	6		7		3
Interest income from Parent	—		—		7
Gross investment income	1,384		1,297		1,038
Investment expenses	34		46		46
Net investment income	$	1,351	$	1,250	$	993

(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 $1.8 billion in limited partnerships and private placement loan securities at December 31, 2025, which includes $690 million specific to limited partnerships as noted below. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2035.

The Company is the beneficiary of COLI policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.9 billion and $1.7 billion as of December 31, 2025 and December 31, 2024, respectively.

Other invested assets, at fair value, as of December 31, 2025 and December 31, 2024, were comprised of preferred shares held in Preferred Holdings, a wholly-owned subsidiary of Group. See Note 16 of the Notes to these Consolidated Financial Statements.

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

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The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary, as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2025 and 2024 is limited to the total carrying value of $1.9 billion, which are included in general and limited partnerships.

As of December 31, 2025, the Company has outstanding commitments totaling $690 million 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:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Fixed maturity securities:
Allowances for credit losses	$	(30)	$	12	$	(1)
Net realized gains (losses) from dispositions	(40)		19		(192)
Gains (losses) from fair value adjustments	—		—		—
Equity securities:
Net realized gains (losses) from dispositions	—		1		8
Gains (losses) from fair value adjustments	(1)		1		(4)
Other invested assets	—		1		—
Other invested assets, fair value:
Gains (losses) from fair value adjustments	99		42		9
Short-term investment gains (losses)	—		—		—
Total net gains (losses) on investments	$	28	$	76	$	(180)

(Some amounts may not reconcile due to rounding.)

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
	Twelve Months Ended December 31, 2025
	Corporate Securities		Asset-Backed Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(35)	$	—	$	(36)
Credit losses on securities where credit losses were not previously recorded	(28)		(14)		(42)
Increases in allowance on previously impaired securities	(16)		—		(16)
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	25		—		26
Balance, end of period	$	(54)	$	(14)	$	(68)

(Some amounts may not reconcile due to rounding.)

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	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
	Twelve Months Ended December 31, 2024
	Corporate Securities		Asset-Backed Securities		Total
(Dollars in millions)
Balance, beginning of period	$	(47)	$	—	$	(48)
Credit losses on securities where credit losses were not previously recorded	(9)		—		(9)
Increases in allowance on previously impaired securities	—		—		—
Decreases in allowance on previously impaired securities	—		—		—
Reduction in allowance due to disposals	20		—		21
Balance, end of period	$	(35)	$	—	$	(36)

(Some amounts may not reconcile due to rounding.)

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

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


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Proceeds from sales of fixed maturity securities - available for sale	$	341	$	2,207	$	2,546
Gross gains from dispositions	13		76		12
Gross losses from dispositions	(53)		(57)		(204)

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	$	3	$	13	$	126
Gross gains from dispositions	—		2		8
Gross losses from dispositions	—		(1)		—

During the year ended December 31, 2025, the Company sold fixed maturity securities - held to maturity with a net carrying amount of $11 million, which had realized losses of $1 million as part of the sale. The Company's decision to sell was due to significant credit deterioration of the issuer of the securities.

Securities with a carrying value amount of $1.4 billion at December 31, 2025, were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws. See Note 11 of the Notes to these Consolidated Financial Statements.

3.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 December 31, 2025 and 2024, $2.5 billion and $2.2 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.

The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

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•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 and public utility 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.

Other invested assets, at fair value, were categorized as Level 3 at December 31, 2025 and 2024, because the balance was comprised of a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent. The 25-year redeemable, convertible preferred stock with a 1.75% coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10-year and the swap rate on the Company’s June 1, 2044, 4.868% senior notes, with adjustments to reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset.

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Table of Contents

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:
(Dollars in millions)	December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	287	—	287	—
Obligations of U.S. states and political subdivisions	41	—	41	—
Corporate securities	6,301	—	5,931	370
Asset-backed securities	4,554	—	2,463	2,091
Mortgage-backed securities
Agency commercial	412	—	412	—
Non-agency commercial	718	—	718	—
Agency residential	3,766	—	3,766	—
Non-agency residential	1,587	—	1,587	—
Foreign government securities	1,030	—	1,030	—
Foreign corporate securities	2,284	—	2,270	14
Total fixed maturities - available for sale	20,978	—	18,504	2,474

Equity securities, fair value	108	88	20	—
Other invested assets, fair value	1,622	—	—	1,622

(Some amounts may not reconcile due to rounding.)


		Fair Value Measurement Using:
(Dollars in millions)	December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	255	—	255	—
Obligations of U.S. states and political subdivisions	70	—	70	—
Corporate securities	3,997	—	3,479	518
Asset-backed securities	5,311	—	3,654	1,657
Mortgage-backed securities
Commercial	441	—	441	—
Agency residential	3,151	—	3,151	—
Non-agency residential	1,161	—	1,161	—
Foreign government securities	970	—	970	—
Foreign corporate securities	1,831	—	1,817	14
Total fixed maturities - available for sale	17,186	—	14,997	2,189

Equity securities, fair value	110	79	26	5
Other invested assets, fair value	1,523	—	—	1,523

(Some amounts may not reconcile due to rounding.)

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Table of Contents

The following table presents 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
	December 31, 2025								December 31, 2024
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total
Beginning balance fixed maturities	$	518	$	1,657	$	14	$	2,189	$	672	$	1,305	$	16	$	1,993
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(38)		(13)		—		(52)		(1)		—		1		—
Included in other comprehensive income (loss)	(7)		8		—		1		1		12		—		13
Purchases, issuances and settlements	(103)		440		—		336		(154)		339		(2)		183
Transfers in/(out) of Level 3 and reclassification
of securities in/(out) of investment categories	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ending balance	$	370	$	2,091	$	14	$	2,474	$	518	$	1,657	$	14	$	2,189

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	$	(16)	$	(14)	$	—	$	(29)	$	(3)	$	—	$	—	$	(3)

(Some amounts may not reconcile due to rounding.)

There were no transfers of assets in/(out) of Level 3 during 2025 or 2024.

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 2, 8 and 9 of the Notes to these Consolidated Financial Statements, respectively. Fair values of long-term notes receivable from affiliates can be found within Note 16 to these Consolidated Financial Statements. Short-term investments are stated at cost, which approximates fair value. See Note 1 of the Notes to these Consolidated Financial Statements.

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited/general partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 1 of the Notes to these Consolidated Financial Statements for details of investments in COLI policies.

In addition, $233 million and $239 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2025 and 2024, 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.

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Table of Contents

4.RESERVE FOR LOSSES AND LAE

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:


	At December 31,
(Dollars in millions)	2025		2024		2023
Gross reserves beginning of period	$	19,271	$	15,796	$	14,977
Less reinsurance recoverables on unpaid losses	(3,391)		(3,182)		(3,684)
Net reserves beginning of period	15,880		12,614		11,294

Incurred related to:
Current year	6,381		6,219		5,599
Prior years, excluding impact from retroactive reinsurance	286		1,211		(21)
Prior years, impact from retroactive reinsurance (1)	44		—		—
Total incurred losses and LAE	6,711		7,430		5,578

Paid related to:
Current year	1,116		1,006		1,169
Prior years	3,614		3,060		3,128
Total paid losses and LAE	4,730		4,067		4,298

Foreign exchange/translation adjustment	149		(97)		40
Retroactive reinsurance adjustment (1)	(44)		—		—

Net reserves end of period	17,966		15,880		12,614
Plus reinsurance recoverables on unpaid losses (2)	3,369		3,391		3,182
Gross reserves end of period	$	21,336	$	19,271	$	15,796

(Some amounts may not reconcile due to rounding.)

(1) The consideration paid exceeds the ceded loss reserves at the inception of the Agreement ($1,003 million), and as a result, the Company recognized an immediate pre-tax loss of $44 million in earnings, in accordance with retroactive reinsurance accounting guidance. The Company recognized the loss by writing off the reinsurance recoverable of $44 million, which represents excess compensation for the uncertainty of future claims development, and is not being measured in our best estimate of loss reserves.

(2) This excludes the unpaid recoverable of the adverse development cover of $1,003 million as of December 31, 2025.

Current year incurred losses were $6.7 billion, $7.4 billion and $5.6 billion for the years ended December 31, 2025, 2024 and 2023, respectively. The increase in current year incurred losses in 2025 compared to 2024 primarily related to an increase of $76 million in current year attritional losses, resulting from the impact of the strengthening of U.S. casualty reserves and changes in the mix of business, as well as an increase of $86 million in current year catastrophe losses.

The increase in current year incurred losses from 2023 to 2024 primarily related to an increase of $297 million in current year attritional losses resulting from the impact of the increase in premiums earned and changes in the mix of business, as well as an increase of $323 million in current year catastrophe losses.

Incurred prior years unfavorable development in losses was $330 million and $1.2 billion in 2025 and 2024, respectively, and incurred prior years favorable development in losses was $21 million in 2023. The unfavorable development on prior year reserves of $330 million in 2025 was primarily due to the strengthening of U.S. casualty reserves, as well as aviation losses associated with the Russia/Ukraine war within the Reinsurance segment, partially offset by the release of well-seasoned reserves in the property and mortgage lines within the Reinsurance segment. The reserve strengthening for prior year loss development was driven by elevated loss experience in excess casualty and U.S. liability lines primarily for accident years 2022-2024. These prior year reserve movements were partially offset by $50 million of losses ceded to Bermuda affiliates.

In 2025, the United Kingdom’s High Court concluded that the confiscation of certain aircraft was covered under the war provision within certain reinsurance contracts. As a result of the court’s decision, the Company increased its net ultimate loss reserve for contracts that were exposed to the war in Russia/Ukraine. This increase in ultimate loss is reflected in the prior year incurred loss line in the table above.

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Table of Contents

The net unfavorable development on prior year reserves of $1.2 billion in 2024 is comprised of $1.1 billion of unfavorable development on prior years attritional losses for insurance lines, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines, $87 million of net unfavorable development on prior years attritional losses for reinsurance lines due to prior year U.S. casualty reserves strengthening of $626 million, partially offset by favorable development of $545 million on well-seasoned reserves in property and mortgage lines and $333 million of unfavorable development on prior years attritional losses for Other segment, which is offset by $199 million of prior years attritional losses ceded to affiliated Bermuda entities.

The net favorable development on prior year reserves of $21 million in 2023 is comprised of $410 million of favorable development on prior years attritional losses for reinsurance lines, mainly related to mortgage and short-tail lines of business, which is offset by $316 million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019, $82 million of unfavorable development on prior years attritional losses for Other segment, and $12 million of prior years attritional losses ceded to affiliated Bermuda entities. The prior year development also includes $37 million of commutations from stop loss agreements between Everest Re and Bermuda Re that are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses.

The following is information about incurred and paid claims development as of December 31, 2025, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year.

The information about incurred and paid claims development for the years ended December 31, 2016 to December 31, 2024 is presented as supplementary information.

The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impractical to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident and Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group.

The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts.

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Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows:


	At December 31,
	2025
(Dollars in millions)
Net outstanding liabilities
Reinsurance Casualty	$	6,429
Reinsurance Property	5,047
Insurance Casualty	5,328
Insurance Property	429
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)	17,233

Reinsurance recoverable on unpaid claims
Reinsurance Casualty	134
Reinsurance Property	570
Insurance Casualty	1,783
Insurance Property	300
Total reinsurance recoverable on unpaid claims (1), (3)	2,788

Unallocated claims adjustment expenses	248
Other (2)	1,067
	1,315

Total gross liability for unpaid claims and claim adjustment expense	$	21,336

(Some amounts may not reconcile due to rounding.)

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

(2) The other amount is primarily comprised of the Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

(3) This amount excludes the unpaid recoverable of the adverse development reinsurance agreements of $1,003 million as of December 31, 2025.

Adverse Development Reinsurance Agreements

Effective October 1, 2025, Everest Re and a Bermuda affiliate, Everest Reinsurance (Bermuda), Ltd. (collectively, the “Ceding Companies”) (1) entered into an adverse development reinsurance agreement (the “State National Reinsurance Agreement”) with State National Insurance Company, Inc. (“State National Reinsurer”) and (2) entered into an adverse development reinsurance agreement (the “MS Transverse Reinsurance Agreement”) with MS Transverse Insurance Company (“MS Transverse Reinsurer”) (collectively the “Reinsurers”). The Reinsurance Agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital.

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising out of the Ceding Companies’ North American liabilities within the Insurance and Other segments (“Subject Business”), subject to exclusions for certain liabilities, including among others those related to the Asbestos and Environmental reserves included in the Other segment. The carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion as of September 30, 2025 and $5.0 billion as of December 31, 2025, respectively.

Under the State National Reinsurance Agreement, Group paid a reinsurance premium of $1.3 billion to State National Reinsurer, of which $1.0 billion was attributable to the Company, to assume $1.3 billion of carried reserves as of September 30, 2025, of which $1.0 billion was attributable to the Company, 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 Group’s net carried reserves for the Subject Business.

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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 Group. Of the total funds withheld, $201 million was recognized by the Company.

Under the MS Transverse Reinsurance Agreement, Group paid a reinsurance premium of $122 million to MS Transverse Reinsurer, of which $44 million was attributable to the Company, 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, and as a result Group recognized an immediate pre-tax loss of $122 million in Incurred losses and loss adjustment expenses in the Company’s consolidated statement of operations, of which $44 million was recognized by the Company. Mitsui Sumitomo Insurance Company Limited, the parent of MS Transverse Reinsurer, has provided a parental guarantee to secure its obligations under the agreement.

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

As of December 31, 2025, Group had a deferred gain of $3 million, of which $2.7 million was recognized by the Company. The deferred gain would be recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries. The total covered losses ceded to State National Reinsurer were $1,253 million, of which $1,003 million were attributable to the Company. The aggregated unexpired limit for the adverse development reinsurance agreements was $597 million and $400 million for State National Reinsurer and MS Transverse Reinsurer, respectively.

Prior Year Development

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


(Dollars in millions)	Prior Year Development Net of External Reinsurance Before ADC Cessions (1)
Reinsurance - Casualty Business	$	134
Reinsurance - Property Business	(319)
Insurance - Casualty Business	430
Insurance - Property Business	(59)
Subtotal, adjusted pre-tax basis	$	187

(1) Excluding the impact of:

- Our Other segment which has $99 million of prior year development before the ADC cessions.

-$44 million of excess compensation for the uncertainty of future claims development of which $38 million is from our Insurance segment and $6 million from our Other segment.

The following tables present the ultimate loss and allocated LAE and the paid loss and allocated LAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. For the Reinsurance segment, the Company assesses the adequacy of its reserves on an underwriting year basis as opposed to accident year basis. Using underwriting year data for internal analysis of Reinsurance reserves is consistent with industry practice among reinsurers. With proportional reinsurance contracts, the Company is advised of losses on an aggregate basis (no details on individual losses) regarding a specific underwriting year. As such, the Company uses a methodology to allocate its Reinsurance reserves from an underwriting year basis into an accident year basis presentation. This may result in some distortion within specific accident years.

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Reinsurance - Casualty Business


																					At December 31, 2025
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	511	$	532	$	532	$	532	$	532	$	532	$	532	$	532	$	548	$	575	11	N/A
2017			535		540		540		540		540		540		540		585		621		9	N/A
2018					889		874		920		942		994		1,104		1,094		1,086		97	N/A
2019							1,131		1,179		1,179		1,195		1,230		1,239		1,235		133	N/A
2020									1,172		1,144		1,112		1,103		1,117		1,122		137	N/A
2021											1,367		1,360		1,318		1,407		1,372		367	N/A
2022													1,488		1,447		1,529		1,553		637	N/A
2023															1,548		1,784		1,839		1,001	N/A
2024																	1,441		1,475		1,057	N/A
2025																			1,438		1,212	N/A
																			$	12,317

(Some amounts may not reconcile due to rounding.)


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	45	$	109	$	203	$	285	$	344	$	386	$	413	$	452	$	475	$	508
2017			52		145		234		309		385		451		509		549		595
2018					158		201		334		475		556		579		776		833
2019							188		299		418		518		573		804		905
2020									159		255		356		477		676		818
2021											171		233		380		556		758
2022													130		249		402		639
2023															164		294		525
2024																	160		290
2025																			164
																			$	6,035
All outstanding liabilities prior to 2016, net of reinsurance																			146
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	6,429

(Some amounts may not reconcile due to rounding.)


	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	11.3	%	7.8	%	11.4	%	12.3	%	11.2	%	10.9	%	10.9	%	6.0	%	5.8	%	5.7	%

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Table of Contents

Reinsurance - Property Business


																					At December 31, 2025
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	1,507	$	1,355	$	1,355	$	1,351	$	1,350	$	1,351	$	1,350	$	1,351	$	1,349	$	1,327	4	N/A
2017			2,411		2,996		3,164		3,258		3,311		3,349		3,352		3,325		3,270		4	N/A
2018					2,256		2,145		2,135		2,083		2,053		2,005		2,045		2,060		3	N/A
2019							1,777		1,782		1,709		1,604		1,582		1,626		1,698		9	N/A
2020									1,883		1,927		1,867		1,846		1,846		1,857		10	N/A
2021											2,171		2,157		2,099		2,018		2,079		8	N/A
2022													2,578		2,266		2,131		2,151		214	N/A
2023															1,996		1,669		1,525		227	N/A
2024																	2,734		2,455		724	N/A
2025																			3,754		1,623	N/A
																			$	22,178

(Some amounts may not reconcile due to rounding.)


	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	443	$	890	$	1,115	$	1,196	$	1,234	$	1,233	$	1,231	$	1,245	$	1,302	$	1,308
2017			785		1,999		2,473		2,752		2,929		2,945		3,011		3,233		3,228
2018					478		1,384		1,715		1,847		1,905		1,951		2,035		2,048
2019							688		1,086		1,333		1,459		1,558		1,660		1,692
2020									524		1,133		1,441		1,624		1,773		1,806
2021											633		1,293		1,664		1,961		2,074
2022													563		1,236		1,665		1,735
2023															540		995		1,118
2024																	679		1,061
2025																			1,064
																			$	17,134
All outstanding liabilities prior to 2016, net of reinsurance																			4
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,047

(Some amounts may not reconcile due to rounding.)


	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	28.8	%	31.2	%	15.7	%	8.1	%	5.2	%	1.9	%	2.2	%	3.7	%	1.1	%	0.4	%

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Table of Contents

Insurance - Casualty Business


																							At December 31, 2025
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				2025 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2025 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	480	$	466	$	508	$	511	$	438	$	420	$	431	$	439	$	446	$	452	$	6	11		29,138	$	7	$	3	$	445	$	9
2017			501		506		497		511		481		482		498		494		503		9		19		32,685	9		4		$	494	$	15
2018					571		557		570		569		586		647		670		680		10		23		32,480	13		5		$	667	$	18
2019							717		667		677		679		812		937		932		(6)		73		35,693	29		15		$	902	$	58
2020									817		859		824		834		949		928		(20)		130		37,909	42		25		$	886	$	104
2021											1,017		975		976		1,197		1,192		(6)		249		42,764	81		51		$	1,110	$	198
2022													983		1,033		1,411		1,553		142		512		45,974	152		104		$	1,401	$	408
2023															1,160		1,497		1,684		187		751		44,993	219		152		$	1,465	$	598
2024																	1,437		1,545		107		1,005		41,806	258		205		$	1,287	$	800
2025																			1,276		—		1,110		29,801	—		—		1,276		$	1,110
																			$	10,745	$	430	$	3,882		$	812	$	565	$	9,934	$	3,318
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(5,518)							—				—
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2016, net of reinsurance																			101		—		26			25		6		76		21

Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	5,328	$	430	3,909			$	837	$	570	$	10,010	$	3,339

(Some amounts may not reconcile due to rounding.)


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	53	$	144	$	244	$	295	$	338	$	371	$	387	$	403	$	414	$	420
2017			48		158		246		315		365		404		424		454		460
2018					58		185		267		365		467		541		588		622
2019							68		208		343		443		576		733		793
2020									61		218		330		469		579		716
2021											102		233		404		619		796
2022													73		252		529		788
2023															85		279		586
2024																	67		276
2025																			60
																			$	5,518
All outstanding liabilities prior to 2016, net of reinsurance																			101
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	5,328

(Some amounts may not reconcile due to rounding.)


	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Casualty	6.3	%	14.1	%	16.1	%	14.9	%	13.2	%	12.6	%	5.6	%	4.9	%	1.8	%	1.2	%

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Insurance - Property Business


																							At December 31, 2025
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,																				2025 Prior Year Development Excluding the Impact of ADC		Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims	Incurred Impact of ADC		IBNR Impact of ADC		2025 (Net of Impact of ADC)		Total of IBNR Liabilities Net of Impact of ADC
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	254	$	253	$	256	$	252	$	258	$	261	$	271	$	274	$	273	$	271	$	(2)	—		N/A	$	—	$	—	$	271	$	—
2017			449		455		443		450		452		469		470		470		470		—		—		N/A	—		—		470		—
2018					360		361		357		366		398		406		408		408		—		1		N/A	—		—		408		1
2019							323		307		301		343		359		354		354		—		1		N/A	—		—		354		1
2020									551		463		465		468		461		460		—		6		N/A	1		—		459		5
2021											593		546		563		587		563		(25)		12		N/A	1		1		561		11
2022													687		708		615		589		(26)		13		N/A	3		2		585		11
2023															548		508		484		(24)		29		N/A	6		3		479		26
2024																	296		314		18		42		N/A	12		5		302		36
2025																			442		—		169		N/A	—		—		442		169
																			$	4,355	$	(58)	$	274		$	23	$	11	$	4,332	$	262
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below																			(3,927)							—				(3,927)
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2016, net of reinsurance																			—		—		—			—		—		—		—

Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance																			$	429	$	(59)	$	274		$	23	$	12	$	405	$	262

(Some amounts may not reconcile due to rounding.)


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
(Dollars in millions)	(Unaudited)
2016	$	156	$	229	$	248	$	254	$	259	$	260	$	271	$	271	$	271	$	271
2017			168		388		418		437		451		466		466		468		468
2018					226		329		340		369		395		400		404		406
2019							219		287		300		335		343		348		352
2020									286		390		425		439		447		451
2021											319		458		514		534		541
2022													360		523		538		556
2023															374		414		440
2024																	156		233
2025																			208
																			$	3,927
All outstanding liabilities prior to 2016, net of reinsurance																			—
Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	429

(Some amounts may not reconcile due to rounding.)


	Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited)
Years	1		2		3		4		5		6		7		8		9		10
Property	57.8	%	26.1	%	5.8	%	4.5	%	2.7	%	1.5	%	1.3	%	0.3	%	—	%	—	%

Reserving Methodology

The Company maintains reserves equal to management’s estimated ultimate liability for losses and LAE for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, size of loss distributions, reports from ceding companies and historical trends, such as reserving patterns, loss payments and product mix; (4) current legal interpretations of coverage and liability; and (5) economic

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conditions, including but not limited to social inflation. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. 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. Our insurance and reinsurance loss and LAE reserves represent management’s best estimate of our ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded.

The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded in the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced Claims staff handle individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting and Internal Audit departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits.

The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 250 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less uncertainty than those for the longer tail lines.

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

Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year.

Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time, or which are more volatile.

Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. IBNR reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method.

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For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses at an earlier stage than for long tail lines. For immature underwriting or accident years, the initial expected loss ratios are key inputs that involve management’s judgment and are based on a variety of factors, including: (1) expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment.

Carried reserves at each reporting date are the management’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and also consider recent market, underwriting and management criteria to determine management’s best estimate of ultimate unpaid losses and LAE.

Certain reserves, including losses from widespread catastrophic events, cannot be estimated using traditional actuarial methods. Rather, loss and LAE reserves are estimated by management by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss. The analysis uses inputs from various sources and methodology, to build up a comprehensive perspective. Such analysis generally involves: (1) estimating the size of insured industry losses; (2) reviewing portfolios to identify contracts which are exposed; (3) reviewing information reported or otherwise provided by customers and brokers; (4) discussing the loss with customers and brokers; and (5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the loss on a contract-by-contract basis and in aggregate for the event. Due to the inherent uniqueness or specific nature of a catastrophic event, each event has its own unique assessment, and different weights may be applied to various inputs based on management’s judgment. Once a loss has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the loss. The Company’s estimate of loss and LAE reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss. The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss.

Because catastrophe losses are typically due to prominent, public events such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process. The Company also reviews catastrophe bulletins published by various statistical modeling agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event. For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical modeling agencies to assist in determining what events occurred during the reporting period than the Company does for large events. This includes reviewing catastrophe bulletins published by Property Claim Services for U.S. catastrophes. The Company sets its initial estimates of reserves for loss and LAE for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical modeling agencies, although management may make significant adjustments based on the Company’s current exposure to the geographic region involved as well as the size of the loss and the peril involved.

In general, reserves for the Company’s more recent large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses, uncertainty as to which contracts have been exposed, uncertainty due to complex legal and coverage issues that can arise out of large or complex losses and uncertainty as to the magnitude of losses and LAE incurred by the Company’s customers. As the Company’s losses age, more information becomes available, and the Company believes its estimates become more certain.

The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos

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claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The results of run-off A&E exposures are included within the Company’s Other Segment.

Our reserves include an estimate of our ultimate liability for A&E claims. There are significant uncertainties surrounding our estimates of our potential losses from A&E claims. Among the uncertainties are: (a) potentially long waiting periods between exposure and manifestation of any bodily injury or property damage; (b) difficulty in identifying sources of asbestos or environmental contamination; (c) difficulty in properly allocating responsibility and/or liability for asbestos or environmental damage; (d) changes in underlying laws and judicial interpretation of those laws; (e) the potential for an asbestos or environmental claim to involve many insurance providers over many policy periods; (f) questions concerning interpretation and application of insurance and reinsurance coverage; and (g) uncertainty regarding the number and identity of insureds with potential asbestos or environmental exposure. Due to the uncertainties discussed above, the ultimate losses attributable to A&E, and particularly asbestos, may be subject to more variability than are non-A&E reserves.

The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses.

A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024		2023
Gross basis:
Beginning of period reserves	$	260	$	246	$	278
Incurred losses	2		62		—
Paid losses	(52)		(49)		(31)
End of period reserves	$	209	$	260	$	246

Net basis:
Beginning of period reserves	$	198	$	189	$	210
Incurred losses	—		47		—
Paid losses	(42)		(38)		(21)
End of period reserves	$	156	$	198	$	189

Reinsurance Recoverables. Reinsurance recoverables for both paid and unpaid losses totaled $4.6 billion and $3.8 billion at December 31, 2025 and 2024, respectively. At December 31, 2025, in connection with the ADC reinsurance agreements, $1.0 billion was unpaid recoverable from State National Insurance Company, Inc. Additionally, at December 31, 2025, $596 million, or 13.0%, was recoverable from Bermuda Re, an affiliated entity, and is fully collateralized by a trust agreement and $291 million, or 6.3%, was recoverable from Mt. Logan Re Ltd. (“Mt. Logan Re”) collateralized segregated accounts. No other retrocessionaire accounted for more than 5% of our recoverables.

5.REINSURANCE

The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary and regularly monitoring the financial condition and ratings of its reinsurers. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1E, Note 4 and Note 10 of the Notes to these Consolidated Financial Statements.

In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating. Failure of reinsurers to honor their obligations could result in losses to the Company. See Note 1E of the Notes to these Consolidated Financial Statements for a discussion of allowance on reinsurance recoverables.

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Effective October 1, 2025, Group through its subsidiaries Everest Re and Bermuda Re entered into two adverse development reinsurance agreements, both of which are accounted for as retroactive reinsurance. The agreements reinsure potential adverse loss development for accident years 2024 and prior arising out of the ceding companies’ North American liabilities in the Insurance and Other segment, subject to exclusions for certain liabilities, including, among others, those related to the A&E reserves included in the Other segment. For additional details on the ADC agreements, refer to Note 4 - Reserve for Losses and Loss Adjustment Expenses of the Notes to these Consolidated Financial Statements.

See Note 16 of the Notes to these Consolidated Financial Statements for a discussion of reinsurance transactions with affiliates.

Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults.

Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Written premiums:
Direct	$	2,942	$	3,434	$	3,785
Assumed	8,199		8,182		7,332
Ceded	(2,078)		(2,304)		(1,905)
Net written premiums	$	9,063	$	9,312	$	9,212

Premiums earned:
Direct	$	3,169	$	3,530	$	3,709
Assumed	8,169		7,761		6,705
Ceded	(2,252)		(2,200)		(1,878)
Net premiums earned	$	9,086	$	9,090	$	8,536

Incurred losses and LAE:
Direct	$	3,326	$	4,544	$	2,594
Assumed	4,768		4,386		3,449
Ceded	(1,427)		(1,500)		(465)
Retroactive reinsurance adjustment (1)	44		—		—
Net incurred losses and LAE	$	6,711	$	7,430	$	5,578

(Some amounts may not reconcile due to rounding.)

(1) The consideration paid exceeds the ceded loss reserves at the inception of the Agreement ($1,003 million), as a result the Company recognized an immediate pre-tax loss of $44 million in earnings, in accordance with retroactive reinsurance accounting guidance. The Company recognized the loss by writing off the reinsurance recoverable of $44 million, which represents excess compensation for the uncertainty of future claims development, and is not a component of our best estimate of loss reserves.

6.SALE OF RENEWAL RIGHTS

On October 26, 2025, Group entered into a Master Transaction Agreement (the “ROW Master Transaction Agreement”) with American International Group, Inc. (the “Buyer”), pursuant to which Group agreed to cause (i) Everest International Australia and Singapore branches, (ii) Ireland Insurance UK branch and (iii) Everest National, Everest Indemnity, Everest Security, Everest Premier and Everest Denali, Everest Assurance and Everest Reinsurance Company to sell to Buyer the renewal rights in respect of certain lines of commercial retail insurance business, subject to certain exclusions as set forth in the ROW Master Transaction Agreement, for an aggregate purchase price of $252 million, of which $170 million was attributable to the Company.

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, Group 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.

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The closing of the transaction pursuant to the ROW Master Transaction Agreement occurred on October 26, 2025. Upon closing of the transaction, Group 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, of which $32 million was recognized by the Company. The remaining $47 million of the aggregate purchase price was recorded as a liability within Other liabilities on Group’s consolidated balance sheets as of December 31, 2025 due to significant uncertainty related to factors outside Group’s influence, including the Buyer's underwriting decisions and the period until resolution. Of this $47 million liability recorded by Group, $38 million was attributable to the Company. Group 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, Group entered into a Master Transaction Agreement (the “EU Master Transaction Agreement,” and together with the ROW Master Transaction Agreement, the “Master Transaction Agreements”), between the Company and the Buyer, pursuant to which the Company agreed to cause Ireland Insurance to sell to the Buyer, the renewal rights in respect of certain lines of commercial retail insurance business written by Ireland Insurance in certain countries in the European Union, for an aggregate purchase price of $49 million.

The closing of the transaction pursuant to the EU Master Transaction Agreement was 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, Group recognized a $55 million gain on sale included in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025.

Under the Master Transaction Agreements, the Buyer has also agreed to pay Group a total of $10 million per month for nine months for specified transition services starting January 1, 2026, of which the Company will receive $7 million per month.

In addition, as a result of the ROW Master Transaction Agreement, the Company also recorded severance and impairments of capitalized software in the amount of $22 million and $61 million, respectively, for the year ended December 31, 2025. Legal expenses and merger and acquisition fees related to the sale were $9 million for the year ended December 31, 2025. This expenses were recorded in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025.

7.SEGMENT REPORTING

The Company conducts business through two reportable segments: Reinsurance and Insurance. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S. as well as through branches in Canada, India and Singapore. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the United States. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

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

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, as part of the segment results presentation, we have separately presented the Company’s largest affiliated reinsurance arrangements with Bermuda entities. See Note 16 of the Notes to these Consolidated Financial Statements for a discussion of reinsurance transactions with Bermuda entities that are included in this segment presentation, also discussed below. These segment presentation changes have been reflected retrospectively within this Form 10-K, including Schedule III - Supplementary Insurance Information.

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Affiliated Cession to Bermuda Entities includes the impact of ceded amounts related to the whole account aggregate stop loss agreement between Everest Re and Bermuda Re; Everest Re’s whole account quota share agreements with Bermuda Re and Everest International Reinsurance, Ltd. (“Everest International”), which are now in run off; the Loss Portfolio Transfer (“LPT”) agreements between Everest Re and Bermuda Re, which were commuted as of the fourth quarter of 2025; the life business whole account quota share agreement between Everest Assurance and Bermuda Re; the quota share agreement between Everest Re (Canadian Branch) and Bermuda Re, which was commuted as of the second quarter of 2025; and the new catastrophe excess of loss contract effective January 1, 2025 with Bermuda Re. See Note 16 of the Notes to these Consolidated Financial Statements for additional details.

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


	Year Ended December 31, 2025
(Dollars in millions)	Reinsurance		Insurance		Other		Affiliated Cession to Bermuda Entities		Total
Gross written premiums	$	7,952	$	3,099	$	90	$	—	$	11,141
Net written premiums	7,121		2,299		84		(441)		9,063

Premiums earned	$	7,013	$	2,413	$	102	$	(441)	$	9,086
Incurred losses and LAE	4,307		2,206		248		(49)		6,711
Commission and brokerage	1,715		272		22		—		2,009
Other underwriting expenses	189		399		13		—		601
Underwriting gain (loss)	$	803	$	(464)	$	(180)	$	(392)	$	(234)

Net investment income									1,351
Net gains (losses) on investments									28
Corporate expenses									(31)
Interest, fee and bond issue cost amortization expense									(176)
Other income (expense)									(51)
Income (loss) before taxes									$	887

(Some amounts may not reconcile due to rounding.)

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	Year Ended December 31, 2024
(Dollars in millions)	Reinsurance		Insurance		Other		Affiliated Cession to Bermuda Entities		Total
Gross written premiums	$	8,022	$	3,417	$	178	$	—	$	11,616
Net written premiums	7,219		2,413		149		(468)		9,312

Premiums earned	$	6,882	$	2,505	$	172	$	(468)	$	9,090
Incurred losses and LAE	4,157		2,938		533		(199)		7,430
Commission and brokerage	1,664		254		28		1		1,946
Other underwriting expenses	199		383		24		—		606
Underwriting gain (loss)	$	862	$	(1,070)	$	(413)	$	(271)	$	(892)

Net investment income									1,250
Net gains (losses) on investments									76
Corporate expenses									(19)
Interest, fee and bond issue cost amortization expense									(150)
Other income (expense)									64
Income (loss) before taxes									$	329

(Some amounts may not reconcile due to rounding.)


	Year Ended December 31, 2023
(Dollars in millions)	Reinsurance		Insurance		Other		Affiliated Cession to Bermuda Entities		Total
Gross written premiums	$	7,181	$	3,695	$	241	$	—	$	11,117
Net written premiums	6,635		2,810		197		(430)		9,212

Premiums earned	$	6,067	$	2,701	$	199	$	(430)	$	8,536
Incurred losses and LAE	3,271		2,063		232		12		5,578
Commission and brokerage	1,545		281		25		—		1,851
Other underwriting expenses	166		381		27		—		574
Underwriting gain (loss)	$	1,085	$	(24)	$	(86)	$	(442)	$	533

Net investment income									993
Net gains (losses) on investments									(180)
Corporate expenses									(18)
Interest, fee and bond issue cost amortization expense									(134)
Other income (expense)									(11)
Income (loss) before taxes									$	1,181

(Some amounts may not reconcile due to rounding.)

Further classifications of revenues by geographic location are impracticable to disclose and, therefore, are not provided.

Approximately 19.2%, 17.3% and 17.2% of the Company’s gross written premiums in 2025, 2024 and 2023, respectively, were sourced through the Company’s largest intermediary.

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8.SENIOR NOTES

The table below displays Holdings’ outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.


				December 31, 2025				December 31, 2024
(Dollars in millions)	Date Issued	Date Due	Principal Amounts	Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.868% Senior notes	06/05/2014	06/01/2044	400	$	398	$	355	$	398	$	347
3.5% Senior notes	10/07/2020	10/15/2050	1,000	982		698		982		681
3.125% Senior notes	10/04/2021	10/15/2052	1,000	972		636		971		620
			2,400	$	2,352	$	1,689	$	2,350	$	1,648

(Some amounts may not reconcile due to rounding.)

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


			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2025		2024		2023
4.868% Senior notes	semi-annually	June 1/December 1	$	19	$	19	$	19
3.5% Senior notes	semi-annually	April 15/October 15	35		35		35
3.125% Senior notes	semi-annually	April 15/October 15	32		32		32
			$	86	$	86	$	86

(Some amounts may not reconcile due to rounding.)

9.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 Date

December 31, 2025

December 31, 2024

Date Issued

Original
Principal
Amount

Scheduled

Final

Consolidated Balance Sheet Amount

Fair Value

Consolidated Balance Sheet Amount

Fair Value

(Dollars in millions)

Long-term subordinated notes

04/26/2007

400

05/15/2037

05/01/2067

218

208

218

215

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 November 17, 2025 to February 16, 2026 is 6.50%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest is based on the 3-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus a spread.

Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; 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 proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the Subordinated Notes Issued 2007. The Company’s Senior Notes are the Company’s long-term indebtedness that rank senior to the Subordinated Notes Issued 2007.

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


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Interest expense incurred	$	15	$	17	$	17

10.FEDERAL HOME LOAN BANK MEMBERSHIP

Everest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2025, Everest Re had statutory admitted assets of approximately $32.6 billion which provides borrowing capacity in excess of approximately $3.3 billion. As of December 31, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. Everest Re incurred interest expense of $48 million and $45 million for the years ended December 31, 2025 and 2024, 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 December 31, 2025, Everest Re had $1.4 billion of collateral pledged. See Note 11 of the Notes to these Consolidated Financial Statements.

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 December 31,
(Dollars in millions)	2025		2024
Collateral in trust for non-affiliated agreements	$	685	$	1,286
Collateral held on behalf of affiliates (1)	1,143		732
Collateral for FHLB borrowings	1,418		1,294
Securities on deposit with or regulated by government authorities	1,417		1,406
Funds held by reinsureds	372		336
Total restricted assets	$	5,035	$	5,055

(1)In order to maximize operating efficiency, Everest Re has entered into agreements with certain affiliated Group operating entities to provide collateral on their behalf. In return for providing collateral, Everest Re receives a quarterly fee to compensate for its use of its assets as collateral. The affiliated operating entities that participate in this program must maintain sufficient unencumbered assets to cover the pledged assets as well as have sufficient statutory capital to satisfy their minimum capital requirements as stipulated by their local regulatory authority and /or rating agency requirement.

Restricted cash is included in cash on the consolidated balance sheets. At December 31, 2025 and December 31, 2024, the Company had restricted cash of $25 million and $170 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements.

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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)

Class

Description

Effective Date

Expiration Date

Limit

Coverage
Basis

Series 2021-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

150

Occurrence

Series 2021-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

Aggregate

Series 2021-1 Class C-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

4/8/2021

4/20/2026

Aggregate

Series 2024-1 Class A

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/27/2024

6/30/2028

Occurrence

Series 2024-1 Class B

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/27/2024

6/30/2028

125

Occurrence

Series 2025-1 Class A-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/9/2029

105

Aggregate

Series 2025-1 Class A-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/8/2030

105

Aggregate

Series 2025-1 Class B-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/9/2029

120

Aggregate

Series 2025-1 Class B-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/8/2030

120

Aggregate

Series 2025-1 Class C-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/9/2029

170

Occurrence

Series 2025-1 Class C-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/8/2030

170

Occurrence

Series 2025-1 Class D-1

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/9/2029

105

Occurrence

Series 2025-1 Class D-2

US, Canada, Puerto Rico – Named Storm and Earthquake Events

6/26/2025

7/8/2030

105

Occurrence

Total available limit as of December 31, 2025

1,530

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

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

The Company has entered into separate annuity agreements with Prudential Insurance Company (“Prudential”), an unaffiliated life insurance company, as well as an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either Prudential or the unaffiliated life insurance company was unable to make payments related to the respective annuity contract.

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


	At December 31,
(Dollars in millions)	2025		2024
Prudential	$	134	$	136
Other unaffiliated life insurance company	31		32

13.LEASES

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercising those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease.

Supplemental information related to operating leases is as follows for the periods indicated:


	Year Ended December 31,
(Dollars in millions)	2025		2024
Lease expense incurred:
Operating lease cost	$	29	$	26


	At December 31,
(Dollars in millions)	2025		2024
Operating lease right of use assets (1)	$	156	$	92
Operating lease liabilities (1)	175		110

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.


	Year Ended December 31,
(Dollars in millions)	2025		2024
Operating cash flows from operating leases	$	(17)	$	(19)


	At December 31,
	2025		2024
Weighted average remaining operating lease term	11.27 years		9.9 years
Weighted average discount rate on operating leases	4.52	%	3.87	%

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


(Dollars in millions)	As of December 31,
2026	$	22
2027	22
2028	20
2029	19
2030	19
Thereafter	124
Undiscounted lease payments	226
Less: present value adjustment	51
Total operating lease liability	$	175

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14.OTHER COMPREHENSIVE INCOME (LOSS)

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


	December 31, 2025						December 31, 2024						December 31, 2023
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) on securities	$	415	(86)		$	329	$	(99)	21		$	(78)	$	473	(99)		$	374
Reclassification of net realized losses (gains) included in net income (loss)	70		(15)		55		(32)		6		(25)		193		(41)		153
Foreign currency translation adjustments	71		(15)		56		(54)		11		(42)		22		(5)		17
Benefit plan actuarial net gain (loss)	(12)		2		(9)		43		(9)		34		19		(4)		15
Reclassification of amortization of net gain (loss) included in net income (loss)	(2)		—		(1)		(2)		—		(1)		2		—		2
Total other comprehensive income (loss)	$	543	$	(113)	$	430	$	(143)	$	30	$	(113)	$	710	$	(149)	$	561

(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)	Years Ended December 31,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2025		2024

URA(D) of securities	$	70	$	(32)	Net gains (losses) on investments
	(15)		6		Income tax expense (benefit)
	$	55	$	(25)	Net income (loss)

Benefit plan net gain (loss)	$	(2)	$	(2)	Other underwriting expenses
	—		—		Income tax expense (benefit)
	$	(1)	$	(1)	Net income (loss)

(Some amounts may not reconcile due to rounding)

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


	Years Ended December 31,
(Dollars in millions)	2025		2024
Beginning balance of URA(D) of securities	$	(393)	$	(289)
Current period change in URA(D) of securities	384		(103)
Ending balance of URA(D) of securities	(9)		(393)

Beginning balance of foreign currency translation adjustments	(24)		19
Current period change in foreign currency translation adjustments	56		(42)
Ending balance of foreign currency translation adjustments	33		(24)

Beginning balance of benefit plan net gain (loss)	16		(16)
Current period change in benefit plan net gain (loss)	(10)		33
Ending balance of benefit plan net gain (loss)	6		16

Ending balance of accumulated other comprehensive income (loss)	$	30	$	(400)

(Some amounts may not reconcile due to rounding)

15.EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans.

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company’s non-qualified defined benefit pension plan provided

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compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to the U.S. Internal Revenue Code (the “IRC”) limitations.

Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan no longer accrue additional service benefits. Additionally, on November 15, 2023, the Company's Board approved the termination of the qualified defined benefit pension plan. In June 2024, the Company amended the qualified defined benefit pension plan to freeze all benefits accruals and terminate the plan effective June 30, 2024. Plan participants no longer accrue future plan benefits after June 30, 2024. In the second quarter of 2025, the Company entered into an annuity purchase contract to liquidate the plan and settled substantially all of the pension benefit obligation. Upon termination of the qualified defined benefit pension plan, participants were given the option to receive a lump sum payout or receive payments from the annuity purchaser. In June 2025, the Company executed a lump sum payout of $49 million for a specified group of elected participants and completed the transfer of the agreed upon annuity contract purchase consideration of $186 million for a total payout of $235 million. Final settlement of the annuity contract purchase occurred in November 2025 at which time the Company was relieved of all remaining plan benefit obligation.

Plan assets consist primarily of shares in investment trusts with 100% of the underlying assets consisting of short-term investments. The Company manages the qualified plan investments for U.S. employees.

The Company’s contributions to the defined benefit pension plans were not significant for the years ended December 31, 2025, 2024 and 2023, although such contributions are not required under U.S. Internal Revenue Service (the “IRS”) regulations.

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


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Pension expense (income)	$	(30)	$	(15)	$	5

The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025		2024
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	259	$	295
Service cost	—		3
Interest cost	7		14
Actuarial (gain)/loss	(19)		(17)
Curtailment	(235)		(21)
Benefits paid	(8)		(15)
Projected benefit obligation at end of year	3		259

Change in plan assets:
Fair value of plan assets at beginning of year	331		308
Actual return on plan assets	7		35
Actual contributions during the year	1		3
Curtailment	(235)		—
Benefits paid	(8)		(15)
Fair value of plan assets at end of year	96		331

Funded status at end of year	$	93	$	73

(Some amounts may not reconcile due to rounding.)

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Amounts recognized in the consolidated balance sheets for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024
Other assets (due beyond one year)	$	96	$	76
Other liabilities (due within one year)	(1)		(1)
Other liabilities (due beyond one year)	(2)		(3)
Net amount recognized in the consolidated balance sheets	$	93	$	73

(Some amounts may not reconcile due to rounding.)

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024
Accumulated income (loss)	$	(1)	$	9
Accumulated other comprehensive income (loss)	$	(1)	$	9

(Some amounts may not reconcile due to rounding.)

Other changes in other comprehensive income (loss) for the periods indicated are as follows:


	Years Ended December 31,
(Dollars in millions)	2025		2024
Other comprehensive income (loss) at December 31, prior year	$	9	$	(33)
Net gain (loss) arising during period	17		51
Recognition of amortizations in net periodic benefit cost:
Actuarial loss	(27)		(9)
Curtailment loss recognized	—		—
Other comprehensive income (loss) at December 31, current year	$	(1)	$	9

(Some amounts may not reconcile due to rounding.)

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Service cost	$	—	$	3	$	5
Interest cost	7		14		14
Expected return on assets	(9)		(22)		(19)
Amortization of actuarial loss from earlier periods	—		—		4
Settlement	(27)		(9)		—
Net periodic benefit cost	$	(30)	$	(15)	$	5

Other changes recognized in other comprehensive income (loss):
Other comprehensive income (loss) attributable to change from prior year	10		(42)

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(20)	$	(57)

(Some amounts may not reconcile due to rounding.)

In 2025, the weighted average discount rate used to determine net periodic benefit cost was 4.75% for annuities and ranged from 4.66% to 5.57% for lump sums. The weighted average discount rates used to determine net periodic benefit cost for 2024 and 2023 were 5.00% and 5.25%, respectively. The rate of compensation increase used to determine the net periodic benefit cost for January 2024 through April 2024 was 4.00%. The net periodic benefit cost was remeasured at May 1, 2024 due to plan curtailment. Rate of compensation increase is not applicable to calculate the net periodic benefit cost for May 2024 through December 2024. The rate of compensation increase used to determine the net periodic benefit cost for 2023 was 4.00%. The expected long-term rate of return on plan assets for 2025, 2024 and 2023 was 4.25%, 7.25% and 7.00% respectively.

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The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023 was 5.00%. In 2024, the weighted average discount rate used to determine the actuarial present value of the projected benefit obligation, based on plan termination rates, was 4.75% for annuities and ranged from 4.66% to 5.57% for lump sums.

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


	At December 31,
(Dollars in millions)	2025		2024
Qualified Plan	$	—	$	255
Non-qualified Plan	3		3
Total	$	3	$	259

(Some amounts may not reconcile due to rounding.)

The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024



Non-qualified Plan
Projected benefit obligation	$	3	$	3
Fair value of plan assets	—		—

The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024



Non-qualified Plan
Accumulated benefit obligation	$	3	$	3
Fair value of plan assets	—		—

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


(Dollars in millions)
2026	$	1
2027	1
2028	—
2029	—
2030	—
Next 5 years	1

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

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

Defined Contribution Plans.

The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee. The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to IRC limitations. In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age. These contributions will be 100% vested after three years. The Company incurred expenses related to

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these plans of $27 million, $26 million and $22 million for the years ended December 31, 2025, 2024 and 2023, respectively.

In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each international office maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. In the current year, the contributions as a percentage of salary for the international offices ranged from 8.1% to 8.8%. The contributions are generally used to purchase pension benefits from local insurance providers. The Company incurred expenses related to these plans of $1 million, $10 million and $1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Post-Retirement Plan.

The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 7.50% in 2025 was assumed to decrease gradually to 4.75% in 2033 and then remain at that level. The post-retirement benefit expenses incurred by the Company were not significant for the years ended December 31, 2025, 2024 and 2023.

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


	At December 31,
(Dollars in millions)	2025		2024
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	21	$	22
Service cost	—		—
Interest cost	1		1
Amendments	—		—
Actuarial (gain)/loss	2		(1)
Benefits paid	(1)		(1)
Benefit obligation at end of year	24		21

Change in plan assets:
Fair value of plan assets at beginning of year	—		—
Employer contributions	1		1
Benefits paid	(1)		(1)
Fair value of plan assets at end of year	—		—

Funded status at end of year	$	(24)	$	(21)

Amounts recognized in the consolidated balance sheets for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024
Other liabilities (due within one year)	$	(1)	$	(1)
Other liabilities (due beyond one year)	(23)		(21)
Net amount recognized in the consolidated balance sheets	$	(24)	$	(21)

(Some amounts may not reconcile due to rounding.)

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Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024
Accumulated income (loss)	$	8	$	11
Accumulated prior service credit (cost)	—		—
Accumulated other comprehensive income (loss)	$	8	$	12

Other changes in other comprehensive income (loss) for the periods indicated are as follows:


	Years Ended December 31,
(Dollars in millions)	2025		2024
Other comprehensive income (loss) at December 31, prior year	$	12	$	12
Net gain (loss) arising during period	(2)		1
Prior Service credit (cost) arising during period	—		—
Recognition of amortizations in net periodic benefit cost:
Actuarial loss (gain)	(1)		(1)
Prior service cost	—		—
Other comprehensive income (loss) at December 31, current year	$	8	$	12

Net periodic benefit cost included the following components for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Service cost	$	—	$	—	$	1
Interest cost	1		1		1
Prior service credit recognition	—		—		—
Net gain recognition	(1)		(1)		(2)
Net periodic cost	$	—	$	—	$	(1)

Other changes recognized in other comprehensive income (loss):
Other comprehensive gain (loss) attributable to change from prior year	3		1

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	3	$	—

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2025, 2024 and 2023 were 5.64%, 5.00% and 5.25%, respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year-end 2025, 2024 and 2023 were 5.53%, 5.64% and 5.00%, respectively.

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


(Dollars in millions)
2026	$	1
2027	1
2028	1
2029	1
2030	2
Next 5 years	8

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16.RELATED-PARTY TRANSACTIONS

The table below displays long-term note agreements that Group entered into with Holdings for the periods indicated. These transactions are presented as Notes Payable – Affiliated in the Consolidated Balance Sheet of Holdings. The fair value of these long-term notes is considered Level 2 in the fair value hierarchy.


					December 31, 2025				December 31, 2024
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
4.30% Long-term Note	12/23/2024	12/23/2027	$	600	$	600	$	615	$	600	$	596

(Some amounts may not reconcile due to rounding.)

Interest expense recognized in connection with long-term note agreements is as follows for the periods indicated:


			Years Ended December 31,
(Dollars in millions)	Interest Paid	Payable Dates	2025		2024	2023
4.30% Long-term Note	semi-annually	June 30 and December 31	26		1	—
			$	26	1	—

(Some amounts may not reconcile due to rounding.)

Interest income recognized in connection with long-term notes receivable agreements is as follows for the periods indicated:


			Years Ended December 31,
(Dollars in millions)	Interest Received	Receivable Dates	2025		2024		2023
1.69% Long-term Note	annually	December 17	$	—	$	—	$	2
1.00% Long-term Note	annually	August 5	—		—		1
3.11% Long-term Note	annually	June 14	—		—		5
4.34% Long-term Note	annually	December 12	—		—		—
			$	—	—		7

(Some amounts may not reconcile due to rounding.)

The 1.69%, 1.00%, 3.11%, and 4.34% long-term notes receivable that were entered into between Group and Everest Re in prior years were repaid in full during the second quarter of 2023 and were no longer outstanding as of December 31, 2025 and 2024.

Holdings holds 1,773.214 preferred shares of Preferred Holdings with a $1 million par value and 1.75% annual dividend rate. Holdings received these shares in December 2015 in exchange for previously held 9,719,971 common shares of Group. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. Holdings has reported the preferred shares in Preferred Holdings as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net gains (losses) on investments in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on the preferred shares of Preferred Holdings and on the Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Dividends received on preferred stock of affiliate	$	31	$	31	$	31

Affiliated Companies

Everest Global Services, Inc. (“Global Services”), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings’ consolidated structure. Services provided by Global Services include executive managerial services, legal services, actuarial services, accounting services, information technology services and others.

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The following table presents the expenses incurred by Holdings from services provided by Global Services for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Expenses incurred	$	244	$	243	$	204

Affiliated Assumed & Ceded Reinsurance

The Company has engaged in reinsurance transactions with affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms.

The table below summarizes total premiums written and earned and incurred losses and LAE ceded to and assumed from affiliates for the periods indicated:


	Years Ended December 31,
(Dollars in millions)	2025	2024	2023
Written premiums:
Assumed	107	69	60
Ceded	(441)	(468)	(430)

Premiums earned:
Assumed	98	75	31
Ceded	(441)	(469)	(430)

Incurred losses and LAE:
Assumed	10	(13)	11
Ceded	(49)	(199)	12

Transactions with Bermuda Entities

Effective January 1, 2018, Everest Re entered into a twelve-month whole account aggregate stop loss reinsurance contract (the “stop loss agreement”) with Bermuda Re that is renewed annually. The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions. The stop loss agreements between Everest Re and Bermuda Re that were effective for 2018 and 2019 were both commuted during the third quarter of 2023, and the agreement for the 2020 effective year was commuted during the third quarter of 2025. The commutations of the 2018 and 2019 agreements resulted in the recognition of an incurred loss of $37 million for Everest Re in the third quarter of 2023. The stop loss agreement was most recently renewed effective January 1, 2026. Beginning in 2025, with Bermuda Re and Everest International are co-participants with 70% and 30% participation shares, respectively. As of December 31, 2025 and December 31, 2024, Everest Re had reinsurance recoverables on unpaid losses of $24 million and $58 million, respectively, in connection with the aggregate stop loss agreement.

Everest Re had whole account quota share reinsurance agreements in place with Bermuda Re from 2002 through the end of 2017. Quota share percentages ranged from 20% to 60% depending on the year. As of December 31, 2017, the quota share reinsurance agreements between Everest Re and Bermuda Re were not renewed and the existing quota shares were put into run-off. As of December 31, 2025 and December 31, 2024, Everest Re had reinsurance recoverables on unpaid losses of $443 million and $680 million, respectively, in connection with these agreements.

Everest Re had whole account quota share reinsurance agreements in place with Everest International from 2004 through the end of 2009. Quota share percentages ranged from 2% to 8% depending on the year. As of December 31, 2009, the quota share reinsurance agreements between Everest Re and Everest International were not renewed and the existing quota shares were put into run-off. As of December 31, 2025 and as of December 31, 2024, Everest Re had reinsurance recoverables on unpaid losses of $6 million and $8 million, respectively, in connection with these agreements.

Everest Re (Canadian Branch) had quota share reinsurance agreements in place with Bermuda Re from 2003 through the end of 2017. Quota share percentages ranged from 60% to 75% depending on the year. During the second quarter of 2025, the quota share reinsurance agreements between Everest Re (Canadian Branch) and Bermuda Re were commuted

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effective June 30, 2025. As of December 31, 2024, Everest Re (Canadian Branch) had reinsurance recoverables on unpaid losses of $37 million in connection with these agreements.

Effective October 1, 2008, Everest Re entered into a loss portfolio transfer (“LPT”) agreement with Bermuda Re that covers subject loss reserves related to casualty business for accident years 2002 to 2007. As a result of the LPT agreement, the Company transferred $747 million of loss reserves to Bermuda Re. During the fourth quarter of 2025, the LPT agreement between Everest Re and Bermuda Re was commuted effective December 1, 2025 and a $6 million loss was recognized by Everest Re upon settlement. As of December 31, 2024, the Company had reinsurance recoverables of $27 million recorded on its balance sheet due from Bermuda Re.

Effective December 31, 2017, Everest Re entered into an LPT agreement with Bermuda Re. The LPT agreement covers subject loss reserves of $2.3 billion for accident years 2017 and prior subject to retention. As a result of the LPT agreement, the Company transferred $1.0 billion of cash and fixed maturity securities and transferred $970 million of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $500 million of adverse development coverage on the subject loss reserves. During the fourth quarter of 2025, this additional LPT agreement between Everest Re and Bermuda Re was commuted effective December 1, 2025 and the loss recognized by Everest Re upon settlement was not significant. As of December 31, 2024, the Company had reinsurance recoverables of $381 million recorded on its balance sheet due from Bermuda Re.

Everest Assurance entered into a continuous, 100% whole account quota share reinsurance agreement with Bermuda Re effective January 1, 2018. This agreement covers life business and is renewable until terminated.

Everest Re entered into a catastrophe excess of loss contract with Bermuda Re effective January 1, 2025 through December 31, 2025. The contract provides Everest Re up to $600 million of reinsurance coverage in excess of $1.5 billion for hurricane perils and in excess of $1.1 billion for earthquake events. Everest Re will pay Bermuda Re $97 million for this coverage. This agreement was amended effective July 1, 2025 to provide Everest Re up to $500 million of reinsurance coverage in excess of $1.5 billion for hurricane perils and in excess of $1.1 billion for earthquake events. This contract was most recently renewed effective January 1, 2026.

Transactions with Other Affiliates

Everest Re entered into a catastrophe excess of loss reinsurance contract with Everest Insurance (Ireland), dac (“Ireland Insurance”), effective January 1, 2021 through December 31, 2021. This contract has been renewed annually since inception. The contract provides Ireland Insurance with up to €750 million of reinsurance coverage for each catastrophe occurrence above €15 million. Ireland Insurance paid Everest Re €26 million, €15 million and €8 million for treaty years 2025, 2024 and 2023, respectively, for this coverage. This contract was most recently renewed effective January 1, 2026. As of December 31, 2025, the Company had reinsurance recoverables of $23 million recorded on its balance sheet due from Ireland Insurance. As of December 31, 2024, the Company’s reinsurance recoverables due from Ireland Insurance were not significant.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Everest Reinsurance Company (Ireland), dac (“Ireland Re”), effective February 1, 2021 through January 31, 2022. This contract has been renewed annually since its inception. The contract provides Ireland Re with up to €125 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re paid Everest Re €9 million, €14 million and €10 million for treaty years 2025, 2024 and 2023, respectively, for this coverage. This agreement was most recently renewed effective February 1, 2026. As of December 31, 2025 and 2024, the Company had reinsurance recoverables of $11 million and $5 million, respectively, recorded on its balance sheet due from Ireland Re.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective March 31, 2023 through January 31, 2024. The contract provides Ireland Re with up to €61 million of reinsurance coverage for each catastrophe occurrence above €139 million. Ireland Re paid Everest Re €2 million for this coverage. This agreement was not renewed for 2024. As of December 31, 2025 and 2024, amounts outstanding were not significant.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Lloyd’s Syndicate 2786, effective June 1, 2022 through March 31, 2023. This contract has been renewed annually since its inception. The contract provides Lloyd’s Syndicate 2786 with up to $40 million of reinsurance coverage for each catastrophe occurrence above $8 million. Lloyd’s Syndicate 2786 paid Everest Re $4 million, $2 million and $2 million for treaty years 2025, 2024 and 2023, respectively, for this coverage. This contract was most recently renewed effective April 1, 2025. As of December 31, 2025 and 2024, the Company had reinsurance recoverables of $3 million and $6 million, respectively, recorded on its balance sheet due from Lloyd’s Syndicate 2786.

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Everest Re entered into a per event excess of loss reinsurance contract with Lloyd’s Syndicate 2786, effective July 1, 2025 through June 30, 2026. The contract provides Lloyd’s Syndicate 2786, with up to $8 million of reinsurance coverage for each catastrophe occurrence above $3 million. Lloyd’s Syndicate 2786 will pay Everest Re $0.4 million for this coverage annually. As of December 31, 2025 and 2024, amounts outstanding were not significant.

Everest Re (Canadian Branch) entered into an excess of loss reinsurance agreement with Everest Canada, effective January 1, 2024 through December 31, 2024. This contract has been renewed annually since its inception. The contract provides Everest Canada with up to C$150 million of reinsurance coverage for each catastrophe occurrence above C$25 million. Everest Canada will pay Everest Re (Canadian Branch) C$5 million for this coverage annually. This agreement was most recently renewed January 1, 2026. As of December 31, 2025 and 2024, there were no amounts outstanding from Everest Canada.

Everest Re entered into a whole account quota share reinsurance agreement with Everest Compañía de Seguros Generales Colombia S.A. (“Everest Colombia”), effective July 1, 2024 through June 30, 2025. This contract has been renewed annually since its inception. This agreement covers property and casualty business. Quota share percentages vary based on the line of business for the premium written. As of December 31, 2025, the Company had reinsurance recoverables of $10 million recorded on its balance sheet due from Everest Colombia. As of December 31, 2024, amounts outstanding were not significant.

Everest Re entered into a 99.0% whole account quota share reinsurance agreement with Everest Mexico, effective July 1, 2024 through June 30, 2025. This contract has been renewed annually since its inception. This agreement covers property and casualty business. Effective January 1, 2025, the quota share percentage was amended to 99.7% for real estate fund business and 99.0% for all remaining lines of property and casualty business. This agreement was most recently renewed July 1, 2025. As of December 31, 2025, the Company had reinsurance recoverables of $12 million recorded on its balance sheet due from Everest Mexico. As of December 31, 2024, amounts outstanding were not significant.

Everest Re entered into a catastrophe excess of loss reinsurance agreement with Everest Compañía de Seguros Generales Chile S.A. (“Everest Chile”), effective July 1, 2022 through June 30, 2023. This contract has been renewed annually since its inception. The contract provides Everest Chile with up to $180 million of reinsurance coverage for each catastrophe occurrence above $7 million. Everest Chile paid Everest Re $7 million, $7 million and $8 million for treaty years 2025, 2024 and 2023, respectively, for this coverage. This agreement was most recently renewed July 1, 2025. As of December 31, 2025 and 2024, the Company had reinsurance recoverables of, $13 million and $5 million, respectively, recorded on its balance sheet due from Everest Chile.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021. This contract has been renewed annually since its inception. The contract provides Bermuda Re (UK Branch) with up to £130 million of reinsurance coverage for each catastrophe occurrence above £27 million. Bermuda Re (UK Branch) paid Everest Re £7 million, £5 million and £4 million for treaty years 2025, 2024 and 2023, respectively, for this coverage. This contract was most recently renewed effective January 1, 2026. As of December 31, 2025 and 2024, the Company had reinsurance recoverables of $7 million and $9 million, respectively, recorded on its balance sheet due from Bermuda Re (UK Branch).

Everest Re entered into a per risk and per occurrence and excess of loss reinsurance contract with the Australia Branch of Everest International (“Everest International - Australia Branch”), effective July 1, 2025 through June 30, 2026. The contract provides Everest International - Australia Branch with up to A$65 million of reinsurance coverage for each risk or occurrence above A$8 million. Everest International - Australia Branch will pay Everest Re A$11 million for the coverage annually. As of December 31, 2025 and 2024, amounts outstanding were not significant.

Everest Re entered into a catastrophe excess of loss reinsurance contract with the Everest International - Australia Branch, effective February 1, 2025 through June 30, 2025. The contract provides Everest International - Australia Branch, with up to A$167 million of reinsurance coverage for each catastrophe occurrence above A$73 million. Everest International - Australia Branch will pay Everest Re A$4 million for this coverage annually. The contract was most recently renewed effective July 1, 2025. As of December 31, 2025, the Company had reinsurance recoverables of $4 million recorded on its balance sheet due from Everest International - Australia Branch.

Everest Re entered into a catastrophe excess of loss reinsurance contract with the Everest International Reinsurance - Singapore Branch, effective July 1, 2025 through December 31, 2025. The contract provides Everest Assurance - Singapore Branch, with up to 80S$ million of reinsurance coverage for each catastrophe occurrence above 20S$ million. Everest Assurance - Singapore Branch will pay Everest Re 2S$ million for this coverage biannually. This contract was most

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recently renewed effective January 1, 2026. As of December 31, 2025 and 2024, amounts outstanding were not significant.

Everest Re entered into a 65% whole account quota share reinsurance agreement with Everest Chile, effective July 1, 2022 through June 30, 2023. The contract was not renewed and is in run-off as of December 31, 2024. As of December 31, 2025 and 2024, the Company had reinsurance recoverables of $11 million and $8 million, respectively, recorded on its balance sheet due from Everest Chile.

In 2013, Group established Mt. Logan Re, which is a collateralized insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts:


Mt. Logan Re Segregated Accounts	December 31,
(Dollars in millions)	2025		2024		2023
Ceded written premiums	$	295	$	347	$	210
Ceded earned premiums	360		302		205
Ceded losses and LAE	151		97		31

17.INCOME TAXES

All of the income of Holdings U.S. subsidiaries, including its foreign branches, is subject to the applicable federal, foreign, state and local income taxes on corporations. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined by applying the respective tax laws to the income of each entity.

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which the Company has adopted effective January 1, 2025, on a prospective basis. ASU 2023-09 enhances the transparency of income tax reporting by requiring, among other items, further disaggregation of the rate reconciliation and additional information on income taxes paid by jurisdiction as shown in the tables below. The adoption did not have an impact on our results of operations, financial condition, or cash flows.

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


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Current tax expense (benefit):
U.S.	$	129	$	152	$	284
State	(4)		—		—
Foreign	25		—		—
Total current tax expense (benefit)	150		152		284

Total deferred U.S. tax expense (benefit)	(38)		(44)		(74)

Total income tax expense (benefit)	$	112	$	108	$	210

(Some amounts may not reconcile due to rounding.)

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


	Year Ended December 31,
	2025
(Dollars in millions)	U.S.		Non-U.S.		Total
Underwriting gain (loss)	$	(277)	$	43	$	(234)
Net investment income	1,275		76		1,351
Net realized capital gains (losses)	33		(5)		28
Corporate expenses	(31)		—		(31)
Interest, fee and bond issue cost amortization expense	(176)		—		(176)
Other income (expense)	(49)		(2)		(51)
Pre-tax income (loss)	$	775	$	112	$	887

(Some amounts may not reconcile due to rounding.)


	Year Ended December 31, 2025
(Dollars in millions)	Amount		Percent
Expected tax provision at U.S. statutory tax rate	$	186	21.00	%
Foreign tax effects
Other foreign jurisdictions	2		0.19	%
Effect of cross-border tax laws
Base Erosion and Anti-Abuse Tax	(26)		(2.90)	%
State and local income taxes, net of federal (a)	(3)		(0.35)	%
Tax credits	(44)		(4.95)	%
Changes in Valuation Allowance allowances	—
Nontaxable or nondeductible items
Insurance corporate-owned life insurance	(27)		(3.03)	%
Other	4		0.40	%
Changes in unrecognized tax benefits	—
Other Adjustments
Earnings attributable to branch operations	24		2.67	%
Other	(4)		(0.43)	%
Effective Tax Rate, subtotal	$	112	12.60	%




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

Effective Tax Rate, total	$	112	12.60	%

(Some amounts may not reconcile due to rounding.)

(a) State taxes in Illinois make up the majority (greater than 50 percent) of the tax effect in this category.

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


	Year Ended December 31,
(Dollars in millions)	2025
Federal	$	—

State
Florida	2
Other	(1)

Foreign
Canada	17
Singapore	7
Other	—

Total Taxes Paid	$	25

(Some amounts may not reconcile due to rounding.)

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


	Years Ended December 31,
(Dollars in millions)	2024		2023
Expected income tax provision at the U.S. statutory tax rate	$	69	$	248
Increase (reduction) in taxes resulting from:
Tax exempt income	(1)		(3)
Dividend received deduction	(3)		(2)
Proration	1		1
State income tax	9		—
Creditable foreign premium tax	(14)		(14)
Reserve adjustment	—		—
U.S. BEAT tax	66		—
Share based compensation	(1)		(3)
Prior year true up	(4)		(21)
Insurance corporate-owned life insurance	(18)		(13)
Other	4		17
Total income tax provision	$	108	$	210

(Some amounts may not reconcile due to rounding.)

At December 31, 2025, 2024 and 2023, the Company had no uncertain tax positions.

The Company’s 2014 through 2018 U.S. Federal tax years are under audit by the IRS. Over several years, the Company had received and responded to a number of Information Document Requests. In 2023, the IRS issued several Notice(s) of Proposed Adjustment and then a draft Revenue Agent Report (“RAR”). In 2024, the Company responded to the RAR with additional information which the IRS has been processing. The IRS requested, and we have signed, an extension of the audit to September 30, 2026.

For tax years 2019, 2020, and 2021 the Statute of Limitations has expired and, thus, the Federal income tax return for those years is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2022, 2023, and 2024 are open for examination by the U.S. Federal income tax jurisdiction.

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Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values are measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated:


	At December 31,
(Dollars in millions)	2025		2024
Deferred tax assets:
Loss reserves	$	238	$	197
Unearned premium reserve	152		152
Depreciation	64		55
Amortization	41		6
Lease liability	36		23
Investment impairments	16		10
Equity compensation	10		10
Unrealized foreign currency losses	7		35
Net unrealized investment losses	—		83
Capital loss carryforward	—		14
Foreign tax credits	—		9
Other assets	26		18
Total deferred tax assets	590		612

Deferred tax liabilities:
Deferred acquisition costs	176		171
Net fair value income	165		145
Partnership investments	40		43
Right of use asset	32		19
Bond market discount	20		12
Net unrecognized gains on benefit plans	15		4
Net unrealized investment gains	6		—
Other liabilities	1		9
Total deferred tax liabilities	455		403

Total net deferred tax assets (liabilities) (1)	$	135	$	209

(Some amounts may not reconcile due to rounding.)

(1) The Company has net current tax receivable and net deferred tax asset of $68 million and $135 million, respectively, as of December 31, 2025, totaling to an income tax asset, net of $203 million as presented in consolidated balance sheets. The net current tax receivable of $68 million represents a gross federal and state tax receivable of $84 million offset by foreign tax payable of $16 million.

At December 31, 2025, and 2024, the Company had $0 million and $9 million respectively of foreign tax credit (“FTC”) carryforwards. The 2024 FTCs are related to the general basket. The FTCs begin to expire in 2034.

The Company follows ASU 2016-09 regarding the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits related to restricted stock vestings and stock option exercises that were not significant as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2025, 2024 and 2023, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the stockholder’s equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $0.5 million, $0.5 million and $0.4 million in 2025, 2024 and 2023, respectively.

18.DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Holdings’ primary operating subsidiary,

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Everest Re, is regulated by Delaware law and is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”). This model represents the aggregate regulatory restrictions on net assets and statutory capital and surplus.

Dividend Restrictions.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. Accordingly, as of December 31, 2025, the maximum amount that will be available for the payment of dividends by Everest Re without triggering the requirement for prior approval of regulatory authorities in connection with a dividend is $886 million.

Statutory Financial Information.

Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $8.9 billion and $8.1 billion at December 31, 2025 and 2024, respectively. The statutory net income of Everest Re was $837 million, $74 million and $877 million for the years ended December 31, 2025, 2024 and 2023, respectively.

There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.

Capital Restrictions.

In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company.

The regulatory targeted capital and the actual statutory capital for Everest Re is as follows:


	Everest Re (1)
	At December 31,
(Dollars in millions)	2025		2024
Regulatory targeted capital	$	5,119	$	4,799
Actual capital	$	8,856	$	8,126

(1)Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year.

19.SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events.

The Company evaluates, on a continuous basis, loss exposures to events such as the Iran-US war. As an ongoing event there are significant uncertainties regarding actual losses incurred and the potential application of coverage to those losses. Due to the recency of this event, the Company is unable to estimate the magnitude of losses at this time, however at the time of this report our assessment does not indicate significant direct loss exposures to such events. We will continue to monitor this situation as it evolves and going forward the Company’s executive management, supported by Group, will closely monitor any current or future exposures.

The Company does not have any other subsequent events to report.

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SCHEDULE I — SUMMARY OF INVESTMENTS —

OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2025


Column A	Column B		Column C		Column D
(Dollars in millions)	Cost		Market Value		Amount Shown in Balance Sheet
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government agencies and corporations	292		287		287
Obligations of U.S. states and political subdivisions	$	45	$	41	$	41
Corporate securities	6,315		6,301		6,301
Asset-backed securities	4,571		4,554		4,554
Mortgage - backed securities:
Agency commercial	404		412		412
Non-agency commercial	739		718		718
Agency residential	3,794		3,766		3,766
Non-agency residential	1,557		1,587		1,587
Foreign government securities	1,041		1,030		1,030
Foreign corporate securities	2,274		2,284		2,284
Total fixed maturities - available for sale	21,032		20,978		20,978

Fixed maturities - held to maturity
Foreign corporate securities	79		84		78
Corporate securities	166		169		164
Asset-backed securities	328		322		325
Mortgage - backed securities:
Commercial	—		—		—
Total Fixed maturities - held to maturity	573		576		567
Equity securities - at fair value (1)	110		108		108
Short-term investments	1,670		1,670		1,670
Other invested assets	3,778		3,778		3,778
Other invested assets - at fair value (1)	1,773		1,622		1,622
Cash	398		398		398
Total investments and cash	$	29,334	$	29,130	$	29,122

(Some amounts may not reconcile due to rounding.)

(1) Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss).

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED BALANCE SHEETS


	At December 31,
(Dollars in millions, except share amounts and par value per share)	2025		2024
ASSETS:
Equity securities - at fair value	$	19	$	23
Other invested assets	192		261
Other invested assets, at fair value	1,622		1,523
Short-term investments	61		18
Cash	1		1
Total investments and cash	1,896		1,826
Investment in subsidiaries, at equity in the underlying net assets	10,186		9,146


Receivable from affiliates	12		1
Other assets	—		—
TOTAL ASSETS	$	12,094	$	10,973

LIABILITIES:
Senior notes	$	2,352	$	2,350
Long-term notes payable, affiliated	850		975
Long-term notes	218		218
Accrued interest on debt and borrowings	17		17
Income taxes	152		114
Due to affiliates	3		2
Other liabilities	1		1
Total liabilities	3,592		3,677

STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2025 and 2024)	—		—
Additional paid-in capital	1,103		1,103
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(6) at 2025 and $(107) at 2024	30		(400)
Retained earnings	7,368		6,593
Total stockholder's equity	8,501		7,296
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	12,094	$	10,973

See notes to consolidated financial statements.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF OPERATIONS


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
REVENUES:
Net investment income	$	18	$	14	$	19
Net investment income - Affiliated	31		48		67
Net gains (losses) on investments	(4)		6		1
Net gains (losses) on investments - Affiliated	99		42		9
Other income (expense)	(3)		42		1
Net income (loss) of subsidiaries	797		204		987
Total revenues	939		356		1,086

EXPENSES:
Interest expense	145		105		104
Corporate expense	25		26		15
Total expenses	170		132		119

INCOME (LOSS) BEFORE TAXES	768		224		967
Income tax expense (benefit)	(7)		3		(5)

NET INCOME (LOSS)	$	775	$	221	$	972

Other comprehensive income (loss) of subsidiaries, net of tax	430		(113)		561

COMPREHENSIVE INCOME (LOSS)	$	1,205	$	108	$	1,533

See notes to consolidated financial statements.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	775	$	221	$	972
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (earnings) deficit of subsidiaries	(797)		(204)		(987)
Dividends received from subsidiary	200		—		—
Increase (decrease) in income taxes	39		(28)		(2)
Change in equity adjustments in limited partnerships	(14)		(9)		(15)
Change in other assets and liabilities, net	(24)		7		2
Net (gains) losses on investments	(95)		(48)		(10)
Net cash provided by (used in) operating activities	83		(61)		(40)

CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries	1		(1,511)		(502)



Distributions from other invested assets	210		239		171


Cost of other invested assets acquired	(127)		(301)		(156)
Net change in short-term investments	(42)		124		(109)
Proceeds from repayment of long term notes receivable - affiliated	—		535		865
(Issuance) of long term notes receivable - affiliated	—		—		(230)
Net cash provided by (used in) investing activities	42		(914)		39

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated	(125)		975		—
Proceeds from issuance of senior notes	—		—		—
Cost of debt repurchase	—		—		—
Net cash provided by (used in) financing activities	(125)		975		—

Net increase (decrease) in cash	—		—		(1)
Cash, beginning of period	1		1		2
Cash, end of period	$	1	$	1	$	1

See notes to consolidated financial statements.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

NOTES TO CONDENSED FINANCIAL INFORMATION

1.)The accompanying condensed financial information should be read in conjunction with the Consolidated Financial Statements and related notes of Everest Reinsurance Holdings, Inc. and its subsidiaries.

2.)Everest Reinsurance Holdings, Inc. entered into a $300 million long-term promissory note with Everest Group, Ltd., its parent. The promissory note was scheduled to pay interest annually at a rate of 1.69% and was scheduled to mature in December 2028. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

3.)Everest Reinsurance Holdings, Inc. entered into a $200 million long-term promissory note with Everest Group, Ltd., its parent. The promissory note was scheduled to pay interest annually at a rate of 1.00% and was scheduled to mature in August 2030. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

4.)Everest Reinsurance Holdings, Inc. entered into a $215 million long-term promissory note with Everest Group, Ltd., its parent entity. The promissory note was scheduled to pay interest annually at a rate of 3.11% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

5.)Everest Reinsurance Holdings, Inc. entered into a $125 million long-term promissory note with Everest Group, Ltd., its parent. The promissory note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023.

6.)Everest Reinsurance Holdings, Inc. entered into a $230 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note was scheduled to pay interest annually at a rate of 3.72% payable and was scheduled to mature on October 21, 2051. However, the note was paid off in full in December 2023 and is no longer outstanding as of December 31, 2023.

7.)Everest Reinsurance Holdings, Inc. entered into a $560 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note will pay interest annually at a rate of 3.35% and is scheduled to mature in September 2052. Everest Reinsurance Company repaid $270 million of the promissory note to Everest Reinsurance Holdings, Inc. in December 2023 and $290 million in December 2024 and the note is no longer outstanding as of December 31, 2024.

8.)Everest Reinsurance Holdings, Inc. entered into a $200 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity, in May 2022. The promissory note will pay interest annually at a rate of 3.25% and is scheduled to mature on October 21, 2051. However, the note was paid off in full in December 2024 and is no longer outstanding as of December 31, 2024.

9.)Everest Reinsurance Holdings, Inc. entered into a $470 million long-term promissory note with Everest Reinsurance Company, a subsidiary entity, in October 2021. The promissory note will pay interest annually at a rate of 3.25% and is scheduled to mature on October 21, 2051. Everest Reinsurance Company repaid $400 million, $25 million, and $45 million of the promissory note to Everest Reinsurance Holdings, Inc. in 2022, 2023 and 2024, respectively and the note is no longer outstanding as of December 31, 2024.

10.)In December 2024, Everest Reinsurance Holdings, Inc. entered into a $1.5 billion revolving loan facility with Everest Group, Ltd., an affiliated company, and has an outstanding loan payable related to this facility of $600 million as of December 31, 2025 and 2024. The note will pay interest semi-annually at a rate of 4.30% and is scheduled to mature in December 2031. At December 31, 2025, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

11.)Everest Reinsurance Holdings, Inc. entered into a $375 million long term note agreement with Everest Reinsurance Company, a subsidiary entity, as of December 31, 2024. The promissory note will pay interest semi-annually at a rate of 4.30% and is scheduled to mature in November 2031. During the fourth quarter of 2025, Everest Reinsurance Holdings, Inc. drew down an additional $75 million and repaid $200 million of the note payable, leaving $250 million outstanding as of December 31, 2025. At December 31, 2025 and 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Reinsurance Holdings, Inc.

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12.)In December, 2015, Everest Reinsurance Holdings, Inc. transferred the 9,719,971 common shares of Everest Group, Ltd., which it held as other invested assets, at fair value, valued at $1.8 billion, to Everest Preferred Holdings, Ltd. an affiliated entity and subsidiary of Everest Group, Ltd., in exchange for 1,773.214 preferred shares of Everest Preferred International Holdings, Ltd. with a $1 million par value and 1.75% annual dividend rate. After the exchange, Everest Reinsurance Holdings, Inc. no longer holds any shares or has any ownership interest in Everest Group, Ltd.

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SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION


Column A	Column B		Column C		Column D		Column E		Column F		Column G		Column H		Column I		Column J
Segments	Deferred Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premium Reserves		Premiums Earned		Net Investment Income		Incurred Loss and Loss Adjustment Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Written Premium
(Dollars in millions)
As of and for the year ended December 31, 2025
Reinsurance	$	674	$	12,296	$	2,453	$	7,013	$	779	$	4,307	$	1,715	$	189	$	7,121
Insurance	166		8,012		1,564		2,413		507		2,206		272		399		2,299
Other	—		907		—		102		57		248		22		13		84
Affiliated cession to Bermuda entities	—		121		—		(441)		8		(49)		—		—		(441)
Total	$	840	$	21,336	$	4,017	$	9,086	$	1,351	$	6,711	$	2,009	$	601	$	9,063

As of and for the year ended December 31, 2024
Reinsurance	$	648	$	11,060	$	2,424	$	6,882	$	718	$	4,157	$	1,664	$	199	$	7,219
Insurance	158		7,213		1,725		2,505		468		2,938		254		383		2,413
Other	5		860		43		172		56		533		28		24		149
Affiliated cession to Bermuda entities	—		139		—		(468)		9		(199)		1		—		(468)
Total	$	810	$	19,271	$	4,193	$	9,090	$	1,250	$	7,430	$	1,946	$	606	$	9,312

As of and for the year ended December 31, 2023
Reinsurance	$	485	$	10,032	$	2,024	$	6,067	$	630	$	3,271	$	1,545	$	166	$	6,635
Insurance	163		5,160		1,774		2,701		324		2,063		281		381		2,810
Other	11		498		88		199		31		232		25		27		197
Affiliated cession to Bermuda entities	—		105		—		(430)		7		12		—		—		(430)
Total	$	659	$	15,796	$	3,886	$	8,536	$	993	$	5,578	$	1,851	$	574	$	9,212

(Some amounts may not reconcile due to rounding.)

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SCHEDULE IV — REINSURANCE


Column A	Column B		Column C		Column D		Column E		Column F
(Dollars in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Assumed to Net

December 31, 2025
Total property and liability insurance premiums earned	$	3,169	$	2,252	$	8,169	$	9,086	89.9	%

December 31, 2024
Total property and liability insurance premiums earned	$	3,530	$	2,200	$	7,761	$	9,090	85.4	%

December 31, 2023
Total property and liability insurance premiums earned	$	3,709	$	1,878	$	6,705	$	8,536	78.6	%

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