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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING 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 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 new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off 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 largest affiliated reinsurance arrangements with Bermuda entities. See Note 13 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. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.
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; the life business whole account quota share agreement between Everest International Assurance Ltd. (“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 2025; and the new catastrophe excess of loss contract effective January 1, 2025 with Bermuda Re. See Note 13 of the Notes to these consolidated financial statements for additional details.
The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following tables present segment underwriting results for the periods indicated:
Three Months Ended June 30, 2025
(Dollars in millions)ReinsuranceInsuranceOtherAffiliated Cession to Bermuda EntitiesTotal
Gross written premiums$2,014 $956 22 — $2,992 
Net written premiums1,898 664 20 (88)2,493 
Premiums earned$1,860 $599 31 (118)$2,372 
Incurred losses and LAE1,011 462 52 7 1,532 
Commission and brokerage459 68 6 — 533 
Other underwriting expenses48 95 3 — 146 
Underwriting gain (loss)$342 $(26)$(30)$(125)$161 
Net investment income314 
Net gains (losses) on investments(2)
Corporate expenses(11)
Interest, fees and bond issue cost amortization expense(44)
Other income (expense)(29)
Income (loss) before taxes$389 
(Some amounts may not reconcile due to rounding)
Six Months Ended June 30, 2025
(Dollars in millions)ReinsuranceInsuranceOtherAffiliated Cession to Bermuda EntitiesTotal
Gross written premiums$4,043 $1,655 50 — $5,748 
Net written premiums3,574 1,211 47 (294)4,538 
Premiums earned$3,612 $1,215 60 (234)$4,653 
Incurred losses and LAE2,407 911 77 5 3,400 
Commission and brokerage877 134 11 — 1,022 
Other underwriting expenses97 193 6 — 296 
Underwriting gain (loss)$231 $(23)$(35)$(238)$(65)
Net investment income633 
Net gains (losses) on investments93 
Corporate expenses(17)
Interest, fees and bond issue cost amortization expense(88)
Other income (expense)(41)
Income (loss) before taxes$513 
(Some amounts may not reconcile due to rounding)
Three Months Ended June 30, 2024
(Dollars in millions)ReinsuranceInsuranceOtherAffiliated Cession to Bermuda EntitiesTotal
Gross written premiums$2,017 $1,046 47 — $3,110 
Net written premiums1,875 683 38 (115)2,481 
Premiums earned$1,628 $650 46 (115)$2,209 
Incurred losses and LAE934 435 35 2 1,406 
Commission and brokerage390 65 8 — 463 
Other underwriting expenses46 93 7 — 146 
Underwriting gain (loss)$258 $57 $(3)$(118)$195 
Net investment income348 
Net gains (losses) on investments(30)
Corporate expenses(6)
Interest, fees and bond issue cost amortization expense(37)
Other income (expense)18 
Income (loss) before taxes$487 
(Some amounts may not reconcile due to rounding)
Six Months Ended June 30, 2024
(Dollars in millions)ReinsuranceInsuranceOtherAffiliated Cession to Bermuda EntitiesTotal
Gross written premiums$3,952 $1,818 112 — $5,882 
Net written premiums3,615 1,271 92 (231)4,747 
Premiums earned$3,302 $1,278 90 (231)$4,440 
Incurred losses and LAE1,868 837 75 1 2,781 
Commission and brokerage792 128 15 — 935 
Other underwriting expenses92 187 13 — 292 
Underwriting gain (loss)$550 $126 $(13)$(232)$431 
Net investment income660 
Net gains (losses) on investments(37)
Corporate expenses(11)
Interest, fees and bond issue cost amortization expense(75)
Other income (expense)25 
Income (loss) before taxes$994 
(Some amounts may not reconcile due to rounding)
Further classifications of revenues by geographic location are impracticable to disclose and, therefore, are not provided.