v3.25.2
RELATED-PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS 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.
June 30, 2025December 31, 2024
(Dollars in millions)Date IssuedDate DuePrincipal
Amounts		Consolidated
Balance Sheet
Amount		Fair
Value		Consolidated
Balance Sheet
Amount		Fair
Value
4.30% Long-term Note
12/23/202412/23/2027$600 $600 $605 $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:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)Interest ReceivedReceivable Dates2025202420252024
4.30% Long-term Note
semi-annuallyJune 30 and December 316 — 13 — 
(Some amounts may not reconcile due to rounding.)
Holdings holds 1,773.214 preferred shares of Preferred Holdings with a $1.0 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 that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2025202420252024
Dividends received on preferred stock of affiliate$8 $8 $16 $16 
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.
The following table presents the expenses incurred by Holdings from services provided by Global Services for the periods indicated.
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2025202420252024
Expenses incurred60 63 109 121
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:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2025202420252024
Written premiums:
Assumed16 13 40 27 
Ceded(88)(115)(294)(231)
Premiums earned:
Assumed15 29 35 38 
Ceded(118)(115)(234)(231)
Incurred losses and LAE:
Assumed3 3 — (4)
Ceded7 2 51 
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 agreement was most recently renewed effective January 1, 2025.
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 June 30, 2025 and December 31, 2024, Everest Re had reinsurance recoverables on unpaid losses of $563 million and $680 million 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 June 30, 2025 and as of December 31, 2024, Everest Re had reinsurance recoverables on unpaid losses of $7 million and $8 million 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
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 an 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. As of June 30, 2025 and December 31, 2024, the Company had reinsurance recoverables of $20 million and $27 million recorded on its balance sheet due from Bermuda Re.
Effective December 31, 2017, Everest Re entered into an additional 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. As of June 30, 2025 and December 31, 2024, the Company had reinsurance recoverables of $187 million and $381 million, respectively, 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, 2016. 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 $120 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.
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. The contract provides Ireland Insurance with up to €750 million of reinsurance coverage for each catastrophe occurrence above €15 million. Ireland Insurance will pay Everest Re €26 million for this coverage annually. This contract was most recently renewed effective January 1, 2025.
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. The contract provides Ireland Re with up to €125 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re will pay Everest Re €9 million for this coverage annually. This agreement was most recently renewed effective January 31, 2025.
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 will pay Everest Re €2 million for this coverage. This agreement was not renewed for 2025.
Everest Re entered into a catastrophe excess of loss reinsurance contract with Lloyd’s Syndicate 2786, effective June 1, 2022 through March 31, 2023. The contract provided the Lloyd’s Syndicate 2786 with up to $40 million of reinsurance coverage for each catastrophe occurrence above $8 million. The Lloyd’s Syndicate 2786 will pay Everest Re $4 million for this coverage annually. This contract was most recently renewed effective April 1, 2025.
Everest Re (Canadian Branch) entered into an excess of loss reinsurance agreement with Everest Insurance Company of Canada (“Everest Canada”), effective January 1, 2024 through December 31, 2024. This contract provides Everest Canada with up to $150 million or reinsurance coverage for each catastrophe occurrence above $25 million. Everest Canada will pay Everest Re (Canadian Branch) $5 million for this coverage annually. This agreement was most recently renewed January 1, 2025.
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 agreement covers property and casualty business. Quota share percentages vary based on the line of business for the premium written.
Everest Re entered into a 99% whole account quota share reinsurance agreement with Compañía General de Seguros Everest Mexico (“Everest Mexico”), effective June 7, 2024 through July 1, 2025. 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% for all remaining lines of property and casualty business.
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. The contract provides Everest Chile with up to $140 million of reinsurance coverage for each catastrophe occurrence above $7 million. Everest Chile will pay Everest Re $7 million for this coverage annually. This agreement was most recently renewed July 1, 2024.
Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021. 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) will pay Everest Re £7 million for this coverage annually. This contract was most recently renewed effective January 1, 2025.
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 February 1, 2025 through June 30, 2025. 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$3 million for the coverage annually.
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$162 million of reinsurance coverage for each catastrophe occurrence above A$38 million. Everest International - Australia Branch will pay Everest Re A$3 million for this coverage annually.
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.
In 2013, Group established Mt. Logan Re, Ltd. (“Mt. Logan Re”), which is a Class 3 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:
(Dollars in millions)Three Months Ended
June 30,		Six Months Ended
June 30,
Mt. Logan Re Segregated Accounts2025202420252024
Ceded written premiums$63 $65 $209 $136 
Ceded earned premiums75 76 182 147 
Ceded losses and LAE(4)12 109 31