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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business to AIG. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and
positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.
Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively.
Our three reportable segments each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the President and Chief Executive Officer (“CEO”) of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business. These reportable segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.
The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following tables present segment underwriting results for the periods indicated:
Three Months Ended March 31, 2026
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal
Gross written premiums$2,674 $793 $135 $3,602 
Net written premiums2,405 692 89 3,186 
Premiums earned$2,456 $719 $399 $3,574 
Incurred losses and LAE1,448 453 316 2,217 
Commission and brokerage632 152 41 825 
Other underwriting expenses61 90 65 216 
Underwriting gain (loss)$315 $23 $(22)$316 
Net investment income567 
Net gains (losses) on investments(10)
Corporate expenses(38)
Interest, fee and bond issue cost amortization expense(36)
Other income (expense)(63)
Income (loss) before taxes$736 
(Some amounts may not reconcile due to rounding.)
Three Months Ended March 31, 2025
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal
Gross written premiums$2,935 $770 $686 $4,391 
Net written premiums2,528 655 552 3,735 
Premiums earned$2,579 $732 $540 $3,852 
Incurred losses and LAE2,005 482 407 2,893 
Commission and brokerage637 143 44 824 
Other underwriting expenses60 76 103 238 
Underwriting gain (loss)$(122)$32 $(14)$(104)
Net investment income491 
Net gains (losses) on investments(7)
Corporate expenses(21)
Interest, fee and bond issue cost amortization expense(38)
Other income (expense)(73)
Income (loss) before taxes$248 
(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.