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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 in the majority of our geographic regions to AIG. This new segment presentation reflects the Company's sharpened focus on its 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, and recast certain sections of its Annual Report on Form 10-K for the fiscal year ended 2025 on a Current Report on Form 8-K filed on June 3, 2026.
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.
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 Company does not review and evaluate the financial results of its segments based upon balance sheet data.
The following tables present segment underwriting results for the periods indicated:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal ConsolidatedReinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal Consolidated
Gross written premiums$2,720 $958 $94 $3,772 $5,394 $1,751 $229 $7,374 
Net written premiums2,228 738 72 3,037 4,632 1,430 161 6,224 
Premiums earned$2,459 $709 $323 $3,490 $4,915 $1,427 $722 $7,064 
Incurred losses and LAE1,478 439 253 2,170 2,926 892 569 4,388 
Commission and brokerage626 146 41 814 1,258 298 82 1,638 
Other underwriting expenses71 89 64 225 132 180 129 441 
Underwriting gain (loss)$283 $34 $(36)$281 $598 $57 $(58)$597 
Net investment income523 1,091 
Net gains (losses) on investments(8)(17)
Corporate expenses(33)(71)
Interest, fee and bond issue cost amortization expense(36)(71)
Other income (expense)(45)(108)
Income tax benefit (expense)(124)(207)
Net income (loss)$559 $1,213 
(Some amounts may not reconcile due to rounding.)
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal ConsolidatedReinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal Consolidated
Gross written premiums$2,951 $957 $772 $4,680 $5,885 $1,728 $1,459 $9,071 
Net written premiums2,785 765 569 4,119 5,313 1,420 1,120 7,853 
Premiums earned$2,726 $728 $538 $3,991 $5,306 $1,460 $1,078 $7,843 
Incurred losses and LAE1,568 471 433 2,472 3,573 952 841 5,366 
Commission and brokerage682 148 50 880 1,318 291 95 1,704 
Other underwriting expenses64 74 116 254 124 150 219 492 
Underwriting gain (loss)$413 $35 $(63)$385 $291 $67 $(77)$281 
Net investment income532 1,023 
Net gains (losses) on investments(5)(12)
Corporate expenses(31)(52)
Interest, fee and bond issue cost amortization expense(38)(76)
Other income (expense)(27)(100)
Income tax benefit (expense)(135)(173)
Net income (loss)$680 $890 
(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.