cik0000914748-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2026


			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)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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. ☐

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

Yes

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


						Number of Shares Outstanding
Class						at August 13, 2026
Common Shares, $0.01 par value						1,000

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

EVEREST REINSURANCE HOLDINGS, INC.

Table of Contents

Form 10-Q


		Page
PART I

FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025	1

	Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 (unaudited)	2

	Consolidated Statements of Changes in Stockholder’s Equity for the three and six months ended June 30, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)	4

	Notes to Consolidated Interim Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60

Item 4.	Controls and Procedures	60

	PART II

	OTHER INFORMATION

Item 1.	Legal Proceedings	61

Item 1A.	Risk Factors	61

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62

Item 3.	Defaults Upon Senior Securities	62

Item 4.	Mine Safety Disclosures	62

Item 5.	Other Information	62

Item 6.	Exhibits	63

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 are discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”) include, but are not limited to, those described under the caption “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K (the “Form 10-K filing”) and in our quarterly reports on Form 10-Q (“10-Q filings”). These include:

•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;

•declines in our investment values and investment income due to exposure to financial market 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, systems or operational failures by us or our third-party service providers, 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;

•the effects of new regulations and regulatory oversight on borrowing requirements, terms and ratings; and

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

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS


	June 30,		December 31,
(In millions of U.S. dollars, par value per share)	2026		2025
	(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value	$	21,152	$	20,978
(amortized cost: 2026, $21,451; 2025, $21,032; credit allowances: 2026, $(64); 2025, $(68))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2026, $568; 2025, $576; net of credit allowances: 2026, $(8); 2025, $(6))	568		567
Equity securities, at fair value	114		108
Other invested assets	3,960		3,778
Other invested assets, at fair value	1,597		1,622
Short-term investments	1,206		1,670
Cash	329		398
Total investments and cash	28,926		29,122

Accrued investment income	258		278
Premiums receivable (net of credit allowances: 2026, $(50); 2025, $(49))	2,568		2,543
Reinsurance loss recoverables (net of credit allowances: 2026, $(51); 2025, $(48))	4,488		4,603
Income tax asset	212		203
Funds held by reinsureds	410		372
Deferred acquisition costs	816		840
Prepaid reinsurance premiums	419		420
Other assets (net of credit allowances: 2026, $(17); 2025, $(17))	1,408		1,169
TOTAL ASSETS	$	39,506	$	39,550

LIABILITIES:
Reserve for losses and loss adjustment expenses	$	21,187	$	21,336
Unearned premium reserve	3,484		4,017
Funds held under reinsurance treaties	244		247
Amounts due to reinsurers	413		431
Losses in course of payment	169		156

Notes payable, affiliated	600		600
Senior notes	2,352		2,352
Long-term notes	218		218
Borrowings from FHLB	1,019		1,019
Accrued interest on debt and borrowings	21		21
Unsettled securities payable	5		—
Other liabilities	772		653
Total liabilities	30,484		31,048

Commitments and Contingencies (Note 12)

STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized;
1,000 shares issued and outstanding (2026 and 2025)	—		—
Additional paid-in capital	1,103		1,103
Accumulated other comprehensive income (loss), net of deferred income tax
expense (benefit) of $50 at 2026 and $(6) at 2025	(187)		30
Retained earnings	8,106		7,368
Total stockholder's equity	9,022		8,501
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	39,506	$	39,550

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

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions of U.S. dollars)	2026		2025		2026		2025
	(unaudited)				(unaudited)
REVENUES:
Premiums earned	$	2,039	$	2,372	$	4,137	$	4,653
Net investment income	335		314		696		633
Total net gains (losses) on investments	(8)		(2)		(38)		93
Other income (expense)	(39)		(29)		(41)		(41)
Total revenues	2,327		2,655		4,755		5,337

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	1,289		1,532		2,520		3,400
Commission, brokerage, taxes and fees	479		533		974		1,022
Other underwriting expenses	130		146		249		296
Corporate expenses	10		11		23		17
Interest, fees and bond issue cost amortization expense	42		44		84		88
Total claims and expenses	1,951		2,266		3,850		4,824

INCOME (LOSS) BEFORE TAXES	376		389		904		513
Income tax expense (benefit)	72		65		167		89

NET INCOME (LOSS)	$	305	$	324	$	738	$	424

Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period	(17)		86		(204)		241
Less: reclassification adjustment for realized losses (gains) included in net income (loss)	8		2		8		4
Total URA(D) of securities arising during the period	(9)		88		(197)		245

Foreign currency translation adjustments	(9)		48		(19)		59

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	—		(8)		(1)		(8)
Total benefit plan net gain (loss) for the period	—		(8)		(1)		(8)
Total other comprehensive income (loss), net of tax	(18)		128		(217)		296

COMPREHENSIVE INCOME (LOSS)	$	287	$	452	$	521	$	720

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

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDER’S EQUITY


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions of U.S. dollars, except share amounts)	2026		2025		2026		2025
	(unaudited)				(unaudited)
COMMON STOCK (shares outstanding):
Balance, beginning of period	1,000		1,000		1,000		1,000
Balance, end of period	1,000		1,000		1,000		1,000

ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	$	1,103	$	1,103	$	1,103	$	1,103

Balance, end of period	1,103		1,103		1,103		1,103

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
Balance, beginning of period	(169)		(232)		30		(400)
Net increase (decrease) during the period	(18)		128		(217)		296
Balance, end of period	(187)		(104)		(187)		(104)

RETAINED EARNINGS:
Balance, beginning of period	7,801		6,693		7,368		6,593
Net income (loss)	305		324		738		424
Balance, end of period	8,106		7,017		8,106		7,017

TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD	$	9,022	$	8,016	$	9,022	$	8,016

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

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
(In millions of U.S. dollars)	2026		2025
	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	738	$	424
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(35)		(577)
Decrease (increase) in funds held by reinsureds, net	(41)		(14)
Decrease (increase) in reinsurance recoverables	89		159
Decrease (increase) in income taxes	46		77
Decrease (increase) in prepaid reinsurance premiums	(3)		(115)
Increase (decrease) in reserve for losses and loss adjustment expenses	(109)		983
Increase (decrease) in unearned premiums	(526)		7
Increase (decrease) in amounts due to reinsurers	(10)		122
Increase (decrease) in losses in course of payment	15		89
Change in equity adjustments in limited partnerships	(125)		(37)
Distribution of limited partnership income	47		31
Change in other assets and liabilities, net	(110)		(131)
Non-cash compensation expense	30		16
Amortization of bond premium (accrual of bond discount)	(33)		(46)
Net (gains) losses on investments	38		(93)
Net cash provided by (used in) operating activities	8		892

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	1,462		1,535
Proceeds from fixed maturities sold - available for sale	341		142
Proceeds from fixed maturities matured/called/repaid - held to maturity	69		105
Proceeds from fixed maturities sold - held to maturity	—		10
Proceeds from equity securities sold	—		2
Distributions from other invested assets	45		150
Cost of fixed maturities acquired - available for sale	(2,252)		(3,896)
Cost of fixed maturities acquired - held to maturity	(69)		(4)
Cost of equity securities acquired	(2)		(2)
Cost of other invested assets acquired	(149)		(141)
Net change in short-term investments	477		1,461
Net change in unsettled securities transactions	1		(39)

Net cash provided by (used in) investing activities	(78)		(676)

CASH FLOWS FROM FINANCING ACTIVITIES:

Change in paid in capital	—		—
Net cash provided by (used in) financing activities	—		—

EFFECT OF EXCHANGE RATE CHANGES ON CASH	1		37

Net change in cash balances	(69)		254
Cash, beginning of period	398		616
Cash, end of period	$	329	$	870

SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	113	$	11
Interest paid	84		88

NON-CASH TRANSACTIONS
Non-cash limited partnership distribution	$	—	$	8
Non-cash restructure of fixed maturity securities - available for sale and equity	$	6	$	—

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

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended June 30, 2026 and 2025

1.GENERAL

Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited, 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 of America and internationally. As used in this document, “Company” and “We” means Holdings and its subsidiaries. “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).

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.

Recent Developments

On June 17, 2026, Group announced that it has partnered with Stone Point Insurance Solutions (“Stone Point”) to sponsor the launch of Annapurna Re Ltd. (“Annapurna”), a Bermuda-based collateralized insurer and special purpose vehicle (commonly referred to as a reinsurance "sidecar") structured as a segregated accounts company. Funds managed by Stone Point will serve as the inaugural, anchor investors in this multi-year vehicle. This structure legally isolates the assets and liabilities funded by third-party investors from Group's general accounts. See Note 14 of the Notes to the Consolidated Financial Statements for premiums and losses ceded by the Company to the Annapurna reinsurance sidecar beginning in the second quarter 2026.

On May 19, 2026, Group entered into a definitive agreement to sell its Colombian Commercial Retail Insurance Operations, Everest Compañía de Seguros Generales Colombia S.A. (“Everest Colombia”), to AIG. The transaction is anticipated to close in early 2027, pursuant to customary regulatory approvals and closing conditions. As a condition of this agreement, Everest Re and Everest Colombia will enter into an Amended and Restated Reinsurance Agreement for the existing quota share between the two entities as referenced in Note 14 of the Notes to these Consolidated Financial Statements.

On March 22, 2026, Everest Underwriting Group (Ireland) Limited (“EUGIL”), an Irish direct subsidiary of Group, entered into a definitive agreement to sell its Canadian Commercial Retail Insurance Operations, Everest Insurance Company of Canada (“Everest Canada”), to The Wawanesa Mutual Insurance Company (“Wawanesa”). In connection with the Purchase Agreement Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company - Canadian Branch, a Delaware reinsurance company and affiliate of EUGIL (“ERC - Canadian Branch”), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction. Upon execution of the loss portfolio transfer reinsurance agreement, Group assets held-for-sale would be comprised of only investments and cash at the time of the transaction close. The transaction is anticipated to close in the second half of 2026.

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 certain geographic regions to American International Group, Inc. (“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. See Note 7 of the Notes to the Consolidated Financial Statements for more information.

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 AIG. 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. (“State National Reinsurer”) and MS Transverse Insurance Company (“MS Transverse Reinsurer”). See Note 5 of the Notes to these Consolidated Financial Statements for more information.

2.BASIS OF PRESENTATION

The unaudited consolidated financial statements of the Company as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2025 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2025, 2024 and 2023, included in the Company’s most recent Form 10-K filing.

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.

All intercompany accounts and transactions have been eliminated.

Adoption of New Accounting Standards

The Company did not adopt any new accounting standards that had a material impact during the three and six months ended June 30, 2026.

Future Adoption of Recently Issued Accounting Standards

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2026 by the Financial Accounting Standards Board (“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 2026. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact on 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.

3.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 June 30, 2026
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		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	$	294	$	—	$	—	$	(6)	$	288
Tax-exempt obligations of U.S. states and political subdivisions	40		—		—		(4)		37
Corporate securities	6,367		(39)		61		(119)		6,270
Asset-backed securities	4,604		(25)		6		(27)		4,558
Mortgage-backed securities
Agency commercial	403		—		5		(3)		405
Non-agency commercial	841		—		1		(24)		818
Agency residential	3,655		—		34		(108)		3,581
Non-agency residential	1,658		—		12		(9)		1,661
Foreign government securities	1,068		—		11		(38)		1,041
Foreign corporate securities	2,521		—		35		(61)		2,494
Total fixed maturity securities - available for sale	$	21,451	$	(64)	$	164	$	(399)	$	21,152

(Some amounts may not reconcile due to rounding.)


	At December 31, 2025
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		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
Tax-exempt 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.)

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 June 30, 2026
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Appreciation		Unrealized Depreciation		Fair Value
Fixed maturity securities – held to maturity
Corporate securities	$	180	$	(2)	$	1	$	(3)	$	176
Asset-backed securities	318		(5)		4		(8)		310
Mortgage-backed securities
Commercial	—		—		—		—		—
Foreign corporate securities	78		(1)		5		—		82
Total fixed maturity securities - held to maturity	$	576	$	(8)	$	10	$	(11)	$	568

(Some amounts may not reconcile due to rounding.)


	At December 31, 2025
(Dollars in millions)	Amortized Cost		Allowance for Credit Losses		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.)

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 June 30, 2026				At December 31, 2025
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities – available for sale
Due in one year or less	$	704	$	680	$	638	$	612
Due after one year through five years	4,832		4,741		4,516		4,500
Due after five years through ten years	3,815		3,802		3,696		3,741
Due after ten years	940		908		1,117		1,088
Asset-backed securities	4,604		4,558		4,571		4,554
Mortgage-backed securities
Agency commercial	403		405		404		412
Non-agency commercial	841		818		739		718
Agency residential	3,655		3,581		3,794		3,766
Non-agency residential	1,658		1,661		1,557		1,587
Total fixed maturity securities - available for sale	$	21,451	$	21,152	$	21,032	$	20,978

(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 June 30, 2026				At December 31, 2025
(Dollars in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Fixed maturity securities - held to maturity
Due in one year or less	$	36	$	36	$	25	$	25
Due after one year through five years	77		76		68		69
Due after five years through ten years	41		43		4		4
Due after ten years	104		104		148		155
Asset-backed securities	318		310		328		322


Total fixed maturity securities - held to maturity	$	576	$	568	$	573	$	576

(Some amounts may not reconcile due to rounding.)

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
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	$	(11)	$	111	$	(247)	$	310
Change in URA(D), pre-tax	(11)		111		(247)		310
Deferred tax benefit (expense)	2		(23)		51		(65)
Change in URA(D), net of deferred taxes, included in stockholders' equity	$	(9)	$	88	$	(197)	$	245

(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 June 30, 2026 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	$	134	$	(2)	$	150	$	(4)	$	283	$	(6)
Tax-exempt obligations of U.S. states and political subdivisions	—		—		33		(4)		33		(4)
Corporate securities	1,636		(30)		1,087		(88)		2,722		(118)
Asset-backed securities	1,153		(15)		348		(12)		1,501		(27)
Mortgage-backed securities
Agency commercial	137		(2)		18		(1)		155		(3)
Non-agency commercial	213		(1)		355		(23)		569		(24)
Agency residential	507		(6)		910		(102)		1,418		(108)
Non-agency residential	648		(8)		64		(1)		712		(9)
Foreign government securities	385		(9)		329		(29)		714		(38)
Foreign corporate securities	601		(12)		682		(50)		1,283		(61)
Total	5,414		(85)		3,975		(313)		9,389		(398)
Securities where an allowance for credit loss was recorded	58		(1)		—		—		58		(1)
Total fixed maturity securities - available for sale	$	5,472	$	(86)	$	3,975	$	(313)	$	9,447	$	(399)

(Some amounts may not reconcile due to rounding.)


	Duration of Unrealized Loss at June 30, 2026 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	$	66	$	(2)	$	361	$	(12)	$	426	$	(14)
Due in one year through five years	1,354		(22)		1,169		(87)		2,523		(110)
Due in five years through ten years	1,214		(25)		327		(35)		1,541		(60)
Due after ten years	122		(3)		423		(41)		544		(44)
Asset-backed securities	1,153		(15)		348		(12)		1,501		(27)
Mortgage-backed securities	1,506		(17)		1,347		(127)		2,853		(144)
Total	5,414		(85)		3,975		(313)		9,389		(398)
Securities where an allowance for credit loss was recorded	58		(1)		—		—		58		(1)
Total fixed maturity securities - available for sale	$	5,472	$	(86)	$	3,975	$	(313)	$	9,447	$	(399)

(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 June 30, 2026 were $9.4 billion and $399 million, respectively. The fair value of securities for the single issuer (the Australian government), whose securities comprised the largest unrealized loss position at June 30, 2026, 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 June 30, 2026 comprised less than 1.4% 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 $86 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 foreign government securities. Of these unrealized losses, $83 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $313 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 agency residential and non-agency commercial mortgage-backed securities, foreign government securities, domestic and foreign corporate securities and asset-backed securities. Of these unrealized losses, $308 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 June 30, 2026, 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.

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, 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)
Tax-exempt 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.)


	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 approximately 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 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.

The components of net investment income are presented in the table below for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Fixed maturities	$	276	$	267	$	539	$	532
Equity securities	1		1		3		2
Short-term investments and cash	12		15		26		43
Other invested assets
Limited partnerships	17		8		63		(1)
Dividends from preferred shares of affiliate	8		8		16		16
Other	31		22		68		52
Gross investment income before adjustments	345		321		714		643
Funds held interest income (expense)	(2)		1		(1)		5

Gross investment income	343		322		713		648
Investment expenses	8		8		17		15
Net investment income	$	335	$	314	$	696	$	633

(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 June 30, 2026, which includes $669 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 2036.

In 2022, the Company entered into corporate-owned life insurance (“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 $2.0 billion and $1.9 billion as of June 30, 2026 and December 31, 2025, respectively.

Other invested assets, at fair value, as of June 30, 2026 and December 31, 2025, were comprised of preferred shares held in Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), a wholly-owned subsidiary of Group. See Note 14 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 June 30, 2026 and December 31, 2025, the Company did not hold any investments for which it is the primary beneficiary.

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 June 30, 2026 and December 31, 2025 is limited to the total carrying value of $2.0 billion and $1.9 billion, respectively, which are included in general and limited partnerships.

As of June 30, 2026, the Company has outstanding commitments totaling $669 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:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Credit allowance on fixed maturity securities	$	(11)	$	(2)	$	2	$	(2)
Gains (losses) from fair value adjustments:
Equity securities	4		4		(2)		3
Other invested assets	(2)		(4)		(26)		95
Net realized gains (losses) from dispositions:
Fixed maturities	1		—		(12)		(2)
Equity securities	—		—		—		—
Other invested assets	—		—		—		—
Short-term investments	—		—		—		—
Total net realized gains (losses) from dispositions	1		—		(12)		(2)

Total net gains (losses) on investments	$	(8)	$	(2)	$	(38)	$	93

(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
	Three Months Ended June 30, 2026				Six Months Ended June 30, 2026
	Corporate Securities		Asset-Backed Securities			Total		Corporate Securities		Asset-Backed Securities		Total
(Dollars in millions)
Beginning balance	$	(39)	$	(14)		$	(53)	$	(54)	$	(14)	$	(68)
Credit losses on securities where credit
losses were not previously recorded	(1)		—			(1)		(2)		—		(2)
Increases in allowance on previously
impaired securities	(1)		(12)			(13)		(7)		(12)		(19)
Decreases in allowance on previously
impaired securities	—		—			—		—		—		—
Reduction in allowance due to disposals	3		—			3		25		—		25
Balance, end of period	$	(39)	$	(25)		$	(64)	$	(39)	$	(25)	$	(64)

(Some amounts may not reconcile due to rounding.)


	Roll Forward of Allowance for Credit Losses – Fixed Maturities - Available for Sale
	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
	Corporate Securities		Asset-Backed Securities			Total		Corporate Securities		Asset-Backed Securities		Total
(Dollars in millions)
Beginning balance	$	(36)	$	—		$	(37)	$	(35)	$	—	$	(36)
Credit losses on securities where credit
losses were not previously recorded	(3)		—			(3)		(4)		—		(4)
Increases in allowance on previously
impaired securities	—		—			—		—		—		—
Decreases in allowance on previously
impaired securities	—		—			—		—		—		—
Reduction in allowance due to disposals	—		—			—		—		—		—
Balance, end of period	$	(39)	$	—		$	(40)	$	(39)	$	—	$	(40)

(Some amounts may not reconcile due to rounding.)


	Roll Forward of Allowance for Credit Losses – Fixed Maturities - Held to Maturity
	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(5)	$	(1)	$	(8)	$	(2)	$	(3)	$	(1)	$	(6)
Credit losses on securities where credit
losses were not previously recorded	—		—		—		—		—		(2)		—		(2)
Increases in allowance on previously
impaired securities	—		—		—		—		—		—		—		—
Decreases in allowance on previously
impaired securities	—		—		—		—		—		—		—		—
Reduction in allowance due to disposals	—		—		—		—		—		—		—		—
Balance, end of period	$	(2)	$	(5)	$	(1)	$	(8)	$	(2)	$	(5)	$	(1)	$	(8)

(Some amounts may not reconcile due to rounding.)


	Roll Forward of Allowance for Credit Losses – Fixed Maturities - Held to Maturity
	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
	Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate Securities		Total
(Dollars in millions)
Beginning balance	$	(2)	$	(4)	$	(1)	$	(8)	$	(2)	$	(4)	$	(1)	$	(8)
Credit losses on securities where credit
losses were not previously recorded	—		—		—		—		—		—		—		—
Increases in allowance on previously
impaired securities	—		—		—		—		—		—		—		—
Decreases in allowance on previously
impaired securities	—		—		—		—		—		—		—		—
Reduction in allowance due to disposals	—		—		1		1		—		1		1		1
Balance, end of period	$	(2)	$	(4)	$	(1)	$	(7)	$	(2)	$	(4)	$	(1)	$	(7)

(Some amounts may not reconcile due to rounding.)

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Proceeds from sales of fixed maturity securities - available for sale	$	124	$	68	$	341	$	142
Gross gains from dispositions	9		4		17		6
Gross losses from dispositions	(8)		(5)		(29)		(8)

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	$	—	$	2	$	—	$	2
Gross gains from dispositions	—		—		—		—
Gross losses from dispositions	—		—		—		—

(Some amounts may not reconcile due to rounding.)

In 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. There were no sales of fixed maturity securities - held to maturity for the three and six months ended June 30, 2026.

4.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.

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 June 30, 2026 and December 31, 2025, $2.8 billion and $2.5 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:

•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;

•Tax-exempt obligations of U.S. states and political subdivisions are comprised of federally tax-exempt 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 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 June 30, 2026 and December 31, 2025, 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.

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)	June 30, 2026		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	$	288	$	—	$	288	$	—
Tax-exempt obligations of U.S. states and political subdivisions	37		—		37		—
Corporate securities	6,270		—		5,905		365
Asset-backed securities	4,558		—		2,130		2,428
Mortgage-backed securities
Agency commercial	405		—		405		—
Non-agency commercial	818		—		818		—
Agency residential	3,581		—		3,581		—
Non-agency residential	1,661		—		1,661		—
Foreign government securities	1,041		—		1,041		—
Foreign corporate securities	2,494		—		2,481		13
Total fixed maturities - available for sale	21,152		—		18,346		2,806

Equity securities, fair value	114		96		18		—
Other invested assets, fair value	1,597		—		—		1,597

(Some amounts may not reconcile due to rounding.)


	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	$	—
Tax-exempt 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.)

The following tables present 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
	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total
Beginning balance of fixed maturities	$	364	$	2,190	$	14	$	2,568	$	370	$	2,091	$	14	$	2,474
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(1)		(12)		—		(13)		(3)		(12)		—		(15)
Included in other comprehensive income (loss)	—		(1)		—		(1)		2		(5)		—		(3)
Purchases, issuances and settlements	2		250		—		253		(4)		353		—		350
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	—		—		—		—		—		—		—		—
Ending balance	$	365	$	2,428	$	13	$	2,806	$	365	$	2,428	$	13	$	2,806

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	$	(1)	$	(12)	$	—	$	(13)	$	(2)	$	(12)	$	—	$	(14)

(Some amounts may not reconcile due to rounding.)


	Total Fixed Maturities - Available for Sale
	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(Dollars in millions)	Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total		Corporate Securities		Asset-Backed Securities		Foreign Corporate		Total
Beginning balance of fixed maturities	$	468	$	1,752	$	14	$	2,234	$	518	$	1,657	$	14	$	2,189
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)	(1)		—		—		(1)		(1)		—		—		(1)
Included in other comprehensive income (loss)	(8)		(3)		—		(12)		(15)		(2)		—		(17)
Purchases, issuances and settlements	(22)		114		—		91		(67)		207		—		140
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	—		—		—		—		—		—		—		—
Ending balance	$	436	$	1,862	$	14	$	2,312	$	436	$	1,862	$	14	$	2,312

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	$	(2)	$	—	$	—	$	(2)	$	(2)	$	—	$	—	$	(2)

(Some amounts may not reconcile due to rounding.)

There were no transfers of assets in/(out) of Level 3 for the three and six months ended June 30, 2026 and 2025.

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 3, 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 14 to these Consolidated Financial Statements. Short-term investments are stated at cost, which approximates fair value.

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 3 of the Notes to these Consolidated Financial Statements for details of investments in COLI policies.

In addition, $206 million and $233 million of investments within other invested assets on the consolidated balance sheets as of June 30, 2026 and December 31, 2025, 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.

5.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:


	Six Months Ended June 30,
(Dollars in millions)	2026		2025
Gross reserves beginning of period	$	21,336	$	19,271
Less reinsurance recoverables on unpaid losses	(3,369)		(3,391)
Net reserves beginning of period	17,966		15,880

Incurred related to:
Current year	2,625		3,375
Prior years	(104)		25
Prior years, impact from retroactive reinsurance	—		—
Total incurred losses and LAE	2,520		3,400

Paid related to:
Current year	693		640
Prior years	1,814		1,769
Total paid losses and LAE	2,507		2,409

Foreign exchange/translation adjustment	1		134
Retroactive reinsurance adjustment	—		—

Net reserves end of period	17,981		17,005
Plus reinsurance recoverables on unpaid losses (1)	3,205		3,327
Gross reserves end of period	$	21,187	$	20,333

(Some amounts may not reconcile due to rounding.)

(1) This excludes the unpaid recoverable of the adverse development cover of $1,006 million as of June 30, 2026.

Current year incurred losses were $2.6 billion and $3.4 billion for the six months ended June 30, 2026 and 2025, respectively. Current year incurred losses decreased primarily due to a decrease of $369 million of current year attritional losses in 2026 compared to 2025, as well as a decrease of $382 million in 2026 current year catastrophe losses.

The current year incurred losses decrease reflects the decline in premium earned due to commercial retail insurance business sale and change in business mix.

The current year catastrophe losses of $113 million for the six months ended June 30, 2026 related primarily to hurricanes, typhoons and cyclones and other weather related events ($106 million) and foreign conflict ($7 million). The current year catastrophe losses of $495 million for the six months ended June 30, 2025 primarily related to wildfires ($462 million), driven by the 2025 L.A. wildfires, as well as earthquakes ($20 million) and other weather related events ($12 million).

The net favorable development on prior year reserves of $104 million was primarily due to favorable prior year development on catastrophe losses of $42 million and favorable prior year development on attritional losses of $62 million. The net favorable development of catastrophe losses was driven by the release of $76 million of well-seasoned reserves primarily related to accident years 2023-2025, offset by $33 million of unfavorable development related to the 2024 Baltimore Bridge collapse. The net favorable development of prior year attritional losses is primarily driven by property line releases partially offset by casualty reserve strengthening in our Reinsurance Treaty segment.

We are exposed to losses arising from 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, for which liabilities cannot be estimated using traditional reserving techniques. For example, we have exposure to losses due to the uncertainty regarding the current conflict in the Middle East.

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 Reinsurer and (2) entered into an adverse development reinsurance agreement (the “MS Transverse Reinsurance Agreement”) with 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 Global Wholesale & Specialty and Legacy segments (“Subject Business”), subject to exclusions for certain liabilities, including among others those related to the Asbestos and Environmental reserves included in the Legacy segment. At the time the Ceding Companies entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.

Under the State National Reinsurance Agreement, Group provided in total consideration a reinsurance premium of $1.3 billion, including interest, 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.

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 at inception of the agreement.

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 June 30, 2026 and December 31, 2025, Group had a deferred gain of $8 million and $3 million, respectively, of which $6 million and $3 million was recorded by the Company, respectively. 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 as of June 30, 2026 and December 31, 2025 were $1.26 billion and $1.25 billion, respectively, of which $1.01 billion and $1.00 billion were attributable to the Company, respectively. The aggregated unexpired limit for State National Reinsurer as of June 30, 2026 and December 31, 2025 was $592 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of June 30, 2026 and December 31, 2025 was $400 million.

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 Insurance Company, Everest Indemnity Insurance Company, Everest Security Insurance Company, Everest Premier Insurance Company, Everest Denali Insurance Company, Everest International Assurance, Ltd. and Everest Re 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.

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.

The final purchase price under the Master Transaction Agreements will be adjusted to equal 15% of the gross written premiums of the subject business for the year ended December 31, 2025, inclusive of year-end renewals as agreed between the Company and the Buyer.

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 costs 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.

For the three months ended June 30, 2026, the Company recognized $15 million of net transaction expenses associated with this agreement primarily relating to purchase price adjustment and additional severance/retention expenses. For the six months ended June 30, 2026, the Company recognized $20 million of net transaction expenses associated with this agreement primarily relating to severance/retention expenses. These expenses were recorded in other income (expense) in our Consolidated Statements of Operations for the three months ended June 30, 2026 and for the six months ended June 30, 2026.

7.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 Commercial Retail Insurance business in certain 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.

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.

Our segment presentation includes a breakout of Affiliated Cession to Bermuda Entities alongside our three reportable segments. 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 catastrophe excess of loss contract effective January 1, 2025 with Bermuda Re. See Note 14 of the Notes to these Consolidated Financial Statements for additional details.

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, 2026
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	1,612	$	689	$	28	$	—	$	2,329
Net written premiums	1,338		518		23		(75)		1,805

Premiums earned	$	1,403	$	529	$	195	$	(88)	$	2,039
Incurred losses and LAE	798		328		163		(1)		1,289
Commission and brokerage	351		110		19		—		479
Other underwriting expenses	40		60		29		—		130
Underwriting gain (loss)	$	214	$	31	$	(17)	$	(87)	$	141

Net investment income									335
Net gains (losses) on investments									(8)
Corporate expenses									(10)
Interest, fees and bond issue cost amortization expense									(42)
Other income (expense)									(39)
Income tax benefit (expense)									(72)
Net income (loss)									$	305

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30, 2026
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	3,205	$	1,260	$	87	$	—	$	4,552
Net written premiums	2,731		1,024		59		(205)		3,610

Premiums earned	$	2,798	$	1,066	$	451	$	(178)	$	4,137
Incurred losses and LAE	1,471		664		386		(1)		2,520
Commission and brokerage	709		227		38		—		974
Other underwriting expenses	74		121		54		—		249
Underwriting gain (loss)	$	542	$	55	$	(27)	$	(177)	$	393

Net investment income									696
Net gains (losses) on investments									(38)
Corporate expenses									(23)
Interest, fees and bond issue cost amortization expense									(84)
Other income (expense)									(41)
Income tax benefit (expense)									(167)
Net income (loss)									$	738

(Some amounts may not reconcile due to rounding.)


	Three Months Ended June 30, 2025
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	1,710	$	747	$	535	$	—	$	2,992
Net written premiums	1,595		612		374		(88)		2,493

Premiums earned	$	1,557	$	577	$	355	$	(118)	$	2,372
Incurred losses and LAE	810		391		323		7		1,532
Commission and brokerage	390		119		24		—		533
Other underwriting expenses	36		42		68		—		146
Underwriting gain (loss)	$	322	$	25	$	(61)	$	(125)	$	161

Net investment income									314
Net gains (losses) on investments									(2)
Corporate expenses									(11)
Interest, fees and bond issue cost amortization expense									(44)
Other income (expense)									(29)
Income tax benefit (expense)									(65)
Net income (loss)									$	324

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30, 2025
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	3,477	$	1,340	$	931	$	—	$	5,748
Net written premiums	3,010		1,134		689		(294)		4,538

Premiums earned	$	3,007	$	1,147	$	733	$	(234)	$	4,653
Incurred losses and LAE	2,007		765		623		5		3,400
Commission and brokerage	741		234		48		—		1,022
Other underwriting expenses	75		85		136		—		296
Underwriting gain (loss)	$	185	$	62	$	(74)	$	(238)	$	(65)

Net investment income									633
Net gains (losses) on investments									93
Corporate expenses									(17)
Interest, fees and bond issue cost amortization expense									(88)
Other income (expense)									(41)
Income tax benefit (expense)									$	(89)
Net income (loss)									$	424

(Some amounts may not reconcile due to rounding.)

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

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.


					June 30, 2026				December 31, 2025
(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	6/5/2014	6/1/2044	$	400	$	398	$	350	$	398	$	355
3.5% Senior notes	10/7/2020	10/15/2050	1,000		982		681		982		698
3.125% Senior notes	10/4/2021	10/15/2052	1,000		972		625		972		636
			$	2,400	$	2,352	$	1,656	$	2,352	$	1,689

(Some amounts may not reconcile due to rounding.)

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


			Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Interest Paid	Payable Dates	2026		2025		2026		2025
4.868% Senior notes	Semi-annually	June 1/December 1	$	5	$	5	$	10	$	10
3.5% Senior notes	Semi-annually	April 15/October 15	9		9		18		18
3.125% Senior notes	Semi-annually	April 15/October 15	8		8		16		16
			$	22	$	22	$	43	$	43

(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.

June 30, 2026

December 31, 2025

Original
Principal
Amount

Maturity Date

Consolidated
Balance
Sheet Amount

Fair
Value

Consolidated
Balance
Sheet Amount

Fair
Value

(Dollars in millions)

Date Issued

Scheduled

Final

Subordinated Notes Issued 2007

4/26/2007

400

5/15/2037

5/1/2067

218

210

218

208

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 May 15, 2026 to August 17, 2026 is 6.30%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest is based on the 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) 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 net proceeds from the issuance of other qualifying securities, of at least similar ranking and duration, to be used to repay 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.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Interest expense incurred	$	3	$	4	$	7	$	8

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 June 30, 2026, Everest Re had admitted assets of approximately $32.4 billion which provides borrowing capacity in excess of $3.2 billion. As of June 30, 2026, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. Everest Re incurred interest expense of $10 million and $12 million for the three months ended June 30, 2026 and 2025, respectively. Everest Re incurred interest expense of $21 million and $24 million for the six months ended June 30, 2026 and 2025, 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 June 30, 2026, Everest Re had $1.3 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:


(Dollars in millions)	June 30, 2026		December 31, 2025
Collateral in trust for non-affiliated agreements	$	677	$	685
Collateral held on behalf of affiliates (1)	1,023		1,143
Collateral for FHLB borrowings	1,309		1,418
Securities on deposit with or regulated by government authorities	1,369		1,417
Funds held by reinsureds	410		372
Prepaid employee benefit asset	95		—
Total restricted assets	$	4,788	$	5,035

(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 June 30, 2026 and December 31, 2025, the Company had restricted cash of $69 million and $25 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements.

The Company has 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. On June 29, 2026, the Company entered into additional collateralized reinsurance agreements with Kilimanjaro. These additional agreements are similar in nature in regards to covered region and covered events as previously entered into agreements with Kilimanjaro. These new agreements are effective July 1, 2026. The table below summarizes the various agreements:

(Dollars in millions)

Class

Description

Effective Date

Expiration Date

Limit

Coverage Basis

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 2025-2 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 2025-2 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 2025-2 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 2025-2 Class D-2

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

6/26/2025

7/8/2030

105

Occurrence

Series 2026-1 Class B-1

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

7/1/2026

6/30/2029

Aggregate

Series 2026-1 Class C-1

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

7/1/2026

6/30/2029

Occurrence

Series 2026-1 Class D-1

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

7/1/2026

6/30/2029

220

Occurrence

Series 2026-2 Class A-2

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

7/1/2026

6/30/2030

Aggregate

Series 2026-2 Class B-2

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

7/1/2026

6/30/2030

Aggregate

Series 2026-2 Class D-2

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

7/1/2026

6/30/2030

170

Occurrence

Total available limit as of June 30, 2026

1,830

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

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 status 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.

13. OTHER COMPREHENSIVE INCOME (LOSS)

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



	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) of securities - non-credit related	$	(21)	$	4	$	(17)	$	(257)	$	53	$	(204)
Reclassification of net realized losses (gains) included
in net income (loss)	$	10	$	(2)	8		10		(2)		8
Foreign currency translation adjustments	$	(11)	$	2	(9)		(25)		5		(19)
Benefit plan actuarial net gain (loss)	—		$	—	—		—		—		—
Reclassification of benefit plan liability amortization included
in net income (loss)	$	—	$	—	—		(1)		—		(1)
Total other comprehensive income (loss)	$	(23)	$	5	$	(18)	$	(273)	$	56	$	(217)

(Some amounts may not reconcile due to rounding)


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(Dollars in millions)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
URA(D) of securities - non-credit related	$	109	$	(23)	$	86	$	305	$	(64)	$	241
Reclassification of net realized losses (gains) included
in net income (loss)	2		—		2		5		(1)		4
Foreign currency translation adjustments	61		(13)		48		75		(16)		59
Benefit plan actuarial net gain (loss)	18		(4)		14		18		(4)		14
Reclassification of benefit plan liability amortization included
in net income (loss)	(28)		6		(22)		(28)		6		(22)
Total other comprehensive income (loss)	$	162	$	(34)	$	128	$	374	$	(79)	$	296

(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:


	Three Months Ended June 30,				Six Months Ended June 30,				Affected line item within the statements of operations and comprehensive income (loss)
AOCI component	2026		2025		2026		2025
(Dollars in millions)
URA(D) of securities	$	10	$	2	$	10	$	5	Other net gains (losses) on investments
	(2)		—		(2)		(1)		Income tax expense (benefit)
	$	8	$	2	$	8	$	4	Net income (loss)

Benefit plan net gain (loss)	$	—	$	(28)	$	(1)	$	(28)	Other underwriting expenses
	—		6		—		6		Income tax expense (benefit)
	$	—	$	(22)	$	(1)	$	(22)	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:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Beginning balance of URA(D) of securities	$	(197)	$	(236)	$	(9)	$	(393)
Current period change in URA(D) of securities - non-credit related	(9)		88		(197)		245
Ending balance of URA(D) of securities	(205)		(148)		(205)		(148)

Beginning balance of foreign currency translation adjustments	22		(13)		33		(24)
Current period change in foreign currency translation adjustments	(9)		48		(19)		59
Ending balance of foreign currency translation adjustments	13		36		13		36

Beginning balance of benefit plan net gain (loss)	6		16		6		16
Current period change in benefit plan net gain (loss)	—		(8)		(1)		(8)
Ending balance of benefit plan net gain (loss)	5		8		5		8

Ending balance of accumulated other comprehensive income (loss)	$	(187)	$	(104)	$	(187)	$	(104)

(Some amounts may not reconcile due to rounding.)

14. 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, 2026				December 31, 2025
(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	$	603	$	600	$	615

(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 Received	Receivable Dates	2026	2025	2026	2025
4.30% Long-term Note	semi-annually	June 30 and December 31	6	6	13	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)	2026		2025		2026		2025
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)	2026	2025	2026	2025
Expenses incurred	68	60	138	109

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)	2026	2025	2026	2025
Written premiums:
Assumed	15	16	39	40
Ceded	(75)	(88)	(205)	(294)

Premiums earned:
Assumed	14	15	43	35
Ceded	(88)	(118)	(178)	(234)

Incurred losses and LAE:
Assumed	8	3	16	—
Ceded	(1)	7	(1)	5

Transactions with Bermuda Affiliate 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 commutation of the 2020 agreement resulted in the recognition of an incurred gain of $10 million for Everest Re in the third quarter of 2025. The stop loss agreement was most recently renewed effective January 1, 2026. Beginning in 2025, Bermuda Re and Everest International are co-participants with 70% and 30% participation shares, respectively. As of June 30, 2026 and December 31, 2025, Everest Re had reinsurance recoverables on unpaid losses of $7 million and $24 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 June 30, 2026 and December 31, 2025, Everest Re had reinsurance recoverables on unpaid losses of $369 million and $443 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 June 30, 2026 and as of December 31, 2025, Everest Re had reinsurance recoverables on unpaid losses of $5 million and $6 million, respectively, in connection with these agreements.

Everest Re (Canadian Branch) had quota share reinsurance agreements in place with the Company from 2007 through the end of 2017. Quota share percentages ranged from 60% to 75% depending on the year. As of December 31, 2017, the quota share reinsurance agreements between Everest Re (Canadian Branch) and the Company were not renewed and the existing quota shares were put into run-off. During the second quarter of 2025, the quota share reinsurance agreements between Everest Re (Canadian Branch) and the Company were commuted effective June 30, 2025; the commutation loss recognized by the Company upon settlement was not significant.

Effective October 1, 2008, the Company 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.

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 was commuted effective December 1, 2025 and the loss recognized by Everest Re upon settlement was not significant.

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. As of June 30, 2026 and as of December 31, 2025, related balance sheet amounts were not significant.

Everest Re entered into a catastrophe excess of loss contract with Bermuda Re effective January 1, 2025 through December 31, 2025. The contract provided 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. The 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 to provide Everest Re up to $300 million of reinsurance coverage in excess of $1.95 billion for hurricane perils and in excess of $1.3 billion for earthquake events. Everest Re will pay Bermuda Re $54 million for this coverage. As of June 30, 2026 and as of December 31, 2025, related balance sheet amounts were not significant.

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 €15 million and €26 million for treaty years 2026 and 2025 for this coverage. This contract was most recently renewed effective January 1, 2026. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $31 million and $23 million, respectively, recorded on its balance sheet due from Ireland Insurance.

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 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 €7 million and €9 million for treaty years 2026 and 2025 for this coverage. This agreement was most recently renewed effective February 1, 2026, and was amended to provide Ireland Re with up to €90 million of reinsurance coverage for each catastrophe occurrence above €18 million. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $15 million and $11 million, respectively, recorded on its balance sheet due from Ireland Re.

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 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 for this coverage. This contract was most recently renewed effective April 1, 2025, and was not renewed in 2026. As of December 31, 2025, the Company had assumed premiums receivable of $3 million recorded on its balance sheet due from Lloyd’s Syndicate 2786. As of June 30, 2026, related balance sheet amounts were not significant.

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 agreement was not renewed in 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 June 30, 2026 and December 31, 2025, related balance sheet amounts were not significant.

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 has been renewed annually since inception. This contract provides Everest Canada with up to C$270 million of reinsurance coverage for each catastrophe occurrence above C$50 million. Everest Canada will pay Everest Re (Canadian Branch) C$9 million for this coverage annually. This agreement was most recently renewed January 1, 2026. On March 22, 2026, EUGIL entered into a definitive agreement to Everest Canada to Wawanesa. See Note 1 of the Notes to the Consolidated Financial Statements for details. In connection with this sale, Everest Canada will enter into an LPT reinsurance agreement with Everest Re (Canadian Branch) pursuant to which Everest Re (Canadian Branch) will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction. The transaction is anticipated to close in the second half of 2026. As of June 30, 2026 and December 31, 2025, related balance sheet amounts were not significant.

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, 2025 through June 30, 2026. This agreement covers property and casualty business. Quota share percentages vary based on the line of business for the premium written. On May 19, 2026, Group entered into a definitive agreement to sell Everest Colombia to AIG. The transaction is anticipated to close in early 2027, pursuant to customary regulatory approvals and closing conditions. As a condition of this agreement, Everest Re and Everest Colombia will enter into an Amended and Restated Reinsurance Agreement for this existing whole account quota share reinsurance agreement. The current contract was extended and will terminate upon change of control of Everest Colombia. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $16 million and $10 million, respectively, recorded on its balance sheet due from Everest Colombia.

Everest Re entered into a 99.0% whole account quota share reinsurance agreement with Compañía General de Seguros Everest Mexico (“Everest Mexico”), effective July 1, 2024 through June 30, 2025. This contract has been renewed annually since 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% for all remaining lines of property and casualty business. This agreement was extended and will expire on December 31, 2026. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $15 million and $12 million, respectively, recorded on its balance sheet due from Everest Mexico.

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 inception. The contract provides Everest Chile with up to $180 million of reinsurance coverage for each catastrophe occurrence above $9 million. This agreement was most recently renewed July 1, 2026. Everest Chile paid Everest Re $7 million for this coverage for the July 2025 - June 2026 treaty year, and will pay $9 million for coverage for the July 2026 - June 2027 treaty year. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $12 million and $13 million, respectively, recorded on its balance sheet due from Everest Chile.

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 June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $10 million and $11 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 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 £5 million and £7 million for treaty years 2026 and 2025, respectively, for this coverage. This contract was most recently renewed effective January 1, 2026. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $9 million and $7 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. This contract was most recently renewed effective July 1, 2026, and was amended to provide Everest International - Australia Branch with up to A$55 million of reinsurance coverage for each risk or occurrence above A$8 million. As of June 30, 2026, the Company had assumed premiums receivable of $3 million, and as of December 31, 2025, related balance sheet amounts 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 paid Everest Re A$4 million for this coverage annually. The contract was most recently renewed effective July 1, 2025, and was not renewed in 2026. As of June 30, 2026 and December 31, 2025, the Company had assumed premiums receivable of $5 million and $4 million, respectively, 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. This contract was most recently renewed effective January 1, 2026. The contract provides Everest International Reinsurance - Singapore Branch, with up to S$85 million of aggregate reinsurance coverage for subject ultimate net loss from loss occurrences above S$9 million. Everest International Reinsurance - Singapore Branch will pay Everest Re S$2 million for this coverage annually. As of June 30, 2026 and December 31, 2025, related balance sheet amounts were not significant.

In 2013, Group established Mt. Logan Re, Ltd. (“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:


(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
Mt. Logan Re Segregated Accounts	2026		2025		2026		2025
Ceded written premiums	$	72	$	63	$	173	$	209
Ceded earned premiums	72		75		173		182
Ceded losses and LAE	9		(4)		27		109

The Company reinsures some of its loss exposures from its global casualty and specialty reinsurance and facultative portfolios with the segregated accounts of a subsidiary of Annapurna. Annapurna is a Bermuda-based collateralized insurer and special purpose vehicle. For the three and six months ended June 30, 2026, written premiums, earned premiums, and losses and LAE ceded to Annapurna were $132 million, $37 million, and $25 million, respectively.

15. INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada, India and Singapore. The Company’s non-U.S. branches are subject to income taxation at varying rates in their respective domiciles.

The Company generally applies the estimated annual effective tax rate (“AETR”) approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated AETR approach, the estimated AETR is applied to the interim year-to-date pre-tax income/(loss) to determine the income tax expense or benefit for the year-to-date period. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income/(loss) and AETR.

In December 2023, the FASB issued Accounting Standard Update 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. The adoption of the update did not have an impact on our results of operations, financial condition, or cash flows.

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.

16. SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report, other than the reinsurance agreements with Kilimanjaro disclosed within Note 11 - Collateralized Reinsurance, Trust Agreements and Other Restricted Assets.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in certain geographic regions to American International Group, Inc. (“AIG”). This reflects our sharpened focus on its core global Reinsurance Treaty business as well as the Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed.

Our Legacy segment primarily includes the divested parts of our 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 asbestos and environmental 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 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. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three and six months ended June 30, 2026. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s 2025 Annual Report on Form 10-K.

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

Recent Developments.

Bermuda Monetary Authority Group Supervision

As further detailed below in the section titled “Item 1A. – Risk Factors”, during the three months ended June 30, 2026, the Bermuda Monetary Authority (the “BMA”) informed Everest Group, Ltd. (“Group”) of its formal determination that it is appropriate for the BMA to become Group Supervisor for Group and its subsidiaries and specified that Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”), an affiliate of the Company, would become the “designated insurer” responsible for group-level regulatory compliance for Group and its subsidiaries, pursuant to Section 27B of the Insurance Act 1978 (the “Act”). Because the Company is part of Group’s designated insurance group, the Company may become subject to new compliance requirements resulting from BMA group supervision.

Group and Bermuda Re are discussing with the BMA the applicable requirements of group supervision during a twelve-month transition period that ends in January 2027, with the BMA authorized to grant extensions of up to an additional twelve months upon application. During this period, management is analyzing compliance requirements and potential focus areas for enhancement and taking steps necessary to comply with the BMA’s group supervision requirements. Under the Act, Group will be 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 within the group. As Group Supervisor, the BMA will also chair a Supervisory College, coordinating with other regulators that supervise Group’s licensed entities in other jurisdictions, including Delaware. Management’s continuing assessment of and compliance with BMA group supervision will require Group to allocate considerable time and resources that could impact the operations of our insurance and/or non-insurance subsidiaries or may result in increased costs or affect our financial condition. Group supervision could also affect our prescribed capital requirements, the terms of and structure of our regulatory capital, intercompany capital transactions, borrowing requirements and terms, and ratings and may significantly increase our cost of regulatory compliance.

Bermuda-based Reinsurance Sidecar Established by Group

assets and liabilities funded by third-party investors from Group's general accounts. See Note 14 of the Notes to the Consolidated Financial Statements for premiums and losses ceded by the Company to the Annapurna reinsurance sidecar beginning in the second quarter 2026.

Sale of Colombian Commercial Retail Insurance Operations

Group Sale of Canadian Commercial Retail Insurance Operations

On March 22, 2026, Everest Underwriting Group (Ireland) Limited (“EUGIL”), an Irish direct subsidiary of Group, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with The Wawanesa Mutual Insurance Company, a mutual insurance company existing under the Insurance Companies Act (Canada) (“Buyer”), pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Insurance Company of Canada (“Everest Canada”), a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing Group’s Canadian Commercial Retail Insurance operations for C$140 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).

In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company - Canadian Branch, a Delaware reinsurance company and affiliate of EUGIL (“ERC - Canadian Branch”), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement. Upon execution of the loss portfolio transfer reinsurance agreement described in item (i), Group assets held-for-sale would be comprised of only investments and cash at the time of the transaction close.

The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions. For more details, see the Current Report on Form 8-K filed by Group with the SEC on March 23, 2026 and the Purchase Agreement attached as Exhibit 10.2 to the quarterly report on Form 10-Q filed by Group for the three months ended March 31, 2026.

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.

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 Global Wholesale & Specialty and Legacy 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 Legacy segment. At the time the Ceding Companies entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.

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 $1.25 billion below Group’s North American Global Wholesale & Specialty and Legacy segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million ($600 million net of co-insurance) in excess of the $5.4 billion. The Ceding Companies transferred $1.25 billion of in-the-money reserves in consideration for the first two layers upon closing of the transaction, of which $1.00 billion was attributable to the Company. The third layer is $500 million ($400 million net of co-insurance), 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. 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 to the Company’s Annual Report on Form 10-K. The total covered losses ceded to State National Reinsurer by the Ceding Companies as of June 30, 2026 and December 31, 2025 were $1.26 billion and $1.25 billion, of which $1.01 billion and $1.00 billion are attributable to the Company, respectively. The aggregated unexpired limit for State National Reinsurer as of June 30, 2026 and December 31, 2025 was $592 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of June 30, 2026 and December 31, 2025 was $400 million, net of co-insurance.

Sale of Certain Commercial Retail Insurance Renewal Rights

On October 26, 2025, Group entered into definitive agreements with 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.

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 the Current Report on 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 to the Company’s Annual Report on Form 10-K.

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:


	Three Months Ended June 30,				Percentage Increase/ (Decrease)	Six Months Ended June 30,				Percentage Increase/ (Decrease)
(Dollars in millions)	2026		2025			2026		2025
Gross written premiums	$	2,329	$	2,992	(22.2) %	$	4,552	$	5,748	(20.8) %
Net written premiums	1,805		2,493		(27.6) %	3,610		4,538		(20.5) %

REVENUES:
Premiums earned	$	2,039	$	2,372	(14.0) %	$	4,137	$	4,653	(11.1) %
Net investment income	335		314		6.5 %	696		633		10.0 %
Net gains (losses) on investments	(8)		(2)		NM	(38)		93		NM
Other income (expense)	(39)		(29)		35.0 %	(41)		(41)		(2.2) %
Total revenues	2,327		2,655		(12.3) %	4,755		5,337		(10.9) %

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	1,289		1,532		(15.8) %	2,520		3,400		(25.9) %
Commission, brokerage, taxes and fees	479		533		(10.1) %	974		1,022		(4.7) %
Other underwriting expenses	130		146		(11.1) %	249		296		(15.9) %
Corporate expenses	10		11		(1.4) %	23		17		32.5 %
Interest, fees and bond issue cost amortization expense	42		44		(4.6) %	84		88		(4.7) %
Total claims and expenses	1,951		2,266		(13.9) %	3,850		4,824		(20.2) %

INCOME (LOSS) BEFORE TAXES	376		389		(3.3) %	904		513		76.1 %
Income tax expense (benefit)	72		65		10.1 %	167		89		86.9 %
NET INCOME (LOSS)	$	305	$	324	(6.0) %	$	738	$	424	73.9 %

RATIOS:					Point Change					Point Change
Loss ratio	63.2 %		64.6 %		(1.4)	60.9 %		73.1 %		(12.2)
Commission and brokerage ratio	23.5 %		22.5 %		1.0	23.5 %		22.0 %		1.5
Other underwriting expense ratio	6.4 %		6.2 %		0.2	6.0 %		6.4 %		(0.4)
Combined ratio	93.1 %		93.2 %		(0.1)	90.5 %		101.4 %		(10.9)


	At June 30,		At December 31,		Percentage Increase/ (Decrease)
(Dollars in millions)	2026		2025
Balance sheet data:
Total investments and cash	$	28,926	$	29,122	(0.7) %
Total assets	39,506		39,550		(0.1) %
Reserve for losses and loss adjustment expenses	21,187		21,336		(0.7) %
Total unaffiliated debt	3,589		3,589		— %
Total liabilities	30,484		31,048		(1.8) %
Stockholder's equity	9,022		8,501		6.1 %

(NM, not meaningful)

(Some amounts may not reconcile due to rounding)

Core Businesses.

The Core businesses category is a new presentation of our results that is a non-GAAP financial measure that represents the aggregation of our Reinsurance Treaty and Global Wholesale & Specialty segments to present consolidated financial results for the Company’s go-forward businesses, to which Everest continues to allocate growth capital and manage towards maximizing return on capital. The Company believes that the Core businesses presentation will provide investors and other interested persons with important information about the Company's ongoing businesses, and that this measure is a useful supplement to GAAP information concerning the Company’s performance. This measure may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-

GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company’s financial measures prepared in accordance with generally accepted accounting principles ("GAAP").

The following tables present reportable segment, total Core businesses and total consolidated underwriting results for the periods indicated:


	Three Months Ended June 30, 2026
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	1,612	$	689	$	2,301	$	28	$	—	$	2,329
Net written premiums	1,338		518		1,856		23		(75)		1,805

Premiums earned	$	1,403	$	529	$	1,932	$	195	$	(88)	$	2,039
Incurred losses and LAE	798		328		1,127		163		(1)		1,289
Commission and brokerage	351		110		460		19		—		479
Other underwriting expenses	40		60		100		29		—		130
Underwriting gain (loss)	$	214	$	31	$	245	$	(17)	$	(87)	$	141

Net investment income											335
Net gains (losses) on investments											(8)
Corporate expenses											(10)
Interest, fees and bond issue cost amortization expense											(42)
Other income (expense)											(39)
Income tax benefit (expense)											(72)
Net income (loss)											$	305

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30, 2026
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	3,205	$	1,260	$	4,465	$	87	$	—	$	4,552
Net written premiums	2,731		1,024		3,755		59		(205)		3,610

Premiums earned	$	2,798	$	1,066	$	3,863	$	451	$	(178)	$	4,137
Incurred losses and LAE	1,471		664		2,135		386		(1)		2,520
Commission and brokerage	709		227		936		38		—		974
Other underwriting expenses	74		121		195		54		—		249
Underwriting gain (loss)	$	542	$	55	$	597	$	(27)	$	(177)	$	393

Net investment income											696
Net gains (losses) on investments											(38)
Corporate expenses											(23)
Interest, fees and bond issue cost amortization expense											(84)
Other income (expense)											(41)
Income tax benefit (expense)											(167)
Net income (loss)											$	738

(Some amounts may not reconcile due to rounding.)


	Three Months Ended June 30, 2025
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	1,710	$	747	$	2,457	$	535	$	—	$	2,992
Net written premiums	1,595		612		2,207		374		(88)		2,493

Premiums earned	$	1,557	$	577	$	2,134	$	355	$	(118)	$	2,372
Incurred losses and LAE	810		391		1,201		323		7		1,532
Commission and brokerage	390		119		509		24		—		533
Other underwriting expenses	36		42		78		68		—		146
Underwriting gain (loss)	$	322	$	25	$	347	$	(61)	$	(125)	$	161

Net investment income											314
Net gains (losses) on investments											(2)
Corporate expenses											(11)
Interest, fees and bond issue cost amortization expense											(44)
Other income (expense)											(29)
Income tax benefit (expense)											(65)
Net income (loss)											$	324

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30, 2025
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Affiliated Cession to Bermuda Entities		Total Consolidated
Gross written premiums	$	3,477	$	1,340	$	4,817	$	931	$	—	$	5,748
Net written premiums	3,010		1,134		4,143		689		(294)		4,538

Premiums earned	$	3,007	$	1,147	$	4,154	$	733	$	(234)	$	4,653
Incurred losses and LAE	2,007		765		2,772		623		5		3,400
Commission and brokerage	741		234		975		48		—		1,022
Other underwriting expenses	75		85		160		136		—		296
Underwriting gain (loss)	$	185	$	62	$	247	$	(74)	$	(238)	$	(65)

Net investment income											633
Net gains (losses) on investments											93
Corporate expenses											(17)
Interest, fees and bond issue cost amortization expense											(88)
Other income (expense)											(41)
Income tax benefit (expense)											(89)
Net income (loss)											$	424

(Some amounts may not reconcile due to rounding.)

Revenues.

Premiums. Gross written premiums decreased by 22.2% to $2.3 billion for the three months ended June 30, 2026, compared to $3.0 billion for the three months ended June 30, 2025, driven by the following:

•a $507 million, or 94.7%, decrease in our Legacy segment,

•a $98 million, or 5.7%, decrease in our Reinsurance Treaty segment, and

•a $58 million, or 7.7%, decrease in our Global Wholesale & Specialty segment.

Gross written premiums decreased by 20.8% to $4.6 billion for the six months ended June 30, 2026, compared to $5.7 billion for the six months ended June 30, 2025, driven by the following:

•a $844 million, or 90.7%, decrease in our Legacy segment,

•a $272 million, or 7.8%, decrease in our Reinsurance Treaty segment, and

•a $80 million, or 6.0%, decrease in our Global Wholesale & Specialty segment.

Net written premiums decreased by 27.6% to $1.8 billion for the three months ended June 30, 2026, compared to $2.5 billion for the three months ended June 30, 2025, driven by the following:

•a $351 million, or 93.9%, decrease in our Legacy segment,

•a $257 million, or 16.1%, decrease in our Reinsurance Treaty segment, and

•a $94 million, or 15.3%, decrease in our Global Wholesale & Specialty segment,

•offset by a decrease in cessions to our affiliated Bermuda entities.

Net written premiums decreased by 20.5% to $3.6 billion for the six months ended June 30, 2026, compared to $4.5 billion for the six months ended June 30, 2025, driven by the following:

•a $630 million, or 91.4%, decrease in our Legacy segment,

•a $279 million, or 9.3%, decrease in our Reinsurance Treaty segment, and

•a $109 million, or 9.6%, decrease in our Global Wholesale & Specialty segment,

•offset by a decrease in cessions to our affiliated Bermuda entities.

Premiums earned decreased by 14.0% to $2.0 billion for the three months ended June 30, 2026, compared to $2.4 billion for the three months ended June 30, 2025, driven by the following:

•a $160 million, or 45.0%, decrease in our Legacy segment,

•a $154 million, or 9.9%, decrease in our Reinsurance Treaty segment, and

•a $48 million, or 8.3%, decrease in our Global Wholesale & Specialty segment,

•offset by a decrease in cessions to our affiliated Bermuda entities.

Premiums earned decreased by 11.1% to $4.1 billion for the six months ended June 30, 2026, compared to $4.7 billion for the six months ended June 30, 2025, driven by the following:

•a $282 million, or 38.5%, decrease in our Legacy segment,

•a $210 million, or 7.0%, decrease in our Reinsurance Treaty segment, and

•a $81 million, or 7.1%, decrease in our Global Wholesale & Specialty segment,

•offset by a decrease in cessions to our affiliated Bermuda entities.

For additional premium information, refer to Segment Results.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Foreign currency exchange income (expense)	$	(27)	$	(57)	$	(35)	$	(70)
Gain on pension plan settlement	—		27		—		27
Transaction-related income (expense)	(15)		—		(20)		(9)

Other	2		1		15		10
Total other income (expense)	$	(39)	$	(29)	$	(41)	$	(41)

We recorded other expense of $39 million and $29 million for the three months ended June 30, 2026 and 2025, respectively. The changes were driven by the following:

•$15 million of transaction expense incurred from the sale of renewal rights to the Company’s commercial retail insurance business in certain geographic regions,

•the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Israeli New Shekel, Colombian Peso and South African Rand. We recognized foreign currency exchange expense of $27 million and $57 million for the three months ended June 30, 2026 and 2025, respectively, and

•a $27 million gain recognized in 2025 from the termination of the qualified retirement plan that did not recur in 2026.

Other expense remained consistent at $41 million and $41 million for the six months ended June 30, 2026 and 2025, respectively. The net changes were driven by the following:

•$20 million of transaction expense incurred from the sale of renewal rights to the Company’s commercial retail insurance business in certain geographic regions,

•the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Israeli New Shekel, Colombian Peso and South African Rand. We recognized foreign currency exchange expense of $35 million and $70 million for the six months ended June 30, 2026 and 2025, respectively, and

•a $27 million gain recognized in 2025 from the termination of the qualified retirement plan that did not recur in 2026.

Net Investment Income. Refer to the “Consolidated Investments Results” section below.

Net Gains (Losses) on Investments. Refer to the “Consolidated Investments Results” section below.

Claims and Expenses.

Incurred Losses and Loss Adjustment Expenses (“LAE”). The following tables present our incurred losses and loss LAE for the periods indicated:


	Three Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	1,246	61.1	%	$	(38)	(1.9)	%	$	1,208	59.2	%
Catastrophes	59		2.9	%	22		1.1	%	81		4.0	%
Total	$	1,305	64.0	%	$	(16)	(0.8)	%	$	1,289	63.2	%

2025
Attritional	$	1,487	62.7	%	$	26	1.1	%	$	1,513	63.8	%
Catastrophes	15		0.6	%	4		0.2	%	19		0.8	%
Total	$	1,502	63.3	%	$	30	1.2	%	$	1,532	64.6	%

Variance 2026/2025
Attritional	$	(241)	(1.6)	pts	$	(64)	(2.9)	pts	$	(305)	(4.6)	pts
Catastrophes	44		2.3	pts	18		0.9	pts	62		3.2	pts
Total	$	(197)	0.7	pts	$	(45)	(2.0)	pts	$	(242)	(1.4)	pts

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	2,511	60.7	%	$	(62)	(1.5)	%	$	2,450	59.2	%
Catastrophes	113		2.7	%	(42)		(1.0)	%	71		1.7	%
Total	$	2,625	63.4	%	$	(104)	(2.5)	%	$	2,520	60.9	%

2025
Attritional	$	2,881	61.9	%	$	23	0.5	%	$	2,904	62.4	%
Catastrophes	495		10.6	%	2		—	%	497		10.7	%
Total	$	3,375	72.5	%	$	25	0.5	%	$	3,400	73.1	%

Variance 2026/2025
Attritional	$	(369)	(1.2)	pts	$	(85)	(2.0)	pts	$	(454)	(3.2)	pts
Catastrophes	(382)		(7.9)	pts	(44)		(1.1)	pts	(426)		(9.0)	pts
Total	$	(751)	(9.1)	pts	$	(129)	(3.1)	pts	$	(880)	(12.1)	pts

(Some amounts may not reconcile due to rounding.)

Catastrophe Events. The following tables present our catastrophe events for the periods indicated.


	Three Months Ended June 30, 2026
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Total Consolidated
Current year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	10	$	—	$	10	$	—	$	10
Other Weather Related Events	45		—		45		4		50
Wildfires	—		—		—		—		—
Earthquakes	—		—		—		—		—
Foreign Conflict	—		—		—		—		—
Other	—		—		—		—		—
Total current year catastrophe losses	$	55	$	—	$	55	$	4	$	59

Prior year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	(5)	$	(2)	$	(7)	$	—	$	(7)
Other Weather Related Events	1		(1)		—		—		—
Wildfires	(1)		3		2		—		2
Earthquakes	(6)		—		(6)		—		(6)
Foreign Conflict	—		—		—		—		—
Other	33		—		33		—		33
Total prior year catastrophe losses	$	22	$	—	$	22	$	—	$	22

Total catastrophe losses	$	77	$	—	$	77	$	4	$	81

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30, 2026
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Total Consolidated
Current year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	10	$	—	$	10	$	—	$	10
Other Weather Related Events	70		13		83		13		96
Wildfires	—		—		—		—		—
Earthquakes	—		—		—		—		—
Foreign Conflict	7		—		7		—		7
Other	—		—		—		—		—
Total current year catastrophe losses	$	87	$	13	$	100	$	13	$	113

Prior year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	(27)	$	(2)	$	(29)	$	1	$	(29)
Other Weather Related Events	1		(1)		—		(2)		(3)
Wildfires	(42)		3		(39)		—		(39)
Earthquakes	(6)		—		(6)		—		(6)
Foreign Conflict	—		—		—		—		—
Other	33		—		33		—		33
Total prior year catastrophe losses	$	(40)	$	—	$	(40)	$	(2)	$	(42)

Total catastrophe losses	$	47	$	13	$	59	$	11	$	71

(Some amounts may not reconcile due to rounding.)


	Three Months Ended June 30, 2025
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Total Consolidated
Current year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	—	$	—	$	—	$	—	$	—
Other Weather Related Events	—		2		2		10		12
Wildfires	—		(2)		(1)		4		3
Earthquakes	—		—		—		—		—
Foreign Conflict	—		—		—		—		—
Other	—		—		—		—		—
Total current year catastrophe losses	$	—	$	1	$	1	$	15	$	15

Prior year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	4	$	3	$	7	$	(3)	$	5
Other Weather Related Events	(7)		—		(7)		—		(7)
Wildfires	—		—		—		—		—
Earthquakes	7		—		7		—		7
Foreign Conflict	—		—		—		—		—
Other	—		—		—		—		—
Total prior year catastrophe losses	$	4	$	3	$	7	$	(3)	$	4

Total catastrophe losses	$	4	$	4	$	8	$	11	$	19

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30, 2025
(Dollars in millions)	Reinsurance Treaty		Global Wholesale & Specialty		Total Core Businesses		Legacy		Total Consolidated
Current year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	—	$	—	$	—	$	—	$	—
Other Weather Related Events	—		2		2		10		12
Wildfires	443		13		455		7		462
Earthquakes	20		—		20		—		20
Foreign Conflict	—		—		—		—		—
Other	—		—		—		—		—
Total current year catastrophe losses	$	463	$	15	$	477	$	17	$	495

Prior year catastrophe losses
Hurricanes, Typhoons and Cyclones	$	(6)	$	(1)	$	(6)	$	(1)	$	(7)
Other Weather Related Events	(1)		1		—		—		—
Wildfires	3		—		3		—		3
Earthquakes	6		—		6		—		6
Foreign Conflict	—		—		—		—		—
Other	—		—		—		—		—
Total prior year catastrophe losses	$	2	$	1	$	3	$	(1)	$	2

Total catastrophe losses	$	465	$	15	$	480	$	16	$	497

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 15.8% to $1.3 billion for the three months ended June 30, 2026, compared to $1.5 billion for the three months ended June 30, 2025, driven by the following:

•a decrease of $241 million in current year attritional losses, composed of Legacy segment ($153 million), Global Wholesale & Specialty segment ($65 million), and Reinsurance Treaty segment ($24 million), and

•an increase in favorable development on prior year attritional losses of $64 million, primarily driven by $61 million from our Reinsurance Treaty segment and a decrease in in prior year losses ceded to Bermuda of $8 million, partially offset by an increase in unfavorable development in the Global Wholesale & Specialty ($5 million),

•offset by an increase of $44 million in current year catastrophe losses, primarily driven by $55 million from our Reinsurance Treaty segment, partially offset by Legacy ($10 million), and

•an increase in unfavorable development on prior year catastrophe losses of $18 million, primarily driven by $18 million from our Reinsurance Treaty segment.

Incurred losses and LAE decreased by 25.9% to $2.5 billion for the six months ended June 30, 2026, compared to $3.4 billion for the six months ended June 30, 2025, driven by the following:

•a decrease of $382 million in current year catastrophe losses, composed of Reinsurance Treaty segment ($376 million), Legacy segment ($4 million) and Global Wholesale & Specialty segment ($2 million),

•a decrease of $369 million in current year attritional losses, composed of Legacy segment ($232 million), Global Wholesale & Specialty segment ($104 million), and Reinsurance Treaty segment ($33 million),

•net favorable development on prior year attritional losses of $85 million, primarily driven by $85 million from our Reinsurance Treaty segment,

•net favorable development on prior year catastrophe losses of $42 million, primarily driven by our Reinsurance Treaty segment ($40 million).

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees decreased to $479 million for the three months ended June 30, 2026, compared to $533 million for the three months ended June 30, 2025, driven by the following:

•a $39 million, or 10.0% decrease within our Reinsurance Treaty segment,

•a $10 million, or 8.2% decrease within our Global Wholesale & Specialty segment, and

•a $5 million, or 21.5% decrease within our Legacy segment.

Commission, brokerage, taxes and fees decreased to $974 million for the six months ended June 30, 2026, compared to $1.0 billion for the six months ended June 30, 2025, driven by the following:

•a $32 million, or 4.3% decrease within our Reinsurance Treaty segment,

•a $10 million, or 20.0% decrease within our Legacy segment, and

•a $7 million, or 3.2% decrease within our Global Wholesale & Specialty segment.

Other Underwriting Expenses. Other underwriting expenses decreased to $130 million for the three months ended June 30, 2026, compared to $146 million for the three months ended June 30, 2025. The changes were driven by the following:

•a $39 million, or 57.0% decrease within our Legacy segment,

•offset by an $18 million, or 44.5% increase within our Global Wholesale & Specialty segment, and

•a $4 million, or 11.4% increase within our Reinsurance Treaty segment.

Other underwriting expenses decreased to $249 million for the six months ended June 30, 2026, compared to $296 million for the six months ended June 30, 2025. The changes were primarily driven by the following:

•an $82 million, or 60.4% decrease within our Legacy segment,

•offset by a $35 million, or 41.7% increase within our Global Wholesale & Specialty segment.

For additional claims and expenses information, refer to Segment Results.

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, decreased to $10 million from $11 million for the three months ended June 30, 2026 and 2025, respectively. The changes were driven by professional fees associated with certain corporate initiatives.

Corporate expenses, which are general operating expenses that are not allocated to segments, were increased to $23 million from $17 million for the six months ended June 30, 2026 and 2025, respectively. The changes were driven by professional fees associated with certain corporate initiatives.

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense decreased to $42 million from $44 million for the three months ended June 30, 2026 and 2025, respectively, driven by the following:

•Interest expense was mainly impacted by the movement in the floating interest rate related to the Company’s long-term subordinated notes, which is reset quarterly per the note agreement, as well as variable interest rate costs on borrowings from Federal Home Loan Bank of New York (“FHLBNY”).

Interest, fees and other bond amortization expense decreased to $84 million from $88 million for the six months ended June 30, 2026 and 2025, respectively, driven by the following:

•The decrease for the six months ended June 30, 2026 was mainly due to higher interest costs on the Federal Home Loan Bank of New York (“FHLBNY”) borrowing, more than fully offset by a decrease 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 6.30% as of June 30, 2026, compared to 6.97% as of June 30, 2025.

Income Tax Expense (Benefit). Income tax expense was $72 million and $65 million for the three months ended June 30, 2026 and 2025, respectively. Income tax expense was $167 million and $89 million for the six months ended June 30, 2026 and 2025, respectively. The period over period change in income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses, foreign exchange gains (losses) and net gains (losses) on investments, among jurisdictions with different tax rates.

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 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 the third quarter of 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 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 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 $305 million and $324 million for the three months ended June 30, 2026 and 2025, respectively. Our net income was $738 million and $424 million for the six months ended June 30, 2026 and 2025, respectively. The period over period changes in net income were primarily driven by the financial component fluctuations explained above.

Stockholder’s Equity.

Stockholder’s equity increased by $521 million to $9.0 billion at June 30, 2026 from $8.5 billion at December 31, 2025, driven by the following:

•$738 million of net income,

•offset by $197 million of net unrealized depreciation on fixed income available for sale securities, net of tax, and $19 million of net foreign currency translation adjustments.

Consolidated Investment Results

Net Investment Income.

Net investment income increased by 6.5% to $335 million for the three months ended June 30, 2026, compared with net investment income of $314 million for the three months ended June 30, 2025, driven by the following:

•an increase of $18 million in income from limited partnerships and other invested assets. The limited partnership income primarily reflects changes in 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, and

•an increase of $9 million in income from fixed maturity investments, offset by

•a decline of $3 million in income from short-term investments and cash, and

•a decline of $3 million in funds held interest income (expense).

Net investment income increased by 10.0% to $696 million for the six months ended June 30, 2026, compared to $633 million for the six months ended June 30, 2025, primarily driven by the following:

•an increase of $80 million in income from limited partnerships and other invested assets. The limited partnership income primarily reflects changes in 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 above was offset by a decline of $16 million in income from short-term investments and cash.

The following table shows the components of net investment income for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2026		2025		2026		2025
Fixed maturities	$	276	$	267	$	539	$	532
Equity securities	1		1		3		2
Short-term investments and cash	12		15		26		43
Other invested assets
Limited partnerships	17		8		63		(1)
Dividends from preferred shares of affiliate	8		8		16		16
Other	31		22		68		52
Gross investment income before adjustments	345		321		714		643
Funds held interest income (expense)	(2)		1		(1)		5

Gross investment income	343		322		713		648
Investment expenses	8		8		17		15
Net investment income	$	335	$	314	$	696	$	633

(Some amounts may not reconcile due to rounding.)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Annualized pre-tax yield on average cash and invested assets	4.6	%	4.5	%	4.8	%	4.6	%
Annualized after-tax yield on average cash and invested assets	3.8	%	3.7	%	3.9	%	3.7	%

Net Gains (Losses) on Investments.

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


	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in millions)	2026		2025		Variance		2026			2025		Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains	$	9	$	4	$	5	$	17		$	6	11
Losses	(8)		(5)		(3)		(29)			(8)		(21)
Total	1		(1)		2		(12)		(12)	(2)		(10)

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

Equity securities
Gains	—		—		—		—			—		—
Losses	—		—		—		—			—		—
Total	—		—		—		—			—		—

Other Invested Assets
Gains	—		—		—		—			—		—
Losses	—		—		—		—			—		—
Total	—		—		—		—			—		—

Short-Term Investments
Gains	—		—		—		—			—		—
Losses	—		—		—		—			—		—
Total	—		—		—		—			—		—

Total net realized gains (losses) from dispositions
Gains	9		4		4		17			6		10
Losses	(8)		(5)		(3)		(29)			(9)		(20)
Total	1		—		2		(12)			(2)		(10)

Allowance for credit losses	(11)		(2)		(9)		2			(2)		5

Gains (losses) from fair value adjustments
Equity securities	4		4		—		(2)			3		(5)
Other invested assets	(2)		(4)		2		(26)			95		(121)
Total	2		—		2		(28)			98		(125)

Total net gains (losses) on investments	$	(8)	$	(2)	$	(5)	$	(38)		$	93	$	(130)

(Some amounts may not reconcile due to rounding.)

Total net gains (losses) on investments during the three months ended June 30, 2026 primarily consist of $1 million of gains due to the disposition of investments and an increase to the allowance for credit losses of $11 million, partially offset by $2 million of gains from fair value adjustments on other invested assets and equity securities.

Total net gains (losses) on investments during the six months ended June 30, 2026 primarily relate to $28 million of losses from fair value adjustments on other invested assets and equity securities, partially offset by $12 million of losses due to disposition of investments and a decrease to the allowance for credit losses of $2 million.

Segment Results.

Our three reportable segments, Reinsurance Treaty and Global Wholesale & Specialty and Legacy, 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 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.

Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in certain geographic regions to AIG. This reflects our sharpened focus on its global Reinsurance Treaty business as well as the Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed.

The Company now has three reportable segments, however, only two that actively sell products; Reinsurance Treaty and Global Wholesale & Specialty. Our Legacy segment primarily includes the divested parts of our 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 asbestos and environmental 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 finite period in 2026. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

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 also 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 discusses the underwriting results for each of our segments for the periods indicated, excluding the impact of reinsurance with its affiliated Bermuda entities. See the Core Businesses section of Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as Notes 7 and 14 of the Notes to the Consolidated Financial Statements for comprised balances and further details.

Reinsurance Treaty.

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


	Three Months Ended June 30,							Six Months Ended June 30,
(Dollars in millions)	2026		2025		Variance		% Change	2026		2025		Variance		% Change
Gross written premiums	$	1,612	$	1,710	$	(98)	(5.7) %	$	3,205	$	3,477	$	(272)	(7.8) %
Net written premiums	1,338		1,595		(257)		(16.1) %	2,731		3,010		(279)		(9.3) %

Premiums earned	$	1,403	$	1,557	$	(154)	(9.9) %	$	2,798	$	3,007	$	(210)	(7.0) %
Incurred losses and LAE	798		810		(11)		(1.4) %	1,471		2,007		(536)		(26.7) %
Commission and brokerage	351		390		(39)		(10.0) %	709		741		(32)		(4.3) %
Other underwriting expenses	40		36		4		11.4 %	74		75		—		(0.4) %
Underwriting gain (loss)	$	214	$	322	$	(108)	(33.5) %	$	542	$	185	$	358	NM

							Point Chg							Point Chg
Loss ratio	56.9 %		52.0 %				4.9	52.6 %		66.7 %				(14.1)
Commission and brokerage ratio	25.0 %		25.0 %				—	25.4 %		24.6 %				0.7
Other underwriting expense ratio	2.9 %		2.3 %				0.6	2.7 %		2.5 %				0.2
Combined ratio	84.8 %		79.3 %				5.4	80.6 %		93.9 %				(13.3)

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

Premiums. Gross written premiums decreased by 5.7% to $1.6 billion for the three months ended June 30, 2026, compared to $1.7 billion for the three months ended June 30, 2025, driven by the following:

•decrease in property catastrophe excess of loss and property non-catastrophe excess of loss due to lower reinstatement premium and declining property rates, and

•the effects of underwriting actions on casualty pro rata and casualty excess of loss lines of business.

Gross written premiums decreased by 7.8% to $3.2 billion for the six months ended June 30, 2026, compared to $3.5 billion for the six months ended June 30, 2025, driven by the following:

•decrease in property book of business due to lower reinstatement premium and declining property rates, and

•the effects of underwriting actions on casualty pro rata and casualty excess of loss lines of business.

Net written premiums decreased by 16.1% to $1.3 billion for the three months ended June 30, 2026, compared to $1.6 billion for the three months ended June 30, 2025. Net written premiums decreased by 9.3% to $2.7 billion for the six months ended June 30, 2026, compared to $3.0 billion for the six months ended June 30, 2025. The three month and six month changes were primarily driven by increase in third-party cessions, largely driven by the new Annapurna Re, Ltd. reinsurance sidecar. Refer to Recent Developments section above for details.

Premiums earned decreased by 9.9% to $1.4 billion for the three months ended June 30, 2026, compared to $1.6 billion for the three months ended June 30, 2025. Premiums earned decreased by 7.0% to $2.8 billion for the six months ended June 30, 2026, compared to $3.0 billion for the six months ended June 30, 2025. Both the three and six month changes were primarily driven by a decrease in net written premiums as well as increased third-party cessions, largely driven by the new Annapurna Re, Ltd. reinsurance sidecar. Refer to the Recent Developments section above for details. 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.

Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Reinsurance Treaty segment for the periods indicated:


	Three Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	764	54.4	%	$	(42)	(3.0)	%	721		51.4	%
Catastrophes	55		3.9	%	22		1.6	%	77		5.5	%
Total Segment	$	819	58.3	%	$	(20)	(1.4)	%	$	798	56.9	%

2025
Attritional	$	787	50.6	%	$	18	1.2	%	806		51.7	%
Catastrophes	—		—	%	4		0.2	%	4		0.3	%
Total Segment	$	788	50.6	%	$	22	1.4	%	$	810	52.0	%

Variance 2026/2025
Attritional	$	(24)	3.9	pts	$	(61)	(4.2)	pts	$	(84)	(0.3)	pts
Catastrophes	55		3.9	pts	18		1.3	pts	73		5.2	pts
Total Segment	$	31	7.8	pts	$	(43)	(2.9)	pts	$	(11)	4.9	pts

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	1,491	53.3	%	$	(66)	(2.4)	%	1,424		50.9	%
Catastrophes	87		3.1	%	(40)		(1.4)	%	47		1.7	%
Total Segment	$	1,578	56.4	%	$	(106)	(3.8)	%	$	1,471	52.6	%

2025
Attritional	$	1,524	50.7	%	$	18	0.6	%	1,542		51.3	%
Catastrophes	463		15.4	%	2		0.1	%	465		15.5	%
Total Segment	$	1,986	66.0	%	$	21	0.7	%	$	2,007	66.7	%

Variance 2026/2025
Attritional	$	(33)	2.6	pts	$	(85)	(3.0)	pts	$	(118)	(0.4)	pts
Catastrophes	(376)		(12.3)	pts	(42)		(1.5)	pts	(418)		(13.8)	pts
Total Segment	$	(408)	(9.6)	pts	$	(127)	(4.5)	pts	$	(536)	(14.1)	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses decreased by 1.4% to $798 million for the three months ended June 30, 2026, compared to $810 million for the three months ended June 30, 2025, primarily related to the impact of the decrease in earned premiums. The Reinsurance Treaty segment loss ratio increased by 4.9 pts for the three months ended June 30, 2026, driven by the following:

•an increase of $55 million in current year catastrophe losses, with current year catastrophe losses primarily being driven by Other Weather Related Events ($45 million) and Hurricanes, Typhoons and Cyclones ($10 million), and

•an increase in unfavorable development on prior year catastrophe losses of $18 million, driven primarily by Other events ($33 million) related to the 2024 Baltimore Bridge collapse that was offset by reserves released for various well-seasoned events,

•offset by a decrease of $24 million in current year attritional losses which is net of the elevated non-catastrophe weather events that occurred during the quarter, and an increase of favorable development on prior year attritional losses of $61 million, primarily related to the Property book of business.

Incurred losses decreased by 26.7% to $1.5 billion for the six months ended June 30, 2026, compared to $2.0 billion for the six months ended June 30, 2025. The Reinsurance Treaty segment loss ratio decreased by 14.1 pts for the six months ended June 30, 2026, driven by the following:

•a decrease of $33 million in current year attritional losses driven primarily by the decrease in earned premiums and an increase of net favorable development on prior year attritional losses of $85 million primarily related to the Property book of business,

•a decrease of $376 million in current year catastrophe losses, with current year catastrophe losses primarily being driven by Other Weather Related Events ($70 million), Hurricanes, Typhoons and Cyclones ($10 million), and Foreign Conflict ($7 million), as well as

•net favorable development on prior year catastrophe losses of $42 million, primarily related to reserves released for Wildfires ($42 million), Hurricanes, Typhoons and Cyclones ($27 million), and Earthquakes ($6 million), offset by Other ($33 million) driven by the 2024 Baltimore Bridge collapse.

Segment Expenses. Commission and brokerage expense decreased by 10.0% to $351 million for the three months ended June 30, 2026, compared to $390 million for the three months ended June 30, 2025, driven by the decline in premium volume. The Reinsurance Treaty segment commission and brokerage expense ratio remained consistent when comparing the three months ended June 30, 2026 and 2025 as the percentage decrease in earned premium was commensurate with the decrease in commission and brokerage expenses year over year.

Commission and brokerage expense decreased by 4.3% to $709 million for the six months ended June 30, 2026, compared to $741 million for the six months ended June 30, 2025. The Reinsurance Treaty segment commission and brokerage expense ratio increased by 0.7 pts for the six months ended June 30, 2026 driven by a decline in reinstatement premium in 2026 compared to 2025.

Segment other underwriting expenses increased to $40 million for the three months ended June 30, 2026 from $36 million for the three months ended June 30, 2025. The Reinsurance Treaty segment other underwriting expense ratio increased by 0.6 pts for the three months ended June 30, 2026, driven by increased professional services expenses as well as higher staffing/resource costs.

Segment other underwriting expenses decreased to $74 million for the six months ended June 30, 2026 from $75 million for the six months ended June 30, 2025. The Reinsurance Treaty segment other underwriting expense ratio increased by 0.2 pts, driven by decline in earned premium.

Global Wholesale & Specialty.

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


	Three Months Ended June 30,							Six Months Ended June 30,
(Dollars in millions)	2026		2025		Variance		% Change	2026		2025		Variance		% Change
Gross written premiums	$	689	$	747	$	(58)	(7.7) %	$	1,260	$	1,340	$	(80)	(6.0) %
Net written premiums	518		612		(94)		(15.3) %	1,024		1,134		(109)		(9.6) %

Premiums earned	$	529	$	577	$	(48)	(8.3) %	$	1,066	$	1,147	$	(81)	(7.1) %
Incurred losses and LAE	328		391		(63)		(16.1) %	664		765		(102)		(13.3) %
Commission and brokerage	110		119		(10)		(8.2) %	227		234		(7)		(3.2) %
Other underwriting expenses	60		42		18		44.5 %	121		85		35		41.7 %
Underwriting gain (loss)	$	31	$	25	$	6	24.9 %	$	55	$	62	$	(8)	(12.1) %

							Point Chg							Point Chg
Loss ratio	62.0 %		67.8 %				(5.7)	62.3 %		66.7 %				(4.5)
Commission and brokerage ratio	20.7 %		20.7 %				—	21.3 %		20.4 %				0.9
Other underwriting expense ratio	11.4 %		7.2 %				4.2	11.3 %		7.4 %				3.9
Combined ratio	94.1 %		95.7 %				(1.6)	94.9 %		94.6 %				0.3

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

Premiums. Gross written premiums decreased by 7.7% to $689 million for the three months ended June 30, 2026, compared to $747 million for the three months ended June 30, 2025, driven by the following:

•reductions in property/short-tail and specialty casualty lines of business,

•partly offset by growth in other specialty.

Gross written premiums decreased by 6.0% to $1.3 billion for the six months ended June 30, 2026, compared to $1.3 billion for the six months ended June 30, 2025, driven by the following:

•reductions in property/short-tail and specialty casualty lines of business,

•partly offset by growth in other specialty and accident and health.

Net written premiums decreased by 15.3% to $518 million for the three months ended June 30, 2026, compared to $612 million for the three months ended June 30, 2025, driven by the decrease in gross written premium as well as additional outwards reinsurance purchased against the specialty casualty business via the new Annapurna Re, Ltd. reinsurance sidecar cessions. Refer to Recent Developments section above for details.

Net written premiums decreased by 9.6% to $1.0 billion for the six months ended June 30, 2026, compared to $1.1 billion for the six months ended June 30, 2025, driven by the decrease in gross written premium as well as additional outwards reinsurance purchased against the specialty casualty business via the new Annapurna Re, Ltd. reinsurance sidecar cessions. Refer to Recent Developments section above for details.

Premiums earned decreased by 8.3% to $529 million for the three months ended June 30, 2026, compared to $577 million for the three months ended June 30, 2025. Premiums earned decreased by 7.1% to $1.1 billion for the six months ended June 30, 2026, compared to $1.1 billion for the six months ended June 30, 2025. The decrease for the three and six months ended are driven by the decreases in net written premiums noted above. 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.

Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Global Wholesale & Specialty segment for the periods indicated.


	Three Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	323	61.1	%	$	5	1.0	%	328		62.0	%
Catastrophes	—		—	%	—		—	%	—		—	%
Total Segment	$	323	61.1	%	$	5	1.0	%	$	328	62.0	%

2025
Attritional	$	388	67.2	%	$	—	—	%	388		67.2	%
Catastrophes	1		0.1	%	3		0.5	%	4		0.6	%
Total Segment	$	388	67.3	%	$	3	0.5	%	$	391	67.8	%

Variance 2026/2025
Attritional	$	(65)	(6.1)	pts	$	5	1.0	pts	$	(59)	(5.1)	pts
Catastrophes	(1)		(0.1)	pts	(3)		(0.5)	pts	(4)		(0.6)	pts
Total Segment	$	(65)	(6.2)	pts	$	2	0.5	pts	$	(63)	(5.7)	pts

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	646	60.6	%	$	5	0.5	%	651		61.1	%
Catastrophes	13		1.2	%	—		—	%	13		1.2	%
Total Segment	$	659	61.8	%	$	5	0.5	%	$	664	62.3	%

2025
Attritional	$	750	65.4	%	$	—	—	%	750		65.4	%
Catastrophes	15		1.3	%	1		—	%	15		1.3	%
Total Segment	$	765	66.7	%	$	—	—	%	$	765	66.7	%

Variance 2026/2025
Attritional	$	(104)	(4.8)	pts	$	5	0.5	pts	(99)		(4.3)	pts
Catastrophes	(2)		(0.1)	pts	(1)		—	pts	(2)		(0.1)	pts
Total Segment	$	(106)	(4.9)	pts	$	5	0.4	pts	$	(102)	(4.5)	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 16.1% to $328 million for the three months ended June 30, 2026, compared to $391 million for the three months ended June 30, 2025. The Global Wholesale & Specialty segment loss ratio decreased by 5.7 pts driven by the following:

•a decrease of $65 million in current year losses, primarily driven by a decrease in current year attritional losses due to business mix as well as improved loss experience in property/short-tail, specialty casualty, and accident and health.

Incurred losses and LAE decreased by 13.3% to $664 million for the six months ended June 30, 2026, compared to $765 million for the six months ended June 30, 2025. The Global Wholesale & Specialty segment loss ratio decreased by 4.5 pts driven by the following:

•a decrease of $106 million in current year losses, primarily driven by $104 million in current year attritional losses due to business mix.

Segment Expenses. Commission and brokerage expenses decreased by 8.2% to $110 million for the three months ended June 30, 2026, compared to $119 million for the three months ended June 30, 2025, driven by the decline in net written premiums. The Global Wholesale & Specialty segment commission and brokerage expense ratio remained relatively consistent when comparing the three months ended June 30, 2026 and 2025 as the percentage decrease in earned premium was commensurate with the decrease in commission and brokerage expenses year over year.

Commission and brokerage expenses decreased by 3.2% to $227 million for the six months ended June 30, 2026, compared to $234 million for the six months ended June 30, 2025. The Global Wholesale & Specialty segment commission and brokerage expense ratio increased by 0.9 pts for the three months ended June 30, 2026, driven by changes in the mix of business.

Segment other underwriting expenses increased to $60 million for the three months ended June 30, 2026, compared to $42 million for the three months ended June 30, 2025. The Global Wholesale & Specialty segment other underwriting expense ratio increased by 4.2 pts for the three months ended June 30, 2026, driven by investment in the Global Wholesale & Specialty segment technology platform.

Segment other underwriting expenses increased to $121 million for the six months ended June 30, 2026, compared to $85 million for the six months ended June 30, 2025. The Global Wholesale & Specialty segment other underwriting expense ratio increased by 3.9 pts for the six months ended June 30, 2026, driven by investment in the Global Wholesale & Specialty segment technology platform.

Legacy.

The Legacy segment primarily includes the divested parts of our 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 asbestos and environmental 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 finite period in 2026.

The following table presents the underwriting results for the Legacy segment for the periods indicated:


	Three Months Ended June 30,							Six Months Ended June 30,
(Dollars in millions)	2026		2025		Variance		% Change	2026		2025		Variance		% Change
Gross written premiums	$	28	$	535	$	(507)	(94.7) %	$	87	$	931	$	(844)	(90.7) %
Net written premiums	23		374		(351)		(93.9) %	59		689		(630)		(91.4) %

Premiums earned	$	195	$	355	$	(160)	(45.0) %	$	451	$	733	$	(282)	(38.5) %
Incurred losses and LAE	163		323		(160)		(49.5) %	386		623		(237)		(38.0) %
Commission and brokerage	19		24		(5)		(21.5) %	38		48		(10)		(20.0) %
Other underwriting expenses	29		68		(39)		(57.0) %	54		136		(82)		(60.4) %
Underwriting gain (loss)	$	(17)	$	(61)	$	44	(72.6) %	$	(27)	$	(74)	$	47	(63.0) %

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

Premiums. Premiums have decreased significantly compared to prior periods as a result of the commercial retail insurance business sale to AIG under the previously announced renewal rights agreement.

•Gross written premiums decreased by 94.7% and 90.7% for the three and six months ended 2026 and 2025, respectively.

•Net written premiums decreased by 93.9% and 91.4% for the three and six months ended 2026 and 2025, respectively.

•Premiums earned decreased by 45.0% and 38.5% for the three and six months ended 2026 and 2025, respectively.

Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Legacy segment for the periods indicated.


	Three Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	159	81.5	%	$	—	(0.1)	%	159		81.4	%
Catastrophes	4		2.2	%	—		0.1	%	4		2.3	%
Total Segment	$	163	83.7	%	$	—	—	%	$	163	83.7	%

2025
Attritional	$	312	87.8	%	$	—	—	%	312		87.8	%
Catastrophes	15		4.1	%	(3)		(0.9)	%	11		3.2	%
Total Segment	$	326	91.9	%	$	(3)	(0.9)	%	$	323	91.0	%

Variance 2026/2025
Attritional	$	(153)	(6.3)	pts	$	—	(0.1)	pts	$	(153)	(6.4)	pts
Catastrophes	(10)		(1.9)	pts	3		1.0	pts	(7)		(0.9)	pts
Total Segment	$	(163)	(8.3)	pts	$	3	0.9	pts	$	(160)	(7.4)	pts

(Some amounts may not reconcile due to rounding.)


	Six Months Ended June 30,
(Dollars in millions)	Current Year		Ratio %/ Pt Change		Prior Years		Ratio %/ Pt Change		Total Incurred		Ratio %/ Pt Change
2026
Attritional	$	375	83.2	%	$	—	—	%	375		83.2	%
Catastrophes	13		2.9	%	(2)		(0.4)	%	11		2.5	%
Total Segment	$	388	86.1	%	$	(2)	(0.5)	%	$	386	85.7	%

2025
Attritional	$	607	82.8	%	$	—	—	%	607		82.8	%
Catastrophes	17		2.4	%	(1)		(0.1)	%	16		2.2	%
Total Segment	$	624	85.2	%	$	(1)	(0.1)	%	$	623	85.0	%

Variance 2026/2025
Attritional	$	(232)	0.4	pts	$	—	(0.1)	pts	$	(232)	0.3	pts
Catastrophes	(4)		0.6	pts	(1)		(0.3)	pts	(5)		0.3	pts
Total Segment	$	(236)	1.0	pts	$	(1)	(0.3)	pts	$	(237)	0.6	pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 49.5% to $163 million for the three months ended June 30, 2026, compared to $323 million for the three months ended June 30, 2025, driven by the following:

•a decrease of $153 million in current year attritional losses, reflecting the decline in premiums earned. Despite this expected reduction, the Company maintained conservative loss selections within the North America Casualty lines of business, and

•a decrease of $10 million in current year catastrophe losses, with current year catastrophe losses for the three months ended June 30, 2026 primarily being driven by Other Weather Related Events ($4 million), compared to $15 million in the three months ended June 30, 2025, primarily driven by Other Weather Related Events ($10 million) and Wildfires ($4 million).

Incurred losses and LAE decreased by 38.0% to $386 million for the six months ended June 30, 2026, compared to $623 million for the six months ended June 30, 2025, driven by the following:

•a decrease of $232 million in current year attritional losses, reflecting the decline in premiums earned. Additionally, in 2025 we strengthened reserves for U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines, and

•a decrease of $4 million in current year catastrophe losses, with current year catastrophe losses for the six months ended June 30, 2026 primarily relating to Other Weather Related Events ($13 million), compared to $17 million in the six months ended June 30, 2025, primarily driven by Other Weather Related Events ($10 million) and Wildfires ($7 million).

Segment Expenses. Commission and brokerage expenses decreased by 21.5% to $19 million for the three months ended June 30, 2026, compared to $24 million for the three months ended June 30, 2025. Commission and brokerage expenses decreased by 20.0% to $38 million for the six months ended June 30, 2026, compared to $48 million for the six months ended June 30, 2025. The decreases in commission and brokerage expenses were driven by lower commission expense associated with the continued runoff of the portfolio and reduced earned premium volume.

Segment other underwriting expenses decreased by 57.0% to $29 million for the three months ended June 30, 2026, compared to $68 million for the three months ended June 30, 2025, driven by the following:

•lower expenses resulting from actions taken to streamline operations and reduce infrastructure supporting the runoff portfolio,

•reduced operational support and servicing costs as the portfolio continues to run off, and

•a $30 million benefit from transition service credits received from AIG as part of the sale transaction. These credits are expected to continue through the third quarter of 2026 and will cease thereafter.

Segment other underwriting expenses decreased by 60.4% to $54 million for the six months ended June 30, 2026, compared to $136 million for the six months ended June 30, 2025, driven by the following:

•lower expenses resulting from ongoing operational efficiency initiatives and infrastructure rationalization within the segment,

•the impact of the continued investment in insurance operations in the prior year period, which did not recur at the same level in the current year, and

•a $60 million benefit from transition service credits received from AIG as part of the sale of renewal rights transaction. These credits are expected to continue through the third quarter of 2026 and will cease thereafter.

LIQUIDITY AND CAPITAL RESOURCES

Capital. Stockholder’s equity at June 30, 2026 and December 31, 2025 was $9.0 billion and $8.5 billion, respectively. Management’s objective in managing capital is to ensure its 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 were as follows:


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

(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, Standard & Poor’s 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.

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.

Debt securities. We may continue, from time to time, to seek to retire portions of our outstanding debt securities through cash repurchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be subject to and depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.

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. 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 reinsurance and 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. Our net cash flows from operating activities were $8 million and $892 million for the six months ended June 30, 2026 and 2025, respectively.

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 June 30, 2026 and December 31, 2025, we held cash and short-term investments of $1.5 billion and $2.1

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 June 30, 2026, we had $680 million of fixed maturity securities - available for sale maturing within one year or less, $4.7 billion maturing within one to five years and $4.7 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. At June 30, 2026, we had $235 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $399 million of pre-tax unrealized depreciation and $164 million of pre-tax unrealized appreciation.

Given the sale of the renewal rights for the Commercial Retail Insurance business in certain geographic regions to AIG, reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines and catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as claim payments are made. However, as indicated above, the Company has access to ample liquidity to settle its claims including any payments due for its 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 June 30, 2026, Everest Re had statutory admitted assets of approximately $32.4 billion which provides borrowing capacity of up to approximately $3.2 billion. As of June 30, 2026, Everest Re had $1.0 billion of borrowings outstanding that begin to expire in 2026. See Note 10 – Federal Home Loan Bank Membership to the Notes to the Consolidated Financial Statements in Part I, Item I of this Form 10-Q for further details.

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 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.

Interest Rate Risk. Our $28.9 billion cash and invested assets portfolio at June 30, 2026 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 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 $21.7 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 table below displays the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $1.2 billion of short-term investments) for the period indicated based on upward and downward parallel shifts of 100 and 200 basis points 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 June 30, 2026
	-200		-100		0		100		200
(Dollars in millions)
Total Fair Value	$	24,571	$	23,759	$	22,927	$	22,084	$	21,242
Fair Value Change from Base (%)	7.2 %		3.6 %		— %		(3.7) %		(7.3) %
Change in Unrealized Appreciation After-tax from Base ($)	$	1,299	$	657	$	—	$	(665)	$	(1,331)

We had $21.2 billion and $21.3 billion of gross reserves for losses and LAE as of June 30, 2026 and December 31, 2025, 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. Our operating entities may conduct business in its local currency, as well as the currency of other countries in which it operates. The primary foreign currency exposures for these operations are the Singapore and Canadian Dollars. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with U.S. GAAP guidance, 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 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Instruments. See “Liquidity and Capital Resources — Market Sensitive Instruments” in Part I – Item 2 of this Form 10-Q.

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, our management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.

PART II. OTHER INFORMATION

ITEM 1. 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 1A. RISK FACTORS

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.

The insurance and reinsurance regulatory framework continues to be subject to increased scrutiny in many jurisdictions, including the U.S., Bermuda and Europe. The International Association of Insurance Supervisors has in place a Common Framework for the supervision of Internationally Active Insurance Groups (“IAIGs”), which is focused on the group-wide supervision of IAIGs. Effective January 7, 2026, the Bermuda Insurance Amendment (No. 2) Act 2025 (the “Amendment”) expanded the Bermuda Monetary Authority's ("BMA") group supervision framework under the Bermuda Insurance Act 1978 (the “Act”). Under the Amendment, the BMA now designates and registers 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 company of an insurance group. Since Group is incorporated in Bermuda and is the ultimate parent of Everest’s insurance group, Group is subject to group supervision by the BMA under the Amendment Act.

During the three months ended June 30, 2026, the BMA informed Group of its formal determination that it is appropriate for the BMA to become Group Supervisor for Group and its subsidiaries and specified that Bermuda Re, an affiliate of the Company, would become the “designated insurer” responsible for group-level regulatory compliance for Group and its subsidiaries pursuant to Section 27B of the Act. Because the Company is part of Group’s designated insurance group, the Company may be subject to new compliance requirements resulting from BMA group supervision.

Group and Bermuda Re are discussing with the BMA the requirements of group supervision during a twelve-month transition period that ends in January 2027, with the BMA authorized to grant extensions of up to an additional twelve months upon application. During this period, management is analyzing compliance requirements and potential focus areas and taking steps necessary to comply with the BMA’s group supervision requirements. Under the Act, after the transition period, Group will be 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 within the group. As Group Supervisor, the BMA will also chair a Supervisory College, coordinating with

other regulators that supervise Group’s licensed entities in other jurisdictions, including Delaware. Management’s continuing assessment of and compliance with the Act’s requirements will require Group to allocate considerable time and resources that could impact the operations of our insurance and/or non-insurance subsidiaries, result in increased costs and affect our financial condition. Group supervision by the BMA, including designated insurer designation of Bermuda Re, could affect our prescribed capital requirements, the terms and structure of our regulatory capital, intercompany capital transactions, borrowing requirements and terms, and ratings and may significantly increase our cost of regulatory compliance.

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 United States 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.

Except for the matter described above, there have been no material changes to the risk factors disclosed in Item 1A. “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) 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, during the fiscal quarter ended June 30, 2026.

ITEM 6. EXHIBITS


Exhibit Index:

Exhibit No.						Description

31.1						Section 302 Certification of James Williamson

31.2						Section 302 Certification of Elias Habayeb

32.1						Section 906 Certification of James Williamson and Elias Ha bay eb

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 Labels Linkbase

101.PRE						XBRL Taxonomy Extension Presentation Linkbase

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

Everest Reinsurance Holdings, Inc.

Signatures

Pursuant to the requirements 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.


			Everest Reinsurance Holdings, Inc.
			(Registrant)

			/S/ ELIAS HABAYEB
			Elias Habayeb
			Executive Vice President and
			Chief Financial Officer

			(Duly Authorized Officer and Principal Financial Officer)

Dated: August 13, 2026