v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its 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.
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 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 following tables present segment underwriting results for the periods indicated:
Three Months Ended June 30, 2026
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyAffiliated Cession to Bermuda EntitiesTotal Consolidated
Gross written premiums$1,612 $689 $28 $— $2,329 
Net written premiums1,338 518 23 (75)1,805 
Premiums earned$1,403 $529 $195 $(88)$2,039 
Incurred losses and LAE798 328 163 (1)1,289 
Commission and brokerage351 110 19 — 479 
Other underwriting expenses40 60 29 — 130 
Underwriting gain (loss)$214 $31 $(17)$(87)$141 
Net investment income335 
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 TreatyGlobal Wholesale & SpecialtyLegacyAffiliated Cession to Bermuda EntitiesTotal Consolidated
Gross written premiums$3,205 $1,260 $87 $— $4,552 
Net written premiums2,731 1,024 59 (205)3,610 
Premiums earned$2,798 $1,066 $451 $(178)$4,137 
Incurred losses and LAE1,471 664 386 (1)2,520 
Commission and brokerage709 227 38 — 974 
Other underwriting expenses74 121 54 — 249 
Underwriting gain (loss)$542 $55 $(27)$(177)$393 
Net investment income696 
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 TreatyGlobal Wholesale & SpecialtyLegacyAffiliated Cession to Bermuda EntitiesTotal Consolidated
Gross written premiums$1,710 $747 $535 $— $2,992 
Net written premiums1,595 612 374 (88)2,493 
Premiums earned$1,557 $577 $355 $(118)$2,372 
Incurred losses and LAE810 391 323 7 1,532 
Commission and brokerage390 119 24 — 533 
Other underwriting expenses36 42 68 — 146 
Underwriting gain (loss)$322 $25 $(61)$(125)$161 
Net investment income314 
Net gains (losses) on investments(2)
Corporate expenses(11)
Interest, fees and bond issue cost amortization expense(44)
Other income (expense)(29)
Income 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 TreatyGlobal Wholesale & SpecialtyLegacyAffiliated Cession to Bermuda EntitiesTotal Consolidated
Gross written premiums$3,477 $1,340 $931 $— $5,748 
Net written premiums3,010 1,134 689 (294)4,538 
Premiums earned$3,007 $1,147 $733 $(234)$4,653 
Incurred losses and LAE2,007 765 623 5 3,400 
Commission and brokerage741 234 48 — 1,022 
Other underwriting expenses75 85 136 — 296 
Underwriting gain (loss)$185 $62 $(74)$(238)$(65)
Net investment income633 
Net gains (losses) on investments93 
Corporate expenses(17)
Interest, fees and bond issue cost amortization expense(88)
Other income (expense)(41)
Income tax benefit (expense)$(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.