| Schedule of Restricted Assets |
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.
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| Schedule of Collateralized Reinsurance Agreements |
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 | | 75 | | | 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 | | 70 | | | Aggregate | | Series 2026-1 Class C-1 | | US, Canada, Puerto Rico – Named Storm and Earthquake Events | | 7/1/2026 | | 6/30/2029 | | 60 | | | 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 | | 50 | | | Aggregate | | Series 2026-2 Class B-2 | | US, Canada, Puerto Rico – Named Storm and Earthquake Events | | 7/1/2026 | | 6/30/2030 | | 60 | | | 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 | | | |
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