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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business in the majority of our geographic regions to AIG. This new segment presentation reflects the Company's sharpened focus on its global Reinsurance Treaty business as well as its Global Wholesale & Specialty business. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed, and recast certain sections of its Annual Report on Form 10-K for the fiscal year ended 2025 on a Current Report on Form 8-K filed on June 3, 2026.
Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post-sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two segments 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.
For the Reinsurance Treaty and Global Wholesale & Specialty reportable segments, management generally monitors and evaluates financial performance based on underwriting results. During the third quarter of 2026, the Company refined its definition of underwriting results to exclude ceded prior year favorable (unfavorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain. The Company believes this change improves period-over-period comparability, removes the timing differences created by the retroactive reinsurance accounting model from the underwriting income (loss) measure, and better aligns with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.
Underwriting income (loss) is presented as a non-GAAP financial measure that includes earned premium less losses and LAE incurred, adjusted to exclude ceded prior year favorable (unfavorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain, commission and brokerage expenses, and other underwriting expenses. The Company measures underwriting results using ratios, including the loss, commission and brokerage, and other underwriting expense ratios, which are calculated by dividing the respective losses and expenses by premiums earned.
For the Legacy reportable segment, underwriting results are not a meaningful measure of segment performance due to the run-off nature of the business and its focus on managing and settling existing liabilities. Accordingly, during the third quarter of 2026, the Company introduced net reserve for losses and LAE before the impact of ADC as the Legacy segment performance measure to align the reported measure with how management evaluates the business. This balance sheet-based measure is calculated as reserve for losses and LAE, less unpaid reinsurance loss recoverables adjusted to exclude the unpaid recoverable of the adverse development reinsurance agreements. Other than this measure used to evaluate the Legacy reportable segment, the Company does not review and evaluate the financial results of its reportable segments based on balance sheet data.
These changes to the segment performance measures have been reflected retrospectively. The Company continues to evaluate its segments as its business evolves and may further refine its segments and financial performance measures.
The following tables present segment underwriting results for the periods indicated:
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal ConsolidatedReinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal Consolidated
Gross written premiums$2,715 $948 $79 $3,742 $8,109 $2,699 $308 $11,116 
Net written premiums2,164 747 57 2,968 6,797 2,177 218 9,192 
Premiums earned$2,243 $705 $208 $3,156 $7,158 $2,133 $929 $10,220 
Incurred losses and LAE1,797 449 186 2,432 4,723 1,332 755 6,811 
Commission and brokerage572 149 26 747 1,830 448 108 2,386 
Other underwriting expenses65 89 46 200 197 268 175 641 
Underwriting income (loss)$(191)$19 $(51)$(223)$407 $85 $(109)$383 
Ceded prior year (unfavorable) favorable development and related amortization under ADC— (8)
Net investment income634 1,725 
Net gains (losses) on investments(68)(86)
Corporate expenses(30)(101)
Interest, fee and bond issue cost amortization expense(36)(107)
Other income (expense)(9)(117)
Income tax benefit (expense)(36)(243)
Net income (loss)$233 $1,445 
Reserve for losses and loss adjustment expenses - Consolidated Balance Sheets$7,790 $7,790 
Less: unpaid reinsurance loss recoverables before impact of ADC(1,907)(1,907)
Net loss and loss adjustment expense reserves before impact of ADC$5,882 $5,882 
(Some amounts may not reconcile due to rounding.)
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal ConsolidatedReinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal Consolidated
Gross written premiums$2,867 $918 $590 $4,375 $8,753 $2,646 $2,048 $13,446 
Net written premiums2,548 761 444 3,754 7,861 2,182 1,565 11,607 
Premiums earned$2,579 $737 $539 $3,855 $7,885 $2,197 $1,616 $11,698 
Incurred losses and LAE1,490 465 882 2,837 5,063 1,417 1,723 8,203 
Commission and brokerage692 149 50 890 2,010 440 144 2,595 
Other underwriting expenses62 90 105 258 186 240 324 750 
Underwriting income (loss)$335 $33 $(498)$(130)$626 $100 $(575)$151 
Ceded prior year (unfavorable) favorable development and related amortization under ADC— — 
Net investment income540 1,563 
Net gains (losses) on investments(47)(59)
Corporate expenses(27)(79)
Interest, fee and bond issue cost amortization expense(38)(114)
Other income (expense)(29)(129)
Income tax benefit (expense)(14)(187)
Net income (loss)$255 $1,145 
Reserve for losses and loss adjustment expenses - Consolidated Balance Sheets$8,379 $8,379 
Less: unpaid reinsurance loss recoverables before impact of ADC(2,073)(2,073)
Net loss and loss adjustment expense reserves before impact of ADC$6,306 $6,306 
(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose on an interim basis and, therefore, are only provided annually as part of the Annual Report on Form 10-K.