v3.26.3
CREDIT FACILITIES
 9 Months Ended
Sep. 30, 2026
Line of Credit Facility [Abstract]  
CREDIT FACILITIES CREDIT FACILITIES
As of September 30, 2026, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.6 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £150 million and €75 million, respectively. The Company also has additional uncommitted letter of credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee that the uncommitted capacity will be available to us on a future date.
The terms and outstanding amounts for each facility are discussed below. The dates of expiry of letters of credit issued under facilities may differ from the dates of expiry of the respective facilities. Refer to Note 11 of the Notes to the Consolidated Financial Statements for collateral posted related to secured letters of credit.
Wells Fargo Bilateral Letter of Credit Facility
Effective June 10, 2024, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) entered into a Second Amended and Restated Letter of Credit Facility agreement with Wells Fargo (the “Wells Fargo Bilateral Letter of Credit Facility”). The agreement provides a commitment for the issuance of up to $500 million of secured letters of credit. Effective June 9, 2025, the Wells Fargo Bilateral Letter of Credit Facility was amended to tranche the facility, extend the availability of committed issuance for two years, and to reduce the overall size of the facility. As of September 30, 2026, the amended Wells Fargo Bilateral Letter of Credit Facility provides for the committed issuance of up to $175 million of unsecured letters of credit and $175 million of secured letters of credit.
The following table summarizes the outstanding letters of credit under the Wells Fargo Bilateral Letter of Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Wells Fargo Bank Bilateral LOC Facility - secured tranche$175 $113 12/31/2026$175 $141 12/31/2026
— 8/4/2027
Wells Fargo Bank Bilateral LOC Facility - unsecured tranche175 113 12/31/2026175 140 12/31/2026
— 2/20/2027
Total Wells Fargo Bank Bilateral LOC Facility$350 $226 $350 $280 
(Some amounts may not reconcile due to rounding.)
Citibank Letter of Credit Facility
Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. (the “Citibank Letter of Credit Facility”). The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 23, 2025, the agreement was amended to extend the availability of committed issuance for an additional two years.
The following table summarizes the outstanding letters of credit under the Citibank Letter of Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Citibank LOC Facility - Committed$230 $— 12/16/2026$230 $— 1/21/2026
154 12/31/20264 2/28/2026
3 1/1/20272 3/1/2026
1 1/21/20271 3/15/2026
— 1/31/2027— 12/16/2026
4 2/28/2027191 12/31/2026
2 3/1/20271 8/15/2027
1 3/15/20273 9/23/2027
3 9/23/2027
1 12/1/2027
— 12/16/2027
— 12/20/2027
4 12/31/2027
— 8/15/2028
Citibank LOC Facility - Uncommitted140 47 12/31/2026140 1 12/1/2026
8 9/30/2030— 12/20/2026
42 12/31/2026
7 12/30/2029
Citibank LOC Facility$370 $227 $370 $253 
(Some amounts may not reconcile due to rounding.)
Bayerische Landesbank Bilateral Secured Credit Facility
Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank (the “Bayerische Landesbank Bilateral Secured Credit Facility”). The Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.
The following table summarizes the outstanding letters of credit under the Bayerische Landesbank Bilateral Secured Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bayerische Landesbank Bilateral Secured Credit Facility - Committed$200 $130 12/31/2026$200 $123 12/31/2026
(Some amounts may not reconcile due to rounding.)
Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility
Effective December 30, 2022, Bermuda Re entered into an additional letter of credit issuance facility with Bayerische Landesbank, New York Branch (the “Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”). The Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor. Effective December 20, 2024, the Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility was amended to extend the availability of committed issuance for two years.
The following table summarizes the outstanding letters of credit under the Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed$150 $85 12/31/2026$150 $150 12/31/2026
65 9/8/2027
Total Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed$150 $150 $150 $150 
(Some amounts may not reconcile due to rounding.)
Lloyd’s Bank Letter of Credit Facility
Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Everest Insurance (Ireland), dac as an account party with access to a $15 million sub-limit for the issuance of letters of credit (the “Lloyd’s Bank Letter of Credit Facility”). This facility superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. Effective August 18, 2025, the Lloyds Bank Letter of Credit Facility was amended to add Everest Re as an account party and to extend the availability of committed issuance for an additional two years. The Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor. Letters of credit under the Lloyd’s Bank Letter of Credit Facility may be issued in U.S. dollars, Canadian dollars, Euros or Sterling.
The following table summarizes the outstanding letters of credit under the Lloyd’s Bank Letter of Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Lloyd's Bank Credit Facility - Committed$250 $184 12/18/2026$250 $67 10/22/2026
50 12/31/202661 12/18/2026
15 9/24/2027107 12/31/2026
Total Lloyd's Bank LOC Facility$250 $249 $250 $235 
(Some amounts may not reconcile due to rounding.)
Barclays Bank Letter of Credit Facility
Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC (the “Barclays Letter of Credit Facility”). The Barclays Letter of Credit Facility provides for the committed issuance of up to
$200 million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for an additional three years.
The following table summarizes the outstanding letters of credit under the Barclays Letter of Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Barclays Bilateral Letter of Credit Facility$200 $13 11/14/2026$200 $13 11/14/2026
5 12/31/20265 12/31/2026
100 7/21/2027
Total Barclays Bilateral Letter of Credit Facility$200 $117 $200 $17 
(Some amounts may not reconcile due to rounding.)
Nordea Bank Letter of Credit Facility
Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch (the “Nordea Bank Letter of Credit Facility”). The Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.
The following table summarizes the outstanding letters of credit under the Nordea Bank Letter of Credit Facility for the periods indicated:
(Dollars in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Nordea Bank Letter of Credit Facility - Committed$200 $200 12/31/2026$200 $200 12/31/2026
Nordea Bank Letter of Credit Facility - Uncommitted100 100 12/31/2026100 100 12/31/2026
Total Nordea Bank ABP, NY LOC Facility$300 $300 $300 $300 
(Some amounts may not reconcile due to rounding.)
Funds at Lloyds Syndicated Letter of Credit Facility
Effective October 30, 2024, Everest International Reinsurance, Ltd. (“Everest International”) entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch (the “Funds at Lloyds Syndicated Letter of Credit Facility”). Effective October 26, 2025, the agreement was extended for an additional one year and amended to £150 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.
The following table summarizes the outstanding letters of credit under the Funds at Lloyds Syndicated Letter of Credit Facility for the periods indicated:
(Pounds in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Funds at Lloyds Syndicated Letter of Credit Facility£150 £143 11/1/2029£150 £143 11/1/2029
(Some amounts may not reconcile due to rounding.)
Commerzbank Letter of Credit Facility
Effective December 30, 2024, Everest Reinsurance Company (Ireland), dac (“Ireland Re”) entered into a letter of credit issuance facility with Commerzbank AG, New York Branch (the “Commerzbank Letter of Credit Facility”). The Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit. Letters of credit under the Commerzbank Letter of Credit Facility may be issued in U.S. dollars or Euros.
The following table summarizes the outstanding letters of credit under the Commerzbank Letter of Credit Facility for the periods indicated:
(Dollars and Euros in millions)At September 30, 2026At December 31, 2025
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Commerzbank Letter of Credit Facility€75 €46 1/30/2027€75 €51 1/30/2027
€1 12/31/2026$25 12/31/2026
$— 12/26/2026$— 12/26/2026
$23 12/31/2026
(Some amounts may not reconcile due to rounding.)
Federal Home Loan Bank Membership
Everest Reinsurance Company (“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 September 30, 2026, Everest Re had statutory admitted assets of approximately $32.5 billion which provides borrowing capacity of up to approximately $3.2 billion. As of September 30, 2026, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. Everest Re incurred interest expense of $11 million and $12 million for the three months ended September 30, 2026 and 2025, respectively. Everest Re incurred interest expense of $31 million and $37 million for the nine months ended September 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 agreement requires that members must have sufficient qualifying collateral pledged. As of September 30, 2026, Everest Re had $1.2 billion of collateral pledged. Refer to Note 11 of the Notes to these Consolidated Financial Statements.
SENIOR NOTES
The table below displays Everest Reinsurance Holdings, Inc.’s (“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.
September 30, 2026December 31, 2025
(Dollars in millions)Date IssuedDate DuePrincipal
Amounts		Consolidated Balance
Sheet Amount		Fair ValueConsolidated Balance
Sheet Amount		Fair Value
4.868% Senior notes
6/5/20146/1/2044$400 $398 $326 $398 $355 
3.5% Senior notes
10/7/202010/15/20501,000 983 618 982 698 
3.125% Senior notes
10/4/202110/15/20521,000 972 560 972 636 
$2,400 $2,353 $1,504 $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
September 30,		Nine Months Ended
September 30,
(Dollars in millions)Interest PaidPayable Dates2026202520262025
4.868% Senior notes
Semi-annuallyJune 1/December 1$5 $5 $15 $15 
3.5% Senior notes
Semi-annuallyApril 15/October 159 9 26 26 
3.125% Senior notes
Semi-annuallyApril 15/October 158 8 24 24 
$22 $22 $65 $65 
(Some amounts may not reconcile due to rounding.)