EVEREST GROUP, LTD. - Annual Report: 2024 (Form 10-K)

We believe that our greatest worldwide 1 in 100-year exposure to a single catastrophic event is to a wind event affecting the Southeast U.S., where we estimate we have a PML exposure, net of third party reinsurance including catastrophe industry loss warranty cover, of $2.2 billion which represents approximately 11.0% of its December 31, 2024 shareholders’ equity.

If such a single catastrophe loss were to occur, management estimates that the net economic loss to us would be approximately $1.5 billion. The estimate involves multiple variables, including which Everest entity would experience the loss, and as a result there can be no assurance that this amount would not be exceeded.

We may purchase reinsurance to cover specific business written or the potential accumulation or aggregation of exposures across some or all of our operations. Reinsurance purchasing decisions consider both the potential coverage and market conditions including the pricing, terms, conditions, availability and collectability of coverage, with the aim of securing cost-effective protection from financially secure counterparts. The amount of reinsurance purchased has varied over time, reflecting our view of our exposures and the cost of reinsurance. In recent years, we have increased our use of reinsurance offered through capital market facilities.

We participate in “common account” retrocessional arrangements for certain reinsurance treaties whereby a ceding company purchases reinsurance for the benefit of itself and its reinsurers under one or more of its reinsurance treaties.

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Common account retrocessional arrangements reduce the effect of individual or aggregate losses to all participating companies, including the ceding company, with respect to the involved treaties.

Information Technology. Everest’s information technology is a key component of its business operations. Information technology systems and services are hosted at public and private cloud service providers across multiple data centers with processing performed at the office locations of our operating subsidiaries and branches. We have implemented security procedures, and regularly assess and enhance our security protocols, to ensure that our key business systems are protected, secured and backed up at off-site locations so that they can be restored promptly if necessary. We have business continuity plans and disaster recovery plans along with periodic testing of those plans to ensure we are capable of providing uninterrupted technology services in the event of major systems outages with alternative secure data centers available in case of broader outages.

Our business operations depend on the proper functioning and availability of our information technology platform, which includes data processing and related electronic communications. We communicate electronically internally and externally with our brokers, program managers, clients, third-party vendors, regulators and others. These communications and the data we handle may include personal, confidential or proprietary information. We ensure that all our systems, data and electronic transmissions are appropriately protected with the latest technology safeguards and meet regulatory standards.

Despite these safeguards, a significant cyber incident, including system failure, security breach and disruption by malware or other damage could interrupt or delay our operations and possibly our results. This type of incident may result in a violation of applicable data security, privacy, or other laws, damage our reputation, cause a loss of customers or give rise to regulatory scrutiny as well as monetary fines and other penalties. Management is not aware of a cybersecurity incident that has had a material impact on our operations. See also ITEM 1C, “Cybersecurity”.

Expected Cash Outflows. The following table shows our significant expected cash outflows for the period indicated.


	Payments due by period
(Dollars in millions)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Senior notes	$	2,400	$	—	$	—	$	—	$	2,400
Long term notes	219		—		—		—		219
Federal Home Loan Bank of New York	1,019		719		300		—		—
Interest expense (1)	2,833		101		203		203		2,325
Operating lease agreements	152		21		37		27		67
Gross reserve for losses and LAE (2)	29,889		3,486		8,951		7,764		9,689
Total	$	36,512	$	4,327	$	9,491	$	7,994	$	14,700

(Some amounts may not reconcile due to rounding.)

(1)Interest expense on long-term notes is calculated at the variable floating rate of 7.17%, as of December 31, 2024.

(2)Loss and LAE reserves represent management’s best estimate of losses from claim and related settlement costs. Both the amounts and timing of such payments are estimates, and the inherent variability of resolving claims as well as changes in market conditions make the timing of cash flows uncertain. Therefore, the ultimate amount and timing of loss and LAE payments could differ from our estimates.

The cash outflows for senior notes and long-term notes are the responsibility of Holdings. We strive to ensure that we have sufficient cash flow, liquidity, investments and access to capital markets to satisfy these obligations. Holdings generally depends upon dividends from Everest Re, its operating insurance subsidiary for its funding, capital contributions from Group or access to the capital markets. Our various operating insurance and reinsurance subsidiaries have sufficient cash flow, liquidity and investments to settle outstanding reserves for losses and LAE. Management believes that we, and each of our entities, have sufficient financial resources or ready access thereto, to meet all obligations.

Dividends.

During 2024 and 2023, we declared and paid common shareholder dividends of $334 million and $288 million, respectively. As an insurance holding company, we are partially dependent on dividends and other permitted payments from our subsidiaries to pay cash dividends to our shareholders. The payment of dividends to Group by Holdings Ireland and Everest Dublin Holdings is subject to Irish corporate and regulatory restrictions; the payment of dividends to Holdings Ireland by Holdings and to Holdings by Everest Re is subject to Delaware regulatory restrictions; and the payment of dividends to Group by Bermuda Re, Everest International, Everest Preferred International Holdings (“Preferred

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Holdings”), Everest Re Advisors Ltd. (“Advisors Re”) or Mt. Logan Re is subject to Bermuda insurance regulatory restrictions. Management expects that, absent extraordinary catastrophe losses, such restrictions should not affect Everest Re’s ability to declare and pay dividends sufficient to support Holdings’ general corporate needs and that Holdings Ireland, Everest Dublin Holdings, Bermuda Re and Everest International will have the ability to declare and pay dividends sufficient to support Group’s general corporate needs. For the years ended December 31, 2024 and 2023, Everest Re paid no cash dividends to Holdings. For the years ended December 31, 2024 and 2023, Bermuda Re paid cash dividends to Group of $750 million and $235 million, respectively; Everest International paid cash dividends to Group of $100 million and $0 million, respectively; Preferred Holdings paid cash dividends to Group of $46 million and $48 million, respectively; Advisors Re paid cash dividends to Group of $74 million and $67 million, respectively; and Mt. Logan Re paid cash dividends to Group of $0 million and $15 million, respectively. See ITEM 1, “Business - Regulatory Matters - Dividends” and ITEM 8, “Financial Statements and Supplementary Data” - Note 17 of Notes to Consolidated Financial Statements.

Market Sensitive Instruments.

SEC Registrants are required to clarify and expand upon the existing financial statement disclosure requirements for derivative financial instruments, derivative commodity instruments and other financial instruments (collectively, “Market Sensitive Instruments”). We do not generally enter into Market Sensitive Instruments for trading purposes.

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.

Our $41.5 billion investment portfolio at December 31, 2024, 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. 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 $7.1 billion of mortgage-backed securities in the $29.7 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 tables below display the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $4.7 billion of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates. For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually. To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the fair value change under the various interest rate change scenarios.

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	Impact of Interest Rate Shift in Basis Points At December 31, 2024
	-200			-100			0			100			200
(Dollars in millions)
Total Fair Value	$	36,514		$	35,443		$	34,372		$	33,302		$	32,231
Fair Value Change from Base (%)	6.2		%	3.1		%	—		%	(3.1)		%	(6.2)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	1,834		$	917		$	—		$	(917)		$	(1,834)


	Impact of Interest Rate Shift in Basis Points At December 31, 2023
	-200			-100			0			100			200
(Dollars in millions)
Total Fair Value	$	32,813		$	31,768		$	30,722		$	29,677		$	28,631
Fair Value Change from Base (%)	6.8		%	3.4		%	—		%	(3.4)		%	(6.8)		%
Change in Unrealized Appreciation
After-tax from Base ($)	$	1,811		$	905		$	—		$	(905)		$	(1,811)

We had $29.9 billion and $24.6 billion of gross reserves for losses and LAE as of December 31, 2024 and 2023, 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 of approximately 4.0 years, which is reasonably consistent with our fixed income portfolio. If we were to discount our loss and LAE reserves, net of ceded reserves, the discount would be approximately $4.9 billion resulting in a discounted reserve balance of approximately $22.1 billion, representing approximately 64.4% of the value of the fixed maturity investment portfolio funds.

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./Bermuda operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Each non-U.S. operation 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 non-U.S. operations are the Canadian Dollar, the Singapore Dollar, the British Pound Sterling and the Euro. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with 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.

The tables below display the potential impact of a parallel and immediate 10% and 20% increase and decrease in foreign exchange rates on the valuation of invested assets subject to foreign currency exposure for the periods indicated. This analysis includes the after-tax impact of translation from transactional currency to functional currency as well as the after-tax impact of translation from functional currency to the U.S. dollar reporting currency.


	Change in Foreign Exchange Rates in Percent At December 31, 2024
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(1,426)	$	(713)	$	—	$	713	$	1,426

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	Change in Foreign Exchange Rates in Percent At December 31, 2023
(Dollars in millions)	-20%		-10%		0%		10%		20%
Total After-tax Foreign Exchange Exposure	$	(1,022)	$	(511)	$	—	$	511	$	1,022

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Market Sensitive Instruments” in ITEM 7.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and schedules listed in the accompanying Index to Financial Statements and Schedules on page F-1 are filed as part of this report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures.

As required by Rule 13a-15(b) of the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report.

Management’s Report on Internal Control Over Financial Reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2024. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013). Based on our assessment we concluded that, as of December 31, 2024, our internal control over financial reporting is effective based on those criteria.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

Changes in Internal Control over Financial Reporting.

As required by Rule 13a-15(d) of the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated our internal control over financial reporting to determine whether any changes occurred during the fourth fiscal quarter covered by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, we have determined that there has been no such change during the fourth quarter.

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ITEM 9B. OTHER INFORMATION

During the fiscal quarter ended December 31, 2024, none of our directors or officers , modified or a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Additionally, as part of Everest’s commitment to ethical standards of business and compliance with applicable laws, rules and regulations, we have an governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, employees and third-party contractors that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us. A copy of our Insider Trading Policy is included in the Ethics and Guidelines and Index to Compliance Policies and Procedures filed as Exhibit 14.1 to the Annual Report on Form 10-K for the period ended December 31, 2023 and incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Reference is made to the sections captioned “Information Concerning Director Nominees”, “Information Concerning Executive Officers”, “Audit Committee”, “Nominating and Governance Committee”, “Ethics Guidelines and Code of Ethics for CEO and Senior Financial Officers” and “Delinquent Section 16(a) Reports” in our proxy statement for the 2025 Annual General Meeting of Shareholders, which will be filed with the Commission within 120 days of the close of our fiscal year ended December 31, 2024 (the “Proxy Statement”), which sections are incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

Reference is made to the sections captioned “Compensation Committee Report”, “Directors’ Compensation”, “Compensation of Executive Officers”, “Compensation Committee Interlocks and Insider Participation” and to all other applicable sections in the Proxy Statement, which are incorporated herein by reference.

On November 1, 2023, the Company’s Board adopted an updated Clawback Policy (the “Clawback Policy”) in order to comply with Section 10D of the Exchange Act, Rule 10D-1 of the Exchange Act and the listing standards adopted by the NYSE.

The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers (as defined in the Clawback Policy) of the Company (“Section 16 Officers”) in the event that the Company is required to prepare an accounting restatement.

The foregoing description of the Clawback Policy is a summary only and is qualified in its entirety by reference to the full text of the Clawback Policy and the form of Acknowledgment, copies of which are filed in Exhibit 97 to the Annual Report on Form 10-K for the period ended December 31, 2023 and are incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

Reference is made to the applicable sections in the Proxy Statement, which are incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Reference is made to the applicable sections in the Proxy Statement, which are incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Reference is made to the section captioned “Audit Committee Report” in the Proxy Statement, which is incorporated herein by reference.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements and Schedules.

The financial statements and schedules listed in the accompanying Index to Financial Statements and Schedules on page F-1 are filed as part of this report.

Exhibits.

The exhibits listed on the accompanying Index to Exhibits on page E-1 are filed as part of this report except that the certifications in Exhibit 32 are being furnished to the SEC, rather than filed with the SEC, as permitted under applicable SEC rules.

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INDEX TO EXHIBITS


Exhibit No.

2.1						Agreement and Plan of Merger among Everest Reinsurance Holdings, Inc., Everest Group, Ltd. and Everest Re Merger Corporation, incorporated herein by reference to Exhibit 2.1 to the Registration Statement on Form S-4 (No. 333-87361)

3.1						Memorandum of Association of Everest Group, Ltd., incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-4 (No. 333-87361)

3.2						Bye-Laws of Everest Group, Ltd., incorporated herein by reference to exhibit 3.2 to the Everest Group, Ltd., Quarterly Report for Form 10-Q for the quarter ended June 30, 2011 (the “second quarter 2011 10-Q”)

4.1						Specimen Everest Group, Ltd. common share certificate, incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form S-4 (No. 333-87361)

4.2						Indenture, dated March 14, 2000, between Everest Reinsurance Holdings, Inc. and The Chase Manhattan Bank (now known as JPMorgan Chase Bank), as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on March 15, 2000

4.3						Fourth Supplemental Indenture relating to Holdings $400.0 million 4.868% Senior Notes due June 1, 2044, dated June 5, 2014, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on June 5, 2014

4.4						Fifth Supplemental Indenture relating to Holdings $1.0 billion 3.5% Senior Notes due October 15, 2050, dated October 7, 2020, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 7, 2020

4.5						Sixth Supplemental Indenture relating to Holdings $1.0 billion 3.125% Senior Notes due October 15, 2052, dated October 4, 2021, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 4, 2021

*10.1						Everest Group, Ltd. Annual Incentive Plan effective January 1, 1999, incorporated herein by reference to Exhibit 10.1 to Everest Reinsurance Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 1998 (the “1998 10-K”)

*10.2						Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan, incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (No. 333-105483)

*10.3						Form of Non-Qualified Stock Option Award Agreement under the Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan, incorporated herein by reference to Exhibit 10.47 to Everest Group, Ltd., Report on Form 10-K for the year ended December 31, 2004

*10.4						Amendment of Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 25, 2005, incorporated herein by reference to Appendix B to the 2005 Proxy Statement filed on April 14, 2005

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*10.5						Form of Restricted Stock Award Agreement under the Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan, incorporated by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on September 22, 2005

10.6						Completion of Tender Offer relating to Everest Reinsurance Holdings, Inc. 6.60% Fixed to Floating Rate Long Term Subordinated Notes (LoTSSM) dated March 19, 2009, incorporated herein by reference to Exhibit 99.1 to Everest Group, Ltd. Form 8-K filed on March 31, 2009

*10.7						Everest Group, Ltd. 2009 Stock Option and Restricted Stock Plan for Non-Employee Directors , incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. second quarter 2009 10-Q

*10.8						Everest Group, Ltd. 2010 Stock Incentive Plan for employees is incorporated herein by reference to exhibit 10.2 to Everest Group, Ltd. Form S-8 filed on September 30, 2010

*10.9						Amendment of Executive Performance Annual Incentive Plan adopted by shareholders at the annual general meeting on May 18, 2011, incorporated herein by reference to Appendix B to the 2011 Proxy Statement filed on April 15, 2011

*10.10						Amendment of Everest Group, Ltd. 2010 Stock Incentive Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix A to the 2015 Proxy Statement filed on April 10, 2015

*10.11						Amendment of Everest Group, Ltd. 2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix B to the 2015 Proxy Statement filed on April 10, 2015

*10.12						Amendment of employment agreement between Everest Global Services, Inc. and Sanjoy Mukherjee, dated February 12, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on February 17, 2016

10.13						Credit Agreement, dated May 26, 2016, between Everest Group, Ltd., Everest Reinsurance (Bermuda), Ltd. and Everest International Reinsurance, Ltd., certain lenders party thereto and Wells Fargo Bank, N.A. as administrative agent, providing for an $800.0 million four year senior credit facility, incorporated herein by reference to Exhibit 10.31 to Everest Group, Ltd. Form 10-Q filed on August 9, 2016. This new agreement replaces the June 22, 2012 four year, $800.0 million senior credit facility

*10.14						Employment agreement between Everest Global Services, Inc., and John P. Doucette, dated October 21, 2016, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 26, 2016

*10.15						Employment agreement between Everest Global Services, Inc., and Sanjoy Mukherjee, dated January 3, 2017, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on January 6, 2017

10.16						Bye-Law waiver agreement between Everest Group, Ltd., and BlackRock, Inc. dated December 1, 2017, incorporated herein by reference to exhibit 10.1 to the Everest Group, Ltd., Form 8-K filed on December 4, 2017

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10.17						Amendment of Standby Letter of Credit, dated December 29, 2017, between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $250.0 million four year credit facility, incorporated herein by reference to exhibit 10.26 to the Everest Group, Ltd., Form 10-K filed on March 1, 2018

10.18						Amendment of Committed Facility Letter, dated December 10, 2018, between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $200.0 million annually, incorporated herein by reference to exhibit 10.34 to the Everest Group, Ltd., Form 10-K filed on March 1, 2019

*10.19						Employment agreement between Everest Group, Ltd. and Juan Andrade dated August 1, 2019, incorporated herein by reference to Exhibit 10.1 to Everest Group Ltd. Form 8-K filed on August 8, 2019.

10.20						Amendment of Committed Facility Letter, dated December 31, 2019, between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $200.0 million annually, incorporated herein by reference to Exhibit 10.31 to the Everest Group, Ltd. Form 10-K filed on March 2, 2020

*10.21						Everest Group, Ltd. 2020 Stock Incentive Plan for employees is incorporated herein by reference to Appendix A of the 2021 Proxy Statement filed on April 9, 2021

*10.22						Employment agreement between Everest Global Services, Inc. and Mark Kociancic, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 8-K filed on October 1, 2020

*10.23						Employment agreement between Everest Global Services, Inc. and James Williamson, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 8-K filed on October 1, 2020

10.24						Amendment of Committed Facility Letter, dated December 9, 2020 between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing $200.0 million annually, incorporated herein by reference to Exhibit 10.34 to Everest Group, Ltd. Form 10-K filed on March 1, 2021

10.25						Credit facility agreement dated February 23, 3021 between Everest Reinsurance (Bermuda), Ltd. and Wells Fargo Bank, N.A. providing up to $50.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 10, 2021

10.26						Amendment of Credit Facility agreement, dated May 5, 2021 between Everest Reinsurance (Bermuda), Ltd. and Wells Fargo Bank, N.A. providing up to $500.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on August 5, 2021

10.27						Credit Facility agreement, dated August 9, 2021 between Everest Reinsurance (Bermuda), Ltd. and Citibank Europe plc providing up to $230.0 million committed credit facility and $140.0 million of additional uncommitted credit facility, incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on November 4, 2021

10.28						Credit Facility agreement, dated August 27, 2021 between Everest Reinsurance (Bermuda), Ltd. and Bayerische Landesbank providing up to $200.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on November 4, 2021

10.29						Credit Facility agreement, dated November 3, 2021 between Everest Reinsurance (Bermuda), Ltd. and Barclays Bank Plc providing up to $200.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.40 to Everest Group, Ltd. Form 10-K filed on February 28, 2022

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10.30						Credit Facility agreement, dated November 21, 2022 between Everest Reinsurance (Bermuda), Ltd. and Nordea Bank ABP, New York Branch providing up to $200.0 million of committed credit facility and $100.0 million of additional uncommitted credit facility, incorporated herein by reference to Exhibit 10.41 to Everest Group, Ltd. Form 10-K filed on February 24, 2023

10.31						Amendment of Credit Facility agreement, dated December 30, 2022, between Everest Reinsurance (Bermuda), Ltd. and Bayerische Landesbank, New York Branch, providing up to $150.0 million of committed, unsecured credit facility, incorporated herein by reference to Exhibit 10.42 to Everest Group, Ltd. Form 10-K filed on February 24, 2023

*10.32						Employment agreement between Everest Global Services, Inc. and Joseph V. Taranto , incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023

*10.33						Departure of Sanjoy Mukherjee, Executive Vice President, General Counsel and Secretary of Everest Group, Ltd. effective July 3, 2023, herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 4, 2023

10.34						Standby Letter of Credit, dated August 18, 2023 between Everest Reinsurance (Bermuda), Ltd. and Lloyd’s Bank Corporate Markets Plc providing up to $250.0 million of unsecured letters of credit, incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd. Form 10-Q filed on November 1, 2023

10.35						Amended and restated standby letter of credit agreement between Everest Reinsurance (Bermuda), Ltd. and Lloyd’s Bank Corporate Markets Plc to add Everest Insurance (Ireland), dac (the new account party) as an account party with $15.0 million sublimit for the issuance of letters of credit, incorporated herein by reference to Exhibit 10.44 to Everest Group, L td. Form 10-K fil ed on Fe bruary 2 8 , 2024

*10.36						Employment agreement made effective as of June 12, 2023, between Everest Global Services, Inc. and Ricardo A. Anzaldua, incorporated herein by reference to Exhibit 10.4 5 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

*10.37						Amendment to Employment Agreement between Everest Global Services, Inc., Everest Group, Ltd., Everest Reinsurance Holdings Inc. and Juan C. Andrade dated April 22, 2024 , incorporated herein by reference to Exhibit 10.1 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.38						Amended and Restated Employment Agreement between Everest Global Services, Inc. and Mark Kociancic dated April 25, 2024 , incorporated herein by reference to Exhibit 10.2 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.39						Amended and Restated Employment Agreement between Everest Global Services, Inc. and James Williamson dated April 26, 2024 , incorporated herein by reference to Exhibit 10.3 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.40						Amended and Restated Employment Agreement between Everest National Insurance Company and Michael Karmilowicz dated March 24, 2024 , incorpo r a ted herein by reference to Exhibit 10.4 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

*10.41						Amended and Restated Employment Agreement between Everest Global Services, Inc. and Ricardo Anzaldua dated April 22, 2024 , incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

10.42						Everest Reinsurance Group, Ltd. Senior Executive Change of Control Plan, as amended and restated effective November 17, 2015, incorporated herein by reference to Exhibit 10.6 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024

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10.43						Amendment of Bilateral Letter of Credit Facility Agreement, dated June 2024, between Everest Reinsurance (Bermuda), Ltd. and Wells Fargo Bank N.A., incorporated herein by reference to Exhibit 10.5 to Everest Group, Ltd. Form 10-Q filed on August 2 , 2024

10.44						Amendment of Credit Facility agreement, dated October 3 0 , 202 4 between Everest Reinsurance (Bermuda), Ltd. and Barclays Bank Plc , filed herewith

10.45						Standby Letter of Credit Facility Agreement, dated October 30, 2024 between Everest International Reinsurance , Ltd. and Lloyds Bank P lc , providing up to £113 million of unsecured letters of credit, filed herewith

10.46						Amendment of Credit Facility agreement, dated December 2 0, 202 4 , between Everest Reinsurance (Bermuda), Ltd. and Bayerische Landesbank, New York Branch, filed herewith

10.47						Standby Letter of Credit Facility Agreement , dated December 30 , 202 4 between Everest Reinsurance Company (Ireland ), dac and Commerzbank AG, New York Branch providing up to €75 million of unsecured letters of credit, filed herewith

14.1						Ethics Guidelines and Index to Compliance Policies , incorporated herein by reference to Exhibit 14.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

21.1						Subsidiaries of the registrant, filed herewith

23.1						Consent of KPMG LLP, filed herewith

23.2						C onse nt of Pricewaterhouse C oo pers LLP, filed herewith

31.1						Section 302 Certification of J ames Williamson, filed herewith

31.2						Section 302 Certification of Mark Kociancic, filed herewith

32.1						Section 906 Certification of J ames Williamson and Mark Kociancic, furnished herewith

97.1						Everest Group, Ltd. Clawback Policy , incorporated herein by reference to Exhibit 97.1 to Everest Group, Ltd. Form 10-K filed on February 28, 2024

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 Label Linkbase

101.PRE						XBRL Taxonomy Extension Presentation Linkbase

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

_________________

*Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 on February 27, 2025.


			EVEREST GROUP, LTD.


			By:			/S/ JAMES WILLIAMSON
						James Williamson (President and Chief Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Title

Date

/S/ JAMES WILLIAMSON

President and Chief Executive Officer

(Principal Executive Officer)

February 27, 2025

James Williamson

/S/ MARK KOCIANCIC

Executive Vice President and Chief Financial Officer

February 27, 2025

Mark Kociancic

/S/ ROBERT J. FREILING

Senior Vice President and Chief Accounting Officer

February 27, 2025

Robert J. Freiling

/S/ JOSEPH V. TARANTO

Chairman

February 27, 2025

Joseph V. Taranto

/S/ JOHN J. AMORE

Director

February 27, 2025

John J. Amore

/S/ WILLIAM F. GALTNEY, JR.

Director

February 27, 2025

William F. Galtney, Jr.

/S/ JOHN A. GRAF

Director

February 27, 2025

John A. Graf

/S/ MERYL HARTZBAND

Director

February 27, 2025

Meryl Hartzband

/S/ GERALDINE LOSQUADRO

Director

February 27, 2025

Geraldine Losquadro

/S/ HAZEL McNEILAGE

Director

February 27, 2025

Hazel McNeilage

/S/ ROGER M. SINGER

Director

February 27, 2025

Roger M. Singer

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EVEREST GROUP, LTD.

INDEX TO FINANCIAL STATEMENTS AND SCHEDULES


			Pages

Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID , )			F-2

Consolidated Balance Sheets at December 31, 2024 and 2023			F-6

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2024, 2023 and 2022			F-7

Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022			F-8

Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022			F-9

Notes to Consolidated Financial Statements			F-10

Schedules

ISummary of Investments Other Than Investments in Related Parties at December 31, 2024			S-1

IICondensed Financial Information of Registrant:

Balance Sheets as of December 31, 2024 and 2023			S-2

Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022			S-3

Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022			S-4

Notes to Condensed Financial Information			S-5

IIISupplementary Insurance Information as of and for the Years Ended December 31, 2024, 2023 and 2022			S-7

IVReinsurance for the Years Ended December 31, 2024, 2023 and 2022			S-8

Schedules other than those listed above are omitted for the reason that they are not applicable or the information is otherwise contained in the Financial Statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

Everest Group, Ltd.:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheet of Everest Group, Ltd. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for the year then ended, and the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of

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management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Estimate of the reserve for losses and loss adjustment expenses

As discussed in Notes 1E and 4 to the consolidated financial statements, the reserve for losses and loss adjustment expenses represents the Company’s best estimate of the ultimate liability for reported and unreported claims for both its insurance and reinsurance businesses. The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios; (3) actuarial methodologies and assumptions; (4) current legal interpretations of coverage and liability; and (5) economic conditions. The Company’s reserve for losses and loss adjustment expenses as of December 31, 2024 was $29,889 million.

We identified the evaluation of the estimate of the reserve for losses and loss adjustment expenses as a critical audit matter. Evaluation of the estimate required subjective auditor judgment and the involvement of actuarial professionals with specialized skills and knowledge to assess the methods and assumptions used to estimate the reserve for losses and loss adjustment expenses.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process for estimating the reserve for losses and loss adjustment expenses. This included controls related to the selection of methodologies and certain assumptions used to derive the Company’s estimate. We involved actuarial professionals with specialized skills and knowledge who assisted in:

•assessing the Company’s actuarial methodologies and assumptions used in estimating the reserve for losses and loss adjustment expenses by comparing the Company’s methodologies to generally accepted actuarial methods and evaluating the assumptions used based on actuarial judgment, company history, and industry practices

•evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by comparing each one to an independently developed range of reasonable estimates

•evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by assessing management’s methods and assumptions used to derive their loss estimates

•evaluating the Company’s process for estimating the reserve for losses and loss adjustment expenses for catastrophic events

•developing an overall range of reserve estimates to assess the position of the Company’s recorded reserve for losses and loss adjustment expenses relative to the range

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/s/

We have served as the Company’s auditor since 2024.

February 27, 2025

F-4

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Everest Group, Ltd.

Opinion on the Financial Statements

We have audited the consolidated balance sheet of Everest Group, Ltd. and its subsidiaries (the "Company") as of December 31, 2023, and the related consolidated statements of operations and comprehensive income (loss), of changes in shareholders' equity and of cash flows for each of the two years in the period ended December 31, 2023, including the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/

February 28, 2024, except for the changes in segment presentation discussed in Note 6 to the consolidated financial statements, as to which the date is February 27, 2025

We served as the Company’s auditor from 1996 to 2024.

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EVEREST GROUP, LTD.

CONSOLIDATED BALANCE SHEETS


	December 31,
(In millions of U.S. dollars, except par value per share)	2024	2023
ASSETS:
Fixed maturities - available for sale, at fair value	$	$
(amortized cost: 2024, $; 2023, $, credit allowances: 2024, $(); 2023, $())
Fixed maturities - held to maturity, at amortized cost
(fair value: 2024, $; 2023, $, net of credit allowances: 2024, $(); 2023, $())
Equity securities, at fair value
Other invested assets
Short-term investments
Cash
Total investments and cash
Accrued investment income
Premiums receivable (net of credit allowances: 2024, $(); 2023, $())
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(); 2023, $())
Reinsurance unpaid loss recoverables
Funds held by reinsureds
Deferred acquisition costs
Prepaid reinsurance premiums
Income tax asset, net
Other assets (net of credit allowances: 2024, $(); 2023, $())
TOTAL ASSETS	$	$

LIABILITIES:
Reserve for losses and loss adjustment expenses	$	$
Unearned premium reserve
Funds held under reinsurance treaties
Amounts due to reinsurers
Losses in course of payment
Senior notes
Long-term notes
Borrowings from FHLB
Accrued interest on debt and borrowings
Unsettled securities payable
Other liabilities
TOTAL LIABILITIES

Commitments and contingencies (Note 11)

SHAREHOLDERS' EQUITY:
Preferred shares, par value: $; shares authorized; shares issued and outstanding
Common shares, par value: $; shares authorized; (2024) and (2023)
outstanding before treasury shares
Additional paid-in capital
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $() at 2024 and $() at 2023	()	()
Treasury shares, at cost: shares (2024) and shares (2023)	()	()
Retained earnings
Total shareholders' equity
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	$

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

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EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)


	Years Ended December 31,
(In millions of U.S. dollars, except per share amounts)	2024	2023	2022
REVENUES:
Premiums earned	$	$	$
Net investment income
Total net gains (losses) on investments		()	()
Other income (expense)		()	()
Total revenues

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses
Commission, brokerage, taxes and fees
Other underwriting expenses
Corporate expenses
Interest, fees and bond issue cost amortization expense
Total claims and expenses

INCOME (LOSS) BEFORE TAXES
Income tax expense (benefit)		()	()

NET INCOME (LOSS)	$	$	$

Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	()		()
Reclassification adjustment for realized losses (gains) included in net income (loss)	()
Total URA(D) on securities arising during the period	()		()

Foreign currency translation and other adjustments	()		()

Benefit plan actuarial net gain (loss) for the period
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	()
Total benefit plan net gain (loss) for the period
Total other comprehensive income (loss), net of tax	()		()

COMPREHENSIVE INCOME (LOSS)	$	$	$	()

EARNINGS PER COMMON SHARE:
Basic	$	$	$
Diluted

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

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EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY


	Years Ended December 31,
(In millions of U.S. dollars, except dividends per share amounts)	2024	2023	2022
COMMON SHARES (shares outstanding):
Balance beginning of period
Issued (redeemed) during the period, net
Treasury shares acquired	()	—	()
Balance end of period

COMMON SHARES (par value):
Balance beginning of period	$	$	$
Issued during the period, net	—	—	—
Balance end of period

ADDITIONAL PAID-IN CAPITAL:
Balance beginning of period
Public offering of shares	—		—
Share-based compensation plans
Balance end of period

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),
NET OF DEFERRED INCOME TAXES:
Balance beginning of period	()	()
Net increase (decrease) during the period	()		()
Balance end of period	()	()	()

RETAINED EARNINGS:
Balance beginning of period
Net income (loss)
Dividends declared ($ per share 2024, $ per share 2023 and $ per share 2022)	()	()	()
Balance end of period

TREASURY SHARES AT COST:
Balance beginning of period	()	()	()
Purchase of treasury shares	()	—	()
Balance end of period	()	()	()

TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD	$	$	$

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

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EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(In millions of U.S. dollars)	2024	2023	2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	$	$
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	()	()	()
Decrease (increase) in funds held by reinsureds, net	()	()	()
Decrease (increase) in reinsurance recoverables	()		()
Decrease (increase) in income taxes	()	()	()
Decrease (increase) in prepaid reinsurance premiums	()	()	()
Increase (decrease) in reserve for losses and loss adjustment expenses
Increase (decrease) in unearned premiums
Increase (decrease) in amounts due to reinsurers
Increase (decrease) in losses in course of payment			()
Change in equity adjustments in limited partnerships	()	()	()
Distribution of limited partnership income
Change in other assets and liabilities, net	()	()	()
Non-cash compensation expense
Amortization of bond premium (accrual of bond discount)	()	()
Net (gains) losses on investments	()
Net cash provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale
Proceeds from fixed maturities sold - available for sale
Proceeds from fixed maturities matured/called/repaid - held to maturity
Proceeds from equity securities sold
Distributions from other invested assets
Cost of fixed maturities acquired - available for sale	()	()	()
Cost of fixed maturities acquired - held to maturity	()	()	()
Cost of equity securities acquired	()	()	()
Cost of other invested assets acquired	()	()	()
Net change in short-term investments	()	()
Net change in unsettled securities transactions	()		()
Net cash provided by (used in) investing activities	()	()	()

CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense	()	()	()
Proceeds from public offering of common shares
Purchase of treasury shares	()		()
Dividends paid to shareholders	()	()	()
Proceeds from issuance of senior notes
Cost of debt repurchase			()
Net FHLB borrowings (repayments)
Cost of shares withheld on settlements of share-based compensation awards	()	()	()
Net cash provided by (used in) financing activities	()		()

EFFECT OF EXCHANGE RATE CHANGES ON CASH		()

Net increase (decrease) in cash			()
Cash, beginning of period
Cash, end of period	$	$	$

SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	$	$
Interest paid

NON-CASH TRANSACTIONS:
Reclassification of specific investments from fixed maturity securities, available for sale at fair value
to fixed maturity securities, held to maturity at amortized cost net of credit allowances	$	$	$
Non-cash limited partnership distribution

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2024 presentation.

B.Investments and Cash.

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F-11

Table of Contents

C.Allowance for Premium Receivable and Reinsurance Recoverables.

F-12

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D.Deferred Acquisition Costs.

E.Reserve for Losses and LAE.

F.Premium Revenues.

F-13

Table of Contents

H.Income Taxes.

I.Foreign Currency.

J.Treasury Shares.

K.Earnings Per Common Share.

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$ $ Less: dividends declared-common shares and unvested common shares()()()Undistributed earnings

Percentage allocated to common shareholders (1)

% % % Add: dividends declared-common shareholders Numerator for basic and diluted earnings per common share$ $ $ DenominatorDenominator for basic earnings per weighted-average common shares Effect of dilutive securities:Options Denominator for diluted earnings per adjusted weighted-average common shares Per common share net income (loss)Basic$ $ $ Diluted$ $ $

(1)Basic weighted-average common shares outstanding

Basic weighted-average common shares outstanding and unvested common shares expected to vest Percentage allocated to common shareholders % % %

(Some amounts may not reconcile due to rounding.)

There were options outstanding as of December 31, 2024 and 2023, respectively.

Options granted under share-based compensation plans have all expired as of September 19, 2022. There were anti-diluted options outstanding as of December 31, 2023 or 2022.

L.Segmentation.

reportable segments: Reinsurance and Insurance. During the fourth quarter of 2024, the Company revised the classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new operating segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, during the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the reportable segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are now managed due to changes in management beginning in the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively. See also Note 6 of the Notes to these Consolidated Financial Statements.

M.Share-Based Compensation.

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See Note 14 of the Notes to these Consolidated Financial Statements.

N.Recent Accounting Pronouncements.

$ $ $()$ Obligations of U.S. states and political subdivisions () Corporate securities () () Asset-backed securities () Mortgage-backed securitiesCommercial () Agency residential () Non-agency residential () Foreign government securities () Foreign corporate securities () Total fixed maturity securities - available for sale$ $()$ $()$

(Some amounts may not reconcile due to rounding.)

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$ $ $()$ Obligations of U.S. states and political subdivisions () Corporate securities () () Asset-backed securities () Mortgage-backed securitiesCommercial () Agency residential () Non-agency residential () Foreign government securities () Foreign corporate securities () () Total fixed maturity securities - available for sale$ $()$ $()$

(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 December 31, 2024

(Dollars in millions)

Amortized
Cost

Allowance for
Credit Losses

Unrealized
Appreciation

Unrealized
Depreciation

Fair
Value

Fixed maturity securities - held to maturity

Corporate securities

()

Asset-backed securities

()

Mortgage-backed securities

Commercial

Foreign corporate securities

()

Total fixed maturity securities - held to maturity

()

(Some amounts may not reconcile due to rounding.)

At December 31, 2023

(Dollars in millions)

Amortized
Cost

Allowance for
Credit Losses

Unrealized
Appreciation

Unrealized
Depreciation

Fair
Value

Fixed maturity securities - held to maturity

Corporate securities

()

Asset-backed securities

()

Mortgage-backed securities

Commercial

Foreign corporate securities

()

Total fixed maturity securities - held to maturity

()

(Some amounts may not reconcile due to rounding.)

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$ $ $ Due after one year through five years Due after five years through ten years Due after ten years Asset-backed securities Mortgage-backed securitiesCommercial Agency residential Non-agency residential Total fixed maturity securities -available for sale$ $ $ $

(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 December 31, 2024

At December 31, 2023

(Dollars in millions)

Amortized
Cost

Fair
Value

Amortized
Cost

Fair
Value

Fixed maturity securities - held to maturity

Due in one year or less

Due after one year through five years

Due after five years through ten years

Due after ten years

Asset-backed securities

Mortgage-backed securities

Commercial

Total fixed maturity securities - held to maturity

(Some amounts may not reconcile due to rounding.)

During 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $ million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of December 31, 2024, $ million of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy.

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)$ Equity method investments Change in URA(D), pre-tax() Deferred tax benefit (expense) ()Change in URA(D), net of deferred taxes, included in shareholders’ equity$()$

(Some amounts may not reconcile due to rounding.)

$()$ $()$ $()Obligations of U.S. states and political subdivisions () ()Corporate securities () () ()Asset-backed securities () () ()Mortgage-backed securitiesCommercial () () ()Agency residential () () ()Non-agency residential () ()Foreign government securities () () ()Foreign corporate securities () () ()Total$ $()$ $()$ $()Securities where an allowance for credit loss was recorded () ()Total fixed maturity securities - available for sale$ $()$ $()$ $()

(Some amounts may not reconcile due to rounding.)

$()$ $()$ $()Due in one year through five years () () ()Due in five years through ten years () () ()Due after ten years () () ()Asset-backed securities () () ()Mortgage-backed securities () () ()Total$ $()$ $()$ $()Securities where an allowance for credit loss was recorded () ()Total fixed maturity securities - available for sale$ $()$ $()$ $()

(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, 2024 were $ billion and $ billion, respectively. The fair value of securities

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% 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 December 31, 2024 comprised less than % 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 $ 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, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $ million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ 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, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $ 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 December 31, 2024, 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. $()$ $()$ $()Obligations of U.S. states and political subdivisions () ()Corporate securities () () ()Asset-backed securities () () ()Mortgage-backed securitiesCommercial () () ()Agency residential () () ()Non-agency residential () Foreign government securities () () ()Foreign corporate securities () () ()Total$ $()$ $()$ $()Securities where an allowance for credit loss was recorded () ()Total fixed maturity securities - available for sale$ $()$ $()$ $()

(Some amounts may not reconcile due to rounding.)

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(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, 2023 were $ billion and $ billion, respectively. The fair value of securities for the single issuer (the U.S. government) whose securities comprised the largest unrealized loss position at December 31, 2023, amounted to less than % 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 % 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 $ 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, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $ million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ billion 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, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $ billion 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.

$ $ Equity securities Short-term investments and cash Other invested assetsLimited partnerships Other Gross investment income before adjustments Funds held interest income (expense) Future policy benefit reserve income (expense)()() Gross investment income Investment expenses Net investment income$ $ $

(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 (“NAV”) 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

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billion in limited partnerships and private placement loan securities at December 31, 2024. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2034.

In 2022, the Company entered into COLI policies, which are invested in private debt and private equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $ billion and $ billion as of December 31, 2024 and December 31, 2023, respectively.

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 December 31, 2024 and 2023, the Company did hold any securities 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 December 31, 2024 and 2023 is limited to the total carrying value of $ billion and $ billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets. Exposure relating specifically to general and limited partnerships as of December 31, 2024 and December 31, 2023 is limited to the total carrying value of $ billion and $ billion.

As of December 31, 2024, the Company has outstanding commitments totaling $ billion 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, the level of credit subordination which 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.

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$ $()Net realized gains (losses) from dispositions ()()Equity securities, fair valueNet realized gains (losses) from dispositions Gains (losses) from fair value adjustments() ()Other invested assets() Short-term investments gain (loss) Total net gains (losses) on investments$ $()$()

(Some amounts may not reconcile due to rounding.)

)$()$()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 Balance, end of period$()$ $()

(Some amounts may not reconcile due to rounding.)

Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale

Twelve Months Ended December 31, 2023

Corporate
Securities

Foreign
Corporate
Securities

Total

(Dollars in millions)

Beginning balance

()

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

Balance, end of period

()

(Some amounts may not reconcile due to rounding.)

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)$()$()$()Credit losses on securities where credit losses were not previously recorded ()()Increases in allowance on previously impaired securities Decreases in allowance on previously impaired securities Reduction in allowance due to disposals Balance, end of period$()$()$()$()

(Some amounts may not reconcile due to rounding.)

Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity

Twelve Months Ended December 31, 2023

Corporate
Securities

Asset-Backed
Securities

Foreign
Corporate
Securities

Total

(Dollars in millions)

Beginning balance

()

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

Balance, end of period

()

(Some amounts may not reconcile due to rounding.)

$ $ Gross gains from sales Gross losses from sales()()()Proceeds from sales of equity securities$ $ $ Gross gains from sales Gross losses from sales() ()

Securities with a carrying value amount of $ billion at December 31, 2024 were on deposit with or regulated by various state or governmental insurance departments in compliance with insurance laws. See Note 10 of the Notes to these Consolidated Financial Statements.

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At December 31, 2024 and 2023, $ billion and $ 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.

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$ $ $ Obligations of U.S. States and political subdivisions Corporate securities Asset-backed securities Mortgage-backed securitiesCommercial Agency residential Non-agency residential Foreign government securities Foreign corporate securities Total fixed maturities - available for sale Equity securities, fair value

(Some amounts may not reconcile due to rounding.)

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(Some amounts may not reconcile due to rounding.)

$ $ $ $ $ $ $ Total gains or (losses) (realized/unrealized)Included in earnings (or changes in net assets)() Included in other comprehensive income (loss) () Purchases, issuances and settlements() () () Transfers in and/or (out) of Level 3 and reclassificationof securities in/(out) of investment categories Ending balance$ $ $ $ $ $ $ $ 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$()$ $ $()$ $ $ $

(Some amounts may not reconcile due to rounding.)

There were transfers of assets in/(out) of Level 3 during 2024 or 2023.

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 2, 8 and 9 of the Notes to these Consolidated Financial Statements, respectively. Short-term investments are stated at cost, which approximates fair value. See Note 1 of the Notes to these Consolidated Financial Statements.

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million and $ million of investments within other invested assets on the consolidated balance sheets as of December 31, 2024 and 2023, 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.

$ $ Less reinsurance recoverables on unpaid losses()()()Net reserves beginning of period Incurred related to:Current year Prior years ()()Total incurred losses and LAE Paid related to:Current year Prior years Total paid losses and LAE Foreign exchange/translation adjustment() ()Net reserves end of period Plus reinsurance recoverables on unpaid losses Gross reserves end of period$ $ $

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $ billion, $ billion and $ billion in 2024, 2023 and 2022, respectively. The increase in current year incurred losses from 2023 to 2024 was primarily related to an increase of $ billion in current year attritional losses, resulting from the impact of the increase in premiums earned and changes in the mix of business, as well as an increase of $ million in current year catastrophe losses.

Gross and net reserves increased in 2023, reflecting an increase in underlying exposure due to premium growth, year over year and changes in the mix of business, partially offset by a decrease of $ million in 2023 current year catastrophe losses compared to 2022.

Incurred prior years unfavorable development in losses was $ billion in 2024. Incurred prior years favorable development in losses was $ million in 2023 and $ million in 2022. The net unfavorable development on prior year reserves of $ billion in 2024 is primarily comprised of $ billion of unfavorable development on prior years attritional losses for the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines and $ million of unfavorable development on prior years attritional losses for Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $ million resulting in a 3-year net asbestos survival ratio of 7 years. In addition, the Reinsurance segment recorded $ million of unfavorable development on prior year casualty reserves. This unfavorable development in the Reinsurance segment was largely offset by favorable development booked on property and mortgage lines. The net favorable development on prior year reserves of $ million in 2023 is comprised of $ million of

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million of unfavorable development on prior years attritional losses for insurance lines, mainly related to casualty lines for accident years from 2016 through 2019 as well as $ million of unfavorable development on prior years attritional losses for other lines. The favorable development on prior year reserves of $ million in 2022 is primarily driven by better than expected loss emergence in workers’ compensation and surety lines of business, as well as attritional property.

The following is information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year.

The information about incurred and paid claims development for the years ended December 31, 2015 to December 31, 2023 is presented as supplementary information.

The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impractical to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident and Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group.

The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims.

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Reinsurance Property Insurance Casualty Insurance Property

Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance (1)

Reinsurance recoverable on unpaid claimsReinsurance Casualty Reinsurance Property Insurance Casualty Insurance Property

Total reinsurance recoverable on unpaid claims (1)

Insurance lines other than short-duration Unallocated claims adjustment expenses

Other (2)

Total gross liability for unpaid claims and claim adjustment expense$

(Some amounts may not reconcile due to rounding.)

(1) Amounts disclosed are for reinsurance and insurance reportable segments.

(2) The other amount is primarily comprised of the new Other segment, which includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The following tables present the ultimate loss and allocated LAE and the paid loss and allocated LAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business.

Reinsurance - Casualty Business


											At December 31, 2024
	Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31,										Total of IBNR Liabilities Plus Expected Development on Reported Claims	Cumulative Number of Reported Claims
Accident Year	2015 (unaudited)	2016 (unaudited)	2017 (unaudited)	2018 (unaudited)	2019 (unaudited)	2020 (unaudited)	2021 (unaudited)	2022 (unaudited)	2023 (unaudited)	2024
(Dollars in millions)
2015	$	$	$	$	$	$	$	$	$	$	$	N/A
2016												N/A
2017												N/A
2018												N/A
2019												N/A
2020												N/A
2021												N/A
2022												N/A
2023												N/A
2024												N/A
										$

(Some amounts may not reconcile due to rounding.)

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$ $ $ $ $ $ $ $ $ 2016 2017 2018 2019 2020 2021 2022 2023 2024 $ All outstanding liabilities prior to 2015, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance$

(Some amounts may not reconcile due to rounding.)

% % % % % % % % % % $ $ $ $ $ $ $ $ $ $ N/A 2016 N/A 2017 N/A 2018 N/A 2019 N/A 2020 N/A 2021 N/A 2022 N/A 2023 N/A 2024 N/A $

(Some amounts may not reconcile due to rounding.)

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(Some amounts may not reconcile due to rounding.)

% % % % % % % % % % $ $ $ $ $ $ $ $ $ $ 2016 2017 2018 2019 2020 2021 2022 2023 2024 $

(Some amounts may not reconcile due to rounding.)

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(Some amounts may not reconcile due to rounding.)

% % % % % % % % % % $ $ $ $ $ $ $ $ $ $ N/A 2016 N/A 2017 N/A 2018 N/A 2019 N/A 2020 N/A 2021 N/A 2022 N/A 2023 N/A 2024 N/A $

(Some amounts may not reconcile due to rounding.)

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$ $ $ $ $ $ $ $ $ 2016 2017 2018 2019 2020 2021 2022 2023 2024 $ All outstanding liabilities prior to 2015, net of reinsurance Liabilities for claims and claim adjustment expenses, net of reinsurance

(Some amounts may not reconcile due to rounding.)

% % % % % % % % % %

Reserving Methodology

The Company maintains reserves equal to management’s estimated ultimate liability for losses and LAE for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded.

The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded in the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced Claims staff handle individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting and Internal Audit departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits.

The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss

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exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less uncertainty than those for the longer tail lines.

The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group.

Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year.

Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time, or which are more volatile.

Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. IBNR reserves are calculated using earned premium, an a priori loss ratio and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method.

For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses at an earlier stage than for long tail lines. For immature underwriting or accident years, the initial expected loss ratios are key inputs that involve management’s judgment and are based on a variety of factors, including: (1) expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment.

Carried reserves at each reporting date are the management’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted.

Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. Rather, loss and LAE reserves are estimated by management by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss. The analysis uses inputs from various sources and methodology, to build up a comprehensive perspective. Such analysis generally involves: (1) estimating the size of insured industry losses; (2) reviewing portfolios to identify contracts which are exposed; (3) reviewing information reported or otherwise provided by customers and brokers; (4) discussing the loss with customers

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years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses.

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$ $ Incurred losses Paid losses()()()End of period reserves$ $ $ Net basis:Beginning of period reserves$ $ $ Incurred losses Paid losses()()()End of period reserves$ $ $

(Some amounts may not reconcile due to rounding.)

In 2015, the Company sold Mt. McKinley to Clearwater Insurance Company (“Clearwater”), a subsidiary of Fairfax Financial. Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater. Per the retrocession treaty, the Company retroceded % of the liabilities associated with certain Mt. McKinley policies, which related entirely to A&E business and had been reinsured by Bermuda Re. As consideration for entering into the retrocession treaty, Everest Re Bermuda transferred cash of $ million, an amount equal to the net loss reserves as of the closing date. The maximum liability retroceded under the retrocession treaty will be $ million, equal to the retrocession payment plus $ million. The Company will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty.

On December 20, 2019, the retrocession treaty was amended and included a partial commutation. As a result of this amendment and partial commutation, gross A&E reserves and correspondingly reinsurance receivable were reduced by $ million. In addition, the maximum liability permitted to be retroceded increased to $ million.

Reinsurance Recoverables.

Reinsurance recoverables for both paid and unpaid losses totaled $ billion and $ billion at December 31, 2024 and December 31, 2023, respectively. At December 31, 2024, $ million, or %, was receivable from Mt. Logan Re, Ltd. (“Mt. Logan Re”) collateralized segregated accounts; $ million, or %, was receivable from Munich Reinsurance America, Inc. and $ million, or %, was recoverable from Endurance Reinsurance Corporation of America. No other retrocessionaire accounted for more than % of our receivables.

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$ $ Assumed Ceded()()()Net written premiums$ $ $ Premiums earned:Direct$ $ $ Assumed Ceded()()()Net premiums earned$ $ $ Incurred losses and LAE:Direct$ $ $ Assumed Ceded()()()Net incurred losses and LAE$ $ $

reportable segments: Reinsurance and Insurance. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom (“U.K.”) and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the U.K., Ireland, and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy and Spain. The 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 reportable segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the 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.

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$ $ $ Net written premiums Premiums earned$ $ $ $ Incurred losses and LAE Commission and brokerage Other underwriting expenses Underwriting gain (loss)$ $()$()$()Net investment income Net gains (losses) on investments Corporate expenses()Interest, fee and bond issue cost amortization expense()Other income (expense) Income (loss) before taxes$

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$ $ $ Net written premiums Premiums earned$ $ $ $ Incurred losses and LAE Commission and brokerage Other underwriting expenses Underwriting gain (loss)$ $()$()$ Net investment income Net gains (losses) on investments()Corporate expenses()Interest, fee and bond issue cost amortization expense()Other income (expense)()Income (loss) before taxes$

Year Ended December 31, 2022

(Dollars in millions)

Reinsurance

Insurance

Other

Total

Gross written premiums

Net written premiums

Premiums earned

Incurred losses and LAE

Commission and brokerage

Other underwriting expenses

Underwriting gain (loss)

Net investment income

Net gains (losses) on investments

()

Corporate expenses

()

Interest, fee and bond issue cost amortization expense

()

Other income (expense)

()

Income (loss) before taxes

% % %2023 % % %2022 % % %

%, % and % of the Company’s gross written premiums in 2024, 2023 and 2022, respectively, were sourced through the Company’s largest intermediary.

billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £ million and € million, respectively. The Company also has additional uncommitted letter of

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million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date.

The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these Consolidated Financial Statements for collateral posted related to secured letters of credit.

Bermuda Re Wells Fargo Bilateral Letter of Credit Facility

Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo, referred to as the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $ million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $ million of secured letters of credit. Effective June 10, 2024, the agreement was amended to extend the availability of committed issuance for one year.

$ 12/31/2025$ $ 6/24/2024 6/28/2024 12/31/2024$ $ $ $

(Some amounts may not reconcile due to rounding.)

Bermuda Re Citibank Letter of Credit Facility

Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. referred to as the “Bermuda Re Citibank Letter of Credit Facility”. The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $ million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $ million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional .

$ 1/21/2025$ $ 01/21/2024 2/28/2025 02/29/2024 3/1/2025 3/1/2024 3/15/2025 9/23/2024 9/23/2025 12/1/2024 12/1/2025 12/16/2024 12/16/2025 12/20/2024 12/20/2025 12/31/2024 12/31/2025 8/15/2025 8/15/2026Bermuda Re Citibank LOC Facility - Uncommitted 12/31/2025 12/31/2024 12/30/2028 12/30/2027Total Citibank Bilateral Agreement$ $ $ $

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re

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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 . $ 12/31/2025$ $ 12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $ million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

$ 12/31/2025$ $ 12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re 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 Ireland Insurance as an account party with access to a $ million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $ million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

$ 12/31/2025$ $ 12/31/2024

(Some amounts may not reconcile due to rounding.)

Bermuda Re Barclays Bank Credit Facility

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $ million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for .

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$ 12/30/2025$ $ 12/30/2024 12/31/2025 12/31/2024Total Bermuda Re Barclays Bilateral Letter of Credit Facility$ $ $ $

(Some amounts may not reconcile due to rounding.)

Bermuda Re 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, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $ million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $ million for a maximum total facility amount of $ million.

$ 12/31/2025$ $ 12/31/2024Nordea Bank Letter of Credit Facility - Uncommitted 12/31/2025 12/31/2024Total Nordea Bank ABP, NY LOC Facility$ $ $ $

(Some amounts may not reconcile due to rounding.)

Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility

Effective October 30, 2024, 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, referred to as the “Funds at Lloyds Syndicated Letter of Credit Facility”. The Everest International Reinsurance Funds at Lloyds Syndicated Letter of Credit Facility provides for the committed issuance of up to £ million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.

£ 11/1/2028

(Some amounts may not reconcile due to rounding.)

Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility

Effective December 30, 2024, Ireland Re entered into a letter of credit issuance facility with Commerzbank AG, New York Branch, referred to as the “Commerzbank Letter of Credit Facility”. The Ireland Re Commerzbank Letter of Credit Facility provides for the committed issuance of up to € million of unsecured letters of credit.

€ 12/31/2025

(Some amounts may not reconcile due to rounding.)

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% of its statutory admitted assets. As of December 31, 2024, Everest Re had statutory admitted assets of approximately $ billion which provides borrowing capacity of up to approximately $ billion. As of December 31, 2024, Everest Re had $ billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $ million and $ million for the years ended December 31, 2024 and 2023, respectively. The FHLBNY membership agreement requires that % 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 December 31, 2024, Everest Re had $ billion of collateral pledged.

% Senior notes6/5/20146/1/2044$ $ $ $ $

% Senior notes

10/7/202010/15/2050

% Senior notes

10/4/202110/15/2052 $ $ $ $ $

(Some amounts may not reconcile due to rounding.)

% Senior Notessemi-annuallyJune 1/December 1$ $ $

% Senior Notes

semi-annuallyApril 15/October 15

% Senior Notes

semi-annuallyApril 15/October 15 $ $ $

(Some amounts may not reconcile due to rounding.)

5/15/20375/1/2067$ $ $ $

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of %, 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 on the 3-month London Interbank Offered Rate (“LIBOR”) plus 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 November 15, 2024 to February 18,

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%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be based on the 3-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus a spread.

Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at % 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 proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem 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.

In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes. In addition, the Company repurchased and retired $ million of the outstanding long-term subordinated notes for the year ended December 31, 2022. The Company realized a gain of $ million on the repurchases made during 2022.

$ $

10.

$ Collateral for secured letter of credit facilities Collateral for FHLB borrowings Securities on deposit with or regulated by government authorities Funds at Lloyd's Funds held by reinsureds Total restricted assets$ $

Restricted cash is included in cash on the consolidated balance sheets. At December 31, 2024 and December 31, 2023, the Company had restricted cash of $ million and $ million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements and secured letter of credit facilities.

The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt. Logan Re. Mt. Logan Re is a collateralized insurer registered in Bermuda and % of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.

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Ceded earned premiums Ceded losses and LAE Assumed written premiums Assumed earned premiums

Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt. Logan Re segregated accounts to retrocede $ million of casualty reserves held by Bermuda Re related to accident years 2002 through 2015. As consideration for entering the agreement, the Company transferred cash of $ million to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $ million. The Company will retain liability for any amounts exceeding the maximum liability. Effective July 1, 2022, the Company commuted this reinsurance agreement with Mt. Logan segregated account.

The Company 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.

OccurrenceSeries 2021-1 Class B-1US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/21/2025 AggregateSeries 2021-1 Class C-1US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/21/2025 AggregateSeries 2021-1 Class A-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/2026 OccurrenceSeries 2021-1 Class B-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/2026 AggregateSeries 2021-1 Class C-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/2026 AggregateSeries 2022-1 Class AUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/22/20226/25/2025 AggregateSeries 2024-1 Class AUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/27/20246/30/2028 OccurrenceSeries 2024-1 Class BUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/27/20246/30/2028 OccurrenceTotal available limit as of December 31, 2024$

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.

11.

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$ Other unaffiliated life insurance company$ $

12.


	At December 31,
(Dollars in millions)	2024	2023
Operating lease right of use assets (1)	$	$
Operating lease liabilities (1)

(1) Operating lease right of use assets and operating lease liabilities are included within other assets and other liabilities on the Company’s consolidated balance sheets, respectively.


	Year Ended December 31,
(Dollars in millions)	2024		2023
Operating cash flows from operating leases	$	()	$	()


	At December 31,
	2024		2023
Weighted average remaining operating lease term	years		years
Weighted average discount rate on operating leases		%		%

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2026 2027 2028 2029 Thereafter Undiscounted lease payments Less: present value adjustment Total operating lease liability$

(Some amounts may not reconcile due to rounding.)

13.

)$ $()$ $()$ $()$ $()Reclassification of net realized losses (gains)

included in net income (loss) (1)

() () () () Foreign currency translation and other adjustments() () () () ()Benefit plan actuarial net gain (loss) () () () Reclassification of benefit plan liability amortization included in net income (loss)() () () Total other comprehensive income (loss)$()$ $()$ $()$ $()$ $()

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.

)$ Net gains (losses) on investments ()Income tax expense (benefit)$()$ Net income (loss)Benefit plan net gain (loss)$()$ Other underwriting expenses Income tax expense (benefit)$()$ Net income (loss)

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

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)$()Current period change in URA(D) of securities() Ending balance of URA(D) of securities()()Beginning balance of foreign currency translation and other adjustments()()Current period change in foreign currency translation and other adjustments() Ending balance of foreign currency translation and other adjustments()()Beginning balance of benefit plan net gain (loss)()()Current period change in benefit plan net gain (loss) Ending balance of benefit plan net gain (loss) ()Ending balance of accumulated other comprehensive income (loss)$()$()

(Some amounts may not reconcile due to rounding.)

(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.

14.

common shares have been authorized to be granted as non-qualified share options, share appreciation rights, restricted share awards or performance share unit (“PSU”) awards to officers and key employees of the Company. At December 31, 2024, there were remaining shares available to be granted under the 2020 Employee Plan. Through December 31, 2024, only non-qualified share options, restricted share awards and PSU awards had been granted under the employee plans. Under the 2009 Director Plan, common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company. At December 31, 2024, there were remaining shares available to be granted under the 2009 Director Plan. Under the 2003 Director Plan, common shares have been authorized to be granted as share options or share awards to non-employee directors of the Company. At December 31, 2024, there were remaining shares available to be granted under the 2003 Director Plan.

Options and restricted shares granted under the 2020 Employee Plan prior to January 1, 2024 vest at the earliest of % per year over or in accordance with any applicable employment agreement. Restricted shares granted under the 2020 Employee Plan after January 1, 2024 vest at the earliest of % per year over or in accordance with any applicable employment agreement. Options and restricted shares granted under the 2003 Director Plan generally vest at % per year over , unless an alternate vesting period is authorized by the Board. Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement. All options are exercisable at fair market value of the stock at the date of grant and expire after the date of grant.

PSU awards granted under the 2020 Employee Plan will vest % after . The PSU awards represent the right to receive between and shares of stock for each unit awarded depending upon performance in relation to certain metrics. The PSU valuation will be based partly on growth in book value per share over the vesting period, compared to designated peer companies. The remaining portion of the PSU valuation will be based upon operating return on equity for each of the separate operating years within the vesting period.

For share options, restricted shares and PSU awards granted under the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $ million, $ million and $ million for the years ended December 31, 2024, 2023

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million, $ million and $ million for the years ended December 31, 2024, 2023 and 2022, respectively.

For the year ended December 31, 2024, a total of shares of restricted stock were granted on February 28, 2024, February 29, 2024, May 15, 2024, September 12, 2024 and November 7, 2024, with a fair value of $, $, $, $ and $ per share, respectively. Additionally, PSU awards were granted on February 28, 2024, with a fair value of $ per unit. share options were granted during the year ended December 31, 2024. For share options granted during previous years, the fair value per option was calculated on the date of the grant using the Black-Scholes option valuation model.

The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $ million, $ million and $ million, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares.

There have been stock options granted since 2012. As of December 31, 2024, there were stock options outstanding. Any remaining stock options were exercised in 2022. The aggregate intrinsic value (market price less exercise price) of options exercised during 2022 was $ million. The cash received from the exercised share options during 2022 was $ million. The tax benefit realized from the options exercised during 2022 was $ million.

$ $ $ Granted Vested Forfeited Outstanding at December 31,

As of December 31, 2024, there was $ million of total unrecognized compensation cost related to non-vested share-based compensation expense. That cost is expected to be recognized over a weighted-average period of years. The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $ million, $ million and $ million, respectively. The tax benefit realized from the shares vested for the years ended December 31, 2024, 2023 and 2022 were $ million, $ million and $ million, respectively.

In addition to the 2020 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued common shares in 2024, common shares in 2023 and common shares in 2022 to the Company’s non-employee directors as compensation for their service as directors. These issuances had aggregate values of $ million, $ million and $ million in 2024, 2023 and 2022.

The Company acquired , and common shares at a cost of $ million, $ million and $ million in 2024, 2023 and 2022, respectively, from employees who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares.

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$ $ $ Granted Increase/(Decrease) on vesting units due to performance () Vested Forfeited Outstanding at December 31,

15.

% of the underlying assets consisting of short-term investments. The Company manages the qualified plan investments for U.S. employees.

$ $ )$ $()

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$ Service cost Interest cost Actuarial (gain)/loss() Curtailment() Benefits paid()()Projected benefit obligation at end of year Change in plan assets:Fair value of plan assets at beginning of year Actual return on plan assets Actual contributions during the year Benefits paid()()Fair value of plan assets at end of year Funded status at end of year$ $

(Some amounts may not reconcile due to rounding.)

$ Other liabilities (due within one year)()()Other liabilities (due beyond one year)()()Net amount recognized in the consolidated balance sheets$ $

(Some amounts may not reconcile due to rounding.)

$()Accumulated other comprehensive income (loss)$ $()

(Some amounts may not reconcile due to rounding.)

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)$()Net gain (loss) arising during period Recognition of amortizations in net periodic benefit cost:Actuarial loss() Curtailment loss recognized Other comprehensive income (loss) at December 31, current year$ $()

(Some amounts may not reconcile due to rounding.)

$ $ Interest cost Expected return on assets()()()Amortization of actuarial loss from earlier periods Settlement() Net periodic benefit cost$()$ $()Other changes recognized in other comprehensive income (loss):Other comprehensive income (loss) attributable to change from prior year()()Total recognized in net periodic benefit cost and othercomprehensive income (loss)$()$()

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were %, % and %, respectively. The rate of compensation increase used to determine the net periodic benefit cost for January 2024 through April 2024 was %. The net periodic benefit cost was remeasured at May 1, 2024 due to plan curtailment. Rate of compensation increase is not applicable to calculate the net periodic benefit cost for May 2024 through December 2024. The rate of compensation increase used to determine the net periodic benefit cost for 2023 and 2022 was %. The expected long-term rate of return on plan assets for 2024, 2023 and 2022 was %, % and % respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for 2023 and 2022 were % and %, respectively. In 2024, the weighted average discount rate used to determine the actuarial present value of the projected benefit obligation, based on plan termination rates, was % for annuities and ranged from % to % for lump sums.

$ Non-qualified Plan Total$ $

(Some amounts may not reconcile due to rounding.)

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$ Fair value of plan assets $ Fair value of plan assets 2026 2027 2028 2029 Next 5 years

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$ $ $ Total$ $ $ $

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

Fair Value Measurement Using:

(Dollars in millions)

December 31, 2023

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Assets:

Short-term investments, which approximates fair value (a)

Mutual funds, fair value

Fixed income (b)

Equities (c)

Total

(Some amounts may not reconcile due to rounding.)

(a)This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b)This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately % in U.S. securities and % in international securities.

(c)This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately % in U.S. equities.

contributions were made to the qualified pension benefit plan for the years ended December 31, 2024 and 2023.

Defined Contribution Plans.

The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum % of the participants’ compensation based on the contribution percentage of the employee. The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to IRC limitations. In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between % and % of an employee’s earnings for each payroll period based on the employee’s age. These contributions will be % vested after . The Company incurred expenses related to these plans of $ million, $ million and $ million for the years ended December 31, 2024, 2023 and 2022, respectively.

In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each international office maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. In the current year, the contributions as a percentage of salary for the international offices ranged from % to %. The contributions are generally used to purchase pension benefits from local insurance providers. The Company incurred expenses related to these plans of $ million, $ million and $ million for the years ended December 31, 2024, 2023 and 2022, respectively.

Post-Retirement Plan.

The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for

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% in 2024 was assumed to decrease gradually to % in 2030 and then remain at that level. The Company incurred expenses of $() million, $() million and $ million for the years ended December 31, 2024, 2023 and 2022, respectively. $ Service cost Interest cost Amendments Actuarial (gain)/loss()()Benefits paid() Benefit obligation at end of year Change in plan assets:Fair value of plan assets at beginning of year Employer contributions Benefits paid() Fair value of plan assets at end of year Funded status at end of year$()$())$()Other liabilities (due beyond one year)()()Net amount recognized in the consolidated balance sheets$()$()(Some amounts may not reconcile due to rounding.)

$ Accumulated prior service credit (cost) Accumulated other comprehensive income (loss)$ $

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$ Net gain (loss) arising during period Prior Service credit (cost) arising during period Recognition of amortizations in net periodic benefit cost:Actuarial loss (gain)()()Prior service cost Other comprehensive income (loss) at December 31, current year$ $ $ $ Interest cost Prior service credit recognition Net gain recognition()() Net periodic cost$ $()$ Other changes recognized in other comprehensive income (loss):Other comprehensive gain (loss) attributable to change from prior year Total recognized in net periodic benefit cost andother comprehensive income (loss)$ $

(Some amounts may not reconcile due to rounding.)

The weighted average discount rates used to determine net periodic benefit cost for 2024, 2023 and 2022 were %, % and %, respectively.

The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year-end 2024, 2023 and 2022 were %, % and %, respectively.

2026 2027 2028 2029 Next 5 years

16.

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% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity.

$ $ Non-U.S. Total current tax expense (benefit) Deferred tax expense (benefit):U.S.()()()Non-U.S. () Total deferred tax expense (benefit)()()()Total income tax expense (benefit)$ $()$()

(Some amounts may not reconcile due to rounding.)

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)$ $ $ $()$ Net investment income Net realized capital gains (losses) ()()()()()Net derivative gain (loss) Corporate expenses()()()()()()Interest, fee and bond issue cost amortization expense() () () Other income (expense) ()()()()Pre-tax income (loss)$ $ $ $ $()$ Expected tax provision at the applicable statutory rate(s) () Increase (decrease) in taxes resulting from:Tax exempt income() () () Dividend received deduction() () () Proration Affiliated preferred stock dividends Creditable foreign premium tax() () () Share-based compensation tax benefits formerly in APIC() () () BEAT Tax Valuation allowance () Bermuda corporate income tax () Insurance corporate-owned life insurance() () () Other ()() Total income tax provision$ $ $ $()$()$

(Some amounts may not reconcile due to rounding.)

At December 31, 2024, 2023 and 2022, the Company had Uncertain Tax Positions.

The Company’s 2014 through 2018 U.S. Federal tax returns are under audit by the IRS. Over several years, the Company had received and responded to a substantial number of Information Document Requests. In 2023, the IRS issued several insignificant Notice(s) of Proposed Adjustment and then a final Revenue Agent Report (“RAR”). In 2024, the Company responded to the RAR with substantial additional information which the IRS has been processing. The IRS requested, and we have signed, an extension of the audit to December 31, 2025.

For tax years 2019 and 2020, the Statute of Limitations has expired and, thus, the Federal income tax return for those years is no longer subject to IRS examination except to the extent the Company files an amended return.

Tax years 2021, 2022, and 2023 are open for examination by the U.S. Federal income tax jurisdiction.

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$ Loss reserves Unearned premium reserves Net unrealized investment losses Depreciation Unrealized foreign currency losses Net operating loss carryforward Lease liability Foreign tax credits Capital loss carryforward Equity compensation Investment impairments Uncollectible reinsurance reserves Net unrealized losses on benefit plans Other assets Total deferred tax assets Deferred tax liabilities:Deferred acquisition costs Net fair value income Partnership investments Right of use asset Deferred investment income Benefit plan asset Other liabilities Total deferred tax liabilities Net deferred tax assets Less: Valuation allowance()()Total net deferred tax assets/(liabilities)$ $

At December 31, 2024 and 2023, the Company had $ million and $ million of Valuation Allowances (“VA”), respectively. The VA is a result of our conclusion under U.S. GAAP accounting principles that the Australia, Colombia, Netherlands, Ireland, Italy, Switzerland, France, Germany, Singapore, Mexico, U.K., and U.S. jurisdictions could not demonstrate that it was more likely than not that the related deferred tax assets will be realized. This was primarily due to factors such as cumulative operating losses in recent years, cumulative capital losses and, therefore, an inability to demonstrate overall profitability within the specific jurisdiction. During the year ended December 31, 2024, the Company recorded an overall increase in its VA of $ million. Tax effected U.K. Net Operating Losses (“NOLs”) of $ million do not expire. Tax effected Irish NOLs of $ million do not expire. Tax effected Spanish NOLs of $ million do not expire. The remaining tax effected NOLs of $ million arose in various jurisdictions and do not expire. Note that not all NOLs had a VA up against them.

At December 31, 2024 and 2023, the Company had $ million and $ respectively of foreign tax credit (“FTC”) carryforwards. In 2024, there were approximately $ million of U.S. FTCs and $ million of non-US FTCs. The U.S. FTCs expire in 2034. The non-U.S. FTCs do not expire.

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million of the Company’s deferred tax asset relates primarily to unrealized losses on available for sale fixed maturity securities. The unrealized losses on available for sale fixed maturity securities, primarily occurring in 2022, were the result of market conditions, including rising interest rates. Ultimate realization of these deferred tax assets depends on the Company’s ability and intent to hold the available for sale securities until they recover their value or mature. As of December 31, 2024, based on all the available evidence, the Company has concluded that the deferred tax asset related to the unrealized losses on the available for sale fixed maturity portfolio are, more likely than not, expected to be realized.

The Company follows ASU 2016-09 regarding the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share-based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits of $ million, $ million and $ million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2024, 2023 and, 2022, respectively.

ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $ million, $ million and $ million in 2024, 2023 and 2022, respectively.

17.

million minimum solvency margin.

Prior approval of the BMA is required if Bermuda Re’s dividend payments would exceed % of their prior year-end total statutory capital and surplus.

Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. The statutory capital and surplus of Bermuda Re was $ billion and $ billion at December 31, 2024 and 2023, respectively. The statutory net income of Bermuda Re was $ billion, $ billion and $ million for the years ended December 31, 2024, 2023 and 2022, respectively.

Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding , exceeds the greater of (1) % of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. Accordingly, as of

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million.

Statutory Financial Information.

Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ billion and $ billion at December 31, 2024 and 2023, respectively. The statutory net income of Everest Re was $ million, $ million and $ million for the years ended December 31, 2024, 2023 and 2022.

There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.

Capital Restrictions.

In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA. No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement.

In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company.

$ $ $ Actual capital$ $ $ $

(1)Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation.

(2)Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year.

(3)The 2024 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2024 actual capital will exceed the targeted capital level. In accordance with guidance issued by the BMA in 2025, Bermuda Re has reflected the impacts of the ETA recognized in response to The 2023 Act in its 2024 regulatory targeted capital and actual capital.

18.

to $ million for the first quarter 2025, net of any estimated recoveries or reinstatement premiums. The Company does not have any other subsequent events to report.

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$ $ State, municipalities and political subdivisions Foreign government securities Foreign corporate securities Public utilities All other corporate bonds Mortgage - backed securities:Commercial Agency residential Non-agency residential Redeemable preferred stock Total fixed maturities-available for sale Fixed maturities - held to maturityBonds:Foreign corporate securities Public utilities All other corporate bonds Mortgage - backed securities:Commercial Total fixed maturities-held to maturity

Equity securities - at fair value (1)

Short-term investments Other invested assets Cash Total investments and cash$ $ $

(Some amounts may not reconcile due to rounding.)

(1)Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss).

S-1

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

; 2023, $)$ $ Short-term investments Cash Investment in subsidiaries, at equity in the underlying net assets Long-term notes receivable, affiliated Accrued investment income Receivable from subsidiaries Other assets TOTAL ASSETS$ $ LIABILITIES:Long-term notes payable, affiliated$ $ Due to subsidiaries Other liabilities Total liabilities SHAREHOLDERS' EQUITY:

Preferred shares, par value: $; shares authorized; shares issued and outstanding

Common shares, par value: $; shares authorized; (2024) and (2023) outstanding before treasury shares

Additional paid-in capital

Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($) at 2024 and $() at 2023

()()

Treasury shares, at cost; shares (2024) and shares (2023)

()()Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ $

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

S-2

$ $ Other income (expense) Net income (loss) of subsidiaries Total revenues EXPENSES:Interest expense - affiliated Other expenses Total expenses INCOME (LOSS) BEFORE TAXES NET INCOME (LOSS)$ $ $ Other comprehensive income (loss) of subsidiaries, net of tax() ()COMPREHENSIVE INCOME (LOSS)$ $ $()

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

S-3

$ $ Adjustments to reconcile net income to net cash provided by operating activities:Equity in retained (earnings) deficit of subsidiaries()()()Cash dividends received from subsidiaries Change in other assets and liabilities, net () Increase (decrease) in due to/from affiliates() Non-cash compensation expense Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES:Additional investment in subsidiaries()()()Proceeds from fixed maturities sold - available for sale Distribution from other invested assets Cost of fixed maturities acquired - available for sale () Cost of other invested assets acquired()()()Net change in short-term investments() Proceeds from repayment of long term notes receivable - affiliated (Issuance) of long term notes receivable - affiliated()() Net cash provided by (used in) investing activities()()()CASH FLOWS FROM FINANCING ACTIVITIES:Common shares issued during the period, net Proceeds from public offering of common shares Purchase of treasury shares() ()Dividends paid to shareholders()()()Proceeds from issuance (cost of repayment) of long term notes payable - affiliated () Net cash provided by (used in) financing activities() EFFECT OF EXCHANGE RATE CHANGES ON CASH Net increase (decrease) in cash()() Cash, beginning of period Cash, end of period$ $ $ Non-Cash Transactions:

Dividend of shares of Everest Group, Ltd. (“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary

$ $ $

Issuance of $ million promissory note payable by Group to Preferred Holdings in exchange for shares of Group common stock received by Group from Preferred Holdings

Capital contribution of shares of Group common stock provided from Group to Everest Re Advisors, Ltd.

(Some amounts may not reconcile due to rounding.)

See notes to consolidated financial statements.

S-4

million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of December, 2019. The note was scheduled to pay interest annually at a rate of % and was scheduled to mature in December 2028. However, the note was paid off in full in May 2023 and is longer outstanding as of December 31, 2023.

3.)Everest Group, Ltd. entered into a $ million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of August 2021. The note was scheduled to pay interest annually at a rate of % and was scheduled to mature in August 2030. However, the note was paid off in full in May 2023 and is longer outstanding as of December 31, 2023.

4.)Everest Group, Ltd. entered into a $ million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of June 2022. The note was scheduled to pay interest annually at a rate of % and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is longer outstanding as of December 31, 2023.

5.)Everest Group, Ltd. entered into a $ million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of % and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is longer outstanding as of December 31, 2023.

6.)Everest Group, Ltd. entered into a $ million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of % and was scheduled to mature in December 2052. However, the note was paid off in full in May 2023 and is longer outstanding as of December 31, 2023.

7.)Everest Group, Ltd. entered into a $ billion long-term note agreement with Everest Preferred International Holdings, an affiliated company, as of December 2022. The note will pay interest annually at a rate of % and is scheduled to mature in December 2052. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

8.)Everest Group, Ltd. issued a $ million long-term note agreement to Everest Reinsurance Bermuda, an affiliated company, as of May 2023. The note will pay interest annually at a rate of % and is scheduled to mature in May 2053. Everest Reinsurance Bermuda repaid $ million to Everest Group, Ltd. in September 2023 and $ million in May 2024 and the note is no longer outstanding as of December 31, 2024.

9.)Everest Group, Ltd. issued a $ million long-term note agreement to Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2024. The note will pay interest annually at a rate of % and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes receivable, affiliated in the condensed balance sheets of Everest Group, Ltd.

10.)Everest Group, Ltd. entered into a $ million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2024. The note will pay interest annually at a rate of % and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

11.)Everest Group, Ltd. entered into a $ million long-term note agreement with Everest Reinsurance Bermuda, an affiliated company, as of December 2024. The note will pay interest annually at a rate of % and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.

12.)Everest Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, an affiliated entity. On the condensed balance sheets, investments in Mt. Logan Re valued at $ million and $ million as of December 31,

S-5

million, $ million and $() million for the years ended December 31, 2024, 2023 and 2022, respectively, have been recorded in other income (expense).

S-6

$ $ $ $ $ $ $ $ Insurance Other Total$ $ $ $ $ $ $ $ $ As of and Year Ended December 31, 2023Reinsurance$ $ $ $ $ $ $ $ $ Insurance Other Total$ $ $ $ $ $ $ $ $ As of and Year Ended December 31, 2022Reinsurance$ $ $ $ $ $ $ $ $ Insurance Other Total$ $ $ $ $ $ $ $ $

(Some amounts may not reconcile due to rounding.)

S-7

$ $ $ %December 31, 2023Total property and liability insurance premiums earned$ $ $ $ %December 31, 2022Total property and liability insurance premiums earned$ $ $ $ %

S-8

EVEREST GROUP, LTD. - Annual Report: 2024 (Form 10-K)

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