# EDGAR Filing Document

**Accession Number:** 0001095073
**File Stem:** 0001095073-25-000086
**Filing Date:** 2025-10
**Character Count:** 382687
**Document Hash:** dc5110f515ab1e8be793f58f6bd6ddaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001095073-25-000086.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001095073-25-000086

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 137

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVEREST GROUP, LTD.
- **CENTRAL INDEX KEY:** 0001095073
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980365432
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15731
- **FILM NUMBER:** 251440809

**BUSINESS ADDRESS:**
- **STREET 1:** SEON PLACE, 4TH FLOOR
- **STREET 2:** 141 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 19
- **BUSINESS PHONE:** 4412950006

**MAIL ADDRESS:**
- **STREET 1:** C/O REINSURANCE HOLDINGS INC
- **STREET 2:** 100 EVEREST WAY
- **CITY:** WARREN
- **STATE:** NJ
- **ZIP:** 07059

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST RE GROUP LTD
- **DATE OF NAME CHANGE:** 20000308

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST REINSURANCE GROUP LTD
- **DATE OF NAME CHANGE:** 19990915

?xml version='1.0' encoding='ASCII'? eg-20250930

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

---

| | |
|:---|:---|
| X | **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
| | For the quarterly period ended <u>September 30, 2025</u> |
| | **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |

---

Commission file number 1-15731

**<u>EVEREST GROUP, LTD.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Bermuda** | **98-0365432** |
| (State or other jurisdiction of <br>incorporation or organization) | (I.R.S. Employer <br>Identification No.) |

---

---

| | |
|:---|:---|
| **Seon Place – 4th Floor**<br>**141 Front Street**<br>**PO Box HM 845**<br>**Hamilton Bermuda** | **HM 19** |
| (Address of principal executive offices) | (Zip Code) |

---

**441-295-0006**

(Registrant's telephone number, including area code)

**<u>Not Applicable</u>**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Class | Trading Symbol | Name of Exchange where Registered |
| **Common Shares, $0.01 par value** | **EG** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes <u>X</u> No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes <u>X</u> No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | |
|:---|:---|:---|
| Large Accelerated Filer | X | Accelerated filer |
| Non-accelerated filer | | Smaller reporting company |
| | | Emerging growth company |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No <u>X</u>

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| Class | Number of Shares Outstanding at October 24, 2025 |
| **Common Shares, $0.01 par value** | **41978058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

**EVEREST GROUP, LTD.**

**Table of Contents**

**Form 10-Q**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| | **[PART I](#i25040cf0711c4ddeadb5d42c7c609cbc_13)** | |
| | **<u>[FINANCIAL INFORMATION](#i25040cf0711c4ddeadb5d42c7c609cbc_13)</u>** | |
| **[Item 1.](#i25040cf0711c4ddeadb5d42c7c609cbc_16)** | **<u>[Financial Statements](#i25040cf0711c4ddeadb5d42c7c609cbc_16)</u>** | |
|  | <u>[Consolidated Balance Sheets as of](#i25040cf0711c4ddeadb5d42c7c609cbc_19)September 30, 2025[(unaudited) and](#i25040cf0711c4ddeadb5d42c7c609cbc_19)December 31, 2024</u> | [1](#i25040cf0711c4ddeadb5d42c7c609cbc_19) |
|  | <u>[Consolidated Statements of Operations and Comprehensive Income (Loss) for the](#i25040cf0711c4ddeadb5d42c7c609cbc_22) three and nine[months ended](#i25040cf0711c4ddeadb5d42c7c609cbc_22)September 30, 2025[and](#i25040cf0711c4ddeadb5d42c7c609cbc_22)2024[(unaudited)](#i25040cf0711c4ddeadb5d42c7c609cbc_22)</u> | [2](#i25040cf0711c4ddeadb5d42c7c609cbc_22) |
|  | <u>[Consolidated Statements of Changes in Shareholders' Equity for the](#i25040cf0711c4ddeadb5d42c7c609cbc_25)three and nine[months ended](#i25040cf0711c4ddeadb5d42c7c609cbc_25)September 30, 2025[and](#i25040cf0711c4ddeadb5d42c7c609cbc_25)2024[(unaudited)](#i25040cf0711c4ddeadb5d42c7c609cbc_25)</u> | [3](#i25040cf0711c4ddeadb5d42c7c609cbc_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i25040cf0711c4ddeadb5d42c7c609cbc_28)nine months ended September 30, 2025[and](#i25040cf0711c4ddeadb5d42c7c609cbc_28)2024[(unaudited)](#i25040cf0711c4ddeadb5d42c7c609cbc_28)</u> | [4](#i25040cf0711c4ddeadb5d42c7c609cbc_28) |
|  | <u>[Notes to Consolidated Interim Financial Statements (unaudited)](#i25040cf0711c4ddeadb5d42c7c609cbc_31)</u> | [5](#i25040cf0711c4ddeadb5d42c7c609cbc_31) |
| **[Item 2.](#i25040cf0711c4ddeadb5d42c7c609cbc_112)** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i25040cf0711c4ddeadb5d42c7c609cbc_112)</u>** | [32](#i25040cf0711c4ddeadb5d42c7c609cbc_112) |
| **[Item 3.](#i25040cf0711c4ddeadb5d42c7c609cbc_262)** | **<u>[Quantitative and Qualitative Disclosures About Market Risk](#i25040cf0711c4ddeadb5d42c7c609cbc_262)</u>** | [50](#i25040cf0711c4ddeadb5d42c7c609cbc_262) |
| **[Item 4.](#i25040cf0711c4ddeadb5d42c7c609cbc_265)** | **<u>[Controls and Procedures](#i25040cf0711c4ddeadb5d42c7c609cbc_265)</u>** | [50](#i25040cf0711c4ddeadb5d42c7c609cbc_265) |
|  | **[PART II](#i25040cf0711c4ddeadb5d42c7c609cbc_268)** |  |
|  | **<u>[OTHER INFORMATION](#i25040cf0711c4ddeadb5d42c7c609cbc_268)</u>** |  |
| **[Item 1.](#i25040cf0711c4ddeadb5d42c7c609cbc_271)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Legal Proceedings](#i25040cf0711c4ddeadb5d42c7c609cbc_271)</u>** | [51](#i25040cf0711c4ddeadb5d42c7c609cbc_271) |
| **[Item 1A.](#i25040cf0711c4ddeadb5d42c7c609cbc_274)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Risk Factors](#i25040cf0711c4ddeadb5d42c7c609cbc_274)</u>** | [51](#i25040cf0711c4ddeadb5d42c7c609cbc_274) |
| **[Item 2.](#i25040cf0711c4ddeadb5d42c7c609cbc_277)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i25040cf0711c4ddeadb5d42c7c609cbc_277)</u>** | [51](#i25040cf0711c4ddeadb5d42c7c609cbc_277) |
| **[Item 3.](#i25040cf0711c4ddeadb5d42c7c609cbc_280)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Defaults Upon Senior Securities](#i25040cf0711c4ddeadb5d42c7c609cbc_280)</u>** | [51](#i25040cf0711c4ddeadb5d42c7c609cbc_280) |
| **[Item 4.](#i25040cf0711c4ddeadb5d42c7c609cbc_283)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Mine Safety Disclosures](#i25040cf0711c4ddeadb5d42c7c609cbc_283)</u>** | [51](#i25040cf0711c4ddeadb5d42c7c609cbc_283) |
| **[Item 5.](#i25040cf0711c4ddeadb5d42c7c609cbc_286)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Other Information](#i25040cf0711c4ddeadb5d42c7c609cbc_286)</u>** | [51](#i25040cf0711c4ddeadb5d42c7c609cbc_286) |
| **[Item 6.](#i25040cf0711c4ddeadb5d42c7c609cbc_292)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Exhibits](#i25040cf0711c4ddeadb5d42c7c609cbc_292)</u>** | [52](#i25040cf0711c4ddeadb5d42c7c609cbc_292) |

---

------

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

**Safe Harbor Disclosure.**

This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "will", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential" and "intend". Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those expressed in forward-looking statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements are discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC") including, but not limited to, those described under the caption "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K (the "Form 10-K filing"). These include:

• the effects of catastrophic events on our financial results;

• losses from catastrophe exposure that exceed our projections;

• insufficient reserves for losses and loss adjustment expenses ("LAE") due to the impact of social inflation or other factors;

• greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;

• our failure to accurately assess underwriting risk and establish adequate premium rates;

• decreases in pricing for property and casualty reinsurance and insurance;

• our inability or failure to purchase adequate reinsurance;

• our ability to maintain our financial strength ratings;

• our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of the renewal rights for our retail commercial insurance business;

• the failure of our insureds, intermediaries and reinsurers to satisfy their obligations to us;

• decline in our investment values and investment income due to exposure to financial markets conditions;

• the failure to maintain enough cash to meet near-term financial obligations;

• our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from subsidiaries in our holding company structure;

• reduced net income and capital levels due to foreign currency exchange losses;

• our sensitivity to unanticipated levels of inflation;

• the effects of measures taken by domestic or foreign governments on our business, including but not limited to the impact of tariffs imposed or threatened by the U.S. or foreign governments;

• our ability to attract and retain key executive officers and the executives and employees necessary to manage our business;

• the effect of cybersecurity risks, including technology breaches or failure, and regulatory and legislative developments related to cybersecurity on our business;

• our dependence on brokers and agents for business development;

• material variation of analytical models used in decision making from actual results;

• the effects of business continuation risk on our operations;

• the effect on our business of the highly competitive nature of our industry, including the effects of new entrants to, competing products for and consolidation in the (re)insurance industry;

• an anti-takeover effect caused by insurance laws and provisions in the bye-laws of Group (as defined in Part I below);

• the difficulty investors in Group may have in protecting their interests compared to investors in a U.S. corporation;

• our failure to comply with insurance laws and regulations and other regulatory challenges;

• the ability of Bermuda Re (as defined in Part I below) to obtain licenses or admittance in additional jurisdictions to develop its business;

• the ability of Bermuda Re to arrange for security to back its reinsurance impacting its ability to write reinsurance;

• changes in international and U.S. tax laws;

• the effect on Group and/or Bermuda Re should it/they become subject to taxes in jurisdictions where not currently subject to taxation; and

• the ability of subsidiary entities to pay dividends.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

------

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

**PART I.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION**

**ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS**

EVEREST GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| | September 30, | December 31, |
| (In millions of U.S. dollars, except par value per share) | 2025 | 2024 |
|  | (unaudited) |  |
| ASSETS: |  |  |
| Fixed maturities - available for sale, at fair value | $33912 | $28908 |
| &nbsp;&nbsp;(amortized cost: 2025, $34,049; 2024, $29,934, credit allowances: 2025, $(51); 2024, $(36)) |  |  |
| Fixed maturities - held to maturity, at amortized cost |  |  |
| &nbsp;&nbsp;(fair value: 2025, $613; 2024, $759, net of credit allowances: 2025, $(6); 2024, $(8)) | 604 | 757 |
| Equity securities, at fair value | 177 | 217 |
| Other invested assets | 5709 | 5392 |
| Short-term investments | 3890 | 4707 |
| Cash | 1539 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 45831 | 41531 |
| Accrued investment income | 421 | 368 |
| Premiums receivable (net of credit allowances: 2025, $(68); 2024, $(54)) | 6017 | 5378 |
| Reinsurance paid loss recoverables (net of credit allowances: 2025, $(48); 2024, $(41)) | 378 | 207 |
| Reinsurance unpaid loss recoverables | 3511 | 2915 |
| Funds held by reinsureds | 1256 | 1218 |
| Deferred acquisition costs | 1542 | 1461 |
| Prepaid reinsurance premiums | 926 | 869 |
| Income tax asset, net | 1009 | 1223 |
| Other assets (net of credit allowances: 2025, $(10); 2024, $(9)) | 1348 | 1171 |
| TOTAL ASSETS | $62240 | $56341 |
| LIABILITIES: |  |  |
| Reserve for losses and loss adjustment expenses | $33742 | $29889 |
| Unearned premium reserve | 7489 | 7324 |
| Funds held under reinsurance treaties | 16 | 27 |
| Amounts due to reinsurers | 1084 | 701 |
| Losses in course of payment | 228 | 241 |
| Senior notes | 2351 | 2350 |
| Long-term notes | 218 | 218 |
| Borrowings from FHLB | 1019 | 1019 |
| Accrued interest on debt and borrowings | 43 | 22 |
| Unsettled securities payable | 17 | 84 |
| Other liabilities | 658 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 46864 | 42466 |
| Commitments and contingencies (Note 11) |  |  |
| SHAREHOLDERS' EQUITY: |  |  |
| Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding |  |  |
| Common shares, par value: $0.01; 200.0 shares authorized; 74.4 (2025) and 74.3 (2024) |  |  |
| &nbsp;&nbsp;outstanding before treasury shares | 1 | 1 |
| Additional paid-in capital | 3835 | 3812 |
| Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) |  |  |
| &nbsp;&nbsp;of $(43) at 2025 and $(177) at 2024 | (154) | (1138) |
| Treasury shares, at cost; 32.5 shares (2025) and 31.3 shares (2024) | (4508) | (4108) |
| Retained earnings | 16202 | 15309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 15375 | 13875 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $62240 | $56341 |

---

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

------

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (In millions of U.S. dollars, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| REVENUES: |  |  |  |  |
| Premiums earned | $3855 | $3918 | $11698 | $11262 |
| Net investment income | 540 | 496 | 1563 | 1481 |
| Net gains (losses) on investments | (47) | (27) | (59) | (50) |
| Other income (expense) | (29) | (102) | (129) | (48) |
| Total revenues | 4319 | 4285 | 13073 | 12645 |
| CLAIMS AND EXPENSES: |  |  |  |  |
| Incurred losses and loss adjustment expenses | 2837 | 2584 | 8203 | 7132 |
| Commission, brokerage, taxes and fees | 890 | 826 | 2595 | 2398 |
| Other underwriting expenses | 258 | 236 | 750 | 694 |
| Corporate expenses | 27 | 25 | 79 | 69 |
| Interest, fees and bond issue cost amortization expense | 38 | 38 | 114 | 112 |
| Total claims and expenses | 4050 | 3708 | 11740 | 10404 |
| INCOME (LOSS) BEFORE TAXES | 269 | 577 | 1332 | 2241 |
| Income tax expense (benefit) | 14 | 68 | 187 | 275 |
| NET INCOME (LOSS) | $255 | $509 | $1145 | $1966 |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period | 129 | 704 | 714 | 477 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for realized losses (gains) included in net income (loss) | 37 | 30 | 48 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total URA(D) of securities arising during the period | 165 | 734 | 762 | 521 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation and other adjustments | 1 | 83 | 230 | 45 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for amortization of net (gain) loss included in net income (loss) |  |  | (8) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefit plan net gain (loss) for the period |  |  | (8) | 24 |
| Total other comprehensive income (loss), net of tax | 167 | 816 | 984 | 590 |
| COMPREHENSIVE INCOME (LOSS) | $422 | $1325 | $2129 | $2556 |
| EARNINGS PER COMMON SHARE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $6.09 | $11.80 | $27.06 | $45.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 6.09 | 11.80 | 27.06 | 45.40 |

---

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

------

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (In millions of U.S. dollars, except dividends per share amounts) | 2025 | 2024 | 2025 | 2024 |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| COMMON SHARES (shares outstanding): |  |  |  |  |
| Balance beginning of period | 41.9 | 43.3 | 43.0 | 43.4 |
| Issued (redeemed) during the period, net |  |  | 0.2 | 0.1 |
| Treasury shares acquired |  | (0.3) | (1.2) | (0.5) |
| Balance end of period | 42.0 | 43.0 | 42.0 | 43.0 |
| COMMON SHARES (par value): |  |  |  |  |
| Balance beginning of period | $1 | $1 | $1 | $1 |
| Issued during the period, net |  |  |  |  |
| Balance end of period | 1 | 1 | 1 | 1 |
| ADDITIONAL PAID-IN CAPITAL: |  |  |  |  |
| Balance beginning of period | 3818 | 3785 | 3812 | 3773 |
| Share-based compensation plans | 17 | 14 | 24 | 26 |
| Balance end of period | 3835 | 3799 | 3835 | 3799 |
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES: |  |  |  |  |
| Balance beginning of period | (321) | (1160) | (1138) | (934) |
| Net increase (decrease) during the period | 167 | 816 | 984 | 590 |
| Balance end of period | (154) | (344) | (154) | (344) |
| RETAINED EARNINGS: |  |  |  |  |
| Balance beginning of period | 16030 | 15565 | 15309 | 14270 |
| Net income (loss) | 255 | 509 | 1145 | 1966 |
| Dividends declared ($2.00 per share in 3Q 2025 and $6.00 per share YTD in 2025; |  |  |  |  |
| &nbsp;&nbsp;$2.00 per share in 3Q 2024 and $5.75 per share YTD in 2024) | (84) | (86) | (253) | (249) |
| Balance, end of period | 16202 | 15988 | 16202 | 15988 |
| TREASURY SHARES AT COST: |  |  |  |  |
| Balance beginning of period | (4508) | (4008) | (4108) | (3908) |
| Purchase of treasury shares |  | (100) | (400) | (200) |
| Balance end of period | (4508) | (4108) | (4508) | (4108) |
| TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD | $15375 | $15335 | $15375 | $15335 |

---

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

------

<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
| | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (In millions of U.S. dollars) | 2025 | 2024 |
|  | (unaudited) | (unaudited) |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net income (loss) | $1145 | $1966 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in premiums receivable | (417) | (529) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in funds held by reinsureds, net | (43) | (99) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in reinsurance recoverables | (266) | (112) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in income taxes | 80 | (65) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in prepaid reinsurance premiums | 77 | (201) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in reserve for losses and loss adjustment expenses | 3086 | 2605 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in unearned premiums | (48) | 767 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in amounts due to reinsurers | 213 | 278 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in losses in course of payment | (23) | 86 |
| &nbsp;&nbsp;&nbsp;Change in equity adjustments in limited partnerships | (242) | (236) |
| &nbsp;&nbsp;&nbsp;Distribution of limited partnership income | 128 | 106 |
| &nbsp;&nbsp;&nbsp;Change in other assets and liabilities, net | (204) | (376) |
| &nbsp;&nbsp;&nbsp;Non-cash compensation expense | 43 | 49 |
| &nbsp;&nbsp;&nbsp;Amortization of bond premium (accrual of bond discount) | (122) | (113) |
| &nbsp;&nbsp;&nbsp;Net (gains) losses on investments | 59 | 50 |
| Net cash provided by (used in) operating activities | 3466 | 4177 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| Proceeds from fixed maturities matured/called/repaid - available for sale | 3376 | 2692 |
| Proceeds from fixed maturities sold - available for sale | 933 | 4322 |
| Proceeds from fixed maturities matured/called/repaid - held to maturity | 156 | 129 |
| Proceeds from fixed maturities sold - held to maturity | 10 |  |
| Proceeds from equity securities sold | 55 | 15 |
| Distributions from other invested assets | 266 | 289 |
| Cost of fixed maturities acquired - available for sale | (8021) | (9069) |
| Cost of fixed maturities acquired - held to maturity | (6) | (46) |
| Cost of equity securities acquired | (2) | (35) |
| Cost of other invested assets acquired | (406) | (438) |
| Net change in short-term investments | 945 | (1724) |
| Net change in unsettled securities transactions | (66) | 321 |
| Net cash provided by (used in) investing activities | (2759) | (3545) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| Common shares issued (redeemed) during the period for share-based compensation, net of expense | (19) | (23) |
| Purchase of treasury shares | (400) | (200) |
| Dividends paid to shareholders | (253) | (249) |
| Cost of shares withheld on settlements of share-based compensation awards | (20) | (23) |
| Net cash provided by (used in) financing activities | (693) | (495) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | (24) | 25 |
| Net increase (decrease) in cash | (10) | 162 |
| Cash, beginning of period | 1549 | 1437 |
| Cash, end of period | $1539 | $1599 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid (recovered) | $98 | $340 |
| &nbsp;&nbsp;&nbsp;Interest paid | 91 | 90 |
| NON-CASH TRANSACTIONS: |  |  |
| &nbsp;&nbsp;Non-cash limited partnership distribution | $8 | $23 |

---

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

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**NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)**

**For the Three and Nine Months Ended September 30, 2025 and 2024**

**1. GENERAL**

Everest Group, Ltd. ("Group"), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and other international markets. As used in this document, "Company" and "Everest" mean Group and its subsidiaries.

Unless noted otherwise, all tabular dollar amounts are in millions of United States ("U.S.") dollars ("U.S. dollars" or "$"). Some amounts may not reconcile due to rounding.

**2. BASIS OF PRESENTATION**

The unaudited consolidated financial statements of the Company as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), has been omitted since it is not required for interim reporting purposes. The December 31, 2024 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2025 and 2024 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2024, 2023 and 2022, included in the Company's most recent Form 10-K filing.

The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.

All intercompany accounts and transactions have been eliminated.

<u>Adoption of New Accounting Standards</u>

The Company did not adopt any new accounting standards that had a material impact during the three and nine months ended September 30, 2025.

<u>Future Adoption of Recently Issued Accounting Standards</u>

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2025 by the Financial Accounting Standards Board ("FASB") on the Company's consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2025. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.

*Improvements to Income Tax Disclosures.* In December 2023, the FASB issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

*Disaggregation of Income Statement Expenses.* In November 2024, the FASB issued Accounting Standard Update No. 2024-03, which requires additional disclosure about specific expense categories included in the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods

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beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

**3. INVESTMENTS**

The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) ("URA(D)") and fair value of fixed maturity securities - available for sale for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 |
| (Dollars in millions) | Amortized<br>Cost | Allowance for<br>Credit Losses | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Fair<br>Value |
| Fixed maturity securities - available for sale |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury securities and obligations of |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government agencies and corporations | $770 | $— | $4 | $(22) | 752 |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. states and political subdivisions | 55 |  |  | (6) | 49 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 9734 | (38) | 199 | (189) | 9705 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 5049 | (14) | 23 | (15) | 5044 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 402 |  | 9 | (1) | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 907 |  | 4 | (39) | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 5594 |  | 68 | (178) | 5484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1562 |  | 35 | (1) | 1595 |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 2534 |  | 35 | (100) | 2470 |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 7443 |  | 245 | (157) | 7531 |
| Total fixed maturity securities - available for sale | $34049 | $(51) | $621 | $(708) | $33912 |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| (Dollars in millions) | Amortized<br>Cost | Allowance for<br>Credit Losses | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Fair<br>Value |
| Fixed maturity securities - available for sale |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury securities and obligations of |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. government agencies and corporations | $688 | $— | $5 | $(24) | $669 |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. states and political subdivisions | 75 |  |  | (5) | 70 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 7288 | (35) | 57 | (299) | 7010 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 5994 |  | 28 | (39) | 5982 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 965 |  | 1 | (66) | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 5205 |  | 13 | (287) | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1291 |  | 9 | (11) | 1289 |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 2330 |  | 13 | (147) | 2196 |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 6099 |  | 42 | (279) | 5861 |
| Total fixed maturity securities - available for sale | $29934 | $(36) | $167 | $(1157) | $28908 |

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(Some amounts may not reconcile due to rounding.)

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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 September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 |
| (Dollars in millions) | Amortized<br>Cost | Allowance for<br>Credit Losses | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Fair<br>Value |
| Fixed maturity securities - held to maturity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate securities | $167 | $(2) | $7 | $(1) | $170 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 364 | (3) | 6 | (8) | 358 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 79 | (1) | 6 |  | 84 |
| Total fixed maturity securities - held to maturity | $610 | (6) | $19 | $(10) | $613 |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| (Dollars in millions) | Amortized<br>Cost | Allowance for<br>Credit Losses | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Fair<br>Value |
| Fixed maturity securities - held to maturity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate securities | $177 | $(2) | $5 | $(4) | $175 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 484 | (4) | 5 | (8) | 477 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 21 |  |  |  | 21 |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 84 | (1) | 4 |  | 86 |
| Total fixed maturity securities - held to maturity | $765 | $(8) | $14 | $(12) | $759 |

---

(Some amounts may not reconcile due to rounding.)

The amortized cost and fair value of fixed maturity securities - available for sale 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 September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 |
| (Dollars in millions) | Amortized<br>Cost | Fair<br>Value | Amortized<br>Cost | Fair<br>Value |
| Fixed maturity securities – available for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $1423 | $1390 | $1116 | $1080 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 10521 | 10558 | 8774 | 8480 |
| &nbsp;&nbsp;&nbsp;Due after five years through ten years | 6666 | 6701 | 4764 | 4523 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 1926 | 1860 | 1826 | 1723 |
| Asset-backed securities | 5049 | 5044 | 5994 | 5982 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency commercial | 402 | 409 |  |  |
| &nbsp;&nbsp;&nbsp;Non-agency commercial | 907 | 872 | 965 | 900 |
| &nbsp;&nbsp;&nbsp;Agency residential | 5594 | 5484 | 5205 | 4931 |
| &nbsp;&nbsp;&nbsp;Non-agency residential | 1562 | 1595 | 1291 | 1289 |
| Total fixed maturity securities - available for sale | $34049 | $33912 | $29934 | $28908 |

---

(Some amounts may not reconcile due to rounding.)

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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 September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 |
| (Dollars in millions) | Amortized<br>Cost | Fair<br>Value | Amortized<br>Cost | Fair<br>Value |
| Fixed maturity securities – held to maturity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $5 | $5 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 88 | 89 | 67 | 67 |
| &nbsp;&nbsp;&nbsp;Due after five years through ten years | 4 | 4 | 37 | 35 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 149 | 156 | 150 | 152 |
| Asset-backed securities | 364 | 358 | 484 | 477 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | 1 | 1 | 21 | 21 |
| Total fixed maturity securities - held to maturity | $610 | $613 | $765 | $759 |

---

(Some amounts may not reconcile due to rounding.)

The changes in net URA(D) for the Company's investments are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Increase (decrease) during the period between the fair value and cost of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;investments carried at fair value, and deferred taxes thereon: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities - available for sale, held to maturity and short-term investments | $202 | $840 | $909 | $563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investments |  | 18 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in URA(D), pre-tax | 202 | 857 | 909 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax benefit (expense) | (36) | (123) | (147) | (60) |
| Change in URA(D), net of deferred taxes, included in shareholders' equity | $165 | $734 | $762 | $521 |

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(Some amounts may not reconcile due to rounding.)

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The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at September 30, 2025 by Security Type | Duration of Unrealized Loss at September 30, 2025 by Security Type | Duration of Unrealized Loss at September 30, 2025 by Security Type | Duration of Unrealized Loss at September 30, 2025 by Security Type | Duration of Unrealized Loss at September 30, 2025 by Security Type | Duration of Unrealized Loss at September 30, 2025 by Security Type |
| | Less than 12 months | Less than 12 months | Greater than 12 months | Greater than 12 months | Total | Total |
| (Dollars in millions) | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation |
| Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agencies and corporations | $162 | $(4) | $363 | $(19) | $524 | $(22) |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. states and political subdivisions | 8 |  | 36 | (5) | 44 | (6) |
| &nbsp;&nbsp;&nbsp;Corporate securities | 1345 | (35) | 1926 | (154) | 3271 | (189) |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 440 | (6) | 281 | (9) | 721 | (15) |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 88 |  | 17 | (1) | 105 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 86 | (5) | 678 | (34) | 764 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 454 | (5) | 1683 | (173) | 2138 | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 154 | (1) | 19 |  | 173 | (1) |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 691 | (14) | 720 | (86) | 1411 | (100) |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 1026 | (24) | 1540 | (133) | 2566 | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $4453 | $(94) | $7264 | $(613) | $11717 | $(707) |
| Securities where an allowance for credit loss was recorded | 2 |  | 15 |  | 17 | (1) |
| Total fixed maturity securities - available for sale | $4455 | $(94) | $7279 | $(614) | $11734 | $(708) |

---

(Some amounts may not reconcile due to rounding.)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at September 30, 2025 by Maturity | Duration of Unrealized Loss at September 30, 2025 by Maturity | Duration of Unrealized Loss at September 30, 2025 by Maturity | Duration of Unrealized Loss at September 30, 2025 by Maturity | Duration of Unrealized Loss at September 30, 2025 by Maturity | Duration of Unrealized Loss at September 30, 2025 by Maturity |
| | Less than 12 months | Less than 12 months | Greater than 12 months | Greater than 12 months | Total | Total |
| (Dollars in millions) | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation |
| Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;Due in one year or less | $195 | $(6) | $617 | $(27) | $812 | $(33) |
| &nbsp;&nbsp;Due in one year through five years | 1471 | (37) | 2426 | (178) | 3898 | (215) |
| &nbsp;&nbsp;Due in five years through ten years | 889 | (12) | 1064 | (128) | 1953 | (140) |
| &nbsp;&nbsp;Due after ten years | 675 | (21) | 478 | (64) | 1154 | (85) |
| Asset-backed securities | 440 | (6) | 281 | (9) | 721 | (15) |
| Mortgage-backed securities | 782 | (11) | 2398 | (208) | 3179 | (219) |
| &nbsp;&nbsp;Total | $4453 | $(94) | $7264 | $(613) | $11717 | $(707) |
| Securities where an allowance for credit loss was recorded | 2 |  | 15 |  | 17 | (1) |
| Total fixed maturity securities - available for sale | $4455 | $(94) | $7279 | $(614) | $11734 | $(708) |

---

(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 September 30, 2025 were $11.7 billion and $708 million, respectively. The fair value of securities for the single issuer (the U.S. government), whose securities comprised the largest unrealized loss position at September 30, 2025, amounted to less than 1.6% 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 September 30, 2025 comprised less than 0.6% 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 $94 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 and foreign government securities. Of these unrealized losses, $91 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $614 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

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foreign corporate securities, agency residential and non-agency commercial mortgage-backed securities and foreign government securities. Of these unrealized losses, $605 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 September 30, 2025, 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.

The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at December 31, 2024 by Security Type | Duration of Unrealized Loss at December 31, 2024 by Security Type | Duration of Unrealized Loss at December 31, 2024 by Security Type | Duration of Unrealized Loss at December 31, 2024 by Security Type | Duration of Unrealized Loss at December 31, 2024 by Security Type | Duration of Unrealized Loss at December 31, 2024 by Security Type |
| | Less than 12 months | Less than 12 months | Greater than 12 months | Greater than 12 months | Total | Total |
| (Dollars in millions) | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation |
| Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agencies and corporations | $80 | $(1) | $398 | $(23) | $478 | $(24) |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. states and political subdivisions | 9 |  | 40 | (5) | 48 | (5) |
| &nbsp;&nbsp;&nbsp;Corporate securities | 2744 | (76) | 2132 | (221) | 4876 | (297) |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 958 | (20) | 537 | (19) | 1495 | (39) |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 53 | (3) | 757 | (63) | 810 | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 2754 | (115) | 1226 | (172) | 3980 | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 654 | (11) | 25 |  | 678 | (11) |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 851 | (35) | 828 | (112) | 1679 | (147) |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 2484 | (61) | 1785 | (218) | 4269 | (279) |
| Total | $10587 | $(323) | $7728 | $(833) | $18315 | $(1156) |
| Securities where an allowance for credit loss was recorded | 17 | (1) |  |  | 17 | (1) |
| Total fixed maturity securities - available for sale | $10604 | $(324) | $7728 | $(833) | $18332 | $(1157) |

---

(Some amounts may not reconcile due to rounding.)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at December 31, 2024 by Maturity | Duration of Unrealized Loss at December 31, 2024 by Maturity | Duration of Unrealized Loss at December 31, 2024 by Maturity | Duration of Unrealized Loss at December 31, 2024 by Maturity | Duration of Unrealized Loss at December 31, 2024 by Maturity | Duration of Unrealized Loss at December 31, 2024 by Maturity |
| | Less than 12 months | Less than 12 months | Greater than 12 months | Greater than 12 months | Total | Total |
| (Dollars in millions) | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation | Fair Value | Gross<br>Unrealized<br>Depreciation |
| Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $138 | $(5) | $544 | $(34) | $682 | $(39) |
| &nbsp;&nbsp;&nbsp;Due in one year through five years | 3503 | (87) | 2770 | (249) | 6273 | (335) |
| &nbsp;&nbsp;&nbsp;Due in five years through ten years | 1850 | (50) | 1382 | (220) | 3232 | (271) |
| &nbsp;&nbsp;&nbsp;Due after ten years | 677 | (32) | 487 | (76) | 1164 | (107) |
| Asset-backed securities | 958 | (20) | 537 | (19) | 1495 | (39) |
| Mortgage-backed securities | 3461 | (129) | 2008 | (235) | 5469 | (364) |
| Total | $10587 | $(323) | $7728 | $(833) | $18315 | $(1156) |
| Securities where an allowance for credit loss was recorded | 17 | (1) |  |  | 17 | (1) |
| Total fixed maturity securities - available for sale | $10604 | $(324) | $7728 | $(833) | $18332 | $(1157) |

---

(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 $18.3 billion and $1.2 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, 2024, amounted to less than 1.6% of the overall fair value of the Company's fixed maturity securities -

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available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.9% 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 $324 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, $319 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $833 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, $810 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.

The components of net investment income are presented in the table below for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Fixed maturities | $390 | $378 | $1172 | $1099 |
| Equity securities | 1 | 1 | 3 | 3 |
| Short-term investments and cash | 43 | 54 | 125 | 135 |
| Other invested assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Limited partnerships | 76 | 36 | 189 | 183 |
| &nbsp;&nbsp;&nbsp;Other | 36 | 36 | 87 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income before adjustments | 546 | 504 | 1577 | 1506 |
| Funds held interest income (expense) | 7 | 5 | 22 | 20 |
| Future policy benefit reserve income (expense) |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 553 | 510 | 1598 | 1525 |
| Investment expenses | 13 | 13 | 35 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $540 | $496 | $1563 | $1481 |

---

(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 ("NAVs") 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 lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $2.5 billion in limited partnerships and private placement loan securities at September 30, 2025. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2035.

In 2022, the Company entered into corporate-owned life insurance ("COLI") policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.8 billion and $1.7 billion as of September 30, 2025 and December 31, 2024, respectively.

<u>Variable Interest Entities</u>

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

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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 September 30, 2025 and December 31, 2024, the Company did not hold any investments 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 September 30, 2025 and December 31, 2024 is limited to the total carrying value of $3.8 billion and $3.6 billion, respectively, which are included in general and limited partnerships.

As of September 30, 2025, the Company has outstanding commitments totaling $1.5 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, credit subordination that 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.

The components of net gains (losses) on investments are presented in the table below for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Fixed maturity securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | $(12) | $(9) | $(14) | $(3) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from dispositions | (36) | (25) | (48) | (47) |
| Equity securities, fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from dispositions |  |  | (1) | 1 |
| &nbsp;&nbsp;&nbsp;Gains (losses) from fair value adjustments |  | 5 | 3 | (3) |
| Other invested assets |  | 1 |  |  |
| Short-term investments gain (loss) |  | 1 |  | 1 |
| Total net gains (losses) on investments | $(47) | $(27) | $(59) | $(50) |

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(Some amounts may not reconcile due to rounding.)

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The following tables provide a roll forward of the Company's beginning and ending balance of allowance for credit losses for the periods indicated:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale |
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total |
| Beginning balance | $(39) | $— | $— | $(40) | $(35) | $— | $— | $(36) |
| &nbsp;&nbsp;&nbsp;Credit losses on securities where credit |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded | (17) | (14) |  | (30) | (21) | (14) |  | (34) |
| &nbsp;&nbsp;&nbsp;Increases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities | (6) |  |  | (6) | (6) |  |  | (6) |
| &nbsp;&nbsp;&nbsp;Decreases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reduction in allowance due to disposals | 25 |  |  | 25 | 25 |  |  | 25 |
| Balance, end of period | $(38) | $(14) | $— | $(51) | $(38) | $(14) | $— | $(51) |

---

(Some amounts may not reconcile due to rounding.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale |
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total |
| Beginning balance | $(42) | $— | $— | $(42) | $(47) | $— | $(1) | $(48) |
| &nbsp;&nbsp;&nbsp;Credit losses on securities where credit |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded | (9) |  |  | (9) | (9) |  |  | (9) |
| &nbsp;&nbsp;&nbsp;Increases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Decreases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reduction in allowance due to disposals |  |  |  |  | 5 |  | 1 | 6 |
| Balance, end of period | $(50) | $— | $— | $(51) | $(50) | $— | $— | $(51) |

---

(Some amounts may not reconcile due to rounding.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity |
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total |
| Beginning balance | $(2) | $(4) | $(1) | $(7) | $(2) | $(4) | $(1) | $(8) |
| &nbsp;&nbsp;&nbsp;Credit losses on securities where credit |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Increases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Decreases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reduction in allowance due to disposals |  |  |  |  |  | 1 | 1 | 2 |
| Balance, end of period | $(2) | $(3) | $(1) | $(6) | $(2) | $(3) | $(1) | $(6) |

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(Some amounts may not reconcile due to rounding.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity | Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity |
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total |
| Beginning balance | $(2) | $(5) | $(1) | (8) | $(2) | $(5) | $(1) | $(8) |
| &nbsp;&nbsp;&nbsp;Credit losses on securities where credit |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded |  |  |  |  |  |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Increases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Decreases in allowance on previously |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reduction in allowance due to disposals |  |  |  |  |  | 1 |  | 1 |
| Balance, end of period | (2) | (5) | $(1) | $(8) | $(2) | $(5) | $(1) | $(8) |

---

(Some amounts may not reconcile due to rounding.)

The proceeds and split between gross gains and losses from sales of fixed maturity securities - available for sale, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Proceeds from sales of fixed maturity securities - available for sale | $653 | $3237 | $933 | $4322 |
| Gross gains from sales | 34 | 59 | 43 | 86 |
| Gross losses from sales | (69) | (84) | (91) | (133) |
| Proceeds from sales of fixed maturity securities - held to maturity | $— | $— | $10 | $— |
| Gross gains from sales |  |  |  |  |
| Gross losses from sales |  |  | (1) |  |
| Proceeds from sales of equity securities | $1 | $— | $55 | $15 |
| Gross gains from sales |  |  |  | 2 |
| Gross losses from sales |  |  | (1) |  |

---

(Some amounts may not reconcile due to rounding.)

During the nine months ended September 30, 2025, the Company sold fixed maturity securities - held to maturity with a net carrying amount of $11 million, which had realized losses of $1 million as part of the sale. The Company's decision to sell was due to significant credit deterioration of the issuer of the securities.

**4. FAIR VALUE**

GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

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| | |
|:---|:---|
| Level 1: | Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; |
| Level 2: | Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; |
| Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |

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The Company's fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information. When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.

At September 30, 2025 and December 31, 2024, $2.4 billion and $2.2 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.

Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1, since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources.

Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values are provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services, are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

• U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;

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• Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

• Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

• Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;

• Foreign government securities are comprised of global non-U.S. sovereign bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and

• Foreign corporate securities are comprised of global non-U.S. corporate bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.

The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using |
| |<br>September 30, 2025 | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) |
| (Dollars in millions) |  |  |  |  |
| Assets: |  |  |  |  |
| Fixed maturities - available for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of U.S. government |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agencies and corporations | $752 | $— | $752 | $— |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 49 |  | 49 |  |
| &nbsp;&nbsp;&nbsp;Corporate securities | 9705 |  | 9304 | 402 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 5044 |  | 3065 | 1979 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 409 |  | 409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 872 |  | 872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 5484 |  | 5484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1595 |  | 1595 |  |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 2470 |  | 2470 |  |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 7531 |  | 7518 | 14 |
| Total fixed maturities - available for sale | 33912 |  | 31517 | 2394 |
| Equity securities, fair value | 177 | 87 | 87 | 3 |

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(Some amounts may not reconcile due to rounding.)

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| | | | | |
|:---|:---|:---|:---|:---|
| | | Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using |
| |<br>December 31, 2024 | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) |
| (Dollars in millions) |  |  |  |  |
| Assets: |  |  |  |  |
| Fixed maturities - available for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of U.S. government |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agencies and corporations | $669 | $— | $669 | $— |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 70 |  | 70 |  |
| &nbsp;&nbsp;&nbsp;Corporate securities | 7010 |  | 6492 | 518 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 5982 |  | 4325 | 1657 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 900 |  | 900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 4931 |  | 4931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1289 |  | 1289 |  |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 2196 |  | 2196 |  |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 5861 |  | 5847 | 14 |
| Total fixed maturities - available for sale | 28908 |  | 26719 | 2189 |
| Equity securities, fair value | 217 | 79 | 133 | 5 |

---

(Some amounts may not reconcile due to rounding.)

The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale |
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate | Total | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate | Total |
| Beginning balance of fixed maturities | $436 | $1862 | $14 | $2312 | $518 | $1657 | $14 | $2189 |
| &nbsp;&nbsp;Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in earnings | (23) | (14) |  | (36) | (24) | (13) |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income (loss) | 13 | 7 |  | 20 | (1) | 5 |  | 3 |
| &nbsp;&nbsp;Purchases, issuances and settlements | (25) | 124 |  | 99 | (92) | 331 |  | 239 |
| &nbsp;&nbsp;Transfers in/(out) of Level 3 and reclassification of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;securities in/(out) of investment categories |  |  |  |  |  |  |  |  |
| Ending balance of fixed maturities | $402 | $1979 | $14 | $2394 | $402 | $1979 | $14 | $2394 |
| The amount of total gains or losses for the period |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;included in earnings (or changes in net assets) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;attributable to the change in unrealized gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or losses relating to assets still held at |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the reporting date | $(13) | $— | $— | $(13) | $(14) | $— | $— | $(14) |

---

(Some amounts may not reconcile due to rounding.)

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale | Total Fixed Maturities - Available for Sale |
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate | Total | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate | Total |
| Beginning balance of fixed maturities | $589 | $1442 | $14 | $2045 | $672 | $1305 | $16 | $1993 |
| &nbsp;&nbsp;Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in earnings | (7) |  |  | (6) | (1) |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income (loss) | 2 | 4 |  | 7 | 1 | 15 |  | 16 |
| &nbsp;&nbsp;Purchases, issuances and settlements | (36) | 73 |  | 37 | (123) | 199 | (2) | 73 |
| &nbsp;&nbsp;Transfers in/(out) of Level 3 and reclassification of |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;securities in/(out) of investment categories |  |  |  |  |  |  |  |  |
| Ending balance of fixed maturities | $549 | $1519 | $14 | $2082 | $549 | $1519 | $14 | $2082 |
| The amount of total gains or losses for the period |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;included in earnings (or changes in net assets) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;attributable to the change in unrealized gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or losses relating to assets still held at |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the reporting date | $(7) | $— | $— | $(7) | $(3) | $— | $— | $(3) |

---

(Some amounts may not reconcile due to rounding.)

There were no transfers of assets in/(out) of Level 3 for the three and nine months ended September 30, 2025.

<u>Financial Instruments Disclosed, But Not Reported, at Fair Value</u>

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 3, 8 and 9 of the Notes to these consolidated financial statements, respectively. Short-term investments are stated at cost, which approximates fair value.

<u>Exempt from Fair Value Disclosure Requirements</u>

Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company's investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 3 of the Notes to these consolidated financial statements for details of investments in COLI policies.

In addition, $242 million and $239 million of investments within other invested assets on the consolidated balance sheets as of September 30, 2025 and December 31, 2024, 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.

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**5. RESERVE FOR LOSSES AND LAE** 

The following table provides a roll forward of the Company's beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

---

| | | |
|:---|:---|:---|
| | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| | 2025 | 2024 |
| (Dollars in millions) |  |  |
| Gross reserves beginning of period | $29889 | $24604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less reinsurance recoverables on unpaid losses | (2915) | (2098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net reserves beginning of period | 26975 | 22506 |
| Incurred related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year | 7665 | 7132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior years | 537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total incurred losses and LAE | 8203 | 7132 |
| Paid related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year | 885 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior years | 4670 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total paid losses and LAE | 5554 | 4643 |
| &nbsp;&nbsp;&nbsp;Foreign exchange/translation adjustment | 607 | 209 |
| Net reserves end of period | 30231 | 25204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus reinsurance recoverables on unpaid losses | 3511 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross reserves end of period | $33742 | $27480 |

---

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $7.7 billion and $7.1 billion for the nine months ended September 30, 2025 and 2024, respectively. Gross and net reserves increased for the nine months ended September 30, 2025, reflecting an increase in underlying exposure due to strengthening of U.S. casualty reserves, year over year, amounting to approximately $476 million of current year attritional losses in 2025 compared to 2024, which includes $83 million of losses from the Washington D.C. aviation accident, as well as an increase of $58 million in 2025 current year catastrophe losses.

The net unfavorable development on prior year reserves of $537 million was primarily due to strengthening of U.S. casualty reserves and aviation losses associated with the Russia/Ukraine war of $98 million, partially offset by net favorable prior year development of $59 million, driven by the release of reserves from prior underwriting years for the property line of business. The reserve strengthening for prior year loss development was driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.

In the second quarter of 2025, the United Kingdom's High Court concluded that the confiscation of certain aircraft was covered under the war provision within certain reinsurance contracts. As a result of the court's decision, the Company increased its net ultimate loss reserve for contracts that were exposed to the war in the Ukraine by $98 million ($84 million net of reinstatement premiums).

**6. SEGMENT REPORTING**

The Company conducts business through two 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 two reportable segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

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Our two reportable segments each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker ("CODM"), the 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.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new 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 asbestos and environmental ("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. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

The following tables present segment underwriting results for the periods indicated:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 |
| (Dollars in millions) | Reinsurance | Insurance | Other | Total | Reinsurance | Insurance | Other | Total |
| Gross written premiums | $3206 | $1147 | $22 | $4375 | $9668 | $3706 | $72 | $13446 |
| Net written premiums | 2885 | 848 | 21 | 3754 | 8773 | 2767 | 68 | 11607 |
| Premiums earned | $2892 | $939 | $24 | $3855 | $8835 | $2772 | $92 | $11698 |
| Incurred losses and LAE | 1678 | 996 | 163 | 2837 | 5673 | 2280 | 250 | 8203 |
| Commission and brokerage | 764 | 121 | 6 | 890 | 2223 | 355 | 16 | 2595 |
| Other underwriting expenses | 74 | 178 | 5 | 258 | 221 | 518 | 11 | 750 |
| Underwriting gain (loss) | $376 | $(357) | $(149) | $(130) | $717 | $(381) | $(185) | $151 |
| Net investment income |  |  |  | 540 |  |  |  | 1563 |
| Net gains (losses) on investments |  |  |  | (47) |  |  |  | (59) |
| Corporate expenses |  |  |  | (27) |  |  |  | (79) |
| Interest, fee and bond issue cost amortization expense | Interest, fee and bond issue cost amortization expense |  |  | (38) |  |  |  | (114) |
| Other income (expense) |  |  |  | (29) |  |  |  | (129) |
| Income (loss) before taxes |  |  |  | $269 |  |  |  | $1332 |

---

(Some amounts may not reconcile due to rounding.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| (Dollars in millions) | Reinsurance | Insurance | Other | Total | Reinsurance | Insurance | Other | Total |
| Gross written premiums | $3265 | $1110 | $50 | $4425 | $9650 | $3728 | $183 | $13561 |
| Net written premiums | 2975 | 789 | 41 | 3805 | 8950 | 2694 | 145 | 11789 |
| Premiums earned | $2970 | $898 | $50 | $3918 | $8429 | $2679 | $154 | $11262 |
| Incurred losses and LAE | 1942 | 605 | 37 | 2584 | 5266 | 1744 | 122 | 7132 |
| Commission and brokerage | 710 | 110 | 5 | 826 | 2054 | 325 | 19 | 2398 |
| Other underwriting expenses | 73 | 154 | 8 | 236 | 215 | 454 | 24 | 694 |
| Underwriting gain (loss) | $245 | $28 | $(1) | $272 | $895 | $156 | $(11) | $1039 |
| Net investment income |  |  |  | 496 |  |  |  | 1481 |
| Net gains (losses) on investments |  |  |  | (27) |  |  |  | (50) |
| Corporate expenses |  |  |  | (25) |  |  |  | (69) |
| Interest, fee and bond issue cost amortization expense | Interest, fee and bond issue cost amortization expense |  |  | (38) |  |  |  | (112) |
| Other income (expense) |  |  |  | (102) |  |  |  | (48) |
| Income (loss) before taxes |  |  |  | $577 |  |  |  | $2241 |

---

(Some amounts may not reconcile due to rounding.)

Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.

**7. CREDIT FACILITIES**

As of September 30, 2025, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.6 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £113 million and €75 million, respectively. The Company also has additional uncommitted letter of credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee that the uncommitted capacity will be available to us on a future date.

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

<u>Bermuda Re Wells Fargo Bilateral Letter of Credit Facility</u>

Effective June 10, 2024, Everest Reinsurance (Bermuda) Ltd. ("Bermuda Re") entered into a Second Amended and Restated Letter of Credit Facility agreement with Wells Fargo (the "Bermuda Re Wells Fargo Bilateral Letter of Credit Facility"). The agreement provides a commitment for the issuance of up to $500 million of secured letters of credit. Effective June 9, 2025, the Bermuda Re Wells Fargo Bilateral Letter of Credit Facility was amended to tranche the facility, extend the availability of committed issuance for two years, and to reduce the overall size of the facility. As of September 30, 2025, the amended Bermuda Re Wells Fargo Bilateral Letter of Credit Facility provides for the committed issuance of up to $175 million of unsecured letters of credit and $175 million of secured letters of credit.

The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| <u>Letter of Credit Facility</u> | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Bermuda Re Wells Fargo Bank Bilateral LOC Facility - secured tranche | $175 | $158 | 12/31/2025 | $500 | $455 | 12/31/2025 |
| Bermuda Re Wells Fargo Bank Bilateral LOC Facility - unsecured tranche | 175 | 164 | 12/31/2025 |  |  |  |
| Total Bermuda Re Wells Fargo Bank Bilateral LOC Facility | $350 | $323 |  | $500 | $455 |  |

---

(Some amounts may not reconcile due to rounding.)

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<u>Bermuda Re Citibank Letter of Credit Facility</u>

Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. (the "Bermuda Re Citibank Letter of Credit Facility"). The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years.

The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Bermuda Re Citibank LOC Facility - Committed | $230 | $198 | 12/31/2025 | $230 | $— | 1/21/2025 |
|  |  |  | 1/21/2026 |  | 4 | 2/28/2025 |
|  |  | 4 | 2/28/2026 |  | 2 | 3/1/2025 |
|  |  | 2 | 3/1/2026 |  | 1 | 3/15/2025 |
|  |  | 1 | 3/15/2026 |  | 3 | 9/23/2025 |
|  |  | 1 | 8/15/2026 |  | 1 | 12/1/2025 |
|  |  | 3 | 9/23/2026 |  |  | 12/16/2025 |
|  |  | 1 | 12/1/2026 |  |  | 12/20/2025 |
|  |  |  | 12/16/2026 |  | 197 | 12/31/2025 |
|  |  |  | 12/20/2026 |  | 1 | 8/15/2026 |
|  |  | 2 | 12/31/2026 |  |  |  |
| Bermuda Re Citibank LOC Facility - Uncommitted | 140 | 75 | 12/31/2025 | 140 | 75 | 12/31/2025 |
|  |  | 8 | 9/30/2029 |  | 7 | 12/30/2028 |
| Total Bermuda Re Citibank LOC Facility | $370 | $295 |  | $370 | $293 |  |

---

(Some amounts may not reconcile due to rounding.)

<u>Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility</u>

Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement (the "Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility"). The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed | $200 | $185 | 12/31/2025 | $200 | $193 | 12/31/2025 |

---

(Some amounts may not reconcile due to rounding.)

<u>Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility</u>

Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch (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 $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

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The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed | $150 | $150 | 12/31/2025 | $150 | $150 | 12/31/2025 |

---

(Some amounts may not reconcile due to rounding.)

<u>Bermuda Re Lloyd's Bank Letter of Credit Facility</u>

Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd's Bank Corporate Markets PLC, to add Everest Insurance (Ireland), dac as an account party with access to a $15 million sub-limit for the issuance of letters of credit (the "Bermuda Re Lloyd's Bank Letter of Credit Facility"). This facility superseded the previous letter of credit issuance facility with Lloyd's Bank that was effective August 18, 2023. Effective August 18, 2025, the Bermuda Re Lloyds Bank Letter of Credit Facility was amended to extend the availability of committed issuance for an additional two years. The Bermuda Re Lloyd's Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.

The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Bermuda Re Lloyd's Bank Credit Facility - Committed | $250 | $196 | 12/31/2025 | $250 | $244 | 12/31/2025 |

---

(Some amounts may not reconcile due to rounding.)

<u>Bermuda Re Barclays Bank Credit Facility</u>

Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement (the "Bermuda Re Barclays Credit Facility"). The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for an additional three years.

The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Bermuda Re Barclays Bilateral Letter of Credit Facility | $200 | $7 | 12/31/2025 | $200 | $150 | 12/30/2025 |
|  |  |  |  |  | 14 | 12/31/2025 |
| Total Bermuda Re Barclays Bilateral Letter of Credit Facility | $200 | $7 |  | $200 | $164 |  |

---

(Some amounts may not reconcile due to rounding.)

<u>Bermuda Re Nordea Bank Letter of Credit Facility</u>

Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch (the "Nordea Bank Letter of Credit Facility"). The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.

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The following table summarizes the outstanding letters of credit for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Nordea Bank Letter of Credit Facility - Committed | $200 | $200 | 12/31/2025 | $200 | $200 | 12/31/2025 |
| Nordea Bank Letter of Credit Facility - Uncommitted | 100 | 100 | 12/31/2025 | 100 | 100 | 12/31/2025 |
| Total Nordea Bank ABP, NY LOC Facility | $300 | $300 |  | $300 | $300 |  |

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(Some amounts may not reconcile due to rounding.)

<u>Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility</u>

Effective October 30, 2024, Everest International Reinsurance, Ltd. ("Everest International") entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch (the "Funds at Lloyds Syndicated Letter of Credit Facility"). The Funds at Lloyds Syndicated Letter of Credit Facility initially provided for the committed issuance of up to £113 million of unsecured letters of credit to support Everest Corporate Member Limited's Funds at Lloyds requirements.

The following table summarizes the outstanding letters of credit for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Pounds in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry |
| Funds at Lloyds Syndicated Letter of Credit Facility <sup>(1)</sup> | £113 | £107 | 11/1/2028 | £113 | £107 | 11/1/2028 |

---

(Some amounts may not reconcile due to rounding.)

<sup>(1)</sup> Effective October 20, 2025, Everest International, Lloyds Bank plc and the existing lenders entered into an amendment to the Funds at Lloyds Syndicated Letter of Credit Facility to, among others, increase the commitment amount for issuance of unsecured letters of credit to support the Funds at Lloyds requirements to up to £150 million.

<u>Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility</u>

Effective December 30, 2024, Everest Reinsurance Company (Ireland), dac ("Ireland Re") entered into a letter of credit issuance facility with Commerzbank AG, New York Branch (the "Commerzbank Letter of Credit Facility"). The Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit. Letters of credit under the Commerzbank Letter of Credit Facility may be issued in U.S. dollars or Euros.

The following table summarizes the outstanding letters of credit for the periods indicated:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars and Euros in millions) | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| Letter of Credit Facility | Commitment | Commitment | In Use | Date of Expiry | Commitment | Commitment | In Use | In Use | Date of Expiry |
| Commerzbank Letter of Credit Facility | € | 75 | 48 | 12/31/2025 | € | 75 | € | 20 | 12/31/2025 |
|  |  |  | $21 | 12/31/2025 |  |  |  |  |  |

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Some amounts may not reconcile due to rounding.)

<u>Federal Home Loan Bank Membership</u>

Everest Reinsurance Company ("Everest Re") is a member of the Federal Home Loan Bank of New York ("FHLBNY"), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of September 30, 2025, Everest Re had statutory admitted assets of approximately $33.0 billion which provides borrowing capacity of up to approximately $3.3 billion. As of September 30, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $12 million and $11 million for the three months ended September 30, 2025 and 2024, respectively. Everest Re incurred interest expense of $37 million and $33 million for the nine months ended September 30, 2025 and 2024, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged. As of September 30, 2025, Everest Re had $1.3 billion of collateral pledged.

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**8. SENIOR NOTES**

The table below displays Everest Reinsurance Holdings, Inc.'s ("Holdings") outstanding senior notes (the "Senior Notes"). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
| (Dollars in millions) | Date Issued | Date Due | Principal<br>Amounts | Consolidated Balance<br>Sheet Amount | Fair Value | Consolidated Balance<br>Sheet Amount | Fair Value |
| 4.868% Senior notes | 6/5/2014 | 6/1/2044 | $400 | $398 | $365 | $398 | $347 |
| 3.5% Senior notes | 10/7/2020 | 10/15/2050 | 1000 | 982 | 707 | 982 | 681 |
| 3.125% Senior notes | 10/4/2021 | 10/15/2052 | 1000 | 971 | 647 | 971 | 620 |
|  |  |  | $2400 | $2351 | $1719 | $2350 | $1648 |

---

(Some amounts may not reconcile due to rounding.)

Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | Interest Paid | Payable Dates | 2025 | 2024 | 2025 | 2024 |
| 4.868% Senior notes | semi-annually | June 1/December 1 | $5 | $5 | $15 | $15 |
| 3.5% Senior notes | semi-annually | April 15/October 15 | 9 | 9 | 26 | 26 |
| 3.125% Senior notes | semi-annually | April 15/October 15 | 8 | 8 | 24 | 24 |
|  |  |  | $22 | $22 | $65 | $65 |

---

(Some amounts may not reconcile due to rounding.)

**9. LONG-TERM SUBORDINATED NOTES**

The table below displays Holdings' outstanding fixed to floating rate long-term subordinated notes ("Subordinated Notes Issued 2007"). Fair value is based on quoted market prices, but due to limited trading activity, the Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Maturity Date | Maturity Date | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
| (Dollars in millions) | Date Issued | Original<br>Principal Amount | Scheduled | Final | Consolidated Balance<br>Sheet Amount | Fair Value | Consolidated Balance<br>Sheet Amount | Fair Value |
| Subordinated Notes Issued 2007 | 4/26/2007 | $400 | 5/15/2037 | 5/1/2067 | $218 | $211 | $218 | $215 |

---

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, 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 based on the 3-month London Interbank Offered Rate ("LIBOR") plus 238.5 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 August 15, 2025 to November 17, 2025 is 6.86%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest are based on the 3-month Chicago Mercantile Exchange ("CME") Term Secured Overnight Financing Rate ("SOFR") plus a spread.

Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100% 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.

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Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Interest expense incurred | $4 | $4 | $12 | $13 |

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**10. COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS**

The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company's restricted assets:

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| | | |
|:---|:---|:---|
| | At September 30, | At December 31, |
| (Dollars in millions) | 2025 | 2024 |
| Collateral in trust for non-affiliated agreements | $3401 | $3241 |
| Collateral for secured letter of credit facilities | 804 | 1386 |
| Collateral for FHLB borrowings | 1304 | 1294 |
| Securities on deposit with or regulated by government authorities | 1452 | 1406 |
| Funds at Lloyd's | 308 | 341 |
| Funds held by reinsureds | 1256 | 1218 |
| Total restricted assets | 8526 | 8885 |

---

Restricted cash is included in cash on the consolidated balance sheets. At September 30, 2025 and December 31, 2024, the Company had restricted cash of $144 million and $397 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, Ltd. ("Mt. Logan Re"). Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% 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.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| Mt. Logan Re Segregated Accounts | 2025 | 2024 | 2025 | 2024 |
| (Dollars in millions) |  |  |  |  |
| Ceded written premiums | $115 | $235 | $365 | $404 |
| Ceded earned premiums | 113 | 79 | 330 | 260 |
| Ceded losses and LAE | 13 | 44 | 135 | 107 |
| Assumed written premiums | 4 | 4 | 9 | 6 |
| Assumed earned premiums | 4 | 4 | 9 | 6 |
| Assumed losses and LAE |  |  |  |  |

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<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

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. The table below summarizes the various agreements.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) |  |  |  |  |  |
| Class | Description | Effective Date | Expiration Date | Limit | Coverage Basis |
| Series 2021-1 Class A-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 4/8/2021 | 4/20/2026 | 150 | Occurrence |
| Series 2021-1 Class B-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 4/8/2021 | 4/20/2026 | 90 | Aggregate |
| Series 2021-1 Class C-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 4/8/2021 | 4/20/2026 | 90 | Aggregate |
| Series 2024-1 Class A | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/27/2024 | 6/30/2028 | 75 | Occurrence |
| Series 2024-1 Class B | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/27/2024 | 6/30/2028 | 125 | Occurrence |
| Series 2025-1 Class A-1 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/9/2029 | 105 | Aggregate |
| Series 2025-2 Class A-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/8/2030 | 105 | Aggregate |
| Series 2025-1 Class B-1 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/9/2029 | 120 | Aggregate |
| Series 2025-2 Class B-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/8/2030 | 120 | Aggregate |
| Series 2025-1 Class C-1 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/9/2029 | 170 | Occurrence |
| Series 2025-2 Class C-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/8/2030 | 170 | Occurrence |
| Series 2025-1 Class D-1 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/9/2029 | 105 | Occurrence |
| Series 2025-2 Class D-2 | US, Canada, Puerto Rico – Named Storm and Earthquake Events | 6/26/2025 | 7/8/2030 | 105 | Occurrence |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total available limit as of September 30, 2025 |  |  | $1530 |  |

---

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. COMMITMENTS AND CONTINGENCIES**

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company's rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

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**12. OTHER COMPREHENSIVE INCOME (LOSS)**

The following tables present the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 |
| (Dollars in millions) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax |
| URA(D) of securities <sup>(1)</sup> | $155 | $(26) | $129 | $847 | $(133) | $714 |
| Reclassification of net realized losses (gains) included |  |  |  |  |  |  |
| &nbsp;&nbsp; in net income (loss) <sup>(1)</sup> | 47 | (10) | 37 | 62 | (14) | 48 |
| Foreign currency translation and other adjustments | (25) | 26 | 1 | 219 | 11 | 230 |
| Reclassification of benefit plan liability amortization included |  |  |  |  |  |  |
| &nbsp;&nbsp; in net income (loss) |  |  |  | (10) | 2 | (8) |
| Total other comprehensive income (loss) | $177 | $(10) | $167 | $1118 | $(134) | $984 |

---

(Some amounts may not reconcile due to rounding)

<sup>(1)</sup> 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| (Dollars in millions) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax |
| URA(D) of securities | $824 | $(120) | $704 | $531 | $(54) | $477 |
| Reclassification of net realized losses (gains) included |  |  |  |  |  |  |
| &nbsp;&nbsp;in net income (loss) | 33 | (3) | 30 | 49 | (6) | 44 |
| Foreign currency translation and other adjustments | 93 | (11) | 83 | 49 | (4) | 45 |
| Reclassification of benefit plan liability amortization included |  |  |  |  |  |  |
| &nbsp;&nbsp;in net income (loss) | (1) |  |  | 31 | (6) | 24 |
| Total other comprehensive income (loss) | $950 | $(134) | $816 | $660 | $(70) | $590 |

---

(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") for the periods indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in millions) | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Affected line item within the statements of operations and comprehensive income (loss) |
| AOCI component | 2025 | 2024 | 2025 | 2024 | Affected line item within the statements of operations and comprehensive income (loss) |
| URA(D) of securities <sup>(1)</sup> | $47 | $33 | $62 | $49 | Net gains (losses) on investments |
|  | (10) | (3) | (14) | (6) | Income tax expense (benefit) |
|  | $37 | $30 | $48 | $44 | Net income (loss) |
| Benefit plan net gain (loss) | $— | $(1) | $(10) | $31 | Other underwriting expenses |
|  |  |  | 2 | (6) | Income tax expense (benefit) |
|  | $— | $— | $(8) | $24 | Net income (loss) |

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(Some amounts may not reconcile due to rounding)

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

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The following table presents the components of AOCI, net of tax, in the consolidated balance sheets for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Beginning balance of URA(D) of securities <sup>(1)</sup> | $(235) | $(936) | $(831) | $(723) |
| Current period change in URA(D) of securities | 165 | 734 | 762 | 521 |
| Ending balance of URA(D) of securities | (69) | (202) | (69) | (202) |
| Beginning balance of foreign currency translation and other adjustments | (95) | (233) | (323) | (195) |
| Current period change in foreign currency translation and other adjustments | 1 | 83 | 230 | 45 |
| Ending balance of foreign currency translation and other adjustments | (93) | (150) | (93) | (150) |
| Beginning balance of benefit plan net gain (loss) | 8 | 8 | 16 | (16) |
| Current period change in benefit plan net gain (loss) |  |  | (8) | 24 |
| Ending balance of benefit plan net gain (loss) | 8 | 8 | 8 | 8 |
| Ending balance of accumulated other comprehensive income (loss) | $(154) | $(344) | $(154) | $(344) |

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(Some amounts may not reconcile due to rounding.)

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

**13. SHARE-BASED COMPENSATION PLANS**

For the three months ended September 30, 2025, a total of 54,237 shares of restricted stock awards were granted: 954 and 53,283 restricted stock awards were granted on August 20, 2025 and September 11, 2025, respectively. The per-share fair value of the restricted stock awards was $341.44 and $343.83, respectively. For the three months ended September 30, 2024, a total of 1,744 shares of restricted stock awards were granted on September 12, 2024, with a fair value of $376.58 per share.

For the nine months ended September 30, 2025, a total of 299,509 shares of restricted stock awards were granted as follows: 230,334, 7,488, 906, 4,630, 1,914, 954 and 53,283 restricted stock awards were granted on February 26, 2025, February 27, 2025, March 6, 2025, May 13, 2025, June 23, 2025, August 21, 2025 and September 11, 2025, respectively. The fair value per share of each restricted stock award was $344.48, $347.23, $359.28, $348.41, $339.93, $341.44 and $343.83, respectively. Additionally, 27,204 performance share unit awards were granted on February 26, 2025, with a fair value of $344.48 per unit.

For the nine months ended September 30, 2024, a total of 220,703 shares of restricted stock awards were granted as follows: 207,839, 7,104, 4,016 and 1,744 restricted stock awards were granted on February 28, 2024, February 29, 2024, May 15, 2024 and September 12, 2024, respectively. The fair value per share of each restricted stock award was $369.52, $367.04, $377.80 and $376.58, respectively. Additionally, 18,713 performance share unit awards were granted on February 28, 2024, with a fair value of $369.52 per unit.

**14. EARNINGS PER COMMON SHARE**

Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.

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Net income (loss) per common share has been computed as shown below, based upon weighted average common basic and dilutive shares outstanding.

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| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars in millions, except per share amounts) | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;Numerator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $255 | $509 | $1145 | $1966 |
| &nbsp;&nbsp;&nbsp;Less: dividends declared - common shares and unvested common shares | (84) | (86) | (253) | (249) |
| &nbsp;&nbsp;&nbsp;Undistributed earnings | 172 | 423 | 892 | 1717 |
| &nbsp;&nbsp;&nbsp;Percentage allocated to common shareholders <sup>(1)</sup> | 98.8% | 98.8% | 98.8% | 98.8% |
|  | 169 | 418 | 882 | 1697 |
| &nbsp;&nbsp;&nbsp;Add: dividends declared - common shareholders | 83 | 85 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;Numerator for basic and diluted earnings per common share | $252 | $503 | $1132 | $1943 |
| &nbsp;&nbsp;Denominator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denominator for basic earnings per weighted-average common shares | 41.4 | 42.6 | 41.8 | 42.8 |
| &nbsp;&nbsp;&nbsp;Effect of dilutive securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denominator for diluted earnings per adjusted weighted-average common shares | 41.4 | 42.6 | 41.8 | 42.8 |
| &nbsp;&nbsp;Per common share net income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $6.09 | $11.80 | $27.06 | $45.40 |
| &nbsp;&nbsp;&nbsp;Diluted | $6.09 | $11.80 | $27.06 | $45.40 |
| <sup>(1)</sup> Basic weighted - average common shares outstanding | 41.4 | 42.6 | 41.8 | 42.8 |
| &nbsp;&nbsp;&nbsp;Basic weighted - average common shares outstanding and unvested common shares expected to vest | 41.9 | 43.1 | 42.3 | 43.3 |
| &nbsp;&nbsp;&nbsp;Percentage allocated to common shareholders | 98.8% | 98.8% | 98.8% | 98.8% |

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(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of September 30, 2025 and 2024.

**15. INCOME TAXES**

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 ("The 2023 Act"), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as "The Economic Transition Adjustment", which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the Organisation for Economic Co-operation and Development issued Administrative Guidance related to "deferred tax assets arising from tax benefits provided by General Government" whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% 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.

On July 4, 2025, The One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in the third quarter of 2025, and we do

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not expect it to have a material impact in the future; however, we will continue to evaluate the impact of The One Big Beautiful Bill.

**16. SUBSEQUENT EVENTS**

The Company has evaluated known recognized and non-recognized subsequent events. No material subsequent events or transactions have occurred that require recognition or disclosure in the financial statements other than the non-recognized events described below.

*Adverse Development Cover Reinsurance Agreements* 

On October 26, 2025, Everest Re and Bermuda Re (the "Ceding Companies") entered into adverse development cover reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company. The adverse development cover reinsurance agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital. The adverse development cover reinsurance agreements are effective October 1, 2025 and cover risks arising out of the Ceding Companies' North American Insurance and Other Segment liabilities and relating to premium earned during 2024 and prior years (the "Subject Business"). The reinsurance agreements exclude certain liabilities, including among others those related to the Ceding Companies' Asbestos and Environmental reserves included in the Other Segment. The aggregate of the statutory reserves held for the Subject Business, pursuant to the Reinsurance Agreements, is $5.4 billion, as of September 30, 2025.

The adverse development cover is composed of two layers in excess of the $5.4 billion of North America Insurance and Other segment liability subject reserves. The first layer is $700 million, upon which Everest will transfer $1.3 billion of in-the-money reserves in consideration upon closing of the transaction. The second layer is $500 million, upon which Everest will pay approximately $122 million of consideration upon closing of the transaction, which will be reported in the consolidated statement of operations for the fourth quarter of 2025. Everest will have a co-participation of $100 million in each layer.

*Sale of Certain Retail Commercial Insurance Renewal Rights*

On October 26, 2025, Group entered into an agreement with American International Group, Inc. ("AIG") to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million (the "Master Transaction Agreement"). In addition, pursuant to the Master Transaction Agreement, AIG has agreed to pay Group $30 million for certain expenses. The closing of the transaction, occurred on October 26, 2025. Pursuant to the Master Transaction Agreement, if the gross written premium paid and payable to AIG with respect to aggregate renewed premiums are less than 80% of the aggregate premiums for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025, Everest will reimburse a portion of the aggregate purchase price, not to exceed $70 million, to AIG depending on the relative percentage of such 2025 premiums.

In addition, on October 26, 2025, Everest entered into an agreement with AIG to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million (the "EU Master Transaction Agreement," and together with the Master Transaction Agreement, the "Master Transaction Agreements"). Completion of the transaction will be subject to certain regulatory approvals.

The purchase price under the Master Transaction Agreements is subject to adjustment such that the final purchase price will be equal to 15% of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025. Under the Master Transaction Agreements, AIG has also agreed to pay Group a total of $10 million per month for nine months for specified transition services.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

**Overview.**

Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor's ("S&P") 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.

As a global leader with a 50-year track record, we are a preferred Reinsurance partner in the markets we serve, and with our growing Insurance franchise we strive to deliver consistent value to all our stakeholders. We continue to grow and develop our Insurance business, investing in our global platform and strengthening our portfolio and its potential to deliver on our customer promise.

During 2024, we formed a new "Other" segment, primarily comprised of 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 asbestos and environmental ("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. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed. See Note 6 of the Notes to the Consolidated Financial Statements for a summary of segment results.

The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three and nine months ended September 30, 2025. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2024, included in the Company's most recent Form 10-K filing.

All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.

**Recent Developments.** 

*Adverse Development Cover Reinsurance Agreements* 

On October 26, 2025, Everest Re and Bermuda Re (the "Ceding Companies") entered into adverse development cover reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company. The adverse development cover reinsurance agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital. The adverse development cover reinsurance agreements are effective October 1, 2025 and cover risks arising out of the Ceding Companies' North American Insurance and Other Segment liabilities and relating to premium earned during 2024 and prior years (the "Subject Business"). The reinsurance agreements exclude certain liabilities, including among others those related to the Ceding Companies' Asbestos and Environmental reserves included in the Other Segment. The aggregate of the statutory reserves held for the Subject Business, pursuant to the Reinsurance Agreements, is $5.4 billion, as of September 30, 2025.

The adverse development cover is composed of two layers in excess of the $5.4 billion of North America Insurance and Other segment liability subject reserves. The first layer is $700 million, upon which Everest will transfer $1.25 billion of in-the-money reserves in consideration upon closing of the transaction.The second layer is $500 million, upon which Everest will pay approximately $122 million of consideration upon closing of the transaction, which will be reported in the consolidated statement of operations for the fourth quarter of 2025. Everest will have a co-participation of $100 million in each layer.

*Sale of Certain Retail Commercial Insurance Renewal Rights*

On October 26, 2025, Group entered into an agreement with American International Group, Inc. ("AIG") to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million (the "Master Transaction Agreement"). In

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addition, pursuant to the Master Transaction Agreement, AIG has agreed to pay Group $30 million for certain expenses. The closing of the transaction, occurred on October 26, 2025. Pursuant to the Master Transaction Agreement, if the gross written premium paid and payable to AIG with respect to aggregate renewed premiums are less than 80% of the aggregate premiums for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025, Everest will reimburse a portion of the aggregate purchase price, not to exceed $70 million, to AIG depending on the relative percentage of such 2025 premiums.

In addition, on October 26, 2025, Everest entered into an agreement with AIG to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million (the "EU Master Transaction Agreement," and together with the Master Transaction Agreement, the "Master Transaction Agreements"). Completion of the transaction will be subject to certain regulatory approvals.

The purchase price under the Master Transaction Agreements is subject to adjustment such that the final purchase price will be equal to 15% of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025. Under the Master Transaction Agreements, AIG has also agreed to pay Group a total of $10 million per month for nine months for specified transition services.

**Financial Summary.**

We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders' equity for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Percentage<br>Increase/<br>(Decrease) | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Percentage<br>Increase/<br>(Decrease) |
| (Dollars in millions) | 2025 | 2024 | Percentage<br>Increase/<br>(Decrease) | 2025 | 2024 | Percentage<br>Increase/<br>(Decrease) |
| Gross written premiums | $4375 | $4425 | (1.1)% | $13446 | $13561 | (0.8)% |
| Net written premiums | 3754 | 3805 | (1.3)% | 11607 | 11789 | (1.5)% |
| REVENUES: |  |  |  |  |  |  |
| Premiums earned | $3855 | $3918 | (1.6)% | $11698 | $11262 | 3.9% |
| Net investment income | 540 | 496 | 8.8% | 1563 | 1481 | 5.5% |
| Net gains (losses) on investments | (47) | (27) | 75.4% | (59) | (50) | 17.7% |
| Other income (expense) | (29) | (102) | (71.3)% | (129) | (48) | NM |
| Total revenues | 4319 | 4285 | 0.8% | 13073 | 12645 | 3.4% |
| CLAIMS AND EXPENSES: |  |  |  |  |  |  |
| Incurred losses and loss adjustment expenses | 2837 | 2584 | 9.8% | 8203 | 7132 | 15.0% |
| Commission, brokerage, taxes and fees | 890 | 826 | 7.8% | 2595 | 2398 | 8.2% |
| Other underwriting expenses | 258 | 236 | 9.2% | 750 | 694 | 8.1% |
| Corporate expenses | 27 | 25 | 10.1% | 79 | 69 | 15.6% |
| Interest, fees and bond issue cost amortization expense | 38 | 38 | 1.5% | 114 | 112 | 1.3% |
| Total claims and expenses | 4050 | 3708 | 9.2% | 11740 | 10404 | 12.8% |
| INCOME (LOSS) BEFORE TAXES | 269 | 577 | (53.4)% | 1332 | 2241 | (40.5)% |
| Income tax expense (benefit) | 14 | 68 | (80.0)% | 187 | 275 | (32.0)% |
| NET INCOME (LOSS) | $255 | $509 | (49.9)% | $1145 | $1966 | (41.7)% |
| RATIOS: |  |  | Point<br>Change |  |  | Point<br>Change |
| Loss ratio | 73.6% | 66.0% | 7.6 | 70.1% | 63.3% | 6.8 |
| Commission and brokerage ratio | 23.1% | 21.1% | 2.0 | 22.2% | 21.3% | 0.9 |
| Other underwriting expense ratio | 6.7% | 6.0% | 0.7 | 6.4% | 6.2% | 0.2 |
| Combined ratio | 103.4% | 93.1% | 10.3 | 98.7% | 90.8% | 7.9 |

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|:---|:---|:---|:---|
| | At<br>September 30, | At<br>December 31, | Percentage<br>Increase/<br>(Decrease) |
| (Dollars in millions, except per share amounts) | 2025 | 2024 | Percentage<br>Increase/<br>(Decrease) |
| Balance sheet data: |  |  |  |
| Total investments and cash | $45831 | $41531 | 10.4% |
| Total assets | 62240 | 56341 | 10.5% |
| Reserve for losses and loss adjustment expenses | 33742 | 29889 | 12.9% |
| Total debt | 3588 | 3587 | —% |
| Total liabilities | 46864 | 42466 | 10.4% |
| Shareholders' equity | 15375 | 13875 | 10.8% |
| Book value per share | 366.22 | 322.97 | 13.4% |

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(NM, not meaningful)

(Some amounts may not reconcile due to rounding.)

**Revenues.**

<u>Premiums.</u> Gross written premiums decreased by 1.1%, remaining relatively constant at $4.4 billion for the three months ended September 30, 2025, compared to $4.4 billion for the three months ended September 30, 2024. The decrease reflects a $59 million, or 1.8%, decrease in our reinsurance business and a $28 million, or 55.9%, decrease in business within the Other segment, partially offset by a $37 million, or 3.4%, increase in our insurance business. The decrease in reinsurance premiums was primarily due to U.S. casualty pro rata and casualty excess of loss lines of business, partially offset by an increase in the property book of business and financial lines business. Gross written premiums within Other decreased by $28 million as this segment generally represents lines of business that have been discontinued. The increase in insurance premiums compared to the prior year period was primarily due to an increase in accident and health business, professional liability business and other specialty business, partially offset by portfolio actions taken on specialty casualty lines of business primarily in the U.S. portfolio.

Gross written premiums decreased by 0.8% to $13.4 billion for the nine months ended September 30, 2025, compared to $13.6 billion for the nine months ended September 30, 2024. The decrease reflects an $111 million, or 60.6%, decrease within the Other segment and a $22 million, or 0.6%, decrease in our insurance business, partially offset by a $19 million, or 0.2%, increase in our reinsurance business. Gross written premiums within Other has decreased by $111 million as this segment generally represents lines of business that have been discontinued. The decrease in insurance premiums was primarily due to portfolio actions taken on specialty casualty lines of business, partially offset by an increase in other specialty business and property/short tail business. The increase in reinsurance premiums was primarily driven by property pro rata business and property catastrophe excess of loss business in the U.S., partially offset by actions taken on our U.S. reinsurance casualty business.

Net written premiums decreased by 1.3% remaining relatively constant at $3.8 billion for the three months ended September 30, 2025, compared to $3.8 billion for the three months ended September 30, 2024, primarily driven by overall mix of business. Net written premiums decreased by 1.5% to $11.6 billion for the nine months ended September 30, 2025, compared to $11.8 billion for the nine months ended September 30, 2024. The larger percentage decrease in net written premiums compared to the percentage decrease in gross written premiums was mainly due to higher retention and overall mix of business.

Premiums earned decreased by 1.6% to $3.9 billion during the three months ended September 30, 2025, compared to $3.9 billion during the three months ended September 30, 2024. Premiums earned increased by 3.9% to $11.7 billion for the nine months ended September 30, 2025, compared to $11.3 billion for the nine months ended September 30, 2024. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in 2024 is being earned through the 2025 period; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

<u>Other Income (Expense).</u> We recorded other expense of $29 million and other expense of $102 million for the three months ended September 30, 2025 and 2024, respectively. We recorded other expense of $129 million and other expense of $48 million for the nine months ended September 30, 2025 and 2024, respectively. The changes were primarily the result of fluctuations in foreign currency exchange rates, in particular, the movements in the Euro and British Pound Sterling. We recognized foreign currency exchange expense of $33 million and foreign exchange currency expense of $102 million for the three months ended September 30, 2025 and 2024, respectively. We recognized foreign currency exchange expense of $165 million and foreign currency exchange expense of $61 million for the nine months ended September 30, 2025 and 2024, respectively. The other expense incurred for the nine months ended September 30,

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2025 is partially offset by a $26.7 million pension plan settlement gain recognized in the second quarter of 2025 driven by the extinguishment of the Everest Reinsurance Company ("Everest Re") retirement pension plan obligation liability.

<u>Net Investment Income.</u> Refer to the "Consolidated Investments Results" section below.

<u>Net Gains (Losses) on Investments.</u> Refer to the "Consolidated Investments Results" section below.

**Claims and Expenses.**

<u>Incurred Losses and Loss Adjustment Expenses ("LAE").</u> The following tables present our incurred losses and LAE for the periods indicated.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, |
| (Dollars in millions) | Current<br>Year | Ratio %/ <br>Pt Change | Ratio %/ <br>Pt Change | Prior<br>Years | Ratio %/ <br>Pt Change | Ratio %/ <br>Pt Change | Total<br>Incurred | Ratio %/ <br>Pt Change | Ratio %/ <br>Pt Change |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $2309 | 59.9 | % | $537 | 13.9 | % | $2846 | 73.8 | % |
| Catastrophes | 50 | 1.3 | % | (59) | (1.5) | % | (9) | (0.2) | % |
| Total | $2359 | 61.2 | % | $478 | 12.4 | % | $2837 | 73.6 | % |
| <u>2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $2274 | 58.0 | % | $— |  | % | $2274 | 58.0 | % |
| Catastrophes | 310 | 7.9 | % |  |  | % | 310 | 7.9 | % |
| Total | $2584 | 66.0 | % | $— |  | % | $2584 | 66.0 | % |
| <u>Variance 2025/2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $35 | 1.8 | pts | $537 | 13.9 | pts | $572 | 15.8 | &nbsp;&nbsp;&nbsp;&nbsp;pts |
| Catastrophes | (260) | (6.6) | pts | (59) | (1.5) | pts | (319) | (8.1) | &nbsp;&nbsp;&nbsp;&nbsp;pts |
| Total | $(225) | (4.8) | pts | $478 | 12.4 | pts | $253 | 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;pts |

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(Some amounts may not reconcile due to rounding.)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | Current<br>Year | Ratio %/ Pt Change | Ratio %/ Pt Change | Prior<br>Years | Ratio %/ Pt Change | Ratio %/ Pt Change | Total<br>Incurred | Ratio %/ Pt Change | Ratio %/ Pt Change |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $7061 | 60.4 | % | $596 | 5.1 | % | $7658 | 65.5 | % |
| Catastrophes | 604 | 5.2 | % | (59) | (0.5) | % | 545 | 4.7 | % |
| Total | $7665 | 65.5 | % | $537 | 4.6 | % | $8203 | 70.1 | % |
| <u>2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $6586 | 58.5 | % | $— |  | % | $6586 | 58.5 | % |
| Catastrophes | 546 | 4.9 | % |  |  | % | 546 | 4.9 | % |
| Total | $7132 | 63.3 | % | $— |  | % | $7132 | 63.3 | % |
| <u>Variance 2025/2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $476 | 1.9 | pts | $596 | 5.1 | pts | 1072 | 7.0 | pts |
| Catastrophes | 58 | 0.3 | pts | (59) | (0.5) | pts | (1) | (0.2) | pts |
| Total | $533 | 2.2 | pts | $537 | 4.6 | pts | $1071 | 6.8 | pts |

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(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 9.8% to $2.8 billion for the three months ended September 30, 2025, compared to $2.6 billion for the three months ended September 30, 2024, primarily due to an increase of $35 million in current year attritional losses and an increase in unfavorable development on prior year attritional losses of $537 million, partially offset by a decrease of $260 million in current year catastrophe losses and favorable development on prior year catastrophe losses of $59 million.

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The increase in unfavorable development on prior year attritional losses of $537 million was primarily a result of strengthening of U.S. casualty reserves. The reserve strengthening for prior year loss development was driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.

The current year catastrophe losses of $50 million for the three months ended September 30, 2025 related primarily to Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($20 million) and the 2025 Philippines earthquake ($10 million). The $310 million of current year catastrophe losses for the three months ended September 30, 2024 related primarily to Hurricane Helene ($81 million), Hurricane Beryl ($67 million), Hurricane Debby ($60 million), the 2024 European flood Boris ($48 million) and the third quarter 2024 Calgary Alberta storms ($41 million). For the three months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.

Incurred losses and LAE increased by 15.0% to $8.2 billion for the nine months ended September 30, 2025, compared to $7.1 billion for the nine months ended September 30, 2024, primarily due to an increase of $476 million in current year attritional losses, an increase in unfavorable development on prior year attritional losses of $596 million and an increase of $58 million in current year catastrophe losses, partially offset by favorable development on prior year catastrophe losses of $59 million.

The increase in current year attritional losses and the unfavorable development on prior year attritional losses were both primarily related to the strengthening of U.S. casualty reserves. Additionally, the unfavorable development on prior year attritional losses was impacted by $98 million of aviation losses associated with the Russia/Ukraine war, partially offset by net favorable prior year development of $39 million due to reserve releases for property business.

The current year catastrophe losses of $604 million for the nine months ended September 30, 2025 related primarily to the 2025 Southern California wildfires ($512 million), the first quarter 2025 Myanmar earthquake ($28 million), Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($20 million), the 2025 U.S. Midwest convective storms ($14 million) and the 2025 Philippines earthquake ($10 million). The $546 million of current year catastrophe losses for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($81 million), Hurricane Beryl ($67 million), the 2024 Baltimore bridge collapse ($62 million), Hurricane Debby ($60 million), the 2024 European flood Boris ($48 million), the 2024 Brazil Floods ($41 million), the third quarter 2024 Calgary Alberta storms ($41 million), the 2024 Germany floods ($41 million), the 2024 Dubai floods ($40 million) and the 2024 Taiwan earthquake ($27 million). For the nine months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.

Catastrophe losses and loss expenses typically have a material effect on our incurred losses and LAE results and can vary significantly from period to period. Losses from natural catastrophes contributed 1.3 percentage points to the combined ratio for the three months ended September 30, 2025, compared with 7.9 percentage points in the corresponding period of 2024, and 5.2 percentage points to the combined ratio for the nine months ended September 30, 2025, compared with 4.9 percentage points in the corresponding period of 2024.

<u>Commission, Brokerage, Taxes and Fees.</u> Commission, brokerage, taxes and fees increased by 7.8% to $890 million for the three months ended September 30, 2025, compared to $826 million for the three months ended September 30, 2024. Commission, brokerage, taxes and fees increased by 8.2% to $2.6 billion for the nine months ended September 30, 2025, compared to $2.4 billion for the nine months ended September 30, 2024. The increases were primarily due to the impact of change in profit commission from the mortgage business loss reserves decrease within the Reinsurance segment and overall mix of business.

<u>Other Underwriting Expenses.</u> Other underwriting expenses were $258 million and $236 million for the three months ended September 30, 2025 and September 30, 2024, respectively. Other underwriting expenses were $750 million and $694 million for the nine months ended September 30, 2025 and 2024, respectively. The increases in other underwriting expenses were driven by continued investment in insurance operations.

<u>Corporate Expenses.</u> Corporate expenses, which are general operating expenses that are not allocated to segments, were $27 million and $25 million for the three months ended September 30, 2025 and 2024, respectively, and $79 million and $69 million for the nine months ended September 30, 2025 and 2024, respectively. The increases in Corporate expenses for the three and nine month periods ended September 30, 2025 are primarily due to a nonrecurring adjustment due to the curtailment of the employee benefit plan in 2024, as well as an increase in professional services related to the continued build out of our infrastructure.

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<u>Interest, Fees and Bond Issue Cost Amortization Expense.</u> Interest, fees and other bond amortization expense remained consistent at $38 million for the three months ended September 30, 2025, compared to $38 million for the three months ended September 30, 2024. Interest, fees and other bond amortization expense increased to $114 million from $112 million for the nine months ended September 30, 2025 and 2024, respectively. The increase for the nine months ended September 30, 2025 was mainly due to higher interest costs on the Federal Home Loan Bank of New York borrowing, partially offset by a decrease in the floating interest rate related to the Company's outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly, per the note agreement. The floating rate was 6.86% as of September 30, 2025, compared to 7.76% as of September 30, 2024.

<u>Income Tax Expense (Benefit).</u> Income tax expense was $14 million and $68 million for the three months ended September 30, 2025 and 2024, respectively. Income tax expense was $187 million and $275 million for the nine months ended September 30, 2025 and 2024, respectively. The period over period decrease in income tax expense is primarily a function of the geographic location of the Company's pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate ("ETR") is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 ("The 2023 Act"), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as "The Economic Transition Adjustment", which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the Organisation for Economic Co-operation and Development issued Administrative Guidance related to "deferred tax assets arising from tax benefits provided by General Government" whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

On July 4, 2025, The One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in the third quarter of 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of The One Big Beautiful Bill.

**Net Income (Loss).**

Our net income was $255 million and $509 million for the three months ended September 30, 2025 and 2024, respectively. Our net income was $1.1 billion and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively. The period over period changes in net income were primarily driven by the financial component fluctuations explained above.

**Ratios.**

Our combined ratio increased by 10.3 points to 103.4% for the three months ended September 30, 2025, compared to 93.1% for the three months ended September 30, 2024 and increased by 7.9 points to 98.7% for the nine months ended September 30, 2025, compared to 90.8% for the nine months ended September 30, 2024. The current year increase is primarily due to higher attritional losses. Refer to the analysis of combined ratio components below.

The loss ratio component increased by 7.6 points to 73.6% for the three months ended September 30, 2025, compared to 66.0% for the three months ended September 30, 2024, mainly due to a $537 million increase in unfavorable development on prior year attritional losses, partially offset by a $260 million decrease in catastrophe losses. The loss ratio component increased by 6.8 points to 70.1% for the nine months ended September 30, 2025, compared to 63.3% for the nine months ended September 30, 2024, primarily due to an increase of $476 million in current year attritional losses, an increase of $58 million in current year catastrophe losses and unfavorable prior year development on attritional losses of $596 million.

The commission and brokerage ratio components increased to 23.1% for the three months ended September 30, 2025, compared to 21.1% for the three months ended September 30, 2024, and increased to 22.2% for the nine months ended September 30, 2025, compared to 21.3% for the nine months ended September 30, 2024. The quarter over quarter increase was mainly due to changes in the mix of business and the change in profit commission from the mortgage business loss reserves decrease within the Reinsurance segment.

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The other underwriting expense ratios increased to 6.7% for the three months ended September 30, 2025, compared to 6.0% for the three months ended September 30, 2024, and increased to 6.4% for the nine months ended September 30, 2025, compared to 6.2% for the nine months ended September 30, 2024. The increase for the three and nine months was mainly due to growth in insurance operations.

**Shareholders' Equity.**

Shareholders' equity increased by $1.5 billion to $15.4 billion at September 30, 2025 from $13.9 billion at December 31, 2024, principally as a result of $1.1 billion of net income, $762 million of unrealized appreciation on available for sale fixed maturity portfolio net of tax, $230 million of net foreign currency translation adjustments and $24 million of share-based compensation transactions, partially offset by $400 million of share repurchases, $253 million of shareholder dividends and $8 million of net benefit plan obligation adjustments.

**Consolidated Investment Results**

**Net Investment Income.**

Net investment income increased by 8.8% to $540 million for the three months ended September 30, 2025, compared with net investment income of $496 million for the three months ended September 30, 2024. The increase for the three months ended September 30, 2025 was primarily the result of an increase of $41 million in limited partnership income and an increase of $12 million in income from fixed maturity investments, partially offset by a decline of $11 million in income from short-term investments. Net investment income increased by 5.5% to $1.6 billion for the nine months ended September 30, 2025, compared with investment income of $1.5 billion for the nine months ended September 30, 2024. The increase for the nine months ended September 30, 2025 was primarily the result of an increase of $73 million of income from fixed maturity investments, an increase of $6 million in limited partnership income and an increase of $2 million in income from other alternative investments, partially offset by a decline of $10 million from short-term investments. The limited partnership income primarily reflects changes in reported net asset values. As such, until these asset values are monetized and the resultant income is distributed, they are subject to volatile results of future increases or decreases in the asset value.

The following table shows the components of net investment income for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;Fixed maturities | $390 | $378 | $1172 | $1099 |
| &nbsp;&nbsp;Equity securities | 1 | 1 | 3 | 3 |
| &nbsp;&nbsp;Short-term investments and cash | 43 | 54 | 125 | 135 |
| &nbsp;&nbsp;Other invested assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships | 76 | 36 | 189 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 36 | 36 | 87 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income before adjustments | 546 | 504 | 1577 | 1506 |
| &nbsp;&nbsp;Funds held interest income (expense) | 7 | 5 | 22 | 20 |
| &nbsp;&nbsp;Future policy benefit reserve income (expense) |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 553 | 510 | 1598 | 1525 |
| &nbsp;&nbsp;Investment expenses | 13 | 13 | 35 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $540 | $496 | $1563 | $1481 |

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(Some amounts may not reconcile due to rounding.)

The following table shows a comparison of various investment yields for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Annualized pre-tax yield on average cash and invested assets | 4.8% | 4.8% | 4.7% | 4.9% |
| Annualized after-tax yield on average cash and invested assets | 4.0% | 4.2% | 3.9% | 4.3% |
| Annualized return on invested assets | 4.4% | 4.6% | 4.5% | 4.8% |

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**Net Gains (Losses) on Investments.**

The following table presents the composition of our net gains (losses) on investments for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | 2025 | 2024 | Variance | 2025 | 2024 | Variance |
| <u>Realized gains (losses) from dispositions:</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains | $34 | $59 | $(26) | $43 | $86 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses | (69) | (84) | 15 | (91) | (133) | 41 |
| &nbsp;&nbsp;&nbsp;Total | (36) | (25) | (11) | (48) | (47) | (1) |
| &nbsp;&nbsp;&nbsp;Fixed maturity securities - held to maturity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses |  |  |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;Total |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains |  |  |  |  | 2 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses |  |  |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;Total |  |  |  | (1) | 1 | (2) |
| &nbsp;&nbsp;&nbsp;Other Invested Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses |  | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total |  | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains |  | 1 | (1) |  | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total |  | 1 | (1) |  | 1 | (1) |
| Total net realized gains (losses) from dispositions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains | 34 | 60 | (26) | 44 | 88 | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses | (69) | (84) | 14 | (93) | (133) | 40 |
| &nbsp;&nbsp;&nbsp;Total | (36) | (24) | (12) | (49) | (45) | (3) |
| <u>Allowance for credit losses</u> | (12) | (9) | (3) | (14) | (3) | (11) |
| <u>Gains (losses) from fair value adjustments</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity securities |  | 5 | (5) | 3 | (3) | 6 |
| Total |  | 5 | (5) | 3 | (3) | 6 |
| Total net gains (losses) on investments | $(47) | $(27) | $(20) | $(59) | $(50) | $(9) |

---

(Some amounts may not reconcile due to rounding.)

Total net gains (losses) on investments during the three months ended September 30, 2025 primarily consist of $36 million of losses due to the disposition of investments and an increase to the allowance for credit losses of $12 million.

Total net gains (losses) on investments during the nine months ended September 30, 2025 primarily relate to $49 million of net losses due to the disposition of investments and an increase to the allowance for credit losses of $14 million, partially offset by $3 million of gains from fair value adjustments on equity securities.

**Segment Results.**

Our two reportable segments, Reinsurance and Insurance, each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker ("CODM"), the President and Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing

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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.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The 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.

The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

The following discusses the underwriting results for each of our segments for the periods indicated.

**Reinsurance.**

The following table presents the underwriting results and ratios for the Reinsurance segment for the periods indicated:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | 2025 | 2024 | Variance | % Change | 2025 | 2024 | Variance | % Change |
| Gross written premiums | $3206 | $3265 | $(59) | (1.8)% | $9668 | $9650 | $19 | 0.2% |
| Net written premiums | 2885 | 2975 | (89) | (3.0)% | 8773 | 8950 | (177) | (2.0)% |
| Premiums earned | $2892 | $2970 | $(78) | (2.6)% | $8835 | $8429 | $405 | 4.8% |
| Incurred losses and LAE | 1678 | 1942 | (264) | (13.6)% | 5673 | 5266 | 407 | 7.7% |
| Commission and brokerage | 764 | 710 | 53 | 7.5% | 2223 | 2054 | 170 | 8.3% |
| Other underwriting expenses | 74 | 73 | 1 | 1.7% | 221 | 215 | 6 | 2.9% |
| Underwriting gain (loss) | $376 | $245 | $132 | 53.9% | $717 | $895 | $(178) | (19.9)% |
|  |  |  |  | Point Chg |  |  |  | Point Chg |
| Loss ratio | 58.0% | 65.4% |  | (7.4) | 64.2% | 62.5% |  | 1.7 |
| Commission and brokerage ratio | 26.4% | 23.9% |  | 2.5 | 25.2% | 24.4% |  | 0.8 |
| Other underwriting expense ratio | 2.6% | 2.5% |  | 0.1 | 2.5% | 2.6% |  |  |
| Combined ratio | 87.0% | 91.8% |  | (4.8) | 91.9% | 89.4% |  | 2.5 |

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(NM, Not Meaningful)

(Some amounts may not reconcile due to rounding.)

<u>Premiums.</u> Gross written premiums decreased by 1.8% to $3.2 billion for the three months ended September 30, 2025, compared to $3.3 billion for the three months ended September 30, 2024, primarily driven by the effects of underwriting actions on U.S. casualty pro rata and casualty excess of loss lines of business, partially offset by an increase in the property book of business and financial lines business. Gross written premiums increased by 0.2% to $9.7 billion for the nine months ended September 30, 2025, compared to $9.6 billion for the nine months ended September 30, 2024, primarily driven by property pro rata business and property catastrophe excess of loss business in the U.S., partially offset by actions taken on our U.S. reinsurance casualty business.

Net written premiums decreased by 3.0% to $2.9 billion for the three months ended September 30, 2025, compared to $3.0 billion for the three months ended September 30, 2024. Net written premiums decreased by 2.0% to $8.8 billion for the nine months ended September 30, 2025, compared to $8.9 billion for the nine months ended September 30, 2024. The decreases were driven by changes in cessions and overall mix of business.

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Premiums earned decreased by 2.6% to $2.9 billion for the three months ended September 30, 2025, compared to $3.0 billion for the three months ended September 30, 2024, comparable to the decrease in net written premium. Premiums earned increased by 4.8% to $8.8 billion for the nine months ended September 30, 2025, compared to $8.4 billion for the nine months ended September 30, 2024, primarily driven by increased property pro rata business written that was recorded over the prior quarters which are now being earned. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.

<u>Incurred Losses and LAE.</u> The following tables present the incurred losses and LAE for the Reinsurance segment for the periods indicated:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, |
| (Dollars in millions) | Current<br>Year | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Prior<br>Years | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Total<br>Incurred | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $1662 | 57.5 | % | $30 | 1.0 | % | 1692 | 58.5 | % |
| Catastrophes | 45 | 1.6 | % | (59) | (2.0) | % | (14) | (0.5) | % |
| Total Segment | $1707 | 59.0 | % | $(29) | (1.0) | % | $1678 | 58.0 | % |
| <u>2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $1672 | 56.3 | % | $— |  | % | 1672 | 56.3 | % |
| Catastrophes | 270 | 9.1 | % |  |  | % | 270 | 9.1 | % |
| Total Segment | $1942 | 65.4 | % | $— |  | % | $1942 | 65.4 | % |
| <u>Variance 2025/2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $(10) | 1.2 | pts | $30 | 1.0 | pts | $20 | 2.2 | pts |
| Catastrophes | (225) | (7.5) | pts | (59) | (2.0) | pts | (284) | (9.6) | pts |
| Total Segment | $(235) | (6.4) | pts | $(29) | (1.0) | pts | $(264) | (7.4) | pts |

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(Some amounts may not reconcile due to rounding.)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | Current<br>Year | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Prior<br>Years | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Total<br>Incurred | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $5074 | 57.4 | % | $89 | 1.0 | % | 5164 | 58.4 | % |
| Catastrophes | 569 | 6.4 | % | (59) | (0.7) | % | 509 | 5.8 | % |
| Total Segment | $5643 | 63.9 | % | $30 | 0.3 | % | $5673 | 64.2 | % |
| <u>2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $4779 | 56.7 | % | $— |  | % | 4779 | 56.7 | % |
| Catastrophes | 487 | 5.8 | % |  |  | % | 487 | 5.8 | % |
| Total Segment | $5266 | 62.5 | % | $— |  | % | $5266 | 62.5 | % |
| <u>Variance 2025/2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $295 | 0.7 | pts | $89 | 1.0 | pts | $385 | 1.8 | pts |
| Catastrophes | 82 | 0.7 | pts | (59) | (0.7) | pts | 23 |  | pts |
| Total Segment | $377 | 1.4 | pts | $30 | 0.3 | pts | $407 | 1.7 | pts |

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(Some amounts may not reconcile due to rounding.)

Incurred losses decreased by 13.6% to $1.7 billion for the three months ended September 30, 2025, compared to $1.9 billion for the three months ended September 30, 2024. The decrease was primarily due to a decrease of $10 million in current year attritional losses, a decrease of $225 million in current year catastrophe losses and favorable development on prior year catastrophe losses of $59 million, partially offset by an increase of unfavorable development on prior year attritional losses of $30 million.

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The decrease in current year attritional losses was mainly related to the impact of change in business mix. The unfavorable development on prior year attritional losses was primarily related to reserve strengthening of the U.S. casualty business.

The $45 million of current year catastrophe losses for the three months ended September 30, 2025 related primarily to Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($15 million) and the 2025 Philippines earthquake ($10 million). The $270 million of current year catastrophe losses for the three months ended September 30, 2024 related primarily to Hurricane Helene ($65 million), Hurricane Debby ($59 million), Hurricane Beryl ($56 million), the 2024 European flood Boris ($46 million) and the 2024 third quarter Calgary Alberta storms ($35 million). For three months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.

Incurred losses increased by 7.7% to $5.7 billion for the nine months ended September 30, 2025, compared to $5.3 billion for the nine months ended September 30, 2024. The increase was primarily due to an increase of $295 million in current year attritional losses, an increase of $82 million in current year catastrophe losses and an increase of unfavorable development on prior year attritional losses of $89 million, partially offset by favorable development on prior year catastrophe losses of $59 million.

The increase in current year attritional losses was mainly related to the impact of the increase in premiums earned, the impact of the Washington D.C. aviation accident during the first quarter and reserve strengthening on the U.S. casualty business. The unfavorable development on prior year attritional losses was primarily related to reserve strengthening on the U.S. casualty business, as well as aviation losses associated with the Russia/Ukraine war of $98 million. In the second quarter of 2025, the United Kingdom's High Court concluded that the confiscation of certain aircraft was covered under the war provision within certain reinsurance contracts. As a result of the court's decision, the Company increased its net ultimate loss reserve for contracts that were exposed to the war in the Ukraine by $98 million ($84 million net of reinstatement premiums).

The current year catastrophe losses of $569 million for the nine months ended September 30, 2025 related primarily to the 2025 Southern California wildfires ($502 million) and the first quarter 2025 Myanmar earthquake ($20 million), Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($15 million), the 2025 Philippines earthquake ($10 million) and the 2025 U.S. Midwest convective storms ($14 million). The $487 million of current year catastrophe losses for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($65 million), Hurricane Debby ($59 million), the 2024 Baltimore bridge collapse ($57 million), Hurricane Beryl ($56 million), the 2024 European flood Boris ($46 million), the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($40 million), the 2024 Germany floods ($39 million), the third quarter 2024 Calgary Alberta storms ($35 million) and the 2024 Taiwan earthquake ($25 million). For nine months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.

<u>Segment Expenses.</u> Commission and brokerage expense increased by 7.5% to $764 million for the three months ended September 30, 2025, compared to $710 million for the three months ended September 30, 2024. Commission and brokerage expense increased by 8.3% to $2.2 billion for the nine months ended September 30, 2025, compared to $2.1 billion for the nine months ended September 30, 2024. The increases were mainly due to the impact of the increase in premiums earned, mortgage-related contingent commissions and changes in the mix of business.

Segment other underwriting expenses increased to $74 million for the three months ended September 30, 2025, compared to $73 million for the three months ended September 30, 2024. Segment other underwriting expenses increased to $221 million for the nine months ended September 30, 2025, compared to $215 million for the nine months ended September 30, 2024. Quarter to date remained relatively consistent with written premium movement, while the increase in year to date was mainly due to increased expenditures supporting premium volume of the segment.

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**Insurance.**

The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | 2025 | 2024 | Variance | % Change | 2025 | 2024 | Variance | % Change |
| Gross written premiums | $1147 | $1110 | $37 | 3.4% | $3706 | $3728 | $(22) | (0.6)% |
| Net written premiums | 848 | 789 | 59 | 7.5% | 2767 | 2694 | 72 | 2.7% |
| Premiums earned | $939 | $898 | $41 | 4.6% | $2772 | $2679 | $93 | 3.5% |
| Incurred losses and LAE | 996 | 605 | 391 | 64.7% | 2280 | 1744 | 536 | 30.7% |
| Commission and brokerage | 121 | 110 | 11 | 10.1% | 355 | 325 | 30 | 9.1% |
| Other underwriting expenses | 178 | 154 | 24 | 15.5% | 518 | 454 | 64 | 14.1% |
| Underwriting gain (loss) | $(357) | $28 | $(385) | NM | $(381) | $156 | $(536) | NM |
|  |  |  |  | Point Chg |  |  |  | Point Chg |
| Loss ratio | 106.1% | 67.4% |  | 38.7 | 82.2% | 65.1% |  | 17.1 |
| Commission and brokerage ratio | 12.9% | 12.3% |  | 0.7 | 12.8% | 12.1% |  | 0.7 |
| Other underwriting expense ratio | 19.0% | 17.2% |  | 1.8 | 18.7% | 16.9% |  | 1.7 |
| Combined ratio | 138.1% | 96.9% |  | 41.2 | 113.7% | 94.2% |  | 19.5 |

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(NM not meaningful)

(Some amounts may not reconcile due to rounding.)

<u>Premiums.</u> Gross written premiums increased by 3.4% remaining relatively constant at $1.1 billion for the three months ended September 30, 2025, compared to $1.1 billion for the three months ended September 30, 2024. The increase in insurance premiums was primarily due to an increase in accident and health business, increases in professional liability business and other specialty business within the U.S. portfolio, and increases in property/short tail business in Latin America and Singapore, partially offset by portfolio actions taken on specialty casualty lines of business in the U.S. portfolio. Gross written premiums decreased by 0.6% remaining relatively constant at $3.7 billion for the nine months ended September 30, 2025, compared to $3.7 billion for the nine months ended September 30, 2024. The decrease in insurance premiums was primarily due to portfolio actions taken on specialty casualty lines of business in the U.S. portfolio, partially offset by an increase in other specialty business and property/short tail business driven by emerging growth in Colombia, Mexico, and contributions from Ireland and Lloyds.

Net written premiums increased by 7.5% to $848 million for the three months ended September 30, 2025, compared to $789 million for the three months ended September 30, 2024. Net written premiums increased by 2.7% to $2.8 billion for the nine months ended September 30, 2025, compared to $2.7 billion for the nine months ended September 30, 2024. The increases were primarily due to business mix and higher retention in certain lines of business.

Premiums earned increased by 4.6% to $939 million for the three months ended September 30, 2025, compared to $898 million for the three months ended September 30, 2024. Premiums earned increased by 3.5% to $2.8 billion for the nine months ended September 30, 2025, compared to $2.7 billion for the nine months ended September 30, 2024. The change in premiums earned relative to net written premiums is the result of timing as the higher base premium written in 2024 is being earned through the 2025 period; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.

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<u>Incurred Losses and LAE.</u> The following tables present the incurred losses and LAE for the Insurance segment for the periods indicated:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, |
| (Dollars in millions) | Current<br>Year | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Prior<br>Years | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Total<br>Incurred | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $630 | 67.1 | % | $361 | 38.5 | % | 991 | 105.6 | % |
| Catastrophes | 5 | 0.5 | % |  |  | % | 5 | 0.5 | % |
| Total Segment | $635 | 67.6 | % | $361 | 38.5 | % | $996 | 106.1 | % |
| <u>2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $565 | 62.9 | % | $— |  | % | 565 | 62.9 | % |
| Catastrophes | 40 | 4.5 | % |  |  | % | 40 | 4.5 | % |
| Total Segment | $605 | 67.4 | % | $— |  | % | $605 | 67.4 | % |
| <u>Variance 2025/2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $65 | 4.2 | pts | $361 | 38.5 | pts | $426 | 42.7 | pts |
| Catastrophes | (35) | (3.9) | pts |  |  | pts | (35) | (3.9) | pts |
| Total Segment | $30 | 0.2 | pts | $361 | 38.5 | pts | $391 | 38.7 | pts |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | Current<br>Year | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Prior<br>Years | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change | Total<br>Incurred | Ratio %/<br>Pt Change | Ratio %/<br>Pt Change |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $1893 | 68.3 | % | $361 | 13.0 | % | 2255 | 81.3 | % |
| Catastrophes | 25 | 0.9 | % |  |  | % | 25 | 0.9 | % |
| Total Segment | $1919 | 69.2 | % | $361 | 13.0 | % | $2280 | 82.2 | % |
| <u>2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $1685 | 62.9 | % | $— |  | % | 1685 | 62.9 | % |
| Catastrophes | 60 | 2.2 | % |  |  | % | 59 | 2.2 | % |
| Total Segment | $1744 | 65.1 | % | $— |  | % | $1744 | 65.1 | % |
| <u>Variance 2025/2024</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $209 | 5.4 | pts | $361 | 13.0 | pts | 570 | 18.4 | pts |
| Catastrophes | (34) | (1.3) | pts |  |  | pts | (34) | (1.3) | pts |
| Total Segment | $174 | 4.1 | pts | $361 | 13.0 | pts | $536 | 17.1 | pts |

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(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 64.7% to $996 million for the three months ended September 30, 2025, compared to $605 million for the three months ended September 30, 2024. The increase was mainly due to an increase of $65 million in current year attritional losses and an increase of $361 million in unfavorable development on prior year attritional losses, partially offset by a decrease of $35 million in current year catastrophe losses.

The increase in current year attritional losses and the unfavorable development on prior year attritional losses were both primarily due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024. The $5 million of current year catastrophe losses for the three months ended September 30, 2025 primarily related to the 2025 U.S. September floods. The $40 million of current year catastrophe losses for the three months ended September 30, 2024 related to Hurricane Helene ($16 million), Hurricane Beryl ($11 million), the 2024 Jasper fires ($6 million) and the third quarter 2024 Calgary Alberta storms ($6 million).

Incurred losses and LAE increased by 30.7% to $2.3 billion for the nine months ended September 30, 2025, compared to $1.7 billion for the nine months ended September 30, 2024. The increase was mainly due to an increase of $209 million

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in current year attritional losses and an increase of $361 million in unfavorable development on prior year attritional losses, partially offset by a decrease in current year catastrophe losses of $34 million.

The increase in current year attritional losses and the unfavorable development on prior year attritional losses were both primarily due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.

The current year catastrophe losses of $25 million for the nine months ended September 30, 2025 related primarily to the first quarter 2025 Myanmar earthquake ($8 million), the 2025 Southern California wildfires ($7 million), the 2025 U.S. Midwest convective storms ($5 million) and the 2025 U.S. September floods ($5 million). The $60 million of current year catastrophe losses for the nine months ended September 30, 2024 related to Hurricane Helene ($16 million), Hurricane Beryl ($11 million), the 2024 second quarter U.S. convective storms ($10 million), the 2024 Jasper fires ($6 million), the third quarter 2024 Calgary Alberta storms ($6 million) and the 2024 Baltimore bridge collapse ($5 million).

<u>Segment Expenses.</u> Commission and brokerage expenses increased by 10.1% to $121 million for the three months ended September 30, 2025, compared to $110 million for the three months ended September 30, 2024. Commission and brokerage expenses increased by 9.1% to $355 million for the nine months ended September 30, 2025, compared to $325 million for the nine months ended September 30, 2024. The increases were mainly due to changes in the mix of business.

Segment other underwriting expenses increased to $178 million for the three months ended September 30, 2025, compared to $154 million for the three months ended September 30, 2024. Segment other underwriting expenses increased to $518 million for the nine months ended September 30, 2025, compared to $454 million for the nine months ended September 30, 2024. These increases were mainly due to the impact of the continued investment in insurance operations.

**Other.**

The 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.

The following table presents the underwriting results and ratios for the Other segment for the periods indicated:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| (Dollars in millions) | 2025 | 2024 | Variance | % Change | 2025 | 2024 | Variance | % Change |
| Gross written premiums | $22 | $50 | $(28) | (55.9)% | $72 | $183 | $(111) | (60.6)% |
| Net written premiums | 21 | 41 | (21) | (49.9)% | 68 | 145 | (77) | (53.3)% |
| Premiums earned | $24 | $50 | $(25) | (51.0)% | $92 | $154 | $(62) | (40.3)% |
| Incurred losses and LAE | 163 | 37 | 126 | NM | 250 | 122 | 128 | NM |
| Commission and brokerage | 6 | 5 |  | 2.1% | 16 | 19 | (2) | (11.7)% |
| Other underwriting expenses | 5 | 8 | (4) | (43.3)% | 11 | 24 | (14) | (56.7)% |
| Underwriting gain (loss) | $(149) | $(1) | $(148) | NM | $(185) | $(11) | $(174) | NM |

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<u>Incurred Losses and LAE.</u> Incurred losses and LAE increased to $163 million for the three months ended September 30, 2025, compared to $37 million for the three months ended September 30, 2024. Incurred losses and LAE increased to $250 million for the nine months ended September 30, 2025, compared to $122 million for the nine months ended September 30, 2024. The increase in incurred losses was due to unfavorable development on prior year attritional losses driven by U.S. casualty lines, primarily from our sports and leisure business.

**FINANCIAL CONDITION** 

<u>Investments.</u> Total investments were $44.3 billion at September 30, 2025, an increase of $4.3 billion compared to $40.0 billion at December 31, 2024. The rise in investments was primarily related to an increase in fixed maturities - available for sale due to an overall net purchase of $3.7 billion, partially offset by a decrease in short-term investment due to an overall net sale of $945 million during the nine months ended September 30, 2025.

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The Company's limited partnership investments are comprised of limited partnerships that invest in private equity, private credit and private real estate. Generally, the limited partnerships are reported on a month or quarter lag. We receive annual audited financial statements for all the limited partnerships, which are prepared using fair value accounting in accordance with Financial Accounting Standards Board guidance. For the quarterly reports, the Company reviews the financial reports for any unusual changes in carrying value. If the Company becomes aware of a significant decline in value during the lag reporting period, the loss will be recorded in the period in which the Company identifies the decline.

The table below summarizes the composition and characteristics of our investment portfolio for the periods indicated.

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| | | |
|:---|:---|:---|
| | At<br>September 30, 2025 | At<br>December 31, 2024 |
| Fixed income portfolio duration (years) | 3.4 | 3.1 |
| Fixed income composite credit quality | AA- | AA- |

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<u>Reinsurance Recoverables.</u>

Reinsurance recoverables for both paid and unpaid losses totaled $3.9 billion and $3.1 billion at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, $405 million, or 10.4%, was receivable from Mt. Logan Re collateralized segregated accounts; $391 million, or 10.0%, was receivable from Munich Reinsurance America, Inc. and $301 million, or 7.7% was receivable from Endurance Assurance Corporation. No other retrocessionaire accounted for more than 5% of our recoverables.

<u>Loss and LAE Reserves.</u> Gross loss and LAE reserves totaled $33.7 billion and $29.9 billion at September 30, 2025 and December 31, 2024, respectively.

The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and Incurred But Not Reported ("IBNR") reserves, for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
| | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 | At September 30, 2025 |
| (Dollars in millions) | Case<br>Reserves | IBNR<br>Reserves | Total<br>Reserves | % of<br>Total |
| Reinsurance | $7034 | $15227 | $22261 | 66.0% |
| Insurance | 2648 | 7414 | 10062 | 29.8% |
| Other <sup>(1)</sup> | 394 | 1025 | 1419 | 4.2% |
| &nbsp;&nbsp;&nbsp;Total | $10076 | $23666 | $33742 | 100.0% |

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(Some amounts may not reconcile due to rounding.)

<sup>(1)</sup> Reserves for A&E exposures are included within Other. At September 30, 2025, A&E case and IBNR reserves totaled $156 million and $68 million, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 |
| (Dollars in millions) | Case<br>Reserves | IBNR<br>Reserves | Total<br>Reserves | % of<br>Total |
| Reinsurance | $6591 | $13117 | $19708 | 65.9% |
| Insurance | 2289 | 6552 | 8841 | 29.6% |
| Other <sup>(1)</sup> | 389 | 950 | 1340 | 4.5% |
| &nbsp;&nbsp;&nbsp;Total | $9270 | $20619 | $29889 | 100.0% |

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(Some amounts may not reconcile due to rounding.)

<sup>(1)</sup> Reserves for A&E exposures are included within Other. At December 31, 2024, A&E case and IBNR reserves totaled $149 million and $111 million, respectively.

Changes in premiums earned and business mix, reserve re-estimations, catastrophe losses and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.

Our carried loss and LAE reserves represent management's best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels, including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities, and in the aggregate. In order to set

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appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. 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 and has the responsibility for recommending and approving management's best estimate. Reserves are further reviewed by Everest's Chief Reserving Actuary and senior management. The objective of this process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates and are subject to variation, which may be significant.

There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.

<u>Asbestos and Environmental Exposures.</u> A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The results of run-off A&E exposures are included within the Company's Other segment. The following table summarizes the outstanding loss reserves with respect to A&E reserves on both a gross and net of retrocessions basis for the periods indicated.

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| | | |
|:---|:---|:---|
| | At<br>September 30, | At<br>December 31, |
| (Dollars in millions) | 2025 | 2024 |
| Gross reserves | $224 | $260 |
| Ceded reserves | (17) | (17) |
| Net reserves | $207 | $242 |

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(Some amounts may not reconcile due to rounding.)

With respect to asbestos only, at September 30, 2025, we had net asbestos loss reserves of $183 million, or 88.6%, of total net A&E reserves, all of which was for assumed business. At September 30, 2025, we had gross asbestos loss reserves of $200 million, or 89.5% of total gross A&E reserves, all of which was for assumed business.

Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management's best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.

Industry analysts use the "survival ratio" to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company's current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 5.5 years at September 30, 2025 and 6.6 years at December 31, 2024. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore may not be indicative of the timing of future payments.

**LIQUIDITY AND CAPITAL RESOURCES** 

<u>Capital.</u> Shareholders' equity at September 30, 2025 and December 31, 2024 was $15.4 billion and $13.9 billion, respectively. Management's objective in managing capital is to ensure that the Company's overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company's capital has historically exceeded these benchmark levels.

Our two main operating companies, Everest Reinsurance (Bermuda) Ltd. ("Bermuda Re") and Everest Reinsurance Company ("Everest Re"), are regulated by the Bermuda Monetary Authority and the State of Delaware's Department of Insurance, respectively. Both regulatory bodies have their own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.

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The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Bermuda Re <sup>(1)</sup> | Bermuda Re <sup>(1)</sup> | Everest Re <sup>(2)</sup> | Everest Re <sup>(2)</sup> |
| | At December 31, | At December 31, | At December 31, | At December 31, |
| (Dollars in millions) | 2024 | 2023 | 2024 | 2023 |
| Regulatory targeted capital | $3151 | $2669 | $4799 | $4242 |
| Actual capital | $4323 | $3711 | $8126 | $6963 |

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<sup>(1)</sup> Regulatory targeted capital represents the target capital level from the applicable year's Bermuda Solvency Capital Requirement calculation.

<sup>(2)</sup> Regulatory targeted capital represents 200% of the Risk Based Capital authorized control level calculation for the applicable year.

Our financial strength ratings, as determined by A.M. Best, S&P and Moody's, are important, as they provide our customers and investors with an independent assessment of our financial strength using a rating scale that provides for relative comparisons. We continue to possess significant financial flexibility and access to debt and equity markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies.

We maintain our own economic capital models to monitor and project our overall capital, as well as the capital at our operating subsidiaries. A key input to the economic models is projected income, and this input is continually compared to actual results, which may require a change in the capital strategy.

For the nine months ended September 30, 2025, we repurchased 1,154,883 of our common shares at a cost of $400 million in the open market and paid $253 million in common share dividends to enhance long-term expected returns to our shareholders. During fiscal year 2024, we repurchased 536,469 of our common shares at a cost of $200 million in the open market and paid $334 million in common share dividends. From time to time, we may enter into a Rule 10b5-1 repurchase plan to facilitate the repurchase of shares, repurchase shares in open market transactions, privately negotiated transactions or otherwise. On November 7, 2024, our existing Board authorization to repurchase up to 32 million of our shares was increased by 10 million shares to authorize the repurchase of up to 42 million shares. As of September 30, 2025, we had repurchased 32.5 million shares under this authorization. During the third quarter of 2025, the Company's Board of Directors declared a quarterly common stock dividend of $2.00 per share. The common stock dividend was paid on September 19, 2025 for holders of record as of September 3, 2025.

We may continue, from time to time, to seek to retire portions of our outstanding debt securities through cash repurchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be subject to and depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.

<u>Liquidity.</u> Our liquidity requirements are generally met from positive cash flow from operations. Positive cash flow results from reinsurance and insurance premiums being collected prior to disbursements for claims, with disbursements generally taking place over an extended period after the collection of premiums, sometimes a period of many years. Collected premiums are generally invested, prior to their use in such disbursements, and investment income provides additional funding for loss payments. Our net cash flows from operating activities were $3.5 billion and $4.2 billion for the nine months ended September 30, 2025 and 2024, respectively. Additionally, these cash flows reflected net catastrophe loss payments of $654 million and $506 million for the nine months ended September 30, 2025 and 2024, respectively, and net tax payments of $98 million and $340 million for the nine months ended September 30, 2025 and 2024, respectively.

If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from insurance operations would be partially offset by cash flow from investment income. Additionally, cash inflows from investment maturities of both short-term investments and longer-term maturities are available to supplement other operating cash flows. We do not expect to supplement negative insurance operations cash flows with investment dispositions.

As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At September 30, 2025 and December 31, 2024, we held cash and short-term investments of $5.4 billion and $6.3 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, at September 30, 2025, we had $1.4 billion of fixed maturity securities - available for sale maturing within one year or less, $10.6 billion maturing within one to five years and $8.6 billion maturing after five years. We believe that these fixed maturity securities, in conjunction with the short-term

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investments and positive cash flow from operations, provide ample sources of liquidity for the expected payment of losses and LAE in the near future. We do not anticipate selling a significant amount of securities to pay losses and LAE. At September 30, 2025, we had $86 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $708 million of pre-tax unrealized depreciation and $621 million of pre-tax unrealized appreciation.

Management generally expects annual positive cash flow from operations. However, given catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.

In addition to our cash flows from operations and liquid investments, Everest Re is a member of the Federal Home Loan Bank of New York ("FHLBNY"), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of September 30, 2025, Everest Re had statutory admitted assets of approximately $33.0 billion which provides borrowing capacity of up to approximately $3.3 billion. As of September 30, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. See Note 7 – Credit Facilities to the Notes to the consolidated financial statements in Part I, Item I of this Form 10-Q for further details.

**Market Sensitive Instruments.** 

U.S. Securities and Exchange Commission (the "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.

<u>Interest Rate Risk.</u> Our $45.8 billion cash and invested assets portfolio at September 30, 2025 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 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 $8.4 billion of mortgage-backed securities in the $34.5 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 table below displays the potential impact of market value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $3.9 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

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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 market value change under the various interest rate change scenarios.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Impact of Interest Rate Shift in Basis Points<br>At September 30, 2025 | Impact of Interest Rate Shift in Basis Points<br>At September 30, 2025 | Impact of Interest Rate Shift in Basis Points<br>At September 30, 2025 | Impact of Interest Rate Shift in Basis Points<br>At September 30, 2025 | Impact of Interest Rate Shift in Basis Points<br>At September 30, 2025 |
| | -200 | -100 | 0 | 100 | 200 |
| (Dollars in millions) |  |  |  |  |  |
| Total Fair Value | $41084 | $39744 | $38405 | $37066 | $35727 |
| Fair Value Change from Base (%) | 7.0% | 3.5% | —% | (3.5)% | (7.0)% |
| Change in Unrealized Appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After-tax from Base ($) | $2169 | $1085 | $— | $(1085) | $(2169) |

---

We had $33.7 billion and $29.9 billion of gross reserves for losses and LAE as of September 30, 2025 and December 31, 2024, 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 $5.1 billion resulting in a discounted reserve balance of approximately $25.1 billion, representing approximately 65.3% of the value of the fixed maturity investment portfolio funds.

<u>Foreign Currency Risk.</u> 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. Our operating entities may conduct business in local currency, as well as the currency of other countries in which they operate. The primary foreign currency exposures for these operations are the British Pound Sterling, the Canadian Dollar, the Euro and the Singapore Dollar. 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.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Market Risk Instruments.** See "Liquidity and Capital Resources - Market Sensitive Instruments" in Part I – Item 2 of this Form 10-Q.

**ITEM 4. CONTROLS AND PROCEDURES**

As of the end of the period covered by this report, our management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.

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<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company's rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

**ITEM 1A. RISK FACTORS**

There have been no material changes to the risk factors disclosed in Item 1A. "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Issuer Purchases of Equity Securities.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Purchases of Equity Securities | Issuer Purchases of Equity Securities | Issuer Purchases of Equity Securities | Issuer Purchases of Equity Securities | Issuer Purchases of Equity Securities |
|  | (a) | (b) | (c) | (d) |
| Period | Total Number of<br>Shares (or Units)<br>Purchased <sup>(2)</sup> | Average Price Paid<br>per Share (or Unit) | Total Number of<br>Shares (or Units)<br>Purchased as Part<br>of Publicly<br>Announced Plans or<br>Programs | Maximum Number of Shares (or<br>Units) that May Yet<br>Be Purchased Under<br>the Plans or<br>Programs <sup>(1)</sup> |
| July 1 - 31, 2025 | 87 | $340.10 |  |  |
| August 1 - 31, 2025 | 70 | $330.42 |  |  |
| September 1 - 30, 2025 | 1028 | $340.82 |  |  |
| Total | 1185 | $— |  |  |

---

<sup>(1)</sup> On November 7, 2024, the Company's Board approved an amendment to the share repurchase program authorizing the Company and/or its subsidiary Holdings, to purchase up to an additional 10.0 million shares to a current aggregate of 42.0 million of the Company's shares (recognizing that the number of shares authorized for repurchase has been reduced by those shares that have already been purchased) in open market transactions, privately negotiated transactions or both. As of September 30, 2025, the Company and/or its subsidiary Holdings have repurchased 32.5 million of the Company's shares.

<sup>(2)</sup> Shares that have not been repurchased through a publicly announced plan or program consist of shares repurchased by the Company from employees in order to satisfy tax withholding obligations on vestings and/or settlements of share-based compensation awards.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

None of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408, during the fiscal quarter ended September 30, 2025.

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<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

**ITEM 6. EXHIBITS** 

---

| | |
|:---|:---|
| Exhibit Index  |  |
| Exhibit No. | Description |
| 10.1\* | <u>[A](eg-20250930xexx101.htm)[mendment to Bermuda Re](eg-20250930xexx101.htm)[Lloy](eg-20250930xexx101.htm)[d](eg-20250930xexx101.htm)['](eg-20250930xexx101.htm)[s Bank Letter of Credit Facility, effective August 18, 2025](eg-20250930xexx101.htm)</u> |
| 31.1 | <u>[Section 302 Certification of James Williamson](eg-20250930xexx311.htm)</u> |
| 31.2 | <u>[Section 302 Certification of Mark Kociancic](eg-20250930xexx312.htm)</u> |
| 32.1 | <u>[Section 906 Certification of James Williamson and Mark Kociancic](eg-20250930xexx321.htm)</u> |
| 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 Labels Linkbase |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| \*Filed herewith | \*Filed herewith |

---

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<u>[**Table of Contents**](#i25040cf0711c4ddeadb5d42c7c609cbc_7)</u>

Everest Group, Ltd.

Signatures

Pursuant to the requirements 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.

---

| |
|:---|
| Everest Group, Ltd. |
| (Registrant) |
| /S/ MARK KOCIANCIC |
| Mark Kociancic |
| &nbsp;&nbsp;&nbsp;Executive Vice President and <br>Chief Financial Officer |
| (Duly Authorized Officer and Principal Financial Officer) |

---

Dated: October 31, 2025

## Exhibit 10.1

![](eg-20250930xexx101001.jpg)

Execution Version 1 Confidential Certain information in the marked exhibit below has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. Omissions are designated as "[\*\*\*\*\*]." Second Amended and Restated Standby Letter of Credit Agreement (Committed/Unsecured) SECOND AMENDED AND RESTATED STANDBY LETTER OF CREDIT AGREEMENT (this "Agreement"), dated as of August 18, 2025, by and among EVEREST REINSURANCE (BERMUDA), LTD., an exempted company incorporated and existing under the laws of Bermuda and registered as a Class 4 and Class C insurer pursuant to the Bermuda Insurance Act (as defined below) (the "Initial Account Party"), EVEREST INSURANCE (IRELAND), DAC, a designated activity company incorporated under the laws of Ireland ("Everest IRL" and, together with the Initial Account Party, the "Existing Account Parties" and each an "Existing Account Party") Everest Reinsurance Company, a Delaware corporation (the "New Account Party" and, together with the Existing Account Parties, the "Account Parties"), and LLOYDS BANK CORPORATE MARKETS PLC ("Bank"). Reference is made to that certain Amended and Restated Standby Letter of Credit Agreement dated as of December 27, 2023 between the Existing Account Parties and the Bank (as amended, restated, modified or supplemented from time to time, the "Existing Letter of Credit Agreement"). The Existing Account Parties have requested that Bank agree to amend and restate the Existing Letter of Credit Agreement (including Schedule I and the Exhibits attached thereto) to make certain modifications as set forth herein, including to, among other things, (i) add the New Account Party as an Account Party and (ii) provide for the Issuance of Letters of Credit in Alternative Currencies (as defined below). Bank has agreed to amend and restate the Existing Letter of Credit Agreement (including Schedule I and the Exhibits attached thereto) upon the terms and conditions set forth in this Agreement. Accordingly, in consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, the Account Parties and Bank hereby agree as follows. 1. DEFINED TERMS. (a) Definitions. For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the meanings set forth below (such meanings to be equally applicable to the singular and plural forms thereof): "Account Bank" means any "bank" within the meaning of Section 9-102(a)(8) of the UCC at which any deposit account is held, which shall be (i) located in the United States and (ii) reasonably acceptable to Bank. "Alternative Currency" means Euro, Sterling, Canadian Dollars and any other non-Dollar currency that is approved in accordance with Section 1(c). "Alternative Currency Equivalent" means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by Bank, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

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![](eg-20250930xexx101002.jpg)

2 "Alternative Currency L/C Sublimit" means with respect to an Alternative Currency (a) an amount equal to [\*\*\*\*\*] of the Commitment or (b) as may be agreed in writing by the Account Parties and Bank in respect of such Alternative Currency. "A.M. Best" means A.M. Best Company, Inc. "Annual Statement" means, with respect to any Account Party (other than Everest IRL) for any fiscal year, the annual financial statements of such Account Party as required to be filed with the Insurance Regulatory Authority of its jurisdiction of domicile and in accordance with the laws of such jurisdiction, together with all exhibits, schedules, certificates and actuarial opinions required to be filed or delivered therewith. "Anti-Corruption Laws" means all laws, rules, and regulations of any jurisdiction applicable to any Account Party from time to time concerning or relating to bribery or corruption, including, to the extent applicable, the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder. "Anti-Money Laundering Laws" means any and all laws, rules and regulations applicable to any Account Party from time to time concerning or relating to terrorism financing or money laundering, including any applicable provision of the PATRIOT Act and The Currency and Foreign Transactions Reporting Act (also known as the "Bank Secrecy Act," 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959). "Applicable Account Party" means (i) in respect of any Letters of Credit issued for the account of the Existing Account Parties (including any such Letters of Credit issued prior to the Effective Date), such Existing Account Party, and (ii) in respect of any Letters of Credit issued for the account of the New Account Party, the New Account Party. "Applicable Currency" means, with respect to any Letter of Credit, the Available Currency in which such Letter of Credit is denominated. "Applicable Rate" means [\*\*\*\*\*]. "Applicable Time" means, with respect to any payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by Bank to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. "Application" has the meaning set forth in Section 2(a). "Auto-Extension Letter of Credit" has the meaning given to such term in Section 2(g). "Available Currency" means Dollars or an Alternative Currency. "Bankruptcy Law" means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as amended, modified, succeeded or replaced from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership or similar debtor relief laws of the United States or any state thereof, Bermuda (including, without limitation, the Bermuda Companies Law), Ireland or any other foreign or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

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![](eg-20250930xexx101003.jpg)

3 "Bermuda Companies Law" means the Companies Act 1981 of Bermuda, as amended from time to time. "Bermuda Insurance Act" means the Insurance Act 1978 of Bermuda and its related rules and regulations, each as amended. "Business Day" means any day (other than a Saturday, Sunday or legal holiday) on which banks in Hamilton, Bermuda, New York City, New York, Dublin, Ireland and London, England are open for the conduct of their commercial banking business. "Canadian Dollars" means lawful money of Canada. "Capital Stock" means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person; and in each case, any and all warrants, rights or options to purchase any of the foregoing. "Cash Collateralize" means to pledge and deposit with or deliver to Bank, for the benefit of Bank, as collateral for the Obligations, cash or deposit account balances in the applicable Available Currency or, if Bank shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to Bank. "Cash Collateral" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. "Change in Control" means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the date hereof), other than Everest Group, Ltd. and any of its direct or indirect Subsidiaries, of Capital Stock representing [\*\*\*\*\*] or more of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of any Account Party; or (b) the acquisition of direct or indirect Control of any Account Party by any Person or group, other than Everest Group, Ltd. and any of its direct or indirect Subsidiaries. Notwithstanding the foregoing, no sale, assignment or transfer of the assets of, or merger, amalgamation or consolidation with respect to, Guarantor shall be a Change in Control hereunder unless a Rating Trigger or an Event of Default under Section 10(f) shall occur as a result thereof. "Change in Law" means the occurrence after the Original Closing Date of: (a) the adoption or effectiveness of any law, rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application by any Governmental Authority of any law, rule, regulation or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or not having the force of law; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. federal or foreign regulatory authorities shall, in each case, be deemed to be a "Change in Law," regardless of the date enacted, adopted or issued.

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![](eg-20250930xexx101004.jpg)

4 "Code" means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder. "Commitment" means the obligation of Bank to Issue Letters of Credit for the account of an Account Party hereunder in an aggregate principal amount at any time outstanding not to exceed [\*\*\*\*\*], as such amount may be adjusted from time to time pursuant to the terms hereof; provided that Bank shall not be obligated to Issue Letters of Credit for the account of Everest IRL in an aggregate principal amount at any time outstanding exceeding [\*\*\*\*\*] (as such amount may be adjusted from time to time pursuant to the terms hereof). [\*\*\*\*\*]. "Commitment Termination Date" means the earliest to occur of (a) subject to any extension agreed pursuant to Section 2(j), the date that is two years after the Effective Date, (b) the date of termination of the entire Commitment by the Initial Account Party pursuant to Section 2(h), and (c) the date of termination of the Commitment pursuant to Section 11(a). [\*\*\*\*\*]. [\*\*\*\*\*]. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have the meanings correlative thereto. "Control Agreement" means, with respect to any deposit account of an Account Party, an agreement among the applicable Account Party, the applicable Account Bank and Bank with respect to such deposit account in which a security interest is purported to be granted to Bank. [\*\*\*\*\*]. "Credit Documents" means, collectively, this Agreement, the Letter of Credit Documents, the Guaranty Agreement, any agreement creating or perfecting rights in Cash Collateral, any Control Agreement, and any other documents designated as a "Credit Document" by the Bank and one or more Credit Parties. "Credit Parties" means, collectively, each Account Party and the Guarantor (each a "Credit Party"). "Default" means any of the events specified in Section 10 which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default. "Disqualified Capital Stock" means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is

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![](eg-20250930xexx101005.jpg)

5 convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (A) debt securities or (B) any Capital Stock referred to in clause (i) or (ii) above, in each case under clause (i), (ii) or (iii) above at any time on or prior to the Final Maturity Date; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable on or prior to such date shall be deemed to be Disqualified Capital Stock. "Dollar Equivalent" means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in an Alternative Currency, the equivalent amount thereof in Dollars as determined by Bank at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. "Dollars" or "$" means dollars of the United States of America. "Draw Date" has the meaning specified in Section 2(b)(i). "Due Date" has the meaning specified in Section 2(b)(i). "Effective Date" means the first date on which all the conditions precedent set forth in Section 4(a) are satisfied or waived by Bank. "EMU Legislation" means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency. "ERISA" means the Employee Retirement Income Security Act of 1974, as amended. "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with any Account Party, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code. "ERISA Event" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived with respect to any Plan; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Account Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Account Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Account Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of any Account Party or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by any Account Party or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from, any Account Party, or any of its ERISA Affiliates of any notice, concerning the imposition upon any Account Party, or any of its ERISA Affiliates of withdrawal liability (as defined in Part I of Subtitle E of

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![](eg-20250930xexx101006.jpg)

6 Title IV of ERISA) or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA. "Euro" and "EUR" mean the single currency of the Participating Member States. "Event of Default" has the meaning specified in Section 10. "Exchange Act" means the Securities Exchange Act of 1934. "Existing Letters of Credit" means [\*\*\*\*\*]. [\*\*\*\*\*]. "FATCA" means (a) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the IRS, the United States government or any governmental or taxation authority in the United States. "Final Expiry Date" means the date when the Final Maturity Date has occurred, all Letters of Credit have expired or terminated and all Obligations owing hereunder and in the other Credit Documents have been paid in full. "Final Maturity Date" means the date that is one year following the Commitment Termination Date (as it may be extended pursuant to and in accordance with Section 2(j)); provided, however, that if such date is not a Business Day, the Final Maturity Date shall be the next preceding Business Day. "Financial Strength Rating" means, [\*\*\*\*\*]. "GAAP" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. "Governmental Authority" means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra- national bodies such as the European Union or the European Central Bank). "Guarantor" means Everest Group, Ltd., a Bermuda company.

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![](eg-20250930xexx101007.jpg)

7 "Guaranty Agreement" means the guaranty agreement, dated as of the Original Closing Date, made by the Guarantor in favor of the Bank, as amended, restated, modified or supplemented from time to time. "Hedge Agreement" means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange rates, including any swap agreement (as defined in 11 U.S.C. § 101). "Hedge Termination Value" means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include Bank or any affiliate of Bank). "Indebtedness" means, with respect to any Person (without duplication), (i) all indebtedness of such Person for borrowed money or in respect of loans or advances, (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, (iii) all reimbursement obligations of such Person with respect to surety bonds, letters of credit and bankers' acceptances (in each case, whether or not drawn or matured and in the stated amount thereof), (iv) all obligations of such Person to pay the deferred purchase price of property or services, (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (vi) all obligations of such Person as lessee under leases that are or are required to be, in accordance with GAAP, recorded as capital or finance leases, to the extent such obligations are required to be so recorded, (vii) all obligations and liabilities of such Person incurred in connection with any transaction or series of transactions providing for the financing of assets through one or more securitizations or in connection with, or pursuant to, any synthetic lease or similar off-balance sheet financing, (viii) all Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any (for purposes hereof, the "maximum fixed repurchase price" of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be determined reasonably and in good faith by the board of directors or other governing body of the issuer of such Disqualified Capital Stock), (ix) the Hedge Termination Value of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, (x) all contingent obligations of such Person in respect of Indebtedness of other Persons and (xi) all indebtedness referred to in clauses (i) through (x) above secured by any Lien on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to the credit of such Person.

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8 "Instructions" has the meaning set forth in Section 2(a). "Insurance Regulatory Authority" means, with respect to any Account Party or any Insurance Subsidiary, the insurance department or similar Governmental Authority charged with regulating insurance companies or insurance holding companies, in its jurisdiction of domicile and, to the extent that it has regulatory authority over such Account Party, in each other jurisdiction in which such Account Party conducts business or is licensed to conduct business. [\*\*\*\*\*]. "Investment Company Act" means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.). "IRS" means the United States Internal Revenue Service. "Issue" means, with respect to any Letter of Credit, to issue, to amend or to extend the expiry of, or to renew or increase the stated amount of, such Letter of Credit. The terms "Issued", "Issuing" and "Issuance" have corresponding meanings. "Letter of Credit Documents" means, with respect to any Letter of Credit, collectively, any Applications, agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit. [\*\*\*\*\*]. "Letters of Credit" means the collective reference to any standby letters of credit Issued pursuant to Section 2 and shall include each Existing Letter of Credit. Letters of Credit may be issued in Dollars or in an Alternative Currency. "Lien" means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), preference, priority, charge or other encumbrance of any nature, whether voluntary or involuntary, including the interest of any vendor or lessor under any conditional sale agreement, title retention agreement, capital lease or any other lease or arrangement having substantially the same effect as any of the foregoing. "Material Adverse Effect" means a material adverse effect upon (i) the financial condition, operations, business, properties or assets of any Account Party, (ii) the ability of the Credit Parties, taken as a whole, to perform any of their payment or other material obligations under any of the Credit Documents or (iii) the legality, validity or enforceability of this Agreement or any of the other Credit Documents or the rights and remedies of Bank hereunder and thereunder. [\*\*\*\*\*]. "Multiemployer Plan" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. "Notice of Non-Extension" has the meaning given to such term in Section 2(g).

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9 "Obligations" means all obligations and liabilities (including any interest and fees accruing after the filing of a petition or commencement of a case by or with respect to any Account Party seeking relief under any applicable Bankruptcy Laws, whether or not the claim for such interest or fees is allowed in such proceeding), including without limitation, reimbursement and other payment obligations and liabilities, of any Account Party to Bank arising under, or in connection with, the applicable Credit Document, including, without limitation, Section 5 below, any Application or any Letter of Credit, in each case whether matured or unmatured, absolute or contingent, now existing or hereafter incurred. "OFAC" means the U.S. Department of the Treasury's Office of Foreign Assets Control. [\*\*\*\*\*]. "Original Closing Date" means August 18, 2023. "Other Taxes" has the meaning specified in Section 2(c). "Outstanding Letters of Credit" means, as of any date, the sum of (a) the Stated Amount of all outstanding Letters of Credit at such time and, without duplication, (b) all reimbursement obligations in respect of Letters of Credit at such time. "Participating Member State" means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. "PATRIOT Act" means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). "Payment Date" has the meaning specified in Section 2(b)(i). "PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. "Person" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity. "Plan" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and in respect of which any Credit Party or any ERISA Affiliate thereof is (or if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. "Plan Asset Rules" means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations or any successor regulations, as modified by Section 3(42) of ERISA, and the rules and regulations thereunder. "Prime Rate" means [\*\*\*\*\*]. "Quarterly Statement" means, with respect to each Account Party (other than Everest IRL) for any fiscal quarter, the quarterly financial statements of such Account Party.

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10 "Rating Trigger" means [\*\*\*\*\*]. "Responsible Officer" means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer of such Person or any other officer or director of such Person designated in writing by such Person and reasonably acceptable to Bank; provided that, to the extent requested thereby, Bank shall have received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer or director. Any document delivered hereunder or under any other Credit Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person. "Revaluation Date" means with respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof or extending the expiration thereof, (iii) each date of any payment by Bank under any Letter of Credit denominated in an Alternative Currency, (iv) such additional dates as Bank shall require and (v) solely for the purposes of Section 2(j)(ii), such additional dates as the Account Parties shall request. "Same Day Funds" means (a) with respect to Letters of Credit and payments in Dollars, immediately available funds and (b) with respect to Letters of Credit and payments in an Alternative Currency, same day or other funds as may be determined by the Bank to be customary in the place of payment for the settlement of international banking transactions in the relevant Alternative Currency. "Sanctioned Country" means at any time, a country, territory or region which is itself the subject or target of any Sanctions. "Sanctioned Person" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including, without limitation, OFAC's Specially Designated Nationals and Blocked Persons List and OFAC's Consolidated Non- SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority, (b) any Person located, operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Peron(s). "Sanctions" means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority. [\*\*\*\*\*] [\*\*\*\*\*]

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11 "Spot Rate" for a currency means the rate determined by Bank to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the foreign exchange computation is made; provided that Bank may obtain such spot rate from another financial institution designated by Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided further that Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. "Standard Letter of Credit Practice" means, for Bank, any U.S. federal or state or foreign law or letter of credit practices applicable in the city in which Bank Issued the applicable Letter of Credit or for its branch or correspondent banks, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be. Such practices shall be (i) of banks that regularly issue letters of credit in the particular city, and (ii) required or permitted under the ISP (as defined below) or UCP (as defined below), as chosen in the applicable Letter of Credit. "ISP" means, International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is issued. "UCP" means, Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit is issued. "Stated Amount" means, with respect to any Letter of Credit at any time, the aggregate amount available to be drawn thereunder at such time (regardless of whether any conditions for drawing could then be met). "Sterling" means the lawful currency of the United Kingdom. "Subsidiary" means as to any Person, any corporation, partnership, limited liability company or other entity of which more than [\*\*\*\*\*] of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) such Person (irrespective of whether, at the time, Capital Stock of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to "Subsidiary" or "Subsidiaries" herein shall refer to those of each applicable Account Party. "Subsidiary", in relation to Everest IRL, shall have the meaning given to it under Section 7 of the Companies Act 2014 of Ireland. "Taxes" has the meaning specified in Section 2(c). "Threshold Amount" means [\*\*\*\*\*]. "UCC" means the Uniform Commercial Code as in effect from time to time in the State of New York. [\*\*\*\*\*]

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12 "U.S." or "United States" means the United States of America. (b) Exchange Rates; Currency Equivalents. (i) Bank shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of the Stated Amounts denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Account Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Credit Documents shall be such Dollar Equivalent amount as so determined by Bank. (ii) Wherever in this Agreement in connection with the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by Bank. (c) Additional Alternative Currencies. (i) Each Account Party may from time to time request that Letters of Credit be issued in a currency other than those specifically listed in the definition of "Alternative Currency"; provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. Any such request shall be subject to the approval of Bank. (ii) Any such request shall be made to Bank not later than 11:00 a.m., fifteen (15) Business Days prior to the date of the desired Letter of Credit Issuance. Bank shall notify the applicable Account Party not later than 11:00 a.m. ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the issuance of the Letters of Credit in such requested currency. (iii) Any failure by Bank to respond to such request within the time period specified in the preceding clause (ii) shall be deemed to be a refusal by Bank to permit Letters of Credit to be issued in such requested currency. (d) Change of Currency. (i) Each obligation of the appliable Account Party to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation). (ii) Each provision of this Agreement shall be subject to such reasonable changes of construction as Bank may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. In the event that any member state of the European Union withdraws its adoption of the Euro and adopts another currency, the adopted currency shall not be an Alternative Currency unless it is either an existing Alternative Currency or is approved in accordance with Section 1(d).

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13 (iii) Each provision of this Agreement also shall be subject to such reasonable changes of construction as Bank may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. (e) Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). (f) Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount, or the Dollar Equivalent of the stated amount, as applicable, of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Application related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount, or the Dollar Equivalent of the maximum amount, as applicable, of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 2. LETTER OF CREDIT FACILITY. (a) General. At the request of an Account Party, Bank agrees, on and subject to the terms and conditions of this Agreement, to issue standby Letters of Credit for the account of such Account Party in an Available Currency from time to time during the period from the Effective Date to but not including the Commitment Termination Date. Letters of Credit may only be issued on Business Days. The request to issue a Letter of Credit (an "Application") shall be in the form of Exhibit B or such other form as Bank shall from time to time require or agree to accept (including any type of electronic form or means of communication acceptable to Bank) and, upon the receipt of any Application, Bank shall process such Application in accordance with its customary procedures and shall, subject to Section 4, promptly issue the Letter of Credit requested thereby (but in no event shall Bank be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by Bank and the applicable Account Party. Inquiries, communications and instructions (whether written, facsimile or in other electronic form approved by Bank) regarding a Letter of Credit, an Application and this Agreement are each referred to herein as "Instructions". Bank's records of the content of any Instruction will be conclusive, absent manifest error. (b) General Payment Obligations. For each Letter of Credit, the Applicable Account Party shall, as to clause (i) below, reimburse Bank, and as to all other clauses below, pay Bank, in each case in (1) in respect of clauses (ii), (iv), (v) and (vi) below, Dollars, and (2) in all other cases below, the Applicable Currency: (i) with respect to a drawing under any Letter of Credit, the amount of each drawing paid by Bank thereunder (such date of payment hereinafter referred to as the "Draw Date") no later than the first succeeding Business Day after such Account Party's receipt of notice of such payment by Bank (the "Due Date"), with interest as provided below on the amount so paid by Bank (to the extent not reimbursed prior to 2:00 p.m. on the Draw Date) for the period from the Draw Date to the date the reimbursement obligation created thereby is satisfied in full (the "Payment Date"). If the Payment Date is on or prior to the Due Date, such interest shall be payable at the Applicable Rate as in effect from time to time during the period

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14 from the Draw Date to the Payment Date. If the Payment Date is after the Due Date, such interest shall be payable (x) as provided in the preceding sentence during the period from and including the Draw Date to and not including the Due Date, and (y) at the Applicable Rate as in effect from time to time plus 2% from and including the Due Date to and not including the Payment Date; (ii) the fees payable by such Account Party at such times and in such amounts as are set forth in Section 2(i); (iii) except as otherwise provided in clause (i) above and clause (iv) below, interest on each amount payable by such Account Party under the applicable Credit Documents for each day from and including the date such payment is due to and not including the date of payment, on demand, at a rate per annum equal to the Applicable Rate as in effect from time to time [\*\*\*\*\*]; (iv) within ten (10) days of demand, Bank's reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented legal fees, charges and disbursements of outside counsel to Bank incurred in connection with the protection or enforcement of Bank's rights against such Account Party under this Agreement and the other applicable Credit Documents and any correspondent bank's documented charges related thereto), with interest from the date of demand by Bank to and not including the date of payment by such Account Party, at a rate per annum equal to the Applicable Rate as in effect from time to time [\*\*\*\*\*]; (v) if as a result of any Change in Law, Bank determines that the cost to Bank of Issuing or maintaining any Letter of Credit is increased (excluding, for purposes of this clause (b)(v), any such increased costs resulting from (A) income taxes, franchise taxes and similar taxes imposed on Bank by any taxing authority, any U.S. federal withholding taxes imposed under FATCA and Other Taxes (in each case as to which Section 2(c) shall govern) and (B) changes in the basis of taxation of overall net income or overall gross income by the U.S. or by the foreign jurisdiction or state under the laws of which Bank is organized or has its lending office or any political subdivision thereof), then such Account Party will pay to Bank, from time to time, within ten (10) days after demand by Bank, which demand shall include a statement of the basis for such demand and a calculation in reasonable detail of the amount demanded, additional amounts sufficient to compensate Bank for such increased cost. A certificate as to the amount of such increased cost, submitted to the Applicable Account Party by Bank, shall be conclusive and binding for all purposes, absent manifest error; and (vi) if Bank determines that any Change in Law affecting Bank or any lending office of Bank or Bank's holding company regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on Bank's capital or on the capital of Bank's holding company as a consequence of this Agreement or the Letters of Credit issued by Bank to a level below that which Bank or Bank's holding company could have achieved but for such Change in Law (taking into consideration Bank's or its holding company's policies with respect to capital adequacy), then from time to time such Account Party will pay to Bank within ten (10) days after demand by Bank, which demand shall include a statement of the basis for such demand and a calculation in reasonable detail of the amount demanded, such additional amount or amounts as will compensate Bank or Bank's

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15 holding company for any such reduction suffered. A certificate as to such amounts submitted to the Applicable Account Party by Bank shall be conclusive and binding for all purposes, absent manifest error. Bank shall use reasonable efforts to designate a different lending office if such designation will avoid (or reduce the cost to each Applicable Account Party of) any event described in the preceding sentence and such designation will not, in Bank's good faith judgment, subject Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to Bank. Notwithstanding the provisions of clause (v) or (vi) above or Section 2(c) below (and without limiting the immediately preceding paragraph), Bank shall not be entitled to compensation from any Account Party for any amount arising prior to the date which is 180 days before the date on which Bank notifies such Account Party of such event or circumstance (except that if such event or circumstance is retroactive, then such 180-day period shall be extended to include the period of retroactive effect thereof). Any payments received by Bank pursuant to the Credit Documents (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by Bank in the case of payments in an Alternative Currency, shall in each case be deemed to have been made on the next succeeding Business Day for all purposes under the Credit Documents. (c) Immediately Available Funds; No Withholding. All reimbursements and payments by or on behalf of the Account Parties shall be made in immediately available funds, free and clear of and without deduction for any present or future Taxes, set-off or other liabilities, to such location as Bank may reasonably designate from time to time. Except as otherwise expressly provided herein and except with respect to reimbursements and interest in respect of Letters of Credit denominated in an Alternative Currency, all such payments shall be made to the Bank in Dollars and in Same Day Funds not later than 2:00 pm (New York City time) on the date specified herein. Except as otherwise expressly provided herein, all payments with respect to reimbursements and interest in respect of Letters of Credit denominated in an Alternative Currency shall be made to the Bank in such Alternative Currency in Same Day Funds not later than the Applicable Time specified by the Bank on the dates specified herein. The Applicable Account Party shall pay all withholding taxes and Other Taxes imposed by any taxing authority on reimbursement or payment under any Letter of Credit and any Credit Document, and shall indemnify Bank against all liabilities, costs, claims and expenses resulting from Bank having to pay or from any omission to pay or delay in paying any such taxes, except to the extent that such taxes are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of Bank. Any such indemnification payment shall be made within ten (10) days from the date Bank makes written demand therefor. "Taxes" means all taxes, fees, duties, levies, imposts, deductions, charges or withholdings of any kind (other than income taxes, franchise taxes and similar taxes imposed on Bank by any taxing authority and any U.S. federal withholding taxes imposed under FATCA). "Other Taxes" means all present or future stamp, documentary, excise, property or similar taxes, charges or levies that arise from any payment made hereunder or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or any other Credit Document.

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16 (d) Automatic Debit and Set-Off. Upon the occurrence and during the continuance of any Event of Default with respect to any Account Party, Bank may (but shall not be required to), without demand for reimbursement or payment or notice to the Account Parties, and in addition to any other right of set-off that Bank may have, debit any account or accounts maintained by such Account Party with any office of Bank (now or in the future) and set- off and apply (i) any balance or deposits (general, special, time, demand, provisional, final, matured or absolute) in the account(s) and (ii) any sums due or payable from Bank, to the payment of any and all Obligations owed by such Account Party to Bank, irrespective of whether Bank shall have made any demand under this Agreement and although such Obligations may be contingent or unmatured. Bank agrees promptly to notify the applicable Account Party after any such set-off and application; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. (e) Obligations Absolute. The obligations of the Account Parties under this Agreement are several (and not joint) in all respects and no Account Party shall be liable for any breach by any other Account Party for that Account Party's breach of this Agreement. The reimbursement and payment obligations of each Account Party under this Section 2 are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including, without limitation: (i) any lack of validity, enforceability or legal effect of any Letter of Credit or any Credit Document or any term or provision therein; (ii) payment against presentation of any draft, demand or claim for payment under any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit (individually, a "Drawing Document" and collectively, the "Drawing Documents") that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein proving to be untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit; (iii) Bank or any of its branches or affiliates being the beneficiary of any Letter of Credit; (iv) Bank or any correspondent bank honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under such Letter of Credit; (v) the existence of any claim, set-off, defense or other right that any Account Party or any other Person may have at any time against any beneficiary or any assignee of proceeds, Bank or any other Person; (vi) any adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Account Parties or in the relevant currency markets generally; or

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17 (vii) any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2(e), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, the Obligations, whether against Bank, the beneficiary or any other Person; provided, however, that subject to Section 5(b) below, the foregoing shall not release Bank from such liability to any Account Party as may be determined by a court of competent jurisdiction by a final and nonappealable judgment against Bank following reimbursement and/or payment of the Obligations. (f) Computation of Interest and Fees; Maximum Rate. All computations of interest and fees to be made hereunder and under any other Credit Document shall be made on the basis of a year consisting of (i) in the case of interest determined with reference to the Applicable Rate, 365/366 days, as the case may be, or (ii) in all other instances, 360 days; and in each case under (i) and (ii), for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fee is payable. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any applicable law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that Bank has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and Bank shall at its option (i) promptly refund to each applicable Account Party any interest received by Bank in excess of the maximum lawful rate or (ii) apply such excess to any outstanding Obligations of each such Account Party. It is the intent hereof that the Account Parties not pay or contract to pay, and that Bank not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Account Parties under applicable law. (g) Expiry Date of Letters of Credit. Each Letter of Credit shall expire at or prior to the earlier of (i) the close of business on the date one year after the date of the Issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension), or (ii) the Final Maturity Date; provided, however, if the Applicable Account Party so requests in any applicable Application, Bank agrees to issue a Letter of Credit that has automatic extension provisions (each, an "Auto-Extension Letter of Credit"); provided that any such Auto-Extension Letter of Credit (1) must permit Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof (any such notice, a "Notice of Non-Extension") not later than a day in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued, and (2) shall expire on or before the Final Maturity Date. (h) Permanent Reduction of Commitment. The Initial Account Party shall have the right at any time and from time to time, upon at least five Business Days' prior irrevocable written notice to Bank, to permanently reduce, without premium or penalty, (i) the entire Commitment at any time or (ii) portions of the Commitment, from time to time, in an aggregate principal amount not less than [\*\*\*\*\*] or any whole multiple of [\*\*\*\*\*] in excess thereof; provided that the Dollar Equivalent of the amount of Outstanding Letters of Credit would not exceed the Commitment at such time. All Commitment Fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.

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18 (i) Fees. [\*\*\*\*\*]. (j) Cash Collateralization. (i) [Reserved]. (ii) If at any time aggregate Dollar Equivalent of the Stated Amount of all outstanding Letters of Credit with respect to Letters of Credit denominated in an Alternative Currency at such time exceeds [\*\*\*\*\*], promptly after Bank's giving the Account Parties notice of such excess, the Account Parties shall Cash Collateralize the Outstanding Letters of Credit in an aggregate amount equal to [\*\*\*\*\*]. (iii) Upon the request of the Account Parties made within two (2) Business Days following any Revaluation Date, Bank will, so long as no Default or Event of Default then exists, release Cash Collateral to the Account Parties to the extent that such Cash Collateral is no longer required pursuant to Section 2(k)(ii). (iv) Bank may, at any time and from time to time after the initial deposit of Cash Collateral pursuant to Section 2(k)(ii), request additional Cash Collateral to the extent the amount of Cash Collateral provided pursuant thereto is less than the amount required pursuant to such Sections due to exchange rate fluctuations. (k) Cash Collateral. (i) Grant of Security Interest. All Cash Collateral shall be maintained in a blocked, non-interest bearing deposit account at Bank or such other Account Bank as is reasonably acceptable to Bank; provided that such other Account Bank, the Account Parties and Bank have entered into a Control Agreement in respect of such deposit account. The Account Parties hereby grant to (and subjects to the control of) Bank a first priority security interest in all such cash and deposit accounts, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the Obligations and shall execute such additional documents as Bank may reasonably request to ensure that Bank has a first priority security interest in such Cash Collateral. If at any time Bank determines that Cash Collateral is subject to any right or claim of any Person other than Bank as herein provided, or that the total amount of such Cash Collateral is less than the amount required to be Cash Collateralized, the Account Parties will, promptly upon demand by Bank, pay or provide to Bank additional Cash Collateral in an amount sufficient to eliminate such deficiency. (ii) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2(l), Section 2(k) or Section 11 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific Outstanding Letters of Credit and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 3. ACCOUNT PARTIES' RESPONSIBILITY. The Applicable Account Party is responsible for approving the final text of any Letter of Credit Issued by Bank for its account, irrespective of any assistance Bank may provide such as drafting or recommending text or by Bank's use or refusal to use text submitted by such Applicable Account Party. Each Applicable Account Party is solely responsible for the suitability of the Letters of Credit for such Applicable Account Party's purposes. The Applicable Account Party will examine the copy of each Letter of Credit Issued for its account and any other documents sent by Bank in connection with such Letter of Credit and shall promptly notify Bank of any non-compliance with such

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19 Applicable Account Party's Instructions and of any discrepancy in any document under any presentment or other irregularity. The Account Parties understand that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by Bank in accordance with standard industry practice and the Account Parties hereby consent to such revisions and changes. 4. CONDITIONS OF CLOSING AND ISSUANCE. (a) Conditions Precedent to Closing. This amendment and restatement of the Existing Letter of Credit Agreement shall become effective upon satisfaction of each of the following conditions: (i) Executed Credit Documents. This Agreement and the Guaranty Agreement (including a ratification of such Guaranty Agreement from the Guarantor in form and substance satisfactory to the Bank), together with any other applicable Credit Documents, shall have been duly authorized, executed and delivered to Bank by the parties thereto, shall be in full force and effect and no Default or Event of Default shall exist hereunder or thereunder. (ii) Closing Certificates; Etc. Bank shall have received each of the following in form and substance reasonably satisfactory to Bank: (A) Officer's Certificate. A certificate from a Responsible Officer of each Account Party to the effect that (A) all representations and warranties of such Account Party contained in the Credit Documents to which it is a party are true, correct and complete in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and complete in all respects); and (B) as of the Effective Date, no Default or Event of Default has occurred and is continuing. (B) Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and genuineness of the signature of each officer or other authorized signatory of such Credit Party executing Credit Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (A) the memorandum of association (or equivalent), as applicable, of such Credit Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bye-laws or other governing document of such Credit Party as in effect on the Effective Date, (C) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of the Credit Documents to which it is a party, and (D) in the case of each Credit Party (other than Everest IRL), each certificate required to be delivered in relation to such Credit Party pursuant to Section 4(a)(ii)(C). (C) Certificates of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction (where the issuance of such certificates is customary) of incorporation, organization or formation (or equivalent), as applicable, and, to the extent requested by Bank, each other jurisdiction where any Credit Party is qualified to do business.

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20 (D) Opinions of Counsel. Opinions of counsel to the Credit Parties addressed to Bank with respect to the Credit Parties, the Credit Documents and such other matters as Bank shall request (which such opinions shall expressly permit reliance by permitted successors and assigns of Bank). (iii) Consents; Defaults. (A) Governmental and Third Party Approvals. Each Credit Party shall have received all material governmental, shareholder and third party consents and approvals necessary (or any other material consents as determined in the reasonable discretion of Bank) in connection with the transactions contemplated by this Agreement and the other Credit Documents and all applicable waiting periods shall have expired without any action being taken by any Person that would reasonably be expected to restrain, prevent or impose any material adverse conditions on such Credit Party or such transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of Bank would reasonably be expected to have such effect. (B) No Injunction, Etc. No action, proceeding or investigation shall have been instituted, threatened in writing or proposed in writing before any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this Agreement or the other Credit Documents or the consummation of the transactions contemplated hereby or thereby, or which, in Bank's sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement or the other Credit Documents or the consummation of the transactions contemplated hereby or thereby. (iv) Payments at Closing. The Account Parties shall have paid to Bank (i) [\*\*\*\*\*], and (ii) all fees and reasonable and documented expenses of Bank required hereunder or under any other Credit Document to be paid on or prior to the Effective Date (including reasonable and documented fees and expenses of counsel) in connection with this Agreement, the other Credit Documents and the transactions contemplated hereby. (v) Miscellaneous. (A) [\*\*\*\*\*]. (B) PATRIOT Act, etc. Each Credit Party shall have provided to Bank the documentation and other information requested by Bank in order to comply with requirements of any Anti-Money Laundering Laws, including, without limitation, the PATRIOT Act and any applicable "know your customer" rules and regulations. (C) Other Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to Bank. Bank shall have received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated by this Agreement.

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21 (b) Conditions Precedent to Issuance of Letters of Credit. The obligation of Bank to Issue Letters of Credit (including any Letters of Credit Issued on the Effective Date) is subject to the satisfaction of each of the following conditions: (i) Continuation of Representations and Warranties. The representations and warranties contained in this Agreement and the other Credit Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such issuance with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date). (ii) No Existing Default. No Default or Event of Default shall have occurred and be continuing on the Issuance date with respect to such Letter of Credit or after giving effect to the issuance of such Letter of Credit on such date. (iii) [\*\*\*\*\*] (iv) [\*\*\*\*\*]. (v) Miscellaneous. In addition to the foregoing, Bank shall be under no obligation to Issue any Letter of Credit if: (A) any order, judgment or decree of any Governmental Authority or arbitrator having jurisdiction over Bank shall by its terms enjoin or restrain the Issuance of such Letter of Credit or any law applicable to Bank, Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over it shall prohibit, or request that it refrain from, the Issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon it with respect to such Letter of Credit any restriction or reserve or capital requirement (for which Bank is not otherwise compensated) not in effect on the Original Closing Date, or any unreimbursed loss, cost or expense which was not applicable or in effect as of the Original Closing Date and which Bank in good faith deems material to it; (B) Bank shall have delivered a Notice of Non-Extension with respect to such Letter of Credit; (C) the expiry date of such Letter of Credit would occur more than twelve months after the date of issuance or last extension unless Bank has approved such expiry date in writing; (D) the expiry date of such Letter of Credit occurs after the Final Maturity Date, unless Bank has approved such expiry date in writing;

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22 (E) such Letter of Credit is not substantially in form and substance reasonably acceptable to Bank; (F) immediately after giving effect thereto, [\*\*\*\*\*]; or (G) immediately after giving effect thereto, [\*\*\*\*\*]. 5. INDEMNIFICATION; LIMITATION OF LIABILITY; EXPENSES. (a) Indemnification. Each Applicable Account Party agrees to indemnify and hold harmless Bank (including its branches and affiliates), its correspondent banks and each of their respective directors, officers, employees, attorneys and agents (each, including Bank, an "Indemnified Person" and collectively, the "Indemnified Persons") from and against any and all claims, suits, judgments, liabilities, losses, fines, damages, penalties, interest, costs and expenses (including expert witness fees and reasonable out-of-pocket legal fees, charges and disbursements of any counsel (including outside counsel fees and expenses), and all expenses of arbitration or litigation and in preparation thereof), in each case, which are documented and may be incurred by or awarded against any Indemnified Person (collectively, the "Costs"), and which arise out of or in connection with or by reason of this Agreement, the other Credit Documents, the actual or proposed use of the proceeds of the Letters of Credit issued for the account of such Applicable Account Party or any of the transactions contemplated thereby, including, without limitation, any Costs which arise out of or in connection with, or as a result of: (i) any such Letter of Credit or any pre-advice of its Issuance; (ii) any transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any Indemnified Person in connection with any such Letter of Credit; (iii) any actual or prospective action or proceeding arising out of, or in connection with, any such Letter of Credit or any Credit Document (whether administrative, judicial or in connection with arbitration, whether based on contract, tort or any other theory, and whether brought by a third party or by the Applicable Account Party or any Subsidiary thereof, and regardless of whether any Indemnified Person is a party thereto), including any action or proceeding to compel or restrain any presentation or payment under any such Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any such Letter of Credit; (iv) any independent undertakings issued by the beneficiary of any such Letter of Credit; (v) any unauthorized Instruction or error in computer or electronic transmission in connection with any such Letter of Credit Issued hereunder; (vi) an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated in connection with any such Letter of Credit Issued hereunder; (vii) any third party seeking to enforce the rights of the Applicable Account Party, beneficiary, nominated person, transferee, assignee of such Letter of Credit

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23 proceeds or holder of an instrument or document in connection with any such Letter of Credit Issued hereunder; (viii) the fraud, forgery or illegal action of parties other than any Indemnified Person in connection with any such Letter of Credit Issued hereunder; (ix) Bank's performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation in connection with any such Letter of Credit Issued hereunder; or (x) the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority or cause or event beyond the control of such Indemnified Person in connection with any such Letter of Credit Issued hereunder; in each case, including that resulting from Bank's own negligence; provided, however, that such indemnity shall not be available to any Person claiming indemnification under this Section 5(a) to the extent that such Costs (A) are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Person, (B) are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from a claim by an Account Party against an Indemnified Person for breach in bad faith of the obligations of such Indemnified Person hereunder or under any other Credit Document, or (C) result from any dispute solely between or among Indemnified Persons. Each Account Party hereby agrees to pay Bank within thirty (30) days after demand from time to time all amounts owing from such Account Party under this Section 5(a). This indemnity provision shall survive termination of this Agreement and all Letters of Credit. (b) Direct Damages; No Punitive Damages. The liability of Bank (or any other Indemnified Person) under, in connection with and/or arising out of any Credit Document or any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by the Applicable Account Party that are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from Bank's gross negligence or willful misconduct or breach in bad faith of its obligations hereunder or under any Letter of Credit (including pre-advice) or other Credit Document. Bank shall be deemed to have acted with due diligence and reasonable care if Bank's conduct is in accordance with Standard Letter of Credit Practice or in accordance with any Credit Document. No Indemnified Person shall be liable for any damages arising from any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) in connection with this Agreement or the other Credit Documents, except to the extent that any losses, claims, damages, liabilities or expenses result from the gross negligence or willful misconduct of such Indemnified Person in making any such transmission as determined by a final nonappealable judgment of a court of competent jurisdiction. Notwithstanding anything to the contrary in this Agreement or in any other Credit Document, no Indemnified Person shall be liable in contract, tort or otherwise for any punitive, exemplary, consequential, indirect or special damages or losses regardless of whether or not such party or Indemnified Person shall have been advised of the possibility thereof or the form of action in which such damages or losses may be claimed. The Account Parties shall take commercially reasonable action to avoid and mitigate the amount of any damages claimed against Bank or any other Indemnified Person, including

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24 by enforcing its rights in appropriate proceedings diligently pursued in the underlying transaction. (c) No Responsibility or Liability. Without limiting any other provision of this Agreement or any other Credit Document, Bank and each other Indemnified Person (if applicable) shall not be responsible to the Account Parties for, and/or Bank's rights and remedies against the Account Parties and the Obligations shall not be impaired by: (i) honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary; (ii) acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft; (iii) the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than Bank's determination that such Drawing Document appears on its face to substantially comply with the terms and conditions of the Letter of Credit); (iv) acting upon any Instruction that it in good faith believes to have been given by a Person authorized to give such Instructions; (v) any errors in interpretation of technical terms or in translation; (vi) any acts, omissions or fraud by, or the solvency of, any beneficiary, any nominated person or entity or any other Person, other than an Indemnified Person; (vii) any breach of contract between the beneficiary and the Applicable Account Party or any of the parties to the underlying transaction; (viii) payment to any paying or negotiating bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it; (ix) acting as required or permitted, or failing to act as permitted, in each case under Standard Letter of Credit Practice applicable to where it has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be; (x) honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by Bank if subsequently Bank or any court or other finder of fact determines such presentation should have been honored; (xi) dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or (xii) honor of a presentation that is subsequently determined by Bank to have been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons.

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25 provided, however, that such limitation of liability shall not be available to the extent that such actions in (i) – (xii) (A) are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person or (B) are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from a claim by an Account Party against an Indemnified Person for breach in bad faith of the obligations of such Indemnified Person hereunder or under any other Credit Document. (d) Costs and Expenses. Within thirty (30) days of receipt of an invoice from Bank, the Account Parties shall pay (i) all reasonable and documented costs and expenses incurred by Bank and its affiliates (including the reasonable and documented fees, charges and disbursements of counsel for Bank) in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented costs and expenses incurred by Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all costs and expenses incurred by Bank (including the fees, charges and disbursements of any counsel for Bank) during the existence of an Event of Default in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this Section 5, or (B) in connection with the Letters of Credit issued hereunder, including all such costs and expenses incurred during any workout, restructuring or negotiations in respect of such Letters of Credit. 6. REPRESENTATIONS AND WARRANTIES. Each Account Party hereby represents and warrants to Bank (all of which representations and warranties will be repeated as of the date of each new Application submitted by an Account Party to Bank and as of the date of Issuance of any Letter of Credit requested in each such Application) as follows: (a) Organization, etc. Such Account Party is duly organized or formed, validly existing and (to the extent applicable under the laws of the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization or formation, and is duly qualified or licensed to do business (and in good standing as a foreign corporation or entity, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed would have a Material Adverse Effect. Such Account Party does not have any Subsidiaries. (b) Power and Authority. Such Account Party has the requisite power and authority to execute and deliver this Agreement and each other Credit Document to which it is a party and to perform and observe the terms and conditions stated herein and therein, and such Account Party has taken all necessary corporate or other action to authorize its execution, delivery and performance of each such Credit Document. (c) Valid and Binding Obligation. This Agreement constitutes, and each other Credit Document when signed and delivered by such Account Party to Bank will constitute, its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights against such Account Party generally, by general equitable principles or by principles of good faith and fair dealing,

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26 and assuming that this Agreement and each such other Credit Document have been validly executed and delivered by each party thereto other than such Account Party. (d) No Violation or Breach. Such Account Party's execution, delivery and performance of each Credit Document to which it is a party and the payment of all sums payable by it under each such Credit Document do not and will not: (i) violate or contravene its memorandum of association, bye-laws or other organizational documents; (ii) to its knowledge, violate or contravene any order, writ, law, treaty, rule, regulation or determination of any Governmental Authority, in each case applicable to or binding upon it or any of its property, the violation or contravention of which would have a Material Adverse Effect; or (iii) result in the breach of any provision of, or in the imposition of any lien or encumbrance (except for liens or encumbrances created under the Credit Documents) under, or constitute a default or event of default under, any agreement or arrangement to which it is a party or by which it or any of its property is bound, the contravention of which agreement or arrangement would have a Material Adverse Effect. (e) Approvals. No authorization, approval or consent of, or notice to or filing with, any Governmental Authority is required to be made by such Account Party in connection with the execution and delivery by such Account Party of any Credit Document to which it is a party or the Issuance by Bank of any Letter of Credit for the account of such Account Party pursuant to this Agreement and the related Application, except for those which have been duly obtained, taken, given or made and are in full force and effect, and except where failure to obtain the foregoing could not reasonably be expected to have a Material Adverse Effect. (f) Compliance with Laws. Such Account Party is in compliance with all applicable laws and regulations, except where the noncompliance with which would not have a Material Adverse Effect, and no Application, Letter of Credit or transaction of such Account Party under any Credit Document to which it is a party will in any material respect contravene any laws, treaties, rules or regulations of any Governmental Authority, including, without limitation, any foreign exchange control laws or regulations, U.S. foreign assets control laws or regulations or currency reporting laws and regulations, now or hereafter applicable to it. (g) No Default Under Other Agreements. Such Account Party is not in default under any agreement, obligation or duty to which it is a party or by which it or any of its property is bound, which would have a Material Adverse Effect. (h) No Arbitration Proceeding or Litigation. There is no pending or, to the knowledge of such Account Party, threatened arbitration proceeding, litigation or action against it which (i) is reasonably likely to have a Material Adverse Effect or (ii) may affect the legality, validity or enforceability of this Agreement or the other Credit Documents. (i) Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. (i) None of (i) such Account Party or, to its knowledge, any of its directors, officers, or employees, or (ii) any agent or representative of such Account Party that will act in any capacity in connection with this Agreement, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person or (C) is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, in a

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27 manner that would result in the violation of applicable Sanctions by any party hereto. (ii) Such Account Party has implemented and maintains in effect policies and procedures designed to ensure compliance by such Account Party and its directors, officers and employees with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. (iii) Such Account Party and, to the knowledge of such Account Party, each director, officer, employee and agent of such Account Party, is in compliance with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions in all material respects. (iv) No proceeds of any Letter of Credit have been used, directly or indirectly, by such Account Party or, to the knowledge of such Account Party, any of its respective directors, officers, employees and agents in violation of Section 7(h). (j) Filed All Tax Returns and Paid All Taxes. Such Account Party has filed all required tax returns, and all Taxes, assessments and other governmental charges due from it have been fully paid, except for Taxes which are being contested in good faith or those which the failure to file or pay would not have a Material Adverse Effect. Such Account Party has established on its books reserves adequate for the payment of all federal, state and other income tax liabilities, including those being contested in good faith. (k) Financial Statements. The financial statements most recently furnished to Bank by such Account Party, if any, fairly present in all material respects the financial condition of such Account Party as at the date of such financial statements and for the periods then ended in accordance with GAAP (except as disclosed therein and, in the case of interim financial statements for any fiscal quarter, subject to normal year-end adjustments and except that footnote and schedule disclosure may be abbreviated), and there has been no material adverse change in such Account Party's business or financial condition or results of operations since the date of such Account Party's most recent annual financial statements. (l) Margin Stock. Such Account Party is not engaged principally or as one of its activities in the business of extending credit for the purpose of "purchasing" or "carrying" any "margin stock" (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal Reserve System). No part of the proceeds of any Letters of Credit will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of such Board of Governors. (m) No Material Adverse Effect. There has been no Material Adverse Effect since December 31, 2022, and there exists no event, condition or state of facts that could reasonably be expected to result in a Material Adverse Effect. (n) Investment Company. Such Account Party is not an "investment company" or a company "controlled" by an "investment company" (as each such term is defined or used in the Investment Company Act). (o) Insurance. The properties of such Account Party and its Subsidiaries are insured with financially sound and reputable insurance companies not affiliates of such Account Party,

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28 in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Account Party and its Subsidiaries operate. (p) Disclosure. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of such Account Party to Bank in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Credit Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading. (q) Certain Bermuda Matters: As of the Effective Date, (i) such Account Party's insurance licenses are not the subject of any direction issued by an Insurance Regulatory Authority, proceeding for suspension or revocation, there is no sustainable basis for such suspension or revocation, and to such Account Party's knowledge, no such suspension or revocation has been threatened by any applicable Insurance Regulatory Authority; (ii) such Account Party does not transact any insurance business, directly or indirectly, in any jurisdiction where it would be unlawful for it to do so; and (iii) such Account Party has not received any direction or other notification from the Bermuda Monetary Authority pursuant to Section 32 of the Bermuda Insurance Act. (r) ERISA. It does not have any direct obligation or direct liability in respect of any Plan or Multiemployer Plan, and except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate thereof has any obligation or liability in respect of any Plan or Multiemployer Plan. With respect to its obligations to each Plan, it is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal or state laws. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, has had or could reasonably be expected to result in a Material Adverse Effect. 7. AFFIRMATIVE COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and the Commitment terminated, each Account Party shall: (a) GAAP Financial Statements. Deliver to Bank, in form and detail satisfactory to Bank: (i) In the case of the Initial Account Party and the New Account Party, [\*\*\*\*\*], the Quarterly Statement prepared for its board of directors in accordance with GAAP, in each case applied on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such quarter; and (ii) In the case of the Initial Account Party and the New Account Party, [\*\*\*\*\*], the Annual Statement of such Account Party prepared for its board of directors in accordance with GAAP, in each case applied on a basis consistent with that of the preceding year or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such year.

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29 (b) Certificates; Other Reports. Deliver to Bank: (i) at each time financial statements are delivered pursuant to Section 7(a), a duly completed Officer's Compliance Certificate from each applicable Account Party signed by the chief executive officer, chief financial officer, vice president—finance, principal accounting officer, treasurer or assistant treasurer of such Account Party, together with a Covenant Compliance Worksheet reflecting the computation of the respective financial covenants set forth in such Covenant Compliance Worksheet; (ii) promptly upon receipt thereof, copies of all reports, if any, submitted to such Account Party, or any of its boards of directors by its independent public accountants in connection with their auditing function, including, without limitation, any management report and any management responses thereto; (iii) promptly upon the request thereof, such other information and documentation required by bank regulatory authorities under applicable Anti-Money Laundering Laws (including, without limitation, any applicable "know your customer" rules and regulations and the PATRIOT Act), as from time to time reasonably requested by Bank; and (iv) such other information regarding the operations, business affairs and financial condition of the Credit Parties as Bank may reasonably request. (c) Notice of Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible Officer of any Account Party becoming aware thereof) notify Bank in writing of: (i) the occurrence of any Default or Event of Default; (ii) the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court or before any arbitrator against or involving any Credit Party or any of its respective properties, assets or businesses in each case as to which there is a reasonable probability of an adverse determination and that, if adversely determined would reasonably be expected to result in a Material Adverse Effect; (iii) any judgment or order [\*\*\*\*\*] that has been assessed against any Credit Party; and (iv) any announcement by A.M. Best of [\*\*\*\*\*]. Each notice pursuant to this Section 7(c) shall be accompanied by a statement of a Responsible Officer of the applicable Account Party setting forth details of the occurrence referred to therein and stating what action such Account Party has taken and proposes to take with respect thereto and shall describe with particularity any and all provisions of this Agreement and any other Credit Document that have been breached. (d) Payment of Taxes and Other Obligations. Except where the failure to pay or perform such items described in this Section would not reasonably be expected to have a Material Adverse Effect, pay and perform all taxes, assessments and other governmental charges

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30 that may be levied or assessed upon it or any of its property; provided, that such Account Party may contest any item described in this Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP. (e) Compliance with Laws and Approvals. Observe and remain in compliance with (i) in all material respects, all applicable laws and maintain in full force and effect all governmental approvals, in each case applicable to the conduct of its business and (ii) the Bermuda Insurance Act, except, in the case of clause (i) above only, where the failure to do so would not reasonably be expected to have a Material Adverse Effect. (f) Maintenance of Books and Records; Inspection. (i) maintain adequate books, accounts and records, in which full, true and correct entries in all material respects shall be made of all financial transactions in relation to its business and properties, and prepare all financial statements required under this Agreement, in each case in accordance with GAAP and in compliance with the requirements of any Governmental Authority having jurisdiction over it, and (ii) permit employees or agents of Bank to visit and inspect its properties and examine or audit its books, records, working papers and accounts and make copies and memoranda of them, and at its own cost and expense (other than after the occurrence of an Event of Default), and to discuss its affairs, finances and accounts with its officers and employees and, upon notice to such Account Party, the independent public accountants of such Account Party (and by this provision such Account Party authorizes such accountants to discuss the finances and affairs of such Account Party), all at such times that will not interrupt or interfere with the operation of such Account Party's business and from time to time, upon reasonable notice and during business hours, as may be reasonably requested; provided that, except during the continuance of an Event of Default, Bank shall not exercise such rights described in clause (ii) of this Section more than once per calendar year. (g) Use of Proceeds. Comply with the following: (i) Such Account Party shall use the Letters of Credit to support insurance obligations, obligations under reinsurance agreements and retrocession agreements and similar risk obligations. (ii) Such Account Party shall not request or use any issued Letter of Credit, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. (h) Compliance with Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. Maintain in effect and enforce policies and procedures designed to ensure compliance by such Account Party and its directors, officers, employees and agents with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws, and Sanctions. (i) Maintenance of Existence. Take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its

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31 business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. (j) Maintenance of Property and Insurance. Comply with the following: (i) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, and make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (ii) maintain with financially sound and reputable insurance companies not affiliates of such Account Party, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons. (k) ERISA. Ensure that the affairs of each Credit Party are conducted so that the underlying assets of each Credit Party do not constitute "plan assets" within the meaning of the Plan Asset Rules. (l) Further Assurances. At such Account Party's cost and expense, such Account Party will execute and deliver to Bank such additional certificates, instruments and/or documents and take such additional action as may be reasonably requested by Bank to enable Bank to Issue any Letter of Credit pursuant to this Agreement and the related Application, to protect, exercise and/or enforce Bank's rights and interests under any Credit Document and/or to give effect to the terms and provisions of any Credit Document. 8. FINANCIAL COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and the Commitment terminated, the Account Parties covenant and agree to the following: [\*\*\*\*\*]. 9. NEGATIVE COVENANTS. Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired and the Commitment terminated, the Account Parties shall not: (a) Changes in Business. At any time from the date hereof until [\*\*\*\*\*], make any material change in the nature of their business as carried on at the date hereof that could be reasonably expected to have a Material Adverse Effect or enter into any new line of business that is not similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion thereof or ancillary thereto the business as carried on as of the date hereof. (b) Accounting Changes. At any time make, or permit or cause any of their respective Subsidiaries to make, any material change in its accounting policies or reporting practices, except as may be required or permitted by GAAP or SAP, as applicable.

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32 10. EVENTS OF DEFAULT. Each of the following shall be an "Event of Default" under this Agreement: (a) Failure to Reimburse Draws. The failure by any Account Party to reimburse or pay any drawing under any Letter of Credit or accrued interest thereon on the Due Date therefor. (b) Failure to Pay Certain Other Amounts. The failure by any Credit Party to pay any fee or other amount when due under or in connection with any Credit Document or any Letter of Credit within [\*\*\*\*\*] after the same shall become due and payable. (c) Breach of Representation and Warranty. Any representation, warranty, certification or statement made or furnished by any Credit Party under or in connection with any Credit Document or as an inducement to Bank to Issue a Letter of Credit shall be false, incorrect or misleading in any material respect when made. (d) Failure to Perform or Observe Covenants. (i) The failure of any Account Party to perform or observe any term, covenant or agreement contained in Section 7(c)(i), Section 7(g), Section 8 or Section 9; or (ii) The failure of any Credit Party to perform or observe any term, covenant or agreement contained in any Credit Document to which it is a party (other than those referred to in subsections (a), (b), (c), and (d)(i) of this Section 10), and with respect to any such failure or breach that by its nature can be cured, such failure or breach shall continue or remain unremedied for thirty (30) calendar days after the earlier of (1) Bank's delivery of written notice thereof to the Account Parties and (2) any Credit Party having actual knowledge that such failure or breach has occurred. (e) Insolvency Proceedings, Etc. Any Credit Party institutes or consents to the institution of any proceeding under any Bankruptcy Law; or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner, process adviser or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner, process adviser or similar officer is appointed without the application or consent of any Credit Party, as the case may be, and the appointment continues undischarged, undismissed or unstayed for sixty (60) calendar days; or any proceeding under any Bankruptcy Law relating to any Credit Party or to all or any material part of its property is instituted without the consent of such Credit Party, as the case may be, and continues undischarged, undismissed or unstayed for sixty (60) calendar days; or an order for relief is entered in any such proceeding; or any Credit Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due. (f) Sale of Assets; Merger; Dissolution. There shall occur in one or a series of transactions: (i) the sale, assignment or transfer of all or substantially all of the assets of any Credit Party which could reasonably be expected to result in a Rating Trigger; (ii) a merger, amalgamation or consolidation of any Credit Party (other than a merger, amalgamation or consolidation of an Account Party into the Guarantor) without the prior written consent of Bank, except that any Credit Party may merge, amalgamate or consolidate with any Person so long as; (A) either (x) such Credit Party is the surviving entity or (y) the Person formed by or surviving any such consolidation, amalgamation or merger is an entity organized or existing under the laws of the United States, any state of the United States or the District

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33 of Columbia or Bermuda, or any other jurisdiction that would not result in any violation of Sanctions by the Bank; (B) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than a Credit Party) assumes all the obligations of the applicable Credit Party under the Credit Documents pursuant to agreements reasonably satisfactory to the Bank; and (C) such merger, amalgamation or consolidation could not reasonably be expected to result in a Rating Trigger; or (iii) the dissolution of any Credit Party. (g) Credit Documents. Any provision of any Credit Document shall for any reason cease to be valid and binding or enforceable; or any Credit Party shall deny or disaffirm in writing the enforceability of any provision of any Credit Document to which it is a party. (h) Indebtedness Cross-Default. Any Credit Party shall (i) default in the payment of any Indebtedness (other than the Obligations and obligations amongst such Credit Party and its affiliates) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the applicable Threshold Amount beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Obligations and obligations amongst such Credit Party and its affiliates) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the applicable Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist (other than the Obligations and obligations amongst such Credit Party and its affiliates), the effect of which default or other event or condition is to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to (A) become due, or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period having expired) or (B) be cash collateralized (it being understood that a pledge of cash collateral by a Credit Party to secure a Hedge Agreement as initial or variation margin does not trigger a violation of this clause (B)). (i) Judgment. One or more judgments, orders or decrees (excluding those entered against a Credit Party in any arbitration or litigation related to (re)insurance coverage disputes arising in the ordinary course of business involving any reinsurance agreement (treaty or facultative), or direct insurance policy) shall be entered or filed against any Credit Party by any court and continues without having been dismissed, discharged, vacated or stayed within sixty (60) days after the entry thereof or is not otherwise being appropriately contested in good faith and such judgments, orders or decrees are either (i) for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage), equal to or in excess of the applicable Threshold Amount or (ii) for injunctive relief and could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. (j) Employee Benefit Matters. Except as would not reasonably be expected to result in a Material Adverse Effect, any Lien shall be imposed on the assets of any Credit Party under ERISA with respect to any Plan or under any foreign laws similar to ERISA governing foreign pension plans.

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34 (k) Change in Control. There occurs any Change in Control. 11. REMEDIES. Upon the occurrence and during the continuance of any Event of Default: (a) Bank may terminate the Commitment and declare all amounts owed to Bank under this Agreement or any of the other Credit Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall promptly become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Account Parties, anything in this Agreement or the other Credit Documents to the contrary notwithstanding; provided, that upon the occurrence of an Event of Default specified in Section 10(e), the Commitment shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Account Parties, anything in this Agreement or in any other Credit Document to the contrary notwithstanding. (b) Solely with respect to the occurrence of an Event of Default under Section 10(a), Section 10(b) or Section 10(e), Bank may (i) demand that each Account Party Cash Collateralize the Letters of Credit in an amount equal to [\*\*\*\*\*] of the aggregate Outstanding Letters of Credit issued for the account of such Account Party to be held and applied to the Obligations of such Account Party and/or (ii) Bank may terminate any or all of the Letters of Credit or give Notices of Non-Extension in respect thereof, in each case if permitted in accordance with their terms; provided that upon the occurrence of an Event of Default specified in Section 10(e), the requirement to Cash Collateralize pursuant to the foregoing clause (i) shall automatically become due without demand or other notice of any kind, all of which are expressly waived by the Account Parties, anything in this Agreement or in any other Credit Document to the contrary notwithstanding. Such Cash Collateral from each Account Party shall be applied by Bank to the payment of drafts drawn under any Letters of Credit issued for the account of such Account Party, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay the other Obligations of such Account Party. After all such Letters of Credit shall have expired or been fully drawn upon and all such Obligations shall have been paid in full, the balance, if any, of such Cash Collateral shall be returned to such Account Party. (c) Bank may exercise from time to time any of the rights, powers and remedies available to Bank under any Credit Document to which any Credit Party is a party, under any other documents now or in the future evidencing or securing the Obligations or under applicable law, and all such remedies shall be cumulative and not exclusive. 12. SUBROGATION. Without limiting any rights or remedies of Bank under applicable law, if an Event of Default is continuing regarding an Account Party's obligation to reimburse or pay any drawing under any Letter of Credit on the Due Date, Bank, at its option, shall be subrogated to such Account Party's rights against any Person who may be liable to such Account Party on any transaction or obligation underlying any Letter of Credit. 13. TERM OF AGREEMENT. This Agreement shall remain in effect through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Credit Document shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired and the Commitment has been terminated. No termination of this Agreement shall affect the rights and obligations of the parties hereto

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35 arising prior to such termination or in respect of any provision of this Agreement which survives such termination. 14. USA PATRIOT ACT; ANTI-MONEY LAUNDERING LAWS. Bank hereby notifies the Credit Parties that pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, it is required to obtain, verify and record information that identifies the Credit Parties, which information includes the name and address of each Credit Party and other information that will allow Bank to identify the Credit Parties in accordance with the PATRIOT Act or such Anti-Money Laundering Laws. 15. GOVERNING LAW; UCP; ISP; STANDARD LETTER OF CREDIT PRACTICE. Each Credit Document and each Letter of Credit shall be governed by and construed in accordance with (a) in the case of each Credit Document (other than the Letters of Credit), the substantive laws of New York and (b) in the case of each Letter of Credit, the governing law specified in the applicable Letter of Credit as determined by Bank and the Applicable Account Party (which may include the laws of a particular jurisdiction and the ISP or UCP, if applicable), which is, as applicable, incorporated herein by reference into this Agreement and which shall control (to the extent not prohibited by the laws of New York) in the event of any inconsistent provisions of such law. Unless the Applicable Account Party specifies otherwise in its Application for a Letter of Credit, the Applicable Account Party agrees that Bank may issue a Letter of Credit subject to the ISP or UCP. Bank's privileges, rights and remedies under the ISP and UCP, as applicable, shall be in addition to, and not in limitation of, its privileges, rights, and remedies expressly provided for herein. The ISP or UCP, as applicable, shall serve, in the absence of proof to the contrary, as evidence of Standard Letter of Credit Practice with respect to matters covered therein. To the extent permitted by applicable law, as between any Account Party and Bank, (i) this Agreement shall prevail in case of conflict between this Agreement, the UCC and/or Standard Letter of Credit Practice, (ii) the ISP shall prevail in case of conflict between the ISP and the UCC or other Standard Letter of Credit Practice if the Letter of Credit is governed by the ISP, and (iii) the UCP shall prevail in case of a conflict between the UCP and the UCC or other Standard Letter of Credit Practice if the Letter of Credit is governed by the UCP. 16. CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS. EACH ACCOUNT PARTY HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT WITHIN NEW YORK COUNTY, NEW YORK OR ANY FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK OR ANY APPELLATE COURT THEREOF FOR ANY PROCEEDING INSTITUTED HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS, OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS, OR ANY PROCEEDING TO WHICH BANK OR ANY ACCOUNT PARTY IS A PARTY, INCLUDING ANY ACTIONS BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BANK OR PROCEEDING TO WHICH BANK OR ANY ACCOUNT PARTY IS A PARTY. BANK AND EACH ACCOUNT PARTY IRREVOCABLY AGREE TO BE BOUND (SUBJECT TO ANY AVAILABLE RIGHT OF APPEAL) BY ANY JUDGMENT RENDERED OR RELIEF GRANTED THEREBY AND FURTHER WAIVES ANY OBJECTION THAT IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY SUCH PROCEEDING. BANK AND EACH ACCOUNT PARTY IRREVOCABLY AGREE THAT SERVICE OF PROCESS MAY BE DULY EFFECTED UPON IT BY MAILING A COPY THEREOF, BY CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT ITS ADDRESS SET FORTH IN SECTION 19 BELOW. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR THE RIGHT OF BANK TO BRING ANY ACTION OR PROCEEDING

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36 AGAINST ANY ACCOUNT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. On or prior to the Effective Date, each Account Party shall appoint [\*\*\*\*\*] (the "Process Agent"), with an office on the date hereof [\*\*\*\*\*], as its agent to receive on its behalf service of the summons and complaints and any other process which may be served in any such action or proceeding, provided that a copy of such process is also mailed to such Account Party in the manner provided in Section 19. Such service may be made by mailing or delivering a copy of such process to the applicable Account Party in care of the Process Agent at the Process Agent's above address, and each Account Party hereby authorizes and directs the Process Agent to receive such service on its behalf. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. If the appointment of any person mentioned in this Section 16 ceases to be effective with respect to any Account Party, such Account Party must immediately appoint a further person in the State of New York to accept service of process on its behalf in the State of New York and, if such Account Party does not appoint a process agent within 15 days, such Account Party authorizes Bank to appoint a process agent for such Account Party. 17. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE ACCOUNT PARTIES AND BANK KNOWINGLY AND VOLUNTARILY WAIVE ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON, ARISING OUT OF, OR RELATING TO ANY CREDIT DOCUMENT OR LETTER OF CREDIT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN) OR ACTIONS OF ANY ACCOUNT PARTY OR BANK WITH RESPECT THERETO. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BANK TO ISSUE LETTERS OF CREDIT. 18. BANKRUPTCY AND FORFEITURE REINSTATEMENT. If any consideration transferred to Bank in payment of, or as collateral for, or in satisfaction of the Obligations, shall be voided in whole or in part as a result of (a) a subsequent bankruptcy or insolvency proceeding; (b) any forfeiture or seizure action or remedy; (c) any fraudulent transfer or preference action or remedy; or (d) any other civil, criminal or equitable proceeding or remedy, then Bank's claim to recover the voided consideration shall be a new and independent claim arising under the applicable Credit Document and shall be due and payable immediately by each Account Party that is obligated therefor under the terms of the Credit Documents. 19. NOTICES. Unless otherwise expressly provided herein, all notices, Instructions, approvals, requests, demands, consents and other communications provided for hereunder (collectively, "notices") shall be in writing (including by facsimile or other electronic transmission approved by Bank). All notices shall be sent by regular U.S. mail or certified mail prepaid, by facsimile or other electronic transmission approved by Bank, by hand delivery, by Federal Express (or other comparable domestic or international delivery service) prepaid to the applicable address, facsimile number or electronic mail address set forth on the signature page hereof of the Account Parties or the Bank, as applicable. Bank may, but shall not be obligated to, require authentication of any electronic transmission. Notices sent by hand, Federal Express (or other comparable domestic or international delivery service) or certified mail shall be deemed to have been given when received; notices sent by regular U.S. mail shall be deemed to have been received five (5) days after deposit into the U.S. mail; notices sent by facsimile or other electronic transmission shall be deemed to have been given when sent and receipt has been confirmed. Any Account Party or Bank may change its address for notices by notifying the other of the new address in any manner permitted by this Section. Unless otherwise agreed by Bank, Bank in its discretion may accept an Application or seek or receive Instruction from, or give or send notice to, an Account Party regarding a Letter of Credit issued for the account of such Account Party, including, without limitation, any amendment thereto or waiver of any discrepancy thereunder, and the applicable Account Party shall be bound by and hereby affirms any such Instructions. The Initial Account Party irrevocably consents that service of process may be made by

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37 registered or certified mail directed to the Initial Account Party at the address of its agent for service of process in [\*\*\*\*\*] . 20. WAIVER AND AMENDMENTS. No modification, amendment or waiver of, or consent to any departure by Bank or any Account Party from, any provision of any Credit Document will be effective unless made in a writing signed by the Account Parties (in the case of Bank) or Bank (in the case of any Account Party), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No party's consent to any amendment, waiver or modification shall mean that such party will consent or has consented to any other or subsequent request to amend, modify or waive a term of any Credit Document. No delay by any party in exercising any of its rights or remedies shall operate as a waiver, nor shall any single or partial waiver of any right or remedy preclude any other further exercise of that right or remedy, or the exercise of any other right or remedy. 21. SUCCESSORS AND ASSIGNS. Each Credit Document to which any Account Party is a party will be binding on such Account Party's successors and permitted assigns, and shall inure to the benefit of the respective successors and permitted assigns of such Account Party and Bank. Except as provided in the last sentence of this Section 21, Bank may assign its rights and obligations under each Credit Document, including its rights to reimbursement regarding any Letter of Credit, in whole or in part, with the Account Parties' consent; provided that an Account Party shall be deemed to have consented to any such assignment unless it objects by written notice to Bank within ten (10) Business Days after having received notice thereof; and, provided further, that the Account Parties' consent to an assignment to any Person shall not be required if (i) the assignment is to an affiliate of Bank or (ii) an Event of Default has occurred and is continuing. Bank may sell to one or more Persons participations in or to all or a portion of its rights and obligations under the Credit Documents without the Account Parties' consent. Any assignment in violation of this Section 21 shall be void. The Account Parties shall not assign or transfer any of their respective interests, rights or remedies related to any Credit Document, in whole or in part, without the prior written consent of Bank. Any Person to whom Bank delegates its obligation to issue a Letter of Credit must be a bank that is on the List of Qualified U.S. Financial Institutions maintained by the Securities Valuation Office of the National Association of Insurance Commissioners. 22. SEVERABILITY. Whenever possible, each provision of each Credit Document shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of any Credit Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of such Credit Document. 23. ENTIRE AGREEMENT. This Agreement, together with the other Credit Documents and any other agreement, document or instrument referred to herein, constitute the final, exclusive and entire agreement and understanding of, and supersede all prior or contemporaneous, oral or written, agreements, understandings, representations and negotiations between, the parties relating to the subject matter of the Credit Documents, provided that this Agreement shall not supersede any reimbursement agreement (however titled) that has been entered into specifically with respect to any "direct pay" standby letter of credit or other similar standby letter of credit where the terms of such reimbursement agreement have been drafted to specifically address the particular attributes of, or the particular circumstances of the underlying transaction supported by, such standby letter of credit. 24. ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN. Notwithstanding anything to the contrary in any Credit Documents or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the Write-Down

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38 and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. (c) Capitalized terms used in this Section 24 that are not otherwise defined in this Agreement have the meanings assigned to them below. "Affected Financial Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution. "Bail-In Action" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. "Bail-In Legislation" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). "EEA Financial Institution" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. "EEA Member Country" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

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39 "EEA Resolution Authority" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. "EU Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. "Resolution Authority" means, with respect to any EEA Financial Institution, an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. "UK Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. "UK Resolution Authority" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. "Write-Down and Conversion Powers" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 25. AMENDMENT AND RESTATEMENT. This Agreement shall become effective on the Effective Date and shall supersede all provisions of the Existing Letter of Credit Agreement as of such date. From and after the Effective Date all references made to the Existing Letter of Credit Agreement in any Credit Document or in any other instrument or document shall, without more, be deemed to refer to this Agreement (including Schedule I and the Exhibits attached hereto). This Agreement (including Schedule I and the Exhibits attached hereto) amends and restates the Existing Letter of Credit Agreement (including Schedule I and the Exhibits attached thereto) and is not intended to be or operate as a novation or an accord and satisfaction of the Existing Letter of Credit Agreement or the indebtedness, obligations and liabilities of any Account Party evidenced or provided for thereunder. 26. COUNTERPARTS; ELECTRONIC EXECUTION. This Agreement may be executed (including by email with scan attachment or by DocuSign) in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement in electronic format shall be effective as delivery of a manually executed counterpart of this Agreement. The words "executed," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in

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40 connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. (Signature pages to follow)

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Second Amended and Restated Standby Letter of Credit Agreement ACCOUNT PARTIES: EVEREST REINSURANCE (BERMUDA), LTD. By: Name: [\*\*\*\*\*] Title: [\*\*\*\*\*] Notice Details: Everest Reinsurance (Bermuda), Ltd. [\*\*\*\*\*]

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Signature Page to Second Amended and Restated Standby Letter of Credit Agreement EVEREST INSURANCE (IRELAND), DAC By: Name: [\*\*\*\*\*] Title: [\*\*\*\*\*] Notice Details: Everest Insurance (Ireland), DAC [\*\*\*\*\*]

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Signature Page to Second Amended and Restated Standby Letter of Credit Agreement EVEREST REINSURANCE COMPANY By: Name: Title: Notice Details: Everest Reinsurance Company

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Signature Page to Second Amended and Restated Standby Letter of Credit Agreement BANK: LLOYDS BANK CORPORATE MARKETS PLC By: Name: Title: By: Name: Title: Notice Details: For payments, bills and all other operation related issues: Lloyds Bank Corporate Markets plc [\*\*\*\*\*] For financial information, credit and amendment/waiver requests: Lloyds Bank Corporate Markets plc [\*\*\*\*\*] For all L/C issuances or extension requests: Lloyds Bank Corporate Markets plc [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule I [\*\*\*\*\*].

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![](eg-20250930xexx101046.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A [\*\*\*\*\*].

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![](eg-20250930xexx101047.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit C [\*\*\*\*\*].

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## Exhibit 31.1

Exhibit 31.1

CERTIFICATIONS

I, James Williamson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Everest Group, Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

October 31, 2025

---

| |
|:---|
| /S/ JAMES WILLIAMSON |
| James Williamson |
| President and |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

## Exhibit 31.2

Exhibit 31.2

CERTIFICATIONS

I, Mark Kociancic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Everest Group, Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

October 31, 2025

---

| |
|:---|
| &nbsp;&nbsp;/S/ MARK KOCIANCIC |
| &nbsp;&nbsp;Mark Kociancic |
| &nbsp;&nbsp;Executive Vice President and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Everest Group, Ltd., a company organized under the laws of Bermuda (the "Company"), filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to 18 U.S.C. ss. 1350, as enacted by section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

October 31, 2025

---

| |
|:---|
| &nbsp;&nbsp;/S/ JAMES WILLIAMSON |
| &nbsp;&nbsp;James Williamson |
| &nbsp;&nbsp;President and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

---

| |
|:---|
| &nbsp;&nbsp;/S/ MARK KOCIANCIC |
| &nbsp;&nbsp;Mark Kociancic |
| &nbsp;&nbsp;Executive Vice President and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

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