# EDGAR Filing Document

**Accession Number:** 0000914748
**File Stem:** 0000914748-26-000008
**Filing Date:** 2026-5
**Character Count:** 211664
**Document Hash:** 7ca67f2cd7f89e5f0242e079b69782a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000914748-26-000008.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0000914748-26-000008

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVEREST REINSURANCE HOLDINGS INC
- **CENTRAL INDEX KEY:** 0000914748
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 223263609
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-71652
- **FILM NUMBER:** 26988027

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EVEREST WAY
- **CITY:** WARREN
- **STATE:** NJ
- **ZIP:** 07059
- **BUSINESS PHONE:** 9086043000

**MAIL ADDRESS:**
- **STREET 1:** 100 EVEREST WAY
- **CITY:** WARREN
- **STATE:** NJ
- **ZIP:** 07059

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL REINSURANCE HOLDINGS INC
- **DATE OF NAME CHANGE:** 19931115

?xml version='1.0' encoding='ASCII'? cik0000914748-20260331

**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 March 31, 2026

 **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Commission file number 1-14527

**<u>EVEREST REINSURANCE HOLDINGS, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **22-3263609** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **100 Everest Way**<br>**Warren, New Jersey**  | **07059** |
| (Address of principal executive offices) | (Zip Code) |

---

**(908) 604-3000**

(Registrant's telephone number, including area code)

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

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

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 | | Accelerated filer  |
| Non-accelerated filer  | X | 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.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;Number of Shares Outstanding |
| Class | at May 15, 2026 |
| **Common Shares, $0.01 par value** | **1000** |

---

The Registrant meets the conditions set forth in General Instruction H (1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format permitted by General Instruction H of Form 10-Q.

------

**EVEREST REINSURANCE HOLDINGS, INC.**

**Table of Contents**

**Form 10-Q**

---

| | | |
|:---|:---|:---|
| |  | **Page** |
| | **[PART I](#i849f13ab42b0442cb39079bac0785eaa_13)** | |
| | **<u>[FINANCIAL INFORMATION](#i849f13ab42b0442cb39079bac0785eaa_13)</u>** | |
| **[Item 1.](#i849f13ab42b0442cb39079bac0785eaa_16)** | **[Financial Statements](#i849f13ab42b0442cb39079bac0785eaa_16)** |  |
|  | <u>[Consolidated Balance Sheets as of](#i849f13ab42b0442cb39079bac0785eaa_19)March 31, 2026[(unaudited) and](#i849f13ab42b0442cb39079bac0785eaa_19)December 31, 2025</u> | [1](#i849f13ab42b0442cb39079bac0785eaa_19) |
|  | <u>[Consolidated Statements of Operations and Comprehensive Income (Loss) for the](#i849f13ab42b0442cb39079bac0785eaa_22)three[months ended](#i849f13ab42b0442cb39079bac0785eaa_22)March 31, 2026[and](#i849f13ab42b0442cb39079bac0785eaa_22)2025[(unaudited)](#i849f13ab42b0442cb39079bac0785eaa_22)</u> | [2](#i849f13ab42b0442cb39079bac0785eaa_22) |
|  | <u>[Consolidated Statements of Changes in Stockholder's Equity for the](#i849f13ab42b0442cb39079bac0785eaa_25)three[months ended](#i849f13ab42b0442cb39079bac0785eaa_25)March 31, 2026[and](#i849f13ab42b0442cb39079bac0785eaa_25)2025[(unaudited)](#i849f13ab42b0442cb39079bac0785eaa_25)</u> | [3](#i849f13ab42b0442cb39079bac0785eaa_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i849f13ab42b0442cb39079bac0785eaa_28) three months ended March 31, 2026[and](#i849f13ab42b0442cb39079bac0785eaa_28)2025[(unaudited)](#i849f13ab42b0442cb39079bac0785eaa_28)</u> | [4](#i849f13ab42b0442cb39079bac0785eaa_28) |
|  | <u>[Notes to Consolidated Interim Financial Statements (unaudited)](#i849f13ab42b0442cb39079bac0785eaa_31)</u> | [5](#i849f13ab42b0442cb39079bac0785eaa_31) |
| **[Item 2.](#i849f13ab42b0442cb39079bac0785eaa_103)** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operation](#i849f13ab42b0442cb39079bac0785eaa_103)s</u>** | [33](#i849f13ab42b0442cb39079bac0785eaa_103) |
| **[Item 3.](#i849f13ab42b0442cb39079bac0785eaa_244)** | **<u>[Quantitative and Qualitative Disclosures About Market Risk](#i849f13ab42b0442cb39079bac0785eaa_244)</u>** | [48](#i849f13ab42b0442cb39079bac0785eaa_244) |
| **[Item 4.](#i849f13ab42b0442cb39079bac0785eaa_247)** | **<u>[Controls and Procedures](#i849f13ab42b0442cb39079bac0785eaa_247)</u>** | [48](#i849f13ab42b0442cb39079bac0785eaa_247) |
|  | **[PART II](#i849f13ab42b0442cb39079bac0785eaa_250)** |  |
|  | **<u>[OTHER INFORMATION](#i849f13ab42b0442cb39079bac0785eaa_250)</u>** |  |
| **[Item 1.](#i849f13ab42b0442cb39079bac0785eaa_253)** | **<u>[Legal Proceedings](#i849f13ab42b0442cb39079bac0785eaa_253)</u>** | [49](#i849f13ab42b0442cb39079bac0785eaa_253) |
| **[Item 1A.](#i849f13ab42b0442cb39079bac0785eaa_256)** | **<u>[Risk Factors](#i849f13ab42b0442cb39079bac0785eaa_256)</u>** | [49](#i849f13ab42b0442cb39079bac0785eaa_256) |
| **[Item 2.](#i849f13ab42b0442cb39079bac0785eaa_259)** | **<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i849f13ab42b0442cb39079bac0785eaa_259)</u>** | [49](#i849f13ab42b0442cb39079bac0785eaa_259) |
| **[Item 3.](#i849f13ab42b0442cb39079bac0785eaa_262)** | **<u>[Defaults Upon Senior Securities](#i849f13ab42b0442cb39079bac0785eaa_262)</u>** | [49](#i849f13ab42b0442cb39079bac0785eaa_262) |
| **[Item 4.](#i849f13ab42b0442cb39079bac0785eaa_265)** | **<u>[Mine Safety Disclosures](#i849f13ab42b0442cb39079bac0785eaa_265)</u>** | [49](#i849f13ab42b0442cb39079bac0785eaa_265) |
| **[Item 5.](#i849f13ab42b0442cb39079bac0785eaa_268)** | **<u>[Other Information](#i849f13ab42b0442cb39079bac0785eaa_268)</u>** | [49](#i849f13ab42b0442cb39079bac0785eaa_268) |
| **[Item 6.](#i849f13ab42b0442cb39079bac0785eaa_274)** | **<u>[Exhibits](#i849f13ab42b0442cb39079bac0785eaa_274)</u>** | [50](#i849f13ab42b0442cb39079bac0785eaa_274) |

---

------

**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") include, but are 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 commercial retail 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 market 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, systems or operational failures by us or our third -party service providers, 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

• the effects of new regulation and our failure to comply with insurance laws and regulations and other regulatory challenges.

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

------

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

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

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| | March 31, | December 31, |
| (In millions of U.S. dollars, par value per share) | 2026 | 2025 |
|  | (unaudited) |  |
| ASSETS: |  |  |
| Fixed maturities - available for sale, at fair value | $21221 | $20978 |
| (amortized cost: 2026, $21,496; 2025, $21,032; credit allowances: 2026, $(53); 2025, $(68)) |  |  |
| Fixed maturities - held to maturity, at amortized cost |  |  |
| &nbsp;&nbsp;(fair value: 2026, $601; 2025, $576; net of credit allowances: 2026, $(8); 2025, $(6)) | 596 | 567 |
| Equity securities, at fair value | 108 | 108 |
| Other invested assets | 3874 | 3778 |
| Other invested assets, at fair value | 1599 | 1622 |
| Short-term investments | 1226 | 1670 |
| Cash | 410 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash | 29035 | 29122 |
| Accrued investment income | 245 | 278 |
| Premiums receivable (net of credit allowances: 2026, $(52); 2025, $(49)) | 2427 | 2543 |
| Reinsurance loss recoverables (net of credit allowances: 2026, $(51); 2025, $(48)) | 4538 | 4603 |
| Income tax asset | 179 | 203 |
| Funds held by reinsureds | 388 | 372 |
| Deferred acquisition costs | 857 | 840 |
| Prepaid reinsurance premiums | 335 | 420 |
| Other assets (net of credit allowances: 2026, $(17); 2025, $(17)) | 1360 | 1169 |
| TOTAL ASSETS | $39363 | $39550 |
| LIABILITIES: |  |  |
| Reserve for losses and loss adjustment expenses | $21298 | $21336 |
| Unearned premium reserve | 3636 | 4017 |
| Funds held under reinsurance treaties | 251 | 247 |
| Amounts due to reinsurers | 370 | 431 |
| Losses in course of payment | 119 | 156 |
| Income tax liability | 13 |  |
| Notes payable, affiliated | 600 | 600 |
| Senior notes | 2352 | 2352 |
| Long-term notes | 218 | 218 |
| Borrowings from FHLB | 1019 | 1019 |
| Accrued interest on debt and borrowings | 49 | 21 |
| Unsettled securities payable | 87 |  |
| Other liabilities | 615 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 30628 | 31048 |
| Commitments and Contingencies (Note 11) |  |  |
| STOCKHOLDER'S EQUITY: |  |  |
| Common stock, par value: $0.01; 3,000 shares authorized;  |  |  |
| &nbsp;&nbsp;1,000 shares issued and outstanding (2026 and 2025) |  |  |
| Additional paid-in capital | 1103 | 1103 |
| Accumulated other comprehensive income (loss), net of deferred income tax |  |  |
| &nbsp;&nbsp;expense (benefit) of $45 at 2026 and $(6) at 2025 | (169) | 30 |
| Retained earnings | 7801 | 7368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholder's equity | 8736 | 8501 |
| TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $39363 | $39550 |

---

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

------

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (In millions of U.S. dollars) | 2026 | 2025 |
|  | (unaudited) | (unaudited) |
| REVENUES: |  |  |
| Premiums earned | $2097 | $2282 |
| Net investment income | 362 | 318 |
| Total net gains (losses) on investments | (30) | 95 |
| Other income (expense) | (2) | (13) |
| Total revenues | 2427 | 2683 |
| CLAIMS AND EXPENSES: |  |  |
| Incurred losses and loss adjustment expenses | 1231 | 1869 |
| Commission, brokerage, taxes and fees | 495 | 489 |
| Other underwriting expenses | 119 | 149 |
| Corporate expenses | 13 | 7 |
| Interest, fees and bond issue cost amortization expense | 42 | 44 |
| Total claims and expenses | 1900 | 2558 |
| INCOME (LOSS) BEFORE TAXES | 528 | 124 |
| Income tax expense (benefit) | 95 | 24 |
| &nbsp;&nbsp;&nbsp;NET INCOME (LOSS) | $433 | $100 |
| Other comprehensive income (loss), net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period | (188) | 155 |
| &nbsp;&nbsp;&nbsp;Less: reclassification adjustment for realized losses (gains) included in net income (loss) |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total URA(D) of securities arising during the period | (188) | 157 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (10) | 11 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for amortization of net (gain) loss included in net income (loss) |  |  |
| &nbsp;&nbsp;&nbsp;Total benefit plan net gain (loss) for the period |  |  |
| Total other comprehensive income (loss), net of tax | (199) | 168 |
| COMPREHENSIVE INCOME (LOSS) | $234 | $268 |

---

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

------

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDER'S EQUITY

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (In millions of U.S. dollars, except share amounts) | 2026 | 2025 |
|  | (unaudited) | (unaudited) |
| COMMON STOCK (shares outstanding): |  |  |
| Balance, beginning of period | 1000 | 1000 |
| Balance, end of period | 1000 | 1000 |
| ADDITIONAL PAID-IN CAPITAL: |  |  |
| Balance, beginning of period | $1103 | $1103 |
| Balance, end of period | 1103 | 1103 |
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES: |  |  |
| Balance, beginning of period | 30 | (400) |
| Net increase (decrease) during the period | (199) | 168 |
| Balance, end of period | (169) | (232) |
| RETAINED EARNINGS: |  |  |
| Balance, beginning of period | 7368 | 6593 |
| Net income (loss) | 433 | 100 |
| Balance, end of period | 7801 | 6693 |
| TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD | $8736 | $7564 |

---

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

------

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (In millions of U.S. dollars) | 2026 | 2025 |
|  | (unaudited) | (unaudited) |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net income (loss) | $433 | $100 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in premiums receivable | 112 | (180) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in funds held by reinsureds, net | (11) | (21) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in reinsurance recoverables | 54 | (89) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in income taxes | 88 | 20 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in prepaid reinsurance premiums | 83 | (62) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in reserve for losses and loss adjustment expenses | (20) | 786 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in unearned premiums | (377) | (175) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in amounts due to reinsurers | (57) | 122 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in losses in course of payment | (36) | 65 |
| &nbsp;&nbsp;&nbsp;Change in equity adjustments in limited partnerships | (80) | (14) |
| &nbsp;&nbsp;&nbsp;Distribution of limited partnership income | 23 | 13 |
| &nbsp;&nbsp;&nbsp;Change in other assets and liabilities, net | (114) | (114) |
| &nbsp;&nbsp;&nbsp;Non-cash compensation expense | 14 | 2 |
| &nbsp;&nbsp;&nbsp;Amortization of bond premium (accrual of bond discount) | (17) | (28) |
| &nbsp;&nbsp;&nbsp;Net (gains) losses on investments | 30 | (95) |
| Net cash provided by (used in) operating activities | 124 | 332 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| Proceeds from fixed maturities matured/called/repaid - available for sale | 734 | 809 |
| Proceeds from fixed maturities sold - available for sale | 217 | 74 |
| Proceeds from fixed maturities matured/called/repaid - held to maturity | 20 | 55 |
| Proceeds from fixed maturities sold - held to maturity |  | 10 |
| Distributions from other invested assets | 21 | 91 |
| Cost of fixed maturities acquired - available for sale | (1444) | (2465) |
| Cost of fixed maturities acquired - held to maturity | (51) | (2) |
| Cost of other invested assets acquired | (61) | (52) |
| Net change in short-term investments | 452 | 1184 |
| Net change in unsettled securities transactions |  | (83) |
| Net cash provided by (used in) investing activities | (110) | (379) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| Tax benefit from share-based compensation, net of expense |  |  |
| Net cash provided by (used in) financing activities |  |  |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1) | 10 |
| Net increase (decrease) in cash | 13 | (38) |
| Cash, beginning of period | 398 | 616 |
| Cash, end of period | $410 | $579 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid (recovered) | $(1) | $3 |
| &nbsp;&nbsp;&nbsp;Interest paid | 14 | 16 |
| NON-CASH TRANSACTIONS |  |  |
| Non-cash limited partnership distribution | $— | $8 |
| Non-cash restructure of fixed maturity securities - available for sale and equity | $6 | $— |

---

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

------

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

**For the Three Months Ended March 31, 2026 and 2025**

**1. GENERAL**

Everest Reinsurance Holdings, Inc. ("Holdings"), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited, which is a direct subsidiary of Everest Group, Ltd. ("Group"), through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, "Company" and "We" means Holdings and its subsidiaries. "Bermuda Re" means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; "Everest Re" means Everest Reinsurance Company, a subsidiary of Holdings, and its subsidiaries (unless the context otherwise requires).

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.

*Recent Developments*

On March 22, 2026, Everest Underwriting Group (Ireland) Limited ("EUGIL"), an Irish direct subsidiary of Group, entered into a Purchase and Sale Agreement (the "Purchase Agreement") with The Wawanesa Mutual Insurance Company, a mutual insurance company existing under the Insurance Companies Act (Canada) ("Buyer"), pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Insurance Company of Canada ("Everest Canada"), a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing Group's Canadian Commercial Retail Insurance operations for C$140 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).

In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company - Canadian Branch, a Delaware reinsurance company and affiliate of EUGIL ("ERC - Canadian Branch"), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement. Upon execution of the loss portfolio transfer reinsurance agreement described in item (i), Group assets held-for-sale would be comprised of only investments and cash at the time of the transaction close.

The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions.

Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business to American International Group, Inc. ("AIG"). This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed. See Note 7 of the Notes to the Consolidated Financial Statements for more information.

In October 2025, Group entered into definitive agreements to sell the renewal rights for certain lines of the commercial retail insurance business written by the Company to AIG. See Note 6 of the Notes to these Consolidated Financial Statements for more information. Additionally, effective October 1, 2025, Everest Re and a Bermuda affiliate, Everest Reinsurance (Bermuda), Ltd. entered into adverse development reinsurance agreements with State National Insurance Company, Inc. ("State National Reinsurer") and MS Transverse Insurance Company ("MS Transverse Reinsurer"). See Note 5 of the Notes to these Consolidated Financial Statements for more information.

**2. BASIS OF PRESENTATION**

The unaudited consolidated financial statements of the Company as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 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, 2025 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2026 and 2025 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, 2025, 2024 and 2023, 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 months ended March 31, 2026.

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

The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2026 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 2026. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact on Holdings.

*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 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 March 31, 2026 | At March 31, 2026 | At March 31, 2026 | At March 31, 2026 | At March 31, 2026 |
| (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 | $335 | $— | $— | $(6) | $330 |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 45 |  |  | (5) | 40 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 6397 | (39) | 74 | (120) | 6312 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 4489 | (14) | 5 | (39) | 4441 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 403 |  | 7 | (2) | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 846 |  | 1 | (24) | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 3748 |  | 44 | (103) | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1656 |  | 17 | (5) | 1667 |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 1129 |  | 10 | (36) | 1103 |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 2447 |  | 30 | (69) | 2408 |
| Total fixed maturity securities - available for sale | $21496 | $(53) | $187 | $(410) | $21221 |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 | At December 31, 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;&nbsp;U.S. Treasury securities and obligations of |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agencies and corporations  | $292 | $— | $— | $(5) | $287 |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 45 |  |  | (4) | 41 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 6315 | (54) | 138 | (98) | 6301 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 4571 | (14) | 12 | (15) | 4554 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 404 |  | 9 | (2) | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 739 |  | 1 | (22) | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 3794 |  | 67 | (95) | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1557 |  | 31 | (1) | 1587 |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 1041 |  | 18 | (29) | 1030 |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 2274 |  | 60 | (50) | 2284 |
| Total fixed maturity securities - available for sale | $21032 | $(68) | $337 | $(322) | $20978 |

---

(Some amounts may not reconcile due to rounding.)

------

The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At March 31, 2026 | At March 31, 2026 | At March 31, 2026 | At March 31, 2026 | At March 31, 2026 |
| (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 | $181 | $(2) | $4 | $(2) | $180 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 340 | (5) | 5 | (7) | 333 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 83 | (1) | 6 |  | 88 |
| Total fixed maturity securities - held to maturity | $604 | $(8) | $14 | $(9) | $601 |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 | At December 31, 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 | $166 | $(2) | $7 | $(1) | $169 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 328 | (3) | 5 | (8) | 322 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 79 | (1) | 6 |  | 84 |
| Total fixed maturity securities - held to maturity | $573 | $(6) | $18 | $(9) | $576 |

---

(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 March 31, 2026 | At March 31, 2026 | At December 31, 2025 | At December 31, 2025 |
| (Dollars in millions) | Amortized<br>Cost | Fair<br>Value | Amortized<br>Cost | Fair<br>Value |
| Fixed maturity securities – available for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due in one year or less | $688 | $658 | $638 | $612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due after one year through five years | 4874 | 4799 | 4516 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due after five years through ten years | 3774 | 3751 | 3696 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due after ten years | 1017 | 984 | 1117 | 1088 |
| Asset-backed securities | 4489 | 4441 | 4571 | 4554 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 403 | 408 | 404 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 846 | 823 | 739 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 3748 | 3689 | 3794 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1656 | 1667 | 1557 | 1587 |
| Total fixed maturity securities - available for sale | $21496 | $21221 | $21032 | $20978 |

---

(Some amounts may not reconcile due to rounding.)

------

The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | At March 31, 2026 | At March 31, 2026 | At December 31, 2025 | At December 31, 2025 |
| (Dollars in millions) | Amortized<br>Cost | Fair<br>Value | Amortized<br>Cost | Fair<br>Value |
| Fixed maturity securities - held to maturity |  |  |  |  |
| &nbsp;&nbsp;Due in one year or less | $32 | $32 | $25 | $25 |
| &nbsp;&nbsp;Due after one year through five years | 86 | 86 | 68 | 69 |
| &nbsp;&nbsp;Due after five years through ten years | 42 | 43 | 4 | 4 |
| &nbsp;&nbsp;Due after ten years | 105 | 107 | 148 | 155 |
| Asset-backed securities | 340 | 333 | 328 | 322 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;Commercial |  |  |  |  |
| Total fixed maturity securities - held to maturity | $604 | $601 | $573 | $576 |

---

(Some amounts may not reconcile due to rounding.)

During 2022, the company re-designated a portion of its fixed maturity securities from its fixed maturity - available for sale portfolio to its fixed maturity - held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of March 31, 2026 and December 31, 2025, $26 million and $27 million, respectively, of unrealized loss from the date of the re-designation remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The fair values of these securities incorporate the use of significant unobservable inputs and therefore are classified as Level 3 within the fair value hierarchy.

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

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Increase (decrease) during the period between the fair value and cost of |  |  |
| &nbsp;&nbsp;investments carried at fair value, and deferred taxes thereon: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities - available for sale, held to maturity and short-term investments | $(236) | $199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in URA(D), pre-tax | (236) | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax benefit (expense) | 48 | (42) |
| Change in URA(D), net of deferred taxes, included in stockholders' equity  | $(188) | $157 |

---

(Some amounts may not reconcile due to rounding.)

------

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 March 31, 2026 By Security Type | Duration of Unrealized Loss at March 31, 2026 By Security Type | Duration of Unrealized Loss at March 31, 2026 By Security Type | Duration of Unrealized Loss at March 31, 2026 By Security Type | Duration of Unrealized Loss at March 31, 2026 By Security Type | Duration of Unrealized Loss at March 31, 2026 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<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>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 | $198 | $(2) | $126 | $(3) | $324 | $(6) |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 2 |  | 33 | (5) | 34 | (5) |
| &nbsp;&nbsp;&nbsp;Corporate securities | 1568 | (33) | 966 | (87) | 2534 | (119) |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 1727 | (27) | 369 | (13) | 2095 | (39) |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 86 | (1) | 16 | (1) | 102 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 445 | (5) | 326 | (19) | 771 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 427 | (5) | 881 | (97) | 1308 | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 500 | (4) | 74 | (1) | 574 | (5) |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 587 | (15) | 157 | (21) | 744 | (36) |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 836 | (29) | 472 | (41) | 1308 | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 6375 | (121) | 3421 | (288) | 9796 | (409) |
| Securities where an allowance for credit loss was recorded | 41 | (1) |  |  | 41 | (1) |
| Total fixed maturity securities - available for sale | $6416 | $(122) | $3421 | $(288) | $9837 | $(410) |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at March 31, 2026 By Maturity | Duration of Unrealized Loss at March 31, 2026 By Maturity | Duration of Unrealized Loss at March 31, 2026 By Maturity | Duration of Unrealized Loss at March 31, 2026 By Maturity | Duration of Unrealized Loss at March 31, 2026 By Maturity | Duration of Unrealized Loss at March 31, 2026 By Maturity |
| | Less than 12 months | Less than 12 months | Greater than 12 months | Greater than 12 months | Total | Total |
| (Dollars in millions) | Fair<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>Value | Gross<br>Unrealized<br>Depreciation |
| Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $204 | $(7) | $208 | $(5) | $413 | $(13) |
| &nbsp;&nbsp;&nbsp;Due in one year through five years | 1667 | (34) | 818 | (68) | 2485 | (103) |
| &nbsp;&nbsp;&nbsp;Due in five years through ten years | 1167 | (32) | 321 | (39) | 1488 | (71) |
| &nbsp;&nbsp;&nbsp;Due after ten years | 153 | (5) | 407 | (44) | 560 | (49) |
| Asset-backed securities | 1727 | (27) | 369 | (13) | 2095 | (39) |
| Mortgage-backed securities | 1457 | (16) | 1298 | (118) | 2755 | (134) |
| &nbsp;&nbsp;&nbsp;Total | 6375 | (121) | 3421 | (288) | 9796 | (409) |
| Securities where an allowance for credit loss was recorded | 41 | (1) |  |  | 41 | (1) |
| Total fixed maturity securities - available for sale | $6416 | $(122) | $3421 | $(288) | $9837 | $(410) |

---

(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 March 31, 2026 were $9.8 billion and $410 million, respectively. The fair value of securities for the single issuer (the Australian government), whose securities comprised the largest unrealized loss position at March 31, 2026, amounted to less than 0.2% 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 March 31, 2026 comprised less than 0.4% 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 $122 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 and foreign government securities. Of these unrealized losses, $115 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $288 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 agency residential and non-agency commercial mortgage-backed securities, foreign government securities, domestic and foreign corporate securities and asset-backed securities. Of these unrealized losses, $282 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 March 31, 2026, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at December 31, 2025 By Security Type | Duration of Unrealized Loss at December 31, 2025 By Security Type | Duration of Unrealized Loss at December 31, 2025 By Security Type | Duration of Unrealized Loss at December 31, 2025 By Security Type | Duration of Unrealized Loss at December 31, 2025 By Security Type | Duration of Unrealized Loss at December 31, 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<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>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 | $90 | $(1) | $184 | $(4) | $274 | $(5) |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 2 |  | 33 | (4) | 35 | (4) |
| &nbsp;&nbsp;&nbsp;Corporate securities | 625 | (12) | 1096 | (82) | 1721 | (94) |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 764 | (5) | 366 | (10) | 1130 | (15) |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 43 | (1) | 17 | (1) | 60 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 256 | (3) | 338 | (19) | 594 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 194 | (1) | 913 | (94) | 1107 | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 74 |  | 86 |  | 160 | (1) |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 124 | (1) | 338 | (28) | 462 | (29) |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 325 | (5) | 580 | (46) | 905 | (50) |
| Total | $2497 | $(30) | $3950 | $(288) | $6447 | $(318) |
| Securities where an allowance for credit loss was recorded | 24 | (2) | 14 | (2) | 37 | (4) |
| Total fixed maturity securities - available for sale | $2521 | $(32) | $3964 | $(290) | $6484 | $(322) |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Duration of Unrealized Loss at December 31, 2025 By Maturity | Duration of Unrealized Loss at December 31, 2025 By Maturity | Duration of Unrealized Loss at December 31, 2025 By Maturity | Duration of Unrealized Loss at December 31, 2025 By Maturity | Duration of Unrealized Loss at December 31, 2025 By Maturity | Duration of Unrealized Loss at December 31, 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<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>Value | Gross<br>Unrealized<br>Depreciation | Fair<br>Value | Gross<br>Unrealized<br>Depreciation |
| Fixed maturity securities - available for sale |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $55 | $(1) | $338 | $(9) | $393 | $(10) |
| &nbsp;&nbsp;&nbsp;Due in one year through five years | 634 | (9) | 1012 | (70) | 1646 | (80) |
| &nbsp;&nbsp;&nbsp;Due in five years through ten years | 413 | (8) | 426 | (43) | 839 | (52) |
| &nbsp;&nbsp;&nbsp;Due after ten years | 65 | (1) | 455 | (41) | 519 | (42) |
| Asset-backed securities | 764 | (5) | 366 | (10) | 1130 | (15) |
| Mortgage-backed securities | 567 | (6) | 1353 | (114) | 1920 | (119) |
| Total | $2497 | $(30) | $3950 | $(288) | $6447 | $(318) |
| Securities where an allowance for credit loss was recorded | 24 | (2) | 14 | (2) | 37 | (4) |
| Total fixed maturity securities - available for sale | $2521 | $(32) | $3964 | $(290) | $6484 | $(322) |

---

(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, 2025 were $6.5 billion and $322 million, respectively. The fair value of securities for the single issuer (the Australian government), whose securities comprised the largest unrealized loss position at

------

December 31, 2025, amounted to approximately 0.2% of the overall fair value of the Company's fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.4% 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 $32 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 and non-agency commercial mortgage-backed securities. Of these unrealized losses, $29 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $290 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, foreign government securities, non-agency commercial mortgage-backed securities, agency residential mortgage-backed securities and asset-backed securities. Of these unrealized losses, $283 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:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Fixed maturities | $263 | $265 |
| Equity securities | 2 | 1 |
| Short-term investments and cash | 14 | 27 |
| Other invested assets |  |  |
| &nbsp;&nbsp;&nbsp;Limited partnerships | 46 | (8) |
| &nbsp;&nbsp;&nbsp;Dividends from preferred shares of affiliate | 8 | 8 |
| &nbsp;&nbsp;&nbsp;Other | 37 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income before adjustments | 370 | 322 |
| Funds held interest income (expense) |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 370 | 326 |
| Investment expenses | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $362 | $318 |

---

(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 $1.6 billion in limited partnerships and private placement loan securities at March 31, 2026, which includes $645 million specific to limited partnerships as noted below. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2036.

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 $1.9 billion and $1.9 billion as of March 31, 2026 and December 31, 2025, respectively.

Other invested assets, at fair value, as of March 31, 2026 and December 31, 2025, were comprised of preferred shares held in Everest Preferred International Holdings, Ltd. ("Preferred Holdings"), a wholly-owned subsidiary of Group. See Note 14 of the Notes to these consolidated financial statements.

------

<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 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 is limited to the total carrying value of $1.9 billion and $1.9 billion, respectively, which are included in general and limited partnerships.

As of March 31, 2026, the Company has outstanding commitments totaling $645 million 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:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Fixed maturity securities |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | $13 | $(1) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from dispositions | (13) | (2) |
| Equity securities, fair value |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from dispositions |  |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) from fair value adjustments | (7) | (1) |
| Other invested assets, fair value |  |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) from fair value adjustments | (23) | 99 |
| Total net gains (losses) on investments | $(30) | $95 |

---

(Some amounts may not reconcile due to rounding.)

------

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

---

| | | | |
|:---|:---|:---|:---|
| | 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 March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 |
| | Corporate<br>Securities | Asset-Backed<br>Securities | Total |
| (Dollars in millions) |  |  |  |
| Beginning balance | $(54) | $(14) | $(68) |
| &nbsp;&nbsp;Credit losses on securities where credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded | (1) |  | (1) |
| &nbsp;&nbsp;Increases in allowance on previously |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; impaired securities | (6) |  | (6) |
| &nbsp;&nbsp;Decreases in allowance on previously |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |
| &nbsp;&nbsp;Reduction in allowance due to disposals | 22 |  | 22 |
| Balance, end of period | $(39) | $(14) | $(53) |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | |
|:---|:---|:---|:---|
| | 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 March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Total |
| Beginning balance | $(35) | $— | $(36) |
| &nbsp;&nbsp;Credit losses on securities where credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded | (1) |  | (1) |
| &nbsp;&nbsp;Increases in allowance on previously |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |
| &nbsp;&nbsp;Decreases in allowance on previously |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |
| &nbsp;&nbsp;Reduction in allowance due to disposals |  |  |  |
| Balance, end of period | $(36) | $— | $(37) |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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 March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 |
| | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total |
| (Dollars in millions) |  |  |  |  |
| Beginning balance | $(2) | $(3) | $(1) | $(6) |
| &nbsp;&nbsp;Credit losses on securities where credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;losses were not previously recorded |  | (2) |  | (2) |
| &nbsp;&nbsp;Increases in allowance on previously |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |
| &nbsp;&nbsp;Decreases in allowance on previously |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |
| &nbsp;&nbsp;Reduction in allowance due to disposals |  |  |  |  |
| Balance, end of period | $(2) | $(5) | $(1) | $(8) |

---

(Some amounts may not reconcile due to rounding.)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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 March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate<br>Securities | Total |
| Beginning balance | $(2) | $(4) | $(1) | $(8) |
| Credit losses on securities where credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;losses were not previously recorded |  |  |  |  |
| Increases in allowance on previously |  |  |  |  |
| &nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |
| Decreases in allowance on previously |  |  |  |  |
| &nbsp;&nbsp;&nbsp;impaired securities |  |  |  |  |
| &nbsp;&nbsp;Reduction in allowance due to disposals |  |  |  |  |
| Balance, end of period | $(2) | $(4) | $(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:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Proceeds from sales of fixed maturity securities - available for sale | $217 | $74 |
| Gross gains from dispositions | 8 | 2 |
| Gross losses from dispositions | (21) | (3) |
| 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 | $— | $— |
| Gross gains from dispositions |  |  |
| Gross losses from dispositions |  |  |

---

(Some amounts may not reconcile due to rounding.)

In 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. There were no sales of fixed maturity securities - held to maturity for the three months ended March 31, 2026.

**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:

---

| | |
|:---|:---|
| 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. |

---

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 March 31, 2026 and December 31, 2025, $2.6 billion and $2.5 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;

• 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 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.

Other invested assets, at fair value, were categorized as Level 3 at March 31, 2026 and December 31, 2025, because the balance was comprised of a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company's parent. The 25-year redeemable, convertible preferred stock with a 1.75% coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10-year and the swap rate on the Company's June 1, 2044, 4.868% senior notes, with adjustments to reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using |
| (Dollars in millions) | March 31, 2026 | 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) |
| Assets: |  |  |  |  |
| Fixed maturities - available for sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities and obligations of U.S. government |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;agencies and corporations | $330 | $— | $330 | $— |
| &nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 40 |  | 40 |  |
| &nbsp;&nbsp;&nbsp;Corporate securities | 6312 |  | 5947 | 364 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities | 4441 |  | 2252 | 2190 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 408 |  | 408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 823 |  | 823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 3689 |  | 3689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1667 |  | 1667 |  |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 1103 |  | 1103 |  |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 2408 |  | 2394 | 14 |
| Total fixed maturities - available for sale | 21221 |  | 18653 | 2568 |
| Equity securities, fair value | 108 | 89 | 19 |  |
| Other invested assets, fair value | 1599 |  |  | 1599 |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using | Fair Value Measurement Using |
| (Dollars in millions) | December 31, 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) |
| 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 | $287 | $— | $287 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of U.S. States and political subdivisions | 41 |  | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 6301 |  | 5931 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 4554 |  | 2463 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency commercial | 412 |  | 412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency commercial | 718 |  | 718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency residential | 3766 |  | 3766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 1587 |  | 1587 |  |
| &nbsp;&nbsp;&nbsp;Foreign government securities | 1030 |  | 1030 |  |
| &nbsp;&nbsp;&nbsp;Foreign corporate securities | 2284 |  | 2270 | 14 |
| Total fixed maturities - available for sale | 20978 |  | 18504 | 2474 |
| Equity securities, fair value | 108 | 88 | 20 |  |
| Other invested assets, fair value | 1622 |  |  | 1622 |

---

(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 |
| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate | Total |
| Beginning balance of fixed maturities | $370 | $2091 | $14 | $2474 |
| &nbsp;&nbsp;&nbsp;Total gains or (losses) (realized/unrealized) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in earnings (or changes in net assets) | (2) |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income (loss) | 2 | (4) |  | (2) |
| &nbsp;&nbsp;&nbsp;Purchases, issuances and settlements | (6) | 103 |  | 97 |
| &nbsp;&nbsp;&nbsp;Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories |  |  |  |  |
| Ending balance | $364 | $2190 | $14 | $2568 |
| The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $(1) | $— | $— | $(1) |

---

(Some amounts may not reconcile due to rounding.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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 March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
| (Dollars in millions) | Corporate<br>Securities | Asset-Backed<br>Securities | Foreign<br>Corporate | Total |
| Beginning balance of fixed maturities | $518 | $1657 | $14 | $2189 |
| &nbsp;&nbsp;&nbsp;Total gains or (losses) (realized/unrealized) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in earnings (or changes in net assets) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income (loss) | (6) | 1 |  | (5) |
| &nbsp;&nbsp;&nbsp;Purchases, issuances and settlements | (45) | 94 |  | 49 |
| &nbsp;&nbsp;&nbsp;Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories |  |  |  |  |
| Ending balance | $468 | $1752 | $14 | $2234 |
| The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $— | $— | $— | $— |

---

(Some amounts may not reconcile due to rounding.)

There were no transfers of assets in/(out) of Level 3 for the three months ended March 31, 2026 or the three months ended March 31, 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. Fair values of long-term notes receivable from affiliates can be found within Note 16 to these Consolidated Financial Statements. 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/general 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, $220 million and $233 million of investments within other invested assets on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, 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.

**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:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Gross reserves beginning of period | $21336 | $19271 |
| &nbsp;&nbsp;&nbsp;Less reinsurance recoverables on unpaid losses | (3369) | (3391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net reserves beginning of period | 17966 | 15880 |
| Incurred related to: |  |  |
| &nbsp;&nbsp;&nbsp;Current year | 1320 | 1873 |
| &nbsp;&nbsp;&nbsp;Prior years | (88) | (5) |
| &nbsp;&nbsp;&nbsp;Prior years, impact from retroactive reinsurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total incurred losses and LAE | 1231 | 1869 |
| Paid related to: |  |  |
| &nbsp;&nbsp;&nbsp;Current year | 278 | 369 |
| &nbsp;&nbsp;&nbsp;Prior years | 989 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total paid losses and LAE | 1267 | 987 |
| &nbsp;&nbsp;Foreign exchange/translation adjustment | (17) | 23 |
| &nbsp;&nbsp;Retroactive reinsurance adjustment |  |  |
| Net reserves end of period | 17913 | 16785 |
| &nbsp;&nbsp;&nbsp;Plus reinsurance recoverables on unpaid losses <sup>(1)</sup> | 3384 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross reserves end of period | $21298 | $20068 |

---

(Some amounts may not reconcile due to rounding.)

<sup>(1)</sup> This excludes the unpaid recoverable of the adverse development cover of $1,001 as of March 31, 2026.

Current year incurred losses were $1.3 billion and $1.9 billion for the three months ended March 31, 2026 and 2025, respectively. Current year incurred losses decreased overall due to a decrease of $128 million of current year attritional losses in 2026 compared to 2025, as well as a decrease of 426 million in 2026 current year catastrophe losses.

The net favorable development on prior year reserves of $88 million was primarily due to favorable prior year development on catastrophe losses of $64 million, primarily due to reserves released related to various well-seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business, and favorable prior year development on attritional losses of $24 million.

The current year catastrophe losses of $54 million for the three months ended March 31, 2026 related primarily to the 2026 Winterstorm Fern ($27 million), the 2026 U.S. Winter Weather Events ($20 million) and the 2026 Middle East Conflict ($7 million). The $479 million of current year catastrophe losses for the three months ended March 31, 2025 related primarily to the 2025 Southern California wildfires ($460 million) and Myanmar earthquake ($20 million).

We are exposed to losses arising from unpredictable catastrophic events, including, but not limited to, weather-related and other natural catastrophes, as well as acts of terrorism, wars, pandemics, political instability and significant cyber or operational incidents, for which liabilities cannot be estimated using traditional reserving techniques. For example, we have exposure to losses due to the uncertainty regarding the current conflict in the Middle East.

------

**Adverse Development Reinsurance Agreements**

Effective October 1, 2025, Everest Re and a Bermuda affiliate, Everest Reinsurance (Bermuda), Ltd. (collectively, the "Ceding Companies") (1) entered into an adverse development reinsurance agreement (the "State National Reinsurance Agreement") with State National Reinsurer and (2) entered into an adverse development reinsurance agreement (the "MS Transverse Reinsurance Agreement") with MS Transverse Reinsurer (collectively the "Reinsurers"). The Reinsurance Agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital.

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising out of the Ceding Companies' North American liabilities within the Global Wholesale & Specialty and Legacy segments ("Subject Business"), subject to exclusions for certain liabilities, including among others those related to the Asbestos and Environmental reserves included in the Legacy segment. At the time the Ceding Companies entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.0 billion.

Under the State National Reinsurance Agreement, Group paid a reinsurance premium of $1.3 billion to State National Reinsurer, of which $1.0 billion was attributable to the Company, to assume $1.3 billion of carried reserves as of September 30, 2025, of which $1.0 billion was attributable to the Company, and potential subsequent adverse development for net paid losses on an approximately 85.7 percent coinsurance basis up to an aggregate limit of $600 million above Group's net carried reserves for the Subject Business.

Under the State National Reinsurance Agreement $250 million of the reinsurance premium was placed into a funds withheld collateral trust account as security for State National Reinsurer's claim payment obligations to Group. Of the total funds withheld, $201 million was recognized by the Company at inception of the agreement.

Under the MS Transverse Reinsurance Agreement, Group paid a reinsurance premium of $122 million to MS Transverse Reinsurer, of which $44 million was attributable to the Company, to assume potential subsequent adverse development for net paid losses on an 80 percent coinsurance basis up to an aggregate limit of $400 million. The $122 million payment to MS Transverse Reinsurer exceeds the retroactive reinsured liabilities and represents excess compensation for the uncertainty of future claims development, and as a result Group recognized an immediate pre-tax loss of $122 million in Incurred losses and loss adjustment expenses in the Company's consolidated statement of operations, of which $44 million was recognized by the Company. Mitsui Sumitomo Insurance Company Limited, the parent of MS Transverse Reinsurer, has provided a parental guarantee to secure its obligations under the agreement.

The Company has retained the risk of collection on amounts due from other third-party reinsurers and continues to be responsible for claims handling and other administrative services, subject to certain conditions.

As of March 31, 2026 and December 31, 2025, Group had a deferred gain of $2 million and $3 million, respectively, of which $1 million and $3 million was recorded by the Company, respectively. The deferred gain would be recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries. The total covered losses ceded to State National Reinsurer as of March 31, 2026 and December 31, 2025 were $1.25 billion and $1.25 billion, respectively, of which $1,001 million and $1,003 million were attributable to the Company, respectively. The aggregated unexpired limit for State National Reinsurer as of March 31, 2026 and December 31, 2025 was $598 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of March 31, 2026 and December 31, 2025 was $400 million.

------

**6. SALE OF RENEWAL RIGHTS**

On October 26, 2025, Group entered into a Master Transaction Agreement (the "ROW Master Transaction Agreement") with American International Group, Inc. (the "Buyer"), pursuant to which Group agreed to cause (i) Everest International Australia and Singapore branches, (ii) Ireland Insurance UK branch and (iii) Everest National Insurance Company, Everest Indemnity Insurance Company, Everest Security Insurance Company, Everest Premier Insurance Company, Everest Denali Insurance Company, Everest International Assurance, Ltd. and Everest Re to sell to Buyer the renewal rights in respect of certain lines of commercial retail insurance business, subject to certain exclusions as set forth in the ROW Master Transaction Agreement, for an aggregate purchase price of $252 million, of which $170 million was attributable to the Company.

Pursuant to the ROW Master Transaction Agreement, if the gross written premium paid and payable to the Buyer in respect to the Aggregate Renewed Premiums (as defined in the ROW Master Transaction Agreement) from the closing date of the transaction to December 31, 2027 are less than 80% of the aggregate premiums for the year ended December 31, 2025, Group will reimburse a portion of the aggregate purchase price under the ROW Master Transaction Agreement to the Buyer based on the relative percentage of such 2025 premiums renewed, which amount shall not exceed $70 million.

The closing of the transaction pursuant to the ROW Master Transaction Agreement occurred on October 26, 2025. Upon closing of the transaction, Group recognized a $204 million gain on sale included in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025, of which $32 million was recognized by the Company. The remaining $47 million of the aggregate purchase price was recorded as a liability within Other liabilities on Group's consolidated balance sheets as of December 31, 2025 due to significant uncertainty related to factors outside Group's influence, including the Buyer's underwriting decisions and the period until resolution. Of this $47 million liability recorded by Group, $38 million was attributable to the Company.

The final purchase price under the Master Transaction Agreements will be adjusted to equal 15% of the gross written premiums of the subject business for the year ended December 31, 2025, inclusive of agreed-upon year-end renewals as agreed between the Company and the Buyer.

Under the Master Transaction Agreements, the Buyer has also agreed to pay Group a total of $10 million per month for nine months for specified transition services starting January 1, 2026, of which the Company will receive $7 million per month.

In addition, as a result of the ROW Master Transaction Agreement, the Company also recorded severance costs and impairments of capitalized software in the amount of $22 million and $61 million, respectively, for the year ended December 31, 2025. Legal expenses and merger and acquisition fees related to the sale were $9 million for the year ended December 31, 2025. For the quarter ended March 31, 2026, the Company recognized expenses related to the transaction of $5 million, which primarily related to additional severance and retention expenses. These amounts were recorded in other income (expense) in its consolidated statements of operations for the year ended December 31, 2025 and for the three months ended March 31, 2026.

**7. SEGMENT REPORTING**

Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Commercial Retail Insurance business in certain geographic regions to AIG. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.

Our Legacy segment primarily includes the divested parts of our commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company's paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company's paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty,

------

consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Our three reportable segments each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker ("CODM"), the President and Chief Executive Officer ("CEO") of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business. These reportable segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

Our segment presentation includes a breakout of Affiliated Cession to Bermuda Entities alongside our three reportable segments. Affiliated Cession to Bermuda Entities includes the impact of ceded amounts related to the whole account aggregate stop loss agreement between Everest Re and Bermuda Re; Everest Re's whole account quota share agreements with Bermuda Re and Everest International Reinsurance, Ltd. ("Everest International"), which are now in run off; the Loss Portfolio Transfer ("LPT") agreements between Everest Re and Bermuda Re, which were commuted as of the fourth quarter of 2025; the life business whole account quota share agreement between Everest Assurance and Bermuda Re; the quota share agreement between Everest Re (Canadian Branch) and Bermuda Re, which was commuted as of the second quarter of 2025; and the new catastrophe excess of loss contract effective January 1, 2025 with Bermuda Re. See Note 16 of the Notes to these Consolidated Financial Statements for additional details.

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 March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 |
| (Dollars in millions) | Reinsurance Treaty | Global Wholesale & Specialty | Legacy | Affiliated Cession to Bermuda Entities | Total |
| Gross written premiums | $1593 | $571 | 59 |  | $2223 |
| Net written premiums | 1393 | 506 | 36 | (130) | 1805 |
| Premiums earned | $1394 | $537 | 255 | (89) | $2097 |
| Incurred losses and LAE | 673 | 336 | 223 |  | 1231 |
| Commission and brokerage | 359 | 117 | 19 |  | 495 |
| Other underwriting expenses | 34 | 60 | 24 |  | 119 |
| Underwriting gain (loss) | $329 | $24 | $(11) | $(89) | $252 |
| Net investment income |  |  |  |  | 362 |
| Net gains (losses) on investments |  |  |  |  | (30) |
| Corporate expenses |  |  |  |  | (13) |
| Interest, fees and bond issue cost amortization expense |  |  |  |  | (42) |
| Other income (expense) |  |  |  |  | (2) |
| Income (loss) before taxes |  |  |  |  | $528 |

---

(Some amounts may not reconcile due to rounding.)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
| (Dollars in millions) | Reinsurance Treaty | Global Wholesale & Specialty | Legacy | Affiliated Cession to Bermuda Entities | Total |
| Gross written premiums | $1767 | $594 | 396 |  | $2756 |
| Net written premiums | 1414 | 522 | 315 | (206) | 2045 |
| Premiums earned | $1450 | $570 | 378 | (116) | $2282 |
| Incurred losses and LAE | 1197 | 374 | 300 | (3) | 1869 |
| Commission and brokerage | 352 | 115 | 23 |  | 489 |
| Other underwriting expenses | 38 | 43 | 68 |  | 149 |
| Underwriting gain (loss) | $(137) | $37 | $(13) | $(113) | $(226) |
| Net investment income |  |  |  |  | 318 |
| Net gains (losses) on investments |  |  |  |  | 95 |
| Corporate expenses |  |  |  |  | (7) |
| Interest, fees and bond issue cost amortization expense |  |  |  |  | (44) |
| Other income (expense) |  |  |  |  | (13) |
| Income (loss) before taxes |  |  |  |  | $124 |

---

(Some amounts may not reconcile due to rounding.)

Further classifications of revenues by geographic location are impracticable to disclose and, therefore, are not provided.

**8. SENIOR NOTES**

The table below displays 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| (Dollars in millions) | Date Issued | Date Due | Principal<br>Amounts | Consolidated<br>Balance Sheet<br>Amount | Fair<br>Value | Consolidated<br>Balance Sheet<br>Amount | Fair<br>Value |
| 4.868% Senior notes | 6/5/2014 | 6/1/2044 | $400 | $398 | $339 | $398 | $355 |
| 3.5% Senior notes | 10/7/2020 | 10/15/2050 | 1000 | 982 | 664 | 982 | 698 |
| 3.125% Senior notes | 10/4/2021 | 10/15/2052 | 1000 | 972 | 605 | 972 | 636 |
|  |  |  | $2400 | $2352 | $1609 | $2352 | $1689 |

---

(Some amounts may not reconcile due to rounding.)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | Interest Paid | Payable Dates | 2026 | 2025 |
| 4.868% Senior notes | Semi-annually | June 1/December 1 | $5 | $5 |
| 3.5% Senior notes | Semi-annually | April 15/October 15 | 9 | 9 |
| 3.125% Senior notes | Semi-annually | April 15/October 15 | 8 | 8 |
|  |  |  | $22 | $22 |

---

(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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| | | Original<br>Principal<br>Amount | Maturity Date | Maturity Date | Consolidated<br>Balance<br>Sheet Amount | Fair<br>Value | Consolidated<br>Balance<br>Sheet Amount | Fair<br>Value |
| (Dollars in millions) | Date Issued | Original<br>Principal<br>Amount | Scheduled | Final | Consolidated<br>Balance<br>Sheet Amount | Fair<br>Value | Consolidated<br>Balance<br>Sheet Amount | Fair<br>Value |
| Subordinated Notes Issued 2007 | 4/26/2007 | $400 | 5/15/2037 | 5/1/2067 | $218 | $206 | $218 | $208 |

---

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 February 17, 2026 to May 5, 2026 is 6.30%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest will be 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 net proceeds from the issuance of other qualifying securities, of at least similar ranking and duration, to be used to repay 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.

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

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Interest expense incurred | $3 | $4 |

---

**10. FEDERAL HOME LOAN BANK MEMBERSHIP**

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 March 31, 2026, Everest Re had statutory admitted assets of approximately $32.1 billion which provides borrowing capacity in excess of $3.2 billion. As of March 31, 2026, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. Everest Re incurred interest expense of $10 million and $12 million for the three months ended March 31, 2026 and 2025, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership requires that members must have sufficient qualifying collateral pledged. As of March 31, 2026, Everest Re had $1.4 billion of collateral pledged.

------

**11. 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:

---

| | | |
|:---|:---|:---|
| (Dollars in millions) | March 31, 2026 | December 31, 2025 |
| Collateral in trust for non-affiliated agreements | $690 | $685 |
| Collateral held on behalf of affiliates <sup>(1)</sup> | 1149 | 1143 |
| Collateral for FHLB borrowings | 1357 | 1418 |
| Securities on deposit with or regulated by government authorities | 1398 | 1417 |
| Funds held by reinsureds | 388 | 372 |
| Total restricted assets | $4981 | $5035 |

---

<sup>(1)</sup> In order to maximize operating efficiency, Everest Re has entered into agreements with certain affiliated Group operating entities to provide collateral on their behalf. In return for providing collateral, Everest Re receives a quarterly fee to compensate for its use of its assets as collateral. The affiliated operating entities that participate in this program must maintain sufficient unencumbered assets to cover the pledged assets, as well as have sufficient statutory capital to satisfy their minimum capital requirements as stipulated by their local regulatory authority and/or rating agency requirement.

Restricted cash is included in cash on the consolidated balance sheets. At March 31, 2026 and December 31, 2025, the Company had restricted cash of $49 million and $25 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements.

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (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 |
|  | Total available limit as of March 31, 2026 |  |  | $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.

**12. 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 status 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.

**13. 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:

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2026 |
| (Dollars in millions) | Before Tax | Tax Effect | Net of Tax |
| URA(D) of securities - non-credit related | $(236) | $48 | $(188) |
| Reclassification of net realized losses (gains) included in net income (loss) |  |  |  |
| Foreign currency translation adjustments | (13) | 3 | (10) |
| Reclassification of amortization of net gain (loss) included in net income (loss) |  |  |  |
| Total other comprehensive income (loss) | $(250) | $51 | $(199) |

---

(Some amounts may not reconcile due to rounding)

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
| (Dollars in millions) | Before Tax | Tax Effect | Net of Tax |
| URA(D) of securities - non-credit related | $196 | $(41) | $155 |
| Reclassification of net realized losses (gains) included in net income (loss) | 3 | (1) | 2 |
| Foreign currency translation adjustments | 14 | (3) | 11 |
| Reclassification of amortization of net gain (loss) included in net income (loss) |  |  |  |
| Total other comprehensive income (loss) | $212 | $(45) | $168 |

---

(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:

---

| | | | |
|:---|:---|:---|:---|
| (Dollars in millions) | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Affected line item within the<br>statements of operations and<br>comprehensive income (loss) |
| AOCI component | 2026 | 2025 | Affected line item within the<br>statements of operations and<br>comprehensive income (loss) |
| URA(D) of securities | $— | $3 | Other net gains (losses) on investments |
|  |  | (1) | Income tax expense (benefit) |
|  | $— | $2 | Net income (loss) |
| Benefit plan net gain (loss) | $— | $— | Other underwriting expenses |
|  |  |  | Income tax expense (benefit) |
|  | $— | $— | Net income (loss) |

---

(Some amounts may not reconcile due to rounding)

------

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

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Beginning balance of URA(D) of securities | $(9) | $(393) |
| Current period change in URA(D) of securities - non-credit related | (188) | 157 |
| Ending balance of URA(D) of securities | (197) | (236) |
| Beginning balance of foreign currency translation adjustments | 33 | (24) |
| Current period change in foreign currency translation adjustments | (10) | 11 |
| Ending balance of foreign currency translation adjustments | 22 | (13) |
| Beginning balance of benefit plan net gain (loss) | 6 | 16 |
| Current period change in benefit plan net gain (loss) |  |  |
| Ending balance of benefit plan net gain (loss) | 6 | 16 |
| Ending balance of accumulated other comprehensive income (loss) | $(169) | $(232) |

---

(Some amounts may not reconcile due to rounding.)

**14. RELATED-PARTY TRANSACTIONS**

The table below displays long-term note agreements that Group entered into with Holdings for the periods indicated. These transactions are presented as Notes Payable – Affiliated in the Consolidated Balance Sheet of Holdings. The fair value of these long-term notes is considered Level 2 in the fair value hierarchy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| (Dollars in millions) | Date Issued | Date Due | Principal<br>Amounts | Consolidated<br>Balance Sheet<br>Amount | Fair<br>Value | Consolidated<br>Balance Sheet<br>Amount | Fair<br>Value |
| 4.30% Long-term Note | 12/23/2024 | 12/23/2027 | $600 | $600 | $609 | $600 | $615 |

---

(Some amounts may not reconcile due to rounding.)

Interest expense recognized in connection with long-term note agreements is as follows for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | Interest Received | Receivable Dates | 2026 | 2025 |
| 4.30% Long-term Note | semi-annually | June 30 and December 31 | 6 | 6 |

---

(Some amounts may not reconcile due to rounding.)

Holdings holds 1,773.214 preferred shares of Preferred Holdings with a $1.0 million par value and 1.75% annual dividend rate. Holdings received these shares in December 2015 in exchange for previously held 9,719,971 common shares of Group. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net gains (losses) on investments in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on the preferred shares of Preferred Holdings that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Dividends received on preferred stock of affiliate | $8 | $8 |

---

------

<u>Affiliated Companies</u>

Everest Global Services, Inc. ("Global Services"), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings' consolidated structure. Services provided by Global Services include executive managerial services, legal services, actuarial services, accounting services, information technology services and others.

The following table presents the expenses incurred by Holdings from services provided by Global Services for the periods indicated.

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Expenses incurred | 70 | 49 |

---

<u>Affiliated Assumed & Ceded Reinsurance</u>

The Company has engaged in reinsurance transactions with affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms.

The table below summarizes total premiums written and earned and incurred losses and LAE ceded to and assumed from affiliates for the periods indicated:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Written premiums: |  |  |
| Assumed | 24 | 24 |
| Ceded | (130) | (180) |
| Premiums earned: |  |  |
| Assumed | 28 | 20 |
| Ceded | (89) | (90) |
| Incurred losses and LAE: |  |  |
| Assumed | (8) | (3) |
| Ceded |  | (3) |

---

*Transactions with Bermuda Entities*

Effective January 1, 2018, Everest Re entered into a twelve-month whole account aggregate stop loss reinsurance contract (the "stop loss agreement") with Bermuda Re, that is renewed annually. The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions. The stop loss agreements between Everest Re and Bermuda Re that were effective for 2018 and 2019 were both commuted during the third quarter of 2023, and the agreement for the 2020 effective year was commuted during the third quarter of 2025. The commutation of the 2020 agreement resulted in the recognition of an incurred gain of $10 million for Everest Re in the third quarter of 2025. The stop loss agreement was most recently renewed effective January 1, 2026. Beginning in 2025, Bermuda Re and Everest International are co-participants with 70% and 30% participation shares, respectively. As of March 31, 2026 and December 31, 2025, Everest Re had reinsurance recoverables on unpaid losses of $24 million and $24 million, respectively, in connection with the aggregate stop loss agreement.

Everest Re had whole account quota share reinsurance agreements in place with Bermuda Re from 2002 through the end of 2017. Quota share percentages ranged from 20% to 60% depending on the year. As of December 31, 2017, the quota share reinsurance agreements between Everest Re and Bermuda Re were not renewed and the existing quota shares were put into run-off. As of March 31, 2026 and December 31, 2025, Everest Re had reinsurance recoverables on unpaid losses of $510 million and $443 million, respectively, in connection with these agreements.

Everest Re had whole account quota share reinsurance agreements in place with Everest International from 2004 through the end of 2009. Quota share percentages ranged from 2% to 8% depending on the year. As of December 31, 2009, the

------

quota share reinsurance agreements between Everest Re and Everest International were not renewed and the existing quota shares were put into run-off. As of March 31, 2026 and as of December 31, 2025, Everest Re had reinsurance recoverables on unpaid losses of $6 million and $6 million, respectively, in connection with these agreements.

Everest Re (Canadian Branch) had quota share reinsurance agreements in place with the Company from 2007 through the end of 2017. Quota share percentages ranged from 60% to 75% depending on the year. As of December 31, 2017, the quota share reinsurance agreements between Everest Re (Canadian Branch) and the Company were not renewed and the existing quota shares were put into run-off. During the second quarter of 2025, the quota share reinsurance agreements between Everest Re (Canadian Branch) and the Company were commuted effective June 30, 2025; the commutation loss recognized by the Company upon settlement was not significant.

Effective October 1, 2008, the Company entered into a loss portfolio transfer ("LPT") agreement with Everest Re that covers subject loss reserves related to casualty business for accident years 2002 to 2007. As a result of the LPT agreement, the Company transferred $747 million of loss reserves to Bermuda Re. During the fourth quarter of 2025, the LPT agreement between Everest Re and Bermuda Re was commuted effective December 1, 2025 and a $6 million loss was recognized by Everest Re upon settlement.

Effective December 31, 2017, Everest Re entered into an LPT agreement with Bermuda Re. The LPT agreement covers subject loss reserves of $2.3 billion for accident years 2017 and prior subject to retention. As a result of the LPT agreement, the Company transferred $1.0 billion of cash and fixed maturity securities and transferred $970 million of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $500 million of adverse development coverage on the subject loss reserves. During the fourth quarter of 2025, this additional LPT agreement between Everest Re and Bermuda was commuted effective December 1, 2025 and the loss recognized by Everest Re upon settlement was not significant.

Everest Assurance entered into a continuous, 100% whole account quota share reinsurance agreement with Bermuda Re effective January 1, 2018. This agreement covers life business and is renewable until terminated. As of March 31, 2026 and as of December 31, 2025, related balance sheet amounts were not significant.

Everest Re entered into a catastrophe excess of loss contract with Bermuda Re effective January 1, 2025 through December 31, 2025. The contract provides Everest Re up to $300 million of reinsurance coverage in excess of $2.0 billion for hurricane perils and in excess of $1.3 billion for earthquake events. Everest Re will pay Bermuda Re $54 million for this coverage. This agreement was amended effective July 1, 2025 to provide Everest Re up to $500 million of reinsurance coverage in excess of $2.0 billion for hurricane perils and in excess of $1.3 billion for earthquake events. This contract was most recently renewed effective January 1, 2026. As of March 31, 2026 and as of December 31, 2025, related balance sheet amounts were not significant.

*Transactions with Other Affiliates*

Everest Re entered into a catastrophe excess of loss reinsurance contract with Everest Insurance (Ireland), dac ("Ireland Insurance") effective January 1, 2021 through December 31, 2021. This contract has been renewed annually since inception. The contract provides Ireland Insurance with up to €750 million of reinsurance coverage for each catastrophe occurrence above €15 million. Ireland Insurance paid Everest Re €15 million and €26 million for treaty years 2026 and 2025 for this coverage. This contract was most recently renewed effective January 1, 2026. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $27 million and $23 million, respectively, recorded on its balance sheet due from Ireland Insurance.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Everest Reinsurance Company (Ireland), dac ("Ireland Re"), effective February 1, 2021 through January 31, 2022. This contract has been renewed annually since inception. The contract provides Ireland Re with up to €125 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re paid Everest Re €9 million and €9 million for treaty years 2026 and 2025 for this coverage. This agreement was most recently renewed effective February 1, 2026. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $13 million and $11 million, respectively, recorded on its balance sheet due from Ireland Re.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Lloyd's Syndicate 2786, effective June 1, 2022 through March 31, 2023. This contract has been renewed annually since inception. The contract provides Lloyd's Syndicate 2786 with up to $40 million of reinsurance coverage for each catastrophe occurrence above $8 million. Lloyd's Syndicate 2786 paid Everest Re $4 million for this coverage. This contract was most recently renewed effective April 1, 2025, and was not renewed in 2026. As of December 31, 2025, the Company had reinsurance recoverables of $3 million

------

recorded on its balance sheet due from Lloyd's Syndicate 2786. As of March 31, 2026, related balance sheet amounts were not significant.

Everest Re entered into a per event excess of loss reinsurance contract with Lloyd's Syndicate 2786, effective July 1, 2025 through June 30, 2026. The contract provides Lloyd's Syndicate 2786, with up to $8 million of reinsurance coverage for each catastrophe occurrence above $3 million. Lloyd's Syndicate 2786 will pay Everest Re $0.4 million for this coverage annually. As of March 31, 2026 and December 31, 2025, amounts outstanding were not significant.

Everest Re (Canadian Branch) entered into an excess of loss reinsurance agreement with Everest Insurance Company of Canada ("Everest Canada"), effective January 1, 2024 through December 31, 2024. This contract has been renewed annually since inception. This contract provides Everest Canada with up to C$270 million of reinsurance coverage for each catastrophe occurrence above C$25 million. Everest Canada will pay Everest Re (Canadian Branch) C$9 million for this coverage annually. This agreement was most recently renewed January 1, 2026. As of March 31, 2026 and December 31, 2025, balance sheet amounts were not significant.

Everest Re entered into a whole account quota share reinsurance agreement with Everest Compañía de Seguros Generales Colombia S.A. ("Everest Colombia"), effective July 1, 2025 through June 30, 2026. This agreement covers property and casualty business. Quota share percentages vary based on the line of business for the premium written. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $13 million and $10 million, respectively, recorded on its balance sheet due from Everest Colombia.

Everest Re entered into a 99.0% whole account quota share reinsurance agreement with Compañía General de Seguros Everest Mexico ("Everest Mexico"), effective July 1, 2024 through June 30, 2025. This contract has been renewed annually since inception. This agreement covers property and casualty business. Effective January 1, 2025, the quota share percentage was amended to 99.7% for real estate fund business and 99% for all remaining lines of property and casualty business. This agreement was most recently renewed July 1, 2025. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $14 million and $12 million, respectively, recorded on its balance sheet due from Everest Mexico.

Everest Re entered into a catastrophe excess of loss reinsurance agreement with Everest Compañía de Seguros Generales Chile S.A. ("Everest Chile"), effective July 1, 2022 through June 30, 2023. This contract has been renewed annually since inception. The contract provides Everest Chile with up to $180 million of reinsurance coverage for each catastrophe occurrence above $7 million. Everest Chile will pay Everest Re $7 million for this coverage annually. This agreement was most recently renewed July 1, 2025. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $12 million and $13 million, respectively, recorded on its balance sheet due from Everest Chile.

Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021. This contract has been renewed annually since inception. The contract provides Bermuda Re (UK Branch) with up to £130 million of reinsurance coverage for each catastrophe occurrence above £27 million. Bermuda Re (UK Branch) paid Everest Re £5 million and £7 million for treaty years 2026 and 2025, respectively, for this coverage. This contract was most recently renewed effective January 1, 2026. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $9 million and $7 million, respectively, recorded on its balance sheet due from Bermuda Re (UK Branch).

Everest Re entered into a per risk and per occurrence and excess of loss reinsurance contract with the Australia Branch of Everest International ("Everest International - Australia Branch"), effective July 1, 2025 through June 30, 2026. The contract provides Everest International - Australia Branch with up to A$65 million of reinsurance coverage for each risk or occurrence above A$8 million. Everest International - Australia Branch will pay Everest Re A$11 million for the coverage annually. As of March 31, 2026 and December 31, 2025, related balance sheet amounts were not significant.

Everest Re entered into a catastrophe excess of loss reinsurance contract with the Everest International - Australia Branch, effective February 1, 2025 through June 30, 2025. The contract provides Everest International - Australia Branch, with up to A$167 million of reinsurance coverage for each catastrophe occurrence above A$73 million. Everest International - Australia Branch will pay Everest Re A$4 million for this coverage annually. The contract was most recently renewed effective July 1, 2025. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $5 million and $4 million, respectively, recorded on its balance sheet due from Everest International - Australia Branch.

Everest Re entered into a catastrophe excess of loss reinsurance contract with the Everest International Reinsurance - Singapore Branch, effective July 1, 2025 through December 31, 2025. This contract was most recently renewed effective January 1, 2026. The contract provides Everest International Reinsurance - Singapore Branch, with up to 85S$ million of

------

aggregate reinsurance coverage for subject ultimate net loss from loss occurrences above 9S$ million. Everest International Reinsurance - Singapore Branch will pay Everest Re 2S$ million for this coverage biannually. As of March 31, 2026 and December 31, 2025 , the Company had reinsurance recoverables of $2 million and $1 million on its balance sheet due from Everest International Reinsurance - Singapore Branch.

Everest Re entered into a 65% whole account quota share reinsurance agreement with Everest Chile, effective July 1, 2022 through June 30, 2023. The contract was not renewed and is in run-off as of December 31, 2024. As of March 31, 2026 and December 31, 2025, the Company had reinsurance recoverables of $10 million and $11 million, respectively, recorded on its balance sheet due from Everest Chile.

In 2013, Group established Mt. Logan Re, Ltd. ("Mt. Logan Re"), which is a collateralized insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures.

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

---

| | | |
|:---|:---|:---|
| <u>(Dollars in millions)</u> | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| <u>Mt. Logan Re Segregated Accounts</u> | 2026 | 2025 |
| Ceded written premiums | $101 | $146 |
| Ceded earned premiums | 101 | 107 |
| Ceded losses and LAE | 18 | 113 |

---

**15. INCOME TAXES**

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada, India and Singapore. The Company's non-U.S. branches are subject to income taxation at varying rates in their respective domiciles.

The Company generally applies the estimated annual effective tax rate ("AETR") approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated AETR approach, the estimated AETR is applied to the interim year-to-date pre-tax income/(loss) to determine the income tax expense or benefit for the year-to-date period. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company's annual pre-tax income/(loss) and AETR.

In December 2023, the FASB issued Accounting Standard Update 2023-09, "Improvements to Income Tax Disclosures", which the Company has adopted effective January 1, 2025, on a prospective basis. ASU 2023-09 enhances the transparency of income tax reporting by requiring, among other items, further disaggregation of the rate reconciliation and additional information on income taxes paid by jurisdiction. The adoption of the update did not have an impact on our results of operations, financial condition, or cash flows.

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 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.

**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.

------

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

Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in certain geographic regions to AIG. This reflects our sharpened focus on its core global Reinsurance Treaty business as well as the Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed.

Our Legacy segment primarily includes the divested parts of our commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company's paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company's paper for finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. See Note 7 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 months ended March 31, 2026. 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, 2025, 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.** 

*Group Sale of Canadian Commercial Retail Insurance Operations*

On March 22, 2026, Everest Underwriting Group (Ireland) Limited ("EUGIL"), an Irish direct subsidiary of Group, entered into a Purchase and Sale Agreement (the "Purchase Agreement") with The Wawanesa Mutual Insurance Company, a mutual insurance company existing under the Insurance Companies Act (Canada) ("Buyer"), pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Insurance Company of Canada ("Everest Canada"), a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing Group's Canadian Commercial Retail Insurance operations for C$140 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).

In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company - Canadian Branch, a Delaware reinsurance company and affiliate of EUGIL ("ERC - Canadian Branch"), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement. Upon execution of the loss portfolio transfer reinsurance agreement described in item (i), Group assets held-for-sale would be comprised of only investments and cash at the time of the transaction close.

The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions.

*Adverse Development Cover Reinsurance Agreements* 

Effective October 1, 2025, Everest Re and a Bermuda affiliate, Everest Reinsurance (Bermuda), Ltd. (the "Ceding Companies") entered into adverse development reinsurance agreements with State National Insurance Company, Inc.

------

and MS Transverse Insurance Company (collectively the "Reinsurers"). The Reinsurance Agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital.

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies' North American liabilities within the Insurance and Other segments ("Subject Business") up to a gross limit of $1.2 billion. Certain liabilities are excluded from the subject business, including among others those related to the Asbestos and Environmental ("A&E") reserves included in the Other segment. At the time the Ceding Companies entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.

The adverse development cover ("ADC") is composed of three layers. The first layer is an "in the money" layer whereby the ADC attachment point was $1.25 billion below Group's North American Insurance and Other segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million in excess of the $5.4 billion. The Ceding Companies transferred $1.25 billion of in-the-money reserves in consideration for the first two layers upon closing of the transaction, of which $1.00 billion was attributable to the Company. The third layer is $500 million, for which the Ceding Companies paid approximately $122 million of consideration upon closing of the transaction, of which $44 million was attributable to the Company. The Ceding Companies have a co-participation of $100 million in each of the second and third layers. For more details, see Form 8-K filed by Group with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference in Exhibits 10.20 and 10.21 to the Company's Annual Report on Form 10-K. The total covered losses ceded to State National Reinsurer by the Ceding Companies as of March 31, 2026 and December 31, 2025 were $1.25 billion and $1.25 billion, of which $1.00 billion and $1.00 billion are attributable to the Company, respectively. The aggregated unexpired limit for State National Reinsurer as of March 31, 2026 and December 31, 2025 was $598 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of March 31, 2026 and December 31, 2025 was $400 million.

*Sale of Certain Commercial Retail Insurance Renewal Rights*

On October 26, 2025, Group entered into definitive agreements with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million, of which $170 million was attributable to the Company.

The final purchase price under the Master Transaction Agreements will be adjusted to equal 15% of the gross written premiums of the subject business for the year ended December 31, 2025, inclusive of agreed-upon year-end renewals as agreed between the Company and the Buyer.

Under the agreements, AIG agreed to pay Group a total of $10 million per month for nine months starting January 1, 2026 for specified transition services, of which the Company will receive $7 million per month. For more details, see the Current Report on Form 8-K filed by Group with the SEC on October 28, 2025 and the Master Transaction Agreements incorporated by reference in Exhibits 10.22 and 10.23 to the Company's Annual Report on Form 10-K.

------

**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 stockholder's equity for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Percentage<br>Increase/<br>(Decrease) |
| (Dollars in millions) | 2026 | 2025 | Percentage<br>Increase/<br>(Decrease) |
| Gross written premiums | $2223 | $2756 | (19.3)% |
| Net written premiums | 1805 | 2045 | (11.7)% |
| REVENUES: |  |  |  |
| Premiums earned | $2097 | $2282 | (8.1)% |
| Net investment income | 362 | 318 | 13.5% |
| Net gains (losses) on investments | (30) | 95 | NM |
| Other income (expense) | (2) | (13) | (86.5)% |
| Total revenues | 2427 | 2683 | (9.5)% |
| CLAIMS AND EXPENSES: |  |  |  |
| Incurred losses and loss adjustment expenses | 1231 | 1869 | (34.1)% |
| Commission, brokerage, taxes and fees | 495 | 489 | 1.1% |
| Other underwriting expenses | 119 | 149 | (20.5)% |
| Corporate expenses | 13 | 7 | 84.8% |
| Interest, fees and bond issue cost amortization expense | 42 | 44 | (4.8)% |
| Total claims and expenses | 1900 | 2558 | (25.8)% |
| INCOME (LOSS) BEFORE TAXES | 528 | 124 | NM |
| Income tax expense (benefit) | 95 | 24 | NM |
| NET INCOME (LOSS) | $433 | $100 | NM |
| RATIOS: |  |  | Point<br>Change |
| Loss ratio | 58.7% | 81.9% | (23.2) |
| Commission and brokerage ratio | 23.6% | 21.4% | 2.2 |
| Other underwriting expense ratio | 5.7% | 6.6% | (0.9) |
| Combined ratio | 88.0% | 109.9% | (21.9) |

---

---

| | | | |
|:---|:---|:---|:---|
| | At<br>March 31, | At<br>December 31, | Percentage<br>Increase/<br>(Decrease) |
| (Dollars in millions) | 2026 | 2025 | Percentage<br>Increase/<br>(Decrease) |
| Balance sheet data: |  |  |  |
| Total investments and cash | $29035 | $29122 | (0.3)% |
| Total assets | 39363 | 39550 | (0.5)% |
| Reserve for losses and loss adjustment expenses | 21298 | 21336 | (0.2)% |
| Total unaffiliated debt | 3589 | 3589 | —% |
| Total liabilities | 30628 | 31048 | (1.4)% |
| Stockholder's equity | 8736 | 8501 | 2.8% |

---

(NM, not meaningful)

(Some amounts may not reconcile due to rounding)

**Revenues.**

<u>Premiums.</u> Gross written premiums decreased by 19.3% to $2.2 billion for the three months ended March 31, 2026, compared to $2.8 billion for the three months ended March 31, 2025, reflecting a $337 million, or 85.2%, decrease in our Legacy segment business, a $174 million, or 9.8%, decrease in our Reinsurance Treaty business and a $22 million, or 3.8%, decrease in our Global Wholesale & Specialty business.

The decrease in Legacy premiums was primarily driven by the non-renewal of commercial retail business globally as well as remaining lines of business that have been previously discontinued. The decrease in Global Wholesale & Specialty premiums was primarily driven by decreases in property/short tail, workers' compensation and specialty casualty

------

businesses, partially offset with increases in accident and health and specialty lines. The decrease in Reinsurance Treaty premiums was primarily driven by portfolio actions on casualty pro rata business, lower reinstatement premium and declining property rates in the second half of the prior year and into the first quarter of 2026.

Net written premiums decreased by 11.7% to $1.8 billion for the three months ended March 31, 2026, compared to $2.0 billion for the three months ended March 31, 2025, primarily driven by a decrease in Legacy premiums driven by the non-renewal of retail business globally as well as remaining lines of business that have been previously discontinued, offset by a decrease in cessions to affiliated Bermuda entities.

Premiums earned decreased by 8.1% to $2.1 billion for the three months ended March 31, 2026, compared to $2.3 billion for the three months ended March 31, 2025. 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, whereas lower base premium written in 2025 is being earned throughout the 2026 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 $2 million and $13 million for the three months ended March 31, 2026 and 2025, respectively. The change was primarily the result of fluctuations in foreign currency exchange rates and an increase in expenses related to the 2025 Renewal Rights Sale of $5 million which primarily related to additional severance and retention expenses. We recognized foreign currency exchange expense of $8 million for the three months ended March 31, 2026 and foreign currency exchange expense of $13 million for the three months ended March 31, 2025.

The following table shows the components of other income (expense) for the periods indicated:

---

| | | |
|:---|:---|:---|
| | Three Months Ended | Three Months Ended |
| (Dollars in millions) | 2026 | 2025 |
| Foreign currency exchange income (expense) | $(8) | $(13) |
| Gain on pension plan settlement |  |  |
| Transaction-related income (expense) | (5) |  |
| Gain (loss) from sale of sports and leisure business |  |  |
| Other | 12 | 1 |
| &nbsp;&nbsp;Total other income (expense) | $(2) | $(13) |

---

<u>Net Investment Income.</u> Refer to Consolidated Investments Results Section below.

<u>Net Gains (Losses) on Investments.</u> Refer to 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 loss LAE for the periods indicated:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (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>2026</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $1266 | 60.4 | % | $(24) | (1.1) | % | $1242 | 59.2 | % |
| Catastrophes | 54 | 2.6 | % | (64) | (3.1) | % | (10) | (0.5) | % |
| Total | $1320 | 62.9 | % | $(88) | (4.2) | % | $1231 | 58.7 | % |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $1394 | 61.1 | % | $(3) | (0.1) | % | $1391 | 61.0 | % |
| Catastrophes | 479 | 21.0 | % | (2) | (0.1) | % | 478 | 20.9 | % |
| Total | $1873 | 82.1 | % | $(5) | (0.2) | % | $1869 | 81.9 | % |
| <u>Variance 2026/2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $(128) | (0.7) | pts | $(21) | (1.0) | pts | $(149) | (1.8) | &nbsp;&nbsp;&nbsp;&nbsp;pts |
| Catastrophes | (426) | (18.4) | pts | (62) | (3.0) | pts | (488) | (21.4) | &nbsp;&nbsp;&nbsp;&nbsp;pts |
| Total | $(554) | (19.2) | pts | $(84) | (4.0) | pts | $(637) | (23.2) | &nbsp;&nbsp;&nbsp;&nbsp;pts |

---

Incurred losses and LAE decreased by 34.1% to $1.2 billion for the three months ended March 31, 2026, compared to $1.9 billion for the three months ended March 31, 2025, primarily due to a decrease of $426 million in current year catastrophe losses, a decrease of $128 million in current year attritional losses, an increase in favorable development on prior year catastrophe losses of $62 million and an increase in favorable development on prior year attritional losses of $21 million.

The decrease in current year attritional losses was mainly due to the impact of the decrease in premiums earned and the impact of change in business mix. The increase in favorable development on prior year attritional losses of $21 million was primarily driven by Reinsurance Treaty favorable development on prior year attritional losses of $24 million due to release of well-seasoned reserves in property lines of business.

The current year catastrophe losses of $54 million for the three months ended March 31, 2026 related to the 2026 Winterstorm Fern ($27 million), the 2026 U.S. Winter Weather Events ($20 million) and the 2026 Middle East Conflict ($7 million). The current year catastrophe losses of $479 million for the three months ended March 31, 2025 related to the 2025 Southern California wildfires ($460 million) and Myanmar earthquake ($20 million). For the three months ended March 31, 2026, the favorable development on prior year catastrophe losses was mainly related to reserves released related to various well-seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business.

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 0.5 percentage points to the combined ratio in three months ended March 31, 2026, compared to 20.9 percentage points for the three months ended March 31, 2025.

<u>Commission, Brokerage, Taxes and Fees.</u> Commission, brokerage, taxes and fees increased to $495 million for the three months ended March 31, 2026, compared to $489 million for the three months ended March 31, 2025. The slight 1.1% increase was mainly due higher brokerage rates and changes in the mix of business.

<u>Other Underwriting Expenses.</u> Other underwriting expenses decreased to $119 million for the three months ended March 31, 2026, compared to $149 million for the three months ended March 31, 2025. The decrease in other underwriting expenses was mainly due to the impact of the decrease in premiums earned and $21 million of transition services expense reimbursement from AIG related to the Sale of Certain Commercial Retail Insurance Renewal Rights.

<u>Corporate Expenses.</u> Corporate expenses, which are general operating expenses that are not allocated to segments, were $13 million and $7 million for the three months ended March 31, 2026 and 2025, respectively. The increase in Corporate expenses was primarily due to professional fees associated with certain corporate initiatives.

------

<u>Interest, Fees and Bond Issue Cost Amortization Expense.</u> Interest, fees and other bond amortization expense was $42 million and $44 million for the three months ended March 31, 2026 and 2025, respectively. Interest expense was mainly impacted by the movement in the floating interest rate related to the Company's long-term subordinated notes, which is reset quarterly per the note agreement, as well as variable interest rate costs on borrowings from the Federal Home Loan Bank of New York ("FHLBNY").

<u>Income Tax Expense (Benefit).</u> We had income tax expense of $95 million and $24 million for the three months ended March 31, 2026, and 2025, respectively. 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, foreign exchange gains (losses) and net gains (losses) on investments, among jurisdictions with different tax rates.

On January 20, 2025, President Trump issued a memorandum announcing that the Organisation for Economic Co-operation and Development ("OECD") framework has "no force or effect in the United States" and disavowing any commitments previously made by the United States with respect to the framework. The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are "extraterritorial or disproportionately affect American companies." The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States' response to these rules could cause uncertainties to and increases in our income taxes.

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 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.

On January 5, 2026, the OECD released Administrative Guidance containing the side-by-side (SbS) package on the OECD's global minimum tax. The SbS Administrative Guidance introduced, among other things, new safe harbors, including a SbS safe harbor for multi-national groups headquartered in certain eligible jurisdictions, now limited to the US. Qualification for this safe harbor would exempt companies from the OECD global minimum tax. We expect additional Administrative Guidance in the future providing implementation guidance on the SbS. Accordingly, the OECD's global minimum tax could be subject to further changes that will continue to cause uncertainties related to income taxes payable by our company.

**Net Income (Loss).** 

Our net income was $433 million and $100 million, for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily driven by underwriting income of $252 million, compared to underwriting loss of $226 million in 2025, and an increase in net investment income of $43 million, partially offset by net losses on investments of $30 million compared to net gains on investments of $95 million in 2025.

**Ratios.**

Our combined ratio decreased by 21.9 points to 88.0% for the three months ended March 31, 2026, compared to 109.9% for the three months ended March 31, 2025. The current year decrease is primarily due to lower current year catastrophe losses, favorable development on prior year catastrophe losses and a decrease in other underwriting expenses. For further details, please refer to the analysis of combined ratio components below.

The loss ratio component decreased by 23.2 points to 58.7% for the three months ended March 31, 2026, compared to 81.9% for the three months ended March 31, 2025 mainly due to a decrease of $426 million in current year catastrophe losses, a $128 million decrease in current year attritional losses and favorable development of prior year catastrophe losses of $64 million.

The commission and brokerage ratio components increased slightly to 23.6% for the three months ended March 31, 2026, compared to 21.4% for the three months ended March 31, 2025 primarily due to higher brokerage rates and mix of business.

The other underwriting expense ratios decreased by 0.9 points to 5.7% for the three months ended March 31, 2026, compared to 6.6% for the three months ended March 31, 2025.

------

**Stockholder's Equity.** 

Stockholder's equity increased by $234 million to $8.7 billion at March 31, 2026 from $8.5 billion at December 31, 2025, principally as a result of $433 million of net income, partially offset by $188 million of net unrealized depreciation on fixed income available for sale securities, net of tax, and $10 million of net foreign currency translation adjustments.

**Consolidated Investment Results**

**Net Investment Income.** 

Net investment income increased by 13.5% to $362 million for the three months ended March 31, 2026, compared to $318 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026 was primarily the result of an increase of $55 million in limited partnership income and an increase of $7 million in income from other alternative investments, partially offset by a decrease of $13 million in income from short-term investments and cash. The limited partnership income primarily reflects changes in their 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:

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| (Dollars in millions) | 2026 | 2025 |
| Fixed maturities | $263 | $265 |
| Equity securities | 2 | 1 |
| Short-term investments and cash | 14 | 27 |
| Other invested assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships | 46 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from preferred shares of affiliate | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 37 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income before adjustments | 370 | 322 |
| Funds held interest income (expense) |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross investment income | 370 | 326 |
| Investment expenses | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $362 | $318 |

---

(Some amounts may not reconcile due to rounding.)

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

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| | 2026 | 2025 |
| Annualized pre-tax yield on average cash and invested assets | 4.9% | 4.7% |
| Annualized after-tax yield on average cash and invested assets | 4.0% | 3.8% |

---

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (Dollars in millions) | 2026 | 2025 | Variance |
| <u>Realized gains (losses) from dispositions:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturity securities - available for sale |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains | $8 | $2 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses | (21) | (3) | (18) |
| &nbsp;&nbsp;&nbsp;Total | (13) | (1) | (12) |
| &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 |  | (1) | 1 |
| &nbsp;&nbsp;&nbsp;Equity securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses |  |  |  |
| &nbsp;&nbsp;&nbsp;Total |  |  |  |
| Total net realized gains (losses) from dispositions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains | 8 | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses | (21) | (4) | (17) |
| &nbsp;&nbsp;&nbsp;Total | (13) | (2) | (11) |
| <u>Allowance for credit losses</u> | 13 | (1) | 14 |
| <u>Gains (losses) from fair value adjustments</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity securities | (7) | (1) | (5) |
| &nbsp;&nbsp;&nbsp;Other invested assets | (23) | 99 | (123) |
| Total | (30) | 98 | (128) |
| Total net gains (losses) on investments | $(30) | $95 | $(125) |

---

(Some amounts may not reconcile due to rounding.)

Total net gains (losses) on investments during the three months ended March 31, 2026 primarily relate to net losses from fair value adjustments of $30 million and net realized losses from dispositions of investments of $13 million, offset by a $13 million decrease in allowance for credit losses.

**Segment Results.**

Our three reportable segments, Reinsurance Treaty and Global Wholesale & Specialty and Legacy, 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 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.

Effective January 1, 2026, the Company changed its reportable segments to: Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business to American International Group, Inc. This reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty Insurance businesses, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.

------

Our Legacy segment primarily includes the divested parts of our commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company's paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company's paper for finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

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, excluding the impact of reinsurance with its affiliated Bermuda entities. In the three months ended March 31, 2026, the impact of reinsurance with its affiliated Bermuda entities was an underwriting loss of $89 million that was driven by ceded written premiums of $130 million, ceded earned premiums of $89 million and no incurred losses. In the three months ended March 31, 2025, the impact of reinsurance with its affiliated Bermuda entities was an underwriting loss of $113 million which was driven by ceded written premiums of 206 million, ceded earned premiums of $116 million and ceded incurred losses and LAE of $3 million. See Note 7 of the Notes to the consolidated financial statements for further details.

------

**Reinsurance Treaty.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |
| (Dollars in millions) | 2026 | 2025 | Variance | % Change |
| Gross written premiums | $1593 | $1767 | (174) | (9.8)% |
| Net written premiums | 1393 | 1414 | (22) | (1.5)% |
| Premiums earned | $1394 | $1450 | $(56) | (3.8)% |
| Incurred losses and LAE | 673 | 1197 | (524) | (43.8)% |
| Commission and brokerage | 359 | 352 | 7 | 2.0% |
| Other underwriting expenses | 34 | 38 | (4) | (11.6)% |
| Underwriting gain (loss) | $329 | $(137) | $466 | NM |
|  |  |  |  | Point Chg |
| Loss ratio | 48.3% | 82.6% |  | (34.3) |
| Commission and brokerage ratio | 25.7% | 24.2% |  | 1.5 |
| Other underwriting expense ratio | 2.4% | 2.7% |  | (0.2) |
| Combined ratio | 76.4% | 109.5% |  | (33.0) |

---

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

<u>Premiums.</u> Gross written premiums decreased by 9.8% to $1.6 billion for the three months ended March 31, 2026 from $1.8 billion for the three months ended March 31, 2025. The decrease was primarily driven by portfolio actions on casualty pro rata business, lower reinstatement premium and declining property rates in the second half of the prior year and into the first quarter of 2026.

Net written premiums decreased by 1.5% to $1.4 billion for the three months ended March 31, 2026 from $1.4 billion for the three months ended March 31, 2025 which is consistent with the change in gross written premiums as well as impact of seasonality of Mt. Logan premium cessions.

Premiums earned decreased by 3.8% to $1.4 billion for the three months ended March 31, 2026, compared to $1.4 billion for the three months ended March 31, 2025. The change in premiums earned relative to net written premiums is the result of timing of earning in comparison with writing.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (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>2026</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $727 | 52.1 | % | $(24) | (1.7) | % | 703 | 50.4 | % |
| Catastrophes | 32 | 2.3 | % | (62) | (4.4) | % | (30) | (2.2) | % |
| Total Segment | $759 | 54.4 | % | $(86) | (6.2) | % | $673 | 48.3 | % |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $736 | 50.8 | % | $— |  | % | 736 | 50.8 | % |
| Catastrophes | 463 | 31.9 | % | (1) | (0.1) | % | 461 | 31.8 | % |
| Total Segment | $1199 | 82.7 | % | $(1) | (0.1) | % | $1197 | 82.6 | % |
| <u>Variance 2026/2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $(9) | 1.4 | pts | $(24) | (1.7) | pts | $(33) | (0.4) | pts |
| Catastrophes | (431) | (29.6) | pts | (61) | (4.3) | pts | (491) | (34.0) | pts |
| Total Segment | $(440) | (28.2) | pts | $(85) | (6.1) | pts | $(524) | (34.3) | pts |

---

------

(Some amounts may not reconcile due to rounding.)

Incurred losses decreased by 43.8% to $673 million for the three months ended March 31, 2026, compared to $1.2 billion for the three months ended March 31, 2025. The decrease was driven by a decrease of $431 million in current year catastrophe losses, an increase in favorable development on prior year catastrophe losses of $61 million, an increase of favorable development on prior year attritional losses of $24 million and a decrease of $9 million in current year attritional losses.

The decrease in current year attritional losses was mainly related to the impact of change in business mix. The increase in favorable development on prior year attritional losses of $24 million was primarily due to release of well-seasoned reserves in property lines of business.

The current year catastrophe losses of $32 million for the three months ended March 31, 2026 related primarily to 2026 Winterstorm Fern ($15 million), the 2026 U.S. Winter Weather Events ($10 million) and the 2026 Middle East Conflict ($7 million). The current year catastrophe losses of $463 million for the three months ended March 31, 2025 related primarily to the 2025 Southern California wildfires ($443 million) and Myanmar earthquake ($20 million). For the three months ended March 31, 2026, the favorable development on prior year catastrophe losses was mainly related to reserves released for various well seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business.

<u>Segment Expenses</u>. Commission and brokerage expense increased by 2.0% to $359 million for the three months ended March 31, 2026, compared to $352 million for the three months ended March 31, 2025. The increase was mainly due to changes in the mix of business. Segment other underwriting expenses decreased to $34 million for the three months ended March 31, 2026 from $38 million for the three months ended March 31, 2025. The decrease was mainly due to expense management.

**Global Wholesale & Specialty.**

The following table presents the underwriting results and ratios for the Global Wholesale & Specialty segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (Dollars in millions) | 2026 | 2025 | Variance | % Change |
| Gross written premiums | $571 | $594 | $(22) | (3.8)% |
| Net written premiums | 506 | 522 | (16) | (3.0)% |
| Premiums earned | $537 | $570 | $(33) | (5.8)% |
| Incurred losses and LAE | 336 | 374 | (39) | (10.3)% |
| Commission and brokerage | 117 | 115 | 2 | 2.1% |
| Other underwriting expenses | 60 | 43 | 17 | 39.1% |
| Underwriting gain (loss) | $24 | $37 | $(14) | (36.7)% |
|  |  |  |  | Point Chg |
| Loss ratio | 62.5% | 65.7% |  | (3.2) |
| Commission and brokerage ratio | 21.8% | 20.1% |  | 1.7 |
| Other underwriting expense ratio | 11.3% | 7.6% |  | 3.7 |
| Combined ratio | 95.6% | 93.4% |  | 2.2 |

---

(Some amounts may not reconcile due to rounding.)

(NM, not meaningful)

<u>Premiums.</u> Gross written premiums decreased by 3.8% to $571 million for the three months ended March 31, 2026, compared to $594 million for the three months ended March 31, 2025. The decrease in Global Wholesale & Specialty premiums was primarily driven by declines in property/short-tail business within the Latin America facultative businesses, partially offset with increases in accident and health and specialty lines.

Net written premiums decreased by 3.0% to $506 million for the three months ended March 31, 2026, compared to $522 million for the three months ended March 31, 2025. The decrease was in line with decreases in gross written premium in addition to underlying business mix.

------

Premiums earned decreased 5.8% to $537 million for the three months ended March 31, 2026, compared to $570 million for the three months ended March 31, 2025. 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, whereas lower base premium written in 2025 is being earned throughout the 2026 period; 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 Global Wholesale & Specialty segment for the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (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>2026</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $323 | 60.1 | % | $— |  | % | 323 | 60.1 | % |
| Catastrophes | 13 | 2.4 | % |  |  | % | 13 | 2.4 | % |
| Total Segment | $336 | 62.5 | % | $— |  | % | $336 | 62.5 | % |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $363 | 63.6 | % | $— |  | % | 363 | 63.6 | % |
| Catastrophes | 14 | 2.5 | % | (3) | (0.4) | % | 12 | 2.1 | % |
| Total Segment | $377 | 66.1 | % | $(3) | (0.4) | % | $374 | 65.7 | % |
| <u>Variance 2026/2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $(40) | (3.5) | pts | $— |  | pts | $(40) | (3.5) | pts |
| Catastrophes | (1) | (0.1) | pts | 3 | 0.4 | pts | 1 | 0.3 | pts |
| Total Segment | $(41) | (3.6) | pts | $3 | 0.4 | pts | $(39) | (3.2) | pts |

---

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 10.3% to $336 million for the three months ended March 31, 2026, compared to $374 million for the three months ended March 31, 2025. The decrease was primarily due to a decrease of $40 million in current year attritional losses and a decrease in favorable development on prior year catastrophe losses of $3 million.

The decrease in current year attritional losses was mainly related to the impact of change in business mix and decrease in earned premiums discussed above.

The $13 million of current year catastrophe losses for the three months ended March 31, 2026 related to the 2026 Winterstorm Fern ($11 million) and 2026 U.S. Winter Weather Events ($2 million). The $14 million of current year catastrophe losses for the three months ended March 31, 2025, related to 2025 Southern California wildfires.

<u>Segment Expenses</u>. Commission and brokerage increased by 2.1% to $117 million for the three months ended March 31, 2026, compared to $115 million for the three months ended March 31, 2025. The increase was mainly due to the impact of changes in the mix of business. Segment other underwriting expenses increased to $60 million for the three months ended March 31, 2026, compared to $43 million for the three months ended March 31, 2025. The increase was mainly due to investment in people and technology.

**Legacy.** 

The Legacy segment primarily includes the divested parts of our commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company's paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company's paper for finite period in 2026.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (Dollars in millions) | 2026 | 2025 | Variance | % Change |
| Gross written premiums | $59 | $396 | $(337) | (85.2)% |
| Net written premiums | 36 | 315 | (278) | (88.5)% |
| Premiums earned | $255 | $378 | $(122) | (32.4)% |
| Incurred losses and LAE | 223 | 300 | (77) | (25.7)% |
| Commission and brokerage | 19 | 23 | (4) | (18.5)% |
| Other underwriting expenses | 24 | 68 | (43) | (63.8)% |
| Underwriting gain (loss) | $(11) | $(13) | $2 | (17.6)% |

---

(Some amounts may not reconcile due to rounding.)

<u>Premiums.</u> Gross written premiums decreased by 85.2% to $59 million for the three months ended March 31, 2026, compared to $396 million for the three months ended March 31, 2025. Net written premiums decreased by 88.5% to $36 million for the three months ended March 31, 2026, compared to $315 million for the three months ended March 31, 2025. Premiums earned decreased by 32.4% to $255 million for the three months ended March 31, 2026, compared to $378 million for the three months ended March 31, 2025 mainly due to timing as portfolio actions from 2025 are earning into the current quarter. Premiums are expected to decrease as premiums earn and as the commercial retail insurance business is renewed with AIG under the previously announced renewal rights agreement.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| (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>2026</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $216 | 84.5 | % | $— |  | % | 216 | 84.5 | % |
| Catastrophes | 9 | 3.5 | % | (2) | (0.8) | % | 7 | 2.7 | % |
| Total Segment | $225 | 88.0 | % | $(2) | (0.8) | % | $223 | 87.2 | % |
| <u>2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $295 | 78.2 | % | $— |  | % | 295 | 78.1 | % |
| Catastrophes | 3 | 0.7 | % | 2 | 0.5 | % | 5 | 1.3 | % |
| Total Segment | $298 | 78.9 | % | $2 | 0.5 | % | $300 | 79.4 | % |
| <u>Variance 2026/2025</u> |  |  |  |  |  |  |  |  |  |
| Attritional | $(79) | 6.4 | pts | $— |  | pts | $(79) | 6.4 | pts |
| Catastrophes | 6 | 2.8 | pts | (4) | (1.4) | pts | 2 | 1.4 | pts |
| Total Segment | $(73) | 9.2 | pts | $(4) | (1.4) | pts | $(77) | 7.8 | pts |

---

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 25.7% to $223 million for the three months ended March 31, 2026, compared to $300 million for the three months ended March 31, 2025. The decrease was due to a decrease of $79 million in current year attritional losses, partially offset by an increase of $6 million in current year catastrophe losses.

The decrease in current year attritional loss ratio is primarily driven by a decrease in earned premium partially offset by higher loss selections within the North America Casualty lines of business. The $9 million of current year catastrophe losses for the three months ended March 31, 2026 related to the 2026 U.S. Winter Weather Events ($7 million) and 2026 Winterstorm Fern ($2 million). The $3 million of current year catastrophe losses for the three months ended March 31, 2025, related to 2025 Southern California wildfires.

<u>Segment Expenses</u>. Commission and brokerage decreased by 18.5% to $19 million for the three months ended March 31, 2026, compared to $23 million for the three months ended March 31, 2025. The decrease was mainly due to the decrease in premiums earned, due to the lines of business included in this segment primarily being in run-off. Segment

------

other underwriting expenses decreased to $24 million for the three months ended March 31, 2026, compared to $68 million for the three months ended March 31, 2025. The decrease in other underwriting expenses is driven by the recognition of transition services expense reimbursement from AIG related to the Sale of Commercial Retail Insurance Renewal Rights in certain geographic regions.

**LIQUIDITY AND CAPITAL RESOURCES** 

<u>Capital.</u> Stockholder's equity at March 31, 2026 and December 31, 2025 was $8.7 billion and $8.5 billion, respectively. Management's objective in managing capital is to ensure its 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 main operating company, Everest Re, is regulated by the State of Delaware's Department of Insurance. The regulatory body has its 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.

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

---

| | | |
|:---|:---|:---|
| | Everest Re <sup>(1)</sup> | Everest Re <sup>(1)</sup> |
| | At December 31, | At December 31, |
| (Dollars in millions) | 2025 | 2024 |
| Actual capital | $8856 | $8126 |
| Regulatory targeted capital | $5119 | $4799 |

---

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

Our financial strength ratings, as determined by A.M. Best, Standard & Poor's 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 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.

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 $124 million and $332 million for the three months ended March 31, 2026 and 2025, 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 reinsurance and 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.

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 March 31, 2026 and December 31, 2025, we held cash and short-term investments of $1.6 billion and $2.1 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 March 31, 2026, we had $658 million of fixed maturity securities - available for sale maturing within one year or less, $4.8 billion maturing within one to five years and $4.7 billion maturing

------

after five years. We believe that these fixed maturity securities, in conjunction with the short-term 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 March 31, 2026, we had $223 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $410 million of pre-tax unrealized depreciation and $187 million of pre-tax unrealized appreciation.

Management generally expects annual positive cash flow from operations, which reflects the strength of overall pricing, as well as the growth in business written. However, given the reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines and catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as claim payments are made. However, as indicated above, the Company has access to ample liquidity to settle its claims including any payments due for its catastrophe bond program.

In addition to our cash flows from operations and liquid investments, Everest Re is a member of the FHLBNY, which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of March 31, 2026, Everest Re had statutory admitted assets of approximately $32.1 billion which provides borrowing capacity of up to approximately $3.2 billion. As of March 31, 2026, Everest Re had $1.0 billion of borrowings outstanding that begin to expire in 2026. See Note 9 – Federal Home Loan Bank Membership to the Notes to the consolidated financial statements in Part I, Item I of this Form 10-Q for further details.

**Market Sensitive Instruments.**

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 $29.0 billion cash and invested assets portfolio at March 31, 2026 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 $6.6 billion of mortgage-backed securities in the $21.8 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 fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $1.2 billion of short-term investments) for the period indicated based on upward and downward parallel shifts of 100 and 200 basis points in interest rates. The market value change under the various interest rate change scenarios was estimated by taking duration into account, with modeling done at the individual security level.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Impact of Interest Rate Shift in Basis Points<br>At March 31, 2026 | Impact of Interest Rate Shift in Basis Points<br>At March 31, 2026 | Impact of Interest Rate Shift in Basis Points<br>At March 31, 2026 | Impact of Interest Rate Shift in Basis Points<br>At March 31, 2026 | Impact of Interest Rate Shift in Basis Points<br>At March 31, 2026 |
| | -200 | -100 | 0 | 100 | 200 |
| (Dollars in millions) |  |  |  |  |  |
| Total Fair Value | $24648 | $23871 | $23044 | $22167 | $21241 |
| Fair Value Change from Base (%) | 7.0% | 3.6% | —% | (3.8)% | (7.8)% |
| Change in Unrealized Appreciation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After-tax from Base ($) | $1267 | $653 | $— | $(692) | $(1424) |

---

We had $21.3 billion and $21.3 billion of gross reserves for losses and LAE as of March 31, 2026 and December 31, 2025, 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 that is reasonably consistent with our fixed income portfolio.

<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. 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 its local currency, as well as the currency of other countries in which it operates. The primary foreign currency exposures for these operations are the Singapore and Canadian Dollars. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with U.S. 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.

------

**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 status 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, 2025.

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

None.

**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 March 31, 2026.

Mark Kociancic, the Company's prior Executive Vice President and Chief Financial Officer, retired from his role on April 30, 2026. During the transition period between Mr. Kociancic's retirement and the effectiveness of the appointment of Elias Habayeb as Executive Vice President and Chief Financial Officer, the Company's Senior Vice President and Chief Accounting Officer, Robert J. Freiling, is the Company's Principal Financial Officer. Mr. Freiling, age 58, has served as the Company's Senior Vice President and Chief Accounting Officer since July 2022. He has served as Group's Senior Vice President and Chief Accounting Officer since August 2021. Prior to that, he served as Group's Deputy Controller.

------

**ITEM 6. EXHIBITS** 

---

| | |
|:---|:---|
| Exhibit Index: | Exhibit Index: |
| Exhibit No. | Description |
| 31.1 | <u>[Section 302 Certification of James Williamson](eg-20260331xexx311holdings.htm)</u> |
| 31.2 | <u>[Section 302 Certification of Robert J. Freiling](eg-20260331xexx312holdings.htm)</u> |
| 32.1 | <u>[Section 906 Certification of James Williamson and Robert J. Freiling](eg-20260331xexx321holdings.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) |

---

------

Everest Reinsurance Holdings, Inc.

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 Reinsurance Holdings, Inc.<br>(Registrant)<br>/S/ ROBERT J. FREILING |
| | Robert J. Freiling |
| | Senior Vice President and  |
| | &nbsp;&nbsp;&nbsp;Chief Accounting Officer |
| | (Duly Authorized Officer) |
| Dated: May 15, 2026 | |

---

## Exhibit 31.1

Exhibit 31.1

CERTIFICATIONS

I, James Williamson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;

&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;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;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;(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;(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;(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;(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;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;(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;(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.

May 15, 2026

---

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

---

## Exhibit 31.2

Exhibit 31.2

CERTIFICATIONS

I, Robert J. Freiling, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;

&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;(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;(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;(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;(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;(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;(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.

May 15, 2026

---

| |
|:---|
| /S/ ROBERT J. FREILING |
| &nbsp;&nbsp;Robert J. Freiling |
| &nbsp;&nbsp;Senior Vice President and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Accounting 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 March 31, 2026 of Everest Reinsurance Holdings, Inc., a corporation organized under the laws of Delaware (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.

May 15, 2026

---

| |
|:---|
| /S/ JAMES WILLIAMSON |
| James Williamson |
| President and  |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer |
| /S/ ROBERT J. FREILING |
| Robert J. Freiling |
| Senior Vice President and |
| &nbsp;&nbsp;&nbsp;Chief Accounting Officer |

---

<br>