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目錄
美國
證券交易委員會
華盛頓特區20549
表格 10-Q
X
根據1934年證券交易法第13或第15(d)條規定的季度報告
截至季度結束日期的財務報告2024年9月30日
根據1934年證券交易法第13或15(d)條款的過渡報告
佣金文件號 1-15731
EVEREST GROUP，有限公司。
(根據其章程規定的註冊人準確名稱)
百慕大98-0365432
（註冊或組織的）州或其他司法轄區
公司成立或組織）
（聯邦稅號
唯一識別號碼）
Seon Place – 4樓
141號前街
郵政信箱 Hm 845
漢密爾頓 百慕大
Hm 19
，（主要行政辦公地址）
(郵政編碼)
441-295-0006
(註冊人電話號碼，包括區號)
不適用
（如果自上次報告以來發生了變化，則以前的姓名、以前的地址和以前的財政年度）
依據證券交易法案12(b)條註冊的證券：
班級
交易代碼
註冊交易所名稱
普通股股份，面值0.01美元
EG
請使用moomoo賬號登錄查看New York Stock Exchange
請勾選以下項目:（1）註冊人已在過去12個月內（或註冊人必須提交此類報告的更短期限內）提交了1934年證券交易協定第13或15（d）節規定的所有報告： 此類報告要求，並且（2）在過去90天內一直受到此類報告要求的要求。
YesXNo
在檢查標記中表明註冊人是否已經在過去的12個月內（或者爲註冊人需要提交這些文件的較短期間）根據S-T法規405規定，遞交了每個互動數據文件。
YesXNo
請用複選標記指示登記者是否是大型加速報告人、加速報告人、非加速報告人、較小的報告公司或新興成長公司。請參閱《交易所法案》第120億.2條中「大型加速報告人」、「加速報告人」、「較小的報告公司」和「新興成長公司」的定義。
大型加速存取器X加速文件提交人
非加速文件提交人
較小的報告公司
新興成長公司
如果註冊者爲新興成長公司，請勾選是否選擇不使用根據證券交易所法案第13(a)條規定提供的符合任何新的或修訂後的財務會計準則的延長過渡期。
遵守根據《交易所法》第13(a)條提供的任何新的或修訂後的財務會計準則。☐
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是的
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請註明在最新適用日期時本發行人每種普通股的流通股數。
班級
2024年10月29日股份總數
普通股股份，面值0.01美元
42,978,585
            

目錄
EVEREST GROUP，有限公司。
目錄
10-Q表格
綜合損益表 三個和九個月份結束時2024年9月30日 和 2023（未經審計）
Consolidated Statements of Cash Flows for the 公司已發行2019 ESPP下的股票，截至 和 2023（未經審計）

目錄
安全港披露。
本報告包含根據1995年美國《私人證券訴訟改革法案》和其他美國聯邦證券法的涉及前瞻性陳述。 我們希望這些前瞻性陳述受到美國聯邦證券法中有關前瞻性陳述的安全港條款的保護。 在某些情況下，可以通過使用「可能」、「將」、「應該」、「可能」，「預示」，「估計」，「預計」，「計劃」，「相信」，「預測」，「潛在性」和「打算」等前瞻性詞語來識別這些陳述。 前瞻性陳述僅反映我們的期望，不是業績的擔保。 這些陳述涉及風險，不確定性和假設。 實際事件或結果可能與前瞻性陳述中表達的有所不同。 可能導致實際事件或結果與我們的前瞻性陳述有實質不同的重要因素在我們向美國證券交易委員會（「SEC」）提交的文件中討論，包括但不限於我們最新年度報告Form 10-k中的標題「項目1A - 風險因素」下所述（Form 10-k提交） 。這些包括：
•災難事件對我們的財務結果的影響；
•超出我們預測的災難暴露風險造成的損失;
•有關我們的損失準備和損失調整費用（「LAE」）的信息；
•我們所承保的業務出現了超出預期的賠款率，並且我們的保險和再保險子公司所承保的業務出現了索賠或索賠費用責任的不利發展；
•我們未能準確評估承保風險並制定足夠的保費率；
•財產和意外再保險以及保險價格下降；
•我們未能購買或未能購買再保險的失敗；
•我們有能力保持我們的財務實力評級；
•我們的被保險人、中間人和再保險人未能履行它們對我們的義務。
•由於暴露於金融市場條件，我們的投資價值和投資收入出現下降。
•未能保持足夠現金以滿足近期財務義務的失敗；
•我們支付分紅、利息和本金的能力取決於我們從控股公司結構中的子公司收到分紅、貸款償還和其他所有基金類型的能力；
•由於外匯兌換損失導致淨利潤和資本水平下降；
•我們對意外通脹水平的敏感性；
•國內或外國政府採取的措施對我們業務的影響;
•我們保留關鍵高管的能力，並吸引或留住管理業務所必需的高管和員工。
•網絡安全概念風險，包括技術違規或失敗，以及與網絡安全相關的監管和立法發展對我們的業務產生的影響;
•我們對經紀人和代理的業務拓展依賴程度；
•決策中使用的分析模型與實際結果的材料變化;
•業務延續風險對我們業務的影響；
•高度競爭的行業板塊對我們業務的影響，包括新進入者、競爭產品以及保險行業的整合效應；
•an anti-takeover effect caused by insurance laws and provisions in the bye-laws of Group (as defined in Part I below);
•the difficulty investors in Group may have in protecting their interests compared to investors in a U.S. corporation;
•our failure to comply with insurance laws and regulations and other regulatory challenges;
•the ability of Bermuda Re (as defined in Part I below) to obtain licenses or admittance in additional jurisdictions to develop its business;
•the ability of Bermuda Re to arrange for security to back its reinsurance impacting its ability to write reinsurance;
•changes in international and U.S. tax laws;
•the effect on Group and/or Bermuda Re should it/they become subject to taxes in jurisdictions where not currently subject to taxation; and
•the ability of Everest Re, Holdings, and Holdings Ireland (each, as defined in Part I below), Everest Dublin Insurance Holdings Limited (Ireland), Bermuda Re and Everest International Reinsurance, Ltd. to pay dividends.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Table of Contents
PART I.    FINANCIAL INFORMATION
ITEM 1.     FINANCIAL STATEMENTS
EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
September 30,December 31,
(In millions of U.S. dollars, except par value per share)20242023
(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value$30,479 $27,740 
(amortized cost: 2024, $30,753; 2023, $28,568, credit allowances: 2024, $(51); 2023, $(48))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2024, $799; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8))
780 855 
Equity securities, at fair value230 188 
Other invested assets5,071 4,794 
Short-term investments 3,931 2,127 
Cash1,599 1,437 
Total investments and cash42,090 37,142 
Accrued investment income380 324 
Premiums receivable (net of credit allowances: 2024, $(51); 2023, $(41))
5,372 4,768 
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(31); 2023, $(26))
239 164 
Reinsurance unpaid loss recoverables 2,276 2,098 
Funds held by reinsureds1,229 1,135 
Deferred acquisition costs1,475 1,247 
Prepaid reinsurance premiums952 713 
Income tax asset, net863 868 
Other assets (net of credit allowances: 2024, $(9); 2023, $(9))
986 941 
TOTAL ASSETS$55,864 $49,399 
LIABILITIES:
Reserve for losses and loss adjustment expenses$27,480 $24,604 
Unearned premium reserve7,462 6,622 
Funds held under reinsurance treaties16 24 
Amounts due to reinsurers979 650 
Losses in course of payment259 171 
Senior notes2,350 2,349 
Long-term notes218 218 
Borrowings from FHLB819 819 
Accrued interest on debt and borrowings43 22 
Unsettled securities payable434 137 
Other liabilities469 582 
Total liabilities40,529 36,197 
Commitments and contingencies (Note 11)
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding
— — 
Common shares, par value: $0.01; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2
outstanding before treasury shares1 1 
Additional paid-in capital3,799 3,773 
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(28) at 2024 and $(99) at 2023
(344)(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)
(4,108)(3,908)
Retained earnings15,988 14,270 
Total shareholders' equity 15,335 13,202 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$55,864 $49,399 
The accompanying notes are an integral part of the consolidated financial statements.
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EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions of U.S. dollars, except per share amounts)2024202320242023
(unaudited)(unaudited)
REVENUES:
Premiums earned$3,918 $3,513 $11,262 $9,865 
Net investment income496 406 1,481 1,023 
Net gains (losses) on investments(27)(31)(50)(21)
Other income (expense)(102)103 (48)61 
Total revenues4,285 3,991 12,645 10,927 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses2,584 2,246 7,132 6,173 
Commission, brokerage, taxes and fees826 752 2,398 2,099 
Other underwriting expenses236 215 694 620 
Corporate expenses25 19 69 55 
Interest, fees and bond issue cost amortization expense38 34 112 99 
Total claims and expenses3,708 3,266 10,404 9,045 
INCOME (LOSS) BEFORE TAXES577 725 2,241 1,883 
Income tax expense (benefit)68 47 275 169 
NET INCOME (LOSS)$509 $678 $1,966 $1,713 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period704 (257)477 (180)
Reclassification adjustment for realized losses (gains) included in net income (loss)30 15 44 21 
Total URA(D) of securities arising during the period734 (242)521 (159)
Foreign currency translation and other adjustments83 (47)45 (17)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)— — 24 1 
Total benefit plan net gain (loss) for the period— — 24 1 
Total other comprehensive income (loss), net of tax816 (288)590 (175)
COMPREHENSIVE INCOME (LOSS)$1,325 $390 $2,556 $1,538 
EARNINGS PER COMMON SHARE:
Basic$11.80 $15.63 $45.40 $41.49 
Diluted11.80 15.63 45.40 41.49 
The accompanying notes are an integral part of the consolidated financial statements.
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EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions of U.S. dollars, except dividends per share amounts)2024202320242023
(unaudited)(unaudited)
COMMON SHARES (shares outstanding):
Balance beginning of period43.3 43.4 43.4 39.2 
Issued (redeemed) during the period, net— — 0.1 4.2 
Treasury shares acquired(0.3)— (0.5)— 
Balance end of period 43.0 43.4 43.0 43.4 
COMMON SHARES (par value):
Balance beginning of period$1 $1 $1 $1 
Issued during the period, net— — — — 
Balance end of period 1 1 1 1 
ADDITIONAL PAID-IN CAPITAL:
Balance beginning of period3,785 3,753 3,773 2,302 
Public offering of shares— — — 1,445 
Share-based compensation plans14 9 26 15 
Balance end of period 3,799 3,762 3,799 3,762 
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
Balance beginning of period(1,160)(1,883)(934)(1,996)
Net increase (decrease) during the period816 (288)590 (175)
Balance end of period (344)(2,171)(344)(2,171)
RETAINED EARNINGS:
Balance beginning of period15,565 12,940 14,270 12,042 
Net income (loss) 509 678 1,966 1,713 
Dividends declared ($2.00 per share in 3Q 2024 and $5.75 per share YTD in 2024;
$1.75 per share in 3Q 2023 and $5.05 per share YTD in 2023)
(86)(76)(249)(212)
Balance, end of period15,988 13,542 15,988 13,542 
TREASURY SHARES AT COST:
Balance beginning of period(4,008)(3,908)(3,908)(3,908)
Purchase of treasury shares(100)— (200)— 
Balance end of period (4,108)(3,908)(4,108)(3,908)
TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD$15,335 $11,226 $15,335 $11,226 
The accompanying notes are an integral part of the consolidated financial statements.
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EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
(In millions of U.S. dollars)20242023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$1,966 $1,713 
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable(529)(812)
Decrease (increase) in funds held by reinsureds, net(99)(26)
Decrease (increase) in reinsurance recoverables(112)(186)
Decrease (increase) in income taxes(65)(18)
Decrease (increase) in prepaid reinsurance premiums(201)(153)
Increase (decrease) in reserve for losses and loss adjustment expenses2,605 1,768 
Increase (decrease) in unearned premiums767 1,157 
Increase (decrease) in amounts due to reinsurers278 233 
Increase (decrease) in losses in course of payment86 258 
Change in equity adjustments in limited partnerships(236)(124)
Distribution of limited partnership income106 81 
Change in other assets and liabilities, net(376)(377)
Non-cash compensation expense 49 37 
Amortization of bond premium (accrual of bond discount)(113)(35)
Net (gains) losses on investments50 21 
Net cash provided by (used in) operating activities4,177 3,536 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale2,692 1,686 
Proceeds from fixed maturities sold - available for sale4,322 468 
Proceeds from fixed maturities matured/called/repaid - held to maturity129 81 
Proceeds from equity securities sold15 126 
Distributions from other invested assets289 189 
Cost of fixed maturities acquired - available for sale(9,069)(5,311)
Cost of fixed maturities acquired - held to maturity(46)(23)
Cost of equity securities acquired(35)(3)
Cost of other invested assets acquired(438)(422)
Net change in short-term investments(1,724)(1,338)
Net change in unsettled securities transactions321 202 
Net cash provided by (used in) investing activities(3,545)(4,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense(23)(22)
Proceeds from public offering of common shares— 1,445 
Purchase of treasury shares(200)— 
Dividends paid to shareholders(249)(212)
Cost of shares withheld on settlements of share-based compensation awards(23)(22)
Net cash provided by (used in) financing activities(495)1,188 
EFFECT OF EXCHANGE RATE CHANGES ON CASH25 (12)
Net increase (decrease) in cash162 367 
Cash, beginning of period1,437 1,398 
Cash, end of period$1,599 $1,765 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)$340 $185 
Interest paid 90 75 
NON-CASH TRANSACTIONS:
Non-cash limited partnership distribution$23 $— 
The accompanying notes are an integral part of the consolidated financial statements.
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NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
For the Three and Nine Months Ended September 30, 2024 and 2023
1.GENERAL
Everest Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and other international markets. As used in this document, “Company” and “Everest” mean Group and its subsidiaries.
Unless noted otherwise, all tabular dollar amounts are in millions of United States (“U.S.”) dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.
2.BASIS OF PRESENTATION
The unaudited consolidated financial statements of the Company as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 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, 2023 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2024 and 2023 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, 2023, 2022 and 2021, 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.
Adoption of New Accounting Standards
The Company did not adopt any new accounting standards that had a material impact during the three and nine months ended September 30, 2024.
Future Adoption of Recently Issued Accounting Standards
The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 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 2024. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.
Improvements to Income Tax Disclosures. In December 2023, the FASB issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
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Table of Contents
3.INVESTMENTS
The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:
At September 30, 2024
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - available for sale
  U.S. Treasury securities and obligations of
  U.S. government agencies and corporations$742 $— $2 $(35)709 
Obligations of U.S. states and political subdivisions87 — 1 (4)84 
Corporate Securities8,257 (50)203 (215)8,195 
Asset-backed Securities5,900 — 35 (20)5,915 
Mortgage-backed securities
Commercial990 — 4 (56)937 
Agency Residential4,662 — 67 (173)4,556 
Non-agency Residential1,325 — 34 — 1,359 
Foreign government securities2,388 — 46 (96)2,338 
Foreign corporate securities6,401 — 178 (193)6,386 
Total fixed maturity securities - available for sale$30,753 $(51)$570 $(793)$30,479 
(Some amounts may not reconcile due to rounding.)
At December 31, 2023
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - available for sale
 U.S. Treasury securities and obligations of
 U.S. government agencies and corporations$1,045 $— $3 $(52)$996 
Obligations of U.S. states and political subdivisions138 — 1 (11)128 
Corporate securities7,587 (47)135 (322)7,353 
Asset-backed securities5,644 — 25 (51)5,618 
Mortgage-backed securities
Commercial1,091 — 1 (92)1,000 
Agency residential4,869 — 55 (229)4,695 
Non-agency residential431 — 14 (2)443 
Foreign government securities2,042 — 33 (108)1,967 
Foreign corporate securities5,720 (1)92 (271)5,540 
Total fixed maturity securities - available for sale$28,568 $(48)$358 $(1,137)$27,740 
(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 September 30, 2024
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - held to maturity
Corporate Securities$182 $(2)$8 $(1)$187 
Asset-backed Securities501 (5)8 (4)501 
Mortgage-backed securities
Commercial21 — — — 21 
Foreign corporate securities84 (1)9 — 91 
Total fixed maturity securities - held to maturity$788 (8)$24 $(5)$799 
(Some amounts may not reconcile due to rounding.)
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At December 31, 2023
(Dollars in millions)Amortized
Cost		Allowance for
Credit Losses		Unrealized
Appreciation		Unrealized
Depreciation		Fair
Value
Fixed maturity securities - held to maturity
Corporate Securities$150 $(2)$1 $(3)$146 
Asset-backed Securities609 (5)4 (10)597 
Mortgage-backed securities
Commercial21 — — — 21 
Foreign corporate securities84 (1)7 — 90 
Total fixed maturity securities - held to maturity$864 $(8)$12 $(13)$854 
(Some amounts may not reconcile due to rounding.)
The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.
At September 30, 2024At December 31, 2023
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Fixed maturity securities – available for sale
Due in one year or less$1,047 $1,014 $1,289 $1,261 
Due after one year through five years8,742 8,686 7,094 6,858 
Due after five years through ten years5,907 5,865 5,613 5,405 
Due after ten years2,180 2,146 2,537 2,460 
Asset-backed securities5,900 5,915 5,644 5,618 
Mortgage-backed securities
Commercial990 937 1,091 1,000 
Agency residential4,662 4,556 4,869 4,695 
Non-agency residential1,325 1,359 431 443 
Total fixed maturity securities - available for sale$30,753 $30,479 $28,568 $27,740 
(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 September 30, 2024At December 31, 2023
(Dollars in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Fixed maturity securities – held to maturity
Due in one year or less$12 $12 $5 $5 
Due after one year through five years67 68 59 58 
Due after five years through ten years37 37 43 42 
Due after ten years150 161 127 131 
Asset-backed securities501 501 609 597 
Mortgage-backed securities
Commercial21 21 21 21 
Total fixed maturity securities - held to maturity$788 $799 $864 $854 
(Some amounts may not reconcile due to rounding.)
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The changes in net URA(D) for the Company’s investments are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Increase (decrease) during the period between the fair value and cost of
investments carried at fair value, and deferred taxes thereon:
Fixed maturity securities - available for sale and short-term investments$840 $(264)$563 $(180)
Equity method securities18 — 18 — 
Change in URA(D), pre-tax857 (264)581 (180)
Deferred tax benefit (expense)(123)22 (60)20 
Change in URA(D), net of deferred taxes, included in shareholders’ equity$734 $(242)$521 $(159)
(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 September 30, 2024 by Security Type
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations$161 $(8)$464 $(27)$625 $(35)
Obligations of U.S. states and political subdivisions1 — 41 (4)42 (4)
Corporate securities761 (21)2,322 (193)3,083 (214)
Asset-backed securities268 (2)565 (18)833 (20)
Mortgage-backed securities
Commercial155 (11)679 (45)834 (56)
Agency residential645 (49)1,377 (124)2,022 (173)
Non-agency residential37 — 25 — 63 — 
Foreign government securities219 (10)858 (86)1,076 (96)
Foreign corporate securities406 (10)1,994 (183)2,400 (193)
Total$2,654 $(111)$8,324 $(681)$10,978 $(792)
Securities where an allowance for credit loss was recorded1 — — (1)1 (1)
Total fixed maturity securities - available for sale$2,655 $(111)$8,324 $(682)$10,979 $(793)
(Some amounts may not reconcile due to rounding.)
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Duration of Unrealized Loss at September 30, 2024 by Maturity
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
Due in one year or less$205 $(7)$520 $(28)$725 $(35)
Due in one year through five years985 (27)2,946 (190)3,931 (217)
Due in five years through ten years235 (12)1,651 (206)1,885 (218)
Due after ten years124 (2)562 (69)686 (72)
Asset-backed securities268 (2)565 (18)833 (20)
Mortgage-backed securities838 (61)2,081 (169)2,919 (230)
Total$2,654 $(111)$8,324 $(681)$10,978 $(792)
Securities where an allowance for credit loss was recorded1 — — (1)1 (1)
Total fixed maturity securities - available for sale$2,655 $(111)$8,324 $(682)$10,979 $(793)
(Some amounts may not reconcile due to rounding.)
The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at September 30, 2024 were $11.0 billion and $793 million, respectively. The fair value of securities for the single issuer (the U.S. government), whose securities comprised the largest unrealized loss position at September 30, 2024, amounted to less than 2.0% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at September 30, 2024 comprised less than 0.3% 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 $111 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, agency residential and commercial mortgage-backed securities and foreign government securities. Of these unrealized losses, $108 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $682 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential and commercial mortgage-backed securities and foreign government securities. Of these unrealized losses, $659 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of September 30, 2024, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.
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The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:
Duration of Unrealized Loss at December 31, 2023 by Security Type
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations$122 $(3)$772 $(49)$893 $(52)
Obligations of U.S. states and political subdivisions3 — 74 (11)77 (11)
Corporate securities1,019 (58)2,780 (263)3,799 (321)
Asset-backed securities196 (2)2,014 (49)2,210 (51)
Mortgage-backed securities
Commercial181 (19)742 (73)923 (92)
Agency residential423 (4)2,126 (225)2,549 (229)
Non-agency residential126 (1)4 — 130 — 
Foreign government securities172 (7)985 (101)1,156 (108)
Foreign corporate securities324 (6)2,726 (265)3,050 (271)
Total$2,564 $(101)$12,222 $(1,035)$14,787 $(1,136)
Securities where an allowance for credit loss was recorded2 (1)— — 2 (1)
Total fixed maturity securities - available for sale$2,566 $(102)$12,222 $(1,035)$14,789 $(1,137)
(Some amounts may not reconcile due to rounding.)
Duration of Unrealized Loss at December 31, 2023 by Maturity
Less than 12 monthsGreater than 12 monthsTotal
(Dollars in millions)Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation		Fair ValueGross
Unrealized
Depreciation
Fixed maturity securities - available for sale
Due in one year or less$184 $(3)$773 $(30)$958 $(33)
Due in one year through five years699 (18)3,841 (271)4,540 (289)
Due in five years through ten years328 (15)2,306 (310)2,633 (325)
Due after ten years429 (39)417 (77)845 (116)
Asset-backed securities196 (2)2,014 (49)2,210 (51)
Mortgage-backed securities729 (24)2,872 (298)3,601 (323)
Total$2,564 $(101)$12,222 $(1,035)$14,787 $(1,136)
Securities where an allowance for credit loss was recorded2 (1)— — 2 (1)
Total fixed maturity securities - available for sale$2,566 $(102)$12,222 $(1,035)$14,789 $(1,137)
(Some amounts may not reconcile due to rounding.)
The aggregate fair value and gross unrealized losses related to fixed maturity - available for sale investments in an unrealized loss position at December 31, 2023 were $14.8 billion and $1.1 billion, respectively. The fair value of securities for the single issuer (the U.S. government), whose securities comprised the largest unrealized loss position at December 31, 2023, amounted to less than 3.0% 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 0.7% 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 $102 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $86 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $1.0 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed
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securities and foreign government securities. Of these unrealized losses, $1.0 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.
The components of net investment income are presented in the table below for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Fixed maturities$378 $299 $1,099 $822 
Equity securities1 1 3 3 
Short-term investments and cash54 41 135 92 
Other invested assets
Limited partnerships36 60 183 98 
Other 36 15 85 42 
Gross investment income before adjustments 504 416 1,506 1,056 
Funds held interest income (expense)5 5 20 7 
Future policy benefit reserve income (expense)1 — — (1)
Gross investment income 510 420 1,525 1,063 
Investment expenses 13 14 44 41 
Net investment income$496 $406 $1,481 $1,023 
(Some amounts may not reconcile due to rounding.)
The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“NAVs”) of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.
The Company had contractual commitments to invest up to an additional $2.9 billion in limited partnerships and private placement loan securities at September 30, 2024. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2034.
In 2022, the Company entered into 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 $1.4 billion and $1.3 billion as of September 30, 2024 and December 31, 2023, respectively.
Variable Interest Entities
The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs, primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements. As of September 30, 2024 and December 31, 2023, the Company did not hold any securities for which it is the primary beneficiary.
The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of September 30, 2024 and December 31, 2023 is limited to the total carrying value of $5.1 billion and $4.8 billion, respectively, which are included in general and limited
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partnerships, COLI policies and other alternative investments in other invested assets in the Company's consolidated balance sheets. Exposure relating specifically to general and limited partnerships as of September 30, 2024 and December 31, 2023 is limited to the total carrying value of $3.7 billion and $3.4 billion. As of September 30, 2024, the Company has outstanding commitments totaling $2.1 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.
In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations, and are classified as fixed maturities, available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, credit subordination that reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.
The components of net gains (losses) on investments are presented in the table below for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Fixed maturity securities
Allowance for credit losses$(9)$2 $(3)$(6)
Net realized gains (losses) from dispositions(25)(19)(47)(21)
Equity securities, fair value
Net realized gains (losses) from dispositions— 1 1 8 
Gains (losses) from fair value adjustments5 (16)(3)(3)
Other invested assets1 — — — 
Total net gains (losses) on investments$(27)$(31)$(50)$(21)
(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
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)Corporate
Securities		Foreign
Corporate
Securities		TotalCorporate
Securities		Foreign
Corporate
Securities		Total
Beginning balance$(42)$— $(42)$(47)$(1)$(48)
Credit losses on securities where credit
losses were not previously recorded(9)— (9)(9)— (9)
Increases in allowance on previously
impaired securities— — — — — — 
Decreases in allowance on previously
impaired securities— — — — — — 
Reduction in allowance due to disposals— — — 5 1 6 
Balance, end of period$(50)$— $(51)$(50)$— $(51)
(Some amounts may not reconcile due to rounding.)
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Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(Dollars in millions)Corporate
Securities		MunicipalsForeign
Corporate
Securities		TotalCorporate
Securities		MunicipalsForeign
Corporate
Securities		Total
Beginning balance$(56)$— $(7)$(63)$(45)$— $(10)$(54)
Credit losses on securities where credit
losses were not previously recorded(3)— — (3)(17)— — (17)
Increases in allowance on previously
impaired securities— — — — — — — — 
Decreases in allowance on previously
impaired securities— — — — — — — — 
Reduction in allowance due to disposals2 — 4 6 6 — 6 12 
Balance, end of period$(57)(1)$(3)$(60)$(57)$(1)$(3)$(60)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		TotalCorporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
Beginning balance$(2)$(5)$(1)$(8)$(2)$(5)$(1)$(8)
Credit losses on securities where credit
losses were not previously recorded— — — — — — (1)(1)
Increases in allowance on previously
impaired securities— — — — — — — — 
Decreases in allowance on previously
impaired securities— — — — — — — — 
Reduction in allowance due to disposals— — — — — 1 — 1 
Balance, end of period$(2)$(5)$(1)$(8)$(2)$(5)$(1)$(8)
(Some amounts may not reconcile due to rounding.)
Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		TotalCorporate
Securities		Asset-Backed
Securities		Foreign
Corporate
Securities		Total
Beginning balance$(2)$(6)$(1)(8)$(2)$(6)$(1)$(9)
Credit losses on securities where credit
losses were not previously recorded— — — — — — — — 
Increases in allowance on previously
impaired securities— — — — — — — — 
Decreases in allowance on previously
impaired securities— — — — — — — — 
Reduction in allowance due to disposals— — — — — — — — 
Balance, end of period(2)(5)$(1)$(8)$(2)$(5)$(1)$(8)
(Some amounts may not reconcile due to rounding.)
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The proceeds and split between gross gains and losses from dispositions of fixed maturity securities - available for sale and equity securities are presented in the table below for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Proceeds from sales of fixed maturity securities - available for sale$3,237 $300 $4,322 $468 
Gross gains from dispositions59 4 86 21 
Gross losses from dispositions(84)(23)(133)(42)
Proceeds from sales of equity securities$— $80 $15 $126 
Gross gains from dispositions— 2 2 8 
Gross losses from dispositions— — — — 
(Some amounts may not reconcile due to rounding.)
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 September 30, 2024, $2.1 billion 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
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independent third party valuations. At December 31, 2023, $2.0 billion of fixed maturities were fair valued using unobservable inputs.
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 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 and public utility bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;
•Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;
•Foreign government securities are comprised of global non-U.S. sovereign bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and
•Foreign corporate securities are comprised of global non-U.S. corporate bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.
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The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:
Fair Value Measurement Using
September 30, 2024Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(Dollars in millions)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government
agencies and corporations$709 $— $709 $— 
Obligations of U.S. States and political subdivisions84 — 84 — 
Corporate securities8,195 — 7,646 549 
Asset-backed securities5,915 — 4,396 1,519 
Mortgage-backed securities
Commercial937 — 937 — 
Agency residential4,556 — 4,556 — 
Non-agency residential1,359 — 1,359 — 
Foreign government securities2,338 — 2,338 — 
Foreign corporate securities6,386 — 6,372 14 
Total fixed maturities - available for sale30,479 — 28,397 2,082 
Equity securities, fair value230 72 153 5 
(Some amounts may not reconcile due to rounding.)
Fair Value Measurement Using
(Dollars in millions)December 31, 2023Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Fixed maturities - available for sale
U.S. Treasury securities and obligations of U.S. government
agencies and corporations$996 $— $996 $— 
Obligations of U.S. States and political subdivisions128 — 128 — 
Corporate securities7,353 — 6,681 672 
Asset-backed securities5,618 — 4,313 1,305 
Mortgage-backed securities
Commercial1,000 — 1,000 — 
Agency residential4,695 — 4,695 — 
Non-agency residential443 — 443 — 
Foreign government securities1,967 — 1,967 — 
Foreign corporate securities5,540 — 5,524 16 
Total fixed maturities - available for sale27,740 — 25,747 1,993 
Equity securities, fair value188 70 118 — 
(Some amounts may not reconcile due to rounding.)
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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
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate		TotalCorporate
Securities		Asset-Backed
Securities		Foreign
Corporate		Total
Beginning balance of fixed maturities$589 $1,442 $14 $2,045 $672 $1,305 $16 $1,993 
Total gains or (losses) (realized/unrealized)
Included in earnings(7)— — (6)(1)— 1 — 
Included in other comprehensive income (loss)2 4 — 7 1 15 — 16 
Purchases, issuances and settlements(36)73 — 37 (123)199 (2)73 
Transfers in/(out) of Level 3 and reclassification of
securities in/(out) of investment categories— — — — — — — — 
Ending balance of fixed maturities$549 $1,519 $14 $2,082 $549 $1,519 $14 $2,082 
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at
the reporting date$(7)$— $— $(7)$(3)$— $— $(3)
(Some amounts may not reconcile due to rounding.)
Total Fixed Maturities - Available for Sale
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(Dollars in millions)Corporate
Securities		Asset-Backed
Securities		Foreign
Corporate		TotalCorporate
Securities		Asset-Backed
Securities		Foreign
Corporate		Total
Beginning balance of fixed maturities$711 $1,115 $16 $1,842 $715 $994 $16 $1,725 
Total gains or (losses) (realized/unrealized)
Included in earnings1 — — 1 3 — — 3 
Included in other comprehensive income (loss)— (3)— (3)(5)7 — 2 
Purchases, issuances and settlements12 68 — 80 12 179 — 191 
Transfers in/(out) of Level 3 and reclassification of
securities in/(out) of investment categories— — — — — — — — 
Ending balance of fixed maturities$725 $1,180 $16 $1,921 $725 $1,180 $16 $1,921 
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at
the reporting date$— $— $— $— $1 $— $— $1 
(Some amounts may not reconcile due to rounding.)
There were no transfers of assets in/(out) of Level 3 for the three and nine months ended September 30, 2024.
Financial Instruments Disclosed, But Not Reported, at Fair Value
Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values and valuation hierarchy of fixed maturity securities – held to maturity, senior notes and long-term subordinated notes can be found within Notes 3, 8 and 9 of the Notes to these consolidated financial statements, respectively. Short-term investments are stated at cost, which approximates fair value.
Exempt from Fair Value Disclosure Requirements
Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 3 of the Notes to these consolidated financial statements for details of investments in COLI policies.
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In addition, $259 million and $274 million of investments within other invested assets on the consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, are not included within the fair value hierarchy tables, as the assets are measured at NAV as a practical expedient to determine fair value.
5.RESERVE FOR LOSSES AND LAE
The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:
Nine Months Ended
September 30,
20242023
(Dollars in millions)
Gross reserves beginning of period$24,604 $22,065 
Less reinsurance recoverables on unpaid losses(2,098)(2,105)
Net reserves beginning of period22,506 19,960 
Incurred related to:
Current year7,132 6,175 
Prior years— (2)
Total incurred losses and LAE7,132 6,173 
Paid related to:
Current year1,711 2,071 
Prior years2,932 2,381 
Total paid losses and LAE4,643 4,452 
Foreign exchange/translation adjustment209 (43)
Net reserves end of period25,204 21,637 
Plus reinsurance recoverables on unpaid losses2,276 2,196 
Gross reserves end of period$27,480 $23,833 
(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $7.1 billion and $6.2 billion for the nine months ended September 30, 2024 and 2023, respectively. Gross and net reserves increased for the nine months ended September 30, 2024, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $730 million of current year attritional losses in 2024 compared to 2023, as well as an increase of $229 million in 2024 current year catastrophe losses.
6.SEGMENT REPORTING
The Company operates through two operating segments: Reinsurance and Insurance. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda and Ireland offices, as well as through branches in Canada, Singapore, the United Kingdom (“UK”) and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Australia, Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the UK, Ireland, and branches located in the UK, the Netherlands, France, Germany and Spain. The two 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 two operating segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.
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During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.
The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these operating 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 the underwriting results for the operating segments for the periods indicated:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$3,265 $1,160 $4,425 $9,650 $3,911 $13,561 
Net written premiums2,975 830 3,805 8,950 2,839 11,789 
Premiums earned$2,970 $948 $3,918 $8,429 $2,833 $11,262 
Incurred losses and LAE1,942 642 2,584 5,267 1,865 7,132 
Commission and brokerage710 116 826 2,054 344 2,398 
Other underwriting expenses73 163 236 215 478 694 
Underwriting gain (loss)$245 $27 $272 $893 $145 $1,039 
Net investment income496 1,481 
Net gains (losses) on investments(27)(50)
Corporate expenses(25)(69)
Interest, fee and bond issue cost amortization expense(38)(112)
Other income (expense)(102)(48)
Income (loss) before taxes$577 $2,241 
(Some amounts may not reconcile due to rounding.)
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$3,198 $1,193 $4,391 $8,566 $3,748 $12,314 
Net written premiums2,989 878 3,866 8,048 2,822 10,870 
Premiums earned$2,593 $920 $3,513 $7,183 $2,682 $9,865 
Incurred losses and LAE1,653 593 2,246 4,443 1,730 6,173 
Commission and brokerage643 108 752 1,778 320 2,099 
Other underwriting expenses65 151 215 189 431 620 
Underwriting gain (loss)$232 $69 $301 $772 $202 $974 
Net investment income406 1,023 
Net gains (losses) on investments(31)(21)
Corporate expenses(19)(55)
Interest, fee and bond issue cost amortization expense(34)(99)
Other income (expense)103 61 
Income (loss) before taxes$725 $1,883 
(Some amounts may not reconcile due to rounding.)
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Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.
7.CREDIT FACILITIES
The Company has multiple active committed letter of credit facilities with a total commitment of up to $1.7 billion as of September 30, 2024. The Company also has additional uncommitted letter of credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date.
The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these consolidated financial statements for collateral posted related to secured letters of credit.
Bermuda Re Wells Fargo Bilateral Letter of Credit Facility
Effective February 23, 2021, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) entered into a letter of credit issuance facility with Wells Fargo, referred to as the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. Effective June 10, 2024, the agreement was amended to extend the availability of committed issuance for one year.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility$500 $437 12/31/2024$500 $97 6/24/2024
71 6/28/2024
318 12/31/2024
$500 $437 $500 $486 
(Some amounts may not reconcile due to rounding.)
Bermuda Re Citibank Letter of Credit Facility
Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A., referred to as the “Bermuda Re Citibank Letter of Credit Facility”. The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up the $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years.
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The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Citibank LOC Facility - Committed$230 $194 12/31/2024$230 $— 1/21/2024
 — 1/21/2025 4 2/29/2024
 4 2/28/2025 1 3/1/2024
 2 3/1/2025 3 9/23/2024
 1 3/15/2025 1 12/1/2024
 1 8/15/2025 — 12/16/2024
 3 9/23/2025 — 12/20/2024
 1 12/1/2025 217 12/31/2024
 — 12/16/2025 1 8/15/2025
— 12/20/2025
4 12/31/2025
Bermuda Re Citibank LOC Facility - Uncommitted140 106 12/31/2024140 105 12/31/2024
— 6/30/20287 12/30/2027
 7 9/30/2028 
Total Citibank Bilateral Agreement$370 $324 $370 $340 
(Some amounts may not reconcile due to rounding.)
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility
Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed$200 $188 12/31/2024$200 $192 12/31/2024
(Some amounts may not reconcile due to rounding.)
Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility
Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed$150 $150 12/31/2024$150 $150 12/31/2024
(Some amounts may not reconcile due to rounding.)
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Bermuda Re Lloyd’s Bank Letter of Credit Facility
Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Everest Insurance (Ireland), dac as an account party with access to a $15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Lloyd's Bank Credit Facility-Committed$250 $216 12/31/2024$250 $235 12/31/2024
(Some amounts may not reconcile due to rounding.)
Bermuda Re Barclays Bank Credit Facility
Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility$200 $150 12/30/2024$200 $168 12/30/2024
14 12/31/202414 12/31/2024
Total Bermuda Re Barclays Bilateral Letter of Credit Facility$200 $164 $200 $182 
(Some amounts may not reconcile due to rounding.)
Bermuda Re Nordea Bank Letter of Credit Facility
Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.
The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions)At September 30, 2024At December 31, 2023
Letter of Credit FacilityCommitmentIn UseDate of ExpiryCommitmentIn UseDate of Expiry
Nordea Bank Letter of Credit Facility - Committed$200 $200 12/31/2024$200 $200 12/31/2024
Nordea Bank Letter of Credit Facility - Uncommitted100 100 12/31/2024100 100 12/31/2024
Total Nordea Bank ABP, NY LOC Facility$300 $300 $300 $300 
(Some amounts may not reconcile due to rounding.)
Federal Home Loan Bank Membership
Everest Reinsurance Company (“Everest Re”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of September 30, 2024, Everest Re had statutory admitted assets of approximately $29.2 billion which provides borrowing capacity of up to approximately $2.9 billion. As of September 30, 2024, Everest Re had $819 million of borrowings outstanding, which begin to expire in 2024. Everest Re incurred interest expense of $11 million and $7 million for the three months ended September 30, 2024 and 2023, respectively. Everest Re incurred interest expense of $33 million and $21 million for the nine months ended September 30, 2024 and 2023, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that
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members must have sufficient qualifying collateral pledged. As of September 30, 2024, Everest Re had $1.1 billion of collateral pledged.
8.SENIOR NOTES
The table below displays Everest Reinsurance Holdings, Inc.’s (“Holdings”) outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.
September 30, 2024December 31, 2023
(Dollars in millions)Date IssuedDate DuePrincipal
Amounts		Consolidated Balance
Sheet Amount		Fair ValueConsolidated Balance
Sheet Amount		Fair Value
4.868% Senior notes
6/5/20146/1/2044$400 $398 $373 $398 $369 
3.5% Senior notes
10/7/202010/15/20501,000 982 731 981 742 
3.125% Senior notes
10/4/202110/15/20521,000 971 671 970 688 
$2,400 $2,350 $1,775 $2,349 $1,799 
(Some amounts may not reconcile due to rounding.)
Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)Interest PaidPayable Dates2024202320242023
4.868% Senior notes
semi-annuallyJune 1/December 1$5 $5 $15 $15 
 3.5% Senior notes
semi-annuallyApril 15/October 159 9 26 26 
 3.125% Senior notes
semi-annuallyApril 15/October 158 8 24 24 
$22 $22 $65 $65 
(Some amounts may not reconcile due to rounding.)
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, these subordinated notes are considered Level 2 in the fair value hierarchy.
Maturity DateSeptember 30, 2024December 31, 2023
(Dollars in millions)Date IssuedOriginal
Principal Amount		ScheduledFinalConsolidated Balance
Sheet Amount		Fair ValueConsolidated Balance
Sheet Amount		Fair Value
Subordinated Notes Issued 20074/26/2007$400 5/15/20375/1/2067$218 $214 $218 $187 
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 will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for August 15, 2024 to November 14, 2024 is 7.76%. 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 proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the Subordinated Notes Issued 2007. The Company’s Senior Notes are the Company’s long-term indebtedness that rank senior to the Subordinated Notes Issued 2007.
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Interest expense incurred in connection with these long-term subordinated notes is as follows for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Interest expense incurred$4 $4 $13 $12 
10. COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS
The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:
At September 30,At December 31,
(Dollars in millions)20242023
Collateral in trust for non-affiliated agreements (1)
$3,299 $3,208 
Collateral for secured letter of credit facilities1,380 1,438 
Collateral for FHLB borrowings1,078 1,077 
Securities on deposit with or regulated by government authorities1,482 1,447 
Funds at Lloyd's481 538 
Funds held by reinsureds1,229 1,135 
Total restricted assets8,949 8,843 
(1) At September 30, 2024 and December 31, 2023, the total amount on deposit in trust accounts includes $353 million and $243 million of restricted cash, respectively.
The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt. Logan Re, Ltd. (“Mt. Logan Re”). Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.
The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.
Three Months Ended
September 30,		Nine Months Ended
September 30,
Mt. Logan Re Segregated Accounts2024202320242023
(Dollars in millions)
Ceded written premiums$235 $89 $404 $187 
Ceded earned premiums79 74 260 172 
Ceded losses and LAE44 26 107 79 
Assumed written premiums4 2 6 3 
Assumed earned premiums4 2 6 3 
Assumed losses and LAE— — — — 
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
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agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements.
(Dollars in millions)
ClassDescriptionEffective DateExpiration DateLimitCoverage Basis
Series 2019-1 Class A-2US, Canada, Puerto Rico – Named Storm and Earthquake Events12/12/201912/19/2024150 Occurrence
Series 2019-1 Class B-2US, Canada, Puerto Rico – Named Storm and Earthquake Events12/12/201912/19/2024275 Aggregate
Series 2021-1 Class A-1US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/21/2025150 Occurrence
Series 2021-1 Class B-1US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/21/202585 Aggregate
Series 2021-1 Class C-1US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/21/202585 Aggregate
Series 2021-1 Class A-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/2026150 Occurrence
Series 2021-1 Class B-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/202690 Aggregate
Series 2021-1 Class C-2US, Canada, Puerto Rico – Named Storm and Earthquake Events4/8/20214/20/202690 Aggregate
Series 2022-1 Class AUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/22/20226/25/2025300 Aggregate
Series 2024-1 Class AUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/27/20246/30/202875 Occurrence
Series 2024-1 Class BUS, Canada, Puerto Rico – Named Storm and Earthquake Events6/27/20246/30/2028125 Occurrence
Total available limit as of September 30, 2024$1,575 
Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry-level insured losses from covered events, as well as the geographic location of the events. The estimated industry-level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.
Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.
11.COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.
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12.OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)Before TaxTax EffectNet of TaxBefore TaxTax EffectNet of Tax
URA(D) of securities (1)
$824 $(120)$704 $531 $(54)$477 
Reclassification of net realized losses (gains) included
 in net income (loss) (1)
33 (3)30 49 (6)44 
Foreign currency translation and other adjustments93 (11)83 49 (4)45 
Reclassification of benefit plan liability amortization included
 in net income (loss)(1)— — 31 (6)24 
Total other comprehensive income (loss)$950 $(134)$816 $660 $(70)$590 
(Some amounts may not reconcile due to rounding)
(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method securities.
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(Dollars in millions)Before TaxTax EffectNet of TaxBefore TaxTax EffectNet of Tax
URA(D) of securities$(281)$24 $(257)$(206)$26 $(180)
Reclassification of net realized losses (gains) included
in net income (loss)17 (2)15 26 (6)21 
Foreign currency translation and other adjustments (50)3 (47)(19)2 (17)
Reclassification of benefit plan liability amortization included
in net income (loss)1 — — 2 — 1 
Total other comprehensive income (loss)$(313)$25 $(288)$(197)$22 $(175)
(Some amounts may not reconcile due to rounding)
The following table presents details of the amounts reclassified from AOCI for the periods indicated:
(Dollars in millions)Three Months Ended
September 30,		Nine Months Ended
September 30,		Affected line item within the statements of operations and comprehensive income (loss)
AOCI component2024202320242023
URA(D) of securities (1)
$33 $17 $49 $26 Net gains (losses) on investments
(3)(2)(6)(6)Income tax expense (benefit)
$30 $15 $44 $21 Net income (loss)
Benefit plan net gain (loss)$(1)$1 $31 $2 Other underwriting expenses
— — (6)— Income tax expense (benefit)
$— $— $24 $1 Net income (loss)
(Some amounts may not reconcile due to rounding)
(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method securities.
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The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Beginning balance of URA(D) of securities (1)
$(936)$(1,627)$(723)$(1,709)
Current period change in URA(D) of securities734 (242)521 (159)
Ending balance of URA(D) of securities(202)(1,868)(202)(1,868)
Beginning balance of foreign currency translation and other adjustments (233)(224)(195)(254)
Current period change in foreign currency translation and other adjustments83 (47)45 (17)
Ending balance of foreign currency translation and other adjustments (150)(271)(150)(271)
Beginning balance of benefit plan net gain (loss)8 (32)(16)(33)
Current period change in benefit plan net gain (loss)— — 24 1 
Ending balance of benefit plan net gain (loss)8 (32)8 (32)
Ending balance of accumulated other comprehensive income (loss)$(344)$(2,171)$(344)$(2,171)
(Some amounts may not reconcile due to rounding.)
(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method securities.
13.SHARE-BASED COMPENSATION PLANS
During the three months ended September 30, 2024, a total of 1,744 shares of restricted stock were granted on September 12, 2024, with a fair value of $376.58 per share. During the three months ended September 30, 2023, a total of 4,580 shares of restricted stock were granted on September 8, 2023, with a fair value of $369.15 per share.
For the nine months ended September 30, 2024, a total of 220,703 shares of restricted stock were granted as follows: 207,839, 7,104, 4,016 and 1,744 of shares of restricted stock were granted on February 28, 2024, February 29, 2024, May 15, 2024 and September 12, 2024, respectively. The fair value per share of each restricted stock award was $369.52, $367.04, $377.80 and $376.58, respectively. Additionally, 18,713 performance share unit awards were granted on February 28, 2024, with a fair value of $369.52 per unit.
For the nine months ended September 30, 2023, a total of 179,676 shares of restricted stock were granted: 174,171, 925 and 4,580 shares of restricted stock were granted on February 23, 2023, May 18, 2023 and September 8, 2023, respectively. The fair value per share of each restricted stock award was $382.39, $372.91 and $369.15, respectively. Additionally, 14,975 performance share unit awards were granted on February 23, 2023, with a fair value of $382.39 per unit.
14.EARNINGS PER COMMON SHARE
Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.
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Net income (loss) per common share has been computed as shown below, based upon weighted average common basic and dilutive shares outstanding.
(Dollars in millions, except per share amounts)Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income (loss) per share:
Numerator
Net income (loss) $509$678$1,966$1,713
Less: dividends declared - common shares and unvested common shares(86)(76)(249)(212)
Undistributed earnings4236021,7171,501
Percentage allocated to common shareholders (1)
98.8%98.9%98.8%98.8%
4185951,6971,483
Add: dividends declared - common shareholders8575246210
Numerator for basic and diluted earnings per common share$503$671$1,943$1,693
Denominator
Denominator for basic earnings per weighted-average common shares42.642.942.840.8
Effect of dilutive securities:
Options————
Denominator for diluted earnings per adjusted weighted-average common shares42.642.942.840.8
Per common share net income (loss)
Basic$11.80$15.63$45.40$41.49
Diluted$11.80$15.63$45.40$41.49
(1) Basic weighted - average common shares outstanding
42.642.942.840.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest43.143.443.341.3
Percentage allocated to common shareholders98.8%98.9%98.8%98.8%
(Some amounts may not reconcile due to rounding.)
There were no options outstanding as of September 30, 2024 and 2023, respectively.
15.INCOME TAXES
With the assent of the governor on December 27, 2023, the Bermuda Corporate Income Tax Act of 2023 (“The 2023 Act”) became law. Beginning in 2025, a 15% corporate income tax will be applicable to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more. Group’s Bermuda entities will be subject to the new corporate income tax. The Company has evaluated The 2023 Act and has recorded $578 million of net deferred income tax benefits as of December 31, 2023. The net deferred income tax benefits relate primarily to a default provision in the law which allows for what is called an “Economic Transition Adjustment” (“ETA”). The ETA allowed companies to establish deferred tax assets or liabilities related to the revaluation of intangible assets, excluding goodwill and their other assets and liabilities, based on fair value as of September 30, 2023.
All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings, as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity.

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On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax and the share repurchase excise tax, and do not expect the legislation to have a material impact on our results of operations.
16.SUBSEQUENT EVENTS
The Company has evaluated known recognized and non-recognized subsequent events. In October 2024, Hurricane Milton impacted Florida. The Company is estimating pre-tax net catastrophe losses to be in the range of $300 to $400 million for the fourth quarter, net of any estimated recoveries or reinstatement premiums. Additionally, in October 2024 the Company completed the sale of certain assets of EverSports & Entertainment Insurance, Inc. to Ryan Specialty. No other material subsequent events or transactions have occurred that require recognition or disclosure in the financial statements.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three and nine months ended September 30, 2024. 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, 2023, 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.
Financial Summary.
We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:
Three Months Ended
September 30,		Percentage
Increase/
(Decrease)		Nine Months Ended
September 30,		Percentage
Increase/
(Decrease)
(Dollars in millions)2024202320242023
Gross written premiums$4,425 $4,391 0.8 %$13,561 $12,314 10.1 %
Net written premiums3,805 3,866 (1.6)%11,789 10,870 8.5 %
REVENUES:
Premiums earned$3,918 $3,513 11.5 %$11,262 $9,865 14.2 %
Net investment income496 406 22.2 %1,481 1,023 44.8 %
Net gains (losses) on investments(27)(31)(14.0)%(50)(21)NM
Other income (expense)(102)103 NM(48)61 NM
Total revenues4,285 3,991 7.4 %12,645 10,927 15.7 %
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses2,584 2,246 15.0 %7,132 6,173 15.5 %
Commission, brokerage, taxes and fees826 752 9.9 %2,398 2,099 14.2 %
Other underwriting expenses236 215 9.6 %694 620 12.0 %
Corporate expenses25 19 27.7 %69 55 24.9 %
Interest, fees and bond issue cost amortization expense38 34 11.7 %112 99 13.8 %
Total claims and expenses3,708 3,266 13.5 %10,404 9,045 15.0 %
INCOME (LOSS) BEFORE TAXES577 725 (20.5)%2,241 1,883 19.0 %
Income tax expense (benefit)68 47 43.7 %275 169 62.4 %
NET INCOME (LOSS)$509 $678 (24.9)%$1,966 $1,713 14.7 %
RATIOS:Point
Change		Point
Change
Loss ratio66.0 %63.9 %2.0 63.3 %62.6 %0.7 
Commission and brokerage ratio21.1 %21.4 %(0.3)21.3 %21.3 %— 
Other underwriting expense ratio6.0 %6.1 %(0.1)6.2 %6.3 %(0.1)
Combined ratio93.1 %91.4 %1.6 90.8 %90.1 %0.6 
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At
September 30,		At
December 31,		Percentage
Increase/
(Decrease)
(Dollars in millions, except per share amounts)20242023
Balance sheet data:
Total investments and cash$42,090 $37,142 13.3 %
Total assets55,864 49,399 13.1 %
Reserve for losses and loss adjustment expenses27,480 24,604 11.7 %
Total debt3,387 3,385 — %
Total liabilities40,529 36,197 12.0 %
Shareholders' equity15,335 13,202 16.2 %
Book value per share356.77 304.29 17.2 %
(NM, not meaningful)
(Some amounts may not reconcile due to rounding.)
Revenues.
Premiums. Gross written premiums increased by 0.8% to $4.4 billion for the three months ended September 30, 2024, compared to $4.4 billion for the three months ended September 30, 2023, reflecting a $67 million, or 2.1%, increase in our reinsurance business, partially offset by a $33 million, or 2.8%, decrease in our insurance business. The increase in reinsurance premiums was primarily due to property pro rata and property catastrophe excess of loss lines of business, partially offset by actions taken on our North America casualty business. The decrease in insurance premiums compared to the prior year period was primarily due to portfolio actions taken on accident and health and specialty casualty lines of business, partially offset by an increase in property/short tail business and other specialty business. Gross written premiums increased by 10.1% to $13.6 billion for the nine months ended September 30, 2024, compared to $12.3 billion for the nine months ended September 30, 2023, reflecting a $1.1 billion, or 12.7%, increase in our reinsurance business and a $163 million, or 4.3%, increase in our insurance business. The increase in reinsurance premiums was primarily driven by property and casualty pro rata lines of business and property catastrophe excess of loss lines of business. The increase in insurance premiums was primarily due to property/short tail business, other specialty business and professional liability business, as well as continuing growth in international business across all lines. The increase in insurance premiums was partially offset by portfolio actions taken on accident and health and workers’ compensation lines.
Net written premiums decreased by 1.6% to $3.8 billion for the three months ended September 30, 2024, compared to $3.9 billion for the three months ended September 30, 2023, primarily driven by an increase in premiums ceded to Mt. Logan Re, Ltd. (“Mt. Logan Re”) cells within the Reinsurance segment for property catastrophe excess of loss line of business, and an increase in premium cession in Insurance driven by business mix and lower retention in certain lines of business. Net written premiums increased by 8.5% to $11.8 billion for the nine months ended September 30, 2024, compared to $10.9 billion for the nine months ended September 30, 2023. The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.
Premiums earned increased by 11.5% to $3.9 billion during the three months ended September 30, 2024, compared to $3.5 billion during the three months ended September 30, 2023. Premiums earned increased by 14.2% to $11.3 billion for the nine months ended September 30, 2024, compared to $9.9 billion for the nine months ended September 30, 2023. Premiums earned generally reflect the portion of net premiums written that was recognized as revenue for the period as the exposure period expires. The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are recorded at the initiation of the coverage period.
Other Income (Expense). We recorded other expense of $102 million and other income of $103 million for the three months ended September 30, 2024 and 2023, respectively. We recorded other expense of $48 million and other income of $61 million for the nine months ended September 30, 2024 and 2023, respectively. The changes were primarily the result of fluctuations in foreign currency exchange rates. We recognized foreign currency exchange expense of $102 million and foreign exchange currency income of $100 million for the three months ended September 30, 2024 and 2023, respectively. We recognized foreign currency exchange expense of $61 million and foreign currency exchange income of $51 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, the other expense incurred for the nine months ended September 30, 2024 includes a $9 million pension plan curtailment gain recognized in the second quarter of 2024.
Net Investment Income. Refer to the “Consolidated Investments Results” section below.
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Net Gains (Losses) on Investments. Refer to the “Consolidated Investments Results” section below.
Claims and Expenses.
Incurred Losses and Loss Adjustment Expenses (“LAE”). The following tables present our incurred losses and LAE for the periods indicated.
Three Months Ended September 30,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2024
Attritional$2,274 58.0 %$— — %$2,274 58.0 %
Catastrophes310 7.9 %— — %310 7.9 %
Total$2,584 66.0 %$— — %$2,584 66.0 %
2023
Attritional$2,071 58.9 %$— — %$2,071 58.9 %
Catastrophes175 5.0 %— — %175 5.0 %
Total$2,246 63.9 %$— — %$2,246 63.9 %
Variance 2024/2023
Attritional$203 (0.9) pts$— —  pts$203 (0.9)  pts
Catastrophes135 2.9  pts— —  pts135 2.9   pts
Total$338 2.0  pts$— —  pts$338 2.0   pts
(Some amounts may not reconcile due to rounding.)
Nine Months Ended September 30,
(Dollars in millions)Current
Year		Ratio %/ Pt ChangePrior
Years		Ratio %/ Pt ChangeTotal
Incurred		Ratio %/ Pt Change
2024
Attritional$6,586 58.5 %$— — %$6,586 58.5 %
Catastrophes546 4.9 %— — %546 4.9 %
Total$7,132 63.3 %$— — %$7,132 63.3 %
2023
Attritional$5,855 59.4 %$— — %$5,855 59.4 %
Catastrophes317 3.2 %— — %317 3.2 %
Total$6,173 62.6 %$— — %$6,173 62.6 %
Variance 2024/2023
Attritional$730 (0.9) pts$— —  pts730 (0.9) pts
Catastrophes229 1.6  pts— —  pts229 1.6  pts
Total$959 0.7  pts$— —  pts$959 0.7  pts
(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE increased by 15.0% to $2.6 billion for the three months ended September 30, 2024, compared to $2.2 billion for the three months ended September 30, 2023, primarily due to an increase of $203 million in current year attritional losses and an increase of $135 million in current year catastrophe losses. The increase in current year attritional losses was mainly due to the impact of the increase in underlying exposures, due to increased premiums earned. The current year catastrophe losses of $310 million for the three months ended September 30, 2024 related primarily to Hurricane Helene ($81 million), Hurricane Beryl ($67 million), Hurricane Debby ($60 million), the 2024 European flood Boris ($48 million) and the third quarter 2024 Calgary Alberta storms ($41 million). The $175 million of current year catastrophe losses for the three months ended September 30, 2023 related primarily to Hurricane Idalia ($42 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($35 million), the 2023 Italy convective storm ($28 million), the 2023 third quarter U.S. storms ($20 million) and the 2023 Hans windstorm ($10 million).
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Incurred losses and LAE increased by 15.5% to $7.1 billion for the nine months ended September 30, 2024, compared to $6.2 billion for the nine months ended September 30, 2023, primarily due to an increase of $730 million in current year attritional losses and an increase of $229 million in current year catastrophe losses. The increase in current year attritional losses was mainly due to the impact of the increase in underlying exposures due to increased premiums earned. The current year catastrophe losses of $546 million for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($81 million), Hurricane Beryl ($67 million), the 2024 Baltimore bridge collapse ($62 million), Hurricane Debby ($60 million), the 2024 European flood Boris ($48 million), the 2024 Brazil Floods ($41 million), the third quarter 2024 Calgary Alberta storms ($41 million), the 2024 Germany floods ($41 million), the 2024 Dubai floods ($40 million) and the 2024 Taiwan earthquake ($27 million). The $317 million of current year catastrophe losses for the nine months ended September 30, 2023 related primarily to the 2023 Turkey earthquakes ($95 million) the 2023 New Zealand storms ($46 million), Hurricane Idalia ($42 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($35 million), the 2023 Italy convective storm ($28 million), the 2023 third quarter U.S. storms ($20 million), Typhoon Mawar ($11 million) and the 2023 Hans windstorm ($10 million).
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 7.9 percentage points to the combined ratio for the three months ended September 30, 2024, compared with 5.0 percentage points in the corresponding period of 2023, and 4.9 percentage points to the combined ratio for the nine months ended September 30, 2024, compared with 3.2 percentage points in the corresponding period of 2023.
Refer to the “Ratios” section for loss ratio analysis discussion.
Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased by 9.9% to $826 million for the three months ended September 30, 2024, compared to $752 million for the three months ended September 30, 2023. Commission, brokerage, taxes and fees increased by 14.2% to $2.4 billion for the nine months ended September 30, 2024, compared to $2.1 billion for the nine months ended September 30, 2023. The increases were primarily due to the impact of the increase in premiums earned and changes in the mix of business. Refer to the “Ratios” section for commission and brokerage ratio analysis discussion.
Other Underwriting Expenses. Other underwriting expenses were $236 million and $215 million for the three months ended September 30, 2024 and September 30, 2023, respectively. Other underwriting expenses were $694 million and $620 million for the nine months ended September 30, 2024 and 2023, respectively. The increases in other underwriting expenses remained relatively consistent with the growth in premiums earned. Refer to the “Ratios” section for other underwriting expense ratio analysis discussion.
Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $25 million and $19 million for the three months ended September 30, 2024 and 2023, respectively, and $69 million and $55 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in Corporate expenses for the three and nine month periods ended September 30, 2024 are primarily due to information management related costs, including the acceleration of cybersecurity, corporate applications and infrastructure investments.
Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense was $38 million and $34 million for the three months ended September 30, 2024 and 2023, respectively. Interest, fees and other bond amortization expense was $112 million and $99 million for the nine months ended September 30, 2024 and 2023, respectively. The increases were mainly due to higher interest costs on the Federal Home Loan Bank of New York borrowing. Interest expense was also impacted by the movements in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly, per the note agreement. The floating rate was 7.76% as of September 30, 2024 compared to 8.01% as of September 30, 2023.
Income Tax Expense (Benefit). We had income tax expense of $68 million and $47 million for the three months ended September 30, 2024 and 2023, respectively. We had income tax expense of $275 million and $169 million for the nine months ended September 30, 2024 and 2023, respectively. The period over period increase in income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.
With the assent of the governor on December 27, 2023, the Bermuda Corporate Income Tax Act of 2023 ( the “2023 Act”) became law. Beginning in 2025, a 15% corporate income tax will be applicable to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more. Group’s Bermuda entities will be subject to
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the new corporate income tax. The Company has evaluated The 2023 Act and has recorded $578 million of net deferred income tax benefits as of December 31, 2023. The net deferred income tax benefits relate primarily to a default provision in the law that allows for an Economic Transition Adjustment (“ETA”). The ETA allowed companies to establish deferred tax assets or liabilities related to the revaluation of intangible assets, excluding goodwill, and their other assets and liabilities, based on fair value as of September 30, 2023.
On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax and the share repurchase excise tax, and do not expect the legislation to have a material impact on our results of operations.
Net Income (Loss).
Our net income was $509 million and $678 million for the three months ended September 30, 2024 and 2023, respectively. Our net income was $2.0 billion and $1.7 billion for the nine months ended September 30, 2024 and 2023, respectively. The period over period changes in net income were primarily driven by the financial component fluctuations explained above.
Ratios.
Our combined ratio increased by 1.6 points to 93.1% for the three months ended September 30, 2024, compared to 91.4% for the three months ended September 30, 2023 and increased by 0.6 points to 90.8% for the nine months ended September 30, 2024, compared to 90.1% for the nine months ended September 30, 2023. The current year increase is primarily due to higher catastrophe losses. Refer to the analysis of combined ratio components below.
The loss ratio component increased by 2.0 points to 66.0% for the three months ended September 30, 2024, compared to 63.9% for the three months ended September 30, 2023, mainly due to a $135 million increase in catastrophe losses. The loss ratio component increased by 0.7 points to 63.3% for the nine months ended September 30, 2024, compared to 62.6% for the nine months ended September 30, 2023, primarily due to an increase of $229 million in current year catastrophe losses.
The commission and brokerage ratio components decreased to 21.1% for the three months ended September 30, 2024, compared to 21.4% for the three months ended September 30, 2023, and remained consistent with 21.3% for the nine months ended September 30, 2024, compared to 21.3% for the nine months ended September 30, 2023. The quarter over quarter variance was mainly due to changes in the mix of business.
The other underwriting expense ratios decreased to 6.0% for the three months ended September 30, 2024, compared to 6.1% for the three months ended September 30, 2023, and decreased to 6.2% for the nine months ended September 30, 2024, compared to 6.3% for the nine months ended September 30, 2023. The decrease for the three and nine months comparative period was mainly due to a higher earned premium base.
Shareholders’ Equity.
Shareholders’ equity increased by $2.1 billion to $15.3 billion at September 30, 2024 from $13.2 billion at December 31, 2023, principally as a result of $2.0 billion of net income, $521 million of unrealized appreciation on fixed income available for sale securities and equity method investments, net of tax, $45 million of net foreign currency translation adjustments, $26 million of share-based compensation transactions and $24 million of net benefit plan obligation adjustments, partially offset by $249 million of shareholder dividends and $200 million of share repurchases.
Consolidated Investment Results
Net Investment Income.
Net investment income increased by 22.2% to $496 million for the three months ended September 30, 2024, compared with net investment income of $406 million for the three months ended September 30, 2023. The increase for the three months ended September 30, 2024 was primarily the result of an increase of $79 million in income from fixed maturity investments, an increase of $21 million in income from other alternative investments and an increase of $12 million in income from short-term investments, partially offset by a decline of $24 million in limited partnership income. Net investment income increased by 44.8% to $1.5 billion for the nine months ended September 30, 2024, compared with investment income of $1.0 billion for the nine months ended September 30, 2023. The increase for the nine months ended September 30, 2024 was primarily the result of an increase of $277 million of income from fixed maturity
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investments, an increase of $86 million in limited partnership income, an increase of $43 million from short-term investments and an increase of $43 million in income from other alternative investments. The limited partnership income primarily reflects changes in reported net asset values. As such, until these asset values are monetized and the resultant income is distributed, they are subject to volatile results of future increases or decreases in the asset value.
The following table shows the components of net investment income for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2024202320242023
Fixed maturities$378 $299 $1,099 $822 
Equity securities1 1 3 3 
Short-term investments and cash54 41 135 92 
Other invested assets
Limited partnerships36 60 183 98 
Other 36 15 85 42 
Gross investment income before adjustments 504 416 1,506 1,056 
Funds held interest income (expense)5 5 20 7 
Future policy benefit reserve income (expense)1 — — (1)
Gross investment income 510 420 1,525 1,063 
Investment expenses 13 14 44 41 
Net investment income$496 $406 $1,481 $1,023 
(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
September 30,		Nine Months Ended
September 30,
2024202320242023
Annualized pre-tax yield on average cash and invested assets4.8 %4.5 %4.9 %4.0 %
Annualized after-tax yield on average cash and invested assets4.2 %3.9 %4.3 %3.5 %
Annualized return on invested assets4.6 %4.2 %4.8 %3.9 %
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Net Gains (Losses) on Investments.
The following table presents the composition of our net gains (losses) on investments for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)20242023Variance20242023Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains$59 $4 $55 $86 $21 64 
Losses(84)(23)(61)(133)(42)(90)
Total(25)(19)(6)(47)(21)(26)
Equity securities
Gains— 2 (2)2 8 (7)
Losses— — — — — — 
Total— 1 (1)1 8 (7)
Other Invested Assets
Gains— — — — — — 
Losses1 — 1 — — — 
Total1 — 1 — — — 
Short-Term Investments
Gains1 — 1 1 1 — 
Losses— — — — — — 
Total1 — 1 1 — — 
Total net realized gains (losses) from dispositions
Gains60 6 54 88 30 58 
Losses(84)(24)(60)(133)(42)(91)
Total(24)(18)(6)(45)(12)(33)
Allowance for credit losses(9)2 (11)(3)(6)3 
Gains (losses) from fair value adjustments
Equity securities5 (16)21 (3)(3)1 
Total5 (16)21 (3)(3)1 
Total net gains (losses) on investments$(27)$(31)$4 $(50)$(21)$(29)
(Some amounts may not reconcile due to rounding.)
Total net gains (losses) on investments during the three months ended September 30, 2024 primarily consist of $24 million of losses due to the disposition of investments, an increase to the allowance for credit losses of $9 million, partially offset by $5 million of gains from fair value adjustments on equity securities. The realized losses from dispositions of investments mainly related to the execution of a Company strategy to sell lower yielding investments in order to reinvest the proceeds at higher interest rates.
Total net gains (losses) on investments during the nine months ended September 30, 2024 primarily relate to $45 million of net losses due to the disposition of investments, $3 million of losses from fair value adjustments on equity securities as a result of equity market deterioration and an increase to the allowance for credit losses of $3 million.
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Segment Results.
The Company operates through two operating segments: Reinsurance and Insurance. The Reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom (“UK”) and Switzerland. The Insurance segment writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Australia, Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the UK, Ireland, and branches located in the UK, the Netherlands, France, Germany and Spain. The two 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 two operating segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.
During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.
The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following discusses the underwriting results for each of our segments for the periods indicated.
Reinsurance.
The following table presents the underwriting results and ratios for the Reinsurance segment for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)20242023Variance% Change20242023Variance% Change
Gross written premiums$3,265$3,198$67 2.1 %$9,650$8,566$1,084 12.7 %
Net written premiums2,9752,989(14)(0.5)%8,9508,048902 11.2 %
Premiums earned$2,970$2,593$377 14.5 %$8,429$7,183$1,247 17.4 %
Incurred losses and LAE1,9421,653289 17.5 %5,2674,443824 18.5 %
Commission and brokerage71064367 10.4 %2,0541,778275 15.5 %
Other underwriting expenses73659 13.3 %21518926 14.0 %
Underwriting gain (loss)$245$232$13 5.4 %$893$772$121 15.7 %
Point ChgPoint Chg
Loss ratio65.4 %63.8 %1.6 62.5 %61.9 %0.6 
Commission and brokerage ratio23.9 %24.8 %(0.9)24.4 %24.8 %(0.4)
Other underwriting expense ratio2.5 %2.5 %— 2.6 %2.6 %— 
Combined ratio91.8 %91.1 %0.7 89.4 %89.2 %0.2 
(NM, Not Meaningful)
(Some amounts may not reconcile due to rounding.)
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Premiums. Gross written premiums increased by 2.1% to $3.3 billion for the three months ended September 30, 2024 from $3.2 billion for the three months ended September 30, 2023, primarily driven by property pro rata and property catastrophe excess of loss lines of business, partially offset by actions taken on our North America casualty business. Gross written premiums increased by 12.7% to $9.6 billion for the nine months ended September 30, 2024 from $8.6 billion for the nine months ended September 30, 2023, primarily due to property and casualty pro rata and property catastrophe excess of loss lines of business.
Net written premiums of $3.0 billion for the three months ended September 30, 2024 remained consistent with the $3.0 billion for the three months ended September 30, 2023, with the minimal decrease due to increased cessions to Mt. Logan cells emanating from the property catastrophe line of business. Net written premiums increased by 11.2% to $8.9 billion for the nine months ended September 30, 2024, compared to $8.0 billion for the nine months ended September 30, 2023. The increase was consistent with the percentage increase in gross written premiums.
Premiums earned increased by 14.5% to $3.0 billion for the three months ended September 30, 2024, compared to $2.6 billion for the three months ended September 30, 2023. Premiums earned increased by 17.4% to $8.4 billion for the nine months ended September 30, 2024, compared to $7.2 billion for the nine months ended September 30, 2023. Premiums earned generally reflect the portion of net premiums written that was recorded as revenues for the period as the exposure periods expire.
Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Reinsurance segment for the periods indicated:
Three Months Ended September 30,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2024
Attritional$1,672 56.3 %$— — %1,672 56.3 %
Catastrophes270 9.1 %— — %270 9.1 %
Total Segment$1,942 65.4 %$— — %$1,942 65.4 %
2023
Attritional$1,488 57.4 %$— — %1,488 57.4 %
Catastrophes165 6.4 %— — %165 6.4 %
Total Segment$1,653 63.8 %$— — %$1,653 63.8 %
Variance 2024/2023
Attritional$184 (1.1) pts$— —  pts$184 (1.1) pts
Catastrophes105 2.7  pts— —  pts105 2.7  pts
Total Segment$289 1.6  pts$— —  pts$289 1.6  pts
(Some amounts may not reconcile due to rounding.)
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Nine Months Ended September 30,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2024
Attritional$4,780 56.7 %$— — %4,780 56.7 %
Catastrophes487 5.8 %— — %487 5.8 %
Total Segment$5,267 62.5 %$— — %$5,267 62.5 %
2023
Attritional$4,138 57.6 %$— — %4,138 57.6 %
Catastrophes305 4.2 %— — %305 4.2 %
Total Segment$4,443 61.9 %$— — %$4,443 61.9 %
Variance 2024/2023
Attritional$642 (0.9) pts$— —  pts$642 (0.9) pts
Catastrophes181 1.5  pts— —  pts181 1.5  pts
Total Segment$824 0.6  pts$— —  pts$824 0.6  pts
(Some amounts may not reconcile due to rounding.)
Incurred losses increased by 17.5% to $1.9 billion for the three months ended September 30, 2024, compared to $1.7 billion for the three months ended September 30, 2023. The increase was primarily due to an increase of $184 million in current year attritional losses and an increase of $105 million in current year catastrophe losses. The increase in current year attritional losses was mainly related to the impact of the increase in premiums earned. The current year catastrophe losses of $270 million for the three months ended September 30, 2024 related primarily to Hurricane Helene ($65 million), Hurricane Debby ($59 million), Hurricane Beryl ($56 million), the 2024 European flood Boris ($46 million) and the 2024 third quarter Calgary Alberta storms ($35 million). The $165 million of current year catastrophe losses for the three months ended September 30, 2023 related primarily to Hurricane Idalia ($42 million), the 2023 Morocco earthquake ($40 million), the Hawaii wildfire ($30 million), the 2023 Italy convective storm ($28 million), the third quarter 2023 U.S. storms ($15 million) and the 2023 Windstorm Hans ($10 million).
Incurred losses increased by 18.5% to $5.3 billion for the nine months ended September 30, 2024, compared to $4.4 billion for the nine months ended September 30, 2023. The increase was primarily due to an increase of $642 million in current year attritional losses and an increase of $181 million in current year catastrophe losses. The increase in current year attritional losses was mainly related to the impact of the increase in premiums earned. The current year catastrophe losses of $487 million for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($65 million), Hurricane Debby ($59 million), the 2024 Baltimore bridge collapse ($57 million), Hurricane Beryl ($56 million), the 2024 European flood Boris ($46 million), the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($40 million), the 2024 Germany floods ($39 million), the third quarter 2024 Calgary Alberta storms ($35 million) and the 2024 Taiwan earthquake ($25 million). The $305 million of current year catastrophe losses for the nine months ended September 30, 2023 related primarily to the 2023 Turkey earthquakes ($95 million), the 2023 New Zealand storms ($44 million), Hurricane Idalia ($42 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($30 million), the 2023 Italy convective storm ($28 million), the 2023 third quarter U.S. storms ($20 million), Typhoon Mawar ($11 million) and the 2023 Hans windstorm ($10 million).
Segment Expenses. Commission and brokerage expense increased by 10.4% to $710 million for the three months ended September 30, 2024, compared to $643 million for the three months ended September 30, 2023. Commission and brokerage expense increased by 15.5% to $2.1 billion for the nine months ended September 30, 2024, compared to $1.8 billion for the nine months ended September 30, 2023. The increases were mainly due to the impact of the increase in premiums earned and changes in the mix of business.
Segment other underwriting expenses increased to $73 million for the three months ended September 30, 2024 from $65 million for the three months ended September 30, 2023. Segment other underwriting expenses increased to $215 million for the nine months ended September 30, 2024, compared to $189 million for the nine months ended September 30, 2023. The increases were mainly due to increased expenditures supporting the increased premium volume of the segment.
Insurance.
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The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)20242023Variance% Change20242023Variance% Change
Gross written premiums$1,160$1,193$(33)(2.8)%$3,911$3,748$163 4.3 %
Net written premiums830878(47)(5.4)%2,8392,82217 0.6 %
Premiums earned$948$920$27 2.9 %$2,833$2,682$150 5.6 %
Incurred losses and LAE64259349 8.3 %1,8651,730136 7.8 %
Commission and brokerage1161087 6.8 %34432023 7.3 %
Other underwriting expenses16315112 8.1 %47843148 11.0 %
Underwriting gain (loss)$27$69$(42)(60.5)%$145$202$(56)(27.9)%
Point ChgPoint Chg
Loss ratio67.8 %64.4 %3.4 65.8 %64.5 %1.4 
Commission and brokerage ratio12.2 %11.8 %0.4 12.1 %11.9 %0.2 
Other underwriting expense ratio17.2 %16.4 %0.8 16.9 %16.1 %0.8 
Combined ratio97.1 %92.5 %4.6 94.9 %92.5 %2.4 
(NM not meaningful)
(Some amounts may not reconcile due to rounding.)
Premiums. Gross written premiums decreased by 2.8% to $1.2 billion for the three months ended September 30, 2024, compared to $1.2 billion for the three months ended September 30, 2023. The decrease in insurance premiums was primarily due to portfolio actions taken on accident and health and specialty casualty lines of business, partially offset by an increase in property/short tail business and specialty lines of business. Gross written premiums increased by 4.3% to $3.9 billion for the nine months ended September 30, 2024, compared to $3.7 billion for the nine months ended September 30, 2023. The increase in insurance premiums was primarily due to increases in property/short tail business and specialty lines of business, partially offset by portfolio actions taken on accident and health and workers’ compensation lines of business.
Net written premiums decreased by 5.4% to $830 million for the three months ended September 30, 2024, compared to $878 million for the three months ended September 30, 2023, primarily due to an increase in premium cession driven by business mix and lower retention in certain lines of business. Net written premiums of $2.8 billion for the nine months ended September 30, 2024, remained consistent with the $2.8 billion for the nine months ended September 30, 2023.
Premiums earned increased by 2.9% to $948 million for the three months ended September 30, 2024, compared to $920 million for the three months ended September 30, 2023. Premiums earned increased by 5.6% to $2.8 billion for the nine months ended September 30, 2024, compared to $2.7 billion for the nine months ended September 30, 2023. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are recorded at the initiation of the coverage period.
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Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Insurance segment for the periods indicated:
Three Months Ended September 30,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2024
Attritional$602 63.5 %$— — %602 63.5 %
Catastrophes40 4.2 %— — %40 4.2 %
Total Segment$642 67.8 %$— — %$642 67.8 %
2023
Attritional$583 63.3 %$— — %583 63.3 %
Catastrophes10 1.1 %— — %10 1.1 %
Total Segment$593 64.4 %$— — %$593 64.4 %
Variance 2024/2023
Attritional$19 0.2  pts$— —  pts$19 0.2  pts
Catastrophes30 3.1  pts— —  pts30 3.1  pts
Total Segment$49 3.4  pts$— —  pts$49 3.4  pts
Nine Months Ended September 30,
(Dollars in millions)Current
Year		Ratio %/
Pt Change		Prior
Years		Ratio %/
Pt Change		Total
Incurred		Ratio %/
Pt Change
2024
Attritional$1,806 63.7 %$— — %1,806 63.7 %
Catastrophes60 2.1 %— — %60 2.1 %
Total Segment$1,865 65.8 %$— — %$1,865 65.8 %
2023
Attritional$1,718 64.0 %$— — %1,718 64.0 %
Catastrophes12 0.4 %— — %12 0.4 %
Total Segment$1,730 64.5 %$— — %$1,730 64.5 %
Variance 2024/2023
Attritional$88 (0.3) pts$— —  pts88 (0.3) pts
Catastrophes48 1.7  pts— —  pts48 1.7  pts
Total Segment$136 1.4  pts$— —  pts$136 1.4  pts
(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE increased by 8.3% to $642 million for the three months ended September 30, 2024, compared to $593 million for the three months ended September 30, 2023. The increase was mainly due to an increase of $19 million in current year attritional losses and an increase of $30 million in current year catastrophe losses. The increase in current year attritional losses was primarily due to changes in mix of business. The $40 million of current year catastrophe losses for the three months ended September 30, 2024 related primarily to Hurricane Helene ($16 million), Hurricane Beryl ($11 million), the 2024 Jasper fires ($6 million) and the third quarter 2024 Calgary Alberta storms ($6 million). The $10 million of current year catastrophe losses for the three months ended September 30, 2023 related to the 2023 third quarter U.S. storms ($5 million) and the 2023 Hawaii wildfire ($5 million).
Incurred losses and LAE increased by 7.8% to $1.9 billion for the nine months ended September 30, 2024, compared to $1.7 billion for the nine months ended September 30, 2023. The increase was mainly due to an increase of $88 million in current year attritional losses and an increase in current year catastrophe losses of $48 million. The increase in current year attritional losses was primarily due to the impact of the increase in premiums earned and changes in mix of business. The current year catastrophe losses of $60 million for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($16 million), Hurricane Beryl ($11 million), the 2024 second quarter U.S. convective storms ($10 million), the 2024 Jasper fires ($6 million), the third quarter 2024 Calgary Alberta storms ($6 million) and the 2024
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Baltimore bridge collapse ($5 million). The $12 million of current year catastrophe losses for the nine months ended September 30, 2023 related to the 2023 third quarter U.S. storms ($5 million), the 2023 Hawaii wildfire ($5 million) and the 2023 New Zealand storms ($2 million).
Segment Expenses. Commission and brokerage expenses increased by 6.8% to $116 million for the three months ended September 30, 2024, compared to $108 million for the three months ended September 30, 2023. Commission and brokerage expenses increased by 7.3% to $344 million for the nine months ended September 30, 2024, compared to $320 million for the nine months ended September 30, 2023. The increases were mainly due to changes in the mix of business.
Segment other underwriting expenses increased to $163 million for the three months ended September 30, 2024, compared to $151 million for the three months ended September 30, 2023. Segment other underwriting expenses increased to $478 million for the nine months ended September 30, 2024, compared to $431 million for the nine months ended September 30, 2023. These increases were mainly due to the impact of the increase in premiums earned and increased expenses related to the continued investment of the international insurance platform.
FINANCIAL CONDITION
Investments. Total investments were $40.5 billion at September 30, 2024, an increase of $4.8 billion compared to $35.7 billion at December 31, 2023. The rise in investments was primarily related to an increase in fixed maturities - available for sale due to an overall net purchase of $2.1 billion of fixed maturities - available for sale during the nine months ended September 30, 2024.
The Company’s limited partnership investments are comprised of limited partnerships that invest in private equity, private credit and private real estate. Generally, the limited partnerships are reported on a month or quarter lag. We receive annual audited financial statements for all the limited partnerships, which are prepared using fair value accounting in accordance with Financial Accounting Standards Board guidance. For the quarterly reports, the Company reviews the financial reports for any unusual changes in carrying value. If the Company becomes aware of a significant decline in value during the lag reporting period, the loss will be recorded in the period in which the Company identifies the decline.
The table below summarizes the composition and characteristics of our investment portfolio for the periods indicated.
At
September 30, 2024		At
December 31, 2023
Fixed income portfolio duration (years)3.13.3
Fixed income composite credit qualityAA-AA-
Reinsurance Recoverables.
Reinsurance recoverables for both paid and unpaid losses totaled $2.5 billion and $2.3 billion at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, $416 million, or 16.5%, was receivable from Mt. Logan Re collateralized segregated accounts; $250 million, or 10.0%, was receivable from Munich Reinsurance America, Inc. and $187 million, or 7.4% was receivable from Endurance Specialty Holdings, Ltd. No other retrocessionaire accounted for more than 5% of our recoverables.
Loss and LAE Reserves. Gross loss and LAE reserves totaled $27.5 billion and $24.6 billion at September 30, 2024 and December 31, 2023, respectively.
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The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and IBNR reserves, for the periods indicated.
At September 30, 2024
(Dollars in millions)Case
Reserves		IBNR
Reserves		Total
Reserves		% of
Total
Reinsurance$6,517 $13,147 $19,664 71.6 %
Insurance2,339 5,264 7,603 27.7 %
Total excluding A&E8,857 18,410 27,267 99.2 %
A&E161 52 213 0.8 %
Total including A&E$9,018 $18,462 $27,480 100.0 %
(Some amounts may not reconcile due to rounding.)
At December 31, 2023
(Dollars in millions)Case
Reserves		IBNR
Reserves		Total
Reserves		% of
Total
Reinsurance$6,355 $11,051 $17,406 70.7 %
Insurance2,027 4,924 6,952 28.3 %
Total excluding A&E8,383 15,975 24,357 99.0 %
A&E159 88 246 1.0 %
Total including A&E$8,541 $16,063 $24,604 100.0 %
(Some amounts may not reconcile due to rounding.)
Changes in premiums earned and business mix, reserve re-estimations, catastrophe losses and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.
Our carried loss and LAE reserves represent management’s best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels, including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities, and in the aggregate. In order to set appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of this process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates and are subject to variation, which may be significant.
There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.
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Asbestos and Environmental Exposures. Asbestos and Environmental (“A&E”) exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes the outstanding loss reserves with respect to A&E reserves on both a gross and net of retrocessions basis for the periods indicated.
At
September 30,		At
December 31,
(Dollars in millions)20242023
Gross reserves$213 $247 
Ceded reserves(10)(15)
Net reserves$203 $232 
(Some amounts may not reconcile due to rounding.)
With respect to asbestos only, at September 30, 2024, we had net asbestos loss reserves of $184 million, or 90.4%, of total net A&E reserves, all of which was for assumed business.
Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management’s best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.
Industry analysts use the “survival ratio” to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company’s current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 5.8 years at September 30, 2024. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore may not be indicative of the timing of future payments.
LIQUIDITY AND CAPITAL RESOURCES
Capital. Shareholders’ equity at September 30, 2024 and December 31, 2023 was $15.3 billion and $13.2 billion, respectively. Management’s objective in managing capital is to ensure that the Company’s overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.
Our two main operating companies, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) and Everest Reinsurance Company (“Everest Re”), are regulated by the Bermuda Monetary Authority and the State of Delaware’s Department of Insurance, respectively. Both regulatory bodies have their own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.
The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:
Bermuda Re (1)
Everest Re (2)
At December 31,At December 31,
(Dollars in millions)2023202220232022
Regulatory targeted capital$2,669 $2,217 $4,242 $3,353 
Actual capital$3,711 $2,759 $6,963 $5,553 
(1) Regulatory targeted capital represents the target capital level from the applicable year's Bermuda Solvency Capital Requirement calculation.
(2) Regulatory targeted capital represents 200% of the Risk Based Capital authorized control level calculation for the applicable year.
Our financial strength ratings, as determined by A.M. Best, 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 and equity markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies.
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We maintain our own economic capital models to monitor and project our overall capital, as well as the capital at our operating subsidiaries. A key input to the economic models is projected income, and this input is continually compared to actual results, which may require a change in the capital strategy.
For the nine months ended September 30, 2024, we repurchased 536,469 of our common shares at a cost of $200 million in the open market. During this period, we paid $249 million in common share dividends to adjust our capital position and enhance long-term expected returns to our shareholders. During 2023, we repurchased no shares in the open market and paid $288 million in dividends. On May 22, 2020, our existing Board authorization to purchase up to 30 million of our shares was amended to authorize the purchase of up to 32 million shares. As of September 30, 2024, we had repurchased 31.3 million shares under this authorization. During the third quarter of 2024, the Company’s Board of Directors declared a quarterly common stock dividend of $2.00 per share. The common stock dividend was paid on September 27, 2024 for holders of record as of September 16, 2024. We paid $86 million in dividends during the third quarter of 2024.
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.
On May 19, 2023, the Company completed the public offering of 4,140,000 common shares, which included full exercise of the underwriters’ option to purchase an additional 540,000 common shares, at a public offering price of $360.00 per share. Total net proceeds from the public offering were $1,445 million, after underwriting discount and expenses. The Company’s intent was to use the net proceeds from this offering for long-term reinsurance opportunity and continued build out of the global insurance business.
Liquidity. 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 $4.2 billion and $3.5 billion for the nine months ended September 30, 2024 and 2023, respectively. Additionally, these cash flows reflected net catastrophe loss payments of $506 million and $651 million for the nine months ended September 30, 2024 and 2023, respectively, and net tax payments of $340 million and $185 million for the nine months ended September 30, 2024 and 2023, respectively.
If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from insurance operations would be partially offset by cash flow from investment income. Additionally, cash inflows from investment maturities of both short-term investments and longer term maturities are available to supplement other operating cash flows. We do not expect to supplement negative insurance operations cash flows with investment dispositions.
As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At September 30, 2024 and December 31, 2023, we held cash and short-term investments of $5.5 billion and $3.6 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, at September 30, 2024, we had $1.0 billion of fixed maturity securities - available for sale maturing within one year or less, $8.7 billion maturing within one to five years and $8.0 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 September 30, 2024, we had $223 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $793 million of pre-tax unrealized depreciation and $570 million of pre-tax unrealized appreciation.
Management generally expects annual positive cash flow from operations, which reflects the strength of overall pricing. However, given catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.
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In addition to our cash flows from operations and liquid investments, Everest Reinsurance Company (“Everest Re”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of September 30, 2024, Everest Re had statutory admitted assets of approximately $29.2 billion which provides borrowing capacity of up to approximately $2.9 billion. As of September 30, 2024, Everest Re had $819 million of borrowings outstanding, which begin to expire in 2024. See Note 7 – Credit Facilities to the Notes to the consolidated financial statements in Part I, Item I of this Form 10-Q for further details.
Market Sensitive Instruments.
The Securities and Exchange Commission’s (“SEC”) Financial Reporting Release #48 requires registrants to clarify and expand upon the existing financial statement disclosure requirements for derivative financial instruments, derivative commodity instruments and other financial instruments (collectively, “market sensitive instruments”). We do not generally enter into market sensitive instruments for trading purposes.
Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of investments is adjusted periodically, consistent with our current and projected operating results and market conditions. The fixed maturity securities in the investment portfolio are comprised of available for sale and held to maturity securities. Additionally, we have invested in equity securities.
The overall investment strategy considers the scope of present and anticipated Company operations. In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis. This analysis includes estimated payout characteristics for which our investments provide liquidity. This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality. The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period.
Interest Rate Risk. Our $42.1 billion investment portfolio at September 30, 2024 is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk. The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.
Interest rate risk 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 $6.9 billion of mortgage-backed securities in the $31.3 billion fixed maturity portfolio. Prepayment risk results from potential accelerated principal payments that shorten the average life, and thus, the expected yield of the security.
The table below displays the potential impact of market value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $3.9 billion of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates. For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually. To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the market value change under the various interest rate change scenarios.
Impact of Interest Rate Shift in Basis Points
At September 30, 2024
-200-1000100200
(Dollars in millions)
Total Fair Value$37,472 $36,331 $35,190 $34,049 $32,907 
Fair Value Change from Base (%)6.5 %3.2 %— %(3.2)%(6.5)%
Change in Unrealized Appreciation
After-tax from Base ($)$1,961 $980 $— $(980)$(1,961)
We had $27.5 billion and $24.6 billion of gross reserves for losses and LAE as of September 30, 2024 and December 31, 2023, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases
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and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration of approximately 3.9 years, which is reasonably consistent with our fixed income portfolio. If we were to discount our loss and LAE reserves, net of ceded reserves, the discount would be approximately $4.4 billion resulting in a discounted reserve balance of approximately $20.8 billion, representing approximately 59.0% of the value of the fixed maturity investment portfolio funds.
Foreign Currency Risk. Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates. Each of our non-U.S./Bermuda operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Each non-U.S. operation may conduct business in its local currency, as well as the currency of other countries in which it operates. The primary foreign currency exposures for these non-U.S. operations are the Canadian Dollar, the Singapore Dollar, the British Pound Sterling and the Euro. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with US 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 statuses of these proceedings when determining its reserves for unpaid loss and LAE.
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.
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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, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities.
Issuer Purchases of Equity Securities
(a)(b)(c)(d)
Period
Total Number of
Shares (or Units)
Purchased (2)
Average Price Paid
per Share (or Unit)		Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans or
Programs
Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) that May Yet
Be Purchased Under
the Plans or
Programs (1)
July 1 - 31, 2024—$— —964,899
August 1 - 31, 2024208,144$360.51 208,039756,860
September 1 - 30, 202469,623$388.11 64,421692,439
Total277,767$— 272,460692,439
(1) On May 22, 2020, the Company’s executive committee of the Board of Directors approved an amendment to the share repurchase program authorizing the Company and/or its subsidiary Everest Reinsurance Holdings, Inc. (“Holdings”), to purchase up to a current aggregate of 32.0 million of the Company’s shares (recognizing that the number of shares authorized for repurchase has been reduced by those shares that have already been purchased) in open market transactions, privately negotiated transactions or both. Currently, the Company and/or its subsidiary Holdings have repurchased 31.3 million of the Company’s shares.
(2) Shares that have not been repurchased through a publicly announced plan or program consist of shares repurchased by the Company from employees in order to satisfy tax withholding obligations on vestings and/or settlements of share-based compensation awards.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
On August 9, 2024, James Williamson, Executive Vice President and Chief Operating Officer of the Company, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act of 1934 (the “Williamson Trading Plan”). Pursuant to the Williamson Trading Plan, an aggregate amount of up to 800 common shares of Company stock may be sold by his broker. The Williamson Trading Plan expires after the close of trading on August 29, 2025.
Other than as disclosed above, none of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, during the fiscal quarter ended September 30, 2024.
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ITEM 6. EXHIBITS
Exhibit Index
Exhibit No.Description
10.1
31.1
31.2
32.1
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Labels Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Everest Group, Ltd.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Everest Group, Ltd.
(Registrant)
/S/ MARK KOCIANCIC
Mark Kociancic
Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
Dated: November 5, 2024
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