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FEDERAL HOME LOAN BANK MEMBERSHIP
6 Months Ended
Jun. 30, 2023
Federal Home Loan Bank Membership [Abstract]  
FEDERAL HOME LOAN BANK MEMBERSHIP FEDERAL HOME LOAN BANK MEMBERSHIPEverest 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 June 30, 2023, Everest Re had admitted assets of approximately $24 billion which provides borrowing capacity in excess of $2 billion. As of June 30, 2023, Everest Re has $519 million of borrowings outstanding, all of which expire in 2023. Everest Re incurred interest expense of $7 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively. Everest Re incurred interest expense of $13 million and $2 million for the six months ended June 30, 2023 and 2022, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock.