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RELATED-PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS RELATED-PARTY TRANSACTIONS
The table below displays long-term note agreements that Group entered into with Everest Re for the periods indicated. These transactions are presented as Notes Receivable – Affiliated in the Consolidated Balance Sheet of Holdings. All note agreements listed were repaid in full during the second quarter of 2023 and are no longer outstanding as of June 30, 2023. Fair value of these long-term notes is considered Level 2 in the fair value hierarchy.
June 30, 2023December 31, 2022
(Dollars in millions)Date IssuedDate DuePrincipal
Amounts		Consolidated
Balance Sheet
Amount		Fair
Value		Consolidated
Balance Sheet
Amount		Fair
Value
1.69% Long-term Note
12/17/201912/17/2028300 $— $— $300 $242 
1.00% Long-term Note
8/5/20218/5/2030200 — — 200 151 
3.11% Long-term Note
6/14/20226/14/2052215 — — 215 171 
4.34%Long-term Note
12/12/202212/12/2052125 — — 125 125 
840 $— $— $840 $689 
(Some amounts may not reconcile due to rounding)

Interest income recognized in connection with these long-term notes is as follows for the periods indicated:

Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)Interest ReceivedReceivable Dates2023202220232022
1.69% Long-term Note
annuallyDecember 17$1 $1 $2 $3 
1.00% Long-term Note
annuallyAugust 5— 1 1 1 
3.11% Long-term Note
annuallyJune 141 — 3 — 
4.34% Long-term Note
annuallyDecember 121 — 2 — 
$3 $2 $7 $4 
(Some amounts may not reconcile due to rounding)
Holdings holds 1,773.214 preferred shares of Preferred Holdings with a $1 million par value and 1.75% annual dividend rate. Holdings received these shares in December 2015 in exchange for previously held 9,719,971 common shares of Group. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net gains (losses) on investments in the consolidated
statements of operations and comprehensive income (loss). The following table presents the dividends received on the preferred shares of Preferred Holdings that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2023202220232022
Dividends received on preferred stock of affiliate$8 $8 $16 $16 
Affiliates
The Company has engaged in reinsurance transactions with Bermuda Re, Everest Reinsurance Company (Ireland) dac (“Ireland Re”), Everest Insurance (Ireland) dac (“Ireland Insurance”), Everest International Reinsurance Ltd. (“Everest International”), Everest Insurance Company of Canada (“Everest Canada”), Lloyd’s Syndicate 2786 and Mt. Logan Re, which are affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms.
The table below represents affiliated quota share reinsurance agreements for all new and renewal business for the indicated coverage period:
(Dollars in millions)
Coverage PeriodCeding CompanyPercent CededAssuming CompanyType of BusinessSingle Occurrence LimitAggregate Limit
01/01/2010-12/31/2010Everest Re44.0 %Bermuda Reproperty / casualty business150 325 
01/01/2011-12/31/2011Everest Re50.0 %Bermuda Reproperty / casualty business150 300 
01/01/2012-12/31/2014Everest Re50.0 %Bermuda Reproperty / casualty business100 200 
01/01/2015-12/31/2016Everest Re50.0 %Bermuda Reproperty / casualty business163 325 
01/01/2017-12/31/2017Everest Re60.0 %Bermuda Reproperty / casualty business219 438 
01/01/2010-12/31/2010Everest Re- Canadian Branch60.0 %Bermuda Reproperty business350 
(1)
— 
01/01/2011-12/31/2011Everest Re- Canadian Branch60.0 %Bermuda Reproperty business350 
(1)
— 
01/01/2012-12/31/2012Everest Re- Canadian Branch75.0 %Bermuda Reproperty / casualty business206 
(1)
413 
(1)
01/01/2013-12/31/2013Everest Re- Canadian Branch75.0 %Bermuda Reproperty / casualty business150 
(1)
413 
(1)
01/01/2014-12/31/2017Everest Re- Canadian Branch75.0 %Bermuda Reproperty / casualty business263 
(1)
413 
(1)
01/01/2012-12/31/2017Everest Canada80.0 %
Everest Re- Canadian Branch
property business— — 
01/01/2020Everest International Assurance100.0 %Bermuda Relife business— — 
(1)Amounts shown are Canadian dollars.
Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance contract (“stop loss agreement”) with Bermuda Re. The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions. The stop loss agreement was most recently renewed effective January 1, 2023.
Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021. The contract provides Bermuda Re (UK Branch) with up to £110 million of reinsurance coverage for each catastrophe occurrence above £29 million. Bermuda Re (UK Branch) paid Everest Re £4 million for this coverage. This contract was most recently renewed effective January 1, 2023.
Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1, 2023 through January 31, 2024. The contract provides Ireland Re with up to €121 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re paid Everest Re €10 million for this coverage.
Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective March 31, 2023 through January 31, 2024. The contract provides Ireland Re with up to €61 million of reinsurance coverage for each catastrophe occurrence above €139 million. Ireland Re paid Everest Re €2 million for this coverage.
The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.
(Dollars in millions)
Effective DateTransferring CompanyAssuming Company% of Business or Amount of TransferCovered Period of Transfer
10/01/2001Everest Re (Belgium Branch)Bermuda Re100 %All years
10/01/2008Everest ReBermuda Re$747 01/01/2002-12/31/2007
12/31/2017Everest ReBermuda Re$970 All years
On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re. The LPT agreement covers subject loss reserves of $2.3 billion for accident years 2017 and prior. As a result of the LPT agreement, the Company transferred $1.0 billion of cash and fixed maturity securities and transferred $970 million of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $500 million of adverse development coverage on the subject loss reserves. As of June 30, 2023 and December 31, 2022, the Company has a reinsurance recoverable of $803 million and $804 million, respectively, recorded on its balance sheet due from Bermuda Re.
The following tables summarize the significant premiums and losses ceded and assumed by the Company to affiliated entities:
Bermuda ReThree Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2023202220232022
Ceded written premiums$107 $91 $214 $184 
Ceded earned premiums107 91 213 184 
Ceded losses and LAE(5)3 (9)1 
Assumed written premiums4 1 4 3 
Assumed earned premiums3 1 3 5 
Assumed losses and LAE— — — — 
Ireland ReThree Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2023202220232022
Assumed written premiums$3 $2 $6 $4 
Assumed earned premiums3 2 6 5 
Assumed losses and LAE1 — 1 2 
Ireland InsuranceThree Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2023202220232022
Assumed written premiums$11 $2 $12 $4 
Assumed earned premiums8 2 10 4 
Assumed losses and LAE2 (5)4 2 
The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts:
Mt. Logan Re Segregated AccountsThree Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in millions)2023202220232022
Ceded written premiums$40 $22 $82 $62 
Ceded earned premiums44 29 82 72 
Ceded losses and LAE19 23 32 60