RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2023

air value of these long-term notes is considered Level 2 in the fair value hierarchy.


					September 30, 2023				December 31, 2022
(Dollars in millions)	Date Issued	Date Due	Principal Amounts		Consolidated Balance Sheet Amount		Fair Value		Consolidated Balance Sheet Amount		Fair Value
1.69% Long-term Note	12/17/2019	12/17/2028	$	300	$	—	$	—	$	300	$	242
1.00% Long-term Note	8/5/2021	8/5/2030	200		—		—		200		151
3.11% Long-term Note	6/14/2022	6/14/2052	215		—		—		215		171
4.34%Long-term Note	12/12/2022	12/12/2052	125		—		—		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 September 30,				Nine Months Ended September 30,
(Dollars in millions)	Interest Received	Receivable Dates	2023		2022		2023		2022
1.69% Long-term Note	annually	December 17	$	—	$	1	$	2	$	4
1.00% Long-term Note	annually	August 5	—		1		1		2
3.11% Long-term Note	annually	June 14	—		2		3		2
4.34% Long-term Note	annually	December 12	—		—		2		—
			$	—	$	3	$	7	$	7

(Some amounts may not reconcile due to rounding)

Schedule of Dividends Received on Preferred Shares

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 September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Dividends received on preferred stock of affiliate	$	8	$	8	$	23	$	23

Schedule of Affiliated Quota Share Reinsurance Agreements for all New and Renewal Business for the Indicated Coverage Period

The table below represents affiliated quota share reinsurance agreements for all new and renewal business for the indicated coverage period:


(Dollars in millions)
Coverage Period	Ceding Company	Percent Ceded		Assuming Company	Type of Business	Single Occurrence Limit		Aggregate Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	property / casualty business	150		325
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	property / casualty business	150		300
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	property / casualty business	100		200
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	property / casualty business	163		325
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	property / casualty business	219		438
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350	(1)	—
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350	(1)	—
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	206	(1)	413	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	150	(1)	413	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	263	(1)	413	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re- Canadian Branch	property business	—		—
01/01/2018	Everest International Assurance	100.0	%	Bermuda Re	life business	—		—

(1)Amounts shown are Canadian dollars.

Schedule of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures and Reserves were Transferred to an Affiliate

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 Date

Transferring Company

Assuming Company

% of Business or Amount of Transfer

Covered Period of Transfer

10/01/2001

Everest Re (Belgium Branch)

Bermuda Re

100

All years

10/01/2008

Everest Re

Bermuda Re

747

01/01/2002-12/31/2007

12/31/2017

Everest Re

Bermuda Re

970

All years

Schedule of Premiums and Losses Ceded by Company to Affiliate

The following tables summarize the significant premiums and losses ceded and assumed by the Company to affiliated entities:


Bermuda Re	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Ceded written premiums	$	107	$	95	$	321	$	279
Ceded earned premiums	107		95		321		279
Ceded losses and LAE	(40)		(2)		(49)		(1)

Assumed written premiums	1		—		5		3
Assumed earned premiums	1		—		4		5
Assumed losses and LAE	—		—		—		—


Ireland Re	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Assumed written premiums	$	3	$	2	$	9	$	6
Assumed earned premiums	3		2		9		6
Assumed losses and LAE	1		(4)		2		(2)


Ireland Insurance	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Assumed written premiums	$	1	$	3	$	13	$	7
Assumed earned premiums	4		2		14		6
Assumed losses and LAE	1		1		4		3

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


Mt. Logan Re Segregated Accounts	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Ceded written premiums	$	76	$	60	$	158	$	122
Ceded earned premiums	65		51		147		122
Ceded losses and LAE	17		82		49		142