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REINSURANCE
 12 Months Ended
Dec. 31, 2023
Reinsurance Disclosures [Abstract]  
REINSURANCE REINSURANCE
The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences.  These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders.  Losses and LAE incurred and premiums earned are reported after deduction for reinsurance.  In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverables balances.  The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverable include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. The Company may hold partial collateral, including letters of credit and funds held, under these agreements.  See also Note 1C, Note 4 and Note 10.
Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating.
Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets.
See Note 1C for discussion of allowance on reinsurance recoverables.
Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults.
Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:
Years Ended December 31,
(Dollars in millions)202320222021
Written premiums:
Direct$3,785 $3,701 $3,300 
Assumed7,332 5,975 6,031 
Ceded(1,905)(1,645)(1,612)
Net written premiums$9,212 $8,032 $7,719 
Premiums earned:
Direct$3,709 $3,544 $2,982 
Assumed6,705 5,945 5,741 
Ceded(1,878)(1,613)(1,544)
Net premiums earned$8,536 $7,876 $7,179 
Incurred losses and LAE:
Direct$2,594 $2,423 $2,043 
Assumed3,449 4,107 3,872 
Ceded(465)(708)(528)
Net incurred losses and LAE$5,578 $5,823 $5,387 
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 ("whole account quota share") for all new and renewal business for the indicated coverage period:
(Dollars in millions)
Coverage PeriodCeding CompanyPercent
Ceded		Assuming
Company		Type of BusinessSingle
Occurrence
Limit		Aggregate
Limit
01/01/2010-12/31/2010Everest Re44.0 %Bermuda ReProperty / Casualty Business150325
01/01/2011-12/31/2011Everest Re50.0 %Bermuda ReProperty / Casualty Business150300
01/01/2012-12/31/2014Everest Re50.0 %Bermuda ReProperty / Casualty Business100200
01/01/2015-12/31/2016Everest Re50.0 %Bermuda ReProperty / Casualty Business163325
01/01/2017-12/31/2017Everest Re60.0 %Bermuda ReProperty / Casualty Business219438
01/01/2010-12/31/2010Everest Re- Canadian Branch60.0 %Bermuda ReProperty Business350
(1)
0
01/01/2011-12/31/2011Everest Re- Canadian Branch60.0 %Bermuda ReProperty Business350
(1)
0
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-0
01/01/2020Everest International Assurance100.0 %Bermuda ReLife Business-0
(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, 2024.
The stop loss agreements between Everest Re and Bermuda Re that were effective for 2018 and 2019 were both commuted during the third quarter of 2023. The commutations of the agreements resulted in the recognition of an aggregate loss of $37 million for Everest Re. The impact of the commutations are embedded within the Reinsurance Segment’s net favorable development on prior year attritional losses.
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 £100 million of reinsurance coverage for each catastrophe occurrence above £24 million. Bermuda Re (UK Branch) paid Everest Re £5 million for this coverage. This agreement was most recently renewed effective January 1, 2024.
Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1, 2021 through January 31, 2022. The contract provides Ireland Re with up to €210 million of reinsurance coverage for each catastrophe occurrence above €18 million. Ireland Re paid Everest Re €14 million for this coverage. This agreement was most recently renewed effective February 1, 2024.

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. This agreement was not renewed for 2024.
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
10/01/2001Everest 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 December 31, 2023, and December 31, 2022, the Company has a reinsurance recoverable of $807 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 in transactions with affiliated entities for the periods indicated:
Bermuda ReYears Ended December 31,
(Dollars in millions)202320222021
Ceded written premiums$432 $372 $303 
Ceded earned premiums431 371 300 
Ceded losses and LAE(15)(16)(59)
Assumed written premiums4 3 5 
Assumed earned premiums4 5 4 
Ireland ReYears Ended December 31,
(Dollars in millions)202320222021
Assumed written premiums$13 $10 $16 
Assumed earned premiums12 10 15 
Assumed losses and LAE2 23 64 
Ireland InsuranceYears Ended December 31,
(Dollars in millions)202320222021
Assumed written premiums$14 $9 $9 
Assumed earned premiums17 8 6 
Assumed losses and LAE7 5 3 
In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures.
The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts:
Mt. Logan Re Segregated AccountsYears Ended December 31,
(Dollars in millions)202320222021
Ceded written premiums$210 $170 $286 
Ceded earned premiums205 174 280 
Ceded losses and LAE31 150 194