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FEDERAL HOME LOAN BANK MEMBERSHIP
3 Months Ended
Mar. 31, 2024
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 March 31, 2024, Everest Re had admitted assets of approximately $27.0 billion which provides borrowing capacity in excess of $2.7 billion. As of March 31, 2024, Everest Re had $819 million of borrowings outstanding, all of which expire in 2024. Everest Re incurred interest expense of $11 million and $6 million for the three months ended March 31, 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 requires that members must have sufficient qualifying collateral pledged. As of March 31, 2024, Everest Re had $1.1 billion of collateral pledged.