Everest Group (EG) 10-K risk factor changes: FY2024 vs FY2023

Should any of these risks materialize, actual results [removed: could] [added: may] differ materially from the disclosed information, the trading value of our securities could be negatively impacted and our business, financial [removed: condition,] [added: condition] and results of operations could be materially and adversely affected.

We are exposed to unpredictable catastrophic events, [removed: including] [added: including, but not limited to,] weather-related and other natural catastrophes, as well as acts of terrorism and wars.

| 2023 | | | [removed: $ |] 470 | | [added: |]

We are required to maintain reserves to cover our [removed: estimated] ultimate liability of losses and LAE for both reported and unreported [removed: claims incurred.][added: claims.]

These reserves are only estimates of what we believe the [added: ultimate] settlement and administration of claims will cost based on facts and circumstances known to [removed: us.][added: us and actuarial and statistical analysis.]

Because of the uncertainties that surround our estimates of loss and LAE reserves, we cannot be certain that ultimate losses and LAE payments will not exceed [removed: our estimates.][added: the estimates we make at any given time.]

If our reserves are [removed: deficient,] [added: deficient in future periods,] we [removed: would] [added: may] be required to increase loss reserves in the period in which such deficiencies are identified which would cause a charge to our [removed: earnings and] [added: earnings,] a reduction of [removed: capital.][added: capital and could result in adverse effects on our business, financial condition, results of operation or liquidity.]

During the past five calendar years, the reserve [removed: re-estimation] [added: refinement] process resulted in [removed: an increase] [added: a decrease] to our pre-tax net income in [removed: 2023, 2022, 2021] [added: 2024] and [removed: 2019] [added: 2020] and resulted in [removed: a decrease] [added: an increase] to our pre-tax net income in [removed: 2020:][added: 2023, 2022 and 2021:]

| 2023 | | | [removed: $ |] 5 | | [added: |] increase | | |

As of December 31, [removed: 2023, 1.0%] [added: 2024, 0.9%] of our gross reserves were comprised of A&E reserves.

If we fail to accurately assess the risks we retain, we may fail to establish adequate premium rates [added: or contract terms (i.e. limits, deductibles, etc.)] to cover our losses and LAE.

*If we are unable [added: to] or choose not to purchase reinsurance and transfer risk to the reinsurance markets, our net income could be reduced or we could incur a net loss in the event of unusual loss experience.*

In addition, we have increased some of our quota share contracts with larger [added: retrocessionaires.]

| | | | [added: 2024 | | |] 2023 | | | 2022 | | | 2021 | | | 2020 | | | [removed: 2019 | | |]

| Percentage of ceded written premiums to gross written premiums | | | [removed: 11.5] [added: 13.3] | | % | 11.5 | | % | [removed: 12.3] [added: 11.5] | | % | [removed: 13.0] [added: 12.3] | | % | [removed: 14.3] [added: 13.0] | | % |

[removed: A] downgrade or withdrawal of any of these ratings could adversely affect our ability to market our reinsurance and insurance products, our ability to compete with other reinsurers and insurers and our ability to write new business, which in turn could impact our profitability and results.

If our debt ratings are downgraded, we could incur higher borrowing costs, higher cost of capital, [added: increased collateral requirements] and our ability to access the capital markets at attractive rates could be impacted.

We are unable to provide [removed: any guarantees on] [added: assurances as to] whether or not [removed: or] [added: our] ratings may be downgraded by any of [removed: our] [added: the] rating agencies in the future.

The fair value of our invested assets and associated investment income may fluctuate depending on various factors including the effects of economic events and conditions, governmental policies, changes in interest rates and credit [removed: spreads,] [added: spreads] and market volatility.

In times of economic weakness, the fair value of these assets may [removed: decline, and may negatively impact net income.][added: decline.]

*The failure to maintain access to enough cash, readily salable or unencumbered financial assets to meet near-term financial [removed: obligations.*][added: obligations may adversely impact business relations and creditworthiness.*]

The Company's liquidity could be affected by a broad market illiquidity event, default by significant market participant, inability to sell assets, inability to access bank accounts, inability to access capital and credit markets, concentration of [removed: CAT events,] [added: catastrophe events] or unforeseen capital needs.

We conduct business in a variety of non-U.S. currencies, principally the Euro, the British [removed: pound,] [added: pound] and the Canadian dollar.

In [removed: 2023,] [added: 2024,] we wrote approximately [removed: 27.8%] [added: 29.1%] of our coverages in non-U.S.

currencies; as of December 31, [removed: 2023,] [added: 2024,] we maintained approximately [removed: 20.9%] [added: 22.7%] of our investment portfolio in investments denominated in non-U.S. currencies.

The potential political, economic, [removed: military,] [added: military] and social risks that can emerge from a nation's involvement in international affairs can manifest into elevated geopolitical risk.

The loss of the services of any key executive [removed: officer] [added: officer, the failure to successfully effectuate a permanent leadership transition] or the inability to hire and retain other highly qualified personnel in the future, particularly those experienced in the property and casualty industry, could adversely affect our ability to conduct business.

Currently, all our Bermuda-based professional employees who require work permits have been granted permits by the Bermuda government that expire at various times between [removed: April 2024] [added: March 2025] and [removed: October 2028.][added: March 2030.]

Security breaches and other cyber [removed: threats] [added: threats, including those at third parties that have our information,] could expose us to the loss or misuse of our technology systems or information, litigation and potential liability.

In addition, cyber incidents that impact the [added: confidentiality, integrity,] availability, [removed: reliability, speed, accuracy] [added: authenticity] or other proper functioning of these systems could have a significant negative impact on our operations and possibly our [added: financial] results.

An incident could also result in a violation of applicable privacy and other laws, damage our reputation, cause a loss of [removed: customers] [added: customers, result in regulatory action] or give rise to monetary fines and other penalties, which could be [removed: significant.][added: significant, and ultimately have a material adverse effect on our business or operations.]

We utilize financial models to derive metrics and drive analysis to assist in decision making across key areas, such as pricing, underwriting, reserving, investment management, [added: ceding business, capital allocation and risk management.]

We may experience a disruption in business continuity as a result of pandemic and public health crises, geopolitical risks including armed conflict and civil unrest, terrorist events, natural disasters, cyber-attacks affecting [removed: internet] [added: technology services, as well as governmental, business] and [removed: cloud services.][added: societal responses to such events, such as restrictions on public gatherings, sanctions, trade restrictions, increased unemployment and supply chain disruptions.]

All [added: such events may] ultimately result in workforce unavailability among [removed: others.][added: other operational impacts.]

According to S&P, Everest ranks among the top ten global property and casualty reinsurance [removed: groups, where more than two-thirds of the market share is concentrated.][added: groups.]

The worldwide net premium written by the Top 40 global reinsurance groups for both life and non-life business was estimated to be [removed: $306] [added: $318] billion in [removed: 2022] [added: 2023] according to data compiled by S&P.

[removed: In addition to existing competitors, the entry of alternative capital] market products and new company formations provide additional sources of reinsurance and insurance capacity, which could reduce our market share.

As of December 31, [removed: 2023,] [added: 2024,] Everest Re Advisors, Ltd. (Bermuda) owned 9,719,971 or [removed: 18.3%] [added: 18.5%] of the outstanding common shares of Group.

For this purpose, “passive institutional investors” include all persons who are eligible, pursuant to Rule 13d-1(b)(1) under the [removed: U.S. Securities] Exchange Act [removed: of 1934, (“the Exchange Act”)] to file a short-form statement on Schedule 13G, other than an insurance company or any parent holding company or control person of an insurance company.

[added: Delaware law allows the] board of directors of a corporation to delegate many of its powers to committees, but those committees may consist only of directors.

| 2024 | | | $ | 755 | |

*Unfavorable loss development may adversely affect our business, financial condition, results of operations or liquidity.*

Loss reserve estimates are reconsidered, as necessary, as experience develops and to reflect other changes in circumstances that may affect our estimate of ultimate loss, and this could potentially result in increases to our reserves.

In setting reserves for our reinsurance liabilities, we rely on claims data supplied by our ceding companies and brokers, along with other data that may affect our estimate of ultimate loss and actuarial and statistical analysis to arrive at an estimate of ultimate liability for losses and LAE.

For the insurance and reinsurance businesses, ultimate losses may differ materially from our expectations at the time we underwrite the business.

For example, in the quarter ended December 31, 2024, the Company increased its loss reserves by $1.7 billion, pre-tax, primarily driven by unfavorable development in U.S. casualty insurance lines of business.

Loss experience in these lines of business is very unpredictable and has been exacerbated by social inflation factors such as uncertain legal system outcomes, increased frequency of high-severity claims and third-party litigation funding.

| 2024 | | | $ | 1,337 | | decrease | | |

In addition, since reserve estimates of aggregate loss costs for prior years are sometimes factored into pricing our insurance products, inaccurate reserves can lead to our products not being priced adequately to cover actual losses and related loss expenses in order to generate a profit.

*The effects of emerging claim and coverage issues on our business are uncertain.*

As industry practices and legislative, regulatory, judicial, social, financial, technological and other environmental conditions change, unexpected and unintended issues related to claims and coverage may emerge.

These issues may adversely affect our business by either extending coverage beyond our underwriting intent or by increasing the frequency and severity of claims.

Examples of emerging claims and coverage issues include, but are not limited to:

- judicial expansion of policy coverage and a greater propensity to grant claimants more favorable amounts and the impact of new theories of liability;

- plaintiffs targeting property and casualty insurers in purported class action litigation relating to claims-handling and other practices;

- social inflation trends, including higher and more frequent claims, higher awards in favor of plaintiffs and increases in the value of claims due to third party funding;

- medical developments that link health issues to particular causes, resulting in liability claims;

- claims relating to unanticipated consequences of current or new technologies, including cyber security-related risks; and

- claims relating to potentially changing climate conditions.

In some instances, these emerging issues may not become apparent for some time after we have issued the affected insurance policies.

As a result, the full extent of liability under our insurance or reinsurance contracts may not be known for many years after issuance.

We have exposure to counterparties through a variety of commercial transactions and arrangements, including reinsurance transactions and agreements with banks, hedge funds and other investment vehicles that expose us to credit risk in the event our counterparty fails to perform its obligations.

*We may require additional capital or financing sources in the future, which may not be available or may be available only on unfavorable terms.*

Our future capital requirements depend on many factors, including rating agency and regulatory requirements, the performance of our investment portfolio, our ability to write new business successfully, the frequency and severity of catastrophe events and our ability to establish premium rates and loss reserves at levels sufficient to cover losses.

We may need to raise additional funds through debt or equity financings or access funds through existing or new credit facilities or through short-term repurchase agreements.

We may also from time to time seek to refinance debt as amounts become due or commitments expire.

Any equity or debt financing or refinancing, if available at all, may be on terms that are not favorable to us.

In the case of equity financings, dilution to our shareholders could result, and in any case, such securities may have rights, preferences and privileges that are senior to those of our common shares.

Our access to funds under existing credit facilities is dependent on the ability of the banks that are party to the facilities to meet their funding commitments.

In January 2025, James Williamson, Executive Vice President and Chief Operating Officer, was appointed President and CEO and member of the Board of Directors after the departure of our former President and CEO, Juan Andrade.

Changes to or turnover among senior management or key executives could also disrupt the Company’s strategic focus, operational capabilities and may impede our ability to act quickly and efficiently in executing our business strategy.

*We rely on our processes, people and systems to maintain our operations and manage the operational risks inherent to our business.

Any errors, omissions or misconduct by our employees or third-party agents in the execution of these processes could adversely affect our business, results of operations and financial condition.*

We rely on our processes, people and systems to maintain and execute our operations.

We seek to monitor and control our exposure to risks arising from these processes through an enterprise risk management framework, internal controls, management review and other processes.

We cannot provide total assurance that these processes will effectively identify or control all risks, or that our employees and third-party agents will effectively execute them.

Losses may result from, among other things, actual or alleged fraud; errors; or failure to document transactions properly, obtain proper internal authorization, comply with underwriting or other internal guidelines or comply with regulatory requirements.

It is not always possible to deter or prevent employee misconduct, and the precautions that we take to prevent and detect this activity may not be effective in all cases.

Resulting losses could adversely affect our business, results of operations and financial condition.

Cybersecurity threats and incidents have increased in recent years, heightening related risks.

| 2019 | | | 576 | | |

*If our loss reserves are inadequate to meet our actual losses, our net income would be reduced or we could incur a loss.*

In setting reserves for our reinsurance liabilities, we rely

Table of Contents

on claims data supplied by our ceding companies and brokers, and we employ actuarial and statistical projections.

| 2019 | | | 64 | | | increase | | |

retrocessionaires.

The changes in value and investment income/(loss) for these partnerships may be more volatile than over-the-counter securities.

ceding business, capital allocation and risk management.

Delaware law allows the

the shares thus acquired to the shareholder, who must then refund the purchase price.

be in or not opposed to the best interests of the corporation and (2) if the action or proceeding involves a criminal offense, the director or officer had no reasonable cause to believe his or her conduct was unlawful.

The SEC has also adopted new rules effective September 5, 2023 to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance and incidents.

These proposals, if implemented, could have an impact on net income and effective tax rate.

Bermuda Re.

Group.

Bermuda Re and Group.

The imposition of these taxes would reduce out net income.

In addition, Bermuda Re is subject to federal excise tax on reinsurance and insurance premiums with respect to risks located in the United States.

The following is a discussion and analysis of our results of [removed: operations and] [added: operations,] financial condition [added: and liquidity and capital resources] for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

Pursuant to the [removed: FAST] [added: Fixing America’s Surface Transportation] Act Modernization and Simplification of Regulation S-K, comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] have been omitted from this Form 10-K but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, [removed: 2022.][added: 2023.]

| (Dollars in millions) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2023/2022] [added: 2024/2023] | | | | | | [removed: 2022/2021] [added: 2023/2022] | | |

| Gross written premiums | | | $ | [removed: 16,637] [added: 18,232] | | | | | $ | [removed: 13,952] [added: 16,637] | | | | | $ | [removed: 13,050] [added: 13,952] | | | | | [removed: 19.2] [added: 9.6] | | % | | | | [removed: 6.9] [added: 19.2] | | % |

| Net written premiums | | | [removed: 14,730] [added: 15,814] | | | | | | [removed: 12,344] [added: 14,730] | | | | | | [removed: 11,446] [added: 12,344] | | | | | | [removed: 19.3] [added: 7.4] | | % | | | | [removed: 7.9] [added: 19.3] | | % |

| Premiums earned | | | $ | [removed: 13,443] [added: 15,187] | | | | | $ | [removed: 11,787] [added: 13,443] | | | | | $ | [removed: 10,406] [added: 11,787] | | | | | [removed: 14.0] [added: 13.0] | | % | | | | [removed: 13.3] [added: 14.0] | | % |

| Net investment income | | | [removed: 1,434] [added: 1,954] | | | | | | [removed: 830] [added: 1,434] | | | | | | [removed: 1,165] [added: 830] | | | | | | [removed: 72.7] [added: 36.3] | | % | | | | [removed: (28.8)] [added: 72.7] | | % |

| Net gains (losses) on investments | | | [removed: (276)] [added: 19] | | | | | | [removed: (455)] [added: (276)] | | | | | | [removed: 258] [added: (455)] | | | | | | [removed: (39.3)] [added: NM] | | [removed: %] | | | | [removed: NM] [added: (39.3)] | | [added: %] |

| Other income (expense) | | | [removed: (14)] [added: 121] | | | | | | [removed: (102)] [added: (14)] | | | | | | [removed: 37] [added: (102)] | | | | | | [removed: (86.3)] [added: NM] | | [removed: %] | | | | [removed: NM] [added: (86.3)] | | [added: %] |

| Total revenues | | | [removed: 14,587] [added: 17,281] | | | | | | [removed: 12,060] [added: 14,587] | | | | | | [removed: 11,866] [added: 12,060] | | | | | | [removed: 20.9] [added: 18.5] | | % | | | | [removed: 1.6] [added: 20.9] | | % |

| Incurred losses and loss adjustment expenses | | | [removed: 8,427] [added: 11,305] | | | | | | [removed: 8,100] [added: 8,427] | | | | | | [removed: 7,391] [added: 8,100] | | | | | | [removed: 4.0] [added: 34.1] | | % | | | | [removed: 9.6] [added: 4.0] | | % |

| Commission, brokerage, taxes and fees | | | [removed: 2,952] [added: 3,300] | | | | | | [removed: 2,528] [added: 2,952] | | | | | | [removed: 2,209] [added: 2,528] | | | | | | [removed: 16.7] [added: 11.8] | | % | | | | [removed: 14.5] [added: 16.7] | | % |

| Other underwriting expenses | | | [removed: 846] [added: 938] | | | | | | [removed: 682] [added: 846] | | | | | | [removed: 583] [added: 682] | | | | | | [removed: 24.1] [added: 10.9] | | % | | | | [removed: 17.0] [added: 24.1] | | % |

| Corporate expenses | | | [removed: 73] [added: 95] | | | | | | [removed: 61] [added: 73] | | | | | | [removed: 68] [added: 61] | | | | | | [removed: 19.9] [added: 30.5] | | % | | | | [removed: (10.1)] [added: 19.9] | | % |

| Interest, fees and bond issue cost amortization expense | | | [removed: 134] [added: 149] | | | | | | [removed: 101] [added: 134] | | | | | | [removed: 70] [added: 101] | | | | | | [removed: 33.2] [added: 11.1] | | % | | | | [removed: 43.9] [added: 33.2] | | % |

| Total claims and expenses | | | [removed: 12,432] [added: 15,787] | | | | | | [removed: 11,472] [added: 12,432] | | | | | | [removed: 10,321] [added: 11,472] | | | | | | [removed: 8.4] [added: 27.0] | | % | | | | [removed: 11.2] [added: 8.4] | | % |

| INCOME (LOSS) BEFORE TAXES | | | [removed: 2,154] [added: 1,493] | | | | | | [removed: 588] [added: 2,154] | | | | | | [removed: 1,546] [added: 588] | | | | | | [removed: NM] [added: (30.7)] | | [added: %] | | | | [removed: (62.0)] [added: NM] | | [removed: %] |

| Income tax expense (benefit) | | | [removed: (363)] [added: 120] | | | | | | [removed: (9)] [added: (363)] | | | | | | [removed: 167] [added: (9)] | | | | | | NM | | | | | | NM | | |

| NET INCOME (LOSS) | | | $ | [removed: 2,517] [added: 1,373] | | | | | $ | [removed: 597] [added: 2,517] | | | | | $ | [removed: 1,379] [added: 597] | | | | | [removed: NM] [added: (45.4)] | | [added: %] | | | | [removed: (56.7)] [added: NM] | | [removed: %] |

| Loss ratio | | | [removed: 62.7] [added: 74.4] | | % | | | | [removed: 68.7] [added: 62.7] | | % | | | | [removed: 71.0] [added: 68.7] | | % | | | | [removed: (6.0)] [added: 11.7] | | | | | | [removed: (2.3)] [added: (6.0)] | | |

| Commission and brokerage ratio | | | [removed: 22.0] [added: 21.7] | | % | | | | [removed: 21.4] [added: 22.0] | | % | | | | [removed: 21.2] [added: 21.4] | | % | | | | [removed: 0.6] [added: (0.3)] | | | | | | [removed: 0.2] [added: 0.6] | | |

| Other underwriting expense ratio | | | [removed: 6.3] [added: 6.2] | | % | | | | [removed: 5.8] [added: 6.3] | | % | | | | [removed: 5.6] [added: 5.8] | | % | | | | [removed: 0.5] [added: (0.1)] | | | | | | [removed: 0.2] [added: 0.5] | | |

| Combined ratio | | | [removed: 90.9] [added: 102.3] | | % | | | | [removed: 96.0] [added: 90.9] | | % | | | | [removed: 97.8] [added: 96.0] | | % | | | | [removed: (5.1)] [added: 11.4] | | | | | | [removed: (1.8)] [added: (5.1)] | | |

| (Dollars in millions, except per share amounts) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2023/2022] [added: 2024/2023] | | | | | | [removed: 2022/2021] [added: 2023/2022] | | |

| Total investments and cash | | | $ | [removed: 37,142] [added: 41,531] | | | | | $ | [removed: 29,872] [added: 37,142] | | | | | $ | [removed: 29,673] [added: 29,872] | | | | | [removed: 24.3] [added: 11.8] | | % | | | | [removed: 0.7] [added: 24.3] | | % |

| Total assets | | | [removed: 49,399] [added: 56,341] | | | | | | [removed: 39,966] [added: 49,399] | | | | | | [removed: 38,185] [added: 39,966] | | | | | | [removed: 23.6] [added: 14.1] | | % | | | | [removed: 4.7] [added: 23.6] | | % |

| Loss and loss adjustment expense reserves | | | [removed: 24,604] [added: 29,889] | | | | | | [removed: 22,065] [added: 24,604] | | | | | | [removed: 19,009] [added: 22,065] | | | | | | [removed: 11.5] [added: 21.5] | | % | | | | [removed: 16.1] [added: 11.5] | | % |

| Total debt | | | [removed: 3,385] [added: 3,587] | | | | | | [removed: 3,084] [added: 3,385] | | | | | | [removed: 3,089] [added: 3,084] | | | | | | [removed: 9.8] [added: 6.0] | | % | | | | [removed: (0.2)] [added: 9.8] | | % |

| Total liabilities | | | [removed: 36,197] [added: 42,466] | | | | | | [removed: 31,525] [added: 36,197] | | | | | | [removed: 28,046] [added: 31,525] | | | | | | [removed: 14.8] [added: 17.3] | | % | | | | [removed: 12.4] [added: 14.8] | | % |

| Shareholders' equity | | | [removed: 13,202] [added: 13,875] | | | | | | [removed: 8,441] [added: 13,202] | | | | | | [removed: 10,139] [added: 8,441] | | | | | | [removed: 56.4] [added: 5.1] | | % | | | | [removed: (16.8)] [added: 56.4] | | % |

| Book value per share | | | [removed: 304.29] [added: 322.97] | | | | | | [removed: 215.54] [added: 304.29] | | | | | | [removed: 258.21] [added: 215.54] | | | | | | [removed: 41.2] [added: 6.1] | | % | | | | [removed: (16.5)] [added: 41.2] | | % |

Gross written premiums increased by [removed: 19.2%] [added: 9.6%] to [removed: $16.6] [added: $18.2] billion in [removed: 2023,] [added: 2024,] compared to [removed: $14.0] [added: $16.6] billion in [removed: 2022,] [added: 2023,] reflecting a [removed: $2.2] [added: $1.5] billion, or [removed: 23.9%] [added: 12.9%] increase in our reinsurance business and a [removed: $473] [added: $191] million, or [removed: 10.0%,] [added: 3.9%,] increase in our insurance business.

The increase in reinsurance premiums reflects growth across [removed: all] [added: multiple] lines of business, particularly property [added: and casualty] pro [removed: rata,] [added: rata business] and property [added: catastrophe] excess of loss business.

The increase in insurance premiums reflects growth [removed: across multiple lines of business, particularly specialty casualty business,] property/short tail business and other specialty business, [removed: driven] [added: partially offset] by [removed: positive rate] [added: portfolio actions taken on accident] and [removed: exposure increases, new business] [added: health, workers’ compensation] and [removed: strong renewal retention.][added: casualty lines of business.]

Net written premiums increased by [removed: 19.3%] [added: 7.4%] to [removed: $14.7] [added: $15.8] billion in [removed: 2023,] [added: 2024,] compared to [removed: $12.3] [added: $14.7] billion in [removed: 2022.][added: 2023.]

Premiums earned increased by [removed: 14.0%] [added: 13.0%] to [removed: $13.4] [added: $15.2] billion in [removed: 2023,] [added: 2024,] compared to [removed: $11.8] [added: $13.4] billion in [removed: 2022,] [added: 2023,] which is consistent with the percentage changes in gross written premiums.

The change in premiums earned relative to net written premiums was primarily the result of [added: timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.]

We recorded other [removed: expense] [added: income] of [removed: $14] [added: $121] million and other expense of [removed: $102] [added: $14] million in [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

The change was primarily the result of fluctuations in foreign currency exchange [removed: rates.][added: rates, gain from the sale of the sports and leisure business and gain from pension plan curtailment.]

We recognized foreign currency exchange [added: income of $58 million in 2024 and foreign currency exchange] expense of [removed: $103] [added: $24] million in [removed: 2022.][added: 2023.]

Overview.

Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions.

As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence.

Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.

As a global leader with a 50-year track record, we are a preferred Reinsurance partner in the markets we serve, and with

our growing Insurance franchise we strive to deliver consistent value to all our stakeholders.

We continue to grow and develop our Insurance business, investing in our global platform and strengthening our portfolio and its potential to deliver on our customer promise.

During 2024, we formed a new “Other” segment, primarily comprised of the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale.

It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes.

The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

See Note 6 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Our current year net income of $1.4 billion is inclusive of unfavorable development of prior-year loss reserves of $1.5 billion.

Following a comprehensive reserve review, we have significantly fortified our U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent and investing in our platform as we head into 2025.

Refer to management’s discussion of consolidated and segment results below.

The increase in insurance

premiums reflects growth in property/short tail business and other specialty business, partially offset by portfolio actions taken on accident and health, workers’ compensation and specialty casualty lines of business.

The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.

Additionally, we recognized a $40 million gain on sale of our sports and leisure business, including renewal rights, sold during the fourth quarter and a $9 million pension plan curtailment gain.

| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Attritional | | | $ | 9,074 | | | | | 59.8 | | % | | | | $ | 1,475 | | | | | 9.7 | | % | | | | $ | 10,550 | | | | | 69.5 | | % |

| Catastrophes | | | 893 | | | | | | 5.9 | | % | | | | (138) | | | | | | (0.9) | | % | | | | 755 | | | | | | 5.0 | | % |

| Total segment | | | $ | 9,967 | | | | | 65.6 | | % | | | | $ | 1,337 | | | | | 8.8 | | % | | | | $ | 11,305 | | | | | 74.4 | | % |

| Variance 2024/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Attritional | | | $ | 1,112 | | | | | 0.5 | | pts | | | | $ | 1,481 | | | | | 9.8 | | pts | | | | $ | 2,592 | | | | | 10.3 | | pts |

| Catastrophes | | | 423 | | | | | | 2.4 | | pts | | | | (138) | | | | | | (0.9) | | pts | | | | 285 | | | | | | 1.5 | | pts |

| Total segment | | | $ | 1,535 | | | | | 2.9 | | pts | | | | $ | 1,342 | | | | | 8.8 | | pts | | | | $ | 2,877 | | | | | 11.7 | | pts |

The increase in current year attritional losses was mainly due to the impact of the increase in premiums earned, changes in the mix of business and strengthening of current accident year U.S. casualty reserves by $206 million in the Insurance

segment.

The current year catastrophe losses of $893 million in 2024 related primarily to Hurricane Milton ($320 million), Hurricane Helene ($94 million), Hurricane Beryl ($64 million), Hurricane Debby ($56 million), the 2024 European flood Boris ($56 million), the 2024 Baltimore bridge collapse ($55 million), the third quarter 2024 Calgary Alberta storms ($54 million), the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($32 million), the 2024 Germany floods ($31 million), the 2024 New Caledonia Riots ($31 million) and the 2024 Taiwan earthquake ($27 million), with the remaining losses resulting from various events.

Unfavorable development on prior year attritional losses was $1.5 billion in 2024 compared to favorable development of $5 million in 2023.

The net unfavorable development on prior year attritional reserves of $1.5 billion in 2024 is comprised of $1.1 billion of unfavorable development on prior years attritional losses from the Insurance segment, mainly driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines and $403 million of unfavorable development on prior years attritional losses from the Other segment, mainly related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $54 million.

In addition, the Reinsurance segment recorded $684 million of unfavorable development on prior year casualty reserves.

This unfavorable development in the Reinsurance segment was largely offset by favorable development booked on well-seasoned reserves in the property and mortgage lines.

Refer to the “Ratios” section for loss ratio analysis discussion.

Refer to the “Ratios” section for commission and brokerage ratio analysis discussion.

Refer to the “Ratios” section for other underwriting expense ratio analysis discussion.

The increase in 2024 compared to 2023 was primarily due to information management related costs, including the acceleration of cybersecurity, corporate applications and infrastructure investments as well as an increase in compensation costs due to increased headcount from the prior year.

The tax benefit in 2023 was primarily due to the implementation of the provisions of the Bermuda Corporate Income Tax Act of 2023 (“The 2023 Act”).

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025.

Industry Conditions.

The worldwide insurance and reinsurance businesses are highly competitive, as well as cyclical by product and market.

As a result, financial results tend to fluctuate with periods of constrained availability, higher rates and stronger profits followed by periods of abundant capacity, lower rates and constrained profitability.

Competition in the types of insurance and reinsurance business that we underwrite is based on many factors, including the perceived overall financial strength of the reinsurer or insurer, ratings of the reinsurer or insurer by A.M. Best and/or Standard & Poor’s, underwriting expertise, the jurisdictions where the reinsurer or insurer is licensed or otherwise authorized, capacity and coverages offered, premiums charged, other terms and conditions of the insurance and reinsurance business offered, services offered, speed of claims payment and reputation and experience in lines written.

Furthermore, the market impact from these competitive factors related to insurance and reinsurance is generally not consistent across lines of business, domestic and international geographical areas and distribution channels.

Financial instruments such as side cars, catastrophe bonds and collateralized reinsurance funds, provided capital markets with access to insurance and reinsurance risk exposure.

The capital markets demand for these products is primarily driven by the desire to achieve greater risk diversification and potentially higher returns on their investments.

This competition generally has a negative impact on rates, terms and conditions; however, the impact varies widely by market and coverage.

Based on recent competitive behaviors in the insurance and reinsurance industry, natural catastrophe events and the macroeconomic backdrop, there has been dislocation in the market which has had a positive impact on rates and terms and conditions, generally, though specifics in local markets can vary.

Specifically, recent market conditions in property, particularly catastrophe excess of loss, have resulted in rate increases.

As a result of the rate increases, most of the lines within property have been affected.

Other casualty lines have been experiencing modest rate increases, while some lines such as workers’ compensation and directors and officers liability have been experiencing softer market conditions.

The impact on pricing conditions is likely to change depending on the line of business and geography.

Our capital position remains a source of strength, with high quality invested assets, significant liquidity and a low operating expense ratio.

Our diversified global platform with its broad mix of products, distribution and geography is resilient.

The recent emergence of the Middle East war and the ongoing war in the Ukraine are evolving events.

Economic and legal sanctions have been levied against Russia, specific named individuals and entities connected to the Russian government, as well as businesses located in the Russian Federation and/or owned by Russian nationals in numerous countries, including the United States.

The significant political and economic uncertainty surrounding these wars and associated sanctions have impacted economic and investment markets both within Russia, Ukraine, the Middle East region, and around the world.

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timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

We recognized foreign currency exchange expense of $24 million in 2023, partially offset by $8 million of income from Everest Group’s share of investment in the Mt.

Logan segregated cells.

| 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Attritional | | | $ | 6,265 | | | | | 60.2 | | % | | | | $ | (9) | | | | | (0.1) | | % | | | | $ | 6,256 | | | | | 60.1 | | % |

| Catastrophes | | | 1,135 | | | | | | 10.9 | | % | | | | — | | | | | | — | | % | | | | 1,135 | | | | | | 10.9 | | % |

| Total segment | | | $ | 7,400 | | | | | 71.1 | | % | | | | $ | (9) | | | | | (0.1) | | % | | | | $ | 7,391 | | | | | 71.0 | | % |

| Variance 2022/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Attritional | | | $ | 782 | | | | | (0.4) | | pts | | | | $ | 7 | | | | | 0.1 | | pts | | | | $ | 789 | | | | | (0.3) | | pts |

| Total segment | | | $ | 702 | | | | | (2.3) | | pts | | | | $ | 7 | | | | | 0.1 | | pts | | | | $ | 709 | | | | | (2.2) | | pts |

The $1.1 billion of current year catastrophe losses in 2022 related primarily to Hurricane Ian ($699 million), the 2022 Australia floods ($88 million), the 2022 Western Europe hailstorms ($69 million), the 2022 South Africa flood ($50 million), the 2022 and the Western Europe Convective Storm ($35 million), with the remaining losses resulting from various storm events.

The Company has up to $350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry

loss threshold.

This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level.

As a result of Hurricane Ian, PCS’s current industry estimate of $48.2 billion issued in February 2024 exceeds the attachment point.

The potential recovery under the CAT Bond is not expected to be material.

As a result, no portion of the potential CAT bond recovery has been included in the Company’s current financial results.

The increase was primarily due to the impact of the increase in premiums earned, changes in the mix of business and $94 million of profit commission expense incurred in 2023 related to prior year loss reserves releases recorded within the Reinsurance segment.

The increase in 2023 compared to 2022 was mainly due to higher variable incentive compensation.

With the assent of the governor on December 27, 2023, the Bermuda Corporate Income Tax Act of 2023 (“The 2023 Act”) became law.

Beginning in 2025, a 15% corporate income tax will be applicable to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more.

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As part of the [removed: S&P] [added: Standard & Poor’s (“S&P”)] 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence.

At December 31, [removed: 2023,] [added: 2024,] we had shareholders’ equity of [removed: $13.2] [added: $13.9] billion and total assets of [removed: $49.4] [added: $56.3] billion.

The Company’s principal business, conducted through its Reinsurance and Insurance [removed: operating] [added: reportable] segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets.

- Bermuda Re, a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and long-term insurer and is authorized to write both reinsurance and insurance property and [removed: casualty.][added: casualty business.]

Bermuda Re’s [removed: UK] [added: United Kingdom (“U.K.”)] branch writes property and casualty reinsurance to the [removed: United Kingdom,] [added: U.K.,] China and European markets.

As of December 31, [removed: 2023,] [added: 2024,] Bermuda Re had shareholder’s equity of [removed: $4.2] [added: $4.3] billion.

[removed: Everest International’s] [added: The] Singapore branch [added: has a direct insurer license and] writes property and casualty [removed: reinsurance] [added: business] to the Singapore market.

A majority of Everest International’s business is assumed reinsurance from its affiliates: Everest Re, Bermuda [removed: Re,] [added: Re - U.K. Branch,] Ireland Re and Ireland Insurance.

As of December 31, [removed: 2023,] [added: 2024,] Everest International had shareholder’s equity of [removed: $1.4] [added: $1.7] billion.

- Ireland Insurance, an Ireland insurance company and an indirect subsidiary of Group, is licensed to write insurance for the European markets through its Ireland office as well as through its branches in the [removed: United][added: U.K., the Netherlands, Spain, France, Germany and Italy.]

- Lloyd's of London [removed: (Lloyd's)] [added: (“Lloyd's”)] Syndicate 2786, a wholly-owned Everest syndicate supported by funds at Lloyd’s provided by Everest Corporate Member Limited, was established in 2015 as a platform to facilitate the further expansion of Everest's international insurance operations.

As of December 31, [removed: 2023,] [added: 2024,] Everest Reinsurance Company had statutory surplus of [removed: $7.0] [added: $8.1] billion.

Everest Indemnity is a Delaware domestic surplus lines insurer and is eligible to write business on a non-admitted basis in all [removed: other U.S.] [added: 50] states, the District of Columbia and Puerto Rico.

Everest Assurance has made a one-time election under section 953(d) of the U.S. Internal Revenue Code [added: (“IRC”)] to be a U.S. income tax paying “Controlled Foreign Corporation.” By making this election, Everest Assurance is authorized to write life reinsurance and casualty reinsurance in both Bermuda and the U.S. In addition, Everest Assurance is considered an approved/eligible alien surplus lines insurer in all 50 states and the District of Columbia.

It is our goal to build skilled, talented, collaborative, inclusive teams and foster a sense of purpose and company culture rooted in [removed: diversity] [added: a broad range] of thought and experiences.

As of February 1, [removed: 2024,] [added: 2025,] the Company employed [removed: 2,844] [added: 3,037] persons.

None of the Company’s [added: U.S.-based] employees are subject to collective bargaining agreements, and the Company is not aware of any current efforts to enter into such agreements.

Talent Attraction, [removed: Development,] [added: Development] and Retention.

[removed: The continued] [added: Investing in the ongoing] development of [removed: all] [added: our] colleagues is [removed: core] [added: fundamental] to [removed: who we are and how we maintain] our [added: success and sustained] competitive advantage as a global leader in risk management.

Proactive recruitment of [removed: skilled, experienced, diverse] [added: skilled and experienced] teams is an important aspect of succession planning at both our Board of Directors (the “Board”) level and throughout the organization.

Everest’s Colleague Value [removed: Proposition] [added: Proposition,] *Opportunity through [removed: Unity*] [added: Unity,*] includes the building blocks of the Company’s culture: our mission, [removed: purpose,] [added: purpose] and values, as well as a [removed: newly defined] set of Colleague Behaviors that speak to how we operate as One Everest, regardless of location, [removed: level,] [added: level] or function.

They are an expression of our culture and an integral part of how we [removed: work: Talent.][added: work.]

- [removed: In 2023, the] [added: The] Company [removed: began embedding] [added: has embedded] these [removed: new] behaviors within colleague programs and practices globally.

At Everest, [removed: Diversity, Equity and Inclusion (“DEI”) expresses] our commitment to [removed: non-discriminatory access to opportunity, equity] [added: equal opportunity] in our dealings and cultural [removed: inclusivity, and represents] [added: inclusivity reflects] a [removed: cultural and business imperative] [added: core principle] that we promote not only within our workplace but also [removed: throughout] [added: in] the global communities [removed: in which] [added: where] we operate.

Everest has a global [removed: DEI] [added: inclusion, culture and engagement] strategic framework and focus areas that aligns with our corporate [removed: global DEI efforts] [added: values] and initiatives.

[removed: We have] [added: In 2024, we had] four pillars [removed: that provide] [added: providing] the foundation for our strategic framework as described below.

1.Alignment & Accountability: Our integrated global [removed: DEI] efforts align with our corporate strategy, cultural values and colleague behaviors.

[removed: The DEI Council’s] [added: As part of our global inclusion, culture and engagement efforts, our] mission is to help foster an environment that attracts, retains and develops the best talent; [removed: values the diversity of] [added: prioritizes] people, their life experiences and perspectives; and serves as a conduit to senior management to promote measurable company-wide [removed: engagement on inclusivity.][added: engagement.]

We look to seize opportunities to celebrate our [removed: diversity] [added: culture] and lift one another up.

Our global [removed: CRGs,] [added: Colleague Resource Groups (“CRGs”),] as part of our [removed: Council,] [added: engagement efforts,] connect regularly through networking events, professional development opportunities and sharing cultural traditions, driving greater awareness and collaboration across offices worldwide.

As of December 31, [removed: 2023,] [added: 2024,] the Company sponsors nine CRGs.

[removed: In] [added: Since] 2023, [removed: the Company changed its name to] Everest Group, Ltd. [removed: and started trading] [added: trades on the New York Stock Exchange (“NYSE”)] under [removed: a new] [added: the] ticker symbol (NYSE: EG).

Everest’s [removed: new name and stock ticker reflect the evolution of our] value [removed: proposition,] [added: proposition is] built on five decades of reinsurance leadership and an expanding presence in the global primary insurance market.

For the year ended December 31, [removed: 2023,] [added: 2024,] no single customer (ceding company or insured) generated more than [removed: 3.8%] [added: 3.9%] of the Company’s gross written premiums.

Approximately [removed: 62.4%, 30.7%] [added: 64.8%, 28.5%] and [removed: 6.9%] [added: 6.7%] of the Company’s [removed: 2023] [added: 2024] gross written premiums were written in the broker reinsurance market, the insurance business and the direct reinsurance market, respectively.

Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor [removed: does the Company commit in advance to accept any portion of a broker’s submitted business.]

The Reinsurance segment’s ten largest brokers accounted for an aggregate of approximately [removed: 53.7%] [added: 60.5%] of gross written premiums in [removed: 2023.][added: 2024.]

The broker with the largest share of the company’s business, Marsh and McLennan, accounted for approximately [removed: 20.4%] [added: 21.9%] of gross written premiums.

The broker with the next-largest share, Aon, accounted for approximately [removed: 16.1%] [added: 19.2%] of gross written premiums.

The Company’s [removed: insurance business] [added: Insurance segment] mainly writes commercial property and casualty [added: business] on an admitted and non-admitted basis.

In 2024, the Company had gross written premiums of $18.2 billion with approximately 71.0% representing Reinsurance and 27.9% representing Insurance with the remaining 1.1% of gross written premium coming from our “Other” operating segment.

Everest International has branch locations in Singapore and Australia.

The Australian branch has a general insurance license and writes property and casualty business to the Australian market.

- Everest Compañia de Seguros Generales Colombia S.A., a Colombia based insurance company and a direct subsidiary of Everest International, is licensed to write property and casualty business within Colombia.

- Compañia de Seguros Generales Everest Mexico S.A. de C.V., a Mexico based insurance company, is licensed to write property and casualty business within Mexico.

We empower our colleagues to take ownership of their professional growth through a comprehensive suite of resources, including industry-leading training programs, technical upskilling, opportunities, mentorship initiatives and robust management and leadership development offerings.

Our commitment to continuous learning and development spans all levels, and we are continually expanding our program offerings to meet evolving needs.

This includes a newly implemented enterprise-wide program focused on cultivating next-generation skills, and an expansion of our early career program to develop future Underwriters, Actuaries and IT professionals through rotational placements.

Further, Everest maintains a proactive approach to succession planning, prioritizing internal talent development and advancement opportunities.

Everest seeks to attract, retain and develop exceptional talent, fostering an inclusive workplace that embraces unique skill sets, experiences and perspectives.

Our Board is committed to selecting director and executive management candidates who possess unique skill sets, experiences and perspectives that enhance our governance, strategy, corporate responsibility, culture and risk management.

We also have two Business Resource Groups (“BRGs”) which are colleague-centered and are sponsored as part of our global business objectives.

Our CRGs and BRGs support our efforts in the areas of volunteerism, sustainability and innovation.

does the Company commit in advance to accept any portion of a broker’s submitted business.

During the fourth quarter of 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other".

The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale.

It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes.

The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.

products related to its accident and health business within the reportable segment groupings.

The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.

whereby the ceding commission is adjusted based on loss experience).

- Mortgage reinsurance provides protection in the U.S. and internationally on private mortgage insurance policies as well as participating in Government Sponsored Entities (i.e. Fannie Mae & Freddie Mac) credit risk-sharing transactions.

Reinsurance coverage is provided on a proportional and non- proportional basis.

We participate regularly in both Fannie Mae & Freddie Mac single family and multifamily risk sharing programs.

Competition for clients might be based on pricing, capacity, coverage terms, conditions or other factors.

Reserves are

The results of run-off A&E exposures are included within the Company’s Other segment.

S&P affirmed all ratings on January 28, 2025, and changed the outlook from stable to negative.

Moody’s affirmed these ratings on May 17, 2024, with a stable outlook.

monitoring, controlling and communicating the Company’s risk exposures.

Logan Re, Ltd. (“Mt.

“PRA”) and the Financial Conduct Authority (the “FCA”).

Compañía de Seguros Generales Everest Mexico S.A. de C.V. is an insurance company dully incorporated under the Mexican law.

The company is regulated by the Comisión Nacional de Seguros y Fianzas (National Insurance and Bonds Commission).

Management believes that the Company is in compliance with the applicable laws and regulations pertaining to its business and operations in Mexico.

Everest Compañía de Seguros Generales Chile S.A. is an insurance company legally incorporated in Chile.

Everest Chile is regulated by the Financial Market Commission (“CMF”) which oversees the entities and activities involved in the securities, insurance, banking, and financial institutions markets in Chile.

Management believes that the Company is in compliance with the applicable laws and regulations pertaining to its business and operations in Chile.

Everest Compañía de Seguros Generales Colombia S.A. is an insurance company legally constituted in the Republic of Colombia, with an office in the city of Bogotá, and is supervised and monitored by the Superintendencia Financiera de Colombia (“SFC”) Insurance Regulatory Authority in Colombia.

Management believes that the Company is in compliance with applicable laws and regulations pertaining to its business and operations in Colombia.

In 2023, the Company had gross written premiums of $16.6 billion with approximately 68.9% representing reinsurance and 31.1% representing insurance.

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Kingdom, the Netherlands, Spain, France and Germany.

We are proud to offer corporate mentoring programs, leadership development opportunities, and avenues for engagement with our external partner organizations.

We provide opportunities for continued learning and talent development at all levels.

Our colleagues are encouraged to take ownership of their development by using the tools that the Company has made available to them including industry training, technical upskilling, mentorships and personal development classes.

Everest also actively manages succession planning across our organization and strives to provide growth and advancement opportunities to internal talent, where possible.

Our leaders and colleagues engage in ongoing learning that supports both professional and personal development.

Our Human Resources and Senior Leadership Teams, Executive Committee, Global Diversity, Equity and Inclusion Council (“DEI Council”) and Colleague Resource Groups (“CRGs”) collaborate to attract, retain and develop exceptional, diverse talent, fostering an inclusive workplace that embraces diversity in gender, ethnicity, age, geography, skill sets, experiences and perspectives.

Thoughtful Assumption of Risk.

Execution.

Efficiency.

Humility.

Leadership.

Collaboration.

Diversity, Equity and Inclusion.

Diversity and Inclusion.

Our Board is committed to advancing diversity within its structure as well as emphasizing its importance in our senior executive leadership.

We believe that diversity in gender, ethnicity, age, geography, skill sets, experiences and perspectives enhances our governance, strategy, corporate responsibility, human rights and risk management.

As part of our global DEI efforts, Everest has the DEI Council, which functions globally across our North America and international operations.

The Council is an important voice and key counselor and supports our leaders in their role to further cultivate DEI at Everest through open dialogue and discussion, training, and best practices.

The Council has also been instrumental in supporting our CRGs as they raise awareness and ensure that a diverse and representative group of voices is heard throughout the Company.

Business is written in

Reinsurance companies cede risks under retrocessional agreements to other reinsurers, known as

who have limited authority and are subject to oversight by the Claims staff.

corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities.

The Company’s cash and invested assets totaled $37.1 billion at December 31, 2023, which consisted of 86.6% fixed maturities, short term investments and cash and 13.4% of other invested assets and equity securities.

Of the total fixed maturities, 94.8% were investment grade.

Additionally, the average maturity of fixed maturity securities was 5.5 years at December 31, 2023, and their overall average duration was 3.3 years.

As of December 31, 2023, the Company did not have any direct investments in commercial real estate, direct commercial mortgages or securities of issuers that are experiencing cash flow difficulty to an extent that the Company’s management believes that the issuer’s ability to meet debt service payments, except where an allowance for credit losses has been recognized, is threatened.

The Company’s investment portfolio includes structured commercial mortgage-backed securities (“CMBS”) with a book value of $1.1 billion and a fair value of $1.0 billion.

As of the December 31, 2023, 82.2% of CMBS securities are rated AAA by S&P Global Ratings (“S&P”).

The remainder of CMBS securities are rated investment grade by S&P.

The following table reflects investment results for the Company for the periods indicated:

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| (Dollars in millions) | | | Average Investments (1) | | | | | | Pre-tax Investment Income (2) | | | | | | Pre-tax Effective Yield | | | | | | Pre-tax Realized Net Gains (Losses) On Investments (3) | | | | | | Pre-tax Unrealized Net Gains (Losses) On Investments | | |

| 2023 | | | $ | 33,935 | | | | | $ | 1,434 | | | | | 4.22 | | % | | | | $ | (276) | | | | | $ | 1,129 | |

| 2022 | | | 29,788 | | | | | | 830 | | | | | | 2.79 | | % | | | | (455) | | | | | | (2,225) | | |

The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and [removed: loss adjustment expenses.][added: LAE.]

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| | | | | | | | | | For the fiscal year ended December 31, [removed: 2023] [added: 2024] | | |

The aggregate market value as of June 30, [removed: 2023,] [added: 2024,] the last business day of the registrant’s most recently completed second quarter, of the voting shares held by non-affiliates of the registrant was [removed: $14.8] [added: $16.5] billion.

| Class | | | | | | | | | | | | | | | | | | Number of Shares Outstanding At February 1, [removed: 2024] [added: 2025] | | |

| Common Shares, $0.01 par value | | | | | | | | | | | | | | | | | | [removed: 43,381,573] [added: 42,934,097] | | |

Certain information required by Items 10, 11, 12, 13 and 14 of Form 10-K is incorporated by reference into Part III hereof from the registrant’s proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days of the close of the registrant’s fiscal year ended December 31, [removed: 2023.][added: 2024.]

| [Item [removed: 1.](#ia008d2037b804bfcb1aaf1203b6d9295_13)] [added: 1.](#i942357a786a946f3b358740450864287_16)] | | | [removed: [Business](#ia008d2037b804bfcb1aaf1203b6d9295_13)] [added: [Business](#i942357a786a946f3b358740450864287_16)] | | | [removed: [1](#ia008d2037b804bfcb1aaf1203b6d9295_13)] [added: [1](#i942357a786a946f3b358740450864287_16)] | | |

| [Item [removed: 1A.](#ia008d2037b804bfcb1aaf1203b6d9295_16)] [added: 1A.](#i942357a786a946f3b358740450864287_121)] | | | [Risk [removed: Factors](#ia008d2037b804bfcb1aaf1203b6d9295_16)] [added: Factors](#i942357a786a946f3b358740450864287_121)] | | | [removed: [20](#ia008d2037b804bfcb1aaf1203b6d9295_16)] [added: [19](#i942357a786a946f3b358740450864287_121)] | | |

| [Item [removed: 1B.](#ia008d2037b804bfcb1aaf1203b6d9295_19)] [added: 1B.](#i942357a786a946f3b358740450864287_139)] | | | [Unresolved Staff [removed: Comments](#ia008d2037b804bfcb1aaf1203b6d9295_19)] [added: Comments](#i942357a786a946f3b358740450864287_139)] | | | [removed: [32](#ia008d2037b804bfcb1aaf1203b6d9295_19)] [added: [32](#i942357a786a946f3b358740450864287_139)] | | |

| [Item [removed: 2.](#ia008d2037b804bfcb1aaf1203b6d9295_22)] [added: 2.](#i942357a786a946f3b358740450864287_145)] | | | [removed: [Properties](#ia008d2037b804bfcb1aaf1203b6d9295_22)] [added: [Properties](#i942357a786a946f3b358740450864287_145)] | | | [removed: [33](#ia008d2037b804bfcb1aaf1203b6d9295_22)] [added: [34](#i942357a786a946f3b358740450864287_145)] | | |

| [Item [removed: 3.](#ia008d2037b804bfcb1aaf1203b6d9295_25)] [added: 3.](#i942357a786a946f3b358740450864287_148)] | | | [Legal [removed: Proceedings](#ia008d2037b804bfcb1aaf1203b6d9295_25)] [added: Proceedings](#i942357a786a946f3b358740450864287_148)] | | | [removed: [33](#ia008d2037b804bfcb1aaf1203b6d9295_25)] [added: [34](#i942357a786a946f3b358740450864287_148)] | | |

| [Item [removed: 4.](#ia008d2037b804bfcb1aaf1203b6d9295_28)] [added: 4.](#i942357a786a946f3b358740450864287_151)] | | | [Mine Safety [removed: Disclosures](#ia008d2037b804bfcb1aaf1203b6d9295_28)] [added: Disclosures](#i942357a786a946f3b358740450864287_151)] | | | [removed: [34](#ia008d2037b804bfcb1aaf1203b6d9295_28)] [added: [34](#i942357a786a946f3b358740450864287_151)] | | |

| [Item [removed: 5.](#ia008d2037b804bfcb1aaf1203b6d9295_34)] [added: 5.](#i942357a786a946f3b358740450864287_157)] | | | [Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity [removed: Securities](#ia008d2037b804bfcb1aaf1203b6d9295_34)] [added: Securities](#i942357a786a946f3b358740450864287_157)] | | | [removed: [34](#ia008d2037b804bfcb1aaf1203b6d9295_34)] [added: [34](#i942357a786a946f3b358740450864287_157)] | | |

| [Item [removed: 6.](#ia008d2037b804bfcb1aaf1203b6d9295_37)] [added: 6.](#i942357a786a946f3b358740450864287_160)] | | | [removed: [(Reserved)](#ia008d2037b804bfcb1aaf1203b6d9295_37)] [added: [(Reserved)](#i942357a786a946f3b358740450864287_160)] | | | [removed: [36](#ia008d2037b804bfcb1aaf1203b6d9295_37)] [added: [36](#i942357a786a946f3b358740450864287_160)] | | |

| [Item [removed: 7.](#ia008d2037b804bfcb1aaf1203b6d9295_40)] [added: 7.](#i942357a786a946f3b358740450864287_163)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia008d2037b804bfcb1aaf1203b6d9295_40)] [added: Operations](#i942357a786a946f3b358740450864287_163)] | | | [removed: [37](#ia008d2037b804bfcb1aaf1203b6d9295_40)] [added: [37](#i942357a786a946f3b358740450864287_163)] | | |

| [Item [removed: 7A.](#ia008d2037b804bfcb1aaf1203b6d9295_100)] [added: 7A.](#i942357a786a946f3b358740450864287_220)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia008d2037b804bfcb1aaf1203b6d9295_100)] [added: Risk](#i942357a786a946f3b358740450864287_220)] | | | [removed: [59](#ia008d2037b804bfcb1aaf1203b6d9295_100)] [added: [63](#i942357a786a946f3b358740450864287_220)] | | |

| [Item [removed: 8.](#ia008d2037b804bfcb1aaf1203b6d9295_103)] [added: 8.](#i942357a786a946f3b358740450864287_223)] | | | [Financial Statements and Supplementary [removed: Data](#ia008d2037b804bfcb1aaf1203b6d9295_103)] [added: Data](#i942357a786a946f3b358740450864287_223)] | | | [removed: [60](#ia008d2037b804bfcb1aaf1203b6d9295_103)] [added: [63](#i942357a786a946f3b358740450864287_223)] | | |

| [Item [removed: 9.](#ia008d2037b804bfcb1aaf1203b6d9295_106)] [added: 9.](#i942357a786a946f3b358740450864287_226)] | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ia008d2037b804bfcb1aaf1203b6d9295_106)] [added: Disclosure](#i942357a786a946f3b358740450864287_226)] | | | [removed: [60](#ia008d2037b804bfcb1aaf1203b6d9295_106)] [added: [63](#i942357a786a946f3b358740450864287_226)] | | |

| [Item [removed: 9A.](#ia008d2037b804bfcb1aaf1203b6d9295_109)] [added: 9A.](#i942357a786a946f3b358740450864287_229)] | | | [Controls and [removed: Procedures](#ia008d2037b804bfcb1aaf1203b6d9295_109)] [added: Procedures](#i942357a786a946f3b358740450864287_229)] | | | [removed: [60](#ia008d2037b804bfcb1aaf1203b6d9295_109)] [added: [63](#i942357a786a946f3b358740450864287_229)] | | |

| [Item [removed: 9B.](#ia008d2037b804bfcb1aaf1203b6d9295_112)] [added: 9B.](#i942357a786a946f3b358740450864287_232)] | | | [Other [removed: Information](#ia008d2037b804bfcb1aaf1203b6d9295_112)] [added: Information](#i942357a786a946f3b358740450864287_232)] | | | [removed: [60](#ia008d2037b804bfcb1aaf1203b6d9295_112)] [added: [64](#i942357a786a946f3b358740450864287_232)] | | |

| [Item [removed: 9C.](#ia008d2037b804bfcb1aaf1203b6d9295_115)] [added: 9C.](#i942357a786a946f3b358740450864287_235)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia008d2037b804bfcb1aaf1203b6d9295_115)] [added: Inspections](#i942357a786a946f3b358740450864287_235)] | | | [removed: [61](#ia008d2037b804bfcb1aaf1203b6d9295_115)] [added: [64](#i942357a786a946f3b358740450864287_235)] | | |

| [Item [removed: 10.](#ia008d2037b804bfcb1aaf1203b6d9295_121)] [added: 10.](#i942357a786a946f3b358740450864287_241)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ia008d2037b804bfcb1aaf1203b6d9295_121)] [added: Governance](#i942357a786a946f3b358740450864287_241)] | | | [removed: [61](#ia008d2037b804bfcb1aaf1203b6d9295_121)] [added: [65](#i942357a786a946f3b358740450864287_241)] | | |

| [Item [removed: 11.](#ia008d2037b804bfcb1aaf1203b6d9295_124)] [added: 11.](#i942357a786a946f3b358740450864287_244)] | | | [Executive [removed: Compensation](#ia008d2037b804bfcb1aaf1203b6d9295_124)] [added: Compensation](#i942357a786a946f3b358740450864287_244)] | | | [removed: [61](#ia008d2037b804bfcb1aaf1203b6d9295_124)] [added: [65](#i942357a786a946f3b358740450864287_244)] | | |

| [Item [removed: 12.](#ia008d2037b804bfcb1aaf1203b6d9295_127)] [added: 12.](#i942357a786a946f3b358740450864287_247)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters](#ia008d2037b804bfcb1aaf1203b6d9295_127)] [added: Matters](#i942357a786a946f3b358740450864287_247)] | | | [removed: [61](#ia008d2037b804bfcb1aaf1203b6d9295_127)] [added: [65](#i942357a786a946f3b358740450864287_247)] | | |

| [Item [removed: 13.](#ia008d2037b804bfcb1aaf1203b6d9295_130)] [added: 13.](#i942357a786a946f3b358740450864287_250)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ia008d2037b804bfcb1aaf1203b6d9295_130)] [added: Independence](#i942357a786a946f3b358740450864287_250)] | | | [removed: [61](#ia008d2037b804bfcb1aaf1203b6d9295_130)] [added: [65](#i942357a786a946f3b358740450864287_250)] | | |

| [Item [removed: 14.](#ia008d2037b804bfcb1aaf1203b6d9295_133)] [added: 14.](#i942357a786a946f3b358740450864287_253)] | | | [Principal Accountant Fees and [removed: Services](#ia008d2037b804bfcb1aaf1203b6d9295_133)] [added: Services](#i942357a786a946f3b358740450864287_253)] | | | [removed: [61](#ia008d2037b804bfcb1aaf1203b6d9295_133)] [added: [65](#i942357a786a946f3b358740450864287_253)] | | |

| [Item [removed: 15.](#ia008d2037b804bfcb1aaf1203b6d9295_139)] [added: 15.](#i942357a786a946f3b358740450864287_259)] | | | [Exhibits and Financial Statement [removed: Schedules](#ia008d2037b804bfcb1aaf1203b6d9295_139)] [added: Schedules](#i942357a786a946f3b358740450864287_259)] | | | [removed: [62](#ia008d2037b804bfcb1aaf1203b6d9295_139)] [added: [65](#i942357a786a946f3b358740450864287_259)] | | |

- the effects of catastrophic events on our financial [removed: statements;][added: results;]

- [removed: our] losses from catastrophe exposure [removed: could] [added: that] exceed our projections;

- [removed: information regarding our] [added: insufficient] reserves for losses and loss adjustment expenses [removed: or LAE;][added: (“LAE”) due to the impact of social inflation;]

- our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from [removed: our] subsidiaries [removed: due to] [added: in] our holding company structure;

- the ability of Bermuda Re (as defined in Part I [removed: below)to] [added: below) to] obtain licenses or admittance in additional jurisdictions to develop its business;

- the effect on Group and/or Bermuda Re should [removed: it] [added: it/they] become subject to taxes in jurisdictions where not currently subject to taxation; and

Actual events or results may differ materially from [removed: our expectations.][added: those expressed in forward-looking statements.]

Important factors that could cause [removed: our] actual events or results to be materially different from our [removed: expectations include those discussed under the caption ITEM 1A, “Risk Factors”.][added: forward-looking statements include, but are not limited to:]

As used in this document, “Group” means Everest Group, Ltd.; “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd.; “Holdings Ireland” means Everest Underwriting Group (Ireland) Limited; “Ireland Re” means Everest Reinsurance Company (Ireland), Designated Activity Company or “dac”; “Ireland Insurance” means Everest Insurance (Ireland), dac; “Holdings” means Everest Reinsurance Holdings, Inc.; “Everest Re” means Everest Reinsurance Company and its subsidiaries (unless the context otherwise requires); and the “Company”, “Everest”, “we”, [removed: “us”,] [added: “us”] and “our” means Everest Group, Ltd. and its consolidated subsidiaries.

| | | | [PART I](#i942357a786a946f3b358740450864287_13) | | | | | |

| [Item 1C.](#i942357a786a946f3b358740450864287_142) | | | [Cybersecurity](#i942357a786a946f3b358740450864287_142) | | | [32](#i942357a786a946f3b358740450864287_142) | | |

| | | | [PART II](#i942357a786a946f3b358740450864287_154) | | | | | |

| | | | [PART III](#i942357a786a946f3b358740450864287_238) | | | | | |

| | | | [PART IV](#i942357a786a946f3b358740450864287_256) | | | | | |

- greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;

- the ability of subsidiary entities to pay dividends.

The above list is not exhaustive.

Please refer to the factors described under the caption ITEM 1A, “Risk Factors” and those risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

| | | | [PART I](#ia008d2037b804bfcb1aaf1203b6d9295_10) | | | | | |

| [Item 1C.](#ia008d2037b804bfcb1aaf1203b6d9295_1992) | | | [C](#ia008d2037b804bfcb1aaf1203b6d9295_1992)[ybersecurity](#ia008d2037b804bfcb1aaf1203b6d9295_1992) | | | [32](#ia008d2037b804bfcb1aaf1203b6d9295_1992) | | |

| | | | [PART II](#ia008d2037b804bfcb1aaf1203b6d9295_31) | | | | | |

| | | | [PART III](#ia008d2037b804bfcb1aaf1203b6d9295_118) | | | | | |

| | | | [PART IV](#ia008d2037b804bfcb1aaf1203b6d9295_136) | | | | | |

Forward-looking statements contained in this report include:

- the ability of Everest Re, Holdings, and Holdings Ireland (each, as defined in Part I below), Everest Dublin Insurance Holdings Limited (Ireland), Bermuda Re and Everest International Reinsurance, Ltd. to pay dividends.

Table of Contents

The Company has a formal incident response escalation process, which involves a dedicated Security Operation Center (“SOC”) as well as a [removed: cybersecurity] incident response team [removed: (“CSIRT”),] [added: (“IRT”),] to further escalate to senior management and the Board, as appropriate.

While the actual methods of incident response employed may differ based on the type and nature of the incident, our approach uses a combination of internal teams, external advisors and vendors with specialized skills to support the response and recovery efforts, including a process for escalating issues as needed to senior management and providing timely notification of [removed: cybersecurity] incidents to law enforcement and regulatory bodies, as appropriate.

The Company obtains timely cyber-threat intelligence from various sources and maintains intrusion detection, network firewall protections, advanced threat protection, endpoint detection and response, email filtering, [removed: DDoS] [added: distributed denial-of-service] and other protections to secure the company’s critical infrastructure.

The SOC also initiates incident response protocols, including escalating threats as needed to the [removed: CSIRT,] [added: IRT,] including the Chief Information Security Officer (“CISO“), who can further escalate to other members of senior management and the Board, as may be appropriate.

Various processes, including compiling security metrics, vulnerability scans, regular patching of software and hardware vulnerabilities, external penetration testing, internal phishing tests, red team [removed: exercises,] [added: exercises] and [removed: cyber] incident response exercises are used to test the effectiveness of the overall cybersecurity control environment.

Everest provides resources and learning opportunities to educate all of our colleagues on how to identify, [removed: report,] [added: report] and be vigilant against cybersecurity threats in the workplace.

In addition, we conduct cybersecurity incident simulation exercises with business, information technology, [removed: management,] [added: management] and other key stakeholders to practice and test response processes.

For the year ended December 31, [removed: 2023,] [added: 2024,] Everest has not experienced any cybersecurity incident that materially affected the Company, including its business strategy, results of operations or financial conditions.

[removed: Accordingly, the] [added: The] Company’s Board, through [removed: the RMC,] [added: its committees,] referenced above in ITEM 1 “Business” - Enterprise Risk Management, has ultimate responsibility for risk [removed: oversight, as described more fully in our Proxy Statement, while management is tasked with the day-to-day management of the Company’s cybersecurity risks.][added: oversight.]

The Company also appointed a certified [removed: Chief Information Security Officer (“CISO”) with] [added: CISO who has] significant public and private cybersecurity experience.

The CISO is dedicated to assessing the Company’s data security risk, monitoring cyber threat intelligence and taking the steps [removed: necessary to implement pertinent safeguards and protocols to manage the risk.]

In addition, the [removed: Executive Risk Committee or] ERC, referenced above in ITEM 1 “Business” - Enterprise Risk Management, annually reviews the Company’s cyber exposure across all lines of business and security safeguards for privacy-protected data held by the Company.

The ERC, through its sub-committees, including the Operational Risk Committee and the Global IT and Cyber Risk Management Committee, works in conjunction with the Company’s CISO to assess the Company’s vulnerabilities to cybersecurity threats, including the operational risk of such threats to our business, as continuous dialogue throughout the year is essential in assessing the operational risk to our [removed: business of cybersecurity threats.][added: business.]

The Operational Risk Committee and the Global IT and Cyber Risk Management Committee sub-committees meet quarterly in advance of the quarterly ERC meetings to, among other things, [added: review overall cybersecurity strategies and policies and to] report on material cybersecurity risks.

From a governance perspective, in addition to the CISO, senior members of Information Technology provide briefs on cybersecurity matters, the overall cyber resiliency posture of the [removed: Company,] [added: Company] and the effectiveness of the Company’s cybersecurity program to the [removed: RMC.][added: Board’s Technology and Cyber Committee.]

In 2024, a Technology and Cyber Board Committee was established to further assist the Company Board’s oversight responsibilities with respect to information technology governance, strategy, delivery and risk management, including cybersecurity and data privacy.

Management is tasked with the day-to-day management of the Company’s cybersecurity risks.

In addition, the Company’s subsidiary boards of directors may also provide additional oversight.

necessary to implement pertinent safeguards and protocols to manage the risk.

Table of Contents

The RMC, which oversees controls for the Company's major risk exposures, has principal responsibility for oversight of cybersecurity risk.

The Company’s [removed: 29] [added: 33] other locations occupy a total of approximately [removed: 329,100] [added: 335,300] square feet, all of which are leased.

The common shares of Group trade on the [removed: New York Stock Exchange] [added: NYSE] under the symbol, “EG”.

The number of record holders of common shares as of February 1, [removed: 2024] [added: 2025] was [removed: 863.][added: 1,012.]

The Company declared and paid its quarterly cash dividend of [removed: $1.55] [added: $1.65] per share for the first quarter [added: and second quarter] of [removed: 2022,] [added: 2023,] declared and paid its quarterly cash dividend of [removed: $1.65] [added: $1.75] per share for the [removed: second] [added: third] quarter of [removed: 2022] [added: 2023] through the [removed: second] [added: first] quarter of [removed: 2023,] [added: 2024,] and declared and paid its quarterly cash dividend of [removed: $1.75] [added: $2.00] per share for the remaining [removed: two] [added: three] quarters of [removed: 2023.][added: 2024.]

| *Period* | | | Total Number of Shares (or Units) Purchased | | | Average Price Paid per Share (or Unit) | | | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | | | Maximum Number [removed: (or Approximate Dollar Value)] of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) | | |

| January 1 - 31, [removed: 2023] [added: 2024] | | | [removed: 0] [added: 154] | | | $ | [removed: —] [added: 374.3245] | | [removed: 0] [added: —] | | | 1,228,908 | | |

(1) On [removed: May 22, 2020,] [added: November 7, 2024,] the Company’s [removed: executive committee of the] Board approved an amendment to the share repurchase program authorizing the Company and/or its subsidiary Holdings, to purchase up to [added: an additional 10.0 million shares to] a current aggregate of [removed: 32.0] [added: 42.0] million of the Company’s shares (recognizing that the number of shares authorized for repurchase has been reduced by those shares that have already been purchased) in open market transactions, privately negotiated transactions or both.

As of December 31, [removed: 2023,] [added: 2024,] the Company and/or its subsidiary Holdings have repurchased [removed: 30.8] [added: 31.3] million of the Company’s shares.

The following [removed: Performance Graph] [added: performance graph] compares cumulative total shareholder returns on the [removed: Common Shares] [added: common shares] (assuming reinvestment of dividends) from December 31, [removed: 2018] [added: 2019] through December 31, [removed: 2023,] [added: 2024,] with the cumulative total return of the [removed: Standard & Poor’s] [added: S&P] 500 Index and the [removed: Standard & Poor’s] [added: S&P] Insurance (Property and Casualty) Index.

[removed: ][added: ]

*$100 invested on [removed: 12/31/18] [added: December 31, 2019] in stock or index, including reinvestment of dividends.

Copyright© [removed: 2024] [added: 2025] Standard & Poor's, a division of S&P Global.

| February 1 - 29, 2024 | | | 45,250 | | | $ | 369.7883 | | — | | | 1,228,908 | | |

| March 1 - 31, 2024 | | | 101,438 | | | $ | 387.5345 | | 90,291 | | | 1,138,617 | | |

| April 1 - 30, 2024 | | | 40 | | | $ | 356.4350 | | — | | | 1,138,617 | | |

| May 1 - 31, 2024 | | | 174,202 | | | $ | 374.1937 | | 173,718 | | | 964,899 | | |

| June 1 - 30, 2024 | | | 42 | | | $ | 380.4150 | | — | | | 964,899 | | |

| July 1 - 31, 2024 | | | — | | | $ | — | | — | | | 964,899 | | |

| August 1 - 31, 2024 | | | 208,144 | | | $ | 360.5101 | | 208,039 | | | 756,860 | | |

| September 1 - 30, 2024 | | | 69,623 | | | $ | 388.1102 | | 64,421 | | | 692,439 | | |

| October 1 - 31, 2024 | | | — | | | $ | — | | — | | | 692,439 | | |

| November 1 - 30, 2024 | | | 3,449 | | | $ | 370.0066 | | — | | | 692,439 | | |

| December 1 - 31, 2024 | | | — | | | $ | — | | — | | | 692,439 | | |

| Total | | | 602,342 | | | $ | — | | 536,469 | | | 692,439 | | |

| | | | 12/19 | | | | | | 12/20 | | | | | | 12/21 | | | | | | 12/22 | | | | | | 12/23 | | | | | | 12/24 | | |

| Everest Group, Ltd. | | | 100.00 | | | | | | 86.94 | | | | | | 104.19 | | | | | | 128.89 | | | | | | 140.12 | | | | | | 146.54 | | |

| S&P 500 | | | 100.00 | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | |

| S&P Property & Casualty Insurance | | | 100.00 | | | | | | 106.96 | | | | | | 127.58 | | | | | | 151.65 | | | | | | 168.05 | | | | | | 227.67 | | |

The quarterly high and low closing market prices of Group’s common shares for the periods indicated were:

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| | | | High | | | | | | Low | | | | | | High | | | | | | Low | | |

| First Quarter | | | $ | 390.84 | | | | | $ | 333.38 | | | | | $ | 304.72 | | | | | $ | 267.35 | |

| Second Quarter | | | 387.10 | | | | | | 332.87 | | | | | | 307.10 | | | | | | 265.00 | | |

| Third Quarter | | | 392.47 | | | | | | 339.63 | | | | | | 285.67 | | | | | | 245.79 | | |

| Fourth Quarter | | | 414.59 | | | | | | 350.69 | | | | | | 337.94 | | | | | | 260.84 | | |

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| February 1 - 28, 2023 | | | 44,937 | | | $ | 382.9829 | | 0 | | | 1,228,908 | | |

| March 1 - 31, 2023 | | | 6,273 | | | $ | 340.8460 | | 0 | | | 1,228,908 | | |

| April 1 - 30, 2023 | | | 78 | | | $ | 374.9276 | | 0 | | | 1,228,908 | | |

| May 1 - 31, 2023 | | | 619 | | | $ | 372.0318 | | 0 | | | 1,228,908 | | |

| June 1 - 30, 2023 | | | 205 | | | $ | 341.5675 | | 0 | | | 1,228,908 | | |

| July 1 - 31, 2023 | | | 69 | | | $ | 349.7200 | | 0 | | | 1,228,908 | | |

| August 1 - 31, 2023 | | | 0 | | | $ | — | | 0 | | | 1,228,908 | | |

| September 1 - 30, 2023 | | | 6,934 | | | $ | 377.3661 | | 0 | | | 1,228,908 | | |

| October 1 - 31, 2023 | | | 0 | | | $ | — | | 0 | | | 1,228,908 | | |

| November 1 - 30, 2023 | | | 3,750 | | | $ | 397.1126 | | 0 | | | 1,228,908 | | |

| December 1 - 31, 2023 | | | 84 | | | $ | 352.7550 | | 0 | | | 1,228,908 | | |

| Total | | | 62,949 | | | $ | — | | 0 | | | 1,228,908 | | |

| | | | 12/18 | | | | | | 12/19 | | | | | | 12/20 | | | | | | 12/21 | | | | | | 12/22 | | | | | | 12/23 | | |

| Everest Group, Ltd. | | | 100.00 | | | | | | 130.16 | | | | | | 113.17 | | | | | | 135.62 | | | | | | 167.77 | | | | | | 182.39 | | |

| S&P 500 | | | 100.00 | | | | | | 131.49 | | | | | | 155.68 | | | | | | 200.37 | | | | | | 164.08 | | | | | | 207.21 | | |

| S&P Property & Casualty Insurance | | | 100.00 | | | | | | 125.87 | | | | | | 134.63 | | | | | | 160.58 | | | | | | 190.89 | | | | | | 211.53 | | |

Table of Contents

Management has assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission [removed: (COSO)] in *Internal Control - Integrated Framework (2013)*.

Based on our assessment we concluded that, as of December 31, [removed: 2023,] [added: 2024,] our internal control over financial reporting is effective based on those criteria.

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] has been audited by [removed: PricewaterhouseCoopers] [added: KPMG] LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

During the fiscal quarter ended December 31, [removed: 2023,] [added: 2024,] none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Additionally, as part of Everest’s commitment to ethical standards of business and compliance with applicable laws, rules and regulations, we have an Insider Trading Policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, employees and third-party contractors that we believe is reasonably designed to [added: promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us.]

A copy of our Insider Trading Policy is included in the Ethics and Guidelines and Index to Compliance Policies and Procedures filed as Exhibit 14.1 to [removed: this] [added: the] Annual Report on Form [removed: 10-K.][added: 10-K for the period ended December 31, 2023 and incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.]

Table of Contents

promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us.

Not Applicable.

None.

Reference is made to the sections captioned “Information Concerning Director Nominees”, “Information Concerning Executive Officers”, “Audit Committee”, “Nominating and Governance Committee”, [removed: “Code] [added: “Ethics Guidelines and Code] of Ethics for CEO and Senior Financial Officers” and [removed: “Section] [added: “Delinquent Section] 16(a) [removed: Beneficial Ownership Reporting Compliance”] [added: Reports”] in our proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of Shareholders, which will be filed with the Commission within 120 days of the close of our fiscal year ended December 31, [removed: 2023] [added: 2024] (the “Proxy Statement”), which sections are incorporated herein by reference.

Reference is made to the sections captioned “Compensation Committee Report”, “Directors’ Compensation”, “Compensation of Executive [removed: Officers” and] [added: Officers”,] “Compensation Committee Interlocks and Insider Participation” [added: and to all other applicable sections] in the Proxy Statement, which are incorporated herein by reference.

On November 1, 2023, the Company’s Board adopted an updated Clawback Policy (the “Clawback Policy”) in order to comply with Section 10D of the Exchange Act, Rule 10D-1 of the Exchange Act and the listing standards adopted by the [removed: New York Stock Exchange.][added: NYSE.]

The foregoing description of the Clawback Policy is a summary only and is qualified in its entirety by reference to the full text of the Clawback Policy and the form of Acknowledgment, copies of which are filed [removed: as] [added: in] Exhibit 97 to [removed: this] [added: the] Annual Report on Form [removed: 10-K.][added: 10-K for the period ended December 31, 2023 and are incorporated by reference in “ITEM 15 - Exhibits and Financial Statement Schedules” below.]

Table of Contents

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February [removed: 28, 2024.][added: 27, 2025.]

| | | | | | | [removed: Juan C. Andrade] [added: James Williamson] (President and Chief Executive Officer) | | | | | |

| /S/ [removed: JUAN C. ANDRADE] [added: JAMES WILLIAMSON] | | | | | | President and Chief Executive Officer (Principal Executive Officer) | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ MARK KOCIANCIC | | | | | | Executive Vice President and Chief Financial Officer | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ ROBERT J. FREILING | | | | | | Senior Vice President and Chief Accounting Officer | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ JOSEPH V. TARANTO | | | | | | Chairman | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ JOHN J. AMORE | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ WILLIAM F. GALTNEY, JR. | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ JOHN A. GRAF | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ MERYL HARTZBAND | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ GERALDINE LOSQUADRO | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ HAZEL McNEILAGE | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| /S/ ROGER M. SINGER | | | | | | Director | | | | | | February [removed: 28, 2024] [added: 27, 2025] | | |

| 2.1 | | | | | | [Agreement and Plan of Merger among Everest Reinsurance Holdings, [removed: Inc.,](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt) [Group, Ltd.](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt) [and] [added: Inc.,] Everest [added: Group, Ltd. and Everest] Re Merger Corporation, incorporated herein by reference to Exhibit 2.1 to the Registration Statement on Form S-4 (No. [removed: 333-87361)](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt)] [added: 333-87361)](https://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt)] | | |

| 3.1 | | | | | | [Memorandum of Association [removed: of](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt)[.,] [added: of Everest Group, Ltd.,] incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-4 (No. [removed: 333-87361)](http://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt)] [added: 333-87361)](https://www.sec.gov/Archives/edgar/data/1095073/000095013199005385/0000950131-99-005385.txt)] | | |

| 3.2 | | | | | | [Bye-Laws [removed: of](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm)[.,] [added: of Everest Group, Ltd.,] incorporated herein by reference to exhibit 3.2 to [removed: the](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm)[.,] [added: the Everest Group, Ltd.,] Quarterly Report for Form 10-Q for the quarter ended June 30, 2011 (the “second quarter 2011 [removed: 10-Q”)](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm)] [added: 10-Q”)](https://www.sec.gov/Archives/edgar/data/1095073/000109507311000053/bylawsexhibit.htm)] | | |

| 4.1 | | | | | | [removed: [Specimen](http://www.sec.gov/Archives/edgar/data/1095073/000095013199006791/0000950131-99-006791.txt) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000095013199006791/0000950131-99-006791.txt) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000095013199006791/0000950131-99-006791.txt)[.] [added: [Specimen Everest Group, Ltd.] common share certificate, incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form S-4 (No. [removed: 333-87361)](http://www.sec.gov/Archives/edgar/data/1095073/000095013199006791/0000950131-99-006791.txt)] [added: 333-87361)](https://www.sec.gov/Archives/edgar/data/1095073/000095013199006791/0000950131-99-006791.txt)] | | |

| 4.2 | | | | | | [Indenture, dated March 14, 2000, between Everest Reinsurance Holdings, Inc. and The Chase Manhattan Bank (now known as JPMorgan Chase Bank), as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on March 15, [removed: 2000](http://www.sec.gov/Archives/edgar/data/914748/000095013100001763/0000950131-00-001763.txt)] [added: 2000](https://www.sec.gov/Archives/edgar/data/914748/000095013100001763/0000950131-00-001763.txt)] | | |

| 4.3 | | | | | | [Fourth Supplemental Indenture relating to Holdings $400.0 million 4.868% Senior Notes due June 1, 2044, dated June 5, 2014, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on June 5, [removed: 2014](http://www.sec.gov/Archives/edgar/data/914748/000119312514226501/d736264dex41.htm)] [added: 2014](https://www.sec.gov/Archives/edgar/data/914748/000119312514226501/d736264dex41.htm)] | | |

| 4.4 | | | | | | [Fifth Supplemental Indenture relating to Holdings $1.0 billion 3.5% Senior Notes due October 15, 2050, dated October 7, 2020, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 7, [removed: 2020](http://www.sec.gov/Archives/edgar/data/914748/000119312520265240/d17079dex41.htm)] [added: 2020](https://www.sec.gov/Archives/edgar/data/914748/000119312520265240/d17079dex41.htm)] | | |

| 4.5 | | | | | | [Sixth Supplemental Indenture relating to Holdings $1.0 billion 3.125% Senior Notes due October 15, 2052, dated October 4, 2021, between Holdings and The Bank of New York Mellon, as Trustee, incorporated herein by reference to Exhibit 4.1 to Everest Reinsurance Holdings, Inc. Form 8-K filed on October 4, [removed: 2021](http://www.sec.gov/Archives/edgar/data/914748/000119312521290543/d233237dex41.htm)] [added: 2021](https://www.sec.gov/Archives/edgar/data/914748/000119312521290543/d233237dex41.htm)] | | |

| *10.1 | | | | | | [removed: [Everest](http://www.sec.gov/Archives/edgar/data/914748/0000914748-99-000002.txt) [Group, Ltd.](http://www.sec.gov/Archives/edgar/data/914748/0000914748-99-000002.txt) [Annual] [added: [Everest Group, Ltd. Annual] Incentive Plan effective January 1, 1999, incorporated herein by reference to Exhibit 10.1 to Everest Reinsurance Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 1998 (the “1998 [removed: 10-K”)](http://www.sec.gov/Archives/edgar/data/914748/0000914748-99-000002.txt)] [added: 10-K”)](https://www.sec.gov/Archives/edgar/data/914748/0000914748-99-000002.txt)] | | |

| *10.2 | | | | | | [removed: [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000095013103003076/dex41.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000095013103003076/dex41.htm)[.] [added: [Everest Group, Ltd.] 2003 Non-Employee Director Equity Compensation Plan, incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (No. [removed: 333-105483)](http://www.sec.gov/Archives/edgar/data/1095073/000095013103003076/dex41.htm)] [added: 333-105483)](https://www.sec.gov/Archives/edgar/data/1095073/000095013103003076/dex41.htm)] | | |

| *10.3 | | | | | | [Form of Non-Qualified Stock Option Award Agreement under [removed: the](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm)[.] [added: the Everest Group, Ltd.] 2003 Non-Employee Director Equity Compensation Plan, incorporated herein by reference to Exhibit 10.47 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm)[.,] [added: to Everest Group, Ltd.,] Report on Form 10-K for the year ended December 31, [removed: 2004](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm)] [added: 2004](https://www.sec.gov/Archives/edgar/data/1095073/000109507305000008/exh10-47.htm)] | | |

| *10.4 | | | | | | [Amendment [removed: of](http://www.sec.gov/Archives/edgar/data/1095073/000093041305002626/c36781_def14a.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000093041305002626/c36781_def14a.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000093041305002626/c36781_def14a.htm)[.] [added: of Everest Group, Ltd.] 2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 25, 2005, incorporated herein by reference to Appendix B to the 2005 Proxy Statement filed on April 14, [removed: 2005](http://www.sec.gov/Archives/edgar/data/1095073/000093041305002626/c36781_def14a.htm)] [added: 2005](https://www.sec.gov/Archives/edgar/data/1095073/000093041305002626/c36781_def14a.htm)] | | |

| *10.5 | | | | | | [Form of Restricted Stock Award Agreement under [removed: the](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm)[.] [added: the Everest Group, Ltd.] 2003 Non-Employee Director Equity Compensation Plan, incorporated by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm) [](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm)[Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm)[.] [added: to Everest Group, Ltd.] Form 8-K filed on September 22, [removed: 2005](http://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm)] [added: 2005](https://www.sec.gov/Archives/edgar/data/1095073/000109507305000031/exh101.htm)] | | |

| 10.6 | | | | | | [Completion of Tender Offer relating to Everest Reinsurance Holdings, Inc. 6.60% Fixed to Floating Rate Long Term Subordinated Notes (LoTSSM) dated March 19, 2009, incorporated herein by reference to Exhibit 99.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000014/tenderoffercompletion8k2009.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000014/tenderoffercompletion8k2009.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000014/tenderoffercompletion8k2009.htm)[.] [added: to Everest Group, Ltd.] Form 8-K filed on March 31, [removed: 2009](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000014/tenderoffercompletion8k2009.htm)] [added: 2009](https://www.sec.gov/Archives/edgar/data/1095073/000109507309000014/tenderoffercompletion8k2009.htm)] | | |

| *10.7 | | | | | | [removed: [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm) [Group,](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm) [](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm)[Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm)[.] [added: [Everest Group, Ltd.] 2009 Stock Option and Restricted Stock Plan for Non-Employee [removed: Directors incorporated] [added: Directors](https://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm)[,](https://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm) [incorporated] herein by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm)[.] [added: to Everest Group, Ltd.] second quarter 2009 [removed: 10-Q](http://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm)] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/1095073/000109507309000031/appendixb2008proxy.htm)] | | |

| *10.8 | | | | | | [removed: [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm)[.] [added: [Everest Group, Ltd.] 2010 Stock Incentive Plan for employees is incorporated herein by reference to exhibit 10.2 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm)[.] [added: to Everest Group, Ltd.] Form S-8 filed on September 30, [removed: 2010](http://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm)] [added: 2010](https://www.sec.gov/Archives/edgar/data/1095073/000109507310000056/stockincentiveplan2010.htm)] | | |

| *10.9 | | | | | | [Amendment of Executive Performance Annual Incentive Plan adopted by shareholders at the annual general meeting on May 18, 2011, incorporated herein by reference to Appendix B to the 2011 Proxy Statement filed on April 15, [removed: 2011](http://www.sec.gov/Archives/edgar/data/1095073/000109507311000026/proxy.htm)] [added: 2011](https://www.sec.gov/Archives/edgar/data/1095073/000109507311000026/proxy.htm)] | | |

| *10.10 | | | | | | [Amendment [removed: of](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm) [Everest](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm) [Group, Ltd](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm)[.] [added: of Everest Group, Ltd.] 2010 Stock Incentive Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix A to the 2015 Proxy Statement filed on April 10, [removed: 2015](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm)] [added: 2015](https://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm)] | | |

| *10.11 | | | | | | [Amendment [removed: of](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm)[,] [added: of Everest Group,] Ltd. 2003 Non-Employee Director Equity Compensation Plan adopted by shareholders at the annual general meeting on May 13, 2015, incorporated herein by reference to Appendix B to the 2015 Proxy Statement filed on April 10, [removed: 2015](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm)] [added: 2015](https://www.sec.gov/Archives/edgar/data/1095073/000109507315000012/proxy.htm)] | | |

| *10.12 | | | | | | [removed: [Employment] [added: [Amendment of employment] agreement between Everest Global Services, [removed: Inc., Everest Reinsurance Holdings] Inc. and [removed: Dominic J. Addesso,] [added: Sanjoy Mukherjee,] dated [removed: December 4, 2015,] [added: February 12, 2016,] incorporated herein by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000046/addessoamendemploy2015.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000046/addessoamendemploy2015.htm)[,] [added: to Everest Group,] Ltd. Form 8-K filed on [removed: December 8, 2015](http://www.sec.gov/Archives/edgar/data/1095073/000109507315000046/addessoamendemploy2015.htm)] [added: February 17, 2016](https://www.sec.gov/Archives/edgar/data/1095073/000109507316000065/jdoucetteamend2016.htm)] | | |

| [removed: 10.13] [added: 10.17] | | | | | | [removed: [Standby] [added: [Amendment of Standby] Letter of Credit, dated [removed: November 9, 2015,] [added: December 29, 2017,] between Everest [removed: International Reinsurance,] [added: Reinsurance (Bermuda),] Ltd. and [removed: Lloyds Bank, Plc.] [added: Citibank Europe plc] providing [removed: £175.0] [added: $250.0] million four year credit facility, incorporated herein by reference to [removed: Exhibit 10.23 to](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000071/lloydsbank.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000071/lloydsbank.htm)[, Ltd. Annual Report on Form 10-K- for] [added: exhibit 10.26 to] the [removed: year ended December 31, 2015] [added: Everest Group, Ltd., Form 10-K] filed on [removed: February 29, 2016](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000071/lloydsbank.htm)] [added: March 1, 2018](https://www.sec.gov/Archives/edgar/data/1095073/000109507318000008/citibankamendment2017.htm)] | | |

| *10.14 | | | | | | [removed: [Amendment of employment] [added: [Employment] agreement between Everest Global Services, [removed: Inc.] [added: Inc.,] and [removed: Sanjoy Mukherjee,] [added: John P. Doucette,] dated [removed: February 12,] [added: October 21,] 2016, incorporated herein by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000065/jdoucetteamend2016.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000065/jdoucetteamend2016.htm)[,] [added: to Everest Group,] Ltd. Form 8-K filed on [removed: February 17, 2016](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000065/jdoucetteamend2016.htm)] [added: October 26, 2016](https://www.sec.gov/Archives/edgar/data/1095073/000109507317000011/lloydsagreement2016.htm)] | | |

| [removed: *10.15] [added: *10.22] | | | | | | [Employment agreement between Everest Global Services, Inc. and [removed: Craig Howie, dated April 7, 2016,] [added: Mark Kociancic,] incorporated herein by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000075/howieempagree2016.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000075/howieempagree2016.htm)[,] [added: to Everest Group,] Ltd. Form 8-K filed on [removed: April 8, 2016](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000075/howieempagree2016.htm)] [added: October 1, 2020](https://www.sec.gov/Archives/edgar/data/1095073/000109507316000075/howieempagree2016.htm)] | | |

| [removed: 10.16] [added: 10.13] | | | | | | [Credit Agreement, dated May 26, 2016, [removed: between](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000109/thirdamendcreditagree.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000109/thirdamendcreditagree.htm)[,] [added: between Everest Group,] Ltd., Everest Reinsurance (Bermuda), Ltd. and Everest International Reinsurance, Ltd., certain lenders party thereto and Wells Fargo Bank, N.A. as administrative agent, providing for an $800.0 million four year senior credit facility, incorporated herein by reference to Exhibit 10.31 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000109/thirdamendcreditagree.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000109/thirdamendcreditagree.htm)[,] [added: to Everest Group,] Ltd. Form 10-Q filed on August 9, 2016. This new agreement replaces the June 22, 2012 four year, $800.0 million senior credit [removed: facility](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000109/thirdamendcreditagree.htm)] [added: facility](https://www.sec.gov/Archives/edgar/data/1095073/000109507316000109/thirdamendcreditagree.htm)] | | |

| [removed: *10.17] [added: *10.15] | | | | | | [removed: [Chairmanship] [added: [Employment] agreement [removed: between](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000112/exhibit10-1agreement.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000112/exhibit10-1agreement.htm)[, Ltd.] [added: between Everest Global Services, Inc.,] and [removed: Joseph V. Taranto,] [added: Sanjoy Mukherjee,] dated [removed: August 15, 2016 and effective] January [removed: 1,] [added: 3,] 2017, incorporated herein by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000112/exhibit10-1agreement.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000112/exhibit10-1agreement.htm)[,] [added: to Everest Group,] Ltd. Form 8-K filed on [removed: August 16, 2016](http://www.sec.gov/Archives/edgar/data/1095073/000109507316000112/exhibit10-1agreement.htm)] [added: January 6, 2017](https://www.sec.gov/Archives/edgar/data/1095073/000109507317000002/mukherjeeagree2017.htm)] | | |

| [removed: *10.18] [added: *10.23] | | | | | | [Employment agreement between Everest Global Services, [removed: Inc.,] [added: Inc.] and [removed: John P. Doucette, dated October 21, 2016,] [added: James Williamson,] incorporated herein by reference to Exhibit [removed: 10.1 to](http://www.sec.gov/Archives/edgar/data/1095073/000109507317000011/lloydsagreement2016.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507317000011/lloydsagreement2016.htm)[,] [added: 10.2 to Everest Group,] Ltd. Form 8-K filed on October [removed: 26, 2016](http://www.sec.gov/Archives/edgar/data/1095073/000109507317000011/lloydsagreement2016.htm)] [added: 1, 2020](https://www.sec.gov/Archives/edgar/data/1095073/000109507316000075/howieempagree2016.htm)] | | |

| [removed: *10.19] [added: *10.32] | | | | | | [Employment agreement between Everest Global Services, [removed: Inc., and Sanjoy Mukherjee, dated January 3, 2017,] [added: Inc. and](https://www.sec.gov/Archives/edgar/data/1095073/000109507323000024/re-20230331xexx101.htm) [Joseph V. Taranto](https://www.sec.gov/Archives/edgar/data/1095073/000109507323000024/re-20230331xexx101.htm)[,] incorporated herein by reference to Exhibit 10.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1095073/000109507317000002/mukherjeeagree2017.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507317000002/mukherjeeagree2017.htm)[,] [added: to Everest Group,] Ltd. Form [removed: 8-K] [added: 10-Q] filed on [removed: January 6, 2017](http://www.sec.gov/Archives/edgar/data/1095073/000109507317000002/mukherjeeagree2017.htm)] [added: May 4, 2023](https://www.sec.gov/Archives/edgar/data/1095073/000109507323000024/re-20230331xexx101.htm)] | | |

| *10.40 | | | | | | [Amended and Restated Employment Agreement between Everest National Insurance Company and Michael Karmilowicz dated March 24, 2024](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm)[,](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm) [](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm)[incorpo](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm)[r](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm)[a](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm)[ted herein by reference to Exhibit 10.4 to Everest Group, Ltd. Form](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm) [10-Q filed on May 3, 2024](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-20240331xexx104.htm) | | |

| 10.42 | | | | | | [Everest Reinsurance Group, Ltd. Senior Executive Change of Control Plan, as amended and restated effective November 17, 2015, incorporated herein by reference to Exhibit 10.6 to Everest Group, Ltd. Form 10-Q filed on May 3, 2024](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000027/eg-2024x03x31xchangeinco.htm) | | |

| 10.45 | | | | | | [Standby Letter of Credit Facility Agreement, dated October 30, 2024 between Everest](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [International](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [Reinsurance](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm)[, Ltd.](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [and](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [Lloyds Bank P](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm)[lc](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm)[,](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [providing up to](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [£113 million](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) [of unsecured letters of credit, filed herewith](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx1045.htm) | | |

| 23.2 | | | | | | [C](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm)[onse](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm)[nt of Pricewaterhouse](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm)[C](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm)[oo](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm)[pers](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm) [LLP, filed herewith](https://www.sec.gov/Archives/edgar/data/1095073/000109507325000015/eg-20241231xexx232.htm) | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | By: | | | /S/ JAMES WILLIAMSON | | | | | |

| James Williamson | | | | | | | | | | | | | | |

E-6

| [Schedules](#i942357a786a946f3b358740450864287_355) | | | | | |

To the Board of Directors and Shareholders

Everest Group, Ltd.:

We have audited the accompanying consolidated balance sheet of Everest Group, Ltd. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for the year then ended, and the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles.

Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings.

We identified the evaluation of the estimate of the reserve for losses and loss adjustment expenses as a critical audit matter.

Evaluation of the estimate required subjective auditor judgment and the involvement of actuarial professionals with specialized skills and knowledge to assess the methods and assumptions used to estimate the reserve for losses and loss adjustment expenses.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process for estimating the reserve for losses and loss adjustment expenses.

This included controls related to the selection of methodologies and certain assumptions used to derive the Company’s estimate.

We involved actuarial professionals with specialized skills and knowledge who assisted in:

- assessing the Company’s actuarial methodologies and assumptions used in estimating the reserve for losses and loss adjustment expenses by comparing the Company’s methodologies to generally accepted actuarial methods and evaluating the assumptions used based on actuarial judgment, company history, and industry practices

- evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by comparing each one to an independently developed range of reasonable estimates

- evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by assessing management’s methods and assumptions used to derive their loss estimates

- evaluating the Company’s process for estimating the reserve for losses and loss adjustment expenses for catastrophic events

- developing an overall range of reserve estimates to assess the position of the Company’s recorded reserve for losses and loss adjustment expenses relative to the range

/s/ KPMG LLP

Report of Independent Registered Public Accounting Firm

Opinion on the Financial Statements

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

We believe that our audits provide a reasonable basis for our opinion.

New York, New York

Table of Contents

| | | | By: | | | /S/ JUAN C. ANDRADE | | | | | |

| Juan C. Andrade | | | | | | | | | | | | | | |

| 10.38 | | | | | | [Credit Facility agreement, dated October 8, 2021 between Everest Reinsurance (Bermuda), Ltd. and Lloyd’s Bank Corporate Markets Plc providing up to $50.0 million of committed credit facility, incorporated herein by reference to Exhibit 10.39 to](http://www.sec.gov/Archives/edgar/data/1095073/000109507322000005/exhibit1039.htm) [Everest Group](http://www.sec.gov/Archives/edgar/data/1095073/000109507322000005/exhibit1039.htm)[, Ltd. Form 10-K filed on February 28, 2022](http://www.sec.gov/Archives/edgar/data/1095073/000109507322000005/exhibit1039.htm) | | |

| 10.44 | | | | | | [Amended and restated standby letter of credit agreement between Everest Reinsurance (Bermuda), Ltd.](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm) [](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm)[and L](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm)[loyd](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm)[’](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm)[s Bank Corporate Markets Plc](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm) [to add](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm) [Everest Insurance (Ireland), dac (the new account party)](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm) [as an account party with $15.0 million sublimit for the issuance of letters of credit, filed herewith](https://www.sec.gov/Archives/edgar/data/1095073/000109507324000009/eg-20231231xexx1044.htm) | | |

| [Schedules](#ia008d2037b804bfcb1aaf1203b6d9295_235) | | | | | |

Reserves are based on estimates of ultimate losses and loss adjustment expenses by underwriting or accident year.

The principal considerations for our determination that performing procedures relating to the valuation of the reserve for losses and loss adjustment expenses is a critical audit matter are (i) the significant judgment by management when developing their estimate, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating the audit evidence relating to the methodologies and the significant assumptions related to expected loss ratios and historical trends, such as reserving patterns, loss payments and product mix, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to management’s valuation of the reserve for losses and loss adjustment expenses, including controls over the selection of methodologies and development of significant assumptions.

These procedures also included, among others, testing the completeness and accuracy of data provided by management and the involvement of professionals with specialized skill and knowledge to assist in performing procedures for a sample of products and lines of business including: (i) evaluating management’s methodologies and assumptions related to expected loss ratios and historical trends, such as, reserving patterns, loss payment and product mix used for determining reserves for losses and loss adjustment expenses and (ii) developing an independent estimate of the reserve for losses and loss adjustment expenses and comparing the independent estimate to management’s actuarially determined reserves.

*Measurement of Deferred Tax Assets related to Certain Identifiable Intangible Assets in Certain Bermuda Entities*

As described in Note 16 to the consolidated financial statements, management evaluated the enactment of the Bermuda Corporate Income Tax Act of 2023 and recorded $578 million of net deferred tax assets as of December 31, 2023.

Through the Economic Transition Adjustment, the Act allows a company to establish deferred tax assets or liabilities related to the revaluation of intangible assets, excluding goodwill, and other assets and liabilities, based on fair value as of September 30, 2023.

The deferred tax assets or liabilities are then amortized in accordance with the Act.

As disclosed by management, the net deferred tax assets principally relate to the identifiable intangible assets.

Management estimated the fair value of the identifiable intangible assets using discounted future cash flow models.

The significant assumptions utilized in the discounted future cash flow models included the forecasted revenues and expected profits to be generated by the identifiable intangible assets and discount rates.

The principal considerations for our determination that performing procedures relating to the measurement of deferred tax assets related to certain identifiable intangible assets in certain Bermuda entities is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the identifiable intangible assets, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to the forecasted revenues and expected profits to be generated by the identifiable intangible assets and the discount rates, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the enactment of the Bermuda Corporate Income Tax Act of 2023, including controls over the valuation of certain identifiable intangible assets.

These procedures also included, among others, (i) testing management’s process for developing the fair value estimate of the certain identifiable intangible assets of certain Bermuda entities, (ii) evaluating the appropriateness of the discounted future cash flow models used by management, (iii) testing the completeness and accuracy of the data used in the models, (iv) evaluating the reasonableness of the significant assumptions used by management related to the forecasted revenues and expected profits to be generated by the identifiable intangible assets and the discount rates.

Evaluating management’s assumptions related to the forecasted revenues and expected profits to be generated by the identifiable intangible assets involved evaluating whether the assumptions used were reasonable considering (i) their consistency with historical revenue and profits generated by the certain Bermuda entities and (ii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in (i) evaluating the appropriateness of the discounted future cash flow models and (ii) the reasonableness of the discount rate assumptions.

February 28, 2024

| of $(99) at 2023 and $(250) at 2022 | | | (934) | | | | | | (1,996) | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest Service Company Mexico, and Everest Service Company Colombia.

All intercompany accounts and transactions have been eliminated.

If the Company intends to

See also Note 4.

secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company.

See also Note 6.

See Note 14.

2023.

| Corporate securities | | | 7,044 | | | | | | (45) | | | | | | 31 | | | | | | (561) | | | | | | 6,469 | | |

| Asset-backed securities | | | 4,229 | | | | | | — | | | | | | 5 | | | | | | (171) | | | | | | 4,063 | | |

| Commercial | | | 1,023 | | | | | | — | | | | | | — | | | | | | (105) | | | | | | 919 | | |

| Agency residential | | | 3,382 | | | | | | — | | | | | | 7 | | | | | | (290) | | | | | | 3,099 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |