Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 Global Wholesale & Specialty insurance franchise we strive to deliver consistent value to all our stakeholders.

Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in certain geographic regions to AIG. This reflects our sharpened focus on our core global Reinsurance Treaty business as well as the Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed.

Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three months ended March 31, 2026. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s most recent Form 10-K filing.

All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.

Recent Developments.

Sale of Canadian Commercial Retail Insurance Operations

On March 22, 2026, EUGIL, an Irish direct subsidiary of the Company, entered into a Purchase Agreement with the Buyer, pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Canada, a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing the Company’s Canadian Commercial Retail Insurance operations for C$410 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).

In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company (Canadian Branch), a Delaware reinsurance company and affiliate of EUGIL (“ERC - Canadian Branch”), pursuant to which ERC - Canadian Branch will reinsure certain liabilities of Everest Canada with respect to the insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement. As a result of the loss

portfolio transfer reinsurance agreement described in item (i), assets held-for-sale will be comprised of only investments and cash at the time of the transaction close.

The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions. For more details, see the Current Report on Form 8-K filed with the SEC on March 23, 2026 and the Purchase Agreement attached hereto as Exhibit 10.4.

As of March 31, 2026, Everest Canada assets and liabilities are presented as held-for sale within Other assets and Other liabilities on the Company’s consolidated balance sheet. Refer to Note 6 of the Notes to the Consolidated Financial Statements for additional information.

Adverse Development Cover Reinsurance Agreements

Effective October 1, 2025, the Company, through its subsidiaries Everest Re and Bermuda Re (the “Ceding Companies”), entered into adverse development reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company (collectively the “Reinsurers”). The Reinsurance Agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital.

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies’ North American liabilities within the Insurance and Legacy segments (“Subject Business”) up to a gross limit of $1.2 billion. Certain liabilities are excluded from the subject business, including among others those related to the Asbestos and Environmental (“A&E”) reserves included in the Legacy segment. At the time the Company entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.

The adverse development cover (“ADC”) is composed of three layers. The first layer is an “in the money” layer whereby the ADC attachment point was $1,250 billion below the Company’s North American Insurance and Legacy segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million in excess of the $5.4 billion. The Company transferred $1,250 million of in-the-money reserves in consideration for the first two layers upon closing of the transaction. The third layer is $500 million, for which the Company paid approximately $122 million of consideration upon closing of the transaction. The Company has a co-participation of $100 million in each of the second and third layers. For more details, see Form 8-K filed with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference in Exhibits 10.57 and 10.58 to the Company’s Annual Report on Form 10-K. The total covered losses ceded to State National Reinsurer as of March 31, 2026 and December 31, 2025 were $1.25 billion and $1.25 billion, respectively. The aggregated unexpired limit for State National Reinsurer as of March 31, 2026 and December 31, 2025 was $598 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of March 31, 2026 and December 31, 2025 was $400 million.

Sale of Certain Commercial Retail Insurance Renewal Rights

On October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million. AIG paid the Company $30 million for originating and structuring the transaction. In addition, on October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of the commercial retail insurance business written by the Company in certain countries in the E.U., for an aggregate purchase price of $49 million. The final purchase price under the Master Transaction Agreements will be adjusted to equal 15% of the gross written premiums of the subject business for the year ended December 31, 2025, inclusive of agreed-upon year-end renewals as agreed between the Company and the Buyer.

Under the agreements, AIG agreed to pay the Company a total of $10 million per month for nine months starting January 1, 2026 for specified transition services. For more details, see the Current Report on Form 8-K filed with the SEC on October 28, 2025 and the Master Transaction Agreements incorporated by reference in Exhibits 10.59 and 10.60 to the Company’s Annual Report on Form 10-K.

Financial Summary.

We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:

			Three Months Ended March 31,												Percentage Increase/ (Decrease)
(Dollars in millions)			2026						2025
Gross written premiums			$	3,602					$	4,391					(18.0)		%
Net written premiums			3,186						3,735						(14.7)		%
REVENUES:
Premiums earned			$	3,574					$	3,852					(7.2)		%
Net investment income			567						491						15.5		%
Net gains (losses) on investments			(10)						(7)						40.9		%
Other income (expense)			(63)						(73)						(13.1)		%
Total revenues			4,068						4,263						(4.6)		%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses			2,217						2,893						(23.4)		%
Commission, brokerage, taxes and fees			825						824						0.1		%
Other underwriting expenses			216						238						(9.4)		%
Corporate expenses			38						21						82.3		%
Interest, fees and bond issue cost amortization expense			36						38						(5.7)		%
Total claims and expenses			3,332						4,015						(17.0)		%
INCOME (LOSS) BEFORE TAXES			736						248						NM
Income tax expense (benefit)			83						39						NM
NET INCOME (LOSS)			$	653					$	210					NM
RATIOS:															Point Change
Loss ratio			62.0		%				75.1		%				(13.1)
Commission and brokerage ratio			23.1		%				21.4		%				1.7
Other underwriting expense ratio			6.0		%				6.2		%				(0.1)
Combined ratio			91.2		%				102.7		%				(11.6)

			At March 31,						At December 31,						Percentage Increase/ (Decrease)
(Dollars in millions, except per share amounts)			2026						2025
Balance sheet data (1):
Total investments and cash			$	45,020					$	45,429					(0.9)		%
Total assets			62,342						62,514						(0.3)		%
Reserve for losses and loss adjustment expenses			34,649						34,312						1.0		%
Total debt			3,589						3,589						—		%
Total liabilities			47,051						47,054						—		%
Shareholders' equity			15,291						15,461						(1.1)		%
Book value per share			383.75						379.83						1.0		%

(NM, not meaningful)

(Some amounts may not reconcile due to rounding.)

(1) Certain assets and liabilities related to the sale of our Canadian Commercial Retail Insurance Operations are classified as assets and liabilities held-for-sale beginning in first quarter 2026 within Other Assets and Other Liabilities. Refer to Recent Developments and Note 6 of the Notes to the Consolidated Financial Statements for additional information.

Revenues.

Premiums. Gross written premiums decreased by 18.0% to $3.6 billion for the three months ended March 31, 2026, compared to $4.4 billion for the three months ended March 31, 2025, reflecting a $551 million, or 80.3% decrease in our Legacy business and a $261 million, or 8.9%, decrease in our Reinsurance Treaty business, partially offset by a $22 million,

or 2.9% increase in our Global Wholesale & Specialty business. The decrease in Legacy premiums was primarily driven by the non-renewal of retail business globally as well as remaining lines of business that have been previously discontinued.

The increase in Global Wholesale & Specialty premiums was primarily driven by specialty and professional liability businesses within North America and Accident and Health lines of business globally, partially offset by decreases in property/short tail, workers’ compensation and specialty casualty businesses. The decrease in Reinsurance Treaty premiums was primarily driven by portfolio actions to reduce casualty pro rata business, lower reinstatement premium and declining property rates in the second half of the prior year.

Net written premiums decreased by 14.7% to $3.2 billion for the three months ended March 31, 2026, compared to $3.7 billion for the three months ended March 31, 2025, which is consistent with the change in gross written premiums as well as the impact of seasonality of Mt. Logan premium cessions on the Reinsurance Treaty segment.

Premiums earned decreased by 7.2% to $3.6 billion during the three months ended March 31, 2026, compared to $3.9 billion during the three months ended March 31, 2025. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in 2025 is being earned through the 2026 period; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.

Other Income (Expense). We recorded other expense of $63 million and other expense of $73 million for the three months ended March 31, 2026 and 2025, respectively. The change was primarily due to transaction expenses incurred from the sale of renewal rights to the Company’s commercial retail insurance business in certain geographic regions, partially offset by the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling. We recognized foreign currency exchange income of $12 million for the three months ended March 31, 2026 and foreign currency exchange expense of $74 million for the three months ended March 31, 2025. The transaction related expenses are primarily comprised of severance and retention costs.

The following table shows the components of other income (expense) for the periods indicated:

			Three Months Ended
(Dollars in millions)			2026						2025
Mt. Logan cell income			$	1					$	—
Foreign currency exchange income (expense)			12						(74)
Gain on pension plan settlement			—						(1)
Transaction-related expenses			(81)						—
Other			4						2
Total other income (expense)			$	(63)					$	(73)

Net Investment Income. Refer to Consolidated Investments Results Section below.

Net Gains (Losses) on Investments. Refer to the Consolidated Investments Results Section below.

Claims and Expenses.

Incurred Losses and Loss Adjustment Expenses (“LAE”). The following table presents our incurred losses and LAE for the periods indicated.

			Three Months Ended March 31,
(Dollars in millions)			Current Year						Ratio %/ Pt Change						Prior Years						Ratio %/ Pt Change						Total Incurred						Ratio %/ Pt Change
2026
Attritional			$	2,121					59.3		%				$	37					1.0		%				$	2,157					60.4		%
Catastrophes			130						3.6		%				(70)						(2.0)		%				60						1.7		%
Total			$	2,250					63.0		%				$	(33)					(0.9)		%				$	2,217					62.0		%
2025
Attritional			$	2,359					61.3		%				$	—					—		%				$	2,359					61.3		%
Catastrophes			534						13.9		%				—						—		%				534						13.9		%
Total			$	2,893					75.1		%				$	—					—		%				$	2,893					75.1		%
Variance 2026/2025
Attritional			$	(239)					(1.9)		pts				$	37					1.0		pts				$	(202)					(0.9)		pts
Catastrophes			(404)						(10.2)		pts				(70)						(2.0)		pts				(474)						(12.2)		pts
Total			$	(643)					(12.2)		pts				$	(33)					(0.9)		pts				$	(676)					(13.1)		pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 23.4% to $2.2 billion for the three months ended March 31, 2026, compared to $2.9 billion for the three months ended March 31, 2025, primarily due to a decrease of $404 million in current year catastrophe losses, a decrease of $239 million in current year attritional losses and favorable development on prior year catastrophe losses of $70 million, partially offset by an increase in unfavorable development on prior year attritional losses of $37 million.

The decrease in current year attritional losses was mainly related to the impact of improved selections within the facultative line of business in the Global Wholesale & Specialty segment, the effect of the Washington D.C. aviation accident loss recognized in first quarter 2025 in the Reinsurance Treaty segment and change in business mix for both the Global Wholesale & Specialty and Reinsurance Treaty segments. The unfavorable development on prior year attritional losses of $37 million was primarily driven by development of Russia/Ukraine losses.

The current year catastrophe losses of $130 million for the three months ended March 31, 2026 related primarily to the 2026 Middle East Conflict ($58 million), the 2026 Winterstorm Fern ($27 million), the 2026 U.S. Winter Weather Events ($20 million), and the 2026 Kristin/Nils Storms ($25 million). The $534 million of current year catastrophe losses for the three months ended March 31, 2025 related primarily to the 2025 Southern California wildfires ($512 million) and the Myanmar earthquake ($22 million). For the three months ended March 31, 2026, the favorable development on prior year catastrophe losses was mainly related to reserves released related to various well-seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business.

Catastrophe losses and loss expenses typically have a material effect on our incurred losses and LAE results and can vary significantly from period to period. Losses from natural and man-made catastrophes contributed 1.7 percentage points to the combined ratio for the three months ended March 31, 2026, compared with 13.9 percentage points for the three months ended March 31, 2025.

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased slightly by 0.1% to $825 million for the three months ended March 31, 2026, compared to $824 million for the three months ended March 31, 2025. Commission, brokerage, taxes and fees remained relatively consistent period over period for Reinsurance Treaty business, and slightly increased in Global Wholesale & Specialty premiums driven by mix of business.

Other Underwriting Expenses. Other underwriting expenses decreased by 9.4% to $216 million for the three months ended March 31, 2026, compared to $238 million for the three months ended March 31, 2025. The decrease in other underwriting expenses was mainly due to the impact of the decrease in premiums earned as well as $30 million of

transition services expense reimbursement from AIG related to the Sale of Certain Commercial Retail Insurance Renewal Rights.

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $38 million and $21 million for the three months ended March 31, 2026 and 2025, respectively. The increase in 2026 compared to 2025 was primarily due to professional fees associated with certain corporate initiatives.

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense was $36 million and $38 million for the three months ended March 31, 2026 and 2025, respectively. Interest expense was mainly impacted by the movement in the floating interest rate related to the Company’s long-term subordinated notes, which is reset quarterly per the note agreement, as well as variable interest rate costs on borrowings from FHLBNY.

Income Tax Expense (Benefit). Income tax expense was $83 million and $39 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates. The first quarter 2026 income tax expense includes a one-time tax benefit of approximately $40 million resulting from a change in the U.K. tax law effective March 20, 2026, following the OECD’s January 2025 guidance on “covered taxes”.

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment”, which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the OECD issued Guidance related to “deferred tax assets arising from tax benefits provided by General Government” restricting the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.

On January 20, 2025, President Trump issued a memorandum announcing that the OECD framework has “no force or effect in the United States” and disavowing any commitments previously made by the United States with respect to the framework. The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are “extraterritorial or disproportionately affect American companies.” The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States’ response to these rules could cause uncertainties to and increases in our income taxes.

On July 4, 2025, the One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of the One Big Beautiful Bill.

On January 5, 2026, the OECD released Administrative Guidance containing the side-by-side (SbS) package on the OECD’s global minimum tax. The SbS Administrative Guidance introduced, among other things, new safe harbors, including a SbS safe harbor for multi-national groups headquartered in certain eligible jurisdictions, now limited to the US. Qualification for this safe harbor would exempt companies from the OECD global minimum tax. We expect additional Administrative Guidance in the future providing implementation guidance on the SbS. Accordingly, the OECD’s global minimum tax could be subject to further changes that will continue to cause uncertainties related to income taxes payable by our company.

Net Income (Loss).

Our net income was $653 million and $210 million for the three months ended March 31, 2026 and 2025, respectively. The period over period increase in net income was primarily driven by the financial component fluctuations explained above.

Ratios.

Our combined ratio decreased by 11.6 points to 91.2% for the three months ended March 31, 2026, compared to 102.7% for the three months ended March 31, 2025. The current year decrease is primarily due to lower current year catastrophe losses, favorable development on prior year catastrophe losses partially offset by unfavorable development on Russia/Ukraine losses, and a decrease in other underwriting expenses. For further details, please refer to the analysis of combined ratio components below.

The loss ratio component decreased by 13.1 points to 62.0% for the three months ended March 31, 2026, compared to 75.1% for the three months ended March 31, 2025 mainly due to a $404 million decrease in current year catastrophe losses, a $239 million decrease in current year attritional losses, and favorable development on prior catastrophe losses of $70 million noted above slightly offset by unfavorable development of $37 million primarily driven by Russia/Ukraine losses.

The commission and brokerage ratio components increased by 1.7 points to 23.1% for the three months ended March 31, 2026, compared to 21.4% for the three months ended March 31, 2025 primarily due to mix of business.

The other underwriting expense ratios decreased by 0.1 points to 6.0% for the three months ended March 31, 2026, compared to 6.2% for the three months ended March 31, 2025.

Shareholders’ Equity.

Shareholders’ equity decreased by $170 million to $15.3 billion at March 31, 2026 from $15.5 billion at December 31, 2025, principally as a result of $374 million of unrealized depreciation on available for sale fixed maturity portfolio net of tax, $331 million of treasury share purchases, $80 million of shareholder dividends and $35 million of net foreign currency translation adjustments, partially offset by $653 million of net income.

Consolidated Investment Results

Net Investment Income.

Net investment income increased by 15.5% to $567 million for the three months ended March 31, 2026, compared with net investment income of $491 million for the three months ended March 31, 2025. The increase for the three months ended March 31, 2026 was primarily the result of an increase of $94 million in limited partnership income, an increase of $7 million in income from fixed maturity investments and an increase of $7 million in income from other alternative investments, partially offset by a decline of $22 million in income from short-term investments and cash. The limited partnership income primarily reflects changes in their reported net asset values. As such, until these asset values are monetized and the resultant income is distributed, they are subject to volatile results of future increases or decreases in the asset value.

The following table shows the components of net investment income for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			2026						2025
Fixed maturities			$	393					$	386
Equity securities			2						1
Short-term investments and cash			26						48
Other invested assets
Limited partnerships			119						25
Other			37						30
Gross investment income before adjustments			577						490
Funds held interest income (expense)			4						12
Future policy benefit reserve income (expense)			—						—
Gross investment income			581						502
Investment expenses			13						11
Net investment income			$	567					$	491

(Some amounts may not reconcile due to rounding.)

The following table shows a comparison of various investment yields for the periods indicated:

			Three Months Ended March 31,
			2026						2025
Annualized pre-tax yield on average cash and invested assets			5.0		%				4.6		%
Annualized after-tax yield on average cash and invested assets			4.1		%				3.8		%
Annualized return on invested assets			4.9		%				4.5		%

Net Gains (Losses) on Investments.

The following table presents the composition of our net gains (losses) on investments for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			2026						2025						Variance
Realized gains (losses) from dispositions:
Fixed maturity securities - available for sale
Gains			$	14					$	5					$	9
Losses			(30)						(9)						(22)
Total			(16)						(3)						(13)
Fixed maturity securities - held to maturity
Gains			—						—						—
Losses			—						(1)						1
Total			—						(1)						1
Equity securities
Gains			—						—						—
Losses			—						—						—
Total			—						—						—
Other Invested Assets
Gains			—						—						—
Losses			—						—						—
Total			—						—						—
Short-Term Investments
Gains			—						—						—
Losses			—						—						—
Total			—						—						—
Total net realized gains (losses) from dispositions
Gains			14						5						9
Losses			(30)						(10)						(21)
Total			(16)						(5)						(12)
Allowance for credit losses			13						(1)						14
Gains (losses) from fair value adjustments
Equity securities			(7)						(2)						(5)
Total			(7)						(2)						(5)
Total net gains (losses) on investments			$	(10)					$	(7)					$	(3)

(Some amounts may not reconcile due to rounding.)

Net gains (losses) on investments during the three months ended March 31, 2026 primarily relate to $16 million of losses due to the disposition of investments, $7 million of losses from fair value adjustments on equity securities and a decrease to the allowance for credit losses of $13 million. The $13 million net decrease in allowance for credit losses is primarily comprised of reductions in allowance of $22 million due to disposals of securities that were earmarked with a credit allowance, partially offset by impairments of approximately $9 million.

Segment Results.

Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Commercial Retail Insurance business in certain geographic regions to AIG. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.

The Company now has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty. Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. These segment presentation changes have been reflected retrospectively.

Our three reportable segments, Reinsurance Treaty, Global Wholesale & Specialty and Legacy, each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the President and Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.

The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.

The following discusses the underwriting results for each of our segments for the periods indicated.

Reinsurance Treaty.

The following table presents the underwriting results and ratios for the Reinsurance Treaty segment for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			2026						2025						Variance						% Change
Gross written premiums			$	2,674					$	2,935					$	(261)					(8.9)		%
Net written premiums			2,405						2,528						(123)						(4.9)		%
Premiums earned			$	2,456					$	2,579					$	(123)					(4.8)		%
Incurred losses and LAE			1,448						2,005						(556)						(27.7)		%
Commission and brokerage			632						637						(5)						(0.8)		%
Other underwriting expenses			61						60						1						1.9		%
Underwriting gain (loss)			$	315					$	(122)					$	437					NM
																					Point Chg
Loss ratio			59.0		%				77.7		%										(18.7)
Commission and brokerage ratio			25.7		%				24.7		%										1.0
Other underwriting expense ratio			2.5		%				2.3		%										0.2
Combined ratio			87.2		%				104.7		%										(17.5)

(NM, Not Meaningful)

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums decreased by 8.9% to $2.7 billion for the three months ended March 31, 2026 from $2.9 billion for the three months ended March 31, 2025, primarily driven by portfolio actions on casualty pro rata business, lower reinstatement premium and declining property rates in the second half of the prior year and into the first quarter of 2026.

Net written premiums decreased by 4.9% to $2.4 billion for the three months ended March 31, 2026, compared to $2.5 billion for the three months ended March 31, 2025, which is consistent with the change in gross written premiums as well as impact of seasonality of Mt.Logan premium cessions.

Premiums earned decreased by 4.8% to $2.5 billion for the three months ended March 31, 2026, compared to $2.6 billion for the three months ended March 31, 2025. The change in premiums earned relative to net written premiums is the result of timing of earning in comparison with writing.

Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Reinsurance Treaty segment for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			Current Year						Ratio %/ Pt Change						Prior Years						Ratio %/ Pt Change						Total Incurred						Ratio %/ Pt Change
2026
Attritional			$	1,392					56.7		%				$	37					1.5		%				1,428						58.2		%
Catastrophes			90						3.7		%				(70)						(2.8)		%				20						0.8		%
Total Segment			$	1,482					60.3		%				$	(33)					(1.4)		%				$	1,448					59.0		%
2025
Attritional			$	1,496					58.0		%				$	—					—		%				1,496						58.0		%
Catastrophes			509						19.7		%				—						—		%				509						19.7		%
Total Segment			$	2,004					77.7		%				$	—					—		%				$	2,005					77.7		%
Variance 2026/2025
Attritional			$	(104)					(1.3)		pts				$	37					1.5		pts				$	(68)					0.2		pts
Catastrophes			(418)						(16.0)		pts				(70)						(2.9)		pts				(489)						(18.9)		pts
Total Segment			$	(523)					(17.4)		pts				$	(34)					(1.4)		pts				$	(556)					(18.7)		pts

(Some amounts may not reconcile due to rounding.)

Incurred losses decreased by 27.7% to $1.4 billion for the three months ended March 31, 2026, compared to $2.0 billion for the three months ended March 31, 2025. The decrease was primarily due to a decrease of $418 million in current year catastrophe losses, a decrease of $104 million in current year attritional losses and favorable development on prior year catastrophe losses of $70 million, partially offset by an increase of unfavorable development on prior year attritional losses of $37 million.

The decrease in current year attritional losses was mainly related to the impact of change in business mix and effect of the Washington D.C. aviation accident loss recognized in first quarter 2025. The unfavorable development on prior year attritional losses of $37 million was primarily driven by development of Russia/Ukraine losses.

The $90 million of current year catastrophe losses for the three months ended March 31, 2026 related primarily to the 2026 Middle East Conflict ($40 million), 2026 Kristin Storms ($15 million), the 2026 Winter Storm Fern ($15 million), the 2026 U.S. Winter Weather Events ($10 million) and the 2026 Nils Storm ($10 million). The $509 million of current year catastrophe losses for the three months ended March 31, 2025 related primarily to the 2025 Southern California wildfires ($489 million) and the Myanmar earthquake ($20 million). For three months ended March 31, 2026, the favorable development on prior year catastrophe losses was mainly related to reserves released for various well seasoned 2023 and 2024 events, as well as 2025 Southern California wildfires reserves related to marine business.

Segment Expenses. Commission and brokerage expense decreased by 0.8% to $632 million for the three months ended March 31, 2026, compared to $637 million for the three months ended March 31, 2025. The decrease was mainly due to the impact of the decrease in premiums earned. Segment other underwriting expenses remained relatively consistent, increasing slightly by 1.9% to $61 million for the three months ended March 31, 2026, compared to $60 million for the three months ended March 31, 2025.

Global Wholesale & Specialty.

The following table presents the underwriting results and ratios for the Global Wholesale & Specialty segment for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			2026						2025						Variance						% Change
Gross written premiums			$	793					$	770					$	22					2.9		%
Net written premiums			692						655						37						5.6		%
Premiums earned			$	719					$	732					$	(13)					(1.8)		%
Incurred losses and LAE			453						482						(29)						(5.9)		%
Commission and brokerage			152						143						9						6.3		%
Other underwriting expenses			90						76						15						19.4		%
Underwriting gain (loss)			$	23					$	32					$	(8)					(26.4)		%
																					Point Chg
Loss ratio			63.0		%				65.8		%										(2.8)
Commission and brokerage ratio			21.2		%				19.6		%										1.6
Other underwriting expense ratio			12.6		%				10.3		%										2.3
Combined ratio			96.8		%				95.7		%										1.1

(NM not meaningful)

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums increased by 2.9% to $793 million for the three months ended March 31, 2026, compared to $770 million for the three months ended March 31, 2025. The increase in Global Wholesale & Specialty was primarily driven by specialty, professional liability, and accident and health business globally, partially offset by property/short-tail and casualty businesses.

Net written premiums increased by 5.6% to $692 million for the three months ended March 31, 2026, compared to $655 million for the three months ended March 31, 2025. The increase is consistent with gross written premium changes in addition to business mix which reflects an increased proportion in lines of business with higher overall net retention

Premiums earned decreased by 1.8% to $719 million for the three months ended March 31, 2026, compared to $732 million for the three months ended March 31, 2025. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.

Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Global Wholesale & Specialty segment for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			Current Year						Ratio %/ Pt Change						Prior Years						Ratio %/ Pt Change						Total Incurred						Ratio %/ Pt Change
2026
Attritional			$	423					58.9		%				$	—					—		%				423						58.9		%
Catastrophes			30						4.2		%				—						—		%				30						4.2		%
Total Segment			$	453					63.0		%				$	—					—		%				$	453					63.0		%
2025
Attritional			$	461					63.0		%				$	—					—		%				461						63.0		%
Catastrophes			23						3.1		%				(2)						(0.3)		%				21						2.8		%
Total Segment			$	484					66.1		%				$	(2)					(0.3)		%				$	482					65.8		%
Variance 2026/2025
Attritional			$	(38)					(4.1)		pts				$	—					—		pts				$	(38)					(4.1)		pts
Catastrophes			7						1.1		pts				2						0.3		pts				9						1.4		pts
Total Segment			$	(31)					(3.1)		pts				$	2					0.3		pts				$	(29)					(2.8)		pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 5.9% to $453 million for the three months ended March 31, 2026, compared to $482 million for the three months ended March 31, 2025. The decrease was mainly due to a decrease of $38 million in current year attritional losses, partially offset by an increase of $7 million in current year catastrophe losses and a decrease of $2 million in favorable development from prior year catastrophe losses.

The decrease in current year attritional losses was mainly related to the impact of change in business mix. The $30 million of current year catastrophe losses for the three months ended March 31, 2026 related to the 2026 Middle East Conflict ($17 million) and 2026 Winterstorm Fern ($13 million). The $23 million of current year catastrophe losses for the three months ended March 31, 2025 related to the 2025 Southern California wildfires and the Myanmar earthquake.

Segment Expenses. Commission and brokerage increased by 6.3% to $152 million for the three months ended March 31, 2026, compared to $143 million for the three months ended March 31, 2025. The increase in commission and brokerage expenses were primarily due to mix of business. Segment other underwriting expenses increased to $90 million for the three months ended March 31, 2026, compared to $76 million for the three months ended March 31, 2025. The increase was mainly due to investment in people and technology.

Legacy.

The Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for finite period in 2026.

The following table presents the underwriting results and ratios for the Legacy segment for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			2026						2025						Variance						% Change
Gross written premiums			$	135					$	686					$	(551)					(80.3)		%
Net written premiums			89						552						(462)						(83.8)		%
Premiums earned			$	399					$	540					$	(141)					(26.1)		%
Incurred losses and LAE			316						407						(92)						(22.5)		%
Commission and brokerage			41						44						(3)						(7.8)		%
Other underwriting expenses			65						103						(38)						(37.1)		%
Underwriting gain (loss)			$	(22)					$	(14)					$	(8)					55.4		%

(Some amounts may not reconcile due to rounding.)

Premiums. Gross written premiums decreased by 80.3% to $135 million for the three months ended March 31, 2026, compared to $686 million for the three months ended March 31, 2025. Net written premiums decreased by 83.8% to $89 million for the three months ended March 31, 2026, compared to $552 million for the three months ended March 31, 2025. Premiums earned decreased by 26.1% to $399 million for the three months ended March 31, 2026, compared to $540 million for the three months ended March 31, 2025. Premiums are expected to decrease as premiums earn and as the commercial retail insurance business is renewed with AIG under the previously announced renewal rights agreement.

Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Legacy segment for the periods indicated:

			Three Months Ended March 31,
(Dollars in millions)			Current Year						Ratio %/ Pt Change						Prior Years						Ratio %/ Pt Change						Total Incurred						Ratio %/ Pt Change
2026
Attritional			$	306					76.7		%				$	—					—		%				306						76.7		%
Catastrophes			10						2.5		%				—						—		%				10						2.5		%
Total Segment			$	316					79.2		%				$	—					—		%				$	316					79.2		%
2025
Attritional			$	402					74.5		%				$	—					—		%				403						74.6		%
Catastrophes			3						0.5		%				2						0.4		%				5						0.9		%
Total Segment			$	405					75.0		%				$	2					0.4		%				$	407					75.4		%
Variance 2026/2025
Attritional			$	(97)					2.1		pts				$	—					—		pts				$	(97)					2.1		pts
Catastrophes			7						2.0		pts				(2)						(0.4)		pts				5						1.6		pts
Total Segment			$	(89)					4.1		pts				$	(2)					(0.4)		pts				$	(92)					3.7		pts

(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE decreased by 22.5% to $316 million for the three months ended March 31, 2026, compared to $407 million for the three months ended March 31, 2025. The decrease was mainly due to a decrease of $97 million in current year attritional losses and a decrease of $2 million in unfavorable development from prior year catastrophe losses, partially offset by an increase of $7 million in current year catastrophe losses.

The increase in current year attritional loss ratio is primarily driven by continued conservative loss selections within the North America Casualty lines of business. The $10 million of current year catastrophe losses for the three months ended March 31, 2026 primarily related to the 2026 U.S. Winter Weather Events. The $3 million of current year catastrophe losses for the three months ended March 31, 2025 related to the 2025 Southern California wildfires.

Segment Expenses. Commission and brokerage decreased by 7.8% to $41 million for the three months ended March 31, 2026, compared to $44 million for the three months ended March 31, 2025. Segment other underwriting expenses decreased to $65 million for the three months ended March 31, 2026, compared to $103 million for the three months

ended March 31, 2025. The decrease in commission was mainly due to the impact of the decrease in premiums earned, due to the lines of business included in this segment primarily being in run-off. The decrease in operating expenses is driven by the recognition of transition services income driven by the Renewal Right Sale.

FINANCIAL CONDITION

Investments. Total investments, were $43.6 billion at March 31, 2026, a decrease of $505 million compared to $44.1 billion at December 31, 2025. The decrease in investments was primarily driven by a decrease in short-term investments of $765 million, an increase in fixed maturities - available for sale due to an overall net purchase of $785 million, an increase in fixed maturities - held to maturity due to an overall net purchase of $30 million, a net increase in other invested assets of $14 million, and net unrealized loss of $453 million during the three months ended March 31, 2026.

The Company’s limited partnership investments are comprised of limited partnerships that invest in private equity, private credit and private real estate. Generally, the limited partnerships are reported on a month or quarter lag. We receive annual audited financial statements for all of the limited partnerships, which are primarily prepared using fair value accounting in accordance with Financial Accounting Standards Board guidance. For the quarterly reports, the Company reviews the financial reports for any unusual changes in carrying value. If the Company becomes aware of a significant decline in value during the lag reporting period, the loss will be recorded in the period in which the Company identifies the decline.

The table below summarizes the composition and characteristics of our investment portfolio for the periods indicated.

			At March 31, 2026						At December 31, 2025
Fixed income portfolio duration (years)			3.5						3.4
Fixed income composite credit quality			AA-						AA-

Reinsurance Recoverables.

Reinsurance recoverables totaled $5.1 billion and March 31, 2026 respectively. At March 31, 2026, in connection with the ADC reinsurance agreements, $1.25 billion was recoverable from State National Insurance Company, Inc. At March 31, 2026, $394 million, or 7.7%, was receivable from Mt. Logan Re collateralized segregated accounts; $350 million, or 10.0%, was receivable from Munich Reinsurance America, Inc. and $326 million, or 7.7% was receivable from Endurance Assurance Corporation. No other retrocessionaire accounted for more than 5% of our recoverables.

Loss and LAE Reserves. Gross loss and LAE reserves totaled $34.6 billion and $34.3 billion at March 31, 2026 and December 31, 2025, respectively.

The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and Incurred But Not Reported (“IBNR”) reserves, for the periods indicated.

			At March 31, 2026
(Dollars in millions)			Case Reserves						IBNR Reserves						Total Reserves						% of Total
Reinsurance Treaty			$	6,260					$	14,128					$	20,388					58.8		%
Global Wholesale & Specialty			1,708						4,334						6,042						17.4		%
Legacy (1)			2,197						6,023						8,219						23.7		%
Total			$	10,164					$	24,484					$	34,649					100.0		%

(Some amounts may not reconcile due to rounding.)

(1) Reserves for A&E exposures are included within Legacy. At March 31, 2026, A&E case and IBNR reserves totaled $148 million and $56 million, respectively.

			At December 31, 2025
(Dollars in millions)			Case Reserves						IBNR Reserves						Total Reserves						% of Total
Reinsurance Treaty			$	6,223					$	13,830					$	20,053					58.4		%
Global Wholesale & Specialty			1,715						4,220						5,935						17.3		%
Legacy (1)			2,264						6,060						8,324						24.3		%
Total			$	10,201					$	24,110					$	34,312					100.0		%

(Some amounts may not reconcile due to rounding.)

(1) Reserves for A&E exposures are included within Legacy. At December 31, 2025, A&E case and IBNR reserves totaled $150 million and $59 million, respectively.

Changes in premiums earned and business mix, reserve refinement, catastrophe losses, including losses related to the Middle East conflict, and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.

Our carried loss and LAE reserves represent management’s best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels, including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities, and in the aggregate. In order to set appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates, which are subject to variation, which may be significant.

We are exposed to losses arising from unpredictable catastrophic events, including, but not limited to, weather-related and other natural catastrophes, as well as acts of terrorism, wars, pandemics, political instability and significant cyber or operational incidents, for which liabilities cannot be estimated using traditional reserving techniques. For example, we have exposure to losses due to the uncertainty regarding the current conflict in the Middle East. The Company’s loss and LAE reserves represent management’s current best estimate of the ultimate liability.

There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.

Asbestos and Environmental Exposures. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The results of run-off A&E exposures are included within the Company’s Legacy segment. The following table summarizes the outstanding loss reserves with respect to A&E reserves on both a gross and net of retrocessions basis for the periods indicated.

			At March 31,						At December 31,
(Dollars in millions)			2026						2025
Gross reserves			$	204					$	209
Ceded reserves			(16)						(16)
Net reserves			$	188					$	193

(Some amounts may not reconcile due to rounding.)

With respect to asbestos only, at March 31, 2026, we had net asbestos loss reserves of $165 million, or 87.9%, of total net A&E reserves, all of which was for assumed business. At March 31, 2026, we had gross asbestos loss reserves of $181 million, or 88.9% of total gross A&E reserves, all of which was for assumed business.

Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management’s best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.

Industry analysts use the “survival ratio” to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company’s current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 4.6 years at March 31, 2026 and 4.7 years at December 31, 2025. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore may not be indicative of the timing of future payments.

LIQUIDITY AND CAPITAL RESOURCES

Capital. Shareholders’ equity at March 31, 2026 and December 31, 2025 was $15.3 billion and $15.5 billion, respectively. Management’s objective in managing capital is to ensure that the Company’s overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.

Our two main operating companies, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) and Everest Reinsurance Company (“Everest Re”), are regulated by the Bermuda Monetary Authority (“BMA”) and the State of Delaware’s Department of Insurance, respectively. Both regulatory bodies have their own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the BMA and Everest Re is subject to the RBC developed by the U.S. National Association of Insurance Commissioners (“NAIC”). Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.

The actual and required statutory capital and surplus of Bermuda Re was as follows:

			Bermuda Re
			At December 31,
(Dollars in millions)			2025						2024
Statutory economic capital and surplus			$	5,415					$	4,623
Required statutory capital and surplus (1)			$	2,532					$	2,626

(1) The required statutory capital and surplus is calculated as the BSCR.

The regulatory targeted capital and the actual statutory capital for Everest Re was as follows:

			Everest Re (1)
			At December 31,
(Dollars in millions)			2025						2024
Actual capital			$	8,856					$	8,126
Regulatory targeted capital			$	5,119					$	4,799

(1) Regulatory targeted capital represents 200% of the Risk Based Capital authorized control level calculation for the applicable year.

Our financial strength ratings, as determined by A.M. Best, S&P and Moody’s, are important, as they provide our customers and investors with an independent assessment of our financial strength using a rating scale that provides for relative comparisons. We continue to possess significant financial flexibility and access to debt and equity markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies.

We maintain our own economic capital models to monitor and project our overall capital. We also monitor and project the regulatory capital at our operating subsidiaries. A key input to the economic models is projected income, and this input is continually compared to actual results, which may require a change in the capital strategy.

For the three months ended March 31, 2026, we repurchased 1,002,516 of our common shares at a cost of $331 million in the open market and paid $80 million in common share dividends to enhance long-term expected returns to our shareholders. During fiscal year 2025, we repurchased 2,394,763 of our common shares at a cost of $797 million in the open market and paid $335 million in common share dividends. From time to time, we may enter into a Rule 10b5-1 repurchase plan to facilitate the repurchase of shares, repurchase shares in open market transactions, privately

negotiated transactions or otherwise. On November 7, 2024, our existing board of directors (“Board”) authorization to repurchase up to 32 million of our shares was increased by 10 million shares to authorize the repurchase of up to 42 million shares. As of March 31, 2026, we had repurchased 34.7 million shares under this authorization. During the first quarter of 2026, the Company’s Board declared a quarterly common stock dividend of $2.00 per share. The common stock dividend was paid on March 27, 2026 for holders of record as of March 13, 2026.

We may continue, from time to time, to seek to retire portions of our outstanding debt securities through cash repurchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be subject to and depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.

Liquidity. Our liquidity requirements are generally met from positive cash flow from operations. Positive cash flow results from reinsurance and insurance premiums being collected prior to disbursements for claims, with disbursements generally taking place over an extended period after the collection of premiums, sometimes a period of many years. Collected premiums are generally invested, prior to their use in such disbursements, and investment income provides additional funding for loss payments. Our net cash flows from operating activities were $649 million and $928 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, these cash flows reflected net catastrophe loss payments of $107 million and $317 million for the three months ended March 31, 2026 and 2025, respectively, and net tax payments of $12 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from insurance operations would be partially offset by cash flow from investment income. Additionally, cash inflows from investment maturities of both short-term investments and longer-term maturities are available to supplement other operating cash flows. We do not expect to supplement negative insurance operations cash flows with investment dispositions.

As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At March 31, 2026 and December 31, 2025, we held cash and short-term investments of $3.6 billion and $4.3 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, at March 31, 2026, we had $1.4 billion of fixed maturity securities - available for sale maturing within one year or less, $11.1 billion maturing within one to five years and $8.5 billion maturing after five years. We believe that these fixed maturity securities, in conjunction with the short-term investments and positive cash flow from operations, provide ample sources of liquidity for the expected payment of losses and LAE in the near future. We do not anticipate selling a significant amount of securities to pay losses and LAE. At March 31, 2026, we had $432 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $784 million of pre-tax unrealized depreciation and $352 million of pre-tax unrealized appreciation.

Management generally expects annual positive cash flow from operations. However, given catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.

In addition to our cash flows from operations and liquid investments, Everest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of March 31, 2026, Everest Re had statutory admitted assets of approximately $32.2 billion which provides borrowing capacity of up to approximately $3.2 billion. As of March 31, 2026, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026. See Note 8 – Credit Facilities to the Notes to the consolidated financial statements in Part I, Item I of this Form 10-Q for further details.

Market Sensitive Instruments.

Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of investments is adjusted periodically, consistent with our current and projected operating results and market conditions. The fixed maturity securities in the investment portfolio are comprised of available for sale and held to maturity securities. Additionally, we have invested in equity securities.

The overall investment strategy considers the scope of present and anticipated Company operations. In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis. This analysis includes estimated payout characteristics for which our investments provide liquidity. This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality. The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period.

Interest Rate Risk. Our $45.0 billion cash and invested assets portfolio at March 31, 2026 is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk. The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.

Interest rate risk is the potential change in value of the fixed maturity securities portfolio from a change in market interest rates. In a declining interest rate environment, interest rate risk includes prepayment risk on the $8.7 billion of mortgage-backed securities in the $35.2 billion fixed maturity portfolio. Prepayment risk results from potential accelerated principal payments that shorten the average life, and thus, the expected yield of the security.

The table below displays the potential impact of fair value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $2.2 billion of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates. For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually. To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the fair value change under the various interest rate change scenarios.

			Impact of Interest Rate Shift in Basis Points At March 31, 2026
			-200						-100						0						100						200
(Dollars in millions)
Total Fair Value			$	40,211					$	38,937					$	37,618					$	36,255					$	34,847
Fair Value Change from Base (%)			6.9%						3.5%						—%						(3.6)%						(7.4)%
Change in Unrealized Appreciation
After-tax from Base ($)			$	2,096					$	1,065					$	—					$	(1,101)					$	(2,236)

We had $34.6 billion and $34.3 billion of gross reserves for losses and LAE as of March 31, 2026 and December 31, 2025, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration of approximately 3.7 years, which is reasonably consistent with our fixed income portfolio. If we were to discount our loss and LAE reserves, net of ceded reserves, the discount would be approximately $5.1 billion resulting in a discounted reserve balance of approximately $26.0 billion, representing approximately 69.3% of the value of the fixed maturity investment portfolio funds.

Foreign Currency Risk. Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates. Each of our non-U.S./Bermuda operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Our operating entities may conduct business in local currency, as well as the currency of other countries in which they operate. The primary foreign currency exposures for these non-U.S. operations are the Canadian Dollar, the Singapore Dollar. the British Pound Sterling and the Euro. Generally, we mitigate foreign exchange exposure by matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with GAAP, the impact on the fair value of available for sale fixed maturities due to changes in foreign currency exchange rates, in relation to functional currency, is reflected as part of other comprehensive income. Conversely, the impact of changes in foreign currency exchange rates, in relation to functional currency, on other assets and liabilities is reflected through net income as a component of other income

(expense). In addition, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar. This translation amount is reported as a component of other comprehensive income.