EVEREST GROUP, LTD. (EG)

Everest Group, Ltd. is a Bermuda-based holding company established in 1999 that became the parent of Everest Reinsurance Holdings, Inc. ("Holdings") following a 2000 corporate restructuring; Holdings, a Delaware corporation formed in 1993, is the parent of Everest Re, a Delaware property and casualty reinsurer founded in 1973 that was formerly an indirect subsidiary of The Prudential Insurance Company of America until its 1995 IPO spinoff. The Company's principal business, conducted through its operating segments, is the underwriting of reinsurance and insurance across U.S., Bermuda, and international markets, generating $14.0 billion in gross written premiums in 2022 (approximately 66.8% reinsurance and 33.2% insurance) with shareholders' equity of $8.4 billion at year-end 2022. Reinsurance is underwritten both through brokers and directly with ceding companies, while insurance is underwritten primarily through brokers, surplus lines brokers, and general agents.

All of Group's active operating subsidiaries carry an A+ ("Superior") rating from A.M. Best. The corporate structure includes numerous operating subsidiaries: Bermuda Re (Class 4 insurer/reinsurer with a UK branch, $2.7 billion shareholder's equity), Everest International Reinsurance (Bermuda, inter-affiliate reinsurance, $1.0 billion equity), Ireland Re and Ireland Insurance (writing non-life reinsurance and insurance for London/European markets, with Ireland Insurance also eligible as an alien surplus lines insurer in the U.S.), a Chile-based insurer, Everest Re (Delaware, licensed in all states plus Canada, Singapore, and Brazil, with $5.6 billion statutory surplus), Everest Canada, Everest National, Everest Indemnity (excess and surplus lines), Everest Security (Georgia/Alabama), Everest Assurance (Bermuda, elected U.S. tax status as a Controlled Foreign Corporation under IRC section 953(d)), and Everest Premier and Everest Denali (both Delaware-licensed in all 50 states and D.C.). The filing also provides general industry background distinguishing treaty versus facultative reinsurance and pro rata versus excess of loss arrangements, along with the concept of retrocession, wherein reinsurers cede risk to retrocessionaires for similar risk-reduction purposes as primary insurers seeking reinsurance.