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Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended
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Dec. 31, 2021
Schedule II - Condensed Financial Information Of The Registrant [Abstract] |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS
| December 31, |
(Dollars and share amounts in thousands, except par value per share) | 2021 |  | 2020 |
ASSETS: |  |  |  |  |  |
Fixed maturities - available for sale | $ | - |  | $ | 3 |
(amortized cost: 2021, $0; 2020, $3) |  |  |  |  |  |
Other invested assets (cost: 2021, $211,612; 2020, $282,762) |  | 211,612 |  |  | 282,762 |
Cash |  | 3,253 |  |  | 884 |
Investment in subsidiaries, at equity in the underlying net assets |  | 10,353,351 |  |  | 9,660,713 |
Accrued investment income |  | - |  |  | - |
Receivable from subsidiaries |  | 9,936 |  |  | 18,424 |
Other assets |  | 50,061 |  |  | 64,692 |
TOTAL ASSETS | $ | 10,628,213 |  | $ | 10,027,478 |
LIABILITIES: |  |  |  |  |  |
Long term notes payable, affiliated | $ | 500,000 |  | $ | 300,000 |
Due to subsidiaries |  | 1,622 |  |  | 1,933 |
Other liabilities |  | (12,589) |  |  | (631) |
Total liabilities |  | 489,033 |  |  | 301,302 |
SHAREHOLDERS' EQUITY: |  |  |  |  |  |
Preferred shares, par value: $0.01; 50,000 shares authorized; |  |  |  |  |  |
no shares issued and outstanding |  | - |  |  | - |
Common shares, par value: $0.01; 200,000 shares authorized |  |  |  |  |  |
(2021) 69,790and (2020) 69,620 issued outstanding before treasury shares |  | 698 |  |  | 696 |
Additional paid-in capital |  | 2,274,431 |  |  | 2,245,301 |
Accumulated other comprehensive income (loss), net of deferred income |  |  |  |  |  |
tax expense (benefit) of $26,781 at 2021 and $80,451 at 2020 |  | 11,523 |  |  | 534,899 |
Treasury shares, at cost; 30,524 shares (2021) and 29,636 shares (2020) |  | (3,847,308) |  |  | (3,622,172) |
Retained earnings |  | 11,699,836 |  |  | 10,567,452 |
Total shareholders' equity |  | 10,139,180 |  |  | 9,726,176 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 10,628,213 |  | $ | 10,027,478 |
See notes to consolidated financial statements. |
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS
| Years Ended December 31,
|  | 2021 |  |  | 2020 |  |  | 2019
(Dollars in thousands) |  |  |  |  |  |  |  |
REVENUES: |  |  |  |  |  |  |  |
Net investment income | $ | 228 |  | $ | 1,121 |  | $ | 3,484
Net realized capital gains (losses) |  | - |  |  | 28 |  |  | (66)
Other income (expense) |  | (185) |  |  | 5,833 |  |  | 458
Net income (loss) of subsidiaries |  | 1,416,451 |  |  | 535,866 |  |  | 1,026,233
Total revenues |  | 1,416,494 |  |  | 542,848 |  |  | 1,030,109
EXPENSES: |  |  |  |  |  |  |  |
Interest expense - affiliated |  | 5,952 |  |  | 5,155 |  |  | 2,087
Other expenses |  | 31,459 |  |  | 23,542 |  |  | 18,561
Total expenses |  | 37,411 |  |  | 28,697 |  |  | 20,648
INCOME (LOSS) BEFORE TAXES |  | 1,379,083 |  |  | 514,151 |  |  | 1,009,461
NET INCOME (LOSS) | $ | 1,379,083 |  | $ | 514,151 |  | $ | 1,009,461
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period |  | (488,378) |  |  | 423,210 |  |  | 496,430
Reclassification adjustment for realized losses (gains) included in net income (loss) |  | 3,616 |  |  | (3,476) |  |  | (12,613)
Total URA(D) on securities arising during the period |  | (484,762) |  |  | 419,734 |  |  | 483,817
Foreign currency translation adjustments |  | (62,091) |  |  | 86,327 |  |  | 14,030
Benefit plan actuarial net gain (loss) for the period |  | 6,250 |  |  | (5,615) |  |  | (12,591)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) |  | 17,227 |  |  | 6,300 |  |  | 5,453
Total benefit plan net gain (loss) for the period |  | 23,478 |  |  | 685 |  |  | (7,138)
Total other comprehensive income (loss), net of tax |  | (523,375) |  |  | 506,746 |  |  | 490,709
COMPREHENSIVE INCOME (LOSS) | $ | 855,708 |  | $ | 1,020,897 |  | $ | 1,500,170
See notes to consolidated financial statements. |  |  |  |  |  |  |  |
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31, |  |
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1,379,083 |  | $ | 514,151 |  | $ | 1,009,461 |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Equity in retained (earnings) deficit of subsidiaries |  | (1,416,451) |  |  | (535,866) |  |  | (1,026,233) |  |
Dividends received from subsidiaries |  | 320,000 |  |  | 650,000 |  |  | 600,000 |  |
Change in other assets and liabilities, net |  | 2,676 |  |  | (21,145) |  |  | 564 |  |
Increase (decrease) in due to/from affiliates |  | 8,176 |  |  | (8,621) |  |  | (2,209) |  |
Amortization of bond premium (accrual of bond discount) |  | - |  |  | (14) |  |  | (9) |  |
Realized capital losses (gains) |  | - |  |  | (28) |  |  | 66 |  |
Non-cash compensation expense |  | 2,481 |  |  | 2,588 |  |  | 2,796 |  |
Net cash provided by (used in) operating activities |  | 295,965 |  |  | 601,065 |  |  | 584,436 |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Additional investment in subsidiaries |  | (119,598) |  |  | (138,320) |  |  | (478,125) |  |
Proceeds from fixed maturities matured/called - available for sale, at market value |  | 3 |  |  | 1,356 |  |  | 63 |  |
Proceeds from fixed maturities sold - available for sale, at market value |  | - |  |  | 200,264 |  |  | 74,841 |  |
Distribution from other invested assets |  | 606,648 |  |  | 559,767 |  |  | 644,918 |  |
Cost of fixed maturities acquired - available for sale, at market value |  | - |  |  | - |  |  | (200,267) |  |
Cost of other invested assets acquired |  | (535,499) |  |  | (800,828) |  |  | (686,528) |  |
Net change in short-term investments |  | - |  |  | - |  |  | - |  |
Net cash provided by (used in) investing activities |  | (48,446) |  |  | (177,761) |  |  | (645,098) |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Common shares issued during the period, net |  | 26,685 |  |  | 23,185 |  |  | 22,861 |  |
Purchase of treasury shares |  | (225,136) |  |  | (200,020) |  |  | (24,604) |  |
Dividends paid to shareholders |  | (246,699) |  |  | (249,056) |  |  | (234,322) |  |
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated |  | 200,000 |  |  | - |  |  | 300,000 |  |
Net cash provided by (used in) financing activities |  | (245,150) |  |  | (425,891) |  |  | 63,935 |  |
EFFECT OF EXCHANGE RATE CHANGES ON CASH |  | - |  |  | - |  |  | - |  |
Net increase (decrease) in cash |  | 2,369 |  |  | (2,587) |  |  | 3,273 |  |
Cash, beginning of period |  | 884 |  |  | 3,471 |  |  | 198 |  |
Cash, end of period | $ | 3,253 |  | $ | 884 |  | $ | 3,471 |  |
See notes to consolidated financial statements. |  |  |  |  |  |  |  |  |  |
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES to conDENSED financial information 1.) The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related Notes of Everest Re Group, Ltd. and its Subsidiaries. 2.) Everest Re Group, Ltd. entered into a $300 million long term note agreement with Everest Reinsurance Company, an affiliated company, as of December 17, 2019. The note will pay interest annually at a rate of 1.69 % and is scheduled to mature in December 2028. At December 31, 2021 and 2020, this transaction was presented as a Long Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 3.) Everest Re Group, Ltd. entered into a $200 million long term note agreement with Everest Reinsurance Company, an affiliated company, as of August 5, 2021. The note will pay interest annually at a rate of 1.00 % and is scheduled to mature in August 2030. At December 31, 2021, this transaction was presented as a Long Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 4.) Everest Re Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, Ltd. (“Mt. Logan Re”), an affiliated entity. On the Condensed Balance Sheets, investments in Mt. Logan Re valued at $66.3 million and $67.6 million as of December 31, 2021 and 2020, respectively, have been recorded within Other Assets. On the Condensed Statements of Operations, income (expense) of $1.3 million, $6.3 million and $0.8 million for the years ended December 31, 2021, 2020 and 2019, respectively, have been recorded in other income (expense).

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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