XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.22.2

Credit Facilities | 6 Months Ended
--- | ---
Jun. 30, 2022
Credit Facilities [Abstract] |
Credit Facilities | 9. CREDIT FACILITIES The Company has multiple active letter of credit facilities for a total commitment of up to $ 1.2 billion as of June 30, 2022. The Company also has additional uncommitted letter of credit facilities of up to $ 340.0 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date. The terms and outstanding amounts for each facility are discussed below: Group Credit Facility Effective May 26, 2016, Group, Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”) and Everest International Reinsurance, Ltd. (“Everest International”), both direct subsidiaries of Group, entered into a five year , $ 800.0 million senior credit facility with a syndicate of lenders, which amended and restated in its entirety the June 22, 2012, four year , $ 800.0 million senior credit facility. Both the May 26, 2016 and June 22, 2012 senior credit facilities, which have similar terms, are referred to as the “2016 Group Credit Facility”. Wells Fargo Corporation (“Wells Fargo Bank”) is the administrative agent for the 2016 Group Credit Facility. Effective May 26, 2021, the term of the 2016 Group Credit Facility expired. The Company elected not to renew this facility to allow for the replacement by other collateralized bi-lateral letter of credit facilities such as those described below. As a result of the non-renewal in May 2021, letter of credit commitment/availability in the 2016 Group Credit Facility was limited only to the letters of credit already issued. Those letters of credit were subsequently cancelled from this facility and the facility is now fully matured. Prior to its maturity, the Company was in compliance with all Group Credit Facility covenants. The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ - $ - $ 39,198 $ 39,198 12/30/2022 Total Wells Fargo Bank Group Credit Facility $ - $ - $ 39,198 $ 39,198 Bermuda Re Wells Fargo Letter of Credit Facility Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo referred to as the “2021 Bermuda Re Wells Fargo Letter of Credit Facility.” The Bermuda Re Wells Fargo Letter of Credit Facility originally provided for the issuance of up to $ 50.0 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $ 500.0 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500,000 $ 435,413 12/30/2022 $ 500,000 $ 351,497 12/30/2022 Total Wells Fargo Bank Bilateral LOC Agreement $ 500,000 $ 435,413 $ 500,000 $ 351,497 Bermuda Re Citibank Letter of Credit Facility Effective August 9, 2021, Bermuda Re entered into a new letter of credit issuance facility with Citibank N.A. which superseded the previous letter of credit issuance facility with Citibank N.A. that was effective December 31, 2020. Both of these agreements are referred to as the “Bermuda Re Citibank Letter of Credit Facility”. The current Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $ 230.0 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up the $ 140.0 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230,000 $ 419 12/16/22 $ 230,000 $ 4,425 02/28/22 208,340 12/31/22 925 03/01/22 473 01/21/23 1,264 11/24/22 4,425 02/28/23 423 12/16/22 1,097 03/01/23 146 12/20/22 975 08/15/23 216,622 12/31/22 1,222 09/23/23 473 01/21/23 145 12/20/23 985 08/15/23 – 1,234 09/23/23 Bermuda Re Citibank LOC Facility - Uncommitted 140,000 84,203 12/31/22 140,000 84,203 12/31/22 21,671 03/30/26 22,731 12/30/25 Total Citibank Bilateral Agreement $ 370,000 $ 322,970 $ 370,000 $ 333,429 Bermuda Re Bayerische Landesbank Credit Facility Effective August 27, 2021 Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral LOC Facility”. The Bermuda Re Bayerische Landesbank Bilateral LOC Facility provides for the committed issuance of up to $ 200.0 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bayerische Landesbank Bilateral LOC Agreement $ 200,000 $ 153,427 12/31/2022 $ 200,000 $ 154,691 12/31/2022 Total Bayerische Landesbank Bilateral LOC Agreement $ 200,000 $ 153,427 $ 200,000 $ 154,691 Bermuda Re Lloyd’s Bank Credit Facility. Effective October 8, 2021 Bermuda Re entered into a letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, an agreement referred to as the “Bermuda Re Lloyd’s Bank Credit Facility”. The Bermuda Re Lloyd’s Bank Credit Facility provides for the committed issuance of up to $ 50.0 million of secured letters of credit, and subject to credit approval a maximum total facility amount of $ 250.0 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility -Committed $ 50,000 $ 46,008 12/31/2022 $ 50,000 $ 46,008 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility -Uncommitted 200,000 84,806 12/31/2022 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250,000 $ 130,814 $ 50,000 $ 46,008 Bermuda Re Barclays Bank Credit Facility. Effective November 3, 2021 Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $ 200.0 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 171,628 12/31/2022 $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 171,628 $ 200,000 $ 186,299 Federal Home Loan Bank Membership Everest Reinsurance Company (“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 June 30, 2022, Everest Re had admitted assets of approximately $ 20.8 billion which provides borrowing capacity of up to approximately $ 2.1 billion. As of June 30, 2022, Everest Re has $ 519.0 million of borrowings outstanding, with maturities in November and December, 2022, and interest payable at interest rates between 0.53 % and 0.65 %. Everest Re incurred interest expense of $ 0.8 million and $ 0.3 million for the three months ended June 30, 2022 and 2021, respectively. Everest Re incurred interest expense of $ 1.5 million and $ 0.6 million for the six months ended June 30, 2022 and 2021, respectively. The FHLBNY membership agreement requires that 4.5 % of borrowed funds be used to acquire additional membership stock.

X
- Definition Line Of Credit Facility [Text Block] + References No definition available. + Details
Name: | re_LineOfCreditFacilityTextBlock
Namespace Prefix: | re_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration