XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Credit Facilities | 9 Months Ended
--- | ---
Sep. 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 September 30, 2022. The Company also has additional uncommitted letter of credit facilities of up to $ 340 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: 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 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $ 500 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At September 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 $ 387 12/30/2022 $ 500 $ 351 12/30/2022 47 12/29/2023 - Total Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 435 $ 500 $ 351 (Some amounts may not reconcile due to rounding.) Bermuda Re Citibank Letter of Credit Facility Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. which superseded the previous letter of credit issuance facility with Citibank N.A. that was effective December 31, 2020.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 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up the $ 140 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 millions) At September 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 $ 201 12/31/2022 $ 230 $ 4 2/28/2022 1 1/21/2023 1 3/1/2022 4 2/28/2023 1 11/24/2022 1 3/1/2023 – 12/16/2022 3 9/23/2023 217 12/31/2022 – 12/20/2023 1 8/15/2023 6 12/31/2023 1 9/23/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 84 12/31/2022 140 84 12/31/2022 20 9/30/2026 23 12/30/2025 Total Citibank Bilateral Agreement $ 370 $ 322 $ 370 $ 333 (Some amounts may not reconcile due to rounding.) 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 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At September 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 $ 153 12/31/2022 $ 200 $ 155 12/31/2022 Total Bayerische Landesbank Bilateral LOC Agreement $ 200 $ 153 $ 200 $ 155 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 million of secured letters of credit, and subject to credit approval a maximum total facility amount of $ 250 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At September 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 $ 46 12/31/2022 $ 50 $ 46 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 85 12/31/2022 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 131 $ 50 $ 46 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 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At September 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 $ 172 12/31/2022 $ 200 $ 186 12/31/2022 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 172 $ 200 $ 186 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 September 30, 2022, Everest Re had admitted assets of approximately $ 22.0 billion which provides borrowing capacity of up to approximately $ 2.2 billion. As of September 30, 2022, Everest Re has $ 519 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 September 30, 2022 and 2021, respectively. Everest Re incurred interest expense of $ 2.3 million and $ 0.8 million for the nine months ended September 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