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Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended
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Dec. 31, 2022
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 millions, except par value per share) 2022 2021 ASSETS: Fixed maturities - available for sale $ - $ - (amortized cost: 2022, $ 0 ; 2021, $ 0 ) Other invested assets (cost: 2022, $ 0 ; 2021, $ 212 ) - 212 Cash 22 3 Investment in subsidiaries, at equity in the underlying net assets 11,116 10,353 Accrued investment income - - Receivable from subsidiaries 11 10 Other assets 43 50 TOTAL ASSETS $ 11,192 $ 10,628 LIABILITIES: Long term notes payable, affiliated $ 2,738 $ 500 Due to subsidiaries 4 2 Other liabilities 9 (13) Total liabilities 2,751 489 SHAREHOLDERS' EQUITY: Preferred shares, par value: $ 0.01 ; 50.0 shares authorized; no shares issued and outstanding - - Common shares, par value: $ 0.01 ; 200.0 shares authorized; (2022) 69.9 and (2021) 69.8 outstanding before treasury shares 1 1 Additional paid-in capital 2,302 2,274 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($ 250 ) at 2022 and $ 27 at 2021 (1,996) 12 Treasury shares, at cost; 30.8 shares (2022) and 30.5 shares (2021) (3,908) (3,847) Retained earnings 12,042 11,700 Total shareholders' equity 8,441 10,139 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 11,192 $ 10,628 (Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2022 2021 2020 (Dollars in thousands) REVENUES: Net investment income $ - $ - $ 1 Other income (expense) - - 6 Net income (loss) of subsidiaries 648 1,416 536 Total revenues 648 1,416 543 EXPENSES: Interest expense - affiliated 13 6 5 Other expenses 38 31 24 Total expenses 51 37 29 INCOME (LOSS) BEFORE TAXES 597 1,379 514 NET INCOME (LOSS) $ 597 $ 1,379 $ 514 Other comprehensive income (loss), net of tax: Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (2,037) (488) 423 Reclassification adjustment for realized losses (gains) included in net income (loss) 89 4 (3) Total URA(D) on securities arising during the period (1,948) (485) 420 Foreign currency translation adjustments (77) (62) 86 Benefit plan actuarial net gain (loss) for the period 15 17 (6) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 2 6 6 Total benefit plan net gain (loss) for the period 17 23 1 Total other comprehensive income (loss), net of tax (2,008) (523) 507 COMPREHENSIVE INCOME (LOSS) $ (1,411) $ 856 $ 1,021 (Some amounts may not reconcile due to rounding.) 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 millions, except share amounts) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 597 $ 1,379 $ 514 Adjustments to reconcile net income to net cash provided by operating activities: Equity in retained (earnings) deficit of subsidiaries (648) (1,416) (536) Cash dividends received from subsidiaries 476 320 650 Change in other assets and liabilities, net 28 3 (21) Increase (decrease) in due to/from affiliates 2 8 (9) Amortization of bond premium (accrual of bond discount) - - - Realized capital losses (gains) - - - Non-cash compensation expense 2 2 3 Net cash provided by (used in) operating activities 457 296 601 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (824) (120) (138) Proceeds from fixed maturities matured/called - available for sale, at market value - - 1 Proceeds from fixed maturities sold - available for sale, at market value - - 200 Distribution from other invested assets 237 607 560 Cost of fixed maturities acquired - available for sale, at market value - - - Cost of other invested assets acquired (26) (535) (801) Net change in short-term investments - - - Net cash provided by (used in) investing activities (613) (48) (178) CASH FLOWS FROM FINANCING ACTIVITIES: Common shares issued during the period, net 26 27 23 Purchase of treasury shares (61) (225) (200) Dividends paid to shareholders (255) (247) (249) Proceeds from issuance (cost of repayment) of long term notes payable - affiliated 465 200 - Net cash provided by (used in) financing activities 175 (245) (426) EFFECT OF EXCHANGE RATE CHANGES ON CASH - - - Net increase (decrease) in cash 19 2 (3) Cash, beginning of period 3 1 3 Cash, end of period $ 22 $ 3 $ 1 Non-Cash Transactions: Dividend of 4,297,463 shares of Everest Re Group, Ltd. (“Group”) common stock $ 1,405 $ - $ - received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary Issuance of $ 1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings 1,773 - - Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd. 3,178 - - (Some amounts may not reconcile due to rounding.) 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 2019. The note will pay interest annually at a rate of 1.69 % and is scheduled to mature in December 2028. At December 31, 2022 and 2021, 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 2021. The note will pay interest annually at a rate of 1.00 % and is scheduled to mature in August 2030. At December 31, 2022 and 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. entered into a $ 215 million long-term-note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of June 2022. The note will pay interest annually at a rate of 3.11 % and is scheduled to mature in June 2052. At December 31, 2022, this transaction was presented as a Long- Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 5.) Everest Re Group, Ltd. entered into a $ 125 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2022. The note will pay interest annually at a rate of 4.34 % and is scheduled to mature in June 2052. At December 31, 2022, this transaction was presented as a Long-Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 6.) Everest Re Group, Ltd. entered into a $ 125 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2022. The note will pay interest annually at a rate of 4.34 % and is scheduled to mature in December 2052. At December 31, 2022, this transaction was presented as a Long-Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 7.) Everest Re Group, Ltd. entered into a $ 1.773 billion long-term note agreement with Everest Preferred International Holdings, an affiliated company, as of December 2022. The note will pay interest annually at a rate of 4.34 % and is scheduled to mature in December 2052. At December 31, 2022, this transaction was presented as a Long-Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 8.) 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 $ 65 million and $ 66 million as of December 31, 2022 and 2021, respectively, have been recorded within Other Assets. On the Condensed Statements of Operations, income (expense) of $ (0.9) million, $ (1.3) million and $(6.3) million for the years ended December 31, 2022, 2021 and 2020, 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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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