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Credit Facilities | 12 Months Ended
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Dec. 31, 2022
Credit Facilities [Abstract] |
Credit Facilities | 5. CREDIT FACILITIES The Company has multiple active letter of credit facilities for a total commitment of up to $ 1.5 billion as of December 31, 2022, providing for the issuance of letters of credit. The Company also has additional uncommitted letter of credit facilities of up to $ 440 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 following table presents the interest and fees incurred in connection with these committed credit facilities for the periods indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Credit facility interest and fees incurred - Wells Fargo Bank $ - $ - $ 1 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 million senior credit facility with a syndicate of lenders, which amended and restated in its entirety the June 22, 2012, four year , $ 800 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 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 as of December 21, 2021 was limited to the remaining $ 39 million of letters of credit that were in force and which expired in 2022. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ - $ - $ 39 $ 39 12/30/2022 Bermuda Re Wells Fargo Bilateral 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 Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral 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 December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 463 12/29/2023 $ 500 $ 351 12/30/2022 (Some amounts may not reconcile due to rounding.) 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 that was effective December 31, 2020. Both of these are referred to as the “Bermuda Re 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 to $ 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 December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 1 1/21/2023 $ 230 $ 4 02/28/2022 4 2/28/2023 1 03/01/2022 1 3/1/2023 1 11/24/2022 1 8/15/2023 217 12/31/2022 3 9/23/2023 1 8/15/2023 212 12/31/2023 1 9/23/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 87 12/31/2023 140 84 12/31/2022 18 12/30/2026 23 12/30/2025 Total Citibank Bilateral Agreement $ 370 $ 329 $ 370 $ 333 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Bilateral Secured 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 Secured Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $ 200 million of secured letters of credit. (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 183 12/31/2023 $ 200 $ 155 12/31/2022 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $ 150 million of unsecured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At December 31, 2022 Bank Commitment In Use Date of Expiry Bayerische Landesbank Unsecured Bilateral LOC Agreement - Committed $ 150 $ 150 12/31/2023 (Some amounts may not reconcile due to rounding.) 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 December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50 $ 50 12/31/2023 $ 50 $ 46 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 136 12/31/2023 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 186 $ 50 $ 46 (Some amounts may not reconcile due to rounding.) Bermuda Re Barclays 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 December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Credit Facility $ 200 $ 179 12/31/2023 $ 200 $ 186 12/31/2022 (Some amounts may not reconcile due to rounding.) Bermuda Re Nordea Bank Letter of Credit Facility Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $ 200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $ 100 million for a maximum total facility amount of $ 300 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At December 31, 2022 Bank Commitment In Use Date of Expiry Nordea Bank ABP, NY Unsecured LOC Facility - Committed $ 200 $ 50 12/31/2023 Nordea Bank ABP, NY Unsecured LOC Facility - Uncommitted 100 100 12/31/2023 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 150 (Some amounts may not reconcile due to rounding.) Federal Home Loan Bank Membership 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 December 31, 2022, Everest Re had admitted assets of approximately $ 22.4 billion which provides borrowing capacity of up to approximately $ 2.2 billion. As of December 31, 2022, Everest Re has $ 519 million of borrowings outstanding, which all mature in 2023. Everest incurred interest expense of $ 4 million and $ 1 million for the years ended December 31, 2022 and 2021, respectively. The FHLBNY membership agreement requires that 4.5 % of borrowed funds be used to acquire additional membership stock.

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