XML 41 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Line Items]      
Pay vs Performance [Table Text Block]
Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs ($)
22
Average
Compensation
Actually
Paid to
Non-PEO
NEOs ($)
Value for Initial Fixed $100
Investmetn13 Based on:
Year
Summary
Compensation
Table
Total for
PEO($)
11
Compensation
Actually
Paid to
PEO ($)
12
Total
Shareholder
Return ($)
15
Peer Group
Total
Shareholder
Return($)
16
Net
Income ($)
Adjusted
Operating
ROE (%)
14
2022
9,106,199
12,022,513
3,275,300
4,098,149
128.89
151.65
597,000,000
11.9
2021
8,866,126
10,939,500
3,185,203
3,763,486
104.19
127.58
1,379,000,000
14.3
2020
8,063,212
5,604,559
3,209,042
2,323,534
86.94
106.96
514,000,000
8
11
Juan C. Andrade
served
as
the
Principal
Executive
Officer
(“PEO”)
of
Everest
for
all
applicable
years
in
this
table.
12
The non-PEO
 
Named Executive
 
Officers (“NEOs”)
 
for 2020 include
 
John Doucette,
 
Craig Howie,
 
Mark Kociancic,
 
Sanjoy Mukherjee
 
and Jonathan
 
Zaffino; for
2021 include: John Doucette, Mike
 
Karmilowicz, Mark Kociancic, Sanjoy Mukherjee and Jim Williamson; and for
 
2022 include: Mike
 
Karmilowicz,
 
Mark
Kociancic,
 
Sanjoy
 
Mukherjee
 
and Jim
 
Williamson.
13
Assumes
$100
invested
on
12/31/19
in
Everest
common
stock,
including
reinvestment
of
dividends.
14
Adjusted Operating ROE
 
adjusts actual operating ROE by limiting catastrophe activity to 40% of anticipated catastrophe losses in the annual operating
plan and 60% of
actual catastrophe losses for the
 
current fiscal year.
 
For 2021 and 2022, the ratio for determining
 
Adjusted Operating ROE was 50%
 
anticipated
 
catastrophe
 
losses
 
in
the
 
operating
 
plan
 
and
 
50%
 
actual
 
catastrophe
 
losses
 
for the
 
respective
 
fiscal
 
years.
15
For purposes of Everest’s
 
Pay Versus Performance
 
Disclosure section, cumulative Total
 
Shareholder Return is defined
 
as the change in the total dollar
 
value
 
of a given
security
 
or entire
 
portfolio
 
of securities,
 
over
 
some
 
period
 
of time,
 
assuming
 
$100
 
dollars
 
of initial
 
investment. Total
 
returns
 
reflect
changes in stock price as well as
all distributions or dividends paid to shareholders. The procedure for calculating an index begins with calculating total
returns for each individual company in the index.
The total return of each company in the index is
 
calculated by multiplying the closing price of a share
by the ending shares held, based on a
 
$100 initial investment.
Any
dividends paid are reinvested by
 
dividing the dividend per
 
share by the stock
 
price
 
on ex-dividend
 
date,
 
then
 
adding
 
the
 
additional
 
new
 
shares
 
to the
 
beginning
 
shares.
Each
 
company’s
 
total
 
return
 
is then
 
weighted
 
for each
 
period
based on its market capitalization at the beginning of the period, relative to
 
the market capitalization of
the entire group.
The market capitalization is
 
determined
 
by multiplying
 
the
 
price
 
by the
 
shares
 
outstanding
 
for
 
each
 
period. The
 
sum
 
of the
 
weighted
 
returns
 
results
in a weighted
 
average
 
total
return for each
 
period. Total
 
Shareholder Return
 
in all other sections
 
of
this proxy refers
 
to Everest’s
 
Investor Day
 
definition, defined as
annual growth
 
in Book
 
Value Per
 
Share
 
(excluding
 
Unrealized
 
Gains
 
and Losses
 
on Fixed
 
Maturity
 
investments)
 
plus
 
Dividends
 
Per Share.
16
The
S&P
Insurance
(Property
and
Casualty)
Index
is
used
as
Everest’s
peer
group
for
purposes
of
the
pay
versus
performance
disclosure
.
    
Summary Compensation Table Total for PEO $ 9,106,199 $ 8,866,126 $ 8,063,212
PEO Actually Paid Compensation Amount 12,022,513 10,939,500 5,604,559
Non-PEO NEO Average Total Compensation Amount 3,275,300 3,185,203 3,209,042
Non-PEO NEO Average Compensation Actually Paid Amount 4,098,149 3,763,486 2,323,534
Total Shareholder Return Amount 128.89 104.19 86.94
Peer Group Total Shareholder Return Amount 151.65 127.58 106.96
Net Income (Loss) $ 597,000,000 $ 1,379,000,000 $ 514,000,000
Company Selected Measure Amount 0.119 0.143 0.08
Named Executive Officers, Footnote [Text Block]
Juan C. Andrade
served
as
the
Principal
Executive
Officer
(“PEO”)
of
Everest
for
all
applicable
years
in
this
table.
    
PEO Name Juan C. Andrade Juan C. Andrade Juan
Company Selected Measure Name Adjusted Operating ROE    
Peer Group Issuers, Footnote [Text Block]
The
S&P
Insurance
(Property
and
Casualty)
Index
is
used
as
Everest’s
peer
group
for
purposes
of
the
pay
versus
performance
disclosure
.
    
Adjustment To PEO Compensation, Footnote [Text Block]
Fiscal Year
 
2020
 
 
2021
 
 
2022
 
SCT Total
$8,063,212
$8,866,126
$9,106,199
– Grant Date Fair Value
 
of Stock Awards Granted in Fiscal Year
$(3,752,544)
$(4,001,805)
$(4,251,644)
+ Fair Value at Fiscal Year
 
-End of Outstanding Unvested Stock Awards
Granted in Fiscal Year
$3,169,579
$4,525,158
$4,670,907
± Change in Fair Value of Outstanding Unvested
 
Stock Awards Granted in
Prior Fiscal Years17
$(1,312,596)
$1,402,574
$2,354,332
± Change
 
in Fair
 
Value
 
as of
 
Vesting
 
Date of
 
Stock Awards
 
Granted
 
in Prior
Fiscal Years
 
for Which
 
Applicable Vesting
 
Conditions Were
 
Satisfied During
Fiscal Year18
$(563,092)
$147,447
$142,718
Compensation Actually Paid
$5,604,559
$10,939,500
$12,022,513
17
Difference
between
Fair
Value
from
End
of
Prior Year
to
End
of
Current Year
18
Difference
between
Fair Value
from
End
of
Prior Year
to Vesting
Date
19
Difference
between
Fair
Value
from
End
of
Prior Year
to
End
of
Current Year
20
Difference
between
Fair Value
from
End
of
Prior Year
to Vesting
Date
21
In
2021, the
change
in
actuarial
present
value
was
negative
$11,030
for
Mr. Doucette
and
$81,008
for
Mr. Mukherjee. Under
the
rule, the
change
in
 
actuarial
 
present
value
 
is
 
deducted
 
only
 
if the
 
value
 
is positive.
 
Thus,
 
only
 
Mr. Mukherjee’s
 
value
 
was
 
incorporated
 
into
 
the
 
calculation.
22
The change
 
in actuarial
 
present
 
value
 
for Mr.
 
Mukherjee
 
was negative
 
$600,167
 
in 2022.
 
Under
 
the rule,
 
the change
 
in actuarial
 
present
 
value
 
is deducted
 
only
 
if
the
 
value
 
is positive.
 
Thus,
 
this
 
value
 
was not
 
incorporated
 
into the
 
calculation.
    
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
Fiscal Year
 
2020
 
 
2021
 
 
2022
 
Average SCT Total
$3,209,042
$3,185,203
$3,275,300
– Grant Date Fair Value
 
of Stock Awards Granted in Fiscal Year
$(1,799,573)
$(1,164,932)
$(1,276,247)
+ Fair Value at Fiscal Year
 
-End of Outstanding Unvested Stock
Awards Granted in Fiscal Year
$1,455,572
$1,317,281
$1,402,100
± Change in Fair Value of Outstanding Unvested
 
Stock Awards
Granted in Prior Fiscal Years19
$(236,502)
$362,214
$563,880
± Change in Fair Value
 
as of Vesting Date
 
of Stock Awards Granted
in Prior Fiscal Years
 
for Which Applicable Vesting
 
Conditions Were
Satisfied During Fiscal Year20
$(95,518)
$49,873
$114,067
– Change in Actuarial Present Value of Accumulated Benefit
Under Defined Benefit Pension Plan
$(235,821)
$(16,202)
 
21
N/A
+ Service cost and prior service cost
$26,334
$30,048
$19,050
Average Compensation Actually Paid
$2,323,534
$3,763,486
$4,098,149
17
Difference
between
Fair
Value
from
End
of
Prior Year
to
End
of
Current Year
18
Difference
between
Fair Value
from
End
of
Prior Year
to Vesting
Date
19
Difference
between
Fair
Value
from
End
of
Prior Year
to
End
of
Current Year
20
Difference
between
Fair Value
from
End
of
Prior Year
to Vesting
Date
21
In
2021, the
change
in
actuarial
present
value
was
negative
$11,030
for
Mr. Doucette
and
$81,008
for
Mr. Mukherjee. Under
the
rule, the
change
in
 
actuarial
 
present
value
 
is
 
deducted
 
only
 
if the
 
value
 
is positive.
 
Thus,
 
only
 
Mr. Mukherjee’s
 
value
 
was
 
incorporated
 
into
 
the
 
calculation.
22
The change
 
in actuarial
 
present
 
value
 
for Mr.
 
Mukherjee
 
was negative
 
$600,167
 
in 2022.
 
Under
 
the rule,
 
the change
 
in actuarial
 
present
 
value
 
is deducted
 
only
 
if
the
 
value
 
is positive.
 
Thus,
 
this
 
value
 
was not
 
incorporated
 
into the
 
calculation.
    
Total Shareholder Return Vs Peer Group [Text Block]
Comparison
 
of 3
 
Year Cumulative
 
TSR
Everest
 
Re Group,
 
Ltd.
 
versus
 
S&P Property
 
& Casualty
 
Insurance
re-20221231p82i1 		   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Compensation Actually Paid (“CAP”) versus Cumulative Total Shareholder Return
 
(“TSR”)
re-20221231p82i0 		   
Compensation Actually Paid vs. Net Income [Text Block]
Compensation Actually Paid (“CAP”) versus Net Income
re-20221231p83i1 		   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Compensation
 
Actually
 
Paid
 
(“CAP”)
 
versus
 
Adjusted
 
Operating
 
ROE
re-20221231p83i0 		   
Tabular List [Table Text Block]
Adjusted Operating ROE
Combined Ratio
Operating Expense Ratio
Total Shareholder Return (as defined at Everest’s Investor Day
23
)
Gross Written Premium Annual Growth Rate
    
PEO [Member] | Grant Date Fair Value of Stock Awards Granted in Fiscal Year [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount $ (4,251,644) $ (4,001,805) $ (3,752,544)
PEO [Member] | Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount 4,670,907 4,525,158 3,169,579
PEO [Member] | Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount 2,354,332 1,402,574 (1,312,596)
PEO [Member] | Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years for Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount 142,718 147,447 (563,092)
Non-PEO NEO [Member] | Grant Date Fair Value of Stock Awards Granted in Fiscal Year [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount (1,276,247) (1,164,932) (1,799,573)
Non-PEO NEO [Member] | Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount 1,402,100 1,317,281 1,455,572
Non-PEO NEO [Member] | Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount 563,880 362,214 (236,502)
Non-PEO NEO [Member] | Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years for Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount 114,067 49,873 (95,518)
Non-PEO NEO [Member] | Change in Actuarial Present Value of Accumulated Benefit Under Defined Benefit Pension Plan [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount   (16,202) (235,821)
Non-PEO NEO [Member] | Service Cost and Prior Service Cost [Member]      
Pay vs Performance Disclosure [Line Items]      
Adjustment to Compensation Amount $ 19,050 $ 30,048 $ 26,334