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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company operates through two operating segments. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom (“UK”) and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Bermuda, Canada, Chile, Singapore, the UK, Ireland, and branches located in the UK, the Netherlands, France, Germany and Spain. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.

Our two operating segments each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.
During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.
The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following tables present the underwriting results for the operating segments for the periods indicated:
Three Months Ended March 31, 2024
(Dollars in millions)ReinsuranceInsuranceTotal
Gross written premiums$3,175 $1,236 $4,411 
Net written premiums2,942 958 3,900 
Premiums earned$2,728 $923 $3,652 
Incurred losses and LAE1,641 596 2,237 
Commission and brokerage671 111 782 
Other underwriting expenses71 153 224 
Underwriting gain (loss)$345 $64 $409 
Net investment income457 
Net gains (losses) on investments(7)
Corporate expenses(22)
Interest, fee and bond issue cost amortization expense(37)
Other income (expense)31 
Income (loss) before taxes$832 
(Some amounts may not reconcile due to rounding.)
Three Months Ended March 31, 2023
(Dollars in millions)ReinsuranceInsuranceTotal
Gross written premiums$2,620 $1,122 $3,743 
Net written premiums2,438 891 3,329 
Premiums earned$2,226 $874 $3,100 
Incurred losses and LAE1,401 565 1,966 
Commission and brokerage556 105 661 
Other underwriting expenses63 137 200 
Underwriting gain (loss)$205 $67 $273 
Net investment income260 
Net gains (losses) on investments5 
Corporate expenses(19)
Interest, fee and bond issue cost amortization expense(32)
Other income (expense)(79)
Income (loss) before taxes$408 
(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose and, therefore, are not provided. Additionally, such information is not utilized by the Company’s CODM when reviewing the business to assess performance, make operating decisions or allocate resources.