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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company conducts business through two reportable segments: Reinsurance and Insurance. 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 (“U.K.”) 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, Colombia, Mexico, Singapore, the U.K., Ireland, and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy 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 reportable segments each have executive leaders 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 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Additionally, 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 reportable 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 due to changes in management implemented during the fourth quarter of 2023. These segment presentation changes have been reflected retrospectively within this Form 10-K, including Schedule III - Supplementary Insurance Information. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed. The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and 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 segment underwriting results for the periods indicated:
| Year Ended December 31, 2024
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 12,941 |  |  | $ | 5,078 |  |  | $ | 212 |  |  | $ | 18,232 |
Net written premiums | 11,969 |  |  | 3,678 |  |  | 167 |  |  | 15,814 |
Premiums earned | $ | 11,412 |  |  | $ | 3,579 |  |  | $ | 197 |  |  | $ | 15,187 |
Incurred losses and LAE | 7,103 |  |  | 3,622 |  |  | 580 |  |  | 11,305 |
Commission and brokerage | 2,837 |  |  | 439 |  |  | 24 |  |  | 3,300 |
Other underwriting expenses | 290 |  |  | 615 |  |  | 33 |  |  | 938 |
Underwriting gain (loss) | $ | 1,181 |  |  | $ | (1,097) |  |  | $ | (440) |  |  | $ | (356) |
Net investment income |  |  |  |  |  |  | 1,954 |
Net gains (losses) on investments |  |  |  |  |  |  | 19 |
Corporate expenses |  |  |  |  |  |  | (95) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  | (149) |
Other income (expense) |  |  |  |  |  |  | 121 |
Income (loss) before taxes |  |  |  |  |  |  | $ | 1,493 |
| Year Ended December 31, 2023
(Dollars in millions) | Reinsurance |  | Insurance | Other |  | Total
Gross written premiums | $ | 11,460 |  |  | $ | 4,888 |  | $ | 289 |  |  | $ | 16,637 |
Net written premiums | 10,802 |  |  | 3,704 |  | 225 |  |  | 14,730 |
Premiums earned | $ | 9,799 |  |  | $ | 3,420 |  | $ | 225 |  |  | $ | 13,443 |
Incurred losses and LAE | 5,690 |  |  | 2,471 |  | 266 |  |  | 8,427 |
Commission and brokerage | 2,520 |  |  | 410 |  | 22 |  |  | 2,952 |
Other underwriting expenses | 254 |  |  | 556 |  | 35 |  |  | 846 |
Underwriting gain (loss) | $ | 1,334 |  |  | $ | (18) |  | $ | (98) |  |  | $ | 1,219 |
Net investment income |  |  |  |  |  | 1,434 |
Net gains (losses) on investments |  |  |  |  |  | (276) |
Corporate expenses |  |  |  |  |  | (73) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  | (134) |
Other income (expense) |  |  |  |  |  | (14) |
Income (loss) before taxes |  |  |  |  |  | $ | 2,154 |
| Year Ended December 31, 2022
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 9,246 |  |  | $ | 4,426 |  |  | $ | 279 |  |  | $ | 13,952 |
Net written premiums | 8,917 |  |  | 3,223 |  |  | 204 |  |  | 12,344 |
Premiums earned | $ | 8,596 |  |  | $ | 2,998 |  |  | $ | 194 |  |  | $ | 11,787 |
Incurred losses and LAE | 5,962 |  |  | 2,040 |  |  | 98 |  |  | 8,100 |
Commission and brokerage | 2,116 |  |  | 399 |  |  | 14 |  |  | 2,528 |
Other underwriting expenses | 216 |  |  | 438 |  |  | 28 |  |  | 682 |
Underwriting gain (loss) | $ | 302 |  |  | $ | 121 |  |  | $ | 54 |  |  | $ | 477 |
Net investment income |  |  |  |  |  |  | 830 |
Net gains (losses) on investments |  |  |  |  |  |  | (455) |
Corporate expenses |  |  |  |  |  |  | (61) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  | (101) |
Other income (expense) |  |  |  |  |  |  | (102) |
Income (loss) before taxes |  |  |  |  |  |  | $ | 588 |
The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.
| United States |  | Europe |  | All other
2024 | 57 | % |  | 25 | % |  | 18 | %
2023 | 58 | % |  | 24 | % |  | 18 | %
2022 | 63 | % |  | 22 | % |  | 15 | %
Approximately 21.9%, 20.4% and 20.0% of the Company’s gross written premiums in 2024, 2023 and 2022, respectively, were sourced through the Company’s largest intermediary.

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- Definition The entire disclosure for reporting segments including data and tables. 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