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CREDIT FACILITIES | 9 Months Ended
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Sep. 30, 2025
Line of Credit Facility [Abstract] |
CREDIT FACILITIES | CREDIT FACILITIES As of September 30, 2025, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.6 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £113 million and €75 million, respectively. The Company also has additional uncommitted letter of credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee that the uncommitted capacity will be available to us on a future date. The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these consolidated financial statements for collateral posted related to secured letters of credit. Bermuda Re Wells Fargo Bilateral Letter of Credit Facility Effective June 10, 2024, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) entered into a Second Amended and Restated Letter of Credit Facility agreement with Wells Fargo (the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility”). The agreement provides a commitment for the issuance of up to $500 million of secured letters of credit. Effective June 9, 2025, the Bermuda Re Wells Fargo Bilateral Letter of Credit Facility was amended to tranche the facility, extend the availability of committed issuance for two years, and to reduce the overall size of the facility. As of September 30, 2025, the amended Bermuda Re Wells Fargo Bilateral Letter of Credit Facility provides for the committed issuance of up to $175 million of unsecured letters of credit and $175 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility - secured tranche |  | $ | 175 |  |  | $ | 158 |  |  | 12/31/2025 |  | $ | 500 |  |  | $ | 455 |  |  | 12/31/2025
Bermuda Re Wells Fargo Bank Bilateral LOC Facility - unsecured tranche |  | 175 |  |  | 164 |  |  | 12/31/2025 |  |  |  |  |  |
Total Bermuda Re Wells Fargo Bank Bilateral LOC Facility |  | $ | 350 |  |  | $ | 323 |  |  |  |  | $ | 500 |  |  | $ | 455 |  |  |
(Some amounts may not reconcile due to rounding.) Bermuda Re Citibank Letter of Credit Facility Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. (the “Bermuda Re Citibank Letter of Credit Facility”). The 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. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Citibank LOC Facility - Committed |  | $ | 230 |  |  | $ | 198 |  |  | 12/31/2025 |  | $ | 230 |  |  | $ | — |  |  | 1/21/2025
|  |  |  | — |  |  | 1/21/2026 |  |  |  | 4 |  |  | 2/28/2025
|  |  |  | 4 |  |  | 2/28/2026 |  |  |  | 2 |  |  | 3/1/2025
|  |  |  | 2 |  |  | 3/1/2026 |  |  |  | 1 |  |  | 3/15/2025
|  |  |  | 1 |  |  | 3/15/2026 |  |  |  | 3 |  |  | 9/23/2025
|  |  |  | 1 |  |  | 8/15/2026 |  |  |  | 1 |  |  | 12/1/2025
|  |  |  | 3 |  |  | 9/23/2026 |  |  |  | — |  |  | 12/16/2025
|  |  |  | 1 |  |  | 12/1/2026 |  |  |  | — |  |  | 12/20/2025
|  |  |  | — |  |  | 12/16/2026 |  |  |  | 197 |  |  | 12/31/2025
|  |  |  | — |  |  | 12/20/2026 |  |  |  | 1 |  |  | 8/15/2026
|  |  |  | 2 |  |  | 12/31/2026 |  |  |  |  |  |
Bermuda Re Citibank LOC Facility - Uncommitted |  | 140 |  |  | 75 |  |  | 12/31/2025 |  | 140 |  |  | 75 |  |  | 12/31/2025
|  |  |  | 8 |  |  | 9/30/2029 |  |  |  | 7 |  |  | 12/30/2028
Total Bermuda Re Citibank LOC Facility |  | $ | 370 |  |  | $ | 295 |  |  |  |  | $ | 370 |  |  | $ | 293 |  |  |
(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 (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. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed |  | $ | 200 |  |  | $ | 185 |  |  | 12/31/2025 |  | $ | 200 |  |  | $ | 193 |  |  | 12/31/2025
(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 (the “Bermuda Re 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 and is fully and unconditionally guaranteed by Group, as Parent Guarantor. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed |  | $ | 150 |  |  | $ | 150 |  |  | 12/31/2025 |  | $ | 150 |  |  | $ | 150 |  |  | 12/31/2025
(Some amounts may not reconcile due to rounding.) Bermuda Re Lloyd’s Bank Letter of Credit Facility Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Everest Insurance (Ireland), dac as an account party with access to a $15 million sub-limit for the issuance of letters of credit (the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”). This facility superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. Effective August 18, 2025, the Bermuda Re Lloyds Bank Letter of Credit Facility was amended to extend the availability of committed issuance for an additional two years. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Lloyd's Bank Credit Facility - Committed |  | $ | 250 |  |  | $ | 196 |  |  | 12/31/2025 |  | $ | 250 |  |  | $ | 244 |  |  | 12/31/2025
(Some amounts may not reconcile due to rounding.) Bermuda Re Barclays Bank Credit Facility Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement (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. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for an additional three years. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility |  | $ | 200 |  |  | $ | 7 |  |  | 12/31/2025 |  | $ | 200 |  |  | $ | 150 |  |  | 12/30/2025
|  |  |  |  |  |  |  |  |  | 14 |  |  | 12/31/2025
Total Bermuda Re Barclays Bilateral Letter of Credit Facility |  | $ | 200 |  |  | $ | 7 |  |  |  |  | $ | 200 |  |  | $ | 164 |  |  |
(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 (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 September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Nordea Bank Letter of Credit Facility - Committed |  | $ | 200 |  |  | $ | 200 |  |  | 12/31/2025 |  | $ | 200 |  |  | $ | 200 |  |  | 12/31/2025
Nordea Bank Letter of Credit Facility - Uncommitted |  | 100 |  |  | 100 |  |  | 12/31/2025 |  | 100 |  |  | 100 |  |  | 12/31/2025
Total Nordea Bank ABP, NY LOC Facility |  | $ | 300 |  |  | $ | 300 |  |  |  |  | $ | 300 |  |  | $ | 300 |  |  |
(Some amounts may not reconcile due to rounding.) Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility Effective October 30, 2024, Everest International Reinsurance, Ltd. (“Everest International”) entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch (the “Funds at Lloyds Syndicated Letter of Credit Facility”). The Funds at Lloyds Syndicated Letter of Credit Facility initially provided for the committed issuance of up to £113 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements. The following table summarizes the outstanding letters of credit for the periods indicated:
(Pounds in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Funds at Lloyds Syndicated Letter of Credit Facility (1) |  | £ | 113 |  |  | £ | 107 |  |  | 11/1/2028 |  | £ | 113 |  |  | £ | 107 |  |  | 11/1/2028
(Some amounts may not reconcile due to rounding.) (1) Effective October 20, 2025, Everest International, Lloyds Bank plc and the existing lenders entered into an amendment to the Funds at Lloyds Syndicated Letter of Credit Facility to, among others, increase the commitment amount for issuance of unsecured letters of credit to support the Funds at Lloyds requirements to up to £150 million. Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility Effective December 30, 2024, Everest Reinsurance Company (Ireland), dac (“Ireland Re”) entered into a letter of credit issuance facility with Commerzbank AG, New York Branch (the “Commerzbank Letter of Credit Facility”). The Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit. Letters of credit under the Commerzbank Letter of Credit Facility may be issued in U.S. dollars or Euros. The following table summarizes the outstanding letters of credit for the periods indicated:
(Dollars and Euros in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Commerzbank Letter of Credit Facility |  | € | 75 |  |  | € | 48 |  |  | 12/31/2025 |  | € | 75 |  |  | € | 20 |  |  | 12/31/2025
|  |  |  | $ | 21 |  |  | 12/31/2025 |  |  |  |  |  |
Some amounts may not reconcile due to rounding.) Federal Home Loan Bank Membership Everest Reinsurance Company (“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 September 30, 2025, Everest Re had statutory admitted assets of approximately $33.0 billion which provides borrowing capacity of up to approximately $3.3 billion. As of September 30, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $12 million and $11 million for the three months ended September 30, 2025 and 2024, respectively. Everest Re incurred interest expense of $37 million and $33 million for the nine months ended September 30, 2025 and 2024, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged. As of September 30, 2025, Everest Re had $1.3 billion of collateral pledged. SENIOR NOTES The table below displays Everest Reinsurance Holdings, Inc.’s (“Holdings”) outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.
|  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
(Dollars in millions) | Date Issued |  | Date Due |  | Principal Amounts |  | Consolidated Balance Sheet Amount |  | Fair Value |  | Consolidated Balance Sheet Amount |  | Fair Value
4.868% Senior notes | 6/5/2014 |  | 6/1/2044 |  | $ | 400 |  |  | $ | 398 |  |  | $ | 365 |  |  | $ | 398 |  |  | $ | 347 |
3.5% Senior notes | 10/7/2020 |  | 10/15/2050 |  | 1,000 |  |  | 982 |  |  | 707 |  |  | 982 |  |  | 681 |
3.125% Senior notes | 10/4/2021 |  | 10/15/2052 |  | 1,000 |  |  | 971 |  |  | 647 |  |  | 971 |  |  | 620 |
|  |  |  |  | $ | 2,400 |  |  | $ | 2,351 |  |  | $ | 1,719 |  |  | $ | 2,350 |  |  | $ | 1,648 |
(Some amounts may not reconcile due to rounding.) Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:
|  |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | Interest Paid |  | Payable Dates |  | 2025 |  | 2024 |  | 2025 |  | 2024
4.868% Senior notes | semi-annually |  | June 1/December 1 |  | $ | 5 |  |  | $ | 5 |  |  | $ | 15 |  |  | $ | 15 |
3.5% Senior notes | semi-annually |  | April 15/October 15 |  | 9 |  |  | 9 |  |  | 26 |  |  | 26 |
3.125% Senior notes | semi-annually |  | April 15/October 15 |  | 8 |  |  | 8 |  |  | 24 |  |  | 24 |
|  |  |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | 65 |  |  | $ | 65 |
(Some amounts may not reconcile due to rounding.)

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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