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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
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 reportable 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 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 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 asbestos and environmental (“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. These segment presentation changes have been reflected retrospectively. 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:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(Dollars in millions)ReinsuranceInsuranceOtherTotalReinsuranceInsuranceOtherTotal
Gross written premiums$3,206 $1,147 $22 $4,375 $9,668 $3,706 $72 $13,446 
Net written premiums2,885 848 21 3,754 8,773 2,767 68 11,607 
Premiums earned$2,892 $939 $24 $3,855 $8,835 $2,772 $92 $11,698 
Incurred losses and LAE1,678 996 163 2,837 5,673 2,280 250 8,203 
Commission and brokerage764 121 6 890 2,223 355 16 2,595 
Other underwriting expenses74 178 5 258 221 518 11 750 
Underwriting gain (loss)$376 $(357)$(149)$(130)$717 $(381)$(185)$151 
Net investment income540 1,563 
Net gains (losses) on investments(47)(59)
Corporate expenses(27)(79)
Interest, fee and bond issue cost amortization expense(38)(114)
Other income (expense)(29)(129)
Income (loss) before taxes$269 $1,332 
(Some amounts may not reconcile due to rounding.)
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)ReinsuranceInsuranceOtherTotalReinsuranceInsuranceOtherTotal
Gross written premiums$3,265 $1,110 $50 $4,425 $9,650 $3,728 $183 $13,561 
Net written premiums2,975 789 41 3,805 8,950 2,694 145 11,789 
Premiums earned$2,970 $898 $50 $3,918 $8,429 $2,679 $154 $11,262 
Incurred losses and LAE1,942 605 37 2,584 5,266 1,744 122 7,132 
Commission and brokerage710 110 5 826 2,054 325 19 2,398 
Other underwriting expenses73 154 8 236 215 454 24 694 
Underwriting gain (loss)$245 $28 $(1)$272 $895 $156 $(11)$1,039 
Net investment income496 1,481 
Net gains (losses) on investments(27)(50)
Corporate expenses(25)(69)
Interest, fee and bond issue cost amortization expense(38)(112)
Other income (expense)(102)(48)
Income (loss) before taxes$577 $2,241 
(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.