Everest Re (EG) 10-Q3 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-15731
Entity Registrant Name	EVEREST GROUP, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0365432
Entity Address, Address Line One	Seon Place – 4th Floor
Entity Address, Address Line Two	141 Front Street
Entity Address, Address Line Three	PO Box HM 845
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 19
City Area Code	441
Local Phone Number	295-0006
Title of 12(b) Security	Common Shares, $0.01 par value
Trading Symbol	EG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,458,245
Entity Central Index Key	0001095073
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Fixed maturities - available for sale, at fair value (amortized cost: 2024, $29,311 ; 2023, $28568, credit allowances: 2024, $(46); 2023, $(48))	$ 28,297	$ 27,740
Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $842; 2023, $854, net of credit allowances: 2024, $(9); 2023, $(8))	840	855
Equity securities, at fair value	216	188
Other invested assets	4,854	4,794
Short-term investments	2,397	2,127
Cash	1,544	1,437
Total investments and cash	38,148	37,142
Accrued investment income	327	324
Premiums receivable (net of credit allowances: 2024, $(43); 2023, $(41))	5,101	4,768
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(27); 2023, $(26))	233	164
Reinsurance unpaid loss recoverables	2,084	2,098
Funds held by reinsureds	1,155	1,135
Deferred acquisition costs	1,331	1,247
Prepaid reinsurance premiums	702	713
Income tax asset, net	823	868
Other assets (net of credit allowances: 2024, $(10); 2023, $(9))	1,033	941
TOTAL ASSETS	50,937	49,399
LIABILITIES:
Reserve for losses and loss adjustment expenses	25,211	24,604
Unearned premium reserve	6,826	6,622
Funds held under reinsurance treaties	11	24
Amounts due to reinsurers	716	650
Losses in course of payment	168	171
Senior notes	2,349	2,349
Long-term notes	218	218
Borrowings from FHLB	819	819
Accrued interest on debt and borrowings	43	22
Unsettled securities payable	403	137
Other liabilities	543	582
Total liabilities	37,308	36,197
Commitments and contingencies (Note 11)
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	0	0
Common shares, par value: $0.01; 200.0 shares authorized; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares	1	1
Additional paid-in capital	3,768	3,773
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(137) at 2024 and $(99) at 2023	(1,125)	(934)
Treasury shares, at cost; 30.9 shares (2024) and 30.8 shares (2023)	(3,943)	(3,908)
Retained earnings	14,927	14,270
Total shareholders' equity	13,628	13,202
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 50,937	$ 49,399

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Fixed maturities, amortized cost	$ 29,311	$ 28,568
Allowance for Credit Losses	(46)	(48)
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	842	854
Fixed maturities - held to maturity, at amortized cost, credit allowances	(9)	(8)
Premium receivable, allowance for credit loss	(43)	(41)
Reinsurance recoverables on paid losses, allowance	(27)	(26)
Other assets, allowance for credit loss	$ (10)	$ (9)
SHAREHOLDERS' EQUITY:
Preferred stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, outstanding (in shares)	74,300,000	74,200,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (137)	$ (99)
Treasury shares (in shares)	30,900,000	30,800,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Premiums earned	$ 3,652	$ 3,100
Net investment income	457	260
Total net gains (losses) on investments	(7)	5
Other income (expense)	31	(79)
Total revenues	4,133	3,286
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	2,237	1,966
Commission, brokerage, taxes and fees	782	661
Other underwriting expenses	224	200
Corporate expenses	22	19
Interest, fees and bond issue cost amortization expense	37	32
Total claims and expenses	3,302	2,878
INCOME (LOSS) BEFORE TAXES	832	408
Income tax expense (benefit)	99	43
NET INCOME (LOSS)	733	365
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	(158)	246
Reclassification adjustment for realized losses (gains) included in net income (loss)	5	3
Total URA(D) on securities arising during the period	(153)	249
Foreign currency translation adjustments	(38)	31
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	0	0
Total benefit plan net gain (loss) for the period	0	0
Total other comprehensive income (loss), net of tax	(191)	280
COMPREHENSIVE INCOME (LOSS)	$ 542	$ 645
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 16.87	$ 9.31
Diluted (in dollars per share)	$ 16.87	$ 9.31

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	COMMON SHARES	ADDITIONAL PAID-IN CAPITAL:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:	RETAINED EARNINGS:	TREASURY SHARES AT COST:
Balance beginning of period (in shares) at Dec. 31, 2022		39.2
Balance beginning of period at Dec. 31, 2022		$ 1	$ 2,302	$ (1,996)	$ 12,042	$ (3,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		0.1
Share-based compensation plans			(7)
Net increase (decrease) during the period	$ 280			280
Net income (loss)	365				365
Dividends declared ($1.75 per share in 1Q 2024 and $1.65 per share in 1Q 2023)					(65)
Balance end of period at Mar. 31, 2023	$ 9,014	$ 1	2,295	(1,716)	12,342	(3,908)
Balance end of period (in shares) at Mar. 31, 2023		39.3
Balance beginning of period (in shares) at Dec. 31, 2023	74.2	43.4
Balance beginning of period at Dec. 31, 2023	$ 13,202	$ 1	3,773	(934)	14,270	(3,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		0.2
Treasury shares acquired (in shares)		(0.1)
Share-based compensation plans			(5)
Net increase (decrease) during the period	(191)			(191)
Net income (loss)	733				733
Dividends declared ($1.75 per share in 1Q 2024 and $1.65 per share in 1Q 2023)					(76)
Purchase of treasury shares						(35)
Balance end of period at Mar. 31, 2024	$ 13,628	$ 1	$ 3,768	$ (1,125)	$ 14,927	$ (3,943)
Balance end of period (in shares) at Mar. 31, 2024	74.3	43.5

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.75	$ 1.65

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 733	$ 365
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(370)	(259)
Decrease (increase) in funds held by reinsureds, net	(33)	(17)
Decrease (increase) in reinsurance recoverables	(129)	7
Decrease (increase) in income taxes	82	41
Decrease (increase) in prepaid reinsurance premiums	(14)	28
Increase (decrease) in reserve for losses and loss adjustment expenses	720	681
Increase (decrease) in unearned premiums	242	226
Increase (decrease) in amounts due to reinsurers	95	17
Increase (decrease) in losses in course of payment	0	47
Change in equity adjustments in limited partnerships	(59)	(5)
Distribution of limited partnership income	31	48
Change in other assets and liabilities, net	(188)	(121)
Non-cash compensation expense	16	12
Amortization of bond premium (accrual of bond discount)	(30)	(1)
Net (gains) losses on investments	7	(5)
Net cash provided by (used in) operating activities	1,102	1,064
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	736	562
Proceeds from fixed maturities sold - available for sale	407	72
Proceeds from fixed maturities matured/called/repaid - held to maturity	45	28
Proceeds from equity securities sold	0	46
Distributions from other invested assets	100	137
Cost of fixed maturities acquired - available for sale	(1,971)	(1,613)
Cost of fixed maturities acquired - held to maturity	(27)	(11)
Cost of equity securities acquired	(33)	(1)
Cost of other invested assets acquired	(138)	(242)
Net change in short-term investments	(252)	4
Net change in unsettled securities transactions	284	267
Net cash provided by (used in) investing activities	(849)	(752)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense	(21)	(19)
Purchase of treasury shares	(35)	0
Dividends paid to shareholders	(76)	(65)
Cost of shares withheld on settlements of share-based compensation awards	(21)	(19)
Net cash provided by (used in) financing activities	(153)	(103)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	7	3
Net increase (decrease) in cash	107	212
Cash, beginning of period	1,437	1,398
Cash, end of period	1,544	1,610
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	16	2
Interest paid	$ 16	$ 10

GENERAL

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL Everest Group, Ltd . (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and other international markets. As used in this document, “Company” means Group and its subsidiaries. Unless noted otherwise, all tabular dollar amounts are in millions of United States (“U.S.”) dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2023, 2022 and 2021, included in the Company’s most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Adoption of New Accounting Standards The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2024. Future Adoption of Recently Issued Accounting Standards The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 by the Financial Accounting Standards Board on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2024. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group. Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures. Application of Methods and Assumption changes The Company refined its premium estimation methodology for its risk attaching reinsurance contracts within its Reinsurance Segment to continue to recognize gross written premium over the term of the treaty, albeit over a different pattern than what was previously used. The refined estimate resulted in an increase of gross written premium for the three months ended March 31, 2024, and has further aligned the estimation methodology across the reinsurance division globally. This change had no impact on the total written premium to be recognized over the term of the treaty. There was no impact on net earned premium and therefore, no impact on income from continuing operations, net income, or any related per-share amounts.

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated: At March 31, 2024 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,042 $ — $ 3 $ (52) 993 Obligations of U.S. states and political subdivisions 125 — 1 (10) 115 Corporate Securities 8,192 (45) 94 (329) 7,912 Asset-backed Securities 5,310 — 27 (33) 5,305 Mortgage-backed securities Commercial 1,064 — 1 (84) 981 Agency Residential 4,835 — 30 (280) 4,585 Non-agency Residential 668 — 8 (4) 672 Foreign government securities 2,240 — 16 (131) 2,124 Foreign corporate securities 5,835 — 60 (285) 5,609 Total fixed maturity securities - available for sale $ 29,311 $ (46) $ 240 $ (1,209) $ 28,297 (Some amounts may not reconcile due to rounding.) At December 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,045 $ — $ 3 $ (52) $ 996 Obligations of U.S. states and political subdivisions 138 — 1 (11) 128 Corporate securities 7,587 (47) 135 (322) 7,353 Asset-backed securities 5,644 — 25 (51) 5,618 Mortgage-backed securities Commercial 1,091 — 1 (92) 1,000 Agency residential 4,869 — 55 (229) 4,695 Non-agency residential 431 — 14 (2) 443 Foreign government securities 2,042 — 33 (108) 1,967 Foreign corporate securities 5,720 (1) 92 (271) 5,540 Total fixed maturity securities - available for sale $ 28,568 $ (48) $ 358 $ (1,137) $ 27,740 (Some amounts may not reconcile due to rounding.) The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated: At March 31, 2024 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - held to maturity Corporate Securities $ 175 $ (2) $ 5 $ (4) $ 173 Asset-backed Securities 569 (5) 4 (9) 559 Mortgage-backed securities Commercial 21 — — — 21 Foreign corporate securities 84 (1) 6 — 89 Total fixed maturity securities - held to maturity $ 849 (9) $ 15 $ (13) $ 842 (Some amounts may not reconcile due to rounding.) At December 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - held to maturity Corporate Securities $ 150 $ (2) $ 1 $ (3) $ 146 Asset-backed Securities 609 (5) 4 (10) 597 Mortgage-backed securities Commercial 21 — — — 21 Foreign corporate securities 84 (1) 7 — 90 Total fixed maturity securities - held to maturity $ 864 $ (8) $ 12 $ (13) $ 854 (Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2024 At December 31, 2023 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – available for sale Due in one year or less $ 1,487 $ 1,454 $ 1,289 $ 1,261 Due after one year through five years 7,144 6,858 7,094 6,858 Due after five years through ten years 6,235 5,959 5,613 5,405 Due after ten years 2,569 2,483 2,537 2,460 Asset-backed securities 5,310 5,305 5,644 5,618 Mortgage-backed securities Commercial 1,064 981 1,091 1,000 Agency residential 4,835 4,585 4,869 4,695 Non-agency residential 668 672 431 443 Total fixed maturity securities - available for sale $ 29,311 $ 28,297 $ 28,568 $ 27,740 (Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2024 At December 31, 2023 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – held to maturity Due in one year or less $ 10 $ 10 $ 5 $ 5 Due after one year through five years 54 54 59 58 Due after five years through ten years 43 41 43 42 Due after ten years 152 157 127 131 Asset-backed securities 569 559 609 597 Mortgage-backed securities Commercial 21 21 21 21 Total fixed maturity securities - held to maturity $ 849 $ 842 $ 864 $ 854 (Some amounts may not reconcile due to rounding.) The changes in net URA(D) for the Company’s investments are as follows: Three Months Ended (Dollars in millions) 2024 2023 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ (186) $ 279 Change in URA(D), pre-tax (186) $ 279 Deferred tax benefit (expense) 33 $ (30) Change in URA(D), net of deferred taxes, included in shareholders’ equity $ (153) $ 249 (Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at March 31, 2024 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 159 $ (3) $ 749 $ (49) $ 908 $ (52) Obligations of U.S. states and political subdivisions 8 — 63 (9) 71 (10) Corporate securities 1,767 (47) 2,911 (282) 4,678 (329) Asset-backed securities 399 (3) 943 (30) 1,342 (33) Mortgage-backed securities Commercial 167 (17) 722 (66) 890 (84) Agency residential 1,143 (18) 2,101 (262) 3,244 (280) Non-agency residential 211 (4) 5 — 215 (4) Foreign government securities 494 (14) 994 (117) 1,488 (131) Foreign corporate securities 885 (9) 2,653 (276) 3,537 (285) Total $ 5,233 $ (115) $ 11,141 $ (1,092) $ 16,374 $ (1,208) Securities where an allowance for credit loss was recorded 33 (1) 2 — 35 (1) Total fixed maturity securities - available for sale $ 5,267 $ (116) $ 11,143 $ (1,092) $ 16,409 $ (1,209) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at March 31, 2024 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale Due in one year or less $ 214 $ (3) $ 876 $ (36) $ 1,090 $ (39) Due in one year through five years 1,135 (18) 3,822 (299) 4,958 (317) Due in five years through ten years 1,282 (25) 2,234 (325) 3,516 (350) Due after ten years 682 (26) 438 (74) 1,119 (100) Asset-backed securities 399 (3) 943 (30) 1,342 (33) Mortgage-backed securities 1,521 (40) 2,828 (328) 4,349 (368) Total $ 5,233 $ (115) $ 11,141 $ (1,092) $ 16,374 $ (1,208) Securities where an allowance for credit loss was recorded 33 (1) 2 — 35 (1) Total fixed maturity securities - available for sale $ 5,267 $ (116) $ 11,143 $ (1,092) $ 16,409 $ (1,209) (Some amounts may not reconcile due to rounding.) The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at March 31, 2024 were $16.4 billion and $1.2 billion, respectively. The fair value of securities for the single issuer (the United States government), whose securities comprised the largest unrealized loss position at March 31, 2024, amounted to less than 3.0% of the overall fair value of the Company’s fixed maturity securities available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at March 31, 2024 comprised less than 0.7% of the Company’s fixed maturity securities available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $116 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, agency residential and commercial mortgage-backed securities and foreign government securities. Of these unrealized losses, $108 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $1.1 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities, foreign government securities and commercial mortgage-backed securities. Of these unrealized losses, $1.1 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of March 31, 2024, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost. The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2023 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 122 $ (3) $ 772 $ (49) $ 893 $ (52) Obligations of U.S. states and political subdivisions 3 — 74 (11) 77 (11) Corporate securities 1,019 (58) 2,780 (263) 3,799 (321) Asset-backed securities 196 (2) 2,014 (49) 2,210 (51) Mortgage-backed securities Commercial 181 (19) 742 (73) 923 (92) Agency residential 423 (4) 2,126 (225) 2,549 (229) Non-agency residential 126 (1) 4 — 130 — Foreign government securities 172 (7) 985 (101) 1,156 (108) Foreign corporate securities 324 (6) 2,726 (265) 3,050 (271) Total $ 2,564 $ (101) $ 12,222 $ (1,035) $ 14,787 $ (1,136) Securities where an allowance for credit loss was recorded 2 (1) — — 2 (1) Total fixed maturity securities - available for sale $ 2,566 $ (102) $ 12,222 $ (1,035) $ 14,789 $ (1,137) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2023 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale Due in one year or less $ 184 $ (3) $ 773 $ (30) $ 958 $ (33) Due in one year through five years 699 (18) 3,841 (271) 4,540 (289) Due in five years through ten years 328 (15) 2,306 (310) 2,633 (325) Due after ten years 429 (39) 417 (77) 845 (116) Asset-backed securities 196 (2) 2,014 (49) 2,210 (51) Mortgage-backed securities 729 (24) 2,872 (298) 3,601 (323) Total $ 2,564 $ (101) $ 12,222 $ (1,035) $ 14,787 $ (1,136) Securities where an allowance for credit loss was recorded 2 (1) — — 2 (1) Total fixed maturity securities - available for sale $ 2,566 $ (102) $ 12,222 $ (1,035) $ 14,789 $ (1,137) (Some amounts may not reconcile due to rounding.) The aggregate fair value and gross unrealized losses related to fixed maturity - available for sale investments in an unrealized loss position at December 31, 2023 were $14.8 billion and $1.1 billion, respectively. The fair value of securities for the single issuer (the United States government), whose securities comprised the largest unrealized loss position at December 31, 2023, amounted to less than 3.0% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.7% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $102 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $86 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $1.0 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $1.0 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. The components of net investment income are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Fixed maturities $ 352 $ 247 Equity securities 1 1 Short-term investments and cash 38 17 Other invested assets Limited partnerships 54 (15) Other 20 22 Gross investment income before adjustments 465 272 Funds held interest income (expense) 6 — Future policy benefit reserve income (expense) — — Gross investment income 470 272 Investment expenses 13 12 Net investment income $ 457 $ 260 (Some amounts may not reconcile due to rounding.) The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“NAVs”) of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. The Company had contractual commitments to invest up to an additional $2.8 billion in limited partnerships and private placement loan securities at March 31, 2024. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2034. In 2022, the Company entered into corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at policy cash surrender value of $1.4 billion and $1.3 billion as of March 31, 2024 and December 31, 2023, respectively. Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. As of March 31, 2024 and December 31, 2023, the Company did not hold any securities for which it is the primary beneficiary. The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of March 31, 2024 and December 31, 2023 is limited to the total carrying value of $4.9 billion and $4.8 billion, respectively, which are included in general and limited partnerships, COLI policies and other alternative investments in other invested assets in the Company's Consolidated Balance Sheets. As of March 31, 2024, the Company has outstanding commitments totaling $2.2 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations and are classified as fixed maturities, available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, credit subordination that reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. The components of net gains (losses) on investments are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Fixed maturity securities Allowance for credit losses $ 2 $ (8) Net realized gains (losses) from dispositions (7) 2 Equity securities, fair value Net realized gains (losses) from dispositions 1 7 Gains (losses) from fair value adjustments (2) 4 Other invested assets — — Short-term investments gain (loss) — — Total net gains (losses) on investments $ (7) $ 5 (Some amounts may not reconcile due to rounding.) The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated: Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2024 (Dollars in millions) Corporate Foreign Total Beginning balance $ (47) $ (1) $ (48) Credit losses on securities where credit losses were not previously recorded — — — Increases in allowance on previously impaired securities — — — Decreases in allowance on previously impaired securities — — — Reduction in allowance due to disposals 2 1 3 Balance, end of period $ (45) $ — $ (46) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Foreign Total Beginning balance $ (45) $ (10) $ (54) Credit losses on securities where credit losses were not previously recorded (12) — (12) Increases in allowance on previously impaired securities — — — Decreases in allowance on previously impaired securities — — — Reduction in allowance due to disposals 2 3 5 Balance, end of period $ (55) $ (7) $ (62) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity Three Months Ended March 31, 2024 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance $ (2) $ (5) $ (1) $ (8) Credit losses on securities where credit losses were not previously recorded — — (1) (1) Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals — — — — Balance, end of period $ (2) $ (5) $ (1) $ (9) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance $ (2) $ (6) $ (1) $ (9) Credit losses on securities where credit losses were not previously recorded — — — — Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals — — — — Balance, end of period $ (2) $ (6) $ (1) $ (9) (Some amounts may not reconcile due to rounding.) The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Proceeds from sales of fixed maturity securities - available for sale $ 407 $ 72 Gross gains from dispositions 11 11 Gross losses from dispositions (18) (9) Proceeds from sales of equity securities $ — $ 46 Gross gains from dispositions 1 7 Gross losses from dispositions — — (Some amounts may not reconcile due to rounding.)

FAIR VALUE

FAIR VALUE	3 Months Ended
FAIR VALUE	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. At March 31, 2024, $2.0 billion of fixed maturities were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third-party valuations. At December 31, 2023, $2.0 billion of fixed maturities were fair valued using unobservable inputs. Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources. Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows: • U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; • Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; • Foreign government securities are comprised of global non-U.S. sovereign bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; • Foreign corporate securities are comprised of global non-U.S. corporate bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source. The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated: Fair Value Measurement Using March 31, 2024 Quoted Prices Significant Significant (Dollars in millions) Assets: Fixed maturities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 993 $ — $ 993 $ — Obligations of U.S. States and political subdivisions 115 — 115 — Corporate securities 7,912 — 7,292 620 Asset-backed securities 5,305 — 3,964 1,340 Mortgage-backed securities Commercial 981 — 981 — Agency residential 4,585 — 4,585 — Non-agency residential 672 — 672 — Foreign government securities 2,124 — 2,124 — Foreign corporate securities 5,609 — 5,593 16 Total fixed maturities - available for sale 28,297 — 26,321 1,976 Equity securities, fair value 216 69 147 — (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using (Dollars in millions) December 31, 2023 Quoted Prices Significant Significant Assets: Fixed maturities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 996 $ — $ 996 $ — Obligations of U.S. States and political subdivisions 128 — 128 — Corporate securities 7,353 — 6,681 672 Asset-backed securities 5,618 — 4,313 1,305 Mortgage-backed securities Commercial 1,000 — 1,000 — Agency residential 4,695 — 4,695 — Non-agency residential 443 — 443 — Foreign government securities 1,967 — 1,967 — Foreign corporate securities 5,540 — 5,524 16 Total fixed maturities - available for sale 27,740 — 25,747 1,993 Equity securities, fair value 188 70 118 — (Some amounts may not reconcile due to rounding.) The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated: Total Fixed Maturities - Available for Sale Three Months Ended March 31, 2024 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance of fixed maturities $ 672 $ 1,305 $ 16 $ 1,993 Total gains or (losses) (realized/unrealized) Included in earnings 1 — — 1 Included in other comprehensive income (loss) — 7 — 7 Purchases, issuances and settlements (52) 28 (1) (25) Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — Ending balance of fixed maturities $ 620 $ 1,340 $ 16 $ 1,976 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 1 $ — $ — $ 1 (Some amounts may not reconcile due to rounding.) Total Fixed Maturities - Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance of fixed maturities $ 715 $ 994 $ 16 $ 1,725 Total gains or (losses) (realized/unrealized) Included in earnings 1 — — 1 Included in other comprehensive income (loss) (4) 18 — 14 Purchases, issuances and settlements (3) 9 — 5 Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — Ending balance of fixed maturities $ 709 $ 1,020 $ 16 $ 1,745 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ — $ — $ — $ — (Some amounts may not reconcile due to rounding.) There were no transfers of assets in/(out) of Level 3 for the three months ended March 31, 2024. Financial Instruments Disclosed, But Not Reported, at Fair Value Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values and valuation hierarchy of fixed maturity securities – held to maturity, senior notes and long-term subordinated notes can be found within Notes 3, 8 and 9, respectively. Short-term investments are stated at cost, which approximates fair value. Exempt from Fair Value Disclosure Requirements Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investment in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 3 of the Notes to these Consolidated Financial Statements for details of investments in COLI policies. In addition, $258 million and $274 million of investments within other invested assets on the consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively, are not included within the fair value hierarchy tables, as the assets are measured at NAV as a practical expedient to determine fair value.

RESERVE FOR LOSSES AND LAE

RESERVE FOR LOSSES AND LAE	3 Months Ended
RESERVE FOR LOSSES AND LAE	Mar. 31, 2024
Insurance [Abstract]
RESERVE FOR LOSSES AND LAE	RESERVE FOR LOSSES AND LAE Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated: Three Months Ended 2024 2023 (Dollars in millions) Gross reserves beginning of period $ 24,604 $ 22,065 Less reinsurance recoverables on unpaid losses (2,098) (2,105) Net reserves beginning of period 22,506 19,960 Incurred related to: Current year 2,237 1,966 Prior years — — Total incurred losses and LAE 2,237 1,966 Paid related to: Current year 319 684 Prior years 1,183 641 Total paid losses and LAE 1,502 1,325 Foreign exchange/translation adjustment (114) 152 Net reserves end of period 23,127 20,753 Plus reinsurance recoverables on unpaid losses 2,084 2,125 Gross reserves end of period $ 25,211 $ 22,878 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $2.2 billion and $2.0 billion for the three months ended March 31, 2024 and 2023, respectively. Gross and net reserves increased for the three months ended March 31, 2024, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $301 million

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	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) Reinsurance Insurance Total Gross written premiums $ 3,175 $ 1,236 $ 4,411 Net written premiums 2,942 958 3,900 Premiums earned $ 2,728 $ 923 $ 3,652 Incurred losses and LAE 1,641 596 2,237 Commission and brokerage 671 111 782 Other underwriting expenses 71 153 224 Underwriting gain (loss) $ 345 $ 64 $ 409 Net investment income 457 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) Reinsurance Insurance Total Gross written premiums $ 2,620 $ 1,122 $ 3,743 Net written premiums 2,438 891 3,329 Premiums earned $ 2,226 $ 874 $ 3,100 Incurred losses and LAE 1,401 565 1,966 Commission and brokerage 556 105 661 Other underwriting expenses 63 137 200 Underwriting gain (loss) $ 205 $ 67 $ 273 Net investment income 260 Net gains (losses) on investments 5 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.

CREDIT FACILITIES

CREDIT FACILITIES	3 Months Ended
CREDIT FACILITIES	Mar. 31, 2024
Line of Credit Facility [Abstract]
CREDIT FACILITIES	CREDIT FACILITIES The Company has multiple active committed letter of credit facilities with a total commitment of up to $1.7 billion as of March 31, 2024. 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 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 for collateral posted related to secured letters of credit. Bermuda Re Wells Fargo Bilateral Letter of Credit Facility Effective February 23, 2021, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) entered into a letter of credit issuance facility with Wells Fargo, referred to as the “2021 Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. Effective May 2, 2023, the agreement was amended to extend the availability of committed issuance for an additional year. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 478 12/31/2024 $ 500 $ 97 6/24/2024 — 71 6/28/2024 — 318 12/31/2024 — — $ 500 $ 478 $ 500 $ 486 (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., referred to as 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 the $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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 197 12/31/2024 $ 230 $ — 1/21/2024 — 1/21/2025 4 2/29/2024 4 2/28/2025 1 3/1/2024 1 3/1/2025 3 9/23/2024 1 3/15/2025 1 12/1/2024 — 3/16/2025 — 12/16/2024 1 8/15/2025 — 12/20/2024 3 9/23/2025 217 12/31/2024 1 12/1/2025 1 8/15/2025 — 12/16/2025 — 12/20/2025 3 12/31/2025 Bermuda Re Citibank LOC Facility - Uncommitted 140 107 12/31/2024 140 105 12/31/2024 — 12/30/2027 7 12/30/2027 7 3/30/2028 Total Citibank Bilateral Agreement $ 370 $ 327 $ 370 $ 340 (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 referred to as 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. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 188 12/31/2024 $ 200 $ 192 12/31/2024 (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, referred to as the “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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2024 $ 150 $ 150 12/31/2024 (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 Ireland Insurance as an account party with access to a $15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. 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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 250 $ 235 12/31/2024 $ 250 $ 235 12/31/2024 (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 referred to as 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. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 150 12/30/2024 $ 200 $ 168 12/30/2024 14 14 12/31/2024 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 164 $ 200 $ 182 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, referred to as 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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Nordea Bank Letter of Credit Facility - Committed $ 200 $ 200 12/31/2024 $ 200 $ 200 12/31/2024 Nordea Bank Letter of Credit Facility - Uncommitted 100 100 12/31/2024 100 100 12/31/2024 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 300 $ 300 $ 300 (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 March 31, 2024, Everest Re had admitted assets of approximately $27.1 billion which provides borrowing capacity of up to approximately $2.7 billion. As of March 31, 2024, Everest Re has $819 million of borrowings outstanding, all of which expire in 2024. Everest Re incurred interest expense of $11 million and $6 million for the three months ended March 31, 2024 and 2023, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. As of March 31, 2024, Everest Re had $1.1 billion of collateral pledged. The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2024 December 31, 2023 (Dollars in millions) Date Issued Date Due Principal Consolidated Balance Fair Value Consolidated Balance Fair Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400 $ 398 $ 363 $ 398 $ 369 3.5% Senior notes 10/7/2020 10/15/2050 1,000 981 702 981 742 3.125% Senior notes 10/4/2021 10/15/2052 1,000 970 648 970 688 $ 2,400 $ 2,349 $ 1,713 $ 2,349 $ 1,799 (Some amounts may not reconcile due to rounding.) Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) Interest Paid Payable Dates 2024 2023 4.868% Senior notes semi-annually June 1/December 1 $ 5 $ 5 3.5% Senior notes semi-annually April 15/October 15 9 9 3.125% Senior notes semi-annually April 15/October 15 8 8 $ 22 $ 22 (Some amounts may not reconcile due to rounding.)

SENIOR NOTES

SENIOR NOTES	3 Months Ended
SENIOR NOTES	Mar. 31, 2024
Senior Notes [Abstract]
SENIOR NOTES	CREDIT FACILITIES The Company has multiple active committed letter of credit facilities with a total commitment of up to $1.7 billion as of March 31, 2024. 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 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 for collateral posted related to secured letters of credit. Bermuda Re Wells Fargo Bilateral Letter of Credit Facility Effective February 23, 2021, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) entered into a letter of credit issuance facility with Wells Fargo, referred to as the “2021 Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. Effective May 2, 2023, the agreement was amended to extend the availability of committed issuance for an additional year. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 478 12/31/2024 $ 500 $ 97 6/24/2024 — 71 6/28/2024 — 318 12/31/2024 — — $ 500 $ 478 $ 500 $ 486 (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., referred to as 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 the $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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 197 12/31/2024 $ 230 $ — 1/21/2024 — 1/21/2025 4 2/29/2024 4 2/28/2025 1 3/1/2024 1 3/1/2025 3 9/23/2024 1 3/15/2025 1 12/1/2024 — 3/16/2025 — 12/16/2024 1 8/15/2025 — 12/20/2024 3 9/23/2025 217 12/31/2024 1 12/1/2025 1 8/15/2025 — 12/16/2025 — 12/20/2025 3 12/31/2025 Bermuda Re Citibank LOC Facility - Uncommitted 140 107 12/31/2024 140 105 12/31/2024 — 12/30/2027 7 12/30/2027 7 3/30/2028 Total Citibank Bilateral Agreement $ 370 $ 327 $ 370 $ 340 (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 referred to as 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. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 188 12/31/2024 $ 200 $ 192 12/31/2024 (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, referred to as the “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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2024 $ 150 $ 150 12/31/2024 (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 Ireland Insurance as an account party with access to a $15 million sub-limit for the issuance of letters of credit, an agreement referred to as the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”, which superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. 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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 250 $ 235 12/31/2024 $ 250 $ 235 12/31/2024 (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 referred to as 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. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 150 12/30/2024 $ 200 $ 168 12/30/2024 14 14 12/31/2024 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 164 $ 200 $ 182 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, referred to as 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 March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Nordea Bank Letter of Credit Facility - Committed $ 200 $ 200 12/31/2024 $ 200 $ 200 12/31/2024 Nordea Bank Letter of Credit Facility - Uncommitted 100 100 12/31/2024 100 100 12/31/2024 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 300 $ 300 $ 300 (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 March 31, 2024, Everest Re had admitted assets of approximately $27.1 billion which provides borrowing capacity of up to approximately $2.7 billion. As of March 31, 2024, Everest Re has $819 million of borrowings outstanding, all of which expire in 2024. Everest Re incurred interest expense of $11 million and $6 million for the three months ended March 31, 2024 and 2023, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. As of March 31, 2024, Everest Re had $1.1 billion of collateral pledged. The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2024 December 31, 2023 (Dollars in millions) Date Issued Date Due Principal Consolidated Balance Fair Value Consolidated Balance Fair Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400 $ 398 $ 363 $ 398 $ 369 3.5% Senior notes 10/7/2020 10/15/2050 1,000 981 702 981 742 3.125% Senior notes 10/4/2021 10/15/2052 1,000 970 648 970 688 $ 2,400 $ 2,349 $ 1,713 $ 2,349 $ 1,799 (Some amounts may not reconcile due to rounding.) Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) Interest Paid Payable Dates 2024 2023 4.868% Senior notes semi-annually June 1/December 1 $ 5 $ 5 3.5% Senior notes semi-annually April 15/October 15 9 9 3.125% Senior notes semi-annually April 15/October 15 8 8 $ 22 $ 22 (Some amounts may not reconcile due to rounding.)

LONG-TERM SUBORDINATED NOTES

LONG-TERM SUBORDINATED NOTES	3 Months Ended
LONG-TERM SUBORDINATED NOTES	Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract]
LONG-TERM SUBORDINATED NOTES	LONG-TERM SUBORDINATED NOTES The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date March 31, 2024 December 31, 2023 (Dollars in millions) Date Issued Original Scheduled Final Consolidated Balance Fair Value Consolidated Balance Fair Value Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 205 $ 218 $ 187 During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten Holdings may redeem the long-term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. The Company’s 4.868% senior notes, due on June 1, 2044, 3.5% senior notes due on October 15, 2050 and 3.125% senior notes due on October 15, 2052 are the Company’s long-term indebtedness that rank senior to the long-term subordinated notes. Interest expense incurred in connection with these long-term subordinated notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Interest expense incurred $ 4 $ 4

COLLATERALIZED REINSURANCE, TRU

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS	3 Months Ended
	Mar. 31, 2024
Collateralized Reinsurance And Trust Agreements [Abstract]
COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS	COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets: At March 31, At December 31, (Dollars in millions) 2024 2023 Collateral in trust for non-affiliated agreements (1) $ 3,178 $ 3,208 Collateral for secured letter of credit facilities 1,427 1,438 Collateral for FHLB borrowings 1,067 1,077 Securities on deposit with or regulated by government authorities 1,415 1,447 Funds at Lloyd's 532 538 Funds held by reinsureds 1,155 1,135 Total restricted assets 8,774 8,843 (1) At March 31, 2024 and December 31, 2023, the total amount on deposit in trust accounts includes $299 million and $243 million of restricted cash respectively. The Company reinsures some of its catastrophe exposures with the segregated accounts of subsidiary Mt. Logan Re, Ltd. (“Mt. Logan Re”). Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally. The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Three Months Ended Mt. Logan Re Segregated Accounts 2024 2023 (Dollars in millions) Ceded written premiums $ 87 $ 53 Ceded earned premiums 87 46 Ceded losses and LAE 38 36 Assumed written premiums 1 1 Assumed earned premiums 1 1 Assumed losses and LAE — — The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements. (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/25/2025 300 Aggregate Total available limit as of March 31, 2024 $ 1,375 Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. The Company has up to $350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry loss threshold. This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level. As a result of Hurricane Ian, PCS’s current industry estimate of $48.3 billion issued in April 2024 exceeds the attachment point. The potential recovery under the CAT Bond is not expected to be material. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS)	Mar. 31, 2024
Other Comprehensive Income (Loss), Tax [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2024 (Dollars in millions) Before Tax Tax Effect Net of Tax URA(D) on securities - non-credit related $ (192) $ 34 $ (158) Reclassification of net realized losses (gains) included in net income (loss) 5 (1) 5 Foreign currency translation adjustments (43) 5 (38) Reclassification of benefit plan liability amortization included in net income (loss) 1 — — Total other comprehensive income (loss) $ (229) $ 38 $ (191) (Some amounts may not reconcile due to rounding) Three Months Ended March 31, 2023 (Dollars in millions) Before Tax Tax Effect Net of Tax URA(D) on securities - non-credit related $ 273 $ (27) $ 246 Reclassification of net realized losses (gains) included in net income (loss) 6 (3) 3 Foreign currency translation adjustments 33 (2) 31 Reclassification of benefit plan liability amortization included in net income (loss) — — — Total other comprehensive income (loss) $ 312 $ (32) $ 280 (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Affected line item within the statements of operations and comprehensive income (loss) AOCI component 2024 2023 (Dollars in millions) URA(D) on securities $ 5 $ 6 Other net realized capital gains (losses) (1) (3) Income tax expense (benefit) $ 5 $ 3 Net income (loss) Benefit plan net gain (loss) $ 1 $ — Other underwriting expenses — — Income tax expense (benefit) $ — $ — Net income (loss) (Some amounts may not reconcile due to rounding) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Beginning balance of URA(D) on securities $ (723) $ (1,709) Current period change in URA(D) of investments - non-credit related (153) 249 Ending balance of URA(D) on securities (876) (1,460) Beginning balance of foreign currency translation adjustments (195) (254) Current period change in foreign currency translation adjustments (38) 31 Ending balance of foreign currency translation adjustments (233) (223) Beginning balance of benefit plan net gain (loss) (16) (33) Current period change in benefit plan net gain (loss) — — Ending balance of benefit plan net gain (loss) (16) (33) Ending balance of accumulated other comprehensive income (loss) $ (1,125) $ (1,716) (Some amounts may not reconcile due to rounding.)

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	3 Months Ended
SHARE-BASED COMPENSATION PLANS	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANSFor the three months ended March 31, 2024, a total of 214,943 restricted stock awards were granted: 207,839 and 7,104 of restricted stock awards were granted on February 28, 2024 and February 29, 2024, respectively. The per-share fair value of the restricted stock awards was $369.518 and $367.040, respectively. Additionally, 18,713 performance share units awards were granted on February 28, 2024, with a fair value of $369.518 per unit. For the three months ended March 31, 2023, a total of 174,171 restricted stock awards were granted on February 23, 2023 with a fair value of $382.385 per share. Additionally, 14,975 performance share unit awards were granted on February 23, 2023, with a fair value of $382.385 per unit.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
EARNINGS PER COMMON SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended (Dollars in millions, except per share amounts) 2024 2023 Net income (loss) per share: Numerator Net income (loss) $ 733 $ 365 Less: dividends declared - common shares and unvested common shares (76) (65) Undistributed earnings 657 300 Percentage allocated to common shareholders (1) 98.9% 98.7% 649 296 Add: dividends declared - common shareholders 75 64 Numerator for basic and diluted earnings per common share $ 725 $ 360 Denominator Denominator for basic earnings per weighted-average common shares 42.9 38.7 Effect of dilutive securities: Options — — Denominator for diluted earnings per adjusted weighted-average common shares 42.9 38.7 Per common share net income (loss) Basic $ 16.87 $ 9.31 Diluted $ 16.87 $ 9.31 (1) Basic weighted - average common shares outstanding 42.9 38.7 Basic weighted - average common shares outstanding and unvested common shares expected to vest 43.4 39.2 Percentage allocated to common shareholders 98.9% 98.7% (Some amounts may not reconcile due to rounding.)

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES With the assent of the governor on December 27, 2023, the Bermuda Corporate Income Tax Act of 2023 (“The 2023 Act”) became law. Beginning in 2025, a 15% corporate income tax will be applicable to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more. Group’s Bermuda entities will be subject to the new corporate income tax. The Company has evaluated The 2023 Act and has recorded $578 million of net deferred income tax benefits as of December 31, 2023. The net deferred income tax benefits relate primarily to a default provision in the law which allows for what is called an “Economic Transition Adjustment” (“ETA”). The ETA allowed companies to establish deferred tax assets or liabilities related to the revaluation of intangible assets, excluding goodwill, and their other assets and liabilities, based on fair value as of September 30, 2023. All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state, and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 733	$ 365

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The unaudited consolidated financial statements of the Company as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2023, 2022 and 2021, included in the Company’s most recent Form 10-K filing.
Voting and Variable Interest Entities	The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.
Consolidation	All intercompany accounts and transactions have been eliminated.
Adoption of New Accounting Standards and Future Adoption of Recently Issued Accounting Standards	Adoption of New Accounting Standards The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2024. Future Adoption of Recently Issued Accounting Standards The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2024 by the Financial Accounting Standards Board on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2024. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group. Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
Fair Value of Financial Instruments	Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources. Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows: • U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; • Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; • Foreign government securities are comprised of global non-U.S. sovereign bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; • Foreign corporate securities are comprised of global non-U.S. corporate bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities	The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated: At March 31, 2024 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,042 $ — $ 3 $ (52) 993 Obligations of U.S. states and political subdivisions 125 — 1 (10) 115 Corporate Securities 8,192 (45) 94 (329) 7,912 Asset-backed Securities 5,310 — 27 (33) 5,305 Mortgage-backed securities Commercial 1,064 — 1 (84) 981 Agency Residential 4,835 — 30 (280) 4,585 Non-agency Residential 668 — 8 (4) 672 Foreign government securities 2,240 — 16 (131) 2,124 Foreign corporate securities 5,835 — 60 (285) 5,609 Total fixed maturity securities - available for sale $ 29,311 $ (46) $ 240 $ (1,209) $ 28,297 (Some amounts may not reconcile due to rounding.) At December 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,045 $ — $ 3 $ (52) $ 996 Obligations of U.S. states and political subdivisions 138 — 1 (11) 128 Corporate securities 7,587 (47) 135 (322) 7,353 Asset-backed securities 5,644 — 25 (51) 5,618 Mortgage-backed securities Commercial 1,091 — 1 (92) 1,000 Agency residential 4,869 — 55 (229) 4,695 Non-agency residential 431 — 14 (2) 443 Foreign government securities 2,042 — 33 (108) 1,967 Foreign corporate securities 5,720 (1) 92 (271) 5,540 Total fixed maturity securities - available for sale $ 28,568 $ (48) $ 358 $ (1,137) $ 27,740 (Some amounts may not reconcile due to rounding.) The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated: At March 31, 2024 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - held to maturity Corporate Securities $ 175 $ (2) $ 5 $ (4) $ 173 Asset-backed Securities 569 (5) 4 (9) 559 Mortgage-backed securities Commercial 21 — — — 21 Foreign corporate securities 84 (1) 6 — 89 Total fixed maturity securities - held to maturity $ 849 (9) $ 15 $ (13) $ 842 (Some amounts may not reconcile due to rounding.) At December 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - held to maturity Corporate Securities $ 150 $ (2) $ 1 $ (3) $ 146 Asset-backed Securities 609 (5) 4 (10) 597 Mortgage-backed securities Commercial 21 — — — 21 Foreign corporate securities 84 (1) 7 — 90 Total fixed maturity securities - held to maturity $ 864 $ (8) $ 12 $ (13) $ 854 (Some amounts may not reconcile due to rounding.)
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity	The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2024 At December 31, 2023 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – available for sale Due in one year or less $ 1,487 $ 1,454 $ 1,289 $ 1,261 Due after one year through five years 7,144 6,858 7,094 6,858 Due after five years through ten years 6,235 5,959 5,613 5,405 Due after ten years 2,569 2,483 2,537 2,460 Asset-backed securities 5,310 5,305 5,644 5,618 Mortgage-backed securities Commercial 1,064 981 1,091 1,000 Agency residential 4,835 4,585 4,869 4,695 Non-agency residential 668 672 431 443 Total fixed maturity securities - available for sale $ 29,311 $ 28,297 $ 28,568 $ 27,740 (Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2024 At December 31, 2023 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – held to maturity Due in one year or less $ 10 $ 10 $ 5 $ 5 Due after one year through five years 54 54 59 58 Due after five years through ten years 43 41 43 42 Due after ten years 152 157 127 131 Asset-backed securities 569 559 609 597 Mortgage-backed securities Commercial 21 21 21 21 Total fixed maturity securities - held to maturity $ 849 $ 842 $ 864 $ 854 (Some amounts may not reconcile due to rounding.)
Schedule of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments	The changes in net URA(D) for the Company’s investments are as follows: Three Months Ended (Dollars in millions) 2024 2023 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ (186) $ 279 Change in URA(D), pre-tax (186) $ 279 Deferred tax benefit (expense) 33 $ (30) Change in URA(D), net of deferred taxes, included in shareholders’ equity $ (153) $ 249 (Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type	The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at March 31, 2024 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 159 $ (3) $ 749 $ (49) $ 908 $ (52) Obligations of U.S. states and political subdivisions 8 — 63 (9) 71 (10) Corporate securities 1,767 (47) 2,911 (282) 4,678 (329) Asset-backed securities 399 (3) 943 (30) 1,342 (33) Mortgage-backed securities Commercial 167 (17) 722 (66) 890 (84) Agency residential 1,143 (18) 2,101 (262) 3,244 (280) Non-agency residential 211 (4) 5 — 215 (4) Foreign government securities 494 (14) 994 (117) 1,488 (131) Foreign corporate securities 885 (9) 2,653 (276) 3,537 (285) Total $ 5,233 $ (115) $ 11,141 $ (1,092) $ 16,374 $ (1,208) Securities where an allowance for credit loss was recorded 33 (1) 2 — 35 (1) Total fixed maturity securities - available for sale $ 5,267 $ (116) $ 11,143 $ (1,092) $ 16,409 $ (1,209) (Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2023 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 122 $ (3) $ 772 $ (49) $ 893 $ (52) Obligations of U.S. states and political subdivisions 3 — 74 (11) 77 (11) Corporate securities 1,019 (58) 2,780 (263) 3,799 (321) Asset-backed securities 196 (2) 2,014 (49) 2,210 (51) Mortgage-backed securities Commercial 181 (19) 742 (73) 923 (92) Agency residential 423 (4) 2,126 (225) 2,549 (229) Non-agency residential 126 (1) 4 — 130 — Foreign government securities 172 (7) 985 (101) 1,156 (108) Foreign corporate securities 324 (6) 2,726 (265) 3,050 (271) Total $ 2,564 $ (101) $ 12,222 $ (1,035) $ 14,787 $ (1,136) Securities where an allowance for credit loss was recorded 2 (1) — — 2 (1) Total fixed maturity securities - available for sale $ 2,566 $ (102) $ 12,222 $ (1,035) $ 14,789 $ (1,137) (Some amounts may not reconcile due to rounding.)
Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity	Duration of Unrealized Loss at March 31, 2024 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale Due in one year or less $ 214 $ (3) $ 876 $ (36) $ 1,090 $ (39) Due in one year through five years 1,135 (18) 3,822 (299) 4,958 (317) Due in five years through ten years 1,282 (25) 2,234 (325) 3,516 (350) Due after ten years 682 (26) 438 (74) 1,119 (100) Asset-backed securities 399 (3) 943 (30) 1,342 (33) Mortgage-backed securities 1,521 (40) 2,828 (328) 4,349 (368) Total $ 5,233 $ (115) $ 11,141 $ (1,092) $ 16,374 $ (1,208) Securities where an allowance for credit loss was recorded 33 (1) 2 — 35 (1) Total fixed maturity securities - available for sale $ 5,267 $ (116) $ 11,143 $ (1,092) $ 16,409 $ (1,209) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2023 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale Due in one year or less $ 184 $ (3) $ 773 $ (30) $ 958 $ (33) Due in one year through five years 699 (18) 3,841 (271) 4,540 (289) Due in five years through ten years 328 (15) 2,306 (310) 2,633 (325) Due after ten years 429 (39) 417 (77) 845 (116) Asset-backed securities 196 (2) 2,014 (49) 2,210 (51) Mortgage-backed securities 729 (24) 2,872 (298) 3,601 (323) Total $ 2,564 $ (101) $ 12,222 $ (1,035) $ 14,787 $ (1,136) Securities where an allowance for credit loss was recorded 2 (1) — — 2 (1) Total fixed maturity securities - available for sale $ 2,566 $ (102) $ 12,222 $ (1,035) $ 14,789 $ (1,137) (Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Investment Income	The components of net investment income are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Fixed maturities $ 352 $ 247 Equity securities 1 1 Short-term investments and cash 38 17 Other invested assets Limited partnerships 54 (15) Other 20 22 Gross investment income before adjustments 465 272 Funds held interest income (expense) 6 — Future policy benefit reserve income (expense) — — Gross investment income 470 272 Investment expenses 13 12 Net investment income $ 457 $ 260 (Some amounts may not reconcile due to rounding.)
Schedule of Components of Net Realized Capital Gains (Losses)	The components of net gains (losses) on investments are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Fixed maturity securities Allowance for credit losses $ 2 $ (8) Net realized gains (losses) from dispositions (7) 2 Equity securities, fair value Net realized gains (losses) from dispositions 1 7 Gains (losses) from fair value adjustments (2) 4 Other invested assets — — Short-term investments gain (loss) — — Total net gains (losses) on investments $ (7) $ 5 (Some amounts may not reconcile due to rounding.)
Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale	The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated: Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2024 (Dollars in millions) Corporate Foreign Total Beginning balance $ (47) $ (1) $ (48) Credit losses on securities where credit losses were not previously recorded — — — Increases in allowance on previously impaired securities — — — Decreases in allowance on previously impaired securities — — — Reduction in allowance due to disposals 2 1 3 Balance, end of period $ (45) $ — $ (46) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Foreign Total Beginning balance $ (45) $ (10) $ (54) Credit losses on securities where credit losses were not previously recorded (12) — (12) Increases in allowance on previously impaired securities — — — Decreases in allowance on previously impaired securities — — — Reduction in allowance due to disposals 2 3 5 Balance, end of period $ (55) $ (7) $ (62) (Some amounts may not reconcile due to rounding.)
Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity Three Months Ended March 31, 2024 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance $ (2) $ (5) $ (1) $ (8) Credit losses on securities where credit losses were not previously recorded — — (1) (1) Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals — — — — Balance, end of period $ (2) $ (5) $ (1) $ (9) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance $ (2) $ (6) $ (1) $ (9) Credit losses on securities where credit losses were not previously recorded — — — — Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals — — — — Balance, end of period $ (2) $ (6) $ (1) $ (9) (Some amounts may not reconcile due to rounding.)
Schedule of Proceeds and Split Between Gross Gains and Losses, from Sales of Fixed Maturity Securities	The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Proceeds from sales of fixed maturity securities - available for sale $ 407 $ 72 Gross gains from dispositions 11 11 Gross losses from dispositions (18) (9) Proceeds from sales of equity securities $ — $ 46 Gross gains from dispositions 1 7 Gross losses from dispositions — — (Some amounts may not reconcile due to rounding.)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
FAIR VALUE (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement Levels for all Assets and Liabilities	The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated: Fair Value Measurement Using March 31, 2024 Quoted Prices Significant Significant (Dollars in millions) Assets: Fixed maturities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 993 $ — $ 993 $ — Obligations of U.S. States and political subdivisions 115 — 115 — Corporate securities 7,912 — 7,292 620 Asset-backed securities 5,305 — 3,964 1,340 Mortgage-backed securities Commercial 981 — 981 — Agency residential 4,585 — 4,585 — Non-agency residential 672 — 672 — Foreign government securities 2,124 — 2,124 — Foreign corporate securities 5,609 — 5,593 16 Total fixed maturities - available for sale 28,297 — 26,321 1,976 Equity securities, fair value 216 69 147 — (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using (Dollars in millions) December 31, 2023 Quoted Prices Significant Significant Assets: Fixed maturities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 996 $ — $ 996 $ — Obligations of U.S. States and political subdivisions 128 — 128 — Corporate securities 7,353 — 6,681 672 Asset-backed securities 5,618 — 4,313 1,305 Mortgage-backed securities Commercial 1,000 — 1,000 — Agency residential 4,695 — 4,695 — Non-agency residential 443 — 443 — Foreign government securities 1,967 — 1,967 — Foreign corporate securities 5,540 — 5,524 16 Total fixed maturities - available for sale 27,740 — 25,747 1,993 Equity securities, fair value 188 70 118 — (Some amounts may not reconcile due to rounding.)
Schedule of Activity under Level 3, Fair Value Measurements using Significant Unobservable Inputs by Asset Type	The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated: Total Fixed Maturities - Available for Sale Three Months Ended March 31, 2024 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance of fixed maturities $ 672 $ 1,305 $ 16 $ 1,993 Total gains or (losses) (realized/unrealized) Included in earnings 1 — — 1 Included in other comprehensive income (loss) — 7 — 7 Purchases, issuances and settlements (52) 28 (1) (25) Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — Ending balance of fixed maturities $ 620 $ 1,340 $ 16 $ 1,976 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 1 $ — $ — $ 1 (Some amounts may not reconcile due to rounding.) Total Fixed Maturities - Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance of fixed maturities $ 715 $ 994 $ 16 $ 1,725 Total gains or (losses) (realized/unrealized) Included in earnings 1 — — 1 Included in other comprehensive income (loss) (4) 18 — 14 Purchases, issuances and settlements (3) 9 — 5 Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — Ending balance of fixed maturities $ 709 $ 1,020 $ 16 $ 1,745 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ — $ — $ — $ — (Some amounts may not reconcile due to rounding.)

RESERVE FOR LOSSES AND LAE (Tab

RESERVE FOR LOSSES AND LAE (Tables)	3 Months Ended
RESERVE FOR LOSSES AND LAE (Tables)	Mar. 31, 2024
Insurance [Abstract]
Schedule of Activity in the Reserve for Losses and LAE	Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated: Three Months Ended 2024 2023 (Dollars in millions) Gross reserves beginning of period $ 24,604 $ 22,065 Less reinsurance recoverables on unpaid losses (2,098) (2,105) Net reserves beginning of period 22,506 19,960 Incurred related to: Current year 2,237 1,966 Prior years — — Total incurred losses and LAE 2,237 1,966 Paid related to: Current year 319 684 Prior years 1,183 641 Total paid losses and LAE 1,502 1,325 Foreign exchange/translation adjustment (114) 152 Net reserves end of period 23,127 20,753 Plus reinsurance recoverables on unpaid losses 2,084 2,125 Gross reserves end of period $ 25,211 $ 22,878 (Some amounts may not reconcile due to rounding.)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Underwriting Results for Segments	The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended March 31, 2024 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 3,175 $ 1,236 $ 4,411 Net written premiums 2,942 958 3,900 Premiums earned $ 2,728 $ 923 $ 3,652 Incurred losses and LAE 1,641 596 2,237 Commission and brokerage 671 111 782 Other underwriting expenses 71 153 224 Underwriting gain (loss) $ 345 $ 64 $ 409 Net investment income 457 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) Reinsurance Insurance Total Gross written premiums $ 2,620 $ 1,122 $ 3,743 Net written premiums 2,438 891 3,329 Premiums earned $ 2,226 $ 874 $ 3,100 Incurred losses and LAE 1,401 565 1,966 Commission and brokerage 556 105 661 Other underwriting expenses 63 137 200 Underwriting gain (loss) $ 205 $ 67 $ 273 Net investment income 260 Net gains (losses) on investments 5 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.)

CREDIT FACILITIES (Tables)

CREDIT FACILITIES (Tables)	3 Months Ended
CREDIT FACILITIES (Tables)	Mar. 31, 2024
Line of Credit Facility [Abstract]
Schedule of Outstanding Letters of Credit and Borrowings	The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 478 12/31/2024 $ 500 $ 97 6/24/2024 — 71 6/28/2024 — 318 12/31/2024 — — $ 500 $ 478 $ 500 $ 486 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 197 12/31/2024 $ 230 $ — 1/21/2024 — 1/21/2025 4 2/29/2024 4 2/28/2025 1 3/1/2024 1 3/1/2025 3 9/23/2024 1 3/15/2025 1 12/1/2024 — 3/16/2025 — 12/16/2024 1 8/15/2025 — 12/20/2024 3 9/23/2025 217 12/31/2024 1 12/1/2025 1 8/15/2025 — 12/16/2025 — 12/20/2025 3 12/31/2025 Bermuda Re Citibank LOC Facility - Uncommitted 140 107 12/31/2024 140 105 12/31/2024 — 12/30/2027 7 12/30/2027 7 3/30/2028 Total Citibank Bilateral Agreement $ 370 $ 327 $ 370 $ 340 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 188 12/31/2024 $ 200 $ 192 12/31/2024 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2024 $ 150 $ 150 12/31/2024 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 250 $ 235 12/31/2024 $ 250 $ 235 12/31/2024 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 150 12/30/2024 $ 200 $ 168 12/30/2024 14 14 12/31/2024 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 164 $ 200 $ 182 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2024 At December 31, 2023 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Nordea Bank Letter of Credit Facility - Committed $ 200 $ 200 12/31/2024 $ 200 $ 200 12/31/2024 Nordea Bank Letter of Credit Facility - Uncommitted 100 100 12/31/2024 100 100 12/31/2024 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 300 $ 300 $ 300 (Some amounts may not reconcile due to rounding.)

SENIOR NOTES (Tables)

SENIOR NOTES (Tables)	3 Months Ended
SENIOR NOTES (Tables)	Mar. 31, 2024
Senior Notes [Abstract]
Schedule of Outstanding Senior Notes	The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2024 December 31, 2023 (Dollars in millions) Date Issued Date Due Principal Consolidated Balance Fair Value Consolidated Balance Fair Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400 $ 398 $ 363 $ 398 $ 369 3.5% Senior notes 10/7/2020 10/15/2050 1,000 981 702 981 742 3.125% Senior notes 10/4/2021 10/15/2052 1,000 970 648 970 688 $ 2,400 $ 2,349 $ 1,713 $ 2,349 $ 1,799 (Some amounts may not reconcile due to rounding.)
Schedule of Interest Expense Incurred in Connection with Senior Notes	Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) Interest Paid Payable Dates 2024 2023 4.868% Senior notes semi-annually June 1/December 1 $ 5 $ 5 3.5% Senior notes semi-annually April 15/October 15 9 9 3.125% Senior notes semi-annually April 15/October 15 8 8 $ 22 $ 22 (Some amounts may not reconcile due to rounding.)

LONG-TERM SUBORDINATED NOTES (T

LONG-TERM SUBORDINATED NOTES (Tables)	3 Months Ended
LONG-TERM SUBORDINATED NOTES (Tables)	Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract]
Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes	The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date March 31, 2024 December 31, 2023 (Dollars in millions) Date Issued Original Scheduled Final Consolidated Balance Fair Value Consolidated Balance Fair Value Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 205 $ 218 $ 187
Schedule of Interest Expense Incurred in Connection with Long Term Subordinated Notes	Interest expense incurred in connection with these long-term subordinated notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Interest expense incurred $ 4 $ 4

COLLATERALIZED REINSURANCE, T_2

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Collateralized Reinsurance And Trust Agreements [Abstract]
Schedule of Restricted Assets	The following table summarizes the Company’s restricted assets: At March 31, At December 31, (Dollars in millions) 2024 2023 Collateral in trust for non-affiliated agreements (1) $ 3,178 $ 3,208 Collateral for secured letter of credit facilities 1,427 1,438 Collateral for FHLB borrowings 1,067 1,077 Securities on deposit with or regulated by government authorities 1,415 1,447 Funds at Lloyd's 532 538 Funds held by reinsureds 1,155 1,135 Total restricted assets 8,774 8,843 (1) At March 31, 2024 and December 31, 2023, the total amount on deposit in trust accounts includes $299 million and $243 million of restricted cash respectively.
Schedule of Premiums and Losses Ceded	The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Three Months Ended Mt. Logan Re Segregated Accounts 2024 2023 (Dollars in millions) Ceded written premiums $ 87 $ 53 Ceded earned premiums 87 46 Ceded losses and LAE 38 36 Assumed written premiums 1 1 Assumed earned premiums 1 1 Assumed losses and LAE — —
Schedule of Collateralized Reinsurance Agreements	The table below summarizes the various agreements. (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/25/2025 300 Aggregate Total available limit as of March 31, 2024 $ 1,375

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Mar. 31, 2024
Other Comprehensive Income (Loss), Tax [Abstract]
Schedule of Components of Comprehensive Income (Loss)	The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2024 (Dollars in millions) Before Tax Tax Effect Net of Tax URA(D) on securities - non-credit related $ (192) $ 34 $ (158) Reclassification of net realized losses (gains) included in net income (loss) 5 (1) 5 Foreign currency translation adjustments (43) 5 (38) Reclassification of benefit plan liability amortization included in net income (loss) 1 — — Total other comprehensive income (loss) $ (229) $ 38 $ (191) (Some amounts may not reconcile due to rounding) Three Months Ended March 31, 2023 (Dollars in millions) Before Tax Tax Effect Net of Tax URA(D) on securities - non-credit related $ 273 $ (27) $ 246 Reclassification of net realized losses (gains) included in net income (loss) 6 (3) 3 Foreign currency translation adjustments 33 (2) 31 Reclassification of benefit plan liability amortization included in net income (loss) — — — Total other comprehensive income (loss) $ 312 $ (32) $ 280 (Some amounts may not reconcile due to rounding)
Schedule of Amount Reclassified from Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Affected line item within the statements of operations and comprehensive income (loss) AOCI component 2024 2023 (Dollars in millions) URA(D) on securities $ 5 $ 6 Other net realized capital gains (losses) (1) (3) Income tax expense (benefit) $ 5 $ 3 Net income (loss) Benefit plan net gain (loss) $ 1 $ — Other underwriting expenses — — Income tax expense (benefit) $ — $ — Net income (loss) (Some amounts may not reconcile due to rounding)
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax	The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended (Dollars in millions) 2024 2023 Beginning balance of URA(D) on securities $ (723) $ (1,709) Current period change in URA(D) of investments - non-credit related (153) 249 Ending balance of URA(D) on securities (876) (1,460) Beginning balance of foreign currency translation adjustments (195) (254) Current period change in foreign currency translation adjustments (38) 31 Ending balance of foreign currency translation adjustments (233) (223) Beginning balance of benefit plan net gain (loss) (16) (33) Current period change in benefit plan net gain (loss) — — Ending balance of benefit plan net gain (loss) (16) (33) Ending balance of accumulated other comprehensive income (loss) $ (1,125) $ (1,716) (Some amounts may not reconcile due to rounding.)

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) per Common Share	Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended (Dollars in millions, except per share amounts) 2024 2023 Net income (loss) per share: Numerator Net income (loss) $ 733 $ 365 Less: dividends declared - common shares and unvested common shares (76) (65) Undistributed earnings 657 300 Percentage allocated to common shareholders (1) 98.9% 98.7% 649 296 Add: dividends declared - common shareholders 75 64 Numerator for basic and diluted earnings per common share $ 725 $ 360 Denominator Denominator for basic earnings per weighted-average common shares 42.9 38.7 Effect of dilutive securities: Options — — Denominator for diluted earnings per adjusted weighted-average common shares 42.9 38.7 Per common share net income (loss) Basic $ 16.87 $ 9.31 Diluted $ 16.87 $ 9.31 (1) Basic weighted - average common shares outstanding 42.9 38.7 Basic weighted - average common shares outstanding and unvested common shares expected to vest 43.4 39.2 Percentage allocated to common shareholders 98.9% 98.7% (Some amounts may not reconcile due to rounding.)

INVESTMENTS - Schedule of Amort

INVESTMENTS - Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fixed maturity securities - available for sale
Amortized Cost	$ 29,311	$ 28,568
Allowance for Credit Losses	(46)	(48)	$ (62)	$ (54)
Unrealized Appreciation	240	358
Unrealized Depreciation	(1,209)	(1,137)
Fair Value	28,297	27,740
Fixed maturity securities - held to maturity
Amortized Cost	849	864
Allowance for Credit Losses	(9)	(8)	(9)	(9)
Unrealized Appreciation	15	12
Unrealized Depreciation	(13)	(13)
Fair Value	842	854
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fixed maturity securities - available for sale
Amortized Cost	1,042	1,045
Allowance for Credit Losses	0	0
Unrealized Appreciation	3	3
Unrealized Depreciation	(52)	(52)
Fair Value	993	996
Obligations of U.S. states and political subdivisions
Fixed maturity securities - available for sale
Amortized Cost	125	138
Allowance for Credit Losses	0	0
Unrealized Appreciation	1	1
Unrealized Depreciation	(10)	(11)
Fair Value	115	128
Corporate Securities
Fixed maturity securities - available for sale
Amortized Cost	8,192	7,587
Allowance for Credit Losses	(45)	(47)	(55)	(45)
Unrealized Appreciation	94	135
Unrealized Depreciation	(329)	(322)
Fair Value	7,912	7,353
Fixed maturity securities - held to maturity
Amortized Cost	175	150
Allowance for Credit Losses	(2)	(2)	(2)	(2)
Unrealized Appreciation	5	1
Unrealized Depreciation	(4)	(3)
Fair Value	173	146
Asset-backed Securities
Fixed maturity securities - available for sale
Amortized Cost	5,310	5,644
Allowance for Credit Losses	0	0
Unrealized Appreciation	27	25
Unrealized Depreciation	(33)	(51)
Fair Value	5,305	5,618
Fixed maturity securities - held to maturity
Amortized Cost	569	609
Allowance for Credit Losses	(5)	(5)	(6)	(6)
Unrealized Appreciation	4	4
Unrealized Depreciation	(9)	(10)
Fair Value	559	597
Commercial
Fixed maturity securities - available for sale
Amortized Cost	1,064	1,091
Allowance for Credit Losses	0	0
Unrealized Appreciation	1	1
Unrealized Depreciation	(84)	(92)
Fair Value	981	1,000
Fixed maturity securities - held to maturity
Amortized Cost	21	21
Allowance for Credit Losses	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	0	0
Fair Value	21	21
Agency Residential
Fixed maturity securities - available for sale
Amortized Cost	4,835	4,869
Allowance for Credit Losses	0	0
Unrealized Appreciation	30	55
Unrealized Depreciation	(280)	(229)
Fair Value	4,585	4,695
Non-agency Residential
Fixed maturity securities - available for sale
Amortized Cost	668	431
Allowance for Credit Losses	0	0
Unrealized Appreciation	8	14
Unrealized Depreciation	(4)	(2)
Fair Value	672	443
Foreign government securities
Fixed maturity securities - available for sale
Amortized Cost	2,240	2,042
Allowance for Credit Losses	0	0
Unrealized Appreciation	16	33
Unrealized Depreciation	(131)	(108)
Fair Value	2,124	1,967
Foreign corporate securities
Fixed maturity securities - available for sale
Amortized Cost	5,835	5,720
Allowance for Credit Losses	0	(1)	(7)	(10)
Unrealized Appreciation	60	92
Unrealized Depreciation	(285)	(271)
Fair Value	5,609	5,540
Fixed maturity securities - held to maturity
Amortized Cost	84	84
Allowance for Credit Losses	(1)	(1)	$ (1)	$ (1)
Unrealized Appreciation	6	7
Unrealized Depreciation	0	0
Fair Value	$ 89	$ 90

INVESTMENTS - Schedule of Amo_2

INVESTMENTS - Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 1,487	$ 1,289
Due after one year through five years	7,144	7,094
Due after five years through ten years	6,235	5,613
Due after ten years	2,569	2,537
Amortized Cost	29,311	28,568
Fair Value
Due in one year or less	1,454	1,261
Due after one year through five years	6,858	6,858
Due after five years through ten years	5,959	5,405
Due after ten years	2,483	2,460
Fair Value	28,297	27,740
Amortized Cost
Due in one year or less	10	5
Due after one year through five years	54	59
Due after five years through ten years	43	43
Due after ten years	152	127
Amortized Cost	849	864
Fair Value
Due in one year or less	10	5
Due after one year through five years	54	58
Due after five years through ten years	41	42
Due after ten years	157	131
Fair Value	842	854
Asset-backed Securities
Amortized Cost
Amortized Cost	5,310	5,644
Fair Value
Fair Value	5,305	5,618
Amortized Cost
Amortized Cost	569	609
Fair Value
Fair Value	559	597
Commercial
Amortized Cost
Amortized Cost	1,064	1,091
Fair Value
Fair Value	981	1,000
Amortized Cost
Amortized Cost	21	21
Fair Value
Fair Value	21	21
Agency Residential
Amortized Cost
Amortized Cost	4,835	4,869
Fair Value
Fair Value	4,585	4,695
Non-agency Residential
Amortized Cost
Amortized Cost	668	431
Fair Value
Fair Value	$ 672	$ 443

INVESTMENTS - Schedule of Chang

INVESTMENTS - Schedule of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Change in URA(D), pre-tax	$ (186)	$ 279
Deferred tax benefit (expense)	33	(30)
Total URA(D) on securities arising during the period	(153)	249
Fixed maturity securities - available for sale and short-term investments
Debt Securities, Available-for-Sale [Line Items]
Change in URA(D), pre-tax	$ (186)	$ 279

INVESTMENTS - Schedule of Aggre

INVESTMENTS - Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Security Type (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 5,267	$ 2,566
Greater than 12 months	11,143	12,222
Total	16,409	14,789
Gross Unrealized Depreciation
Less than 12 months	(116)	(102)
Greater than 12 months	(1,092)	(1,035)
Total	(1,209)	(1,137)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	5,233	2,564
Greater than 12 months	11,141	12,222
Total	16,374	14,787
Gross Unrealized Depreciation
Less than 12 months	(115)	(101)
Greater than 12 months	(1,092)	(1,035)
Total	(1,208)	(1,136)
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value
Less than 12 months	159	122
Greater than 12 months	749	772
Total	908	893
Gross Unrealized Depreciation
Less than 12 months	(3)	(3)
Greater than 12 months	(49)	(49)
Total	(52)	(52)
Obligations of U.S. states and political subdivisions
Fair Value
Less than 12 months	8	3
Greater than 12 months	63	74
Total	71	77
Gross Unrealized Depreciation
Less than 12 months	0	0
Greater than 12 months	(9)	(11)
Total	(10)	(11)
Corporate Securities
Fair Value
Less than 12 months	1,767	1,019
Greater than 12 months	2,911	2,780
Total	4,678	3,799
Gross Unrealized Depreciation
Less than 12 months	(47)	(58)
Greater than 12 months	(282)	(263)
Total	(329)	(321)
Asset-backed Securities
Fair Value
Less than 12 months	399	196
Greater than 12 months	943	2,014
Total	1,342	2,210
Gross Unrealized Depreciation
Less than 12 months	(3)	(2)
Greater than 12 months	(30)	(49)
Total	(33)	(51)
Commercial
Fair Value
Less than 12 months	167	181
Greater than 12 months	722	742
Total	890	923
Gross Unrealized Depreciation
Less than 12 months	(17)	(19)
Greater than 12 months	(66)	(73)
Total	(84)	(92)
Agency Residential
Fair Value
Less than 12 months	1,143	423
Greater than 12 months	2,101	2,126
Total	3,244	2,549
Gross Unrealized Depreciation
Less than 12 months	(18)	(4)
Greater than 12 months	(262)	(225)
Total	(280)	(229)
Non-agency Residential
Fair Value
Less than 12 months	211	126
Greater than 12 months	5	4
Total	215	130
Gross Unrealized Depreciation
Less than 12 months	(4)	(1)
Greater than 12 months	0	0
Total	(4)	0
Foreign government securities
Fair Value
Less than 12 months	494	172
Greater than 12 months	994	985
Total	1,488	1,156
Gross Unrealized Depreciation
Less than 12 months	(14)	(7)
Greater than 12 months	(117)	(101)
Total	(131)	(108)
Foreign corporate securities
Fair Value
Less than 12 months	885	324
Greater than 12 months	2,653	2,726
Total	3,537	3,050
Gross Unrealized Depreciation
Less than 12 months	(9)	(6)
Greater than 12 months	(276)	(265)
Total	(285)	(271)
Recorded an Allowance for Credit Losses
Fair Value
Less than 12 months	33	2
Greater than 12 months	2	0
Total	35	2
Gross Unrealized Depreciation
Less than 12 months	(1)	(1)
Greater than 12 months	0	0
Total	$ (1)	$ (1)

INVESTMENTS - Schedule of Agg_2

INVESTMENTS - Schedule of Aggregate Fair Value and Gross Unrealized Depreciation of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 5,267	$ 2,566
Greater than 12 months	11,143	12,222
Total	16,409	14,789
Gross Unrealized Depreciation
Less than 12 months	(116)	(102)
Greater than 12 months	(1,092)	(1,035)
Total	(1,209)	(1,137)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	5,233	2,564
Greater than 12 months	11,141	12,222
Total	16,374	14,787
Gross Unrealized Depreciation
Less than 12 months	(115)	(101)
Greater than 12 months	(1,092)	(1,035)
Total	(1,208)	(1,136)
Due in one year or less
Fair Value
Less than 12 months	214	184
Greater than 12 months	876	773
Total	1,090	958
Gross Unrealized Depreciation
Less than 12 months	(3)	(3)
Greater than 12 months	(36)	(30)
Total	(39)	(33)
Due in one year through five years
Fair Value
Less than 12 months	1,135	699
Greater than 12 months	3,822	3,841
Total	4,958	4,540
Gross Unrealized Depreciation
Less than 12 months	(18)	(18)
Greater than 12 months	(299)	(271)
Total	(317)	(289)
Due in five years through ten years
Fair Value
Less than 12 months	1,282	328
Greater than 12 months	2,234	2,306
Total	3,516	2,633
Gross Unrealized Depreciation
Less than 12 months	(25)	(15)
Greater than 12 months	(325)	(310)
Total	(350)	(325)
Due after ten years
Fair Value
Less than 12 months	682	429
Greater than 12 months	438	417
Total	1,119	845
Gross Unrealized Depreciation
Less than 12 months	(26)	(39)
Greater than 12 months	(74)	(77)
Total	(100)	(116)
Asset-backed Securities
Fair Value
Less than 12 months	399	196
Greater than 12 months	943	2,014
Total	1,342	2,210
Gross Unrealized Depreciation
Less than 12 months	(3)	(2)
Greater than 12 months	(30)	(49)
Total	(33)	(51)
Mortgage-backed securities
Fair Value
Less than 12 months	1,521	729
Greater than 12 months	2,828	2,872
Total	4,349	3,601
Gross Unrealized Depreciation
Less than 12 months	(40)	(24)
Greater than 12 months	(328)	(298)
Total	(368)	(323)
Recorded an Allowance for Credit Losses
Fair Value
Less than 12 months	33	2
Greater than 12 months	2	0
Total	35	2
Gross Unrealized Depreciation
Less than 12 months	(1)	(1)
Greater than 12 months	0	0
Total	$ (1)	$ (1)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
INVESTMENTS - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-Sale [Line Items]
Aggregate market value of investments in unrealized loss position	$ 16,409	$ 14,789
Gross unrealized losses on investments in unrealized loss position	1,209	1,137
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	116	102
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	1,092	1,035
Additional contractual commitments	2,800
Cash surrender value of life insurance	$ 1,400	$ 1,300
Number of securities held as primary beneficiary \| security	0	0
Variable Interest Entity, Not Primary Beneficiary
Debt Securities, Available-for-Sale [Line Items]
Maximum exposure to loss	$ 4,900	$ 4,800
Commitments to fund investments	$ 2,200
Investments, Debt Securities Benchmark \| Issuer \| Issuer One
Debt Securities, Available-for-Sale [Line Items]
Percentage of overall fair value of fixed maturity securities available for sale, less than	3%	3%
Investments, Debt Securities Benchmark \| Issuer \| Issuer Two
Debt Securities, Available-for-Sale [Line Items]
Percentage of overall fair value of fixed maturity securities available for sale, less than	0.70%	0.70%
Investment Grade
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	$ 108	$ 86
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	1,100	1,000
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation		102
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	$ 1,100	$ 1,000

INVESTMENTS - Schedule of Compo

INVESTMENTS - Schedule of Components of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 465	$ 272
Funds held interest income (expense)	6	0
Future policy benefit reserve income (expense)	0	0
Gross investment income	470	272
Investment expenses	13	12
Net investment income	457	260
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	352	247
Equity securities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	1	1
Short-term investments gain (loss)
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	38	17
Limited partnerships
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	54	(15)
Other
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 20	$ 22

INVESTMENTS - Schedule of Com_2

INVESTMENTS - Schedule of Components of Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Total net gains (losses) on investments	$ (7)	$ 5
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Allowance for credit losses	2	(8)
Fixed maturities \| Market Value
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	(7)	2
Equity securities \| Fair Value
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	1	7
Gains (losses) from fair value adjustments	(2)	4
Other invested assets
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	0	0
Short-term investments gain (loss)
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	$ 0	$ 0

INVESTMENTS - Schedule of Roll

INVESTMENTS - Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Available for Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (48)	$ (54)
Credit losses on securities where credit losses were not previously recorded	0	(12)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	3	5
Balance, end of period	(46)	(62)
Corporate Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	(47)	(45)
Credit losses on securities where credit losses were not previously recorded	0	(12)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	2	2
Balance, end of period	(45)	(55)
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Balance, end of period	0
Asset-backed Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Balance, end of period	0
Foreign corporate securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	(10)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	1	3
Balance, end of period	$ 0	$ (7)

INVESTMENTS - Schedule of Rol_2

INVESTMENTS - Schedule of Roll Forward of Allowance for Credit Losses of Fixed Maturities, Held to Maturity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (8)	$ (9)
Credit losses on securities where credit losses were not previously recorded	(1)	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	0
Balance, end of period	(9)	(9)
Corporate Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	(2)	(2)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	0
Balance, end of period	(2)	(2)
Asset-backed Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	(5)	(6)
Credit losses on securities where credit losses were not previously recorded	0	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	0
Balance, end of period	(5)	(6)
Foreign corporate securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	(1)
Credit losses on securities where credit losses were not previously recorded	(1)	0
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	0	0
Balance, end of period	$ (1)	$ (1)

INVESTMENTS - Schedule of Proce

INVESTMENTS - Schedule of Proceeds and Split Between Gross Gains and Losses, from Sales of Fixed Maturity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of fixed maturity securities - available for sale	$ 407	$ 72
Gross gains from dispositions	11	11
Gross losses from dispositions	(18)	(9)
Proceeds from sales of equity securities	0	46
Gross gains from dispositions	1	7
Gross losses from dispositions	$ 0	$ 0

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($)	3 Months Ended
FAIR VALUE - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 28,297,000,000	$ 27,740,000,000
Transfer in and/or (out) of Level 3	0
Other invested assets	1,033,000,000	941,000,000
Investments \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets	258,000,000	274,000,000
Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 2,000,000,000	$ 2,000,000,000

FAIR VALUE - Schedule of Fair V

FAIR VALUE - Schedule of Fair Value Measurement Levels for all Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 28,297	$ 27,740
Equity securities, fair value	216	188
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Equity securities, fair value	69	70
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	26,321	25,747
Equity securities, fair value	147	118
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,976	1,993
Equity securities, fair value	0	0
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	993	996
U.S. Treasury securities and obligations of U.S. government agencies and corporations \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
U.S. Treasury securities and obligations of U.S. government agencies and corporations \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	993	996
U.S. Treasury securities and obligations of U.S. government agencies and corporations \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	115	128
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	115	128
Obligations of U.S. states and political subdivisions \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	7,912	7,353
Corporate Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate Securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	7,292	6,681
Corporate Securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	620	672
Asset-backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,305	5,618
Asset-backed Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Asset-backed Securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	3,964	4,313
Asset-backed Securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,340	1,305
Commercial
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	981	1,000
Commercial \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Commercial \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	981	1,000
Commercial \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency Residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,585	4,695
Agency Residential \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency Residential \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,585	4,695
Agency Residential \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency Residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	672	443
Non-agency Residential \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency Residential \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	672	443
Non-agency Residential \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,124	1,967
Foreign government securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,124	1,967
Foreign government securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,609	5,540
Foreign corporate securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,593	5,524
Foreign corporate securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 16	$ 16

FAIR VALUE - Level 3 Activity (

FAIR VALUE - Level 3 Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
FAIR VALUE - Level 3 Activity (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Total gains or (losses) (realized/unrealized)
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	$ 0
Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance of fixed maturities	1,993,000,000	$ 1,725,000,000	$ 1,725,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings	1,000,000	1,000,000
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]			Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Included in other comprehensive income (loss)	7,000,000	14,000,000
Purchases, issuances and settlements	(25,000,000)	5,000,000
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance of fixed maturities	1,976,000,000	1,745,000,000	$ 1,993,000,000	$ 1,725,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	1,000,000	0
Corporate Securities \| Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance of fixed maturities	672,000,000	715,000,000	715,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings	1,000,000	1,000,000
Included in other comprehensive income (loss)	0	(4,000,000)
Purchases, issuances and settlements	(52,000,000)	(3,000,000)
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance of fixed maturities	620,000,000	709,000,000	672,000,000	715,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	1,000,000	0
Asset-backed Securities \| Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance of fixed maturities	1,305,000,000	994,000,000	994,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings	0	0
Included in other comprehensive income (loss)	7,000,000	18,000,000
Purchases, issuances and settlements	28,000,000	9,000,000
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance of fixed maturities	1,340,000,000	1,020,000,000	1,305,000,000	994,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	0	0
Foreign corporate securities \| Market Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance of fixed maturities	16,000,000	16,000,000	16,000,000
Total gains or (losses) (realized/unrealized)
Included in earnings	0	0
Included in other comprehensive income (loss)	0	0
Purchases, issuances and settlements	(1,000,000)	0
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance of fixed maturities	16,000,000	16,000,000	$ 16,000,000	$ 16,000,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$ 0	$ 0

RESERVE FOR LOSSES AND LAE - Sc

RESERVE FOR LOSSES AND LAE - Schedule of Activity in the Reserve for Losses and LAE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves beginning of period	$ 24,604	$ 22,065
Less reinsurance recoverables on unpaid losses	(2,084)	(2,125)	$ (2,098)	$ (2,105)
Net reserves beginning of period	22,506	19,960
Incurred related to:
Current year	2,237	1,966
Prior years	0	0
Total incurred losses and LAE	2,237	1,966
Paid related to:
Current year	319	684
Prior years	1,183	641
Total paid losses and LAE	1,502	1,325
Foreign exchange/translation adjustment	(114)	152
Net reserves end of period	23,127	20,753
Plus reinsurance recoverables on unpaid losses	2,084	2,125	$ 2,098	$ 2,105
Gross reserves end of period	$ 25,211	$ 22,878

RESERVE FOR LOSSES AND LAE - Na

RESERVE FOR LOSSES AND LAE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Current year losses	$ 2,237	$ 1,966
Higher Premiums Earned
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) in earned premium growth	301
Catastrophe Losses
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) in earned premium growth	$ (30)

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
SEGMENT REPORTING - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of Operating Segments	2

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Underwriting Results for Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Gross written premiums	$ 4,411	$ 3,743
Net written premiums	3,900	3,329
Premiums earned	3,652	3,100
Incurred losses and LAE	2,237	1,966
Commission and brokerage	782	661
Other underwriting expenses	224	200
Underwriting gain (loss)	409	273
Net investment income	457	260
Total net gains (losses) on investments	(7)	5
Corporate expenses	(22)	(19)
Interest, fee and bond issue cost amortization expense	(37)	(32)
Other income (expense)	31	(79)
INCOME (LOSS) BEFORE TAXES	832	408
Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	3,175	2,620
Net written premiums	2,942	2,438
Premiums earned	2,728	2,226
Incurred losses and LAE	1,641	1,401
Commission and brokerage	671	556
Other underwriting expenses	71	63
Underwriting gain (loss)	345	205
Insurance
Segment Reporting Information [Line Items]
Gross written premiums	1,236	1,122
Net written premiums	958	891
Premiums earned	923	874
Incurred losses and LAE	596	565
Commission and brokerage	111	105
Other underwriting expenses	153	137
Underwriting gain (loss)	$ 64	$ 67

CREDIT FACILITIES - Narrative (

CREDIT FACILITIES - Narrative (Details) - USD ($)	3 Months Ended
CREDIT FACILITIES - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 27, 2023	Dec. 13, 2023	Aug. 18, 2023	Dec. 30, 2022	Nov. 21, 2022	Nov. 03, 2021	Aug. 27, 2021	Aug. 09, 2021	May 05, 2021	Feb. 23, 2021
Line of Credit Facility [Line Items]
Line of credit facility, commitment	$ 1,700,000,000
Uncommitted amount available	240,000,000
Extension period for availability					2 years
Borrowings from FHLB	$ 819,000,000		$ 819,000,000
Federal Home Loan Bank of New York \| Everest Reinsurance Company (Everest Re)
Line of Credit Facility [Line Items]
Maximum percentage of admitted assets allowed for borrowing base	10%
Admitted assets for FHLB	$ 27,100,000,000
Maximum amount available under FHLB	2,700,000,000
Borrowings from FHLB	819,000,000
Interest expense incurred	$ 11,000,000	$ 6,000,000
Amount of borrowed funds required to be used to acquire additional membership stock, percentage	4.50%
Federal Home Loan Bank of New York \| Everest Reinsurance Company (Everest Re) \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Qualifying collateral pledged	$ 1,100,000,000
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	500,000,000		500,000,000									$ 500,000,000	$ 50,000,000
Bermuda Re Citibank LOC Facility - Uncommitted
Line of Credit Facility [Line Items]
Uncommitted amount available											$ 140,000,000
Bermuda Re Citibank LOC Facility One
Line of Credit Facility [Line Items]
Line of credit facility, commitment	230,000,000		230,000,000								$ 230,000,000
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000		200,000,000							$ 200,000,000
Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed
Line of Credit Facility [Line Items]
Line of credit facility, commitment	150,000,000		150,000,000				$ 150,000,000
Bermuda Re Lloyd's Bank Credit Facility-Committed
Line of Credit Facility [Line Items]
Line of credit facility, commitment	250,000,000		250,000,000	$ 15,000,000		$ 250,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000		200,000,000						$ 200,000,000
Total Nordea Bank ABP, NY LOC Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	300,000,000		300,000,000					$ 300,000,000
Nordea Bank Letter of Credit Facility - Committed
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000		200,000,000					200,000,000
Nordea Bank Letter of Credit Facility - Uncommitted
Line of Credit Facility [Line Items]
Line of credit facility, commitment	$ 100,000,000		$ 100,000,000					$ 100,000,000

CREDIT FACILITIES - Schedule of

CREDIT FACILITIES - Schedule of Outstanding Letters of Credit and Borrowings (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Dec. 27, 2023	Aug. 18, 2023	Dec. 30, 2022	Nov. 21, 2022	Nov. 03, 2021	Aug. 27, 2021	Aug. 09, 2021	May 05, 2021	Feb. 23, 2021
Line of Credit Facility [Line Items]
Commitment	$ 1,700,000,000
Wells Fargo Bank Bilateral LOC Agreement
Line of Credit Facility [Line Items]
Commitment	500,000,000	$ 500,000,000								$ 500,000,000	$ 50,000,000
In Use	478,000,000	486,000,000
Wells Fargo Bank Bilateral LOC Agreement One
Line of Credit Facility [Line Items]
Commitment	500,000,000	500,000,000
In Use	478,000,000	97,000,000
Wells Fargo Bank Bilateral LOC Agreement Two
Line of Credit Facility [Line Items]
In Use	0	71,000,000
Wells Fargo Bank Bilateral LOC Agreement Three
Line of Credit Facility [Line Items]
In Use	0	318,000,000
Wells Fargo Bank Bilateral LOC Agreement Four
Line of Credit Facility [Line Items]
In Use	0	0
Total Citibank Bilateral Agreement
Line of Credit Facility [Line Items]
Commitment	370,000,000	370,000,000
In Use	327,000,000	340,000,000
Bermuda Re Citibank LOC Facility One
Line of Credit Facility [Line Items]
Commitment	230,000,000	230,000,000							$ 230,000,000
In Use	197,000,000	0
Bermuda Re Citibank LOC Facility Two
Line of Credit Facility [Line Items]
In Use	0	4,000,000
Bermuda Re Citibank LOC Facility Three
Line of Credit Facility [Line Items]
In Use	4,000,000	1,000,000
Bermuda Re Citibank LOC Facility Four
Line of Credit Facility [Line Items]
In Use	1,000,000	3,000,000
Bermuda Re Citibank LOC Facility Five
Line of Credit Facility [Line Items]
In Use	1,000,000	1,000,000
Bermuda Re Citibank LOC Facility Six
Line of Credit Facility [Line Items]
In Use	0	0
Bermuda Re Citibank LOC Facility Seven
Line of Credit Facility [Line Items]
In Use	1,000,000	0
Bermuda Re Citibank LOC Facility Eight
Line of Credit Facility [Line Items]
In Use	3,000,000	217,000,000
Bermuda Re Citibank Letter of Credit Facility Nine
Line of Credit Facility [Line Items]
In Use	1,000,000	1,000,000
Bermuda Re Citibank Letter of Credit Facility Ten
Line of Credit Facility [Line Items]
In Use	0
Bermuda Re Citibank Letter of Credit Facility Eleven
Line of Credit Facility [Line Items]
In Use	0
Bermuda Re Citibank Letter of Credit Facility Twelve
Line of Credit Facility [Line Items]
In Use	3,000,000
Bermuda Re Citibank LOC Facility - Uncommitted Facility One
Line of Credit Facility [Line Items]
Commitment	140,000,000	140,000,000
In Use	107,000,000	105,000,000
Bermuda Re Citibank LOC Facility - Uncommitted Facility Two
Line of Credit Facility [Line Items]
In Use	0	7,000,000
Bermuda Re Citibank LOC Facility - Uncommitted Facility Three
Line of Credit Facility [Line Items]
In Use	7,000,000
Bayerische Landesbank Bilateral Secured Credit Facility
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000						$ 200,000,000
In Use	188,000,000	192,000,000
Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed
Line of Credit Facility [Line Items]
Commitment	150,000,000	150,000,000			$ 150,000,000
In Use	150,000,000	150,000,000
Bermuda Re Lloyd's Bank Credit Facility-Committed
Line of Credit Facility [Line Items]
Commitment	250,000,000	250,000,000	$ 15,000,000	$ 250,000,000
In Use	235,000,000	235,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000					$ 200,000,000
In Use	164,000,000	182,000,000
Bermuda Re Barclays Credit Facility One
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000
In Use	150,000,000	168,000,000
Bermuda Re Barclays Credit Facility Two
Line of Credit Facility [Line Items]
In Use	14,000,000	14,000,000
Total Nordea Bank ABP, NY LOC Facility
Line of Credit Facility [Line Items]
Commitment	300,000,000	300,000,000				$ 300,000,000
In Use	300,000,000	300,000,000
Nordea Bank Letter of Credit Facility - Committed
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000				200,000,000
In Use	200,000,000	200,000,000
Nordea Bank Letter of Credit Facility - Uncommitted
Line of Credit Facility [Line Items]
Commitment	100,000,000	100,000,000				$ 100,000,000
In Use	$ 100,000,000	$ 100,000,000

SENIOR NOTES - Schedule of Outs

SENIOR NOTES - Schedule of Outstanding Senior Notes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 2,349,000,000	$ 2,349,000,000
Senior Notes
Debt Instrument [Line Items]
Principal Amounts	2,400,000,000
Consolidated Balance Sheet Amount	2,349,000,000	2,349,000,000
Fair Value	$ 1,713,000,000	1,799,000,000
Senior Notes \| 4.868% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Principal Amounts	$ 400,000,000
Consolidated Balance Sheet Amount	398,000,000	398,000,000
Fair Value	$ 363,000,000	369,000,000
Senior Notes \| 3.5% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	981,000,000	981,000,000
Fair Value	$ 702,000,000	742,000,000
Senior Notes \| 3.125% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	970,000,000	970,000,000
Fair Value	$ 648,000,000	$ 688,000,000

SENIOR NOTES - Schedule of Inte

SENIOR NOTES - Schedule of Interest Expense Incurred in Connection with Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense incurred	$ 22	$ 22
4.868% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Interest expense incurred	$ 5	5
3.5% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Interest expense incurred	$ 9	9
3.125% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Interest expense incurred	$ 8	$ 8

LONG-TERM SUBORDINATED NOTES -

LONG-TERM SUBORDINATED NOTES - Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 218,000,000	$ 218,000,000
Subordinated Debt \| 6.6 % Long Term Subordinated Notes
Debt Instrument [Line Items]
Original Principal Amount	400,000,000
Consolidated Balance Sheet Amount	218,000,000	218,000,000
Fair Value	$ 205,000,000	$ 187,000,000

LONG-TERM SUBORDINATED NOTES _2

LONG-TERM SUBORDINATED NOTES - Narrative (Details)	3 Months Ended
LONG-TERM SUBORDINATED NOTES - Narrative (Details)	Mar. 31, 2024	May 14, 2024	May 14, 2017
Subordinated Debt \| 6.6 % Long Term Subordinated Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate			6.60%
Percentage of principal amount required for redemption	100%
Subordinated Debt \| 6.6 % Long Term Subordinated Notes \| Forecast
Debt Instrument [Line Items]
Reset quarterly interest rate		8.03%
Subordinated Debt \| 6.6 % Long Term Subordinated Notes \| Maximum
Debt Instrument [Line Items]
Right to defer interest on one or more occasions for up to number of consecutive years	10 years
Subordinated Debt \| 6.6 % Long Term Subordinated Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.385%
Senior Notes \| 4.868% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Senior Notes \| 3.5% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Senior Notes \| 3.125% Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%

LONG-TERM SUBORDINATED NOTES _3

LONG-TERM SUBORDINATED NOTES - Schedule of Interest Expense Incurred in Connection with Long Term Subordinated Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
Interest expense incurred	$ 4	$ 4

COLLATERALIZED REINSURANCE, T_3

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Restricted Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Collateralized Reinsurance And Trust Agreements [Abstract]
Collateral in trust for non-affiliated agreements	$ 3,178	$ 3,208
Collateral for secured letter of credit facilities	1,427	1,438
Collateral for FHLB borrowings	1,067	1,077
Securities on deposit with or regulated by government authorities	1,415	1,447
Funds at Lloyd's	532	538
Funds held by reinsureds	1,155	1,135
Total restricted assets	8,774	8,843
Restricted cash	$ 299	$ 243

COLLATERALIZED REINSURANCE, T_4

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Effects of Reinsurance [Line Items]
Catastrophe bond protection, threshold	$ 350
Mt Logan Re
Effects of Reinsurance [Line Items]
Percentage of voting common shares owned by Group	100%

COLLATERALIZED REINSURANCE, T_5

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Premiums and Losses Ceded (Details) - Mt Logan Re - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effects of Reinsurance [Line Items]
Ceded written premiums	$ 87	$ 53
Ceded earned premiums	87	46
Ceded losses and LAE	38	36
Assumed written premiums	1	1
Assumed earned premiums	1	1
Assumed losses and LAE	$ 0	$ 0

COLLATERALIZED REINSURANCE, T_6

COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS - Schedule of Collateralized Reinsurance Agreements (Details) - Kilimanjaro Re Limited $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Effects of Reinsurance [Line Items]
Limit	$ 1,375
Reinsurance Contract [Axis]: Series 2019-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	150
Reinsurance Contract [Axis]: Series 2019-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	275
Reinsurance Contract [Axis]: Series 2021-1 Class A-1
Effects of Reinsurance [Line Items]
Limit	150
Reinsurance Contract [Axis]: Series 2021-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	150
Reinsurance Contract [Axis]: Series 2021-1 Class B-1
Effects of Reinsurance [Line Items]
Limit	85
Reinsurance Contract [Axis]: Series 2021-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	90
Reinsurance Contract [Axis]: Series 2021-1 Class C-1
Effects of Reinsurance [Line Items]
Limit	85
Reinsurance Contract [Axis]: Series 2021-1 Class C-2
Effects of Reinsurance [Line Items]
Limit	90
Reinsurance Contract [Axis]: Series 2022-1 Class A
Effects of Reinsurance [Line Items]
Limit	$ 300

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Before Tax
Total other comprehensive income (loss)	$ (229)	$ 312
Tax Effect
Total other comprehensive income (loss)	38	(32)
Net of Tax
Total other comprehensive income (loss), net of tax	(191)	280
URA(D) on securities
Before Tax
OCI before reclassification, before tax	(192)	273
Reclassification from AOCI, before tax	5	6
Tax Effect
OCI before reclassification, tax effect	34	(27)
Reclassification from AOCI, tax	(1)	(3)
Net of Tax
OCI before reclassifications, net of tax	(158)	246
Reclassification from AOCI, net of tax	5	3
Total other comprehensive income (loss), net of tax	(153)	249
Foreign currency translation adjustments
Before Tax
OCI before reclassification, before tax	(43)	33
Tax Effect
OCI before reclassification, tax effect	5	(2)
Net of Tax
OCI before reclassifications, net of tax	(38)	31
Total other comprehensive income (loss), net of tax	(38)	31
Benefit plan net gain (loss)
Before Tax
Reclassification from AOCI, before tax	1	0
Tax Effect
Reclassification from AOCI, tax	0	0
Net of Tax
Reclassification from AOCI, net of tax	0	0
Total other comprehensive income (loss), net of tax	$ 0	$ 0

OTHER COMPREHENSIVE INCOME (L_4

OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Amount Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	$ (7)	$ 5
Income tax expense (benefit)	(99)	(43)
Other underwriting expenses	(224)	(200)
Net income (loss)	733	365
URA(D) on securities \| Reclassification From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	5	6
Income tax expense (benefit)	(1)	(3)
Net income (loss)	5	3
Benefit plan net gain (loss) \| Reclassification From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)	0	0
Other underwriting expenses	1	0
Net income (loss)	$ 0	$ 0

OTHER COMPREHENSIVE INCOME (L_5

OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	$ 13,202
Current period change	(191)	$ 280
Balance end of period	13,628	9,014
URA(D) on securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(723)	(1,709)
Current period change	(153)	249
Balance end of period	(876)	(1,460)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(195)	(254)
Current period change	(38)	31
Balance end of period	(233)	(223)
Benefit plan net gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(16)	(33)
Current period change	0	0
Balance end of period	(16)	(33)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(934)	(1,996)
Current period change	(191)	280
Balance end of period	$ (1,125)	$ (1,716)

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Details) - $ / shares				3 Months Ended
SHARE-BASED COMPENSATION PLANS (Details) - $ / shares	Feb. 29, 2024	Feb. 28, 2024	Feb. 23, 2023	Mar. 31, 2024
Restricted Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period in shares)	7,104	207,839	174,171	214,943
Weighted-average grant-date fair value of equity awards other than options granted (in dollars per share)	$ 367.040	$ 369.518	$ 382.385
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period in shares)		18,713	14,975
Weighted-average grant-date fair value of equity awards other than options granted (in dollars per share)		$ 369.518	$ 382.385

EARNINGS PER COMMON SHARE - Sch

EARNINGS PER COMMON SHARE - Schedule of Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income (loss)	$ 733	$ 365
Less: dividends declared - common shares and unvested common shares	(76)	(65)
Undistributed earnings, basic	657	300
Undistributed earnings, diluted	$ 657	$ 300
Percentage allocated to common shareholders	98.90%	98.70%
Net income (loss) available to common stockholders, basic before dividends, common stock	$ 649	$ 296
Net income (loss) available to common stockholders, diluted before dividends, common stock	649	296
Add: dividends declared - common shareholders	75	64
Numerator for basic earnings per common share	725	360
Numerator for diluted earnings per common share	$ 725	$ 360
Denominator
Denominator for basic earnings per weighted-average common shares	42.9	38.7
Effect of dilutive securities:
Options	0	0
Denominator for diluted earnings per adjusted weighted-average common shares	42.9	38.7
Per common share net income (loss)
Basic (in dollars per share)	$ 16.87	$ 9.31
Diluted (in dollars per share)	$ 16.87	$ 9.31
Basic weighted-average common shares outstanding	42.9	38.7
Basic weighted - average common shares outstanding and unvested common shares expected to vest	43.4	39.2

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Number of options outstanding (in shares)	0	0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred Foreign Income Tax Expense (Benefit)		$ 578
Accrual withholding taxes, percent	5%