Everest Group, Ltd.

“Everest is a Bermuda-based reinsurance and insurance organization.”

“Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor’s (“S&P”) 500 Index”

“As used in this document, "Group" means Everest Group, Ltd.; "Bermuda Re" means Everest Reinsurance (Bermuda), Ltd.”

“The Company’s principal business, conducted through its Reinsurance and Insurance reportable segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets.”

“During 2024, we formed a new “Other” segment, primarily comprised of the results of our sports and leisure business sold in October 2024”

“In 2025, no single program administrator accounted for more than 4.3% of the Insurance segment’s gross written premium in total.”

“Approximately 65.9%, 27.0% and 7.1% of the Company’s 2025 gross written premiums were written in the broker reinsurance market, the insurance business and the direct reinsurance market, respectively.”

“reflecting a $288 million, or 5.7% decrease in our insurance business, a $122 million, or 57.3% decrease in business within the Other segment and a $116 million, or 0.9% decrease in our reinsurance business”

“The change was primarily the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling”

“Everest Corporate Member Limited (“ECML”) writes insurance business through Lloyd's of London (“Lloyd's”) Syndicate 2786, a wholly-owned Everest syndicate supported by funds at Lloyd’s provided by ECML.”

“entered into adverse development reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company”

“sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million.”

“sell the renewal rights for certain lines of commercial retail insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million.”

“sell the renewal rights for certain lines of commercial retail insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million”

“These transactions sharpen the Company’s focus on its core global reinsurance business as well as its global wholesale and specialty insurance businesses.”

“These transactions sharpen the Company’s focus on its core global reinsurance business as well as its global wholesale and specialty insurance businesses.”

“our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of the renewal rights for our commercial retail insurance business”

“we had $1.4 billion of fixed maturity securities - available for sale maturing within one year or less, $10.8 billion maturing within one to five years and $8.6 billion maturing after five years at December 31, 2025.”

“As of December 31, 2025, Everest Re had statutory admitted assets of approximately $32.6 billion which provides borrowing capacity of up to approximately $3.3 billion. As of December 31, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2026.”

“Total debt3,589 3,587 3,385 — %6.0 %”

“Our net income of $1.6 billion for the year ended December 31, 2025 is inclusive of unfavorable development of prior-year loss reserves of $657 million.”

“the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.”

“In 2025, we repurchased 2,394,763 of our common shares at a cost of $797 million in the open market and paid $335 million in common share dividends”

“we had $21 million of net pre-tax unrealized appreciation related to fixed maturity - available for sale securities, comprised of $619 million of pre-tax unrealized depreciation and $640 million of pre-tax unrealized appreciation.”

“Gain (loss) from sale of sports and leisure business— 40”

“Our financial strength ratings, as determined by A.M. Best Company ("A.M. Best"), Moody's and S&P, are important, as they provide our customers and investors with an independent assessment of our financial strength”

“Regulatory targeted capital$— $3,151 $5,119 $4,799 Actual capital$4,209 $4,323 $8,856 $8,126”

“Our two main operating companies, Bermuda Re and Everest Re, are regulated by the Bermuda Monetary Authority (the "BMA") and the State of Delaware's Department of Insurance, respectively.”

“during the past five calendar years, pre-tax catastrophe losses, net of reinsurance, were as follows: Calendar year:Pre-tax net catastrophe losses (Dollars in millions) 2025$726 2024755 2023470 20221,055 20211,135”

“social inflation factors such as uncertain legal system outcomes, increased frequency of high-severity claims and third-party litigation funding”

“$471 million of unfavorable development on prior years attritional losses from the Insurance segment due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024”

“Like many other property and casualty insurance and reinsurance companies, the Company has experienced loss development for prior accident years, which has impacted losses and LAE reserves and caused corresponding effects to income (loss) in the periods in which the adjustments were made.”

“Loss experience in our lines of business is very unpredictable and has been exacerbated by social inflation factors such as uncertain legal system outcomes, increased frequency of high-severity claims and third-party litigation funding.”

“As of December 31, 2025, 0.6% of our gross reserves were comprised of A&E reserves.”

“Secondary perils, such as severe convective storms, may also become increasingly impactful. Climate change and resulting changes in global temperatures, weather patterns and sea levels may both increase the frequency and severity of natural catastrophes”

“The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and market.”

“our ability to renew our current reinsurance or retrocessional reinsurance arrangements or obtain desired amounts of new or replacement coverage on favorable terms may be substantially reduced as a result of the impact of inflation, industry catastrophic losses to reinsurer capital and the appetite for certain lines of business”

“catastrophe model projections are still inherently imprecise. In addition, uncertainties with respect to future climatic patterns and cycles could add further uncertainty to loss projections”

“primarily related to aviation losses associated with the Russia/Ukraine war and casualty reserves”

“each of A.M. Best, S&P and Moody's has assigned a negative outlook to our financial strength”

“our dependence on brokers and agents for business development”

“Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.”

“the effects of measures taken by domestic or foreign governments on our business, including but not limited to the impact of tariffs imposed or threatened by the U.S. or foreign governments”