2024 Annual Report

2024 was pivotal for Everest.

The Board oversaw and supported

decisive actions aimed at

delivering the best outcomes for all stakeholders, and strong, sustainable returns for our shareholders across the cycle.

Everest tackled challenges facing its North American casualty business head-on. At the same time, we strived to advance our leadership across the global P&C landscape.

We demonstrated the importance of Everest's balance sheet and our role aiding recovery for businesses, communities, and economies following the global natural catastrophes of 2024, and in the aftermath of the recent wildfire and airline tragedies in the U.S.

Amidst the increasingly complex risk environment and persistent macroeconomic forces like social inflation on the U.S. casualty market, Everest's fortitude has ensured a stronger foundation for the business and a fresh start for the year ahead.

The Board was delighted to appoint Jim Williamson as President and Chief Executive Officer in January 2025. Jim brings a sharp, strategic vision driven by intense rigor and uncompromising standards. His consistent execution and record of value creation at Everest have won our confidence.

Under Jim's direction, Everest Reinsurance has become a leading global reinsurer, and the first call for brokers and cedents when stakes are highest. Despite another active year of industry catastrophe losses, the division once again capitalized on global market opportunities and delivered excellent financial results.

Meanwhile, the Company's decisive reserve strengthening in the fourth quarter, coupled with Jim's aggressive turnaround of the North American casualty book, put Everest on a stronger trajectory.

Everest Insurance® advanced key longer-term initiatives that position the business for improved earnings growth. In addition to launching a dedicated wholesale offering, the Company's continued organic build of its international business yielded high-quality growth across four continents last year.

Everest's investment strategy once again generated strong returns in 2024, with nearly $2 billion in net investment income supported by strong liquidity, higher rates, and improved yields.

These robust earnings, combined with the Reinsurance division's performance, more than offset strategic actions to fortify U.S. casualty reserves. Everest ended the year with $1.3 billion in operating income and a 9% operating retuon equity, a testament to the underlying strength and resilience of the business.

Everest boldly embraced the opportunity to reset in 2024, investing judiciously in AI and digital transformation to future-proof the business and build deeper, lasting relationships with our clients and partners.

Our new chapter begins with a clear strategy, exceptional people, and a shared purpose - reflected both in the discipline that informs Everest's underwriting, and in the high-performing culture of global responsibility. My expectations are high.

To my fellow directors, and to the Everest global team whose energy and commitment drive our ambitions: thank you. You are the lifeblood of our brand, and the stewards of our future.

And to our investors, thank you for your continued trust and support as we unlock the full potential of your company.

Joseph V. Taranto

Chairman of the Board

2024 tested and proved Everest's

resilience. We generated $1.3 billion in net operating income and delivered a 9% after-tax net operating income retuon equity, while acting decisively to strengthen casualty reserves and position the Company for improved profit and earnings potential.

2024 business performance

Everest continues to lead the reinsurance market with a disciplined approach, strong client partnerships, and a sharp focus on delivering risk-adjusted returns. Despite another year exceeding $100 billion in global insured losses from natural catastrophes, our Reinsurance business achieved total written premium of $13 billion, an 84.0% attritional combined ratio when excluding the impact of 0.6 points from profit commission associated with favorable loss reserve development on our mortgage business, and an 89.7% total combined ratio.

These exceptional results reflect Everest's strong underwriting and pricing discipline, most recently demonstrated in this year's devastating California wildfires. Everest's share of loss is expected to be lower than many of our competitors' because of our conviction to decline participation on programs exposed to this event that did not meet our terms & conditions and pricing standards.

Everest's diverse portfolio across geographies and product lines, combined with our industry-leading 2.5% expense ratio, provides the flexibility to optimize capital deployment and enhance returns. This was evident in our January 1, 2025 renewal outcome. Our global teams demonstrated the highest levels of execution, cycle management, and market leadership to position the portfolio for opportunity in the year ahead.

In our global insurance business, total gross written premium was over $5 billion in 2024, with excellent returns from many of our business lines- particularly North America and international Property and Specialty.

We advanced our international insurance strategy, and achieved several important milestones, including $1.5 billion of gross written premium and a modest underwriting profit. Now operating in twelve key countries around the world, we are quickly gaining the scale required to increase bottom-line results.

As we made progress globally, we executed on our priority to address the impact of social inflation and legal system abuse on Everest's North American Casualty business. The growing influence of litigation funding and legal system abuse continues to challenge the industry, increasing costs and straining profitability for businesses and insurers alike. Everest acted boldly, taking the necessary steps to future-proof the portfolio. We strengthened our reserves and 2024 loss picks to position our Company for sustainable profitability.

Our investment portfolio had another exceptional year in 2024, generating ~$2 billion in net investment income, a new record for Everest. It represents a 36% increase from 2023, and our active repositioning of the fixed income portfolio to capitalize on higher interest rates.

Financial strength and capital management

Building and deepening our financial strength is at the core of how we operate our Company, and we enjoy leading financial strength ratings from S&P, Moody's, and AM Best. These ratings reflect the strength of our balance sheet, including prudent investment allocations, ample liquidity, strong financial flexibility, and prudent management of catastrophic event risk.

Building our global capabilities

In each of our businesses, in investments, and in our functional teams, we are focused on common priorities: driving automation, including Artificial Intelligence, into our processes to reduce cost and improve quality; embedding advanced analytics in our work to achieve better outcomes, faster; and building exceptional teams.

In 2024, we launched a new billing system for insurance and a new general ledger for global finance while automating core parts of our insurance underwriting process. By integrating AI tools and collaborating with key partners, we enhanced efficiency and maintained cost discipline, to expand our solutions without increasing spending.

Analytics is a key component of our effort to improve portfolio performance and reduce operating costs. A major focus in 2024 was enhancing our risk segmentation in U.S. insurance, especially in casualty. Leveraging portfolio analytics, we identified areas to reshape our industry mix and cross-sell opportunities to improve profitability. We also developed tools to deliver a more responsive view of the current accident year loss ratio, which led to more informed, real-time portfolio decisions. Not only have we improved these tools, but their output forms a key part of our management scorecards, ensuring greater visibility into consequential business metrics.

Everest has been a net winner in the global war for talent, recruiting and onboarding market-leading underwriters in 15 countries across four continents in 2024. Hiring experienced talent with existing market relationships has allowed us to write a high-quality portfolio from day one in our new country operations. We are also attracting new industry talent; in 2025, we look forward to welcoming a significant cohort of next-generation talent to our rotational development program, which gives them a unique career-building opportunity while providing Everest with a pipeline of future leaders.

Outlook

We are underwriters at our core. We blend our expertise in assessing and pricing risk with Everest's balance sheet strength to aid and protect businesses, infrastructure, and global economies.

Whether driven by geopolitical turmoil, climate change, or economic dislocation, demand for our products and capacity is rising in an increasingly complex global risk environment.

Our leadership team's mandate is simple: to capitalize on this demand by providing suitable risk solutions to our clients and ensure all Everest businesses deliver attractive returns on the capital they consume.

Despite ongoing competition, we see an abundance of opportunities to deploy capital for attractive returns in each of our businesses.

In some cases, as in our January 1 reinsurance renewal, we trade away shares of lower-performing casualty quota share business and replace it with well-priced property business to improve our book's expected performance.

In our new insurance operations in Mexico, Colombia, and Australia, we are building greenfield businesses and can afford to be selective on accounts that will generate strong returns for years to come.

In other cases, as we continue to do in certain casualty business lines, we will exercise the discipline to pull back or walk away from business where we cannot be profitable. Our casualty underwriters are empowered-and expected-to retuevery casualty account to target profitability in one renewal or exit the account.

As CEO, I am committed to promoting and rewarding a culture of excellence by investing in talent, innovation, and disciplined execution. Across our underwriting, loss picks, capital deployment, and investments made across the organization, we operate with an obsessive focus on bottom-line results. This filter guides our decisions and actions, and it applies to the impact we make on both the business and the world around us.

We laid important groundwork to transform our business last year and expect the underlying fundamentals to improve in 2025. I am confident in the quality of our global team, and their dedication to exceeding the expectations of our customers and distribution partners.

Jim Williamson

President and Chief Executive Officer

Everest Reinsurance continued to deliver outstanding financial performance in 2024, reinforcing its position as a top-tier global reinsurer and the first call for brokers and cedants seeking superior service and solutions.

Despite another year of elevated catastrophe losses across the industry, Everest generated $1.2 billion in underwriting profit while growing the business by 13%. This success was driven by strong execution with our core clients, particularly in property lines, as well as targeted expansion internationally and in other attractive specialty classes. Our 89.7% full-year combined ratio for Reinsurance underscored Everest's market-leading underwriting expertise while maintaining a well-diversified portfolio and sustained profitability.

We maintained our disciplined underwriting strategy in U.S. exposed treaty casualty, taking action to achieve a more favorable balance toward higher expected margin property lines. This included shedding approximately $750 million of underperforming casualty business from the portfolio.

Amid a competitive reinsurance environment, the market's preference to partner and grow with Everest resulted in another excellent outcome at the January 2025 renewal. We leveraged our lead market position and deep client relationships to expand the portfolio in high-performing segments, capitalizing on the most profitable layers and programs. We maintained discipline in our underwriting and cedant selection, which resulted in Everest fully exiting and cutting back on business that did not meet our retuthreshold.

The Reinsurance portfolio remains exceptionally well-positioned for 2025 with the right mix of business and trajectory for strong risk-adjusted returns.

Expanding and diversifying across global markets

Everest's ability to adapt quickly to evolving market conditions and deliver tailored risk solutions enabled us to build on our specialized reinsurance capabilities.

The launch of Everest's Global Specialties division in 2024 led to new opportunities for growth across some of the most complex risks facing our clients and the industry.

We also expanded capabilities in key target growth areas including Financial Risk, with a particular focus on Credit, Surety, Political Risks, and Mortgage lines of business, as well as globally, in under-penetrated business lines and markets such as Parametric solutions and across Asia Pacific (APAC). We grew by more than 50% in both areas in 2024, with enhanced offerings from our best-in-class teams. Our APAC team continues to enjoy a stellar reputation in the market, honored by Asia Insurance Review as General Reinsurer of the Year.

Investing in top talent and leadership

We continued our investments in attracting, developing, and retaining top industry talent. Everest's reinsurance success is driven by a world-class team of underwriting and risk management professionals. Key leadership promotions, including Jill Beggs to Reinsurance Chief Operating Officer, underscore the depth of talent within the organization.

The Company enhanced its leadership and development programs to keep our teams at the forefront of underwriting expertise and technological innovation. We gave our Reinsurance colleagues at all levels opportunities to develop their careers with relevant skills for the future-from our annual Innovation Challenge, to reverse mentoring opportunities, to bespoke early talent and senior leadership programs.

Clients and talent alike are attracted to Everest's inclusive and collaborative culture. Our people consistently earecognition in the market. Last year, three of our outstanding leaders were named 2024 Elite Women in Reinsurance.

Harnessing advanced analytics for enhanced decision-making

Everest focuses on a data-driven approach within the business, enhancing its operational efficiency and profitability through the strategic implementation of AI-driven solutions across Underwriting, Finance, Claims, and Operations.

Our ability to efficiently adapt and deploy capital remains a core competitive advantage. Everest sharpened its investments in technology- driven underwriting, integrating analytics and real-time portfolio management tools to refine risk selection, improve loss estimates, and maximize profitability. As a result, we now assess client exposures and act on deep-dive assessments of underperforming segments with greater speed and precision.

Looking ahead

Everest is focused on expanding its global reach, strengthening relationships, and driving exceptional results for both clients and shareholders. With a disciplined approach, a diverse portfolio, and market- leading talent, we are well-positioned to create sustained value.

Everest Reinsurance global leaders

Jill Beggs

Reinsurance Executive Vice

President and Chief Operating

Officer, Everest Reinsurance

Chris Downey

Chief Underwriting Officer,

Everest Reinsurance

Anthony Izzo

Chief Global Broking Officer

and Head of Global Facultative

and Hybrid Solutions

Artur Klinger

Senior Vice President,

Head of International,

Everest Reinsurance

Jiten Voralia

Senior Vice President,

Head of North America

Treaty Reinsurance

Emily Davis

Head of Global Specialty,

Everest Reinsurance

Spotlight

Everest Global Specialty business

Everest Reinsurance expands specialized solutions to meet market need

In 2024, Everest expanded its Global Specialty business, further strengthening its leadership in Aviation, Marine, Cyber, Engineering, and Parametric solutions.

Under the direction of recently appointed industry veteran Emily Davis, Head of Global Specialty Reinsurance, our team delivered tailored, high-impact solutions, filling service gaps as clients sought stronger, more sophisticated risk protection.

Our investment is aligned with shifting market dynamics that are driving increased demand across specialty lines. Cyber and Parametric solutions gained momentum as cyber threats escalated and global climate-driven catastrophes increased during the year. In the Aviation market we saw record air traffic, increasing demand for comprehensive coverage. In Marine, geopolitical tensions and supply chain disruptions heightened risk across global trade routes. Responding to these challenges, Everest fortified core client partnerships while expanding our reach into high-growth markets.

Our empowered local teams adapted quickly to shifting conditions to deliver the full strength of Everest's global resources, and reinforce Everest's position as a trusted, long-term partner to the Global Specialty market.

In 2024, Everest executed a disciplined strategy to further our mission of becoming a world-class global P&C insurer.

Following Jim Williamson's appointment to lead the global insurance division, we took decisive steps to strengthen our North American business in the face of shifting market conditions, and deepened penetration in key international markets. These initiatives, coupled with significant enhancements to our leadership, infrastructure, and offerings, resulted in a more balanced and diversified portfolio, positioning Everest Insurance® to deliver on our long-term retuobjectives.

Expanding our international footprint

Everest made outstanding progress in its international expansion in 2024, which continues to accelerate at pace. Our talented leadership team-across countries, regions, and product lines-has built a robust, profitable international insurance franchise spanning Europe, Latin America, and Asia Pacific.

Everest established new operations in Mexico, Colombia, Australia, and Italy last year. The enthusiastic client and broker response to Everest's entrance in these markets underscores the growing demand for our superior value proposition and service-centric culture.

Our International Insurance business performed exceptionally in 2024, generating $1.5 billion in gross written premium for the year. We made substantial investments in talent and infrastructure to drive scale in target markets while also improving underwriting margins. With a growing product suite across the property and casualty (P&C) spectrum, we are focused on increasing our footprint and expanding relationships in the twelve international markets where we now operate.

To lead this charge, we appointed a highly capable and experienced team, with President of North America Insurance Bill Hazelton at the helm. This exceptional team of insurance and risk management professionals across our Casualty, Financial Lines, and Wholesale businesses are constructing a high-quality and diversified portfolio while increasing our market presence and profile. In Short-tail and Specialty lines, the market remained attractive, enabling Everest to grow in higher- margin business lines.

We launched a new brand, Everest Evolution™, to support the unique needs of wholesale broker partners and to capitalize on the rapidly growing Excess and Surplus (E&S) market.

Everest progressed its regionalization strategy in 2024, reorganizing operations and adding proven industry leaders to better serve trading partners and clients at local and regional levels. These efforts significantly strengthened our ability to deliver the full value of our franchise to brokers nationwide.

In October, Everest sold its EverSports business to Ryan Specialty and thereafter created a new "Other" segment that primarily comprises the legacy book of the divested sports and leisure insurance business, as well as other coverages that have been discontinued.

Demonstrating Everest's added value for clients and partners

Everest established a global broker management team to further solidify our global presence and commitment to our clients. This initiative enables us to fully leverage Everest's hybrid model, better align priorities with key global distribution partners, and enhance client engagement worldwide.

We expanded Everest's risk engineering capabilities, and our capacity to meet growing demand for tailored risk solutions. Our global team of specialists developed advanced tools to improve risk assessments, providing clients with proactive strategies for mitigating challenges such as supply chain disruptions, climate-related events, and evolving liability risks. By leveraging advanced analytics and technology, we empowered our partners to act swiftly and effectively, equipping them with insights and expertise to navigate an increasingly complex risk landscape.

Nimbly adapting to and driving change

Everest significantly strengthened its North American Insurance business in 2024 against a backdrop of heightened uncertainty, exacerbated by severe natural catastrophes and the impact of social inflation.

Everest's transformation of the U.S. Casualty portfolio was comprehensive. We took decisive action to fortify reserves and reposition the portfolio to capitalize on rapidly hardening rates in key classes.

Poised for opportunity ahead

Despite considerable volatility in 2024, Everest Insurance® remained focused on our core strengths: delivering excellence, enhancing infrastructure, and leveraging deep local expertise. We are increasingly well-positioned, with a robust offering and rapidly expanding portfolio, across different markets and a diverse mix of business lines.