Reinsurance Segment Performance - The Reinsurance segment wrote 12.9billionofgrosswrittenpremiumsfortheyearendedDecember31,2024,with90.511.7 billion) written through the broker reinsurance market[58]. - Property Pro Rata business accounted for 34.5% of reinsurance gross written premiums, while Casualty Pro Rata business accounted for 25.3%[59]. - The Reinsurance segment includes treaty and facultative reinsurance, with both types providing different coverage structures and risk-sharing arrangements[52]. - The Company competes with various international reinsurers and alternative risk providers, highlighting the dynamic nature of the market[62]. Insurance Segment Performance - The Insurance segment wrote 5.1billionofgrosswrittenpremiumsin2024,withvariouslinesofbusinesscontributingtothistotal[65].−TheInsurancesegment′sSpecialtyCasualtybusinessaccountedfor28.18.1 billion as of December 31, 2024, which limits the amount of dividends it can pay without regulatory approval[110]. - The maximum amount available for dividend payments by Everest Re without triggering prior approval is 813millionasofDecember31,2024[110].RegulatoryandCompliance−Thecompanyissubjecttoperiodicfinancialexaminationseverythreetofiveyears,withnomaterialfindingsreportedin2024[134].−Thecompanymaintainsaminimumof100 million in statutory capital and surplus as a Class 4 insurer in Bermuda[111]. - The company is licensed to write property and casualty insurance in all 50 states, the District of Columbia, Puerto Rico, and Guam[123]. - The company is authorized to conduct reinsurance business in Canada, Singapore, and Brazil, among other countries[124]. Risk Management - The Company’s Enterprise Risk Management (ERM) framework is integrated into daily operations and overseen by senior management risk committees[97]. - The Chief Risk Officer reports to the Board's Risk Management Committee, which evaluates the effectiveness of the ERM procedures and systems[102]. Taxation and Future Impacts - The Bermuda Corporate Income Tax Act 2023 will impose a 15% corporate income tax starting January 1, 2025, potentially affecting the company's deferred tax assets[141]. - The OECD guidance issued on January 15, 2025, may restrict the utilization of deferred tax benefits to approximately 20% of originally calculated amounts[141]. - The company does not expect the Inflation Reduction Act of 2022 to have a material impact on its results of operations[144]. - The company operates in multiple countries, including Australia, Belgium, Canada, and the U.K., where it is subject to local taxation[145]. Environmental Commitment - The company is committed to managing and reducing its ecological footprint while considering environmental factors in investment decisions[104].
Everest (EG)2025-02-27 21:53