Everest secures $1.2B adverse development cover for North America insurance reserves

EVEREST GROUP, LTD.

• Transaction provides $1.2B gross limit against adverse reserve development on Insurance North America policies for accident years 2024 and prior.
• Two layers: $700M first layer (transfer $1.25B in-the-money reserves) and $500M second layer (~$122M consideration).
• Everest retains $100M co-participation in each layer; sole authority to handle and resolve claims.
• Q4 2025 incurred loss of ~$122M from second-layer consideration; agreement effective Oct 1, 2025.
• Gallagher Re acted as sole structuring agent; supported by Longtail Re (Stone Ridge affiliate).