EG · 10-Q · 2026Q3 · Full report

Reinsurance Recoverables Concentration

EVEREST GROUP, LTD. · 2026-10-30 · Importance 63 · Surprise 50

Reinsurance recoverables totaled $5.2 billion at September 30, 2026, compared with $5.1 billion at December 31, 2025. State National Insurance Company accounted for $1.3 billion, or 24.2%, of recoverables under adverse development cover agreements. The company also placed $250 million of reinsurance premium in a funds-withheld collateral trust securing State National Reinsurer’s claim-payment obligations; Mt. Logan Re and Annapurna Re segregated accounts represented $393 million and $129 million of recoverables, respectively.

Key facts

• Everest reinsurance recoverables totaled $5.2 billion at September 30, 2026, versus $5.1 billion at December 31, 2025. source
• ADC reinsurance agreements accounted for $1.3 billion, or 24.2%, of recoverables from State National Insurance Company at September 30, 2026; $250 million of reinsurance premium was placed in a funds-withheld collateral trust account as security. source
• At September 30, 2026, $393 million (7.6%) of reinsurance recoverables was due from Mt. Logan Re collateralized segregated accounts and $129 million (2.5%) from Annapurna Re segregated accounts. source
• No other retrocessionaire accounted for more than 10% of Everest’s recoverables. source