EG · 10-Q · 2026Q3 · Full report

Bermuda Group Supervision

EVEREST GROUP, LTD. · 2026-10-30 · Importance 44 · Surprise 42

The Bermuda Monetary Authority (BMA) formally determined that it should become Everest’s Group Supervisor and assigned the Company a group registration number; Bermuda Re is designated to handle group-level regulatory compliance under Section 27B of Bermuda’s Insurance Act 1978. Everest expects formal designation as an Internationally Active Insurance Group (IAIG) and is discussing requirements with the BMA during a transition period ending in January 2027. Requirements include group solvency and capital standards, consolidated reporting and audit obligations, recovery planning, and prior notice or approval for certain material changes. Everest says compliance will require considerable resources, could increase regulatory costs, and may affect capital requirements, financing terms and ratings.

Key facts

• BMA group supervision will subject Everest to group-level solvency and capital requirements, consolidated financial reporting and auditing obligations, recovery planning requirements, and prior notification or approval requirements for certain material group changes. source
• During the three months ended June 30, 2026, the BMA formally notified Everest of its group supervision and designated Bermuda Re as the “designated insurer.” source
• The BMA determined that it is appropriate to become Everest Group’s Group Supervisor and assigned the Company a group registration number. source
• Group supervision and IAIG status could affect Everest’s prescribed capital requirements, regulatory-capital terms and structure, intercompany capital transactions, borrowing requirements and terms, and ratings, and may significantly increase regulatory-compliance costs. source
• Everest expects the BMA to formally designate it as an Internationally Active Insurance Group (IAIG). source
• The transition period for discussing applicable group-supervision requirements ends in January 2027. source
• Everest’s continuing assessment of and compliance with BMA group supervision will require considerable time and resources and could affect subsidiary operations, increase costs, or affect its financial condition. source