EVEREST GROUP, LTD.

Previous wording

The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three and six months ended June 30, 2026. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s 2025 Annual Report on Form 10-K.

Current wording

The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three and nine months ended September 30, 2026. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s 2025 Annual Report on Form 10-K and recast 2025 Form 10-K, as filed on the Current Report on Form 8-K dated June 3, 2026.

Previous wording

As further detailed below in the section titled “Item 1A. – Risk Factors”, during the three months ended June 30, 2026, the Bermuda Monetary Authority (the “BMA”) informed the Company of its formal determination that it is appropriate for the BMA to become Group Supervisor for the Company and specified that Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) would become the “designated insurer” responsible for group-level regulatory compliance for Everest, pursuant to Section 27B of the Insurance Act 1978 (the “Act”). The Company and Bermuda Re are discussing with the BMA the applicable requirements of group supervision during a twelve-month transition period that ends in January 2027, with the BMA authorized to grant extensions of up to an additional twelve months upon application. During this period, the Company is analyzing compliance requirements and potential focus areas for enhancement and taking steps necessary to comply with the BMA’s group supervision requirements. Under the Act, the Company will be subject 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 changes within the group. As Group Supervisor, the BMA will also chair a Supervisory College, coordinating with other regulators that supervise Everest’s licensed entities in other jurisdictions. Everest’s continuing assessment of and compliance with BMA group supervision will require the Company to allocate considerable time and resources that could impact the operations of our insurance and/or non-insurance subsidiaries or may result in increased costs or affect our financial condition. Group supervision could also affect our prescribed capital requirements, the terms of and structure of our regulatory capital, intercompany capital transactions, borrowing requirements and terms, and ratings and may significantly increase our cost of regulatory compliance.

Current wording

As further detailed below in the section titled “Item 1A. – Risk Factors”, the Bermuda Monetary Authority (the “BMA”) has informed the Company of its formal determination that it is appropriate for the BMA to become Group Supervisor for the Company and has assigned the Company a group registration number. The BMA has also specified that Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) would become the “designated insurer” responsible for group-level regulatory compliance for Everest, pursuant to Section 27B of the Insurance Act 1978 (the “Act”). The Company expects that it will be formally designated as an Internationally Active Insurance Group (“IAIG”) by the BMA. The Company and Bermuda Re are discussing with the BMA the applicable requirements of group supervision during a twelve-month transition period that ends in January 2027. During this period, the Company is analyzing compliance requirements and potential focus areas for enhancement and taking steps necessary to comply with the BMA’s group supervision requirements. Under the Act, the Company will be subject 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 changes within the group. As Group Supervisor, the BMA will also chair a Supervisory College, coordinating with other regulators that supervise Everest’s licensed entities in other jurisdictions. Everest’s continuing assessment of and compliance with BMA group supervision will require the Company to allocate considerable time and resources that could impact the operations of our insurance and/or non-insurance subsidiaries or may result in increased costs or affect our financial condition. Group supervision and IAIG status could also affect our prescribed capital requirements, the terms of and structure of our regulatory capital, intercompany capital transactions, borrowing requirements and terms, and ratings and may significantly increase our cost of regulatory compliance.

Previous wording

On June 17, 2026, the Company announced that it has partnered with Stone Point Insurance Solutions (“Stone Point”) to sponsor the launch of Annapurna Re Ltd. (“Annapurna”), a Bermuda-based collateralized insurer and special purpose vehicle (commonly referred to as a reinsurance "sidecar") structured as a segregated accounts company. Funds managed by Stone Point will serve as the inaugural, anchor investors in this multi-year vehicle. This structure legally isolates the assets and liabilities funded by third-party investors from the Company's general accounts.

Current wording

On June 17, 2026, the Company announced that it has partnered with Stone Point Insurance Solutions (“Stone Point”) to sponsor the launch of Annapurna Re, Ltd. (“Annapurna Re”), a Bermuda-based collateralized insurer and special purpose vehicle (commonly referred to as a reinsurance "sidecar") structured as a segregated accounts company. Funds managed by Stone Point will serve as the inaugural, anchor investors in this multi-year vehicle. This structure legally isolates the assets and liabilities funded by third-party investors from the Company's general accounts.

Previous wording

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies’ North American liabilities within the Insurance and Legacy segments (“Subject Business”) up to a gross limit of $1.2 billion. Certain liabilities are excluded from the subject business, including among others those related to the Asbestos and Environmental (“A&E”) reserves included in the Legacy segment. At the time the Company entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.

Current wording

The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies’ North American liabilities within the Global Wholesale & Specialty and Legacy segments (“Subject Business”) up to a gross limit of $1.2 billion. Certain liabilities are excluded from the Subject Business, including among others those related to the Asbestos and Environmental (“A&E”) reserves included in the Legacy segment. At the time the Company entered into the agreement, the carried reserves held for the Subject Business, pursuant to the Reinsurance Agreements, were $5.4 billion.

Previous wording

The adverse development cover (“ADC”) is composed of three layers. The first layer is an “in the money” layer whereby the ADC attachment point was $1,250 million below the Company’s North American Insurance and Legacy segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million in excess of the $5.4 billion. The Company transferred $1,250 million of in-the-money reserves in consideration for the first two layers upon closing of the transaction. The third layer is $500 million, for which the Company paid approximately $122 million of consideration upon closing of the transaction. The Company has a co-participation of $100 million in each of the second and third layers. For more details, see Form 8-K filed with the SEC on October 27, 2025 and the adverse development reinsurance agreements attached thereto and incorporated by reference in Exhibits 10.57 and 10.58 to the Company’s Annual Report on Form 10-K. The total covered losses ceded to State National Reinsurer as of June 30, 2026 and December 31, 2025 were $1.26 billion and $1.25 billion, respectively. The aggregated unexpired limit for State National Reinsurer as of June 30, 2026 and December 31, 2025 was $592 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of June 30, 2026 and December 31, 2025 was $400 million.

Current wording

As of September 30, 2026 and December 31, 2025, the Company had a deferred gain of $9 million and $3 million, respectively. The deferred gain would be recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries. The total covered losses ceded to State National Reinsurer as of September 30, 2026 and December 31, 2025 were $1.3 billion and $1.3 billion, respectively. The aggregated unexpired limit for State National Reinsurer as of September 30, 2026 and December 31, 2025 was $591 million and $597 million, respectively. The aggregated unexpired limit for MS Transverse Reinsurer as of September 30, 2026 and December 31, 2025 was $400 million.

Previous wording

On March 22, 2026, Everest Underwriting Group (Ireland) Limited (“EUGIL”), an Irish direct subsidiary of the Company, entered into a Purchase Agreement with a Buyer, pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Canada, a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing the Company’s Canadian Commercial Retail Insurance operations for C$410 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).

Current wording

On March 22, 2026, Everest Underwriting Group (Ireland) Limited (“EUGIL”), an Irish direct subsidiary of the Company, entered into a Purchase Agreement with Buyer, pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of Everest Canada, a Canadian insurance company and a wholly owned subsidiary of EUGIL, representing the Company’s Canadian Commercial Retail Insurance operations. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).

Previous wording

The transaction is anticipated to close in the second half of 2026, pursuant to customary regulatory approvals and closing conditions. For more details, see the Current Report on Form 8-K filed with the SEC on March 23, 2026 and the Purchase Agreement attached as Exhibit 10.2 to the quarterly report on Form 10-Q for the three months ended March 31, 2026.

Current wording

On October 1, 2026, the Company announced the completion of the sale of its Canadian Commercial Retail Insurance Operations. For more details, see the Current Report on Form 8-K filed with the SEC on March 23, 2026 and the Purchase Agreement attached as Exhibit 10.2 to the quarterly report on Form 10-Q for the three months ended March 31, 2026.

Previous wording

On May 19, 2026, the Company entered into a definitive agreement to sell its Colombian Commercial Retail Insurance Operations, Everest Compañía de Seguros Generales Colombia S.A. (“Everest Colombia”), to AIG. The transaction is anticipated to close in early 2027, pursuant to customary regulatory approvals and closing conditions.

Current wording

On May 19, 2026, the Company entered into a definitive agreement to sell its Colombian Commercial Retail Insurance Operations, Everest Compañía de Seguros Generales Colombia S.A. (“Everest Colombia”), to AIG. The transaction is anticipated to close during the fourth quarter of 2026, pursuant to customary regulatory approvals and closing conditions.

Previous wording

We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:

Current wording

The following table displays a summary of the consolidated net income (loss) for the periods indicated:

Previous wording

Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in the majority of our geographic regions to American International Group, Inc. (“AIG”). This reflects our sharpened focus on our global Reinsurance Treaty business as well as the Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed by recasting specific sections of its 2025 10-K, filed with the SEC on a Current Report Form 8-K dated June 3, 2026.

Current wording

Effective January 1, 2026, we changed our reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for the Commercial Retail Insurance business in the majority of our geographic regions to American International Group, Inc. (“AIG”). This reflects our sharpened focus on our global Reinsurance Treaty business as well as the Global Wholesale & Specialty business. Accordingly, we revised the presentation of reportable segments to appropriately reflect how the business segments are now managed by recasting specific sections of our 2025 10-K, filed with the SEC on a Current Report on Form 8-K dated June 3, 2026.

Previous wording

Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Current wording

Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post-sale. Additionally, this segment includes run-off A&E exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. As a result, the Company has three reportable segments, however, only two that actively sell products, Reinsurance Treaty and Global Wholesale & Specialty, consistent with how the on-going business is managed. These segment presentation changes have been reflected retrospectively. Refer to Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.

Previous wording

The Core businesses category is a new presentation of our results that is a non-GAAP financial measure that represents the aggregation of Reinsurance Treaty and Global Wholesale & Specialty segments to present consolidated financial results for the Company’s go-forward businesses, to which Everest continues to allocate growth capital and manage towards maximizing return on capital. The Company believes that the Core businesses presentation will provide investors and other interested persons with important information about the Company's ongoing businesses, and that this measure is a useful supplement to GAAP information concerning the Company’s performance. This measure may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company’s financial measures prepared in accordance with generally accepted accounting principles ("GAAP").

Current wording

A Core businesses category is presented as a non-GAAP financial measure that represents the aggregation of our Reinsurance Treaty and Global Wholesale & Specialty segments to present consolidated financial results for the Company’s go-forward businesses, to which Everest continues to allocate growth capital and manage towards maximizing return on capital. The Company believes that the Core businesses presentation will provide investors and other interested persons with important information about the Company's ongoing businesses, and that this measure is a useful supplement to GAAP information concerning the Company’s performance. This measure may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company’s financial measures prepared in accordance with generally accepted accounting principles ("GAAP").

Previous wording

Incurred losses and LAE decreased by 18.2% to $4.4 billion for the six months ended June 30, 2026, compared to $5.4 billion for the six months ended June 30, 2025, driven by the following:

Current wording

Premiums. Gross written premiums decreased by 14.5% to $3.7 billion for the three months ended September 30, 2026, compared to $4.4 billion for the three months ended September 30, 2025, driven by the following:

Previous wording

•a $30 million, or 20.3% increase within our Global Wholesale & Specialty segment, and

Current wording

•a $30 million, or 3.3%, increase in our Global Wholesale & Specialty segment.

Previous wording

•a $391 million, or 7.4%, decrease in our Reinsurance Treaty segment,

Current wording

•a $643 million, or 7.4%, decrease in our Reinsurance Treaty segment, partially offset by,

Previous wording

Net written premiums decreased by 26.3% to $3.0 billion for the three months ended June 30, 2026, compared to $4.1 billion for the three months ended June 30, 2025, driven by the following:

Current wording

Net written premiums decreased by 20.9% to $3.0 billion for the three months ended September 30, 2026, compared to $3.8 billion for the three months ended September 30, 2025, driven by the following:

Previous wording

•a $32 million, or 2.2%, decrease in our Global Wholesale & Specialty segment.

Current wording

•a $32 million, or 4.3%, decrease in our Global Wholesale & Specialty segment.

Previous wording

Premiums earned decreased by 12.6% to $3.5 billion during the three months ended June 30, 2026, compared to $4.0 billion during the three months ended June 30, 2025, driven by the following:

Current wording

Premiums earned decreased by 12.6% to $10.2 billion for the nine months ended September 30, 2026, compared to $11.7 billion for the nine months ended September 30, 2025, driven by the following:

Previous wording

For additional premium information, refer to Segment Results.

Current wording

For additional premium information, refer to Reportable Segment Results.

Previous wording

We recorded other expense of $45 million and other expense of $27 million for the three months ended June 30, 2026 and 2025, respectively. The changes were driven by the following:

Current wording

We recorded other expense of $9 million and $29 million for the three months ended September 30, 2026 and 2025, respectively. The changes were driven by the following:

Previous wording

•the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro, British Pound Sterling and Israeli New Shekel. We recognized foreign currency exchange expense of $22 million and $60 million for the three months ended June 30, 2026 and 2025, respectively, and

Current wording

•the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling. We recognized foreign currency exchange income of $13 million and expense of $33 million for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

We recorded other expense of $108 million and other expense of $100 million for the six months ended June 30, 2026 and 2025, respectively. The changes were driven by the following:

Current wording

We recorded other expense of $117 million and $129 million for the nine months ended September 30, 2026 and 2025, respectively. The changes were driven by the following:

Previous wording

•the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling. We recognized foreign currency exchange expense of $10 million and $134 million for the six months ended June 30, 2026 and 2025, respectively, and

Current wording

•the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling. We recognized foreign currency exchange income of $3 million and expense of $165 million for the nine months ended September 30, 2026 and 2025, respectively, and

Previous wording

Net Investment Income. Refer to the “Consolidated Investments Results” section below.

Current wording

Net Investment Income. Refer to the “Consolidated Investment Results” section below.

Previous wording

Net Gains (Losses) on Investments. Refer to the “Consolidated Investments Results” section below.

Current wording

Net Gains (Losses) on Investments. Refer to the “Consolidated Investment Results” section below.

Previous wording

Net written premiums decreased by 20.0% to $2.2 billion for the three months ended June 30, 2026, compared to $2.8 billion for the three months ended June 30, 2025, driven by the following:

Current wording

Incurred losses and LAE decreased by 14.3% to $2.4 billion for the three months ended September 30, 2026, compared to $2.8 billion for the three months ended September 30, 2025, driven by the following:

Previous wording

•a decrease of $317 million in current year attritional losses, composed of Legacy segment ($169 million), Reinsurance Treaty segment ($106 million) and Global Wholesale & Specialty segment ($42 million), and

Current wording

•a decrease of $477 million in current year attritional losses, composed of Legacy segment $243 million, Reinsurance Treaty segment $207 million and Global Wholesale & Specialty segment $26 million,

Previous wording

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees decreased by 7.5% to $814 million for the three months ended June 30, 2026, compared to $880 million for the three months ended June 30, 2025, driven by the following:

Current wording

Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees decreased by 16.1% to $747 million for the three months ended September 30, 2026, compared to $890 million for the three months ended September 30, 2025, driven by the following:

Previous wording

Commission, brokerage, taxes and fees decreased by 3.9% to $1.6 billion for the six months ended June 30, 2026, compared to $1.7 billion for the six months ended June 30, 2025. The decrease, driven by the following:

Current wording

Commission, brokerage, taxes and fees decreased by 8.1% to $2.4 billion for the nine months ended September 30, 2026, compared to $2.6 billion for the nine months ended September 30, 2025, driven by the following:

Previous wording

•a $7 million, or 2.5% increase within our Global Wholesale & Specialty segment.

Current wording

•a $7 million, or 1.6% increase within our Global Wholesale & Specialty segment.

Previous wording

Other Underwriting Expenses. Other underwriting expenses decreased by 11.4% to $225 million for the three months ended June 30, 2026, compared to $254 million for the three months ended June 30, 2025, driven by the following:

Current wording

Other Underwriting Expenses. Other underwriting expenses decreased by 22.4% to $200 million for the three months ended September 30, 2026, compared to $258 million for the three months ended September 30, 2025, driven by the following:

Previous wording

•a $2 million, or 1.1% decrease within our Global Wholesale & Specialty segment.

Current wording

•a $2 million, or 2.1% decrease within our Global Wholesale & Specialty segment, partially offset by

Previous wording

For additional claims and expenses information, refer to Segment Results.

Current wording

For additional claims and expenses information, refer to Reportable Segment Results.

Previous wording

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $33 million and $31 million for the three months ended June 30, 2026 and 2025, respectively. Corporate expenses were $71 million and $52 million for the six months ended June 30, 2026 and 2025, respectively. The changes were primarily driven by professional fees associated with certain corporate initiatives.

Current wording

Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $30 million and $27 million for the three months ended September 30, 2026 and 2025, and $101 million and $79 million for the nine months ended September 30, 2026 and 2025, respectively. The increase in corporate expenses for the three and nine months ended September 30, 2026 was driven by professional service fees associated with certain corporate initiatives as well as increased incentive and equity compensation costs.

Previous wording

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense remained relatively consistent at $36 million for the three months ended June 30, 2026, compared to $38 million for the three months ended June 30, 2025, driven by the following:

Current wording

Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense decreased to $36 million for the three months ended September 30, 2026, compared to $38 million for the three months ended September 30, 2025, driven by the following:

Previous wording

Interest, fees and other bond amortization expense decreased to $71 million from $76 million for the six months ended June 30, 2026 and 2025, respectively, driven by the following:

Current wording

Interest, fees and other bond amortization expense decreased to $107 million from $114 million for the nine months ended September 30, 2026 and 2025, respectively, driven by the following:

Previous wording

•The decrease for the six months ended June 30, 2026 was mainly due to higher interest costs on the FHLBNY borrowing, more than fully offset by a decrease in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly, per the note agreement. The floating rate was 6.30% as of June 30, 2026, compared to 6.97% as of June 30, 2025.

Current wording

•The decrease for the nine months ended September 30, 2026 was mainly due to lower interest costs on the FHLBNY borrowing and a decrease in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly, per the note agreement. The floating rate was 6.39% as of September 30, 2026, compared to 6.86% as of September 30, 2025.

Previous wording

Income Tax Expense (Benefit). Income tax expense was $124 million and $135 million for the three months ended June 30, 2026 and 2025, respectively. Income tax expense was $207 million and $173 million for the six months ended June 30, 2026 and 2025, respectively. The period over period change in income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.

Current wording

Income Tax Expense (Benefit). Income tax expense was $36 million and $14 million for the three months ended September 30, 2026 and 2025, respectively. Income tax expense was $243 million and $187 million for the nine months ended September 30, 2026 and 2025, respectively. The period-over-period change in income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.

Previous wording

Premiums. Gross written premiums decreased by 7.8% to $2.7 billion for the three months ended June 30, 2026, compared to $3.0 billion for the three months ended June 30, 2025, driven by the following:

Current wording

Premiums. Gross written premiums decreased by 5.3% to $2.7 billion for the three months ended September 30, 2026, compared to $2.9 billion for the three months ended September 30, 2025, driven by the following:

Previous wording

•the effects of underwriting actions on casualty pro rata and casualty excess of loss lines of business, and

Current wording

•the effects of underwriting actions on casualty pro rata and casualty excess of loss lines of business, with