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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 392 $ 761 $ 137
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Non-cash interest and operating expenses 66 58 65
Net amortization of premium (discount) on investments (23) (37) 5
Provision (benefit) for deferred income taxes (4) (156) (3)
Net realized investment losses (gains) (9) 14 56
Equity in (earnings) losses of investees (62) (28) 39
Fair value gains (losses) on committed capital securities 10 35 (24)
Fair value losses (gains) on trading securities (52) (74) 34
Gain on sale of asset management subsidiaries 0 (262) 0
Change in premiums receivable, net of premiums and commissions payable (80) (157) 74
Change in unearned premium reserve, net 62 26 (93)
Change in loss and loss adjustment expense reserve and salvage and subrogation recoverable, net (202) 35 (1,207)
Change in current income taxes (6) 72 (106)
Change in credit derivative assets and liabilities, net (21) (112) 8
Distributions from equity method investments 47 7 10
Other (19) (97) (47)
Cash flows from consolidated investment vehicles:      
Purchases of securities (97) (340) (3,201)
Sales of securities 41 675 1,513
Maturities and paydowns of securities 0 60 156
Proceeds from (purchases of) money market funds 0 66 6
Purchases to cover securities sold short 0 0 (223)
Proceeds from securities sold short 0 0 188
Other changes in consolidated investment vehicles 4 (85) 134
Net cash flows provided by (used in) operating activities 47 461 (2,479)
Fixed-maturity securities, available for sale:      
Purchases (1,354) (540) (371)
Sales 649 862 717
Maturities and paydowns 853 746 682
Short-term investments with original maturities of over three months:      
Purchases (1) (16) (63)
Sales 0 4 0
Maturities and paydowns 5 36 36
Net sales (purchases) of short-term investments with original maturities of less than three months 437 (872) 439
Sales of fixed-maturity securities, trading 233 0 121
Maturities and paydowns of fixed-maturity securities, trading 21 63 87
Purchases of and contributions to other invested assets (119) (198) (25)
Sales of and return of capital from other invested assets 41 29 36
Paydowns on financial guaranty variable interest entities’ assets 23 175 84
Other (8) (3) (3)
Net cash flows provided by (used in) investing activities 780 286 1,740
Cash flows from financing activities:      
Dividends paid (68) (67) (64)
Repurchases of common shares (502) (199) (500)
Net paydowns of financial guaranty variable interest entities’ liabilities (375) (149) (99)
Issuance of long-term debt, net of issuance costs 0 345 0
Redemptions and purchases of debt, including make-whole payment 0 (330) (2)
Payments related to tax withholding for share-based compensation (30) (20) (14)
Other 2 1 8
Cash flows from consolidated investment vehicles:      
Proceeds from issuance of collateralized loan obligations 0 0 1,372
Repayment of collateralized loan obligations 0 (1) (373)
Proceeds from issuance of warehouse financing debt 0 0 991
Repayment of warehouse financing debt 0 (166) (796)
Contributions from noncontrolling interests to consolidated investment vehicles 0 0 74
Distributions to noncontrolling interests from consolidated investment vehicles (10) (80) (26)
Borrowing (payment) under credit facility 0 (4) 41
Net cash flows provided by (used in) financing activities (983) (670) 612
Effect of foreign exchange rate changes (2) 2 (8)
Increase (decrease) in cash and cash equivalents and restricted cash (158) 79 (135)
Cash and cash equivalents and restricted cash at beginning of period 286 207 342
Cash and cash equivalents and restricted cash at end of period 128 286 207
Supplemental cash flow information      
Income taxes paid (received) 90 4 105
Interest paid on long-term debt 88 77 77
Supplemental disclosure of non-cash activities:      
Fixed-maturity securities, available-for-sale, received as salvage 0 1 986
Fixed-maturity securities, available-for-sale, ceded to a reinsurer 0 0 27
Fixed-maturity securities, trading, received as salvage 0 0 549
Fixed-maturity securities, trading, ceded to a reinsurer 0 0 6
Debt securities of financial guaranty variable interest entities received as salvage 0 0 234
Contributions from noncontrolling interests 0 20 36
Distributions to noncontrolling interests 0 27 56
Assets acquired 0 437 0
Assets transferred 0 240 0
Liabilities transferred 0 66 0
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:      
Cash 121 97 107
Restricted cash (included in other assets) 5 0 1
Cash of financial guaranty variable interest entities 0 154 2
Cash and cash equivalents of consolidated vehicles 2 35 97
Cash and cash equivalents and restricted cash at the end of period $ 128 $ 286 $ 207