XML 80 R60.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Related party transactions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions [Table Text Block] | Transactions generated under ABR Re agreements were as follows:
| Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Consolidated statements of operations |  |  |  |  |
Ceded premiums written | $ | 441 |  |  | $ | 507 |  |  | $ | 442 |
Commissions received | $ | 119 |  |  | $ | 138 |  |  | $ | 133 |
Consolidated balance sheets |  |  |  |  |
Reinsurance recoverable on losses and loss expenses | $ | 1,241 |  |  | $ | 1,050 |  |  |
Ceded reinsurance premium payable | $ | 40 |  |  | $ | 110 |  |  |
Aquiline Capital Partners LLC Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chief executive officer is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2023, Chubb has approximately $182 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds are as follows:
| Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Consolidated statements of operations |  |  |  |  |
Other income (expense) | $ | 36 |  |  | $ | 8 |  |  | $ | 68 |
Consolidated balance sheets |  |  |  |  |
Private equities | $ | 368 |  |  | $ | 271 |  |  |
Starr Indemnity & Liability Company and its affiliates (collectively, Starr) We had previously entered into agency, claims services, and underwriting services with Starr, the Chairman of which is related to a member of our senior management team. The Board has reviewed and approved these arrangements with Starr. A number of our agreements with Starr were terminated effective as of April 2023. However, Starr continues to provide certain services to Chubb, including claims administration, in respect of insurance policies placed prior to the termination, pursuant to the terms of the applicable agreements. Under the agency agreement, we secured the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranged for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr was the underwriter of insurance policies on our behalf and we agreed to reinsure such policies to Starr under quota share reinsurance agreements. Transactions generated under Starr agreements were as follows:
| Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Consolidated statement of operations |  |  |  |  |
Gross premiums written | $ | 216 |  |  | $ | 618 |  |  | $ | 592 |
Ceded premiums written | $ | 115 |  |  | $ | 353 |  |  | $ | 321 |
Commissions paid | $ | 38 |  |  | $ | 122 |  |  | $ | 114 |
Commissions received | $ | 26 |  |  | $ | 79 |  |  | $ | 73 |
Losses and loss expenses | $ | 180 |  |  | $ | 225 |  |  | $ | 157 |
Consolidated balance sheets |  |  |  |  |
Reinsurance recoverable on losses and loss expenses | $ | 503 |  |  | $ | 541 |  |  |
Ceded reinsurance premium payable | $ | 44 |  |  | $ | 96 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration