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Variable Interest Entities | 3 Months Ended
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Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities |
Note 8 | Variable Interest Entities
Consolidated VIEs, of which the Company is the primary beneficiary, include Adirondack Insurance Exchange, a New York reciprocal insurer, and New Jersey Skylands Insurance Association, a New Jersey reciprocal insurer (together “Reciprocal Exchanges”). The Reciprocal Exchanges are insurance carriers organized as unincorporated associations. The Company does not own the equity of the Reciprocal Exchanges, which is owned by their respective policyholders. The Company manages the business operations of the Reciprocal Exchanges and has the power to direct their activities that most significantly impact their economic performance. The Company receives a management fee for the services provided to the Reciprocal Exchanges. In addition, the Company holds surplus notes that provide capital to the Reciprocal Exchanges and would absorb any expected losses. The Company is therefore the primary beneficiary. In the event of dissolution, policyholders would share any residual unassigned surplus but are not subject to assessment for any deficit in unassigned surplus of the Reciprocal Exchanges. The assets of the Reciprocal Exchanges can be used only to settle the obligations of the Reciprocal Exchanges and general creditors have no recourse to the Company. The results of operations of the Reciprocal Exchanges are included in the Company’s Allstate Protection segment and generated $45 million of earned premiums in the first quarter of 2021.
Assets and liabilities of consolidated VIEs |  |
($ in millions) |  |  |  | March 31, 2021 |  |
Assets |  |  |  |  |  |
Investments |  |  |  |  |  |
Fixed income securities, at fair value (amortized cost, net $286) |  |  |  | $ | 281 |  |  |
Short-term, at fair value (amortized cost $61) |  |  |  | 61 |  |  |
Investments |  |  |  | 342 |  |  |
Cash |  |  |  | 8 |  |  |
Premium installment and other receivables, net |  |  |  | 43 |  |  |
Reinsurance recoverables, net |  |  |  | 112 |  |  |
Other assets |  |  |  | 109 |  |  |
Total assets |  |  |  | 614 |  |  |
Liabilities |  |  |  |  |  |
Reserve for property and casualty insurance claims and claims expense |  |  |  | 223 |  |  |
Unearned premiums |  |  |  | 189 |  |  |
Other liabilities and expenses |  |  |  | 229 |  |  |
Total liabilities |  |  |  | $ | 641 |  |  |

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- References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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