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Investments | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 6. Investments SECURITIES AVAILABLE FOR SALE The following table presents the amortized cost and fair value of our available for sale securities:
(in millions) |  | Amortized Cost |  | Allowance for Credit Losses(a) |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2025 |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 3,225 |  | $ | — |  | $ | 30 |  | $ | (78) |  | $ | 3,177 |
Obligations of states, municipalities and political subdivisions |  | 3,062 |  |  | — |  |  | 47 |  |  | (78) |  |  | 3,031 |
Non-U.S. governments |  | 7,119 |  |  | (1) |  |  | 58 |  |  | (449) |  |  | 6,727 |
Corporate debt |  | 36,090 |  |  | (18) |  |  | 356 |  |  | (1,615) |  |  | 34,813 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |
RMBS |  | 9,121 |  |  | (6) |  |  | 277 |  |  | (340) |  |  | 9,052 |
CMBS |  | 3,591 |  |  | (5) |  |  | 47 |  |  | (68) |  |  | 3,565 |
CLO/ABS |  | 5,678 |  |  | — |  |  | 32 |  |  | (48) |  |  | 5,662 |
Total mortgage-backed, asset-backed and collateralized |  | 18,390 |  |  | (11) |  |  | 356 |  |  | (456) |  |  | 18,279 |
Total bonds available for sale(b) | $ | 67,886 |  | $ | (30) |  | $ | 847 |  | $ | (2,676) |  | $ | 66,027 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 3,346 |  | $ | — |  | $ | 20 |  | $ | (99) |  | $ | 3,267 |
Obligations of states, municipalities and political subdivisions |  | 3,223 |  |  | — |  |  | 32 |  |  | (112) |  |  | 3,143 |
Non-U.S. governments |  | 8,644 |  |  | (1) |  |  | 54 |  |  | (590) |  |  | 8,107 |
Corporate debt |  | 33,031 |  |  | (28) |  |  | 581 |  |  | (1,758) |  |  | 31,826 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |
RMBS |  | 8,820 |  |  | (6) |  |  | 209 |  |  | (419) |  |  | 8,604 |
CMBS |  | 3,988 |  |  | (3) |  |  | 32 |  |  | (91) |  |  | 3,926 |
CLO/ABS |  | 5,143 |  |  | — |  |  | 34 |  |  | (44) |  |  | 5,133 |
Total mortgage-backed, asset-backed and collateralized |  | 17,951 |  |  | (9) |  |  | 275 |  |  | (554) |  |  | 17,663 |
Total bonds available for sale(b) | $ | 66,195 |  | $ | (38) |  | $ | 962 |  | $ | (3,113) |  | $ | 64,006 |
(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI. (b)At March 31, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.5 billion or 8 percent and $3.6 billion or 6 percent, respectively. Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
|  | Less than 12 Months |  | 12 Months or More |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 655 |  | $ | 7 |  | $ | 355 |  | $ | 71 |  | $ | 1,010 |  | $ | 78 |
Obligations of states, municipalities and political subdivisions |  | 733 |  |  | 13 |  |  | 582 |  |  | 65 |  |  | 1,315 |  |  | 78 |
Non-U.S. governments |  | 1,947 |  |  | 60 |  |  | 1,749 |  |  | 385 |  |  | 3,696 |  |  | 445 |
Corporate debt |  | 10,136 |  |  | 220 |  |  | 10,037 |  |  | 1,356 |  |  | 20,173 |  |  | 1,576 |
RMBS |  | 1,407 |  |  | 42 |  |  | 1,843 |  |  | 272 |  |  | 3,250 |  |  | 314 |
CMBS |  | 801 |  |  | 12 |  |  | 650 |  |  | 46 |  |  | 1,451 |  |  | 58 |
CLO/ABS |  | 2,497 |  |  | 20 |  |  | 298 |  |  | 28 |  |  | 2,795 |  |  | 48 |
Total bonds available for sale | $ | 18,176 |  | $ | 374 |  | $ | 15,514 |  | $ | 2,223 |  | $ | 33,690 |  | $ | 2,597 |
|  | Less than 12 Months |  | 12 Months or More |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 1,718 |  | $ | 21 |  | $ | 358 |  | $ | 78 |  | $ | 2,076 |  | $ | 99 |
Obligations of states, municipalities and political subdivisions |  | 1,502 |  |  | 33 |  |  | 586 |  |  | 79 |  |  | 2,088 |  |  | 112 |
Non-U.S. governments |  | 1,964 |  |  | 55 |  |  | 3,446 |  |  | 534 |  |  | 5,410 |  |  | 589 |
Corporate debt |  | 10,347 |  |  | 234 |  |  | 10,907 |  |  | 1,515 |  |  | 21,254 |  |  | 1,749 |
RMBS |  | 3,711 |  |  | 58 |  |  | 2,147 |  |  | 343 |  |  | 5,858 |  |  | 401 |
CMBS |  | 1,052 |  |  | 18 |  |  | 992 |  |  | 71 |  |  | 2,044 |  |  | 89 |
CLO/ABS |  | 1,368 |  |  | 9 |  |  | 315 |  |  | 35 |  |  | 1,683 |  |  | 44 |
Total bonds available for sale | $ | 21,662 |  | $ | 428 |  | $ | 18,751 |  | $ | 2,655 |  | $ | 40,413 |  | $ | 3,083 |
At March 31, 2025, we held 10,707 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,239 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data. Contractual Maturities of Fixed Maturity Securities Available for Sale The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
March 31, 2025 |  | Total Fixed Maturity Securities Available for Sale
(in millions) |  | Amortized Cost, Net of Allowance |  | Fair Value
Due in one year or less |  | $ | 4,290 |  |  | $ | 4,210 |
Due after one year through five years |  | 22,473 |  |  | 22,353 |
Due after five years through ten years |  | 16,601 |  |  | 16,085 |
Due after ten years |  | 6,113 |  |  | 5,100 |
Mortgage-backed, asset-backed and collateralized |  | 18,379 |  |  | 18,279 |
Total |  | $ | 67,856 |  |  | $ | 66,027 |
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
(in millions) |  |  |  |  |  |  |  |  |  |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  | $ | 16 | $ | 278 |  | $ | 15 | $ | 116 |  |  |  |  |
For the three months ended March 31, 2025 and 2024, the aggregate fair value of available for sale securities sold was $4.8 billion and $2.4 billion, respectively, which resulted in net realized gains (losses) of $(262) million and $(101) million, respectively. Included within the net realized gains (losses) are $(7) million and $(15) million of net realized gains (losses) for the three months ended March 31, 2025 and 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets. OTHER SECURITIES MEASURED AT FAIR VALUE The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions) |  | March 31, 2025 |  |  |  | December 31, 2024 |
| Fair Value |  | Percent of Total |  |  |  | Fair Value |  | Percent of Total |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 51 |  |  | 3 |  | % |  | $ | 50 |  |  | 3 |  | %
Non-U.S. governments |  | 22 |  |  | 1 |  |  |  |  | 24 |  |  | 2 |  |
Corporate debt |  | 284 |  |  | 19 |  |  |  |  | 282 |  |  | 19 |  |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |  |
RMBS |  | 100 |  |  | 7 |  |  |  |  | 100 |  |  | 7 |  |
CMBS |  | 42 |  |  | 3 |  |  |  |  | 43 |  |  | 3 |  |
CLO/ABS and other collateralized securities |  | 255 |  |  | 17 |  |  |  |  | 246 |  |  | 17 |  |
Total mortgage-backed, asset-backed and collateralized |  | 397 |  |  | 27 |  |  |  |  | 389 |  |  | 27 |  |
Total fixed maturity securities |  | 754 |  |  | 50 |  |  |  |  | 745 |  |  | 51 |  |
Equity securities |  | 733 |  |  | 50 |  |  |  |  | 704 |  |  | 49 |  |
Total | $ | 1,487 |  |  | 100 |  | % |  | $ | 1,449 |  |  | 100 |  | %
OTHER INVESTED ASSETS The following table summarizes the carrying amounts of other invested assets:
(in millions) | March 31, 2025 |  | December 31, 2024
Alternative investments(a) | $ | 4,133 |  |  | $ | 4,032 |
Retained investment in Corebridge using fair value option | 4,018 |  |  | 3,810 |
All other investments(b) | 1,836 |  |  | 1,986 |
Total | $ | 9,987 |  |  | $ | 9,828 |
(a)At March 31, 2025, includes hedge funds of $200 million and private equity funds of $3.7 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At March 31, 2025 and December 31, 2024, the accumulated depreciation was $164 million and $161 million, respectively. (b)All other investments include mainly bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners. NET INVESTMENT INCOME The following table presents the components of Net investment income:
Three Months Ended March 31, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets | Total |  |  |  |
Available for sale fixed maturity securities, including short-term investments | $ | 790 |  | $ | 22 |  | $ | 812 |  |  | $ | 765 |  | $ | 22 |  | $ | 787 |  |  |  |  |  |  |  |
Other fixed maturity securities |  | — |  |  | 11 |  |  | 11 |  |  |  | (5) |  |  | 7 |  |  | 2 |  |  |  |  |  |  |  |
Equity securities |  | 9 |  |  | — |  |  | 9 |  |  |  | 88 |  |  | — |  |  | 88 |  |  |  |  |  |  |  |
Interest on mortgage and other loans |  | 44 |  |  | 7 |  |  | 51 |  |  |  | 68 |  |  | 9 |  |  | 77 |  |  |  |  |  |  |  |
Alternative investments(a) |  | 43 |  |  | — |  |  | 43 |  |  |  | 55 |  |  | (1) |  |  | 54 |  |  |  |  |  |  |  |
Other investments(b) |  | 217 |  |  | — |  |  | 217 |  |  |  | 22 |  |  | 2 |  |  | 24 |  |  |  |  |  |  |  |
Total investment income |  | 1,103 |  |  | 40 |  |  | 1,143 |  |  |  | 993 |  |  | 39 |  |  | 1,032 |  |  |  |  |  |  |  |
Investment expenses |  | 38 |  |  | — |  |  | 38 |  |  |  | 53 |  |  | — |  |  | 53 |  |  |  |  |  |  |  |
Net investment income | $ | 1,065 |  | $ | 40 |  | $ | 1,105 |  |  | $ | 940 |  | $ | 39 |  | $ | 979 |  |  |  |  |  |  |  |
(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (b)Includes dividends received from Corebridge and changes in its stock price of $31 million and $209 million, respectively, for the three months ended March 31, 2025. NET REALIZED GAINS AND LOSSES The following table presents the components of Net realized gains (losses):
Three Months Ended March 31, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  |  |  |  |
Sales of fixed maturity securities | $ | (255) |  | $ | (7) |  | $ | (262) |  |  | $ | (86) |  | $ | (15) |  | $ | (101) |  |  |  |  |  |  |  |
Change in allowance for credit losses on fixed maturity securities |  | 8 |  |  | — |  |  | 8 |  |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |  |  |  |
Change in allowance for credit losses on loans |  | 5 |  |  | 4 |  |  | 9 |  |  |  | (8) |  |  | (2) |  |  | (10) |  |  |  |  |  |  |  |
Foreign exchange transactions |  | 220 |  |  | 6 |  |  | 226 |  |  |  | 59 |  |  | (3) |  |  | 56 |  |  |  |  |  |  |  |
All other derivatives and hedge accounting |  | (28) |  |  | (6) |  |  | (34) |  |  |  | (48) |  |  | 2 |  |  | (46) |  |  |  |  |  |  |  |
Sales of alternative investments |  | — |  |  | — |  |  | — |  |  |  | 10 |  |  | (1) |  |  | 9 |  |  |  |  |  |  |  |
Other |  | (10) |  |  | 1 |  |  | (9) |  |  |  | 15 |  |  | — |  |  | 15 |  |  |  |  |  |  |  |
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative |  | (60) |  |  | (2) |  |  | (62) |  |  |  | (59) |  |  | (19) |  |  | (78) |  |  |  |  |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | — |  |  | (41) |  |  | (41) |  |  |  | — |  |  | (9) |  |  | (9) |  |  |  |  |  |  |  |
Net realized gains (losses) | $ | (60) |  | $ | (43) |  | $ | (103) |  |  | $ | (59) |  | $ | (28) |  | $ | (87) |  |  |  |  |  |  |  |
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended March 31, |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  | 2025 |  | 2024
Fixed maturity securities* |  |  |  |  |  | $ | 322 |  | $ | (132) |
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024. The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended March 31, |  | 2025 |  |  | 2024
(in millions) |  | Equities |  | Other Invested Assets* |  | Total |  |  | Equities |  | Other Invested Assets |  | Total
Net gains recognized during the period on equity securities and other investments |  | $ | 9 |  |  | $ | 233 |  |  | $ | 242 |  |  |  | $ | 88 |  |  | $ | 83 |  |  | $ | 171 |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period |  | 13 |  |  | (1) |  |  | 12 |  |  |  | 40 |  |  | (1) |  |  | 39 |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date |  | $ | (4) |  |  | $ | 234 |  |  | $ | 230 |  |  |  | $ | 48 |  |  | $ | 84 |  |  | $ | 132 |
*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $209 million in the three months ended March 31, 2025. EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report. Credit Impairments The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended March 31, | 2025 |  | 2024 |  |
(in millions) | Structured | Non- Structured |  | Total |  | Structured | Non- Structured |  | Total |  |  |  |  |
Balance, beginning of year | $ | 10 |  | $ | 28 |  | $ | 38 |  |  | $ | 13 |  | $ | 21 |  | $ | 34 |  |  |  |  |  |  |  |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities for which allowance for credit losses was not previously recorded |  | — |  |  | 2 |  |  | 2 |  |  |  | — |  |  | 4 |  |  | 4 |  |  |  |  |  |  |  |
Reductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period |  | — |  |  | (4) |  |  | (4) |  |  |  | — |  |  | 1 |  |  | 1 |  |  |  |  |  |  |  |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis |  | 1 |  |  | 1 |  |  | 2 |  |  |  | (10) |  |  | 7 |  |  | (3) |  |  |  |  |  |  |  |
Write-offs charged against the allowance |  | — |  |  | (8) |  |  | (8) |  |  |  | — |  |  | (8) |  |  | (8) |  |  |  |  |  |  |  |
Balance, end of period | $ | 11 |  | $ | 19 |  | $ | 30 |  |  | $ | 3 |  | $ | 25 |  | $ | 28 |  |  |  |  |  |  |  |
Purchased Credit Deteriorated Securities We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: •Current delinquency rates; •Expected default rates and the timing of such defaults; •Loss severity and the timing of any recovery; and •Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. We did not purchase securities with more than insignificant credit deterioration since their origination during the three months ended March 31, 2025 and 2024. PLEDGED INVESTMENTS Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively. We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received. The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions) |  | March 31, 2025 |  | December 31, 2024
Securities collateral pledged to us | $ | 2,257 |  | $ | 2,853 |
At March 31, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $2.2 billion and $2.8 billion, respectively. All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions. Insurance – Statutory and Other Deposits The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts, was $7.9 billion and $7.8 billion at March 31, 2025 and December 31, 2024, respectively. Other Pledges and Restrictions Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $13 million and $13 million of stock in FHLBs at March 31, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $1.8 billion at March 31, 2025 and $1.6 billion at December 31, 2024. Investments held in escrow accounts or otherwise subject to restriction as to their use were $73 million and $73 million, comprised of bonds available for sale and short-term investments at March 31, 2025 and December 31, 2024, respectively. Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.

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