Business Dispositions (Notes)

6 Months Ended

Jun. 30, 2021

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

16. BUSINESS DISPOSITION

Sale of Continental Europe Operations

On September 30, 2020, the Company entered into a definitive agreement to sell its Continental Europe Operations consisting of multiple arrangements designed as a single transaction. The Continental Europe Operations are included in the Commercial Lines reporting segment. Revenues and earnings are not material to the Company's consolidated results of operations for the three and six months ended June 30, 2021 and 2020. The

pending sale resulted in an estimated loss on the sale of approximately $66, before tax, including $18, before tax, in the six months ended June 30, 2021, which was recorded within net realized capital gains (losses). The accrual for the estimated before tax loss is included as a reduction of the carrying value of assets held for sale in the Company's Condensed Consolidated Balance Sheets as of June 30, 2021. The transaction is expected to close in the second half of 2021, subject to customary closing conditions, including regulatory approvals.

Carrying Value of Assets and Liabilities to be Transferred in Connection With the Sale [1]


	As of June 30, 2021		As of December 31, 2020
Assets
Investments and cash	$	156	$	142




Reinsurance recoverables and other	24		35
Total assets held for sale	180		177
Liabilities
Unpaid losses and loss adjustment expenses	76		84
Unearned premiums	22		31
Other liabilities	66		43
Total liabilities held for sale	$	164	$	158

[1] As of June 30, 2021 and December 31, 2020, the estimated fair value of the disposal group was $12 and $14, respectively, based on the estimated consideration to be received less cost to sell. Within the disposal group, as of June 30, 2021 and December 31, 2020, investments in fixed maturities and short-term investments, which are measured at fair value on a recurring basis, had a fair value of $81 and $84, respectively, of which $0 and $1, respectively, was based on quoted prices in active markets for identical assets and $81 and $83, respectively, was based on significant observable inputs.The remaining fair value less costs to sell for the disposal group as of June 30, 2021 and December 31, 2020 was ($69) and ($70), respectively, which is measured on a nonrecurring basis using significant unobservable inputs. See Note 4—Fair Value Measurements for more information.