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v3.23.1

Variable Interest Entities (Tables) | 3 Months Ended
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Mar. 31, 2023
Noncontrolling Interest [Abstract] |
Total assets and maximum exposure to loss associated with VIEs | The Company’s on-balance sheet liability was $5 million at March 31, 2023, compared to $2 million at December 31, 2022, while the maximum off-balance sheet exposure to loss was $24 million at March 31, 2023, compared to $27 million at December 31, 2022. The Company’s maximum exposure to loss associated with these VIEs is calculated as the maximum historical observable spread between the benchmark index for each respective transaction and short term invested trust asset yields. The benchmark index for agreements effective prior to 2021 is based on one-month LIBOR, while the benchmark index for 2021 and later agreements is based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. The following table summarizes the total assets of the Bellemeade entities:
|  | March 31, 2023 |  | December 31, 2022 |  |
Bellemeade Entities (Issue Date) |  | Total VIE Assets |  |  |  |  |  |  |  | Coverage Remaining from Reinsurers (1) |  | Total VIE Assets |  |  |  |  |  |
2017-1 Ltd. (Oct-17) |  | $ | — |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 37 |  |  |  |  |  |  |
2018-1 Ltd. (Apr-18) |  | 78 |  |  |  |  |  |  |  |  | — |  |  | 90 |  |  |  |  |  |  |
2018-3 Ltd. (Oct-18) |  | 183 |  |  |  |  |  |  |  |  | — |  |  | 199 |  |  |  |  |  |  |
2019-1 Ltd. (Mar-19) |  | 99 |  |  |  |  |  |  |  |  | — |  |  | 108 |  |  |  |  |  |  |
2019-2 Ltd. (Apr-19) |  | 307 |  |  |  |  |  |  |  |  | — |  |  | 325 |  |  |  |  |  |  |
2019-3 Ltd. (Jul-19) |  | 182 |  |  |  |  |  |  |  |  | — |  |  | 223 |  |  |  |  |  |  |
2019-4 Ltd. (Oct-19) |  | 252 |  |  |  |  |  |  |  |  | — |  |  | 266 |  |  |  |  |  |  |
2020-2 Ltd. (Sep-20) |  | 89 |  |  |  |  |  |  |  |  | — |  |  | 105 |  |  |  |  |  |  |
2020-3 Ltd. (Nov-20) |  | 224 |  |  |  |  |  |  |  |  | 6 |  |  | 244 |  |  |  |  |  |  |
2020-4 Ltd. (Dec-20) |  | 87 |  |  |  |  |  |  |  |  | 3 |  |  | 98 |  |  |  |  |  |  |
2021-1 Ltd. (Mar-21) |  | 438 |  |  |  |  |  |  |  |  | 29 |  |  | 467 |  |  |  |  |  |  |
2021-2 Ltd. (Jun-21) |  | 434 |  |  |  |  |  |  |  |  | 71 |  |  | 458 |  |  |  |  |  |  |
2021-3 Ltd. (Sep-21) |  | 481 |  |  |  |  |  |  |  |  | 125 |  |  | 490 |  |  |  |  |  |  |
2022-1 Ltd. (Jan-22) |  | 284 |  |  |  |  |  |  |  |  | 33 |  |  | 284 |  |  |  |  |  |  |
2022-2 Ltd. (Sep-22) |  | 201 |  |  |  |  |  |  |  |  | 126 |  |  | 201 |  |  |  |  |  |  |
Total |  | $ | 3,339 |  |  |  |  |  |  |  |  | $ | 393 |  |  | $ | 3,595 |  |  |  |  |  |  |
(1) Coverage from a separate panel of reinsurers remaining at March 31, 2023.

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