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Transactions With Related Parties
3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Transactions with related parties Premia Reinsurance Ltd. is a multi-line Bermuda reinsurance company (and its affiliates together with Premia Holdings Ltd., “Premia”). The Company has entered into certain reinsurance transactions with Premia. For the three months ended March 31, 2023, the Company recorded net premiums written and earned of $75 million, compared to $1 million for the three months ended March 31, 2022. At March 31, 2023, the Company recorded a funds held asset from Premia of $199 million, compared to $119 million at December 31, 2022.Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) are wholly owned by Greysbridge. The Company has entered into certain reinsurance transactions with Somers. For the three months ended March 31, 2023, the Company recorded ceded premiums written related to such transactions of $219 million, compared to $221 million for the three months ended March 31, 2022. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At March 31, 2023, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $1.2 billion and a reinsurance balance payable to Somers of $435 million, compared to $1.2 billion and $414 million, respectively, at December 31, 2022.