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Allowance for Expected Credit Losses | 12 Months Ended
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Dec. 31, 2023
Credit Loss [Abstract] |
Allowance for expected credit losses | Premiums Receivable The following table provides a roll forward of the allowance for expected credit losses of the Company’s premium receivables:
Year Ended December 31, 2023 |  | Premium Receivables, Net of Allowance |  | Allowance for Expected Credit Losses |
Balance at beginning of period |  | $ | 3,625 |  |  | $ | 35 |  |
Change for provision of expected credit losses (1) |  |  |  | (1) |  |
Balance at end of period |  | $ | 4,644 |  |  | $ | 34 |  |
Year Ended December 31, 2022 |  |  |  |  |
Balance at beginning of period |  | $ | 2,633 |  |  | $ | 40 |  |
Change for provision of expected credit losses (1) |  |  |  | (5) |  |
Balance at end of period |  | $ | 3,625 |  |  | $ | 35 |  |
(1) Amounts deemed uncollectible are written-off in operating expenses. For the 2023 and 2022 periods, amounts written off totaled $3 million and $11 million, respectively. Reinsurance Recoverables The Company monitors the financial condition of its reinsurers and attempts to place coverages only with substantial, financially sound carriers. Although the Company has not experienced any material credit losses to date, an inability of its reinsurers or retrocessionaires to meet their obligations to it over the relevant exposure periods for any reason could have a material adverse effect on its financial condition and results of operations. The following table provides a roll forward of the allowance for expected credit losses of the Company’s reinsurance recoverables:
Year Ended December 31, 2023 |  | Reinsurance Recoverables, Net of Allowance |  | Allowance for Expected Credit Losses |
Balance at beginning of period |  | $ | 6,564 |  |  | $ | 22 |  |
Change for provision of expected credit losses |  |  |  | (1) |  |
Balance at end of period |  | $ | 7,064 |  |  | $ | 21 |  |
Year Ended December 31, 2022 |  |  |  |  |
Balance at beginning of period |  | $ | 5,881 |  |  | $ | 13 |  |
Change for provision of expected credit losses |  |  |  | 9 |  |
Balance at end of period |  | 6,564 |  |  | $ | 22 |  |
The following table summarizes the Company’s reinsurance recoverables on paid and unpaid losses (not including ceded unearned premiums) at December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | $ | 7,064 |  | $ | 6,564
% due from carriers with A.M. Best rating of “A-” or better | 66.8 | % |  | 68.8 | %
% due from all other rated carriers | 0.1 | % |  | 0.1 | %
% due from all other carriers with no A.M. Best rating (1) | 33.1 | % |  | 31.1 | %
Largest balance due from any one carrier as % of total shareholders’ equity | 7.2 | % |  | 9.0 | %
(1) At December 31, 2023 and 2022 period, over 95% of such amount were collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other, respectively. Contractholder Receivables The following table provides a roll forward of the allowance for expected credit losses of the Company’s contractholder receivables:
Year Ended December 31, 2023 |  | Contractholder Receivables, Net of Allowance |  | Allowance for Expected Credit Losses |
Balance at beginning of period |  | $ | 1,731 |  |  | $ | 3 |  |
Change for provision of expected credit losses |  |  |  | — |  |
Balance at end of period |  | $ | 1,814 |  |  | $ | 3 |  |
Year Ended December 31, 2022 |  |  |  |  |
Balance at beginning of period |  | $ | 1,829 |  |  | $ | 3 |  |
Change for provision of expected credit losses |  |  |  | — |  |
Balance at end of period |  | 1,731 |  |  | $ | 3 |  |

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent + Details
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- References No definition available. + Details
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