XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Fair Value (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair value hierarchy | The following table presents the Company’s financial assets and liabilities measured at fair value by level at March 31, 2024:
|  |  | Estimated Fair Value Measurements Using:
| Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets measured at fair value: |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Corporate bonds | $ | 11,698 |  |  | $ | — |  |  | $ | 11,538 |  |  | $ | 160 |
U.S. government and government agencies | 4,370 |  |  | 4,342 |  |  | 28 |  |  | — |
Asset backed securities | 2,762 |  |  | — |  |  | 2,762 |  |  | — |
Non-U.S. government securities | 2,195 |  |  | — |  |  | 2,195 |  |  | — |
Commercial mortgage backed securities | 1,197 |  |  | — |  |  | 1,197 |  |  | — |
Residential mortgage backed securities | 1,179 |  |  | — |  |  | 1,179 |  |  | — |
Municipal bonds | 227 |  |  | — |  |  | 227 |  |  | — |
Total | 23,628 |  |  | 4,342 |  |  | 19,126 |  |  | 160 |
Short-term investments | 2,142 |  |  | 1,885 |  |  | 160 |  |  | 97 |
Equity securities, at fair value | 1,720 |  |  | 1,686 |  |  | 29 |  |  | 5 |
Derivative instruments (2) | 120 |  |  | — |  |  | 120 |  |  | — |
Residential mortgage loans | 2 |  |  | — |  |  | 2 |  |  | — |
Fair value option: |  |  |  |  |  |  |
Corporate bonds | 910 |  |  | — |  |  | 910 |  |  | — |
Non-U.S. government bonds | 5 |  |  | — |  |  | 5 |  |  | — |
Asset backed securities | 2 |  |  | — |  |  | 2 |  |  | — |
U.S. government and government agencies | 13 |  |  | 13 |  |  | — |  |  | — |
Short-term investments | 35 |  |  | 1 |  |  | 17 |  |  | 17 |
Equity securities | 7 |  |  | 3 |  |  | — |  |  | 4 |
Other investments | 249 |  |  | — |  |  | 123 |  |  | 126 |
Other investments measured at net asset value (1) | 1,665 |  |  |  |  |  |  |
Total | 2,886 |  |  | 17 |  |  | 1,057 |  |  | 147 |
Total assets measured at fair value | $ | 30,498 |  |  | $ | 7,930 |  |  | $ | 20,494 |  |  | $ | 409 |
Liabilities measured at fair value: |  |  |  |  |  |  |
Other liabilities | $ | (22) |  |  | $ | — |  |  | $ | — |  |  | $ | (22) |
Derivative instruments (2) | (57) |  |  | — |  |  | (57) |  |  | — |
Total liabilities measured at fair value | $ | (79) |  |  | $ | — |  |  | $ | (57) |  |  | $ | (22) |
(1) In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (2) See note 9. The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2023:
|  |  | Estimated Fair Value Measurements Using:
| Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets measured at fair value: |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Corporate bonds | $ | 10,855 |  |  | $ | — |  |  | $ | 10,708 |  |  | $ | 147 |
U.S. government and government agencies | 5,814 |  |  | 5,792 |  |  | 22 |  |  | — |
Asset backed securities | 2,250 |  |  | — |  |  | 2,250 |  |  | — |
Non-U.S. government securities | 2,062 |  |  | — |  |  | 2,062 |  |  | — |
Commercial mortgage backed securities | 1,213 |  |  | — |  |  | 1,213 |  |  | — |
Residential mortgage backed securities | 1,103 |  |  | — |  |  | 1,103 |  |  | — |
Municipal bonds | 256 |  |  | — |  |  | 256 |  |  | — |
Total | 23,553 |  |  | 5,792 |  |  | 17,614 |  |  | 147 |
Short-term investments | 2,063 |  |  | 1,786 |  |  | 193 |  |  | 84 |
Equity securities, at fair value | 1,186 |  |  | 1,151 |  |  | 30 |  |  | 5 |
Derivative instruments (2) | 197 |  |  | — |  |  | 197 |  |  | — |
Residential mortgage loans | 2 |  |  | — |  |  | 2 |  |  | — |
Fair value option: |  |  |  |  |  |  |
Corporate bonds | 662 |  |  | — |  |  | 662 |  |  | — |
Non-U.S. government bonds | 6 |  |  | — |  |  | 6 |  |  | — |
Asset backed securities | 2 |  |  | — |  |  | 2 |  |  | — |
U.S. government and government agencies | 13 |  |  | 13 |  |  | — |  |  | — |
Short-term investments | 21 |  |  | — |  |  | 11 |  |  | 10 |
Equity securities | 7 |  |  | 3 |  |  | — |  |  | 4 |
Other investments | 316 |  |  | — |  |  | 210 |  |  | 106 |
Other investments measured at net asset value (1) | 1,461 |  |  |  |  |  |  |
Total | 2,488 |  |  | 16 |  |  | 891 |  |  | 120 |
Total assets measured at fair value | $ | 29,489 |  |  | $ | 8,745 |  |  | $ | 18,927 |  |  | $ | 356 |
Liabilities measured at fair value: |  |  |  |  |  |  |
Other liabilities | $ | (22) |  |  | $ | — |  |  | $ | — |  |  | $ | (22) |
Derivative instruments (2) | (119) |  |  | — |  |  | (119) |  |  | — |
Total liabilities measured at fair value | $ | (141) |  |  | $ | — |  |  | $ | (119) |  |  | $ | (22) |
(1) In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (2) See note 9.
Rollforward of Level 3 investments | The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:
|  |  | Assets | Liabilities
s |  |  | Available For Sale |  |  |  | Fair Value Option |  | Fair Value |  |
|  |  | Corporate Bonds |  | Short-term Investments |  |  |  | Other Investments |  | Short-term Investments |  | Equity Securities |  | Equity Securities |  | Other Liabilities
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 147 |  |  | $ | 84 |  |  |  |  | $ | 106 |  |  | $ | 10 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | (22) |
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (1) |  |  | — |  |  | — |  |  |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  |  | 2 |  |  | 1 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | 98 |  |  | 12 |  |  |  |  | 30 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Issuances |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  |  | (87) |  |  | — |  |  |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers in and/or out of Level 3 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at end of period |  |  | $ | 160 |  |  | $ | 97 |  |  |  |  | $ | 126 |  |  | $ | 17 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | (22) |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 121 |  |  | $ | — |  |  |  |  | $ | 33 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | (14) |
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (1) |  |  | 1 |  |  | — |  |  |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  | — |  |  |  |  | 18 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Issuances |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales |  |  | — |  |  | — |  |  |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  |  | (53) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers in and/or out of Level 3 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at end of period |  |  | $ | 69 |  |  | $ | — |  |  |  |  | $ | 46 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | (14) |
(1) Gains or losses were included in net realized gains (losses).

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration