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Transactions With Related Parties
 3 Months Ended
Mar. 31, 2024
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, 2024, the Company recorded de minims net premiums written and earned, compared to $75 million for the three months ended March 31, 2023. At March 31, 2024, the Company recorded a funds held asset from Premia of $144 million, compared to $158 million at December 31, 2023.
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, 2024, the Company’s net premiums written was reduced by $219 million, compared to $155 million for the three months ended March 31, 2023. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At March 31, 2024, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $1.4 billion and a reinsurance balance payable to Somers of $584 million, compared to $1.3 billion and $475 million, respectively, at December 31, 2023.