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Investment Information
 12 Months Ended
Dec. 31, 2024
Disclosure Investment Information [Abstract]  
Investment
Available For Sale Investments
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value		Gross Unrealized GainsGross Unrealized LossesAllowance for Expected Credit LossesCost or
Amortized
Cost
December 31, 2024
Fixed maturities:
Corporate bonds$12,487 $110 $(346)$(12)$12,735 
U.S. government and government agencies6,710 8 (149)— 6,851 
Asset backed securities2,900 19 (32)(8)2,921 
Non-U.S. government securities2,538 30 (107)(1)2,616 
Commercial mortgage backed securities1,058 6 (11)(1)1,064 
Residential mortgage backed securities1,079 6 (31)— 1,104 
Municipal bonds263 — (16)— 279 
Total27,035 179 (692)(22)27,570 
Short-term investments2,784 2 (2)— 2,784 
Total$29,819 $181 $(694)$(22)$30,354 
December 31, 2023
Fixed maturities:
Corporate bonds$10,855 $157 $(464)$(20)$11,182 
U.S. government and government agencies5,814 63 (86)— 5,837 
Asset backed securities2,250 11 (55)(5)2,299 
Non-U.S. government securities2,062 33 (100)(1)2,130 
Commercial mortgage backed securities1,213 3 (34)(2)1,246 
Residential mortgage backed securities1,103 7 (66)— 1,162 
Municipal bonds256 1 (20)— 275 
Total23,553 275 (825)(28)24,131 
Short-term investments2,063 1 (2)— 2,064 
Total$25,616 $276 $(827)$(28)$26,195 
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or MoreTotal
Estimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized Losses
December 31, 2024
Fixed maturities:
Corporate bonds$4,582 $(114)$2,924 $(232)$7,506 $(346)
U.S. government and government agencies5,130 (100)516 (49)5,646 (149)
Non-U.S. government securities1,650 (58)418 (49)2,068 (107)
Residential mortgage backed securities571 (6)186 (25)757 (31)
Asset backed securities236 (8)426 (24)662 (32)
Commercial mortgage backed securities180 (1)434 (10)614 (11)
Municipal bonds48 (1)176 (15)224 (16)
Total12,397 (288)5,080 (404)17,477 (692)
Short-term investments97 (2)— — 97 (2)
Total$12,494 $(290)$5,080 $(404)$17,574 $(694)
December 31, 2023
Fixed maturities:
Corporate bonds$1,559 $(45)$4,959 $(419)$6,518 $(464)
U.S. government and government agencies1,066 (10)941 (76)2,007 (86)
Non-U.S. government securities365 (4)897 (96)1,262 (100)
Residential mortgage backed securities221 (3)522 (63)743 (66)
Asset backed securities234 (1)1,112 (54)1,346 (55)
Commercial mortgage backed securities100 (1)909 (33)1,009 (34)
Municipal bonds20 (1)215 (19)235 (20)
Total3,565 (65)9,555 (760)13,120 (825)
Short-term investments302 (2)— — 302 (2)
Total$3,867 $(67)$9,555 $(760)$13,422 $(827)
At December 31, 2024, on a lot level basis, approximately 9,980 security lots out of a total of approximately 20,930 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $8 million. The Company believes that such securities were temporarily impaired at December 31, 2024. At December 31, 2023, on a lot level basis, approximately 7,100 security lots out of a total of approximately 15,720 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $6 million.
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2024December 31, 2023
Maturity
Estimated Fair Value
Amortized Cost
Estimated Fair Value
Amortized Cost
Due in one year or less$438 $451 $480 $499 
Due after one year through five years15,364 15,590 12,924 13,101 
Due after five years through 10 years5,811 6,039 5,249 5,450 
Due after 10 years385 401 334 374 
21,998 22,481 18,987 19,424 
Mortgage backed securities1,079 1,104 1,103 1,162 
Commercial mortgage backed securities1,058 1,064 1,213 1,246 
Asset backed securities2,900 2,921 2,250 2,299 
Total$27,035 $27,570 $23,553 $24,131 
Equity Securities, at Fair Value
At December 31, 2024, the Company held $1.7 billion of equity securities, at fair value, compared to $1.2 billion at December 31, 2023.
Net Investment Income
The components of net investment income were derived from the following sources:
Year Ended December 31,
202420232022
Fixed maturities$1,266 $917 $469 
Short-term investments144 68 29 
Equity securities40 22 22 
Other (1)136 93 47 
Gross investment income1,586 1,100 567 
Investment expenses(91)(77)(71)
Net investment income$1,495 $1,023 $496 
(1)    Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items.

Net Realized Gains (Losses)

Net realized gains (losses) were as follows:
Year Ended December 31,
202420232022
Available for sale securities:
Gross gains on investment sales$259 $116 $81 
Gross losses on investment sales(354)(547)(317)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities3 18 (71)
Other investments(144)27 (21)
Equity securities(1)1 (4)
Short-term investments— — (3)
Equity securities, at fair value :
Net realized gains (losses) on securities sold62 61 75 
Net unrealized gains (losses) on equity securities still held at reporting date108 88 (267)
Allowance for credit losses:
Investments related— 3 (44)
Underwriting related5 (1)(13)
Derivative instruments (1)8 59 (75)
Other (2)251 10 (4)
Net realized gains (losses)$197 $(165)$(663)
(1)    See note 11, for information on the Company’s derivative instruments.
(2)    Amounts in the 2024 period include benefits from the sale of Castel Underwriting Agencies Limited and the acquisition of RMIC.

Other Investments
The following table summarizes the Company’s assets and liabilities which are accounted for using the fair value option:
December 31,
20242023
Other investments$2,135 $1,777 
Fixed maturities854 683 
Equity securities7 7 
Short-term investments70 21 
Total other investments$3,066 $2,488 
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:

December 31,

2024

2023
Investment grade fixed income1,055 754 
Term loan investments430 272 
Lending303 427 
Private equity229 182 
Credit related funds99 124 
Energy19 18 
Total
$2,135 $1,777 
Limited Partnership Interests
In the normal course of its activities, the Company invests in limited partnerships as part of its overall investment strategy. Such amounts are included in ‘investments accounted for using the equity method’ and ‘investments accounted for using the fair value option.’ The Company determined that these limited partnership interests represented variable interests in the funds. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet item:
December 31,
20242023
Investments accounted for using the equity method (1)$5,980 $4,566 
Investments accounted for using the fair value option (2)48 114 
Total$6,028 $4,680 
(1)     Aggregate unfunded commitments were $4.3 billion at December 31, 2024, compared to $3.4 billion at December 31, 2023.
(2)    Aggregate unfunded commitments were $21 million at December 31, 2024, compared to $32 million at December 31, 2023.
Investments Accounted For Using the Equity Method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:

December 31,

20242023
Private equity$1,915 $1,175 
Credit related funds1,487 1,258 
Real estate869 666 
Lending616 597 
Infrastructure425 320 
Fixed income384 277 
Equities217 178 
Energy67 95 
Total
$5,980 $4,566 
In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds.
Equity in Net Income (Loss) of Investments Accounted For Using the Equity Method
The Company recorded equity in net income related to investments accounted for using the equity method of $580 million for 2024, compared to $278 million for 2023 and $115 million for 2022. In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the market value of the underlying securities in the funds).
A summary of aggregated financial information for the Company’s investment funds and operating affiliates accounted for using the equity method is as follows:
December 31,
20242023
Invested assets$113,977 $91,534 
Total assets132,647 108,952 
Total liabilities36,614 33,901 
Net assets$96,033 $75,051 
Year Ended December 31,
202420232022
Total revenues$19,160 $7,766 $12,305 
Total expenses7,269 7,174 5,374 
Net income (loss)$11,891 $592 $6,931 
Certain of the Company’s other investments and investments accounted for using the equity method are in investment funds for which the Company has the option to redeem at
agreed upon values as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investments in investment funds may be redeemed daily, monthly, quarterly or on other terms. Two common redemption restrictions which may impact the Company’s ability to redeem these investment funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the investment fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. If the investment funds are eligible to be redeemed, the time to redeem such fund can take weeks or months following the notification.
Investments in Operating Affiliates
Investments in which the Company has significant influence over the operating and financial policies are classified as ‘investments in operating affiliates’ on the Company’s balance sheets and are accounted for under the equity method. Such investments primarily include the Company’s investment in Coface SA (“Coface”), Greysbridge Holdings Ltd., (“Greysbridge”) and Premia Holdings Ltd. (“Premia”). Investments in Coface and Premia are generally recorded on a three month lag, while the Company’s investment in Greysbridge is not recorded on a lag.
In 2021, the Company completed the share purchase agreement with Natixis to purchase 29.5% of the common equity of Coface, a France-based leader in the global trade credit insurance market. The consideration paid was €9.95 per share, or an aggregate €453 million (approximately $546 million) including related fees. Income (loss) from operating affiliates reflected a one-time gain of $75 million realized from the acquisition. As a result of equity method accounting rules, approximately $36 million of additional gain was deferred and will generally be recognized over the next five years. As of December 31, 2024, the Company owned approximately 29.9% of the issued shares of Coface, or 30.03% excluding treasury shares, with a carrying value of $592 million, compared to $570 million at December 31, 2023.
In 2021, the Company completed acquisition of Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) by Greysbridge for a cash purchase price of $35.00 per common share. Somers is wholly owned by Greysbridge, and Greysbridge is owned 40% by the Company, 30% by certain investment funds managed by
Kelso & Company (“Kelso”) and 30% owned by certain investment funds managed by Warburg Pincus LLC (“Warburg”). At December 31, 2024 the Company’s carrying value in Greysbridge was $523 million, compared to $430 million at December 31, 2023. The Company’s carrying value in Greysbridge reflected aggregate purchase price of $279 million along with income (loss) from operating affiliates, which included a one-time gain of $96 million recognized from the acquisition. See note 16.
The Company recorded income from operating affiliates of $200 million for 2024, compared to $184 million for 2023 and $75 million for 2022.



Allowance for Expected Credit Losses
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Year Ended December 31, 2024Structured Securities (1)Non-U.S. Government SecuritiesCorporate
Bonds		Total
Balance at beginning of period$7 $1 $20 $28 
Additions for current-period provision for expected credit losses— — — — 
Additions (reductions) for previously recognized expected credit losses3 — (3)— 
Reductions due to disposals(1)— (5)(6)
Balance at end of period$9 $1 $12 $22 
Year Ended December 31, 2023
Balance at beginning of period$9 $2 $30 $41 
Additions for current-period provision for expected credit losses2 — 5 7 
Additions (reductions) for previously recognized expected credit losses (3)— (7)(10)
Reductions due to disposals(1)(1)(8)(10)
Balance at end of period$7 $1 $20 $28 
(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
Restricted Assets
The Company is required to maintain assets on deposit, which primarily consist of fixed maturities, with various regulatory authorities to support its underwriting operations. The Company’s subsidiaries maintain assets in trust accounts as collateral for transactions with affiliated companies and also have investments in segregated portfolios primarily to provide collateral or guarantees for letters of credit to third parties
The following table details the value of the Company’s restricted assets:
December 31,
20242023
Assets used for collateral or guarantees:
Affiliated transactions$4,730 $4,854 
Third party agreements (1)5,999 2,869 
Deposits with U.S. regulatory authorities882 833 
Other (2)1,437 1,376 
Total restricted assets $13,048 $9,932 
(1) 2024 period includes amounts related to the MCE Acquisition.
(2) Primarily includes Funds at Lloyds, deposits with non-U.S. regulatory authorities and other restricted assets.
Reconciliation of Cash and Restricted Cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
December 31,
202420232022
Cash$979 $917 $855 
Restricted cash (included in ‘other assets’)781 581 418 
Cash and restricted cash$1,760 $1,498 $1,273