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Transactions With Related Parties
 3 Months Ended
Mar. 31, 2025
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. During the three months ended March 31, 2025 and 2024, the Company did not enter into any new reinsurance transactions with Premia. At March 31, 2025, the Company recorded a funds held asset from Premia of $137 million, consistent with $137 million at December 31, 2024.
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, 2025, the Company’s net premiums written was reduced by $216 million, compared to $219 million for the three months ended March 31, 2024. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At March 31, 2025, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $1.7 billion and a reinsurance balance payable to Somers of $570 million, compared to $1.6 billion and $489 million, respectively, at December 31, 2024.
Under the terms of the Greysbridge equity financing, beginning January 1, 2024, the Company has a call right (but not the obligation) and Warburg and Kelso each have a put right (but not the obligation) to buy/sell a certain amount of their initial shares annually at the current year-end tangible book value per share of Greysbridge. In 2024, Warburg and Kelso both delivered a put option notice to sell a certain amount of their initial shares. This transaction, which will involve third-party purchasers of such shares, is expected to close in the 2025 calendar year, subject to any required regulatory approvals and other closing conditions. In association with the put option notice at March 31, 2025, the Company’s balance sheet reflected $268 million in both other assets and other liabilities.