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Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting
17.
 
SEGMENT REPORTING
The Reinsurance
 
operation
 
writes worldwide
 
property
 
and casualty
 
reinsurance
 
and specialty
 
lines of
 
business,
on both
 
a treaty
 
and facultative
 
basis,
 
through
 
reinsurance
 
brokers,
 
as well
 
as directly
 
with ceding
 
companies.
 
Business is
 
written in
 
the U.S.,
 
Bermuda, and
 
Ireland offices,
 
as well as,
 
through branches
 
in Canada,
 
Singapore,
the United
 
Kingdom
 
and Switzerland.
 
The Insurance
 
operation
 
writes property
 
and casualty
 
insurance
 
directly
and
 
through
 
brokers,
 
surplus
 
lines
 
brokers
 
and
 
general
 
agents
 
within
 
the
 
U.S.,
 
Bermuda,
 
Canada,
 
Europe,
Singapore
 
and
 
South
 
America
 
through
 
its
 
offices
 
in
 
the
 
U.S.,
 
Canada,
 
Chile,
 
Singapore,
 
the
 
United
 
Kingdom,
Ireland, and branches located
 
in the Netherlands, France, Germany and Spain.
 
These segments are
 
managed independently,
 
but conform
 
with corporate
 
guidelines with respect
 
to pricing, risk
management,
 
control
 
of
 
aggregate
 
catastrophe
 
exposures,
 
capital,
 
investments
 
and
 
support
 
operations.
 
Management
 
generally
 
monitors
 
and
 
evaluates
 
the
 
financial
 
performance
 
of
 
these
 
operating
 
segments
 
based
upon their underwriting results.
 
Underwriting
 
results
 
include
 
earned
 
premium
 
less
 
losses
 
and
 
loss
 
adjustment
 
expenses
 
(“LAE”)
 
incurred,
commission and brokerage
 
expenses and other
 
underwriting expenses.
 
The Company measures
 
its underwriting
results using
 
ratios, in
 
particular loss,
 
commission and
 
brokerage
 
and other
 
underwriting expense
 
ratios, which,
respectively,
 
divide incurred
 
losses, commissions
 
and brokerage
 
and other
 
underwriting expenses
 
by premiums
earned.
 
The
 
Company
 
does
 
not
 
maintain
 
separate
 
balance
 
sheet
 
data
 
for
 
its
 
operating
 
segments.
 
Accordingly,
 
the
Company does not
 
review and evaluate
 
the financial results
 
of its operating
 
segments based upon
 
balance sheet
data.
 
The following tables present the underwriting
 
results for the operating segments
 
for the periods indicated:
Year Ended December 31, 2022
(Dollars in millions)
Reinsurance
Insurance
Total
Gross written premiums
$
9,316
$
4,636
$
13,952
Net written premiums
8,983
3,361
12,344
Premiums earned
$
8,663
$
3,124
$
11,787
Incurred losses and LAE
5,997
2,103
8,100
Commission and brokerage
2,134
394
2,528
Other underwriting expenses
218
463
682
Underwriting gain (loss)
$
313
$
164
$
477
Net investment income
830
Net realized capital gains (losses)
(455)
Corporate expenses
(61)
Interest, fee and bond issue cost amortization expense
(101)
Other income (expense)
(102)
Income (loss) before taxes
$
588
Year Ended December 31, 2021
(Dollars in millions)
Reinsurance
Insurance
Total
Gross written premiums
$
9,067
$
3,982
$
13,050
Net written premiums
8,536
2,910
11,446
Premiums earned
$
7,757
$
2,649
$
10,406
Incurred losses and LAE
5,556
1,835
7,391
Commission and brokerage
1,854
354
2,209
Other underwriting expenses
199
383
583
Underwriting gain (loss)
$
147
$
76
$
224
Net investment income
1,165
Net realized capital gains (losses)
258
Corporate expenses
(68)
Interest, fee and bond issue cost amortization expense
(70)
Other income (expense)
37
Income (loss) before taxes
$
1,546
Year Ended December 31, 2020
(Dollars in millions)
Reinsurance
Insurance
Total
Gross written premiums
$
7,282
$
3,201
$
10,482
Net written premiums
6,768
2,349
9,117
Premiums earned
$
6,466
$
2,215
$
8,682
Incurred losses and LAE
4,933
1,617
6,551
Commission and brokerage
1,552
321
1,873
Other underwriting expenses
176
336
511
Underwriting gain (loss)
$
(195)
$
(58)
$
(254)
Net investment income
642
Net realized capital gains (losses)
268
Corporate expenses
(41)
Interest, fee and bond issue cost amortization expense
(36)
Other income (expense)
6
Income (loss) before taxes
$
585
The
 
Company
 
produces
 
business
 
in
 
the
 
U.S.,
 
Bermuda
 
and
 
internationally.
 
The
 
net
 
income
 
deriving
 
from
 
and
assets
 
residing
 
in the
 
individual
 
foreign
 
countries
 
in which
 
the Company
 
writes
 
business
 
are
 
not identifiable
 
in
the Company’s
 
financial records.
 
Based on gross written
 
premium, the table below
 
presents the largest
 
country,
other than the U.S., in which the Company writes business,
 
for the periods indicated:
Year Ended December 31,
(Dollars in millions)
2022
2021
2020
United Kingdom gross written premium
$
1,217
$
1,246
$
1,116
Approximately
20.0
%,
20.5
%
 
and
20.1
%
 
of
 
the
 
Company’s
 
gross
 
written
 
premiums
 
in
 
2022,
 
2021
 
and
 
2020,
respectively,
 
were sourced through the Company’s
 
largest intermediary.