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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING 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:
Three Months Ended March 31, 2023
(Dollars in millions)ReinsuranceInsuranceTotal
Gross written premiums$2,637 $1,106 $3,743 
Net written premiums2,454 875 3,329 
Premiums earned$2,242 $858 $3,100 
Incurred losses and LAE1,411 555 1,966 
Commission and brokerage560 101 661 
Other underwriting expenses63 136 200 
Underwriting gain (loss)$207 $66 $273 
Net investment income260 
Net gains (losses) on investments5 
Corporate expenses(19)
Interest, fee and bond issue cost amortization expense(32)
Other income (expense)(79)
Income (loss) before taxes$408 
(Some amounts may not reconcile due to rounding.)
Three Months Ended March 31, 2022
(Dollars in millions)ReinsuranceInsuranceTotal
Gross written premiums$2,186 $1,001 $3,186 
Net written premiums2,081 731 2,812 
Premiums earned$2,066 $726 $2,792 
Incurred losses and LAE1,325 465 1,790 
Commission and brokerage514 91 605 
Other underwriting expenses50 111 161 
Underwriting gain (loss)$177 $59 $235 
Net investment income243 
Net gains (losses) on investments(154)
Corporate expenses(14)
Interest, fee and bond issue cost amortization expense(24)
Other income (expense)15 
Income (loss) before taxes$302 
(Some amounts may not reconcile due to rounding.)