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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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., Bermuda, 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 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, result from dividing 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 June 30, 2023Six Months Ended June 30, 2023
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$2,766 $1,414 $4,180 $5,403 $2,520 $7,923 
Net written premiums2,639 1,035 3,674 5,093 1,910 7,003 
Premiums earned$2,382 $869 $3,251 $4,624 $1,728 $6,352 
Incurred losses and LAE1,400 560 1,960 2,811 1,115 3,927 
Commission and brokerage583 103 686 1,143 204 1,347 
Other underwriting expenses62 143 205 125 280 405 
Underwriting gain (loss)$337 $64 $401 $544 $129 $673 
Net investment income357 617 
Net gains (losses) on investments5 10 
Corporate expenses(17)(36)
Interest, fee and bond issue cost amortization expense(33)(65)
Other income (expense)38 (42)
Income (loss) before taxes$750 $1,157 
(Some amounts may not reconcile due to rounding.)
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$2,201 $1,246 $3,447 $4,387 $2,247 $6,633 
Net written premiums2,122 899 3,021 4,204 1,630 5,833 
Premiums earned$2,140 $777 $2,916 $4,206 $1,502 $5,708 
Incurred losses and LAE1,382 494 1,876 2,707 959 3,666 
Commission and brokerage531 99 630 1,045 190 1,236 
Other underwriting expenses52 117 170 103 228 331 
Underwriting gain (loss)$175 $66 $240 $351 $124 $476 
Net investment income226 469 
Net gains (losses) on investments(236)(390)
Corporate expenses(15)(29)
Interest, fee and bond issue cost amortization expense(24)(48)
Other income (expense)(71)(56)
Income (loss) before taxes$119 $421 
(Some amounts may not reconcile due to rounding.)