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SEGMENT REPORTING | 9 Months Ended
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Sep. 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 September 30, 2023 |  | Nine Months Ended September 30, 2023
(Dollars in millions) | Reinsurance |  | Insurance |  | Total |  | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 3,219 |  |  | $ | 1,172 |  |  | $ | 4,391 |  |  | $ | 8,622 |  |  | $ | 3,692 |  |  | $ | 12,314 |
Net written premiums | 3,008 |  |  | 858 |  |  | 3,866 |  |  | 8,101 |  |  | 2,768 |  |  | 10,870 |
Premiums earned | $ | 2,612 |  |  | $ | 901 |  |  | $ | 3,513 |  |  | $ | 7,236 |  |  | $ | 2,629 |  |  | $ | 9,865 |
Incurred losses and LAE | 1,665 |  |  | 581 |  |  | 2,246 |  |  | 4,477 |  |  | 1,696 |  |  | 6,173 |
Commission and brokerage | 648 |  |  | 104 |  |  | 752 |  |  | 1,791 |  |  | 307 |  |  | 2,099 |
Other underwriting expenses | 65 |  |  | 150 |  |  | 215 |  |  | 190 |  |  | 430 |  |  | 620 |
Underwriting gain (loss) | $ | 234 |  |  | $ | 66 |  |  | $ | 301 |  |  | $ | 778 |  |  | $ | 196 |  |  | $ | 974 |
Net investment income |  |  |  |  | 406 |  |  |  |  |  |  | 1,023 |
Net gains (losses) on investments |  |  |  |  | (31) |  |  |  |  |  |  | (21) |
Corporate expenses |  |  |  |  | (19) |  |  |  |  |  |  | (55) |
Interest, fee and bond issue cost amortization expense |  |  |  |  | (34) |  |  |  |  |  |  | (99) |
Other income (expense) |  |  |  |  | 103 |  |  |  |  |  |  | 61 |
Income (loss) before taxes |  |  |  |  | $ | 725 |  |  |  |  |  |  | $ | 1,883 |
(Some amounts may not reconcile due to rounding.)
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
(Dollars in millions) | Reinsurance |  | Insurance |  | Total |  | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 2,551 |  |  | $ | 1,129 |  |  | $ | 3,680 |  |  | $ | 6,938 |  |  | $ | 3,376 |  |  | $ | 10,313 |
Net written premiums | 2,460 |  |  | 862 |  |  | 3,323 |  |  | 6,664 |  |  | 2,492 |  |  | 9,156 |
Premiums earned | $ | 2,245 |  |  | $ | 822 |  |  | $ | 3,067 |  |  | $ | 6,451 |  |  | $ | 2,324 |  |  | $ | 8,775 |
Incurred losses and LAE | 1,992 |  |  | 631 |  |  | 2,623 |  |  | 4,699 |  |  | 1,591 |  |  | 6,289 |
Commission and brokerage | 537 |  |  | 104 |  |  | 641 |  |  | 1,582 |  |  | 295 |  |  | 1,877 |
Other underwriting expenses | 54 |  |  | 115 |  |  | 169 |  |  | 156 |  |  | 344 |  |  | 500 |
Underwriting gain (loss) | $ | (338) |  |  | $ | (29) |  |  | $ | (367) |  |  | $ | 14 |  |  | $ | 95 |  |  | $ | 109 |
Net investment income |  |  |  |  | 151 |  |  |  |  |  |  | 620 |
Net gains (losses) on investments |  |  |  |  | (129) |  |  |  |  |  |  | (519) |
Corporate expenses |  |  |  |  | (16) |  |  |  |  |  |  | (45) |
Interest, fee and bond issue cost amortization expense |  |  |  |  | (25) |  |  |  |  |  |  | (74) |
Other income (expense) |  |  |  |  | (16) |  |  |  |  |  |  | (71) |
Income (loss) before taxes |  |  |  |  | $ | (401) |  |  |  |  |  |  | $ | 20 |
(Some amounts may not reconcile due to rounding.)

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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