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SEGMENT REPORTING
 9 Months Ended
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, 2023Nine Months Ended September 30, 2023
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$3,219 $1,172 $4,391 $8,622 $3,692 $12,314 
Net written premiums3,008 858 3,866 8,101 2,768 10,870 
Premiums earned$2,612 $901 $3,513 $7,236 $2,629 $9,865 
Incurred losses and LAE1,665 581 2,246 4,477 1,696 6,173 
Commission and brokerage648 104 752 1,791 307 2,099 
Other underwriting expenses65 150 215 190 430 620 
Underwriting gain (loss)$234 $66 $301 $778 $196 $974 
Net investment income406 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, 2022Nine Months Ended September 30, 2022
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$2,551 $1,129 $3,680 $6,938 $3,376 $10,313 
Net written premiums2,460 862 3,323 6,664 2,492 9,156 
Premiums earned$2,245 $822 $3,067 $6,451 $2,324 $8,775 
Incurred losses and LAE1,992 631 2,623 4,699 1,591 6,289 
Commission and brokerage537 104 641 1,582 295 1,877 
Other underwriting expenses54 115 169 156 344 500 
Underwriting gain (loss)$(338)$(29)$(367)$14 $95 $109 
Net investment income151 620 
Net gains (losses) on investments(129)(519)
Corporate expenses(16)(45)
Interest, fee and bond issue cost amortization expense(25)(74)
Other income (expense)(16)(71)
Income (loss) before taxes$(401)$20 
(Some amounts may not reconcile due to rounding.)