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SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Underwriting Results for Operating Segments

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.)

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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X

- References

No definition available.

+ Details

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