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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2023
Collateralized Reinsurance And Trust Agreements [Abstract] |
Schedule of Restricted Assets | The following table summarizes the Company’s restricted assets:
| At December 31,
(Dollars in millions) | 2023 |  | 2022
Collateral in trust for non-affiliated agreements (1) | $ | 3,208 |  |  | $ | 2,406 |
Collateral for secured letter of credit facilities | 1,438 |  |  | 1,509 |
Collateral for FHLB borrowings | 1,077 |  |  | 572 |
Securities on deposit with or regulated by government authorities | 1,447 |  |  | 1,360 |
Funds at Lloyd's | 538 |  |  | 494 |
Funds held by reinsureds | 1,135 |  |  | 1,056 |
Total restricted assets | $ | 8,843 |  |  | $ | 7,399 |
(1) At December 31, 2023 and December 31, 2022, the total amount on deposit in trust accounts includes $243 million and $122 million of restricted cash respectively.
Schedule of Premiums and Losses Ceded | The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.
|  | Years Ended December 31,
Mt. Logan Re Segregated Accounts |  | 2023 |  | 2022 |  | 2021
(Dollars in millions) |  |  |  |  |  |
Ceded written premiums |  | 246 |  |  | 201 |  |  | 341 |
Ceded earned premiums |  | 242 |  |  | 206 |  |  | 333 |
Ceded losses and LAE |  | 64 |  |  | 191 |  |  | 282 |
Assumed written premiums |  | 6 |  |  | 5 |  |  | 12 |
Assumed earned premiums |  | 6 |  |  | 5 |  |  | 12 |
Schedule of Collateralized Reinsurance Agreements | The table below summarizes the various agreements.
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
Class |  | Description |  | Effective Date |  | Expiration Date |  | Limit |  | Coverage Basis
Series 2019-1 Class A-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 12/12/2019 |  | 12/19/2024 |  | 150 |  |  | Occurrence
Series 2019-1 Class B-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 12/12/2019 |  | 12/19/2024 |  | 275 |  |  | Aggregate
Series 2021-1 Class A-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/21/2025 |  | 150 |  |  | Occurrence
Series 2021-1 Class B-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/21/2025 |  | 85 |  |  | Aggregate
Series 2021-1 Class C-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/21/2025 |  | 85 |  |  | Aggregate
Series 2021-1 Class A-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/20/2026 |  | 150 |  |  | Occurrence
Series 2021-1 Class B-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/20/2026 |  | 90 |  |  | Aggregate
Series 2021-1 Class C-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/20/2026 |  | 90 |  |  | Aggregate
Series 2022-1 Class A |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/22/2022 |  | 6/25/2025 |  | 300 |  |  | Aggregate
|  | Total available limit as of December 31, 2023 |  |  |  |  |  | $ | 1,375 |  |  |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
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