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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS | 12 Months Ended
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Dec. 31, 2023
Collateralized Reinsurance And Trust Agreements [Abstract] |
COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS | COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. 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. The Company reinsures some of its catastrophe exposures with the segregated accounts of Mt. Logan Re. Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally. 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 |
Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt. Logan Re segregated accounts to retrocede $269 million of casualty reserves held by Bermuda Re related to accident years 2002 through 2015. As consideration for entering the agreement, the Company transferred cash of $252 million to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $319 million. The Company will retain liability for any amounts exceeding the maximum liability. The Company will retain liability for any amounts exceeding the maximum liability. Effective July 1, 2022, the Company commuted this reinsurance agreement with Mt. Logan segregated account. The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. 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 |  |  |
Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. The Company has up to $350 million of catastrophe bond protection (“CAT Bond”) that attaches at a $48.1 billion Property Claims Services (“PCS”) Industry loss threshold. This recovery would be recognized on a pro-rata basis up to a $63.8 billion PCS Industry loss level. As a result of Hurricane Ian, PCS’s current industry estimate of $48.2 billion issued in February 2024 exceeds the attachment point. The potential recovery under the CAT Bond is not expected to be material. As a result, no portion of the potential CAT bond recovery has been included in the Company’s current financial results. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue date, maturity date and amount correspond to the reinsurance agreements listed above.

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