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SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Underwriting Results for Segments

The following tables present the underwriting results for our segments for the periods indicated:

			Year Ended December 31, 2023
(Dollars in millions)			Reinsurance						Insurance						Total
Gross written premiums			$	11,460					$	5,177					$	16,637
Net written premiums			10,802						3,929						14,730
Premiums earned			$	9,799					$	3,644					$	13,443
Incurred losses and LAE			5,696						2,732						8,427
Commission and brokerage			2,520						432						2,952
Other underwriting expenses			255						591						846
Underwriting gain (loss)			$	1,328					$	(109)					$	1,219
Net investment income															1,434
Net gains (losses) on investments															(276)
Corporate expenses															(73)
Interest, fee and bond issue cost amortization expense															(134)
Other income (expense)															(14)
Income (loss) before taxes															$	2,154

			Year Ended December 31, 2022
(Dollars in millions)			Reinsurance						Insurance						Total
Gross written premiums			$	9,248					$	4,704					$	13,952
Net written premiums			8,919						3,426						12,344
Premiums earned			$	8,598					$	3,189					$	11,787
Incurred losses and LAE			5,966						2,134						8,100
Commission and brokerage			2,116						413						2,528
Other underwriting expenses			217						464						682
Underwriting gain (loss)			$	300					$	178					$	477
Net investment income															830
Net gains (losses) on investments															(455)
Corporate expenses															(61)
Interest, fee and bond issue cost amortization expense															(101)
Other income (expense)															(102)
Income (loss) before taxes															$	588

			Year Ended December 31, 2021
(Dollars in millions)			Reinsurance						Insurance						Total
Gross written premiums			$	9,018					$	4,032					$	13,050
Net written premiums			8,488						2,958						11,446
Premiums earned			$	7,708					$	2,698					$	10,406
Incurred losses and LAE			5,543						1,848						7,391
Commission and brokerage			1,833						376						2,209
Other underwriting expenses			198						385						583
Underwriting gain (loss)			$	135					$	89					$	224
Net investment income															1,165
Net gains (losses) on investments															258
Corporate expenses															(68)
Interest, fee and bond issue cost amortization expense															(70)
Other income (expense)															37
Income (loss) before taxes															$	1,546

Schedule of Gross Written Premium by Geographic Region

The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.

			United States						Europe						All other
2023			58		%				24		%				18		%
2022			63		%				22		%				15		%
2021			64		%				20		%				15		%

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.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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