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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUES:      
Premiums earned $ 13,443 $ 11,787 $ 10,406
Net investment income 1,434 830 1,165
Total net gains (losses) on investments (276) (455) 258
Other income (expense) (14) (102) 37
Total revenues 14,587 12,060 11,866
CLAIMS AND EXPENSES:      
Incurred losses and loss adjustment expenses 8,427 8,100 7,391
Commission, brokerage, taxes and fees 2,952 2,528 2,209
Other underwriting expenses 846 682 583
Corporate expenses 73 61 68
Interest, fees and bond issue cost amortization expense 134 101 70
Total claims and expenses 12,432 11,472 10,321
INCOME (LOSS) BEFORE TAXES 2,154 588 1,546
Income tax expense (benefit) (363) (9) 167
NET INCOME (LOSS) 2,517 597 1,379
Other comprehensive income (loss), net of tax:      
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 743 (2,037) (488)
Reclassification adjustment for realized losses (gains) included in net income (loss) 244 89 4
Total URA(D) on securities arising during the period 986 (1,948) (485)
Foreign currency translation and other adjustments 59 (77) (62)
Benefit plan actuarial net gain (loss) for the period 15 15 17
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 2 2 6
Total benefit plan net gain (loss) for the period 17 17 23
Total other comprehensive income (loss), net of tax 1,063 (2,008) (523)
COMPREHENSIVE INCOME (LOSS) $ 3,580 $ (1,411) $ 856
EARNINGS PER COMMON SHARE:      
Basic (in dollars per share) $ 60.19 $ 15.19 $ 34.66
Diluted (in dollars per share) $ 60.19 $ 15.19 $ 34.62