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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2024
Collateralized Reinsurance And Trust Agreements [Abstract] |
Schedule of Restricted Assets | The following table summarizes the Company’s restricted assets:
| At June 30, |  | At December 31,
(Dollars in millions) | 2024 |  | 2023
Collateral in trust for non-affiliated agreements (1) | $ | 3,202 |  |  | $ | 3,208 |
Collateral for secured letter of credit facilities | 1,370 |  |  | 1,438 |
Collateral for FHLB borrowings | 1,051 |  |  | 1,077 |
Securities on deposit with or regulated by government authorities | 1,397 |  |  | 1,447 |
Funds at Lloyd's | 460 |  |  | 538 |
Funds held by reinsureds | 1,189 |  |  | 1,135 |
Total restricted assets | 8,669 |  |  | 8,843 |
(1) At June 30, 2024 and December 31, 2023, the total amount on deposit in trust accounts includes $199 million and $243 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.
| Three Months Ended June 30, |  | Six Months Ended June 30,
Mt. Logan Re Segregated Accounts | 2024 |  | 2023 |  | 2024 |  | 2023
(Dollars in millions) |  |  |  |  |  |  |
Ceded written premiums | $ | 82 |  |  | $ | 46 |  |  | $ | 169 |  |  | $ | 99 |
Ceded earned premiums | 94 |  |  | 52 |  |  | 180 |  |  | 98 |
Ceded losses and LAE | 26 |  |  | 16 |  |  | 64 |  |  | 53 |
Assumed written premiums | 1 |  |  | 1 |  |  | 3 |  |  | 1 |
Assumed earned premiums | 1 |  |  | 1 |  |  | 3 |  |  | 1 |
Assumed losses and LAE | — |  |  | — |  |  | — |  |  | — |
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
Series 2024-1 Class A |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/27/2024 |  | 6/30/2028 |  | 75 |  |  | Occurrence
Series 2024-1 Class B |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/27/2024 |  | 6/30/2028 |  | 125 |  |  | Occurrence
|  | Total available limit as of June 30, 2024 |  |  |  |  |  | $ | 1,575 |  |  |

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