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COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS | 6 Months Ended
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Jun. 30, 2024
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 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. The Company reinsures some of its catastrophe exposures with the segregated accounts of subsidiary Mt. Logan Re, Ltd. (“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.
| 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 | — |  |  | — |  |  | — |  |  | — |
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
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 |  |  |
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. As of June 30, 2024, 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 $48.3 billion issued in June 2024 exceeds the attachment point. The current estimated recovery under the CAT Bond is not material. 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 dates, maturity dates and amounts correspond to the reinsurance agreements listed above.

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- Definition Collateralized Reinsurance And Trust Agreements[Abstract] + References No definition available. + Details
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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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