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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Underwriting Results for Segments

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

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
(Dollars in millions)			Reinsurance						Insurance						Total						Reinsurance						Insurance						Total
Gross written premiums			$	3,209					$	1,515					$	4,725					$	6,385					$	2,752					$	9,136
Net written premiums			3,033						1,051						4,084						5,975						2,009						7,984
Premiums earned			$	2,731					$	962					$	3,693					$	5,459					$	1,885					$	7,345
Incurred losses and LAE			1,684						628						2,311						3,325						1,223						4,548
Commission and brokerage			672						117						790						1,343						228						1,571
Other underwriting expenses			72						162						234						142						316						458
Underwriting gain (loss)			$	303					$	54					$	358					$	649					$	118					$	767
Net investment income															528																		985
Net gains (losses) on investments															(17)																		(24)
Corporate expenses															(22)																		(44)
Interest, fee and bond issue cost amortization expense															(37)																		(75)
Other income (expense)															23																		54
Income (loss) before taxes															$	832																	$	1,664

(Some amounts may not reconcile due to rounding.)

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
(Dollars in millions)			Reinsurance						Insurance						Total						Reinsurance						Insurance						Total
Gross written premiums			$	2,747					$	1,433					$	4,180					$	5,368					$	2,555					$	7,923
Net written premiums			2,621						1,053						3,674						5,059						1,944						7,003
Premiums earned			$	2,364					$	888					$	3,251					$	4,590					$	1,762					$	6,352
Incurred losses and LAE			1,389						572						1,960						2,790						1,137						3,927
Commission and brokerage			579						107						686						1,135						212						1,347
Other underwriting expenses			61						143						205						124						280						405
Underwriting gain (loss)			$	335					$	66					$	401					$	540					$	133					$	673
Net investment income															357																		617
Net gains (losses) on investments															5																		10
Corporate expenses															(17)																		(36)
Interest, fee and bond issue cost amortization expense															(33)																		(65)
Other income (expense)															38																		(42)
Income (loss) before taxes															$	750																	$	1,157

(Some amounts may not reconcile due to rounding.)

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

+ Details

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