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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,457 $ 1,035
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (685) (584)
Decrease (increase) in funds held by reinsureds, net (66) (5)
Decrease (increase) in reinsurance recoverables (236) (21)
Decrease (increase) in income taxes 4 56
Decrease (increase) in prepaid reinsurance premiums (130) (40)
Increase (decrease) in reserve for losses and loss adjustment expenses 1,388 1,142
Increase (decrease) in unearned premiums 744 732
Increase (decrease) in amounts due to reinsurers 258 63
Increase (decrease) in losses in course of payment 122 75
Change in equity adjustments in limited partnerships (177) (56)
Distribution of limited partnership income 60 49
Change in other assets and liabilities, net (292) (293)
Non-cash compensation expense 33 25
Amortization of bond premium (accrual of bond discount) (65) (11)
Net (gains) losses on investments 24 (10)
Net cash provided by (used in) operating activities 2,439 2,158
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 1,707 1,137
Proceeds from fixed maturities sold - available for sale 1,085 168
Proceeds from fixed maturities matured/called/repaid - held to maturity 109 61
Proceeds from equity securities sold 15 46
Distributions from other invested assets 209 133
Cost of fixed maturities acquired - available for sale (4,475) (3,396)
Cost of fixed maturities acquired - held to maturity (36) (15)
Cost of equity securities acquired (35) (3)
Cost of other invested assets acquired (314) (298)
Net change in short-term investments (299) (625)
Net change in unsettled securities transactions 18 41
Net cash provided by (used in) investing activities (2,016) (2,752)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (21) (19)
Proceeds from public offering of common shares 0 1,445
Purchase of treasury shares (100) 0
Dividends paid to shareholders (163) (136)
Cost of shares withheld on settlements of share-based compensation awards (21) (20)
Net cash provided by (used in) financing activities (305) 1,269
EFFECT OF EXCHANGE RATE CHANGES ON CASH 14 (7)
Net increase (decrease) in cash 133 668
Cash, beginning of period 1,437 1,398
Cash, end of period 1,570 2,067
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 203 73
Interest paid 74 64
NON-CASH TRANSACTIONS:    
Non-cash limited partnership distribution $ 23 $ 0