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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,966 $ 1,713
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (529) (812)
Decrease (increase) in funds held by reinsureds, net (99) (26)
Decrease (increase) in reinsurance recoverables (112) (186)
Decrease (increase) in income taxes (65) (18)
Decrease (increase) in prepaid reinsurance premiums (201) (153)
Increase (decrease) in reserve for losses and loss adjustment expenses 2,605 1,768
Increase (decrease) in unearned premiums 767 1,157
Increase (decrease) in amounts due to reinsurers 278 233
Increase (decrease) in losses in course of payment 86 258
Change in equity adjustments in limited partnerships (236) (124)
Distribution of limited partnership income 106 81
Change in other assets and liabilities, net (376) (377)
Non-cash compensation expense 49 37
Amortization of bond premium (accrual of bond discount) (113) (35)
Net (gains) losses on investments 50 21
Net cash provided by (used in) operating activities 4,177 3,536
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 2,692 1,686
Proceeds from fixed maturities sold - available for sale 4,322 468
Proceeds from fixed maturities matured/called/repaid - held to maturity 129 81
Proceeds from equity securities sold 15 126
Distributions from other invested assets 289 189
Cost of fixed maturities acquired - available for sale (9,069) (5,311)
Cost of fixed maturities acquired - held to maturity (46) (23)
Cost of equity securities acquired (35) (3)
Cost of other invested assets acquired (438) (422)
Net change in short-term investments (1,724) (1,338)
Net change in unsettled securities transactions 321 202
Net cash provided by (used in) investing activities (3,545) (4,346)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (23) (22)
Proceeds from public offering of common shares 0 1,445
Purchase of treasury shares (200) 0
Dividends paid to shareholders (249) (212)
Cost of shares withheld on settlements of share-based compensation awards (23) (22)
Net cash provided by (used in) financing activities (495) 1,188
EFFECT OF EXCHANGE RATE CHANGES ON CASH 25 (12)
Net increase (decrease) in cash 162 367
Cash, beginning of period 1,437 1,398
Cash, end of period 1,599 1,765
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 340 185
Interest paid 90 75
NON-CASH TRANSACTIONS:    
Non-cash limited partnership distribution $ 23 $ 0