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REINSURANCE (Tables) | 12 Months Ended
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Dec. 31, 2024
Reinsurance Disclosures [Abstract] |
Schedule of Premiums Written and Earned and Incurred Losses and LAE | Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Written premiums: |  |  |  |  |
Direct | $ | 5,115 |  |  | $ | 5,031 |  |  | $ | 4,602 |
Assumed | 13,117 |  |  | 11,606 |  |  | 9,350 |
Ceded | (2,418) |  |  | (1,907) |  |  | (1,608) |
Net written premiums | $ | 15,814 |  |  | $ | 14,730 |  |  | $ | 12,344 |
Premiums earned: |  |  |  |  |
Direct | $ | 4,977 |  |  | $ | 4,733 |  |  | $ | 4,218 |
Assumed | 12,458 |  |  | 10,518 |  |  | 9,082 |
Ceded | (2,248) |  |  | (1,807) |  |  | (1,513) |
Net premiums earned | $ | 15,187 |  |  | $ | 13,443 |  |  | $ | 11,787 |
Incurred losses and LAE: |  |  |  |  |
Direct | $ | 5,465 |  |  | $ | 3,209 |  |  | $ | 2,804 |
Assumed | 7,464 |  |  | 5,870 |  |  | 6,285 |
Ceded | (1,624) |  |  | (651) |  |  | (988) |
Net incurred losses and LAE | $ | 11,305 |  |  | $ | 8,427 |  |  | $ | 8,100 |

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- Definition Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 1B -SubTopic 825 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477351/944-825-50-1B + Details
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