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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES:      
Premiums earned $ 15,187 $ 13,443 $ 11,787
Net investment income 1,954 1,434 830
Total net gains (losses) on investments 19 (276) (455)
Other income (expense) 121 (14) (102)
Total revenues 17,281 14,587 12,060
CLAIMS AND EXPENSES:      
Incurred losses and loss adjustment expenses 11,305 8,427 8,100
Commission, brokerage, taxes and fees 3,300 2,952 2,528
Other underwriting expenses 938 846 682
Corporate expenses 95 73 61
Interest, fees and bond issue cost amortization expense 149 134 101
Total claims and expenses 15,787 12,432 11,472
INCOME (LOSS) BEFORE TAXES 1,493 2,154 588
Income tax expense (benefit) 120 (363) (9)
NET INCOME (LOSS) 1,373 2,517 597
Other comprehensive income (loss), net of tax:      
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (97) 743 (2,037)
Reclassification adjustment for realized losses (gains) included in net income (loss) (12) 244 89
Total URA(D) on securities arising during the period (109) 986 (1,948)
Foreign currency translation and other adjustments (128) 59 (77)
Benefit plan actuarial net gain (loss) for the period 34 15 15
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) (1) 2 2
Total benefit plan net gain (loss) for the period 33 17 17
Total other comprehensive income (loss), net of tax (204) 1,063 (2,008)
COMPREHENSIVE INCOME (LOSS) $ 1,169 $ 3,580 $ (1,411)
EARNINGS PER COMMON SHARE:      
Basic (in dollars per share) $ 31.78 $ 60.19 $ 15.19
Diluted (in dollars per share) $ 31.78 $ 60.19 $ 15.19