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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 1,373 $ 2,517 $ 597
Adjustments to reconcile net income to net cash provided by operating activities:      
Decrease (increase) in premiums receivable (715) (1,064) (435)
Decrease (increase) in funds held by reinsureds, net (81) (66) (197)
Decrease (increase) in reinsurance recoverables (1,091) 143 (413)
Decrease (increase) in income taxes (277) (559) (181)
Decrease (increase) in prepaid reinsurance premiums (232) (46) (166)
Increase (decrease) in reserve for losses and loss adjustment expenses 5,612 2,256 3,477
Increase (decrease) in unearned premiums 809 1,387 655
Increase (decrease) in amounts due to reinsurers 135 18 201
Increase (decrease) in losses in course of payment 75 93 (186)
Change in equity adjustments in limited partnerships (261) (168) (94)
Distribution of limited partnership income 163 120 180
Change in other assets and liabilities, net (431) (339) (297)
Non-cash compensation expense 63 49 45
Amortization of bond premium (accrual of bond discount) (167) (64) 55
Net (gains) losses on investments (19) 276 455
Net cash provided by (used in) operating activities 4,957 4,553 3,695
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from fixed maturities matured/called/repaid - available for sale 3,783 2,310 2,626
Proceeds from fixed maturities sold - available for sale 6,257 3,849 1,403
Proceeds from fixed maturities matured/called/repaid - held to maturity 157 105 39
Proceeds from equity securities sold 37 126 2,217
Distributions from other invested assets 409 245 266
Cost of fixed maturities acquired - available for sale (11,563) (10,653) (7,344)
Cost of fixed maturities acquired - held to maturity (49) (112) (153)
Cost of equity securities acquired (50) (17) (1,003)
Cost of other invested assets acquired (936) (902) (1,547)
Net change in short-term investments (2,494) (1,034) 149
Net change in unsettled securities transactions (27) 181 (71)
Net cash provided by (used in) investing activities (4,478) (5,902) (3,418)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Common shares issued (redeemed) during the period for share-based compensation, net of expense (24) (23) (17)
Proceeds from public offering of common shares 0 1,445 0
Purchase of treasury shares (200) 0 (61)
Dividends paid to shareholders (334) (288) (255)
Proceeds from issuance of senior notes 0 0 0
Cost of debt repurchase 0 0 (6)
Net FHLB borrowings (repayments) 200 300 0
Cost of shares withheld on settlements of share-based compensation awards (25) (24) (20)
Net cash provided by (used in) financing activities (383) 1,409 (359)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 16 (23) 39
Net increase (decrease) in cash 112 38 (42)
Cash, beginning of period 1,437 1,398 1,441
Cash, end of period 1,549 1,437 1,398
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid (recovered) 397 196 171
Interest paid 147 130 98
NON-CASH TRANSACTIONS:      
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances 0 0 722
Non-cash limited partnership distribution $ 23 $ 0 $ 0