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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 210 $ 733
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (155) (370)
Decrease (increase) in funds held by reinsureds, net (35) (33)
Decrease (increase) in reinsurance recoverables (248) (129)
Decrease (increase) in income taxes 35 82
Decrease (increase) in prepaid reinsurance premiums 71 (14)
Increase (decrease) in reserve for losses and loss adjustment expenses 1,343 720
Increase (decrease) in unearned premiums (152) 242
Increase (decrease) in amounts due to reinsurers 19 95
Increase (decrease) in losses in course of payment 29 0
Change in equity adjustments in limited partnerships (47) (59)
Distribution of limited partnership income 22 31
Change in other assets and liabilities, net (131) (188)
Non-cash compensation expense 6 16
Amortization of bond premium (accrual of bond discount) (46) (30)
Net (gains) losses on investments 7 7
Net cash provided by (used in) operating activities 928 1,102
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 1,085 736
Proceeds from fixed maturities sold - available for sale 127 407
Proceeds from fixed maturities matured/called/repaid - held to maturity 55 45
Proceeds from sales of fixed maturity securities - held to maturity 10 0
Proceeds from equity securities sold 50 0
Distributions from other invested assets 132 100
Cost of fixed maturities acquired - available for sale (3,650) (1,971)
Cost of fixed maturities acquired - held to maturity (2) (27)
Cost of equity securities acquired 0 (33)
Cost of other invested assets acquired (103) (138)
Net change in short-term investments 1,804 (252)
Net change in unsettled securities transactions (77) 284
Net cash provided by (used in) investing activities (569) (849)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (19) (21)
Purchase of treasury shares (200) (35)
Dividends paid to shareholders (85) (76)
Cost of shares withheld on settlements of share-based compensation awards (19) (21)
Net cash provided by (used in) financing activities (324) (153)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (18) 7
Net increase (decrease) in cash 17 107
Cash, beginning of period 1,549 1,437
Cash, end of period 1,567 1,544
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 1 16
Interest paid 16 16
NON-CASH TRANSACTIONS:    
Non-cash limited partnership distribution 8 0
Non-cash restructure of fixed maturity securities - available for sale and other invested assets $ 34 $ 0