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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Underwriting Results for Segments | The following tables present segment underwriting results for the periods indicated:
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total |  | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 3,206 |  |  | $ | 1,147 |  |  | $ | 22 |  |  | $ | 4,375 |  |  | $ | 9,668 |  |  | $ | 3,706 |  |  | $ | 72 |  |  | $ | 13,446 |
Net written premiums | 2,885 |  |  | 848 |  |  | 21 |  |  | 3,754 |  |  | 8,773 |  |  | 2,767 |  |  | 68 |  |  | 11,607 |
Premiums earned | $ | 2,892 |  |  | $ | 939 |  |  | $ | 24 |  |  | $ | 3,855 |  |  | $ | 8,835 |  |  | $ | 2,772 |  |  | $ | 92 |  |  | $ | 11,698 |
Incurred losses and LAE | 1,678 |  |  | 996 |  |  | 163 |  |  | 2,837 |  |  | 5,673 |  |  | 2,280 |  |  | 250 |  |  | 8,203 |
Commission and brokerage | 764 |  |  | 121 |  |  | 6 |  |  | 890 |  |  | 2,223 |  |  | 355 |  |  | 16 |  |  | 2,595 |
Other underwriting expenses | 74 |  |  | 178 |  |  | 5 |  |  | 258 |  |  | 221 |  |  | 518 |  |  | 11 |  |  | 750 |
Underwriting gain (loss) | $ | 376 |  |  | $ | (357) |  |  | $ | (149) |  |  | $ | (130) |  |  | $ | 717 |  |  | $ | (381) |  |  | $ | (185) |  |  | $ | 151 |
Net investment income |  |  |  |  |  |  | 540 |  |  |  |  |  |  |  |  | 1,563 |
Net gains (losses) on investments |  |  |  |  |  |  | (47) |  |  |  |  |  |  |  |  | (59) |
Corporate expenses |  |  |  |  |  |  | (27) |  |  |  |  |  |  |  |  | (79) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  | (38) |  |  |  |  |  |  |  |  | (114) |
Other income (expense) |  |  |  |  |  |  | (29) |  |  |  |  |  |  |  |  | (129) |
Income (loss) before taxes |  |  |  |  |  |  | $ | 269 |  |  |  |  |  |  |  |  | $ | 1,332 |
(Some amounts may not reconcile due to rounding.)
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total |  | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 3,265 |  |  | $ | 1,110 |  |  | $ | 50 |  |  | $ | 4,425 |  |  | $ | 9,650 |  |  | $ | 3,728 |  |  | $ | 183 |  |  | $ | 13,561 |
Net written premiums | 2,975 |  |  | 789 |  |  | 41 |  |  | 3,805 |  |  | 8,950 |  |  | 2,694 |  |  | 145 |  |  | 11,789 |
Premiums earned | $ | 2,970 |  |  | $ | 898 |  |  | $ | 50 |  |  | $ | 3,918 |  |  | $ | 8,429 |  |  | $ | 2,679 |  |  | $ | 154 |  |  | $ | 11,262 |
Incurred losses and LAE | 1,942 |  |  | 605 |  |  | 37 |  |  | 2,584 |  |  | 5,266 |  |  | 1,744 |  |  | 122 |  |  | 7,132 |
Commission and brokerage | 710 |  |  | 110 |  |  | 5 |  |  | 826 |  |  | 2,054 |  |  | 325 |  |  | 19 |  |  | 2,398 |
Other underwriting expenses | 73 |  |  | 154 |  |  | 8 |  |  | 236 |  |  | 215 |  |  | 454 |  |  | 24 |  |  | 694 |
Underwriting gain (loss) | $ | 245 |  |  | $ | 28 |  |  | $ | (1) |  |  | $ | 272 |  |  | $ | 895 |  |  | $ | 156 |  |  | $ | (11) |  |  | $ | 1,039 |
Net investment income |  |  |  |  |  |  | 496 |  |  |  |  |  |  |  |  | 1,481 |
Net gains (losses) on investments |  |  |  |  |  |  | (27) |  |  |  |  |  |  |  |  | (50) |
Corporate expenses |  |  |  |  |  |  | (25) |  |  |  |  |  |  |  |  | (69) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  | (38) |  |  |  |  |  |  |  |  | (112) |
Other income (expense) |  |  |  |  |  |  | (102) |  |  |  |  |  |  |  |  | (48) |
Income (loss) before taxes |  |  |  |  |  |  | $ | 577 |  |  |  |  |  |  |  |  | $ | 2,241 |
(Some amounts may not reconcile due to rounding.)

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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