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Reinsurance | 6 Months Ended
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Jun. 30, 2021
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] |
Retrocession Arrangements and Reinsurance Ceded Receivables | Reinsurance Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At June 30, 2021 and December 31, 2020, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of June 30, 2021 and December 31, 2020, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2021 or December 31, 2020 (dollars in millions):
|  |  |  | June 30, 2021 |  | December 31, 2020
Reinsurer |  | A.M. Best Rating |  | Amount |  | % of Total |  | Amount |  | % of Total
Reinsurer A |  | A+ |  | $ | 476 |  |  | 43.5 | % |  | $ | 420 |  |  | 42.7 | %
Reinsurer B |  | A+ |  | 225 |  |  | 20.6 |  |  | 216 |  |  | 22.0 |
Reinsurer C |  | A |  | 67 |  |  | 6.1 |  |  | 64 |  |  | 6.5 |
Reinsurer D |  | A++ |  | 66 |  |  | 6.0 |  |  | 55 |  |  | 5.6 |
Reinsurer E |  | A+ |  | 50 |  |  | 4.6 |  |  | 46 |  |  | 4.7 |
Other reinsurers |  |  |  | 209 |  |  | 19.2 |  |  | 182 |  |  | 18.5 |
Total |  |  |  | $ | 1,093 |  |  | 100.0 | % |  | $ | 983 |  |  | 100.0 | %
Included in the total reinsurance ceded receivables balance were $254 million and $278 million of claims recoverable, of which $15 million and $10 million were in excess of 90 days past due, as of June 30, 2021 and December 31, 2020, respectively.

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