v3.25.1
Significant New Business
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
SIGNIFICANT NEW BUSINESS
3. SIGNIFICANT NEW BUSINESS
We define new business as material transactions, which generally take the form of reinsurance or direct business transfers, or business acquisitions.
Signed and closed reinsurance agreements
During the three months ended March 31, 2025, we closed reinsurance deals with Atrium Syndicate 609 along with a novation of reinsurance.
The table below sets forth a summary of new reinsurance business that we closed between January 1, 2025 and March 31, 2025:
Line of BusinessConsideration ReceivedNet Loss Reserves Assumed
DCA (1)
Type of TransactionRemaining Limit upon AcquisitionJurisdiction
(in millions of U.S. dollars)
Marine, property and general liability$180 $182 $2 LPT$128 U.S., U.K., and Europe
Casualty175 177 2 Novation
N/A(2)
U.S.
Total $355 $359 $4 
(1) Deferred charge assets (“DCA”) are recorded when the estimated ultimate losses payable exceed the consideration received at the inception of the agreement. Refer to Note 7 for additional information.
(2) There are no limits under the agreement.

Signed reinsurance agreements not closed as of March 31, 2025
The table below sets forth a summary of new reinsurance business that we have signed with AXIS Capital Holdings Limited, that closed on April 24, 2025.
Line of BusinessAgreement DateType of Transaction
Estimated Reserves (1)
(in millions of U.S. dollars)
Diversified mix including liability, professional risk, and motorDecember 13, 2024LPT$2,290 
(1) Estimated reserves are being finalized following the closing of the transaction.