Commitments and Contingencies	3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We are subject to credit risk principally in relation to our: i.investments, including equity method investments; ii.cash and cash equivalents and restricted cash and cash equivalents; iii.assets pledged to ceding companies under reinsurance contracts; iv.(re)insurance balances recoverable on paid and unpaid losses; and v.funds held by reinsured companies and funds held - directly managed (together funds held). As of March 31, 2025, we had funds held concentrations to reinsurance counterparties exceeding 10% of shareholders’ equity of $3.7 billion (December 31, 2024: $3.8 billion) in aggregate. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government and agency instruments and the reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of March 31, 2025. As of March 31, 2025, our credit exposure to the U.S. government and agency instruments was $1.1 billion (December 31, 2024: $917 million). Legal Proceedings We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation, are included in the liability for losses and LAE in our unaudited condensed consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to asbestos and environmental (“A&E”) and other claims. Unfunded Investment Commitments As of March 31, 2025, we had unfunded commitments of $1.2 billion to other investments, $25 million to equity method investments and $21 million to privately held equity. Included in the privately held equity amount, is a commitment we entered into to invest $10 million in an insurance-linked securities (“ILS”) arrangement through a Bermuda-based collateralized reinsurer, determined to be a related party, that will provide reinsurance capacity across a diversified portfolio of casualty programs. Guarantees As of March 31, 2025, and December 31, 2024 parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.4 billion and $2.5 billion, respectively. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have aggregate principal amounts of $617 million and $850 million as of March 31, 2025 and December 31, 2024, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

18. COMMITMENTS AND CONTINGENCIES

Concentration of Credit Risk

We are subject to credit risk principally in relation to our:

i.investments, including equity method investments;

ii.cash and cash equivalents and restricted cash and cash equivalents;

iii.assets pledged to ceding companies under reinsurance contracts;

iv.(re)insurance balances recoverable on paid and unpaid losses; and

v.funds held by reinsured companies and funds held - directly managed (together funds held).

As of March 31, 2025, we had funds held concentrations to reinsurance counterparties exceeding 10% of shareholders’ equity of $3.7 billion (December 31, 2024: $3.8 billion) in aggregate. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us.

We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government and agency instruments and the reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of March 31, 2025. As of March 31, 2025, our credit exposure to the U.S. government and agency instruments was $1.1 billion (December 31, 2024: $917 million).

Legal Proceedings

We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation, are included in the liability for losses and LAE in our unaudited condensed consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to asbestos and environmental (“A&E”) and other claims.

Unfunded Investment Commitments

As of March 31, 2025, we had unfunded commitments of $1.2 billion to other investments, $25 million to equity method investments and $21 million to privately held equity. Included in the privately held equity amount, is a commitment we entered into to invest $10 million in an insurance-linked securities (“ILS”) arrangement through a Bermuda-based collateralized reinsurer, determined to be a related party, that will provide reinsurance capacity across a diversified portfolio of casualty programs.

Guarantees

As of March 31, 2025, and December 31, 2024 parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.4 billion and $2.5 billion, respectively. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have aggregate principal amounts of $617 million and $850 million as of March 31, 2025 and December 31, 2024, respectively.