SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Underwriting Results for Operating Segments

The following tables present segment underwriting results for the periods indicated:


			Three Months Ended June 30, 2025
(Dollars in millions)			Reinsurance						Insurance						Other						Affiliated Cession to Bermuda Entities						Total
Gross written premiums			$	2,014					$	956					22						—						$	2,992
Net written premiums			1,898						664						20						(88)						2,493

Premiums earned			$	1,860					$	599					31						(118)						$	2,372
Incurred losses and LAE			1,011						462						52						7						1,532
Commission and brokerage			459						68						6						—						533
Other underwriting expenses			48						95						3						—						146
Underwriting gain (loss)			$	342					$	(26)					$	(30)					$	(125)					$	161

Net investment income																											314
Net gains (losses) on investments																											(2)
Corporate expenses																											(11)
Interest, fees and bond issue cost amortization expense																											(44)
Other income (expense)																											(29)
Income (loss) before taxes																											$	389

(Some amounts may not reconcile due to rounding)


			Six Months Ended June 30, 2025
(Dollars in millions)			Reinsurance						Insurance						Other						Affiliated Cession to Bermuda Entities						Total
Gross written premiums			$	4,043					$	1,655					50						—						$	5,748
Net written premiums			3,574						1,211						47						(294)						4,538

Premiums earned			$	3,612					$	1,215					60						(234)						$	4,653
Incurred losses and LAE			2,407						911						77						5						3,400
Commission and brokerage			877						134						11						—						1,022
Other underwriting expenses			97						193						6						—						296
Underwriting gain (loss)			$	231					$	(23)					$	(35)					$	(238)					$	(65)

Net investment income																											633
Net gains (losses) on investments																											93
Corporate expenses																											(17)
Interest, fees and bond issue cost amortization expense																											(88)
Other income (expense)																											(41)
Income (loss) before taxes																											$	513

(Some amounts may not reconcile due to rounding)


			Three Months Ended June 30, 2024
(Dollars in millions)			Reinsurance						Insurance						Other						Affiliated Cession to Bermuda Entities						Total
Gross written premiums			$	2,017					$	1,046					47						—						$	3,110
Net written premiums			1,875						683						38						(115)						2,481

Premiums earned			$	1,628					$	650					46						(115)						$	2,209
Incurred losses and LAE			934						435						35						2						1,406
Commission and brokerage			390						65						8						—						463
Other underwriting expenses			46						93						7						—						146
Underwriting gain (loss)			$	258					$	57					$	(3)					$	(118)					$	195

Net investment income																											348
Net gains (losses) on investments																											(30)
Corporate expenses																											(6)
Interest, fees and bond issue cost amortization expense																											(37)
Other income (expense)																											18
Income (loss) before taxes																											$	487

(Some amounts may not reconcile due to rounding)


			Six Months Ended June 30, 2024
(Dollars in millions)			Reinsurance						Insurance						Other						Affiliated Cession to Bermuda Entities						Total
Gross written premiums			$	3,952					$	1,818					112						—						$	5,882
Net written premiums			3,615						1,271						92						(231)						4,747

Premiums earned			$	3,302					$	1,278					90						(231)						$	4,440
Incurred losses and LAE			1,868						837						75						1						2,781
Commission and brokerage			792						128						15						—						935
Other underwriting expenses			92						187						13						—						292
Underwriting gain (loss)			$	550					$	126					$	(13)					$	(232)					$	431

Net investment income																											660
Net gains (losses) on investments																											(37)
Corporate expenses																											(11)
Interest, fees and bond issue cost amortization expense																											(75)
Other income (expense)																											25
Income (loss) before taxes																											$	994

(Some amounts may not reconcile due to rounding)