v3.25.2
SEGMENT REPORTING - Schedule of Underwriting Results for Operating Segments (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Gross written premiums $ 2,992 $ 3,110 $ 5,748 $ 5,882
Net written premiums 2,493 2,481 4,538 4,747
Premiums earned 2,372 2,209 4,653 4,440
Incurred losses and LAE 1,532 1,406 3,400 2,781
Commission and brokerage 533 463 1,022 935
Other underwriting expenses 146 146 296 292
Underwriting gain (loss) 161 195 (65) 431
Net investment income 314 348 633 660
Net gains (losses) on investments (2) (30) 93 (37)
Corporate expenses (11) (6) (17) (11)
Interest, fees and bond issue cost amortization expense (44) (37) (88) (75)
Other income (expense) (29) 18 (41) 25
INCOME (LOSS) BEFORE TAXES 389 487 513 994
Affiliated Cession to Bermuda Entities        
Segment Reporting Information [Line Items]        
Gross written premiums 0 0 0 0
Net written premiums (88) (115) (294) (231)
Premiums earned (118) (115) (234) (231)
Incurred losses and LAE 7 2 5 1
Commission and brokerage 0 0 0 0
Other underwriting expenses 0 0 0 0
Underwriting gain (loss) (125) (118) (238) (232)
Reinsurance | Operating Segments        
Segment Reporting Information [Line Items]        
Gross written premiums 2,014 2,017 4,043 3,952
Net written premiums 1,898 1,875 3,574 3,615
Premiums earned 1,860 1,628 3,612 3,302
Incurred losses and LAE 1,011 934 2,407 1,868
Commission and brokerage 459 390 877 792
Other underwriting expenses 48 46 97 92
Underwriting gain (loss) 342 258 231 550
Insurance | Operating Segments        
Segment Reporting Information [Line Items]        
Gross written premiums 956 1,046 1,655 1,818
Net written premiums 664 683 1,211 1,271
Premiums earned 599 650 1,215 1,278
Incurred losses and LAE 462 435 911 837
Commission and brokerage 68 65 134 128
Other underwriting expenses 95 93 193 187
Underwriting gain (loss) (26) 57 (23) 126
Other | Operating Segments        
Segment Reporting Information [Line Items]        
Gross written premiums 22 47 50 112
Net written premiums 20 38 47 92
Premiums earned 31 46 60 90
Incurred losses and LAE 52 35 77 75
Commission and brokerage 6 8 11 15
Other underwriting expenses 3 7 6 13
Underwriting gain (loss) $ (30) $ (3) $ (35) $ (13)