SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026
(Dollars in millions)			Reinsurance Treaty						Global Wholesale & Specialty												Legacy						Affiliated Cession to Bermuda Entities						Total Consolidated
Gross written premiums			$	1,612					$	689											$	28					$	—					$	2,329
Net written premiums			1,338						518												23						(75)						1,805

Premiums earned			$	1,403					$	529											$	195					$	(88)					$	2,039
Incurred losses and LAE			798						328												163						(1)						1,289
Commission and brokerage			351						110												19						—						479
Other underwriting expenses			40						60												29						—						130
Underwriting gain (loss)			$	214					$	31											$	(17)					$	(87)					$	141

Net investment income																																	335
Net gains (losses) on investments																																	(8)
Corporate expenses																																	(10)
Interest, fees and bond issue cost amortization expense																																	(42)
Other income (expense)																																	(39)
Income tax benefit (expense)																																	(72)
Net income (loss)																																	$	305

(Some amounts may not reconcile due to rounding.)


			Six Months Ended June 30, 2026
(Dollars in millions)			Reinsurance Treaty						Global Wholesale & Specialty												Legacy						Affiliated Cession to Bermuda Entities						Total Consolidated
Gross written premiums			$	3,205					$	1,260											$	87					$	—					$	4,552
Net written premiums			2,731						1,024												59						(205)						3,610

Premiums earned			$	2,798					$	1,066											$	451					$	(178)					$	4,137
Incurred losses and LAE			1,471						664												386						(1)						2,520
Commission and brokerage			709						227												38						—						974
Other underwriting expenses			74						121												54						—						249
Underwriting gain (loss)			$	542					$	55											$	(27)					$	(177)					$	393

Net investment income																																	696
Net gains (losses) on investments																																	(38)
Corporate expenses																																	(23)
Interest, fees and bond issue cost amortization expense																																	(84)
Other income (expense)																																	(41)
Income tax benefit (expense)																																	(167)
Net income (loss)																																	$	738

(Some amounts may not reconcile due to rounding.)


			Three Months Ended June 30, 2025
(Dollars in millions)			Reinsurance Treaty						Global Wholesale & Specialty												Legacy						Affiliated Cession to Bermuda Entities						Total Consolidated
Gross written premiums			$	1,710					$	747											$	535					$	—					$	2,992
Net written premiums			1,595						612												374						(88)						2,493

Premiums earned			$	1,557					$	577											$	355					$	(118)					$	2,372
Incurred losses and LAE			810						391												323						7						1,532
Commission and brokerage			390						119												24						—						533
Other underwriting expenses			36						42												68						—						146
Underwriting gain (loss)			$	322					$	25											$	(61)					$	(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 tax benefit (expense)																																	(65)
Net income (loss)																																	$	324

(Some amounts may not reconcile due to rounding.)


			Six Months Ended June 30, 2025
(Dollars in millions)			Reinsurance Treaty						Global Wholesale & Specialty												Legacy						Affiliated Cession to Bermuda Entities						Total Consolidated
Gross written premiums			$	3,477					$	1,340											$	931					$	—					$	5,748
Net written premiums			3,010						1,134												689						(294)						4,538

Premiums earned			$	3,007					$	1,147											$	733					$	(234)					$	4,653
Incurred losses and LAE			2,007						765												623						5						3,400
Commission and brokerage			741						234												48						—						1,022
Other underwriting expenses			75						85												136						—						296
Underwriting gain (loss)			$	185					$	62											$	(74)					$	(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 tax benefit (expense)																																	$	(89)
Net income (loss)																																	$	424

(Some amounts may not reconcile due to rounding.)