| Reinsurance Reinsurance recoverable on ceded reinsurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | (in millions of U.S. dollars) | Net Reinsurance Recoverable (1) | | Valuation allowance | | Net Reinsurance Recoverable (1) | | Valuation allowance | | Reinsurance recoverable on unpaid losses and loss expenses | $ | 18,919 | | | $ | 283 | | | $ | 18,346 | | | $ | 248 | | | Reinsurance recoverable on paid losses and loss expenses | 1,692 | | | 49 | | | 1,992 | | | 72 | | | Reinsurance recoverable on losses and loss expenses | $ | 20,611 | | | $ | 332 | | | $ | 20,338 | | | $ | 320 | | | Reinsurance recoverable on policy benefits | $ | 306 | | | $ | — | | | $ | 286 | | | $ | — | |
(1)Net of valuation allowance for uncollectible reinsurance. The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses: | | | | | | | | | | | | | Nine Months Ended | | | | September 30 | | (in millions of U.S. dollars) | 2026 | | 2025 | | Valuation allowance for uncollectible reinsurance - beginning of period | $ | 320 | | | $ | 310 | | | Provision for uncollectible reinsurance | 26 | | | 20 | | | Write-offs charged against the valuation allowance | (15) | | | (7) | | | Foreign exchange revaluation | 1 | | | 3 | | | | | | | Valuation allowance for uncollectible reinsurance - end of period | $ | 332 | | | $ | 326 | |
For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2025 Form 10-K.
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