v3.26.3
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Underwriting Results for Segments
The following tables present segment underwriting results for the periods indicated:
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal ConsolidatedReinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal Consolidated
Gross written premiums$2,715 $948 $79 $3,742 $8,109 $2,699 $308 $11,116 
Net written premiums2,164 747 57 2,968 6,797 2,177 218 9,192 
Premiums earned$2,243 $705 $208 $3,156 $7,158 $2,133 $929 $10,220 
Incurred losses and LAE1,797 449 186 2,432 4,723 1,332 755 6,811 
Commission and brokerage572 149 26 747 1,830 448 108 2,386 
Other underwriting expenses65 89 46 200 197 268 175 641 
Underwriting income (loss)$(191)$19 $(51)$(223)$407 $85 $(109)$383 
Ceded prior year (unfavorable) favorable development and related amortization under ADC— (8)
Net investment income634 1,725 
Net gains (losses) on investments(68)(86)
Corporate expenses(30)(101)
Interest, fee and bond issue cost amortization expense(36)(107)
Other income (expense)(9)(117)
Income tax benefit (expense)(36)(243)
Net income (loss)$233 $1,445 
Reserve for losses and loss adjustment expenses - Consolidated Balance Sheets$7,790 $7,790 
Less: unpaid reinsurance loss recoverables before impact of ADC(1,907)(1,907)
Net loss and loss adjustment expense reserves before impact of ADC$5,882 $5,882 
(Some amounts may not reconcile due to rounding.)
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(Dollars in millions)Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal ConsolidatedReinsurance TreatyGlobal Wholesale & SpecialtyLegacyTotal Consolidated
Gross written premiums$2,867 $918 $590 $4,375 $8,753 $2,646 $2,048 $13,446 
Net written premiums2,548 761 444 3,754 7,861 2,182 1,565 11,607 
Premiums earned$2,579 $737 $539 $3,855 $7,885 $2,197 $1,616 $11,698 
Incurred losses and LAE1,490 465 882 2,837 5,063 1,417 1,723 8,203 
Commission and brokerage692 149 50 890 2,010 440 144 2,595 
Other underwriting expenses62 90 105 258 186 240 324 750 
Underwriting income (loss)$335 $33 $(498)$(130)$626 $100 $(575)$151 
Ceded prior year (unfavorable) favorable development and related amortization under ADC— — 
Net investment income540 1,563 
Net gains (losses) on investments(47)(59)
Corporate expenses(27)(79)
Interest, fee and bond issue cost amortization expense(38)(114)
Other income (expense)(29)(129)
Income tax benefit (expense)(14)(187)
Net income (loss)$255 $1,145 
Reserve for losses and loss adjustment expenses - Consolidated Balance Sheets$8,379 $8,379 
Less: unpaid reinsurance loss recoverables before impact of ADC(2,073)(2,073)
Net loss and loss adjustment expense reserves before impact of ADC$6,306 $6,306 
(Some amounts may not reconcile due to rounding.)