Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
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Sep. 30, 2022 |
Dec. 31, 2021 |
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Fixed maturities - available for sale, at market value, amortized cost | $ 23,204 | $ 22,064 |
Fixed maturities - available for sale, at market value, allowance for credit loss | (38) | (30) |
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value | 817 | |
Fixed maturities - held to maturity, at amortized cost, credit allowances | (9) | |
Short-term investments, at cost | $ 611 | $ 1,178 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 50,000,000.0 | 50,000,000 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000.0 | 200,000,000 |
Common shares, outstanding | 69,900,000 | 69,800,000 |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ (269) | $ 27 |
Treasury shares | 30,800,000 | 30,500,000 |
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||
Dividends declared | $ 1.65 | $ 1.55 | $ 4.85 | $ 4.65 |
General |
9 Months Ended |
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Sep. 30, 2022 | |
General [Abstract] | |
General | 1. Everest and Group and its subsidiaries. |
Basis Of Presentation |
9 Months Ended |
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Sep. 30, 2022 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. The unaudited 2021 and for the three of results statements America (“GAAP”), 2021 disclosures are conjunction with the audited consolidated 31, 2021, 2020 and 2019, included in the Company’s The Company in Company is considered to be the primary beneficiary. as entity. The preparation assumptions liabilities) at the date of the financial reporting period. All intercompany accounts Certain presentation. Application of Recently Issued Accounting The Company did months ended standards well as the September 30, 2022, that are expected to Any Company to be either not applicable or immaterial to |
Investments |
9 Months Ended |
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Sep. 30, 2022 | |
Investments [Abstract] | |
Investments | 3. The appreciation/(depreciation) and fair At September 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,367 $ - $ 19 $ (79) $ 1,308 Obligations of U.S. states and political subdivisions 519 - 1 (38) 481 Corporate securities 7,010 (29) 69 (653) 6,397 Asset-backed securities 3,935 - 1 (164) 3,772 Mortgage-backed securities Commercial 1,016 - - (108) 908 Agency residential 3,058 - 2 (337) 2,723 Non-agency residential 5 - - - 5 Foreign government securities 1,528 - 13 (205) 1,335 Foreign corporate securities 4,768 (9) 47 (726) 4,080 Total fixed maturity securities - available for sale $ 23,204 $ (38) $ 153 $ (2,310) $ 21,009 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,407 $ - $ 24 $ (10) $ 1,421 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 7,444 (19) 195 (63) 7,557 Asset-backed securities 3,579 (8) 22 (12) 3,582 Mortgage-backed securities Commercial 1,033 - 38 (6) 1,064 Agency residential 2,361 - 33 (19) 2,375 Non-agency residential 7 - - - 7 Foreign government securities 1,424 - 42 (28) 1,438 Foreign corporate securities 4,251 (3) 95 (65) 4,279 Total fixed maturity securities - available for sale $ 22,064 $ (30) $ 478 $ (203) $ 22,308 (Some amounts may not reconcile due to rounding.) The appreciation/(depreciation) and fair At September 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - held to maturity Corporate securities $ 160 $ (2) $ - $ (11) $ 147 Asset-backed securities 653 (6) 1 (10) 639 Mortgage-backed securities Commercial 6 - - - 6 Foreign corporate securities 28 (1) - (1) 26 Total fixed maturity securities - held to maturity $ 846 (9) $ 1 $ (21) $ 817 (Some amounts may not reconcile due to rounding.) The amortized by maturity securities. As the stated for mortgage-backed and At September 30, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in millions) Cost Value Cost Value Fixed maturity securities – available for sale: $ 1,257 $ 1,258 $ 1,399 $ 1,398 7,875 7,216 7,075 7,154 4,603 3,938 5,004 5,101 1,456 1,189 1,606 1,627 Asset-backed securities 3,935 3,772 3,579 3,582 Mortgage-backed securities: Commercial 1,016 908 1,033 1,064 Agency residential 3,058 2,723 2,361 2,375 Non-agency residential 5 5 7 7 Total fixed maturity securities - available for sale $ 23,204 $ 21,009 $ 22,064 $ 22,308 (Some amounts may not reconcile due to rounding.) The amortized by contractual maturity. At September 30, 2022 Amortized Fair (Dollars in millions) Cost Value Fixed maturity securities – held to maturity: $ 61 $ 58 46 41 80 74 Asset-backed securities 653 639 Mortgage-backed securities: Commercial 6 6 Total fixed $ 846 $ 817 (Some amounts may not reconcile due During the fixed maturity – available securities 722 losses, securities had an unrealized 53 the securities over the remaining life of the securities. The Company evaluated as of maturity, rates, develop an estimate a high credit quality and are all rated The changes following sources for the periods Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities and short-term investments $ (724) $ (109) $ (2,484) $ (344) Change in unrealized appreciation (depreciation), pre-tax (724) (109) (2,484) (344) Deferred tax benefit (expense) 53 7 285 36 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (671) $ (101) $ (2,199) $ (308) (Some amounts may not reconcile due to rounding.) The tables available for that individual securities had been in a continuous unrealized Duration of Unrealized Loss at September Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 807 $ (47) $ 273 $ (32) $ 1,080 $ (79) Obligations of U.S. states and 326 (30) 25 (8) 351 (38) Corporate securities 4,247 (447) 996 (189) 5,243 (636) Asset-backed securities 2,827 (158) 55 (5) 2,882 (164) Mortgage-backed securities Commercial 877 (104) 27 (4) 904 (108) Agency residential 2,086 (222) 588 (115) 2,674 (337) Non-agency residential 3 - 2 - 5 - Foreign government securities 971 (137) 250 (68) 1,221 (205) Foreign corporate securities 2,792 (496) 808 (229) 3,600 (726) Total $ 14,937 $ (1,640) $ 3,023 $ (651) $ 17,960 $ (2,291) Securities where an allowance for credit 23 (19) - - 23 (19) Total fixed $ 14,960 $ (1,659) $ 3,023 $ (651) $ 17,983 $ (2,310) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at September Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities Due in one year or less $ 895 $ (21) $ 59 $ (6) $ 954 $ (27) Due in one year through five years 4,908 (502) 1,264 (204) 6,173 (706) Due in five years through ten years 2,517 (459) 812 (239) 3,329 (697) Due after ten years 823 (174) 217 (77) 1,040 (252) Asset-backed securities 2,827 (158) 55 (5) 2,882 (164) Mortgage-backed securities 2,967 (325) 616 (120) 3,583 (445) Total $ 14,937 $ (1,640) $ 3,023 $ (651) $ 17,960 $ (2,291) Securities where an allowance for credit 23 (19) - - 23 (19) Total fixed $ 14,960 $ (1,659) $ 3,023 $ (651) $ 17,983 $ (2,310) (Some amounts may not reconcile due to rounding.) The aggregate unrealized loss position 18.0 2.3 securities for the loss 5.2 % maturity unrealized 0.9 % securities available of 1.7 securities available comprised securities, 1.5 were related The $ 651 position residential 616 million were agency. investments coverage securities in interest terms of these securities do not permit these securities to be settled The these securities; and it is more of principal and interest payments. The tables available for that amounts 16 0.4 ) depreciation Company has recorded an allowance Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 504 $ (6) $ 92 $ (4) $ 596 $ (10) Obligations of U.S. states and 51 (1) 3 - 54 (1) Corporate securities 2,133 (38) 473 (24) 2,605 (63) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities Commercial 222 (3) 40 (3) 262 (6) Agency residential 1,101 (12) 280 (7) 1,381 (19) Non-agency residential 2 - - - 2 - Foreign government securities 392 (10) 101 (18) 493 (28) Foreign corporate securities 1,735 (46) 211 (18) 1,945 (65) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 130 $ (2) $ 137 $ (12) $ 267 $ (14) Due in one year through five years 2,165 (35) 446 (29) 2,612 (64) Due in five years through ten years 1,728 (47) 244 (22) 1,972 (69) Due after ten years 792 (16) 51 (3) 843 (19) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities 1,325 (15) 320 (10) 1,646 (25) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.) The December 31, 9.3 203 issuer December 2.7 % available for sale. less 0.5 % above 128 million of unrealized loss agency these unrealized 116 nationally 75 available for corporate securities, unrealized 72 nationally recognized full book value excess credit coverage The components of net investment Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Fixed maturities $ 186 $ 134 $ 503 $ 423 Equity securities 6 4 15 12 Short-term investments and cash 5 - 12 1 Other invested assets: Limited partnerships (42) 139 94 493 Other 11 31 37 63 Gross investment income before adjustments 167 308 661 992 Funds held interest income (expense) - 1 4 12 Future policy benefit reserve income (expense) - - - (1) Gross investment income 167 309 665 1,004 Investment expenses (15) (16) (45) (44) Net investment income $ 151 $ 293 $ 620 $ 960 (Some amounts may not reconcile due to rounding.) The changes partnerships is dependent partnership. generally decline in value Company identifies the decline. The Company had 2.5 private accordance extended, through 2026 . The Company the invests participation in within the Company’s balance sheets 368 Variable Interest The primarily entity that as simple provided whether the Company has Company that most to assessment, Consolidated no t hold any securities for which it is the primary The partnerships it is not the performance December 31, 2021 3.1 2.9 included in Company's commitments 2.2 called partnership an active role in management. In Company collateralized loan maturity. than its due securities issued by the losses impact the economic performance is limited to the amount of the Company’s The components of net gains (losses) on investments Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Fixed maturity securities: Allowance for credit losses $ (5) $ (7) $ (18) $ (30) Net realized gains (losses) from dispositions (53) 6 (66) 25 Equity securities, fair value: Net realized gains (losses) from dispositions 58 - 15 10 Gains (losses) from fair value adjustments (136) (5) (462) 128 Other invested assets 6 2 11 6 Short-term investments gain (loss) 1 - 1 - Total net gains (losses) on investments $ (129) $ (4) $ (519) $ 139 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (26) $ - $ (17) $ (43) $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (2) (6) (1) (9) (9) (6) (17) (32) Increases in allowance on previously impaired securities (3) - - (3) (4) - (1) (4) Decreases in allowance on previously impaired securities - - - - - - - - Reduction in allowance due to disposals - - 8 8 1 8 10 19 Balance as of September 30, 2022 $ (31) $ (6) $ (10) $ (47) $ (31) $ (6) $ (10) $ (47) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (18) $ (5) $ (1) $ (25) $ (1) $ - $ (1) $ (2) Credit losses on securities where credit losses were not previously recorded (5) - - (5) (21) (5) (1) (27) Increases in allowance on previously impaired securities - (3) - (3) (2) (3) - (5) Decreases in allowance on previously impaired securities - - - - - - - - Reduction in allowance due to disposals 1 - - 1 2 - - 2 Balance as of September 30, 2021 $ (23) (8) $ (1) $ (32) $ (23) $ (8) $ (1) $ (32) (Some amounts may not reconcile due to rounding.) The proceeds are presented in the table below Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Proceeds from sales of fixed maturity securities $ 405 $ 283 $ 1,177 $ 883 Gross gains from dispositions 5 17 33 52 Gross losses from dispositions (58) (11) (98) (26) Proceeds from sales of equity securities $ 592 $ 104 $ 1,030 $ 579 Gross gains from dispositions 59 3 67 21 Gross losses from dispositions (3) (3) (53) (11) |
Reserve For Losses, LAE And Future Policy Benefit Reserve |
9 Months Ended |
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Sep. 30, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 4. Activity in the reserve for losses and LAE is summarized Nine Months Ended September 30, (Dollars in millions) 2022 2021 Gross reserves beginning of period $ 19,009 $ 16,322 (1,946) (1,844) 17,063 14,478 Incurred related to: 6,291 5,578 (2) (6) 6,289 5,572 Paid related to: 1,794 1,376 1,841 1,803 3,635 3,179 Foreign exchange/translation adjustment (605) (41) Net reserves end of period 19,112 16,831 2,110 2,033 $ 21,222 $ 18,864 (Some amounts may not reconcile due Current 6.3 5.6 and reflecting an 45 million of 30 catastrophe losses The war in Russia, located United States. have recorded 45 ended September 30, 2022. |
Fair Value |
9 Months Ended |
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Sep. 30, 2022 | |
Fair Value [Abstract] | |
Fair Value | 5. GAAP guidance they are common received measurement measurements. liability. lowest being the lowest priority. The levels in the hierarchy Level 1: identical assets or liabilities in an active market; Level 2: markets, substantially the full term of the financial instrument; Level 3: The managers. recognized process. when fixed processes addition, interest rate scenarios The investment the reasonableness Company initial party securities price validation may use At September 1.6 of values were to 2.1 were fair valued using unobservable The December 31, 2021 of $ 1.2 1.3 began available for sale, 2.4 2.0 2021, recognized pricing vendors. Equity categorized exchanges are fair value. Fixed maturity have interest rate yield For pricing services rates from nationally recognized In categorized are comparable may obtain market providing the quotes. managers converted to U.S. dollars The composition follows: • U.S. comprised prices, reported trades, quoted • the similar securities, benchmark yields and credit spreads; • Corporate securities values securities, benchmark yields and credit spreads; • Asset-backed prices, reported observable inputs such as prepayment speeds, • Foreign values securities and applicable, converted to U.S. • Foreign corporate are and models with observable inputs converted to U.S. dollars The following has recorded at fair value Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) September 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,308 $ - $ 1,308 $ - Obligations of U.S. States and political subdivisions 481 - 481 - Corporate securities 6,397 - 5,678 719 Asset-backed securities 3,772 - 2,880 893 Mortgage-backed securities Commercial 908 - 908 - Agency residential 2,723 - 2,723 - Non-agency residential 5 - 5 - Foreign government securities 1,335 - 1,335 - Foreign corporate securities 4,080 - 4,064 16 Total fixed maturities, available for sale 21,009 - 19,381 1,628 Equity securities, fair value 1,301 1,212 89 - (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,421 $ - $ 1,421 $ - Obligations of U.S. States and political subdivisions 587 - 587 - Corporate securities 7,557 - 6,756 801 Asset-backed securities 3,582 - 2,330 1,251 Mortgage-backed securities Commercial 1,064 - 1,064 - Agency residential 2,375 - 2,375 - Non-agency residential 7 - 7 - Foreign government securities 1,438 - 1,438 - Foreign corporate securities 4,279 - 4,262 16 Total fixed maturities, available for sale 22,308 - 20,240 2,068 Equity securities, fair value 1,826 1,742 84 - (Some amounts may not reconcile due to rounding.) In 309 287 balance sheets value hierarchy tables The following inputs for fixed maturities available Total Fixed Maturities, Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities Securities CMBS Corporate Total Securities Securities CMBS Corporate Total Beginning balance fixed maturities $ 863 $ 1,255 $ 6 $ 40 $ 2,164 $ 801 $ 1,251 $ - $ 16 $ 2,068 Total gains or (losses) (realized/unrealized) Included in earnings (2) - - - (2) 9 - - - 9 Included in other comprehensive income (loss) (6) 65 - - 59 (13) (11) - (4) (28) Purchases, issuances and settlements 27 159 - - 186 (43) 387 6 8 358 Transfers in/(out) of Level securities in/(out) of investment categories (163) (587) (6) (24) (779) (35) (735) (6) (4) (779) Ending balance $ 719 $ 893 $ - $ 16 $ 1628 $ 719 $ 893 $ - $ 16 $ 1628 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held $ (3) $ - $ - $ - $ (3) $ (8) $ 8 $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities $ 706 $ 815 $ 5 $ 1,526 $ 701 $ 623 $ 6 $ 1,330 Total gains or (losses) (realized/unrealized) Included in earnings 3 (3) - - (12) (7) - (19) Included in other comprehensive income (loss) (1) - - (2) 6 4 - 10 Purchases, issuances and settlements 87 192 - 279 99 384 (1) 482 Transfers in/(out) of Level securities in/(out) of investment categories - - - - - - - - Ending balance $ 794 $ 1,004 $ 5 $ 1,803 $ 794 $ 1,004 $ 5 $ 1,803 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held $ 1 $ (3) $ - $ (2) $ (16) $ (8) $ - $ (24) (Some amounts may not reconcile due to rounding.) The $ 779 categories Level maturities carried at sale”, securities. maturity securities available for significant September 30, 2022. |
Earnings Per Common Share |
9 Months Ended |
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Sep. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 6. Basic shares outstanding. under various would participate in the earnings of the entity. Net income basic and dilutive shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ (319) $ (73) $ 101 $ 948 Less: (65) (61) (191) (186) Undistributed earnings (384) (135) (90) 763 Percentage allocated to common shareholders (1) 100.0 % 100.0 % 98.7 % 98.7 % (384) (135) (88) 752 Add: 65 61 188 183 Numerator for basic and diluted earnings per common share $ (319) $ (73) $ 100 $ 936 Denominator Denominator for basic earnings per weighted-average common shares 38.8 39.2 38.8 39.4 Effect of dilutive securities: Options - - - - Denominator for diluted earnings per adjusted weighted-average common shares 38.8 39.2 38.8 39.5 Per common share net income (loss) Basic $ (8.22) $ (1.88) $ 2.57 $ 23.74 Diluted $ (8.22) $ (1.88) $ 2.57 $ 23.72 (1) Basic weighted-average common shares outstanding 38.8 39.2 38.8 39.4 Basic weighted-average common shares outstanding and unvested common shares expected to vest 38.8 39.2 39.4 39.9 Percentage allocated to common shareholders 100.0 % 100.0 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) There no 2022 and the numerator for basic and diluted Options granted under share-based September 19, 2022 . |
Commitments And Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. In informal obligations rights under an agreement or to others resolved through all such matters, considers expenses (“LAE”). Aside not a party to any other material litigation |
Other Comprehensive Income (Loss) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 8. The following operations for the periods indicated: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ (776) $ 64 $ (712) $ (2,557) $ 297 $ (2,260) Reclassification of net realized (loss) 51 (10) 41 73 (12) 61 Foreign currency translation adjustments (109) 8 (101) (174) 11 (163) Reclassification of benefit plan liability amortization income (loss) 2 (1) 1 3 (1) 2 Total other comprehensive $ (832) $ 61 $ (771) $ (2,655) $ 295 $ (2,360) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ (108) $ 8 $ (100) $ (343) $ 39 $ (304) Reclassification of net realized (loss) (1) (1) (1) (1) (2) (3) Foreign currency translation adjustments (59) 5 (54) (30) 1 (29) Reclassification of benefit plan liability amortization income (loss) 2 - 2 7 (2) 6 Total other comprehensive $ (166) $ 12 $ (153) $ (367) $ 36 $ (331) The following table presents details Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2022 2021 2022 2021 operations and comprehensive income (loss) (Dollars in millions) URA(D) on securities $ 51 $ (1) $ 73 $ (1) Other net realized capital gains (losses) (10) (1) (12) (2) Income tax expense (benefit) $ 41 $ (1) $ 61 $ (3) Net income (loss) Benefit plan net gain (loss) $ 2 $ 2 $ 3 $ 7 Other underwriting expenses (1) - (1) (2) Income tax expense (benefit) $ 1 $ 2 $ 2 $ 6 Net income (loss) The following the consolidated balance sheets for the periods Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Beginning balance of URA (D) on securities $ (1,288) $ 518 $ 239 $ 724 Current period change in URA (D) of investments - non-credit related (671) (101) (2,199) (308) Ending balance of URA (D) on securities (1,959) 416 (1,959) 416 Beginning balance of foreign currency translation adjustments (240) (91) (177) (115) Current period change in foreign currency translation adjustments (101) (54) (163) (29) Ending balance of foreign currency translation adjustments (341) (144) (341) (144) Beginning balance of benefit plan net gain (loss) (49) (70) (50) (74) Current period change in benefit plan net gain (loss) 1 2 2 6 Ending balance of benefit plan net gain (loss) (48) (68) (48) (68) Ending balance of accumulated other comprehensive income (loss) $ (2,348) $ 204 $ (2,348) $ 204 (Some amounts may not reconcile due to rounding.) |
Credit Facilities |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Credit Facilities [Abstract] | |
Credit Facilities | 9. The 1.2 September 340 million which may There is no guarantee the uncommitted The terms and outstanding amounts for Bermuda Re Wells Fargo Effective February to as Facility 50 2021, the agreement was amended to provide 500 The following table summarizes the (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 387 12/30/2022 $ 500 $ 351 12/30/2022 47 12/29/2023 - Total Wells Fargo $ 500 $ 435 $ 500 $ 351 (Some amounts may not reconcile due to rounding.) Bermuda Re Citibank Letter of Credit Facility Effective superseded 2020. current Bermuda 230 of 140 million, Citibank N.A. The following table summarizes the (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Citibank LOC Facility- $ 230 $ 201 12/31/2022 $ 230 $ 4 2/28/2022 1 1/21/2023 1 3/1/2022 4 2/28/2023 1 11/24/2022 1 3/1/2023 – 12/16/2022 3 9/23/2023 217 12/31/2022 – 12/20/2023 1 8/15/2023 6 12/31/2023 1 9/23/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 84 12/31/2022 140 84 12/31/2022 20 9/30/2026 23 12/30/2025 Total Citibank Bilateral Agreement $ 370 $ 322 $ 370 $ 333 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Effective Landesbank, Bermuda 200 million of secured letters of credit. The following table summarizes the (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bayerische Landesbank Bilateral LOC Agreement $ 200 $ 153 12/31/2022 $ 200 $ 155 12/31/2022 Total Bayerische Landesbank Bilateral LOC Agreement $ 200 $ 153 $ 200 $ 155 Bermuda Re Lloyd’s Effective October Markets Lloyd’s 50 and subject to credit approval a maximum 250 The following table summarizes the (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50 $ 46 12/31/2022 $ 50 $ 46 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 85 12/31/2022 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 131 $ 50 $ 46 Bermuda Re Barclays Bank Credit Effective an agreement provides for the committed issuance 200 The following table summarizes the (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 172 12/31/2022 $ 200 $ 186 12/31/2022 Total Bermuda Re Barclays Bilateral $ 200 $ 172 $ 200 $ 186 Federal Home Loan Bank Membership Everest (“FHLBNY”), which allows 10 % of its 2022, Everest 22.0 approximately 2.2 519 with 0.53 % 0.65 %. 0.8 0.3 September 2.3 0.8 million agreement requires that 4.5 % of borrowed funds be used to acquire additional |
Collateralized Reinsurance And Trust Agreements |
9 Months Ended |
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Sep. 30, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 10. Certain investments September 30, 2.2 107 of restricted cash. The Company Logan Re is 100 % of the voting Group. by risk/peril and across different The segregated accounts and Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2022 2021 2022 2021 (Dollars in millions) Ceded written premiums $ 68 $ 115 $ 150 $ 270 Ceded earned premiums 57 100 149 250 Ceded losses and LAE 99 170 161 282 Assumed written premiums 2 4 3 9 Assumed earned premiums 2 4 3 9 Assumed losses and LAE - - - - Effective Logan 269 accident years 2002 2015 . of 252 agreement of 319 Effective account. The (“Kilimanjaro”), reinsurance earthquake events. (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/22/2025 300 Aggregate Total available limit as of September 30, 2022 $ 2,063 Recoveries estimated The recognized catastrophe event retentions or aggregate Kilimanjaro to reinsurance trusts government money market (Dollars in millions) Note Series Issue Date Maturity Date Amount Series 2018-1 Class A-2 4/30/2018 5/5/2023 $ 63 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90 Series 2022-1 Class A 6/22/2022 6/22/2025 300 $ 2,063 |
Senior Notes |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Senior Notes [Abstract] | |
Senior Notes | 11. The based on the fair value hierarchy. September 30, 2022 December 31, 2021 Principal Consolidated Balance Consolidated Balance (Dollars in millions) Date Issued Date Due Amounts Sheet Amount Fair Value Sheet Amount Fair Value 4.868 % Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 339 $ 397 $ 504 3.5 % Senior notes 10/7/2020 10/15/2050 1,000 980 669 980 1,055 3.125 % Senior notes 10/4/2021 10/15/2052 1,000 969 627 969 983 $ 2,400 $ 2,347 $ 1,635 $ 2,346 $ 2,542 Interest expense incurred in Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Interest expense incurred 4.868 % Senior notes $ 5 $ 5 $ 15 $ 15 Interest expense incurred 3.5 % Senior notes 9 9 26 26 Interest expense incurred 3.125 % Senior notes 8 - 24 - $ 22 $ 14 $ 65 $ 41 |
Long Term Subordinated Notes |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 12. The table below based Level 2 in the fair value hierarchy. Maturity Date September 30, 2022 December 31, 2021 Original Consolidated Balance Fair Consolidated Balance Fair (Dollars in millions) Date Issued Principal Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 179 $ 224 $ 216 During the fixed May 3, 2007 May 14, 2017 , interest 6.6 %, payable semi-annually in arrears November 15, 2007 . 3 238.5 August 15 one for up ten quarterly for November 14, 2022 is 5.29 %. Holdings may redeem 100 % of the principal amount date and May 1, 2047 certain subordinated 4.868 % senior notes, June 1, 2044 , 3.5 % senior noted October 15, 2050 3.125 % senior notes due October 15, 2052 subordinated notes. In 161 through the initiation Company 13 quarter 6 notes. The Company realized 1 Interest indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Interest expense incurred $ 3 $ 1 $ 6 $ 4 |
Segment Reporting |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. The Reinsurance on both Business is the United and Singapore and a branch in the Netherlands. These segments are management, Management upon their underwriting results. Underwriting commission and brokerage results using respectively, earned. The Company does not data. The following tables present the underwriting Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in millions) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,551 $ 1,129 $ 3,680 $ 6,938 $ 3,376 $ 10,313 Net written premiums 2,460 862 3,323 6,664 2,492 9,156 Premiums earned $ 2,245 $ 822 $ 3,067 $ 6,451 $ 2,324 $ 8,775 Incurred losses and LAE 1,992 631 2,623 4,699 1,591 6,289 Commission and brokerage 537 104 641 1,582 295 1,877 Other underwriting expenses 54 115 169 156 344 500 Underwriting gain (loss) $ (338) $ (29) $ (367) $ 14 $ 95 $ 109 Net investment income 151 620 Net gains (losses) on investments (129) (519) Corporate expenses (16) (45) Interest, fee and bond issue cost amortization expense (25) (74) Other income (expense) (16) (71) Income (loss) before taxes $ (401) $ 20 (Some amounts may not reconcile due to rounding.) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (Dollars in millions) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,488 $ 1,009 $ 3,498 $ 6,696 $ 2,924 $ 9,619 Net written premiums 2,293 733 3,026 6,266 2,123 8,389 Premiums earned $ 1,976 $ 680 $ 2,656 $ 5,675 $ 1,928 $ 7,603 Incurred losses and LAE 1,766 508 2,274 4,206 1,366 5,572 Commission and brokerage 471 93 564 1,353 258 1,611 Other underwriting expenses 45 96 141 144 280 424 Underwriting gain (loss) $ (306) $ (17) $ (323) $ (29) $ 24 $ (5) Net investment income 293 960 Net gains (losses) on investments (4) 139 Corporate expenses (18) (46) Interest, fee and bond issue cost amortization expense (16) (47) Other income (expense) (20) 44 Income (loss) before taxes $ (88) $ 1,046 (Some amounts may not reconcile due to rounding.) The assets the Company’s other than the U.S., in which the Company writes business, Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2022 2021 2022 2021 United Kingdom gross written premium $ 312 $ 282 $ 936 $ 897 |
Share-Based Compensation Plans |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 14. For 4,070 September 8, 2022 with a fair value For 203,208 187,760 , 9,048 , 2,330 4,070 May 301.54 287.94 share and $ 283.72 18,340 February 23, 2022, with a fair value of $ 301.54 |
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 15. The Netherlands, domiciled Bermudian domiciles. The Company generally tax the determine quarter represents period less such of all known events rate. |
Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. The Company have any subsequent |
Investments (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Investments [Abstract] | |
Summary Of Amortized Cost, Allowance For Credit Losses, Gross Unrealized Appreciation/(Depreciation) And Fair Value Of Fixed Maturity Securities | At September 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,367 $ - $ 19 $ (79) $ 1,308 Obligations of U.S. states and political subdivisions 519 - 1 (38) 481 Corporate securities 7,010 (29) 69 (653) 6,397 Asset-backed securities 3,935 - 1 (164) 3,772 Mortgage-backed securities Commercial 1,016 - - (108) 908 Agency residential 3,058 - 2 (337) 2,723 Non-agency residential 5 - - - 5 Foreign government securities 1,528 - 13 (205) 1,335 Foreign corporate securities 4,768 (9) 47 (726) 4,080 Total fixed maturity securities - available for sale $ 23,204 $ (38) $ 153 $ (2,310) $ 21,009 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,407 $ - $ 24 $ (10) $ 1,421 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 7,444 (19) 195 (63) 7,557 Asset-backed securities 3,579 (8) 22 (12) 3,582 Mortgage-backed securities Commercial 1,033 - 38 (6) 1,064 Agency residential 2,361 - 33 (19) 2,375 Non-agency residential 7 - - - 7 Foreign government securities 1,424 - 42 (28) 1,438 Foreign corporate securities 4,251 (3) 95 (65) 4,279 Total fixed maturity securities - available for sale $ 22,064 $ (30) $ 478 $ (203) $ 22,308 (Some amounts may not reconcile due to rounding.) At September 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - held to maturity Corporate securities $ 160 $ (2) $ - $ (11) $ 147 Asset-backed securities 653 (6) 1 (10) 639 Mortgage-backed securities Commercial 6 - - - 6 Foreign corporate securities 28 (1) - (1) 26 Total fixed maturity securities - held to maturity $ 846 (9) $ 1 $ (21) $ 817 (Some amounts may not reconcile due to rounding.) |
Summary Of Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in millions) Cost Value Cost Value Fixed maturity securities – available for sale: $ 1,257 $ 1,258 $ 1,399 $ 1,398 7,875 7,216 7,075 7,154 4,603 3,938 5,004 5,101 1,456 1,189 1,606 1,627 Asset-backed securities 3,935 3,772 3,579 3,582 Mortgage-backed securities: Commercial 1,016 908 1,033 1,064 Agency residential 3,058 2,723 2,361 2,375 Non-agency residential 5 5 7 7 Total fixed maturity securities - available for sale $ 23,204 $ 21,009 $ 22,064 $ 22,308 (Some amounts may not reconcile due to rounding.) At September 30, 2022 Amortized Fair (Dollars in millions) Cost Value Fixed maturity securities – held to maturity: $ 61 $ 58 46 41 80 74 Asset-backed securities 653 639 Mortgage-backed securities: Commercial 6 6 Total fixed $ 846 $ 817 (Some amounts may not reconcile due |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities and short-term investments $ (724) $ (109) $ (2,484) $ (344) Change in unrealized appreciation (depreciation), pre-tax (724) (109) (2,484) (344) Deferred tax benefit (expense) 53 7 285 36 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (671) $ (101) $ (2,199) $ (308) (Some amounts may not reconcile due to rounding.) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 807 $ (47) $ 273 $ (32) $ 1,080 $ (79) Obligations of U.S. states and 326 (30) 25 (8) 351 (38) Corporate securities 4,247 (447) 996 (189) 5,243 (636) Asset-backed securities 2,827 (158) 55 (5) 2,882 (164) Mortgage-backed securities Commercial 877 (104) 27 (4) 904 (108) Agency residential 2,086 (222) 588 (115) 2,674 (337) Non-agency residential 3 - 2 - 5 - Foreign government securities 971 (137) 250 (68) 1,221 (205) Foreign corporate securities 2,792 (496) 808 (229) 3,600 (726) Total $ 14,937 $ (1,640) $ 3,023 $ (651) $ 17,960 $ (2,291) Securities where an allowance for credit 23 (19) - - 23 (19) Total fixed $ 14,960 $ (1,659) $ 3,023 $ (651) $ 17,983 $ (2,310) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 504 $ (6) $ 92 $ (4) $ 596 $ (10) Obligations of U.S. states and 51 (1) 3 - 54 (1) Corporate securities 2,133 (38) 473 (24) 2,605 (63) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities Commercial 222 (3) 40 (3) 262 (6) Agency residential 1,101 (12) 280 (7) 1,381 (19) Non-agency residential 2 - - - 2 - Foreign government securities 392 (10) 101 (18) 493 (28) Foreign corporate securities 1,735 (46) 211 (18) 1,945 (65) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities Due in one year or less $ 895 $ (21) $ 59 $ (6) $ 954 $ (27) Due in one year through five years 4,908 (502) 1,264 (204) 6,173 (706) Due in five years through ten years 2,517 (459) 812 (239) 3,329 (697) Due after ten years 823 (174) 217 (77) 1,040 (252) Asset-backed securities 2,827 (158) 55 (5) 2,882 (164) Mortgage-backed securities 2,967 (325) 616 (120) 3,583 (445) Total $ 14,937 $ (1,640) $ 3,023 $ (651) $ 17,960 $ (2,291) Securities where an allowance for credit 23 (19) - - 23 (19) Total fixed $ 14,960 $ (1,659) $ 3,023 $ (651) $ 17,983 $ (2,310) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 130 $ (2) $ 137 $ (12) $ 267 $ (14) Due in one year through five years 2,165 (35) 446 (29) 2,612 (64) Due in five years through ten years 1,728 (47) 244 (22) 1,972 (69) Due after ten years 792 (16) 51 (3) 843 (19) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities 1,325 (15) 320 (10) 1,646 (25) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Fixed maturities $ 186 $ 134 $ 503 $ 423 Equity securities 6 4 15 12 Short-term investments and cash 5 - 12 1 Other invested assets: Limited partnerships (42) 139 94 493 Other 11 31 37 63 Gross investment income before adjustments 167 308 661 992 Funds held interest income (expense) - 1 4 12 Future policy benefit reserve income (expense) - - - (1) Gross investment income 167 309 665 1,004 Investment expenses (15) (16) (45) (44) Net investment income $ 151 $ 293 $ 620 $ 960 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Fixed maturity securities: Allowance for credit losses $ (5) $ (7) $ (18) $ (30) Net realized gains (losses) from dispositions (53) 6 (66) 25 Equity securities, fair value: Net realized gains (losses) from dispositions 58 - 15 10 Gains (losses) from fair value adjustments (136) (5) (462) 128 Other invested assets 6 2 11 6 Short-term investments gain (loss) 1 - 1 - Total net gains (losses) on investments $ (129) $ (4) $ (519) $ 139 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (26) $ - $ (17) $ (43) $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (2) (6) (1) (9) (9) (6) (17) (32) Increases in allowance on previously impaired securities (3) - - (3) (4) - (1) (4) Decreases in allowance on previously impaired securities - - - - - - - - Reduction in allowance due to disposals - - 8 8 1 8 10 19 Balance as of September 30, 2022 $ (31) $ (6) $ (10) $ (47) $ (31) $ (6) $ (10) $ (47) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (18) $ (5) $ (1) $ (25) $ (1) $ - $ (1) $ (2) Credit losses on securities where credit losses were not previously recorded (5) - - (5) (21) (5) (1) (27) Increases in allowance on previously impaired securities - (3) - (3) (2) (3) - (5) Decreases in allowance on previously impaired securities - - - - - - - - Reduction in allowance due to disposals 1 - - 1 2 - - 2 Balance as of September 30, 2021 $ (23) (8) $ (1) $ (32) $ (23) $ (8) $ (1) $ (32) (Some amounts may not reconcile due to rounding.) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Proceeds from sales of fixed maturity securities $ 405 $ 283 $ 1,177 $ 883 Gross gains from dispositions 5 17 33 52 Gross losses from dispositions (58) (11) (98) (26) Proceeds from sales of equity securities $ 592 $ 104 $ 1,030 $ 579 Gross gains from dispositions 59 3 67 21 Gross losses from dispositions (3) (3) (53) (11) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Nine Months Ended September 30, (Dollars in millions) 2022 2021 Gross reserves beginning of period $ 19,009 $ 16,322 (1,946) (1,844) 17,063 14,478 Incurred related to: 6,291 5,578 (2) (6) 6,289 5,572 Paid related to: 1,794 1,376 1,841 1,803 3,635 3,179 Foreign exchange/translation adjustment (605) (41) Net reserves end of period 19,112 16,831 2,110 2,033 $ 21,222 $ 18,864 (Some amounts may not reconcile due |
Fair Value (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) September 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,308 $ - $ 1,308 $ - Obligations of U.S. States and political subdivisions 481 - 481 - Corporate securities 6,397 - 5,678 719 Asset-backed securities 3,772 - 2,880 893 Mortgage-backed securities Commercial 908 - 908 - Agency residential 2,723 - 2,723 - Non-agency residential 5 - 5 - Foreign government securities 1,335 - 1,335 - Foreign corporate securities 4,080 - 4,064 16 Total fixed maturities, available for sale 21,009 - 19,381 1,628 Equity securities, fair value 1,301 1,212 89 - (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,421 $ - $ 1,421 $ - Obligations of U.S. States and political subdivisions 587 - 587 - Corporate securities 7,557 - 6,756 801 Asset-backed securities 3,582 - 2,330 1,251 Mortgage-backed securities Commercial 1,064 - 1,064 - Agency residential 2,375 - 2,375 - Non-agency residential 7 - 7 - Foreign government securities 1,438 - 1,438 - Foreign corporate securities 4,279 - 4,262 16 Total fixed maturities, available for sale 22,308 - 20,240 2,068 Equity securities, fair value 1,826 1,742 84 - (Some amounts may not reconcile due to rounding.) |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities Securities CMBS Corporate Total Securities Securities CMBS Corporate Total Beginning balance fixed maturities $ 863 $ 1,255 $ 6 $ 40 $ 2,164 $ 801 $ 1,251 $ - $ 16 $ 2,068 Total gains or (losses) (realized/unrealized) Included in earnings (2) - - - (2) 9 - - - 9 Included in other comprehensive income (loss) (6) 65 - - 59 (13) (11) - (4) (28) Purchases, issuances and settlements 27 159 - - 186 (43) 387 6 8 358 Transfers in/(out) of Level securities in/(out) of investment categories (163) (587) (6) (24) (779) (35) (735) (6) (4) (779) Ending balance $ 719 $ 893 $ - $ 16 $ 1628 $ 719 $ 893 $ - $ 16 $ 1628 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held $ (3) $ - $ - $ - $ (3) $ (8) $ 8 $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities $ 706 $ 815 $ 5 $ 1,526 $ 701 $ 623 $ 6 $ 1,330 Total gains or (losses) (realized/unrealized) Included in earnings 3 (3) - - (12) (7) - (19) Included in other comprehensive income (loss) (1) - - (2) 6 4 - 10 Purchases, issuances and settlements 87 192 - 279 99 384 (1) 482 Transfers in/(out) of Level securities in/(out) of investment categories - - - - - - - - Ending balance $ 794 $ 1,004 $ 5 $ 1,803 $ 794 $ 1,004 $ 5 $ 1,803 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held $ 1 $ (3) $ - $ (2) $ (16) $ (8) $ - $ (24) (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ (319) $ (73) $ 101 $ 948 Less: (65) (61) (191) (186) Undistributed earnings (384) (135) (90) 763 Percentage allocated to common shareholders (1) 100.0 % 100.0 % 98.7 % 98.7 % (384) (135) (88) 752 Add: 65 61 188 183 Numerator for basic and diluted earnings per common share $ (319) $ (73) $ 100 $ 936 Denominator Denominator for basic earnings per weighted-average common shares 38.8 39.2 38.8 39.4 Effect of dilutive securities: Options - - - - Denominator for diluted earnings per adjusted weighted-average common shares 38.8 39.2 38.8 39.5 Per common share net income (loss) Basic $ (8.22) $ (1.88) $ 2.57 $ 23.74 Diluted $ (8.22) $ (1.88) $ 2.57 $ 23.72 (1) Basic weighted-average common shares outstanding 38.8 39.2 38.8 39.4 Basic weighted-average common shares outstanding and unvested common shares expected to vest 38.8 39.2 39.4 39.9 Percentage allocated to common shareholders 100.0 % 100.0 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) |
Other Comprehensive Income (Loss) (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ (776) $ 64 $ (712) $ (2,557) $ 297 $ (2,260) Reclassification of net realized (loss) 51 (10) 41 73 (12) 61 Foreign currency translation adjustments (109) 8 (101) (174) 11 (163) Reclassification of benefit plan liability amortization income (loss) 2 (1) 1 3 (1) 2 Total other comprehensive $ (832) $ 61 $ (771) $ (2,655) $ 295 $ (2,360) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ (108) $ 8 $ (100) $ (343) $ 39 $ (304) Reclassification of net realized (loss) (1) (1) (1) (1) (2) (3) Foreign currency translation adjustments (59) 5 (54) (30) 1 (29) Reclassification of benefit plan liability amortization income (loss) 2 - 2 7 (2) 6 Total other comprehensive $ (166) $ 12 $ (153) $ (367) $ 36 $ (331) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2022 2021 2022 2021 operations and comprehensive income (loss) (Dollars in millions) URA(D) on securities $ 51 $ (1) $ 73 $ (1) Other net realized capital gains (losses) (10) (1) (12) (2) Income tax expense (benefit) $ 41 $ (1) $ 61 $ (3) Net income (loss) Benefit plan net gain (loss) $ 2 $ 2 $ 3 $ 7 Other underwriting expenses (1) - (1) (2) Income tax expense (benefit) $ 1 $ 2 $ 2 $ 6 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Beginning balance of URA (D) on securities $ (1,288) $ 518 $ 239 $ 724 Current period change in URA (D) of investments - non-credit related (671) (101) (2,199) (308) Ending balance of URA (D) on securities (1,959) 416 (1,959) 416 Beginning balance of foreign currency translation adjustments (240) (91) (177) (115) Current period change in foreign currency translation adjustments (101) (54) (163) (29) Ending balance of foreign currency translation adjustments (341) (144) (341) (144) Beginning balance of benefit plan net gain (loss) (49) (70) (50) (74) Current period change in benefit plan net gain (loss) 1 2 2 6 Ending balance of benefit plan net gain (loss) (48) (68) (48) (68) Ending balance of accumulated other comprehensive income (loss) $ (2,348) $ 204 $ (2,348) $ 204 (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 387 12/30/2022 $ 500 $ 351 12/30/2022 47 12/29/2023 - Total Wells Fargo $ 500 $ 435 $ 500 $ 351 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Citibank LOC Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Citibank LOC Facility- $ 230 $ 201 12/31/2022 $ 230 $ 4 2/28/2022 1 1/21/2023 1 3/1/2022 4 2/28/2023 1 11/24/2022 1 3/1/2023 – 12/16/2022 3 9/23/2023 217 12/31/2022 – 12/20/2023 1 8/15/2023 6 12/31/2023 1 9/23/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 84 12/31/2022 140 84 12/31/2022 20 9/30/2026 23 12/30/2025 Total Citibank Bilateral Agreement $ 370 $ 322 $ 370 $ 333 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bayerische Landesbank Bilateral LOC Agreement $ 200 $ 153 12/31/2022 $ 200 $ 155 12/31/2022 Total Bayerische Landesbank Bilateral LOC Agreement $ 200 $ 153 $ 200 $ 155 |
Bermuda Re Lloyd's Bank Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50 $ 46 12/31/2022 $ 50 $ 46 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 85 12/31/2022 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 131 $ 50 $ 46 |
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At September 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 172 12/31/2022 $ 200 $ 186 12/31/2022 Total Bermuda Re Barclays Bilateral $ 200 $ 172 $ 200 $ 186 |
Collateralized Reinsurance And Trust Agreements (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2022 2021 2022 2021 (Dollars in millions) Ceded written premiums $ 68 $ 115 $ 150 $ 270 Ceded earned premiums 57 100 149 250 Ceded losses and LAE 99 170 161 282 Assumed written premiums 2 4 3 9 Assumed earned premiums 2 4 3 9 Assumed losses and LAE - - - - |
Summary of Collateralized Reinsurance Agreements | (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/22/2025 300 Aggregate Total available limit as of September 30, 2022 $ 2,063 |
Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts | (Dollars in millions) Note Series Issue Date Maturity Date Amount Series 2018-1 Class A-2 4/30/2018 5/5/2023 $ 63 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90 Series 2022-1 Class A 6/22/2022 6/22/2025 300 $ 2,063 |
Senior Notes (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2022 December 31, 2021 Principal Consolidated Balance Consolidated Balance (Dollars in millions) Date Issued Date Due Amounts Sheet Amount Fair Value Sheet Amount Fair Value 4.868 % Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 339 $ 397 $ 504 3.5 % Senior notes 10/7/2020 10/15/2050 1,000 980 669 980 1,055 3.125 % Senior notes 10/4/2021 10/15/2052 1,000 969 627 969 983 $ 2,400 $ 2,347 $ 1,635 $ 2,346 $ 2,542 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Interest expense incurred 4.868 % Senior notes $ 5 $ 5 $ 15 $ 15 Interest expense incurred 3.5 % Senior notes 9 9 26 26 Interest expense incurred 3.125 % Senior notes 8 - 24 - $ 22 $ 14 $ 65 $ 41 |
Long Term Subordinated Notes (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date September 30, 2022 December 31, 2021 Original Consolidated Balance Fair Consolidated Balance Fair (Dollars in millions) Date Issued Principal Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 179 $ 224 $ 216 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2022 2021 2022 2021 Interest expense incurred $ 3 $ 1 $ 6 $ 4 |
Segment Reporting (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (Dollars in millions) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,551 $ 1,129 $ 3,680 $ 6,938 $ 3,376 $ 10,313 Net written premiums 2,460 862 3,323 6,664 2,492 9,156 Premiums earned $ 2,245 $ 822 $ 3,067 $ 6,451 $ 2,324 $ 8,775 Incurred losses and LAE 1,992 631 2,623 4,699 1,591 6,289 Commission and brokerage 537 104 641 1,582 295 1,877 Other underwriting expenses 54 115 169 156 344 500 Underwriting gain (loss) $ (338) $ (29) $ (367) $ 14 $ 95 $ 109 Net investment income 151 620 Net gains (losses) on investments (129) (519) Corporate expenses (16) (45) Interest, fee and bond issue cost amortization expense (25) (74) Other income (expense) (16) (71) Income (loss) before taxes $ (401) $ 20 (Some amounts may not reconcile due to rounding.) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (Dollars in millions) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,488 $ 1,009 $ 3,498 $ 6,696 $ 2,924 $ 9,619 Net written premiums 2,293 733 3,026 6,266 2,123 8,389 Premiums earned $ 1,976 $ 680 $ 2,656 $ 5,675 $ 1,928 $ 7,603 Incurred losses and LAE 1,766 508 2,274 4,206 1,366 5,572 Commission and brokerage 471 93 564 1,353 258 1,611 Other underwriting expenses 45 96 141 144 280 424 Underwriting gain (loss) $ (306) $ (17) $ (323) $ (29) $ 24 $ (5) Net investment income 293 960 Net gains (losses) on investments (4) 139 Corporate expenses (18) (46) Interest, fee and bond issue cost amortization expense (16) (47) Other income (expense) (20) 44 Income (loss) before taxes $ (88) $ 1,046 (Some amounts may not reconcile due to rounding.) |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2022 2021 2022 2021 United Kingdom gross written premium $ 312 $ 282 $ 936 $ 897 |
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (724) | $ (109) | $ (2,484) | $ (344) |
Deferred tax benefit (expense) | 53 | 7 | 285 | 36 |
Total URA(D) on securities arising during the period | (671) | (101) | (2,199) | (308) |
Fixed Maturity Securities and Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (724) | $ (109) | $ (2,484) | $ (344) |
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of fixed maturity securities, available for sale | $ 1,177 | $ 883 | ||
Proceeds from sales of equity securities | 1,030 | 579 | ||
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of fixed maturity securities, available for sale | $ 405 | $ 283 | 1,177 | 883 |
Gross gains from dispositions | 5 | 17 | 33 | 52 |
Gross losses from dispositions | (58) | (11) | (98) | (26) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of equity securities | 592 | 104 | 1,030 | 579 |
Gross gains from dispositions | 59 | 3 | 67 | 21 |
Gross losses from dispositions | $ (3) | $ (3) | $ (53) | $ (11) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Current year losses | $ 6,291 | $ 5,578 |
Catastrophe [Member] | ||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Current year losses | 30 | |
Ukraine/Russia War [Member] | ||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Current year losses | $ 45 |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | ||
Gross reserves beginning of period | $ 19,009 | $ 16,322 |
Less reinsurance recoverables on unpaid losses | (1,946) | (1,844) |
Net reserves beginning of period | 17,063 | 14,478 |
Incurred related to: Current year | 6,291 | 5,578 |
Incurred related to: Prior years | (2) | (6) |
Total incurred losses and LAE | 6,289 | 5,572 |
Paid related to: Current year | 1,794 | 1,376 |
Paid related to: Prior years | 1,841 | 1,803 |
Total paid losses and LAE | 3,635 | 3,179 |
Foreign exchange/translation adjustment | (605) | (41) |
Net reserves end of period | 19,112 | 16,831 |
Plus reinsurance recoverables on unpaid losses | 2,110 | 2,033 |
Gross reserves end of period | $ 21,222 | $ 18,864 |
Earnings Per Common Share (Narrative) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive options | 0 | 0 | 0 | 0 |
Maximum [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | Sep. 19, 2022 |
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Apr. 01, 2018 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 2,200 | ||
Restricted cash | 107 | ||
Preferred shares | |||
Mt Logan Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Percentage of voting common shares owned by Group | 100.00% | ||
Retrocede amount | $ 269 | ||
Cash transferred | 252 | ||
Mt Logan Re [Member] | Minimum [Member] | |||
Effects of Reinsurance [Line Items] | |||
Accident year | 2002 | ||
Mt Logan Re [Member] | Maximum [Member] | |||
Effects of Reinsurance [Line Items] | |||
Accident year | 2015 | ||
Liability retroceded | $ 319 |
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 68 | $ 115 | $ 150 | $ 270 |
Ceded earned premiums | 57 | 100 | 149 | 250 |
Ceded losses and LAE | 99 | 170 | 161 | 282 |
Assumed written premiums | 2 | 4 | 3 | 9 |
Assumed earned premiums | 2 | 4 | 3 | 9 |
Assumed losses and LAE |
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 22 | $ 14 | $ 65 | $ 41 |
4.868% Senior Notes due 6/1/2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 5 | 5 | $ 15 | 15 |
Debt instrument, stated interest rate | 4.868% | 4.868% | ||
3.5% Senior Notes due 10/15/2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 9 | 9 | $ 26 | 26 |
Debt instrument, stated interest rate | 3.50% | 3.50% | ||
3.125% Senior Notes due 10/15/2052 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 8 | $ 24 | ||
Debt instrument, stated interest rate | 3.125% | 3.125% |
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 218,000,000 | $ 224,000,000 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity Date | May 01, 2067 | |
Consolidated balance sheet amount | $ 218,000,000 | 224,000,000 |
Fair Value | $ 179,000,000 | $ 216,000,000 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 |
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 3 | $ 1 | $ 6 | $ 4 |
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | $ 312 | $ 282 | $ 936 | $ 897 |
Share-Based Compensation Plans (Narrative) (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 08, 2022 |
May 10, 2022 |
Feb. 24, 2022 |
Feb. 23, 2022 |
Sep. 30, 2022 |
Sep. 30, 2022 |
|
Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period | 4,070 | 2,330 | 9,048 | 187,760 | 4,070 | 203,208 |
Weighted-average grant-date fair value of options granted | $ 283.72 | $ 287.94 | $ 301.54 | |||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period | 18,340 | |||||
Weighted-average grant-date fair value of options granted | $ 301.54 |
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