Business Dispositions (Notes)

12 Months Ended

Dec. 31, 2023

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Business Dispositions and Discontinued Operations

22. BUSINESS DISPOSITIONS

Sale of Continental Europe Operations

On December 29, 2021, the Company completed the sale of its Continental Europe Operations for approximately $11, net of transaction costs. The complete sale of the Continental Europe Operations consists of multiple arrangements designed as a single transaction. The Continental Europe Operations are included in the Commercial Lines segment. Revenues and earnings are not material to the Company's consolidated results of operations for the year ended December 31, 2021.

The sale resulted in a loss of approximately $21, before tax, for the year ended December 31, 2021, which was recorded within net realized gains (losses) in the Consolidated Statements of Operations. The Company also recorded a related income tax benefit on the sale of $5 for after tax losses of $16 for the year ended December 31, 2021.

Total consideration less costs to sell of $11 is subject to change based on how the ultimate amounts required to settle claims on 2020 and prior accident years, as determined at the end of 2024, compare with recorded reserves as currently estimated. The contingent consideration has been estimated at its fair value of $0 and could result in an increase or decrease in consideration depending on how ultimate losses develop. Any change in the estimated fair value of contingent consideration in a future period would increase or decrease the estimated loss on sale in that period.

Major Classes of Assets and Liabilities Transferred by the Company to the Buyer in Connection with the Sale

	Carrying Value as of Closing
Assets
Investments and cash	$	150
Reinsurance recoverables and other	13
Total assets held for sale	163
Liabilities
Unpaid losses and loss adjustment expenses	81
Unearned premiums	19
Other liabilities	52
Total liabilities held for sale	$	152