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Fair value measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair Value at December 31 2020Valuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
GLB (1)
$1,089 Actuarial modelLapse rate
3% - 34%
4.7 %
Annuitization rate
0% - 100%
3.6 %
(1)The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): 
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2020Non-U.S.Corporate and asset-backed securitiesMBS
(in millions of U.S. dollars)
Balance, beginning of year
$449 $1,451 $60 $69 $6 $10 $897 
Transfers into Level 3 134      
Transfers out of Level 3(16)(73)(1)(3)   
Change in Net Unrealized Gains/Losses in OCI
19 (8)     
Net Realized Gains/Losses
(1)(30) 1 (1) 202 
Purchases274 708 2 23 14   
Sales(122)(186) (17)(2)  
Settlements(57)(423)(1) (12)  
Other      (10)
Balance, end of year$546 $1,573 $60 $73 $5 $10 $1,089 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$ $(5)$ $4 $ $ $202 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date

$16 $(6)$ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2019Non-U.S.Corporate and asset-backed securities MBS
(in millions of U.S. dollars)
Balance, beginning of year
$345 $1,299 $61 $57 $$11 $861 
Transfers into Level 311 23 — — — — — 
Transfers out of Level 3(24)(38)(16)— — — — 
Change in Net Unrealized Gains/Losses in OCI
13 (2)— — — — 
Net Realized Gains/Losses
(1)(4)— (2)— — 
Purchases
228 577 19 34 — — 
Sales(70)(125)(1)(21)— — — 
Settlements(53)(279)(3)— (1)(1)— 
Other— — — — — — 32 
Balance, end of year$449 $1,451 $60 $69 $$10 $897 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $(2)$— $(3)$— $— $
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$$(8)$— $— $— $— $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesShort-term investmentsOther
derivative
instruments
GLB (1)
Year Ended December 31, 2018Non-U.S.Corporate and asset-backed securitiesMBSEquity
securities
Other
investments
(in millions of U.S. dollars)
Balance, beginning of year
$93 $1,037 $78 $44 $— $263 $$550 
Transfers into Level 313 24 — — — — 
Transfers out of Level 3(2)(31)(3)— — (252)— — 
Change in Net Unrealized Gains/Losses in OCI
(12)(4)— (2)— (2)— — 
Net Realized Gains/Losses
(3)(5)— — (2)248 
Purchases
334 672 37 50 — — 
Sales(69)(164)— (28)— — — — 
Settlements(9)(230)(20)— (13)(49)— — 
Other— — — — — — — 63 
Balance, end of year$345 $1,299 $61 $57 $$11 $— $861 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$(1)$(7)$— $(1)$— $$— $248 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2020Non-U.S.Corporate and asset-backed securitiesMBS
(in millions of U.S. dollars)
Balance, beginning of year
$449 $1,451 $60 $69 $6 $10 $897 
Transfers into Level 3 134      
Transfers out of Level 3(16)(73)(1)(3)   
Change in Net Unrealized Gains/Losses in OCI
19 (8)     
Net Realized Gains/Losses
(1)(30) 1 (1) 202 
Purchases274 708 2 23 14   
Sales(122)(186) (17)(2)  
Settlements(57)(423)(1) (12)  
Other      (10)
Balance, end of year$546 $1,573 $60 $73 $5 $10 $1,089 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$ $(5)$ $4 $ $ $202 
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date

$16 $(6)$ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Year Ended December 31, 2019Non-U.S.Corporate and asset-backed securities MBS
(in millions of U.S. dollars)
Balance, beginning of year
$345 $1,299 $61 $57 $$11 $861 
Transfers into Level 311 23 — — — — — 
Transfers out of Level 3(24)(38)(16)— — — — 
Change in Net Unrealized Gains/Losses in OCI
13 (2)— — — — 
Net Realized Gains/Losses
(1)(4)— (2)— — 
Purchases
228 577 19 34 — — 
Sales(70)(125)(1)(21)— — — 
Settlements(53)(279)(3)— (1)(1)— 
Other— — — — — — 32 
Balance, end of year$449 $1,451 $60 $69 $$10 $897 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$— $(2)$— $(3)$— $— $
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date$$(8)$— $— $— $— $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 AssetsLiabilities
 Available-for-Sale Debt SecuritiesShort-term investmentsOther
derivative
instruments
GLB (1)
Year Ended December 31, 2018Non-U.S.Corporate and asset-backed securitiesMBSEquity
securities
Other
investments
(in millions of U.S. dollars)
Balance, beginning of year
$93 $1,037 $78 $44 $— $263 $$550 
Transfers into Level 313 24 — — — — 
Transfers out of Level 3(2)(31)(3)— — (252)— — 
Change in Net Unrealized Gains/Losses in OCI
(12)(4)— (2)— (2)— — 
Net Realized Gains/Losses
(3)(5)— — (2)248 
Purchases
334 672 37 50 — — 
Sales(69)(164)— (28)— — — — 
Settlements(9)(230)(20)— (13)(49)— — 
Other— — — — — — — 63 
Balance, end of year$345 $1,299 $61 $57 $$11 $— $861 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date
$(1)$(7)$— $(1)$— $$— $248 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
December 31, 2020Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,395 $57 $ $1,452 $1,392 
Non-U.S. 1,405  1,405 1,288 
Corporate and asset-backed securities 2,438  2,438 2,150 
Mortgage-backed securities 2,146  2,146 1,999 
Municipal 5,069  5,069 4,824 
Total assets$1,395 $11,115 $ $12,510 $11,653 
Liabilities:
Repurchase agreements$ $1,405 $ $1,405 $1,405 
Short-term debt     
Long-term debt 17,487  17,487 14,948 
Trust preferred securities 473  473 308 
Total liabilities$ $19,365 $ $19,365 $16,661 
December 31, 2019Fair ValueCarrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,292 $55 $— $1,347 $1,318 
Non-U.S.— 1,485 — 1,485 1,423 
Corporate and asset-backed securities— 2,436 32 2,468 2,349 
Mortgage-backed securities— 2,396 — 2,396 2,331 
Municipal— 5,309 — 5,309 5,160 
Total assets$1,292 $11,681 $32 $13,005 $12,581 
Liabilities:
Repurchase agreements$— $1,416 $— $1,416 $1,416 
Short-term debt— 1,307 — 1,307 1,299 
Long-term debt— 15,048 — 15,048 13,559 
Trust preferred securities— 467 — 467 308 
Total liabilities$— $18,238 $— $18,238 $16,582