Reinsurance (Notes)

3 Months Ended

Mar. 31, 2022

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance

	March 31, 2022				December 31, 2021
(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	$	16,646	$	276	$	16,184	$	271
Reinsurance recoverable on paid losses and loss expenses	1,115		53		1,182		58
Reinsurance recoverable on losses and loss expenses	$	17,761	$	329	$	17,366	$	329
Reinsurance recoverable on policy benefits	$	208	$	4	$	213	$	4

(1)Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses was primarily due to unfavorable prior period development in certain lines and higher underlying ceded exposures due to premium growth.

The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2022		2021
Valuation allowance for uncollectible reinsurance - beginning of period	$	329	$	314
Provision for uncollectible reinsurance	3		3
Write-offs charged against the valuation allowance	(4)		—
Foreign exchange revaluation	1		—
Valuation allowance for uncollectible reinsurance - end of period	$	329	$	317

For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2021 Form 10-K.