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Related party transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
ABR Re
At December 31, 2023, we owned 18.7 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. and warrants to acquire 0.5 percent of additional equity. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. serves as an investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re. In connection with this arrangement with BlackRock, Inc., we recorded income of $8 million, $7 million, and $11 million in 2023, 2022, and 2021, respectively, which is recorded in Other (income) expense on the Consolidated statements of operations.

ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissions.
Transactions generated under ABR Re agreements were as follows:
Year Ended December 31
(in millions of U.S. dollars)202320222021
Consolidated statements of operations
Ceded premiums written$441 $507 $442 
Commissions received$119 $138 $133 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$1,241 $1,050 
Ceded reinsurance premium payable$40 $110 
Aquiline Capital Partners LLC
Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chief executive officer is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2023, Chubb has approximately $182 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds are as follows:
Year Ended December 31
(in millions of U.S. dollars)202320222021
Consolidated statements of operations
Other income (expense)$36 $8 $68 
Consolidated balance sheets
Private equities
$368 $271 
Starr Indemnity & Liability Company and its affiliates (collectively, Starr)
We had previously entered into agency, claims services, and underwriting services with Starr, the Chairman of which is related to a member of our senior management team. The Board has reviewed and approved these arrangements with Starr. A number of our agreements with Starr were terminated effective as of April 2023. However, Starr continues to provide certain services to Chubb, including claims administration, in respect of insurance policies placed prior to the termination, pursuant to the terms of the applicable agreements. Under the agency agreement, we secured the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranged for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr was the underwriter of insurance policies on our behalf and we agreed to reinsure such policies to Starr under quota share reinsurance agreements. Transactions generated under Starr agreements were as follows:
Year Ended December 31
(in millions of U.S. dollars)202320222021
Consolidated statement of operations
Gross premiums written$216 $618 $592 
Ceded premiums written$115 $353 $321 
Commissions paid$38 $122 $114 
Commissions received$26 $79 $73 
Losses and loss expenses$180 $225 $157 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$503 $541 
Ceded reinsurance premium payable$44 $96