Reinsurance

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance

	March 31, 2024				December 31, 2023
(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	$	17,163	$	290	$	17,884	$	285
Reinsurance recoverable on paid losses and loss expenses	1,946		85		2,068		82
Reinsurance recoverable on losses and loss expenses	$	19,109	$	375	$	19,952	$	367
Reinsurance recoverable on policy benefits	$	272	$	—	$	280	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

The decrease in Reinsurance recoverable on losses and loss expenses was primarily due to a seasonal decrease in crop recoverables and a commutation in connection with a large structured transaction during the quarter.

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2024		2023
Valuation allowance for uncollectible reinsurance - beginning of period	$	367	$	351
Provision for uncollectible reinsurance	8		5
Write-offs charged against the valuation allowance	—		(5)
Valuation allowance for uncollectible reinsurance - end of period	$	375	$	351

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2023 Form 10-K.