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Short Duration Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Short Duration Contracts Disclosure [Abstract]

The Company’s reserves for losses and loss adjustment expenses primarily relate to short-duration contracts with various characteristics (e.g., type of coverage, geography, claims duration). The Company considered such information in determining the level of disaggregation for disclosures related to its short-duration contracts, as detailed in the table below:

Reportable segment

Level of disaggregation

Included lines of business

Insurance

Property energy, marine and aviation

Third party occurrence business

Excess and surplus casualty (excluding contract binding); construction and national accounts; and other (including alternative market risks, excess workers’ compensation and employer’s liability insurance coverages)

Third party claims-made business

Professional lines

Multi-line and other specialty

Programs; contract binding (part of excess and surplus casualty); travel, accident and health; warranty and lenders solutions; and other (contract and commercial surety coverages)

Reinsurance

Casualty

Property catastrophe

Property excluding property catastrophe

Marine and aviation

Other specialty

Mortgage

Direct mortgage insurance in the U.S.

Mortgage insurance on U.S. primary exposures

Claims Development [Line Items]

Reconciliation of claims development to liability

The following table represents a reconciliation of the disclosures of net incurred and paid loss development tables to the reserve for losses and loss adjustment expenses at December 31, 2023:


	December 31, 2023
Net outstanding liabilities
Insurance
Property, energy, marine and aviation	$	824
Third party occurrence business	3,601
Third party claims-made business	2,352
Multi-line and other specialty	1,348
Reinsurance
Casualty	2,706
Property catastrophe	563
Property excluding property catastrophe	1,261
Marine and aviation	357
Other specialty	2,094
Mortgage
U.S. primary	310
Other short duration lines not included in disclosures	284
Total for short duration lines	15,700

Unpaid losses and loss adjustment expenses recoverable
Insurance
Property, energy, marine and aviation	359
Third party occurrence business	2,025
Third party claims-made business	1,001
Multi-line and other specialty	246
Reinsurance
Casualty	738
Property catastrophe	519
Property excluding property catastrophe	239
Marine and aviation	240
Other specialty	828
Mortgage
U.S. primary	33
Other short duration lines not included in disclosures (1)	468
Intercompany eliminations	(6)
Total for short duration lines	6,690

Lines other than short duration	132
Discounting	(66)
Unallocated claims adjustment expenses	296
	362

Reserve for losses and loss adjustment expenses	$	22,752

(1) Includes unpaid loss and loss adjustment expenses recoverable of $225 million related to the loss portfolio transfer reinsurance agreements.

Insurance

Claims Development [Line Items]

Claims development tables

The following tables present information on the insurance segment’s short-duration insurance contracts:


Property, energy, marine and aviation (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	148	$	146	$	147	$	136	$	132	$	134	$	135	$	135	$	134	$	133	$	2	3,871
2015			112		110		104		102		98		92		92		91		89		2		4,530
2016					104		101		105		100		96		92		88		88		—		6,171
2017							281		246		236		230		231		225		225		1		6,475
2018									181		186		174		170		170		172		5		5,077
2019											179		179		165		161		159		(1)		7,018
2020													359		329		336		333		9		8,212
2021															427		429		423		41		8,807
2022																	522		495		74		13,274
2023																			571		275		13,682
																	Total		$	2,688

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	26	$	54	$	78	$	84	$	88	$	98	$	115	$	122	$	123	$	125
2015			24		65		76		86		88		86		87		88		86
2016					25		83		98		97		95		91		87		87
2017							30		140		196		212		216		218		220
2018									30		102		135		143		150		154
2019											26		105		134		139		148
2020													56		194		251		293
2021															90		268		343
2022																	100		276
2023																			146
									Total										1,878
									All outstanding liabilities before 2014, net of reinsurance										14
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	824


Third party occurrence business (in millions except claim count)
	Incurred losses and allocated loss adjustment expenses, net of reinsurance																				December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	330	$	336	$	339	$	343	$	339	$	344	$	343	$	343	$	345	$	344	$	49	75,679
2015			359		392		399		392		391		382		386		379		377		66		78,689
2016					390		394		406		399		375		368		363		352		77		78,883
2017							417		418		422		412		407		406		405		100		84,687
2018									430		453		451		451		459		462		127		78,320
2019											456		487		481		471		470		154		86,139
2020													607		616		640		632		226		92,279
2021															622		663		659		290		92,672
2022																	688		726		513		92,564
2023																			877		750		72,833
																	Total		$	5,304

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	9	$	40	$	71	$	113	$	162	$	191	$	211	$	224	$	237	$	257
2015			11		45		88		139		182		212		227		249		268
2016					12		42		88		137		165		195		215		231
2017							13		52		100		135		165		221		247
2018									17		64		115		154		200		247
2019											18		73		122		173		214
2020													24		77		155		235
2021															26		91		174
2022																	24		85
2023																			32
									Total										1,990
									All outstanding liabilities before 2014, net of reinsurance										287
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	3,601


Third party claims-made business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	264	$	279	$	299	$	279	$	281	$	297	$	291	$	288	$	296	$	287	$	14	14,494
2015			259		277		276		260		255		252		268		267		274		13		13,932
2016					275		291		308		314		322		327		330		327		18		14,912
2017							270		286		312		308		323		317		338		48		15,473
2018									273		314		320		336		347		367		44		17,098
2019											289		317		317		322		330		66		15,879
2020													383		413		423		446		118		15,239
2021															515		518		499		254		16,323
2022																	669		655		448		18,563
2023																			811		641		20,494
																	Total		$	4,334

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	14	$	63	$	129	$	173	$	207	$	229	$	243	$	249	$	260	$	266
2015			9		52		100		126		174		193		217		221		242
2016					11		68		127		158		205		242		257		296
2017							9		68		113		143		196		233		258
2018									12		68		118		158		208		258
2019											12		65		122		155		197
2020													17		87		152		215
2021															23		90		163
2022																	25		100
2023																			64
									Total										2,059
									All outstanding liabilities before 2014, net of reinsurance										77
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	2,352


Multi-line and other specialty (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	302	$	326	$	318	$	318	$	317	$	313	$	310	$	309	$	311	$	310	$	4	148,702
2015			335		358		357		365		357		349		347		345		345		5		180,468
2016					409		431		428		416		410		408		409		406		7		192,955
2017							482		501		491		501		504		513		516		9		235,539
2018									512		565		563		565		565		565		14		260,995
2019											567		612		640		651		657		21		252,766
2020													618		569		515		517		44		166,357
2021															635		619		614		76		114,447
2022																	678		642		157		143,264
2023																			817		450		118,241
																	Total		$	5,389

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	108	$	197	$	234	$	267	$	281	$	292	$	293	$	295	$	296	$	297
2015			138		236		278		306		321		327		330		331		333
2016					176		305		342		363		379		385		390		392
2017							181		342		381		423		446		472		480
2018									212		389		443		480		509		527
2019											212		386		487		549		577
2020													172		309		359		406
2021															157		335		428
2022																	177		371
2023																			254
									Total										4,065
									All outstanding liabilities before 2014, net of reinsurance										24
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	1,348

Percentage annual payout by age

The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2023:


	Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Property, energy, marine and aviation	20.5	%	43.7	%	18.1	%	6.0	%	2.2	%	1.0	%	2.6	%	1.9	%	(0.4)	%	1.5	%
Third party occurrence business	3.5	%	9.4	%	11.5	%	11.4	%	9.9	%	9.8	%	5.6	%	4.6	%	4.4	%	5.6	%
Third party claims-made business	4.1	%	15.5	%	16.5	%	11.1	%	14.3	%	10.1	%	6.3	%	5.2	%	5.7	%	2.0	%
Multi-line and other specialty	34.0	%	29.3	%	11.3	%	8.2	%	4.5	%	2.9	%	1.1	%	0.4	%	0.4	%	0.5	%

Reinsurance

Claims Development [Line Items]

Claims development tables

The following tables present information on the reinsurance segment’s short-duration insurance contracts:


Casualty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	215	$	220	$	217	$	230	$	227	$	237	$	237	$	234	$	234	$	241	$	33	N/A
2015			220		219		228		235		239		246		249		251		260		44		N/A
2016					212		224		247		262		269		268		272		281		45		N/A
2017							267		254		270		297		309		316		330		53		N/A
2018									276		289		281		286		298		308		50		N/A
2019											330		341		367		379		400		84		N/A
2020													382		371		354		372		163		N/A
2021															439		434		425		205		N/A
2022																	547		527		390		N/A
2023																			657		568		N/A
																	Total		$	3,801

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	4	$	16	$	41	$	63	$	91	$	114	$	134	$	145	$	153	$	160
2015			4		20		47		71		96		120		137		152		170
2016					6		26		52		87		113		132		157		172
2017							6		30		64		113		137		164		189
2018									8		31		106		129		155		182
2019											16		58		97		130		219
2020													18		50		90		132
2021															15		53		102
2022																	18		61
2023																			18
																	Total		1,405
									All outstanding liabilities before 2014, net of reinsurance										310
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	2,706


Property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	44	$	30	$	25	$	22	$	20	$	20	$	19	$	19	$	19	$	19	$	—	N/A
2015			33		18		12		6		4		3		3		3		3		—		N/A
2016					24		17		13		9		7		6		5		5		1		N/A
2017							86		54		50		36		24		21		22		(1)		N/A
2018									71		49		30		17		8		5		3		N/A
2019											20		10		9		1		(7)		2		N/A
2020													269		333		337		326		17		N/A
2021															314		308		294		13		N/A
2022																	303		295		41		N/A
2023																			267		76		N/A
																	Total		$	1,229

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	14	$	20	$	18	$	19	$	18	$	19	$	19	$	19	$	19	$	19
2015			(3)		(2)		2		2		2		2		2		2		2
2016					(7)		2		2		3		2		3		3		3
2017							31		32		37		27		14		16		17
2018									27		5		16		(13)		(11)		(9)
2019											4		7		11		(14)		(13)
2020													56		158		207		249
2021															65		171		222
2022																	70		169
2023																			9
																	Total		668
									All outstanding liabilities before 2014, net of reinsurance										2
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	563


Property excluding property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	142	$	117	$	98	$	90	$	88	$	84	$	82	$	80	$	79	$	79	$	—	N/A
2015			214		188		184		188		187		176		173		167		167		4		N/A
2016					175		145		137		135		139		136		130		130		6		N/A
2017							268		250		237		230		214		206		202		7		N/A
2018									224		239		235		212		202		203		7		N/A
2019											216		206		195		190		190		3		N/A
2020													368		340		320		320		15		N/A
2021															545		497		491		38		N/A
2022																	742		668		119		N/A
2023																			835		414		N/A
																	Total		$	3,285

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	23	$	62	$	71	$	76	$	78	$	78	$	78	$	78	$	78	$	78
2015			75		119		149		160		165		159		159		159		160
2016					33		94		98		104		111		114		115		115
2017							28		125		156		164		179		182		186
2018									30		108		152		167		175		177
2019											43		124		150		162		169
2020													101		207		243		267
2021															136		270		364
2022																	143		361
2023																			152
																	Total		2,029
									All outstanding liabilities before 2014, net of reinsurance										5
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	1,261


Marine and aviation (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	31	$	29	$	27	$	25	$	23	$	23	$	22	$	22	$	19	$	18	$	—	N/A
2015			33		37		32		31		30		28		27		25		24		1		N/A
2016					27		23		23		19		17		15		12		11		3		N/A
2017							29		26		24		21		20		17		15		3		N/A
2018									27		26		24		24		21		21		3		N/A
2019											48		55		60		61		62		9		N/A
2020													83		76		79		80		10		N/A
2021															110		96		81		18		N/A
2022																	126		138		59		N/A
2023																			161		127		N/A
																	Total		$	611

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	4	$	8	$	11	$	12	$	15	$	15	$	16	$	16	$	17	$	17
2015			—		13		19		21		22		22		22		22		22
2016					(7)		(2)		—		3		6		7		7		7
2017							2		6		9		11		12		12		12
2018									2		7		11		13		14		15
2019											11		21		29		35		43
2020													9		26		42		60
2021															8		24		45
2022																	12		37
2023																			13
																	Total		271
									All outstanding liabilities before 2014, net of reinsurance										17
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	357


Other specialty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2023
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023
2014	$	337	$	316	$	318	$	312	$	307	$	308	$	304	$	298	$	296	$	295	$	1	N/A
2015			280		278		276		273		273		270		259		258		255		3		N/A
2016					326		323		316		307		314		309		306		307		6		N/A
2017							398		390		372		372		370		366		363		15		N/A
2018									416		409		404		428		424		423		29		N/A
2019											427		406		400		395		405		40		N/A
2020													593		524		519		539		61		N/A
2021															610		611		613		80		N/A
2022																	953		935		225		N/A
2023																			1,348		817		N/A
																	Total		$	5,483

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	$	96	$	186	$	229	$	248	$	258	$	271	$	275	$	278	$	280	$	282
2015			83		162		197		211		224		236		239		240		241
2016					108		205		242		261		277		283		289		293
2017							136		256		298		313		326		337		346
2018									130		276		315		336		353		376
2019											121		211		277		303		325
2020													134		293		370		405
2021															152		311		432
2022																	182		464
2023																			244
																	Total		3,408
									All outstanding liabilities before 2014, net of reinsurance										19
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	2,094

Percentage annual payout by age

The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2023:


	Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Casualty	2.8	%	7.7	%	12.1	%	10.4	%	11.4	%	8.5	%	7.8	%	5.3	%	5.2	%	2.9	%
Property catastrophe	56.0	%	(17.5)	%	47.2	%	(41.9)	%	(6.2)	%	10.9	%	2.4	%	1.1	%	(1.7)	%	—	%
Property excluding property catastrophe	25.0	%	38.2	%	14.2	%	6.0	%	4.4	%	0.2	%	0.7	%	0.1	%	0.4	%	0.4	%
Marine and aviation	3.0	%	28.8	%	20.0	%	13.0	%	10.6	%	3.4	%	2.2	%	1.0	%	3.8	%	0.4	%
Other specialty	28.6	%	29.9	%	13.9	%	5.7	%	4.5	%	3.9	%	1.7	%	0.9	%	0.6	%	1.0	%

Mortgage

Claims Development [Line Items]

Claims development tables

The following table presents information on the mortgage segment’s short-duration insurance contracts:


U.S. primary mortgage insurance (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																							December 31, 2023
																								Total of IBNR liabilities plus expected development on reported claims	Cumulative number of paid claims
Year ended December 31,
Accident year	2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited				2023
2014	$	316	$	297	$	279	$	266	$	266	$	261	$	263	$	263	$	261			$	259		—	6,332
2015			223		197		198		195		189		191		191		189				188			—	4,588
2016					184		171		149		141		142		142		137				136			—	3,462
2017							179		132		107		108		109		102				99			—	2,541
2018									132		96		89		88		72				69			—	1,763
2019											108		119		110		63				51			—	1,149
2020													420		374		78				33			—	492
2021															144		77				20			—	211
2022																	173				55			—	135
2023																					182			1	9
																	Total				$	1,092

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2014	20		129		202		234		247		254		256		257		257				258
2015			16		92		151		171		180		183		184		185				186
2016					11		72		113		127		131		132		132				133
2017							9		48		79		87		90		92				93
2018									4		31		50		56		59				60
2019											3		20		29		34				39
2020													1		4		8				13
2021															—		2				5
2022																	—				3
2023																					—
																	Total				790
									All outstanding liabilities before 2014, net of reinsurance										8
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	310

Percentage annual payout by age

The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2023:


Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
U.S. Primary	5.1	%	29.1	%	24.2	%	10.7	%	4.7	%	1.8	%	0.7	%	0.5	%	0.2	%	0.1	%