Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

Business Acquired

On August 1, 2024, the Company announced that it has completed the acquisition of Allianz’s U.S Middle Market Property & Casualty Insurance and U.S. Entertainment Property and Casualty Insurance Business written by Fireman’s Fund Insurance Company, an affiliate of Allianz (“FFIC”), and its subsidiaries (together with FFIC, collectively, the “Business Entities”), in each case, relating to relevant policies with accident years 2016 and onwards (collectively, the “Business”), as well as certain assets of Allianz and its affiliates related to the Business. In connection with the acquisition of the Business, affiliates of the Company also entered into certain reinsurance agreements relating to the Business and the Business Entities and other agreements providing for administration and other services for the Business Entities by affiliates of the Company for the applicable policies being reinsured following the closing. Aggregate cash consideration for the transaction was $450 million. The new business acquired will be included within the Company’s insurance segment.

Due to the limited time between the closing date of the acquisition and the Company's filing of this Quarterly Report on Form 10-Q for the period ended June 30, 2024, the initial accounting for the business combination is incomplete. As a result, at this time the Company is unable to disclose certain information including the provisional amounts recognized as of the acquisition date for fair value of consideration transferred, each major class of assets acquired and liabilities assumed, and goodwill.