Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table shows an analysis of goodwill and intangible assets:

	Goodwill		Intangible assets (indefinite life)		Intangible assets (finite life)		Total
Net balance at Dec. 31, 2022	$	342	$	69	$	393	$	804
Acquisitions	—		—		11		11
Amortization	—		—		(95)		(95)
Impairment	(2)		—		—		(2)
Foreign currency movements and other adjustments	5		1		7		13
Net balance at Dec. 31, 2023	345		70		316		731
Acquisitions (1)	246		9		637		892
Amortization	—		—		(235)		(235)
Foreign currency movements and other adjustments (2)	(20)		—		(17)		(37)
Net balance at Dec. 31, 2024	$	571	$	79	$	701	$	1,351
Gross balance at Dec. 31, 2024	$	576	$	80	$	1,724	$	2,380
Accumulated amortization	—		—		(994)		(994)
Foreign currency movements and other adjustments	(5)		(1)		(29)		(35)
Net balance at Dec. 31, 2024	$	571	$	79	$	701	$	1,351

(1)    Certain amounts for the Company’s 2024 acquisitions are considered

provisional. See note 2.

(2)    Amount primarily related to the sale of Castel Underwriting Agencies Limited.

The following table presents the components of goodwill and intangible assets:

	Gross Balance		Accumulated Amortization		Foreign Currency Translation Adjustment and Other		Net Balance
Dec. 31, 2024
Acquired insurance contracts	$	620	$	(562)	$	1	$	59
Operating platform	117		(63)		—		54
Distribution relationships	865		(358)		(30)		477
Goodwill	576		—		(5)		571
Insurance licenses	58		—		—		58
Syndicate capacity	22		—		(1)		21
Unfavorable service contract	(10)		10		—		—
Other	132		(21)		—		111
Total	$	2,380	$	(994)	$	(35)	$	1,351
Dec. 31, 2023
Acquired insurance contracts	$	452	$	(441)	$	—	$	11
Operating platform	64		(54)		—		10
Distribution relationships	594		(277)		(23)		294
Goodwill	348		—		(3)		345
Insurance licenses	48		—		—		48
Syndicate capacity	22		—		—		22
Unfavorable service contract	(10)		10		—		—
Other	5		(4)		—		1
Total	$	1,523	$	(766)	$	(26)	$	731

The estimated remaining amortization expense for the Company’s intangible assets with finite lives is as follows:

2025	$	193
2026	115
2027	88
2028	73
2029	60
2030 and thereafter	172
Total	$	701

The estimated remaining useful lives of these assets range from one to twelve years at December 31, 2024.