Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 09, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-14527 | ||
Entity Registrant Name | EVEREST REINSURANCE HOLDINGS, INC. | ||
Entity Incorporation State Country Code | DE | ||
Entity Tax Identification Number | 22-3263609 | ||
Entity Address Address Line 1 | 100 Everest Way | ||
Entity Address City Or Town | Warren | ||
Entity Address, State or Province | NJ | ||
Entity Address Postal Zip Code | 07059 | ||
City Area Code | 908 | ||
Local Phone Number | 604-3000 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Icfr Auditor Attestation Flag | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000914748 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Auditor Firm Id | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | New York, New York | ||
Senior Notes 4.868% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 4.868% Senior Notes Due 2044 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE | ||
Senior Notes 3.50% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 3.50% Senior Notes Due 2050 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE | ||
Senior Notes 3.125% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 3.125% Senior Notes Due 2052 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE | ||
Subordinated Notes 6.60% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 6.60% Long-Term Notes Due 2067 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Fixed maturities- available for sale, at fair value (amortized cost: 2022, $13,699; 2021, $12,733, credit allowances: 2022, $(46); 2021, $(27)) | $ 12,671 | $ 12,860 |
Fixed maturities - held to maturity, at amortized cost (fair value: 2022, $793, net of credit allowances: 2022, $(9)) | 811 | |
Equity securities, at fair value | 194 | 1,758 |
Other invested assets | 2,754 | 1,675 |
Other invested assets, at fair value | 1,472 | 2,031 |
Short-term investments (cost: 2022, $812; 2021, $696) | 812 | 696 |
Cash | 481 | 699 |
Total investments and cash | 19,195 | 19,719 |
Note Receivable - affiliated | 840 | 500 |
Accrued investment income | 150 | 90 |
Premiums receivable (net of credit allowances: 2022, $(21); 2021, $(18)) | 1,721 | 1,720 |
Reinsurance recoverables - unaffiliated (net of credit allowances: 2022, $(21); 2021, $(16)) | 1,841 | 1,569 |
Reinsurance recoverables - affiliated | 1,935 | 2,299 |
Income tax asset, net | 288 | |
Funds held by reinsureds | 303 | 299 |
Deferred acquisition costs | 499 | 472 |
Prepaid reinsurance premiums | 463 | 431 |
Other assets (net of credit allowances: 2022, $(5); 2021, $(4)) | 722 | 596 |
TOTAL ASSETS | 27,957 | 27,695 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 14,977 | 13,121 |
Unearned premium reserve | 3,177 | 2,993 |
Funds held under reinsurance treaties | 43 | 48 |
Other net payable to reinsurers | 436 | 392 |
Losses in course of payment | 77 | 273 |
Income tax liability, net | 246 | |
Senior notes | 2,347 | 2,346 |
Long-term notes | 218 | 224 |
Borrowings from FHLB | 519 | 519 |
Accrued interest on debt and borrowings | 19 | 17 |
Unsettled securities payable | 1 | 15 |
Other liabilities | 489 | 463 |
Total liabilities | 22,303 | 20,657 |
Commitments and Contingencies (Note 15) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2022 and 2021) | ||
Additional paid-in capital | 1,102 | 1,102 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(225) at 2022 and $24 at 2021 | (848) | 91 |
Retained earnings | 5,400 | 5,845 |
Total stockholder's equity | 5,654 | 7,038 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 27,957 | $ 27,695 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed maturities - available for sale, at fair value, amortized cost | $ 13,699 | $ 12,733 |
Fixed maturities - available for sale, at fair value, allowance for credit loss | (46) | (27) |
Fixed maturities - held to maturity, at amortized cost, fair value | 793 | |
Fixed maturities - held to maturity, at amortized cost, credit allowances | (9) | |
Short-term investments, cost | 812 | 696 |
Premiums receivable, credit allowances | (21) | (18) |
Reinsurance paid loss recoverables, credit allowances | (21) | (16) |
Other assets, credit allowances | $ (5) | $ (4) |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (225) | $ 24 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Premiums earned | $ 7,876 | $ 7,179 | $ 6,407 |
Net investment income | 638 | 745 | 376 |
Net gains (losses) on investments: | |||
Credit allowances on fixed maturity securities | (27) | (26) | (2) |
Gains (losses) from fair value adjustments | (1,006) | 488 | 92 |
Net realized gains (losses) from dispositions | 51 | 39 | (41) |
Total net gains (losses) on investments | (982) | 501 | 50 |
Other income (expense) | (6) | 23 | (15) |
Total revenues | 7,526 | 8,448 | 6,818 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 5,823 | 5,387 | 4,608 |
Commission, brokerage, taxes and fees | 1,632 | 1,513 | 1,373 |
Other underwriting expenses | 501 | 454 | 401 |
Corporate expenses | 26 | 33 | 16 |
Interest, fee and bond issue cost amortization expense | 101 | 70 | 36 |
Total claims and expenses | 8,083 | 7,457 | 6,434 |
INCOME (LOSS) BEFORE TAXES | (557) | 991 | 384 |
Income tax expense (benefit) | (112) | 192 | 32 |
NET INCOME (LOSS) | (445) | 800 | 352 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (1,011) | (200) | 163 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 73 | 9 | 25 |
Total URA(D) on securities arising during the period | (938) | (191) | 189 |
Foreign currency translation adjustments | (18) | (9) | 14 |
Benefit plan actuarial net gain (loss) for the period | 15 | 17 | (6) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 2 | 6 | 6 |
Total benefit plan net gain (loss) for the period | 17 | 23 | 1 |
Total other comprehensive income (loss), net of tax | (939) | (177) | 204 |
COMPREHENSIVE INCOME (LOSS) | $ (1,384) | $ 623 | $ 556 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect Period Of Adoption Adjustment [Member] |
Beginning balance at Dec. 31, 2019 | $ 1,101 | $ 64 | $ 4,692 | |||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ 1 | |||||
Beginning balance, shares at Dec. 31, 2019 | 1,000 | |||||
Share-based compensation plans | ||||||
Current period change | $ 204 | 204 | ||||
Net income (loss) | 352 | 352 | ||||
Ending balance, shares at Dec. 31, 2020 | 1,000 | |||||
Ending balance at Dec. 31, 2020 | 6,414 | 1,101 | 268 | 5,045 | ||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | ||||||
Share-based compensation plans | ||||||
Current period change | (177) | (177) | ||||
Net income (loss) | $ 800 | 800 | ||||
Ending balance, shares at Dec. 31, 2021 | 1,000 | 1,000 | ||||
Ending balance at Dec. 31, 2021 | $ 7,038 | 1,102 | 91 | 5,845 | ||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2021 | ||||||
Share-based compensation plans | ||||||
Current period change | (939) | (939) | ||||
Net income (loss) | $ (445) | (445) | ||||
Ending balance, shares at Dec. 31, 2022 | 1,000 | 1,000 | ||||
Ending balance at Dec. 31, 2022 | $ 5,654 | $ 1,102 | $ (848) | $ 5,400 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (445) | $ 800 | $ 352 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (3) | (128) | (253) |
Decrease (increase) in funds held by reinsureds, net | (9) | (30) | (34) |
Decrease (increase) in reinsurance recoverables | 70 | 337 | 247 |
Decrease (increase) in income taxes | (286) | 100 | 204 |
Decrease (increase) in prepaid reinsurance premiums | (36) | (68) | 51 |
Increase (decrease) in reserve for losses and loss adjustment expenses | 1,885 | 1,478 | 1,430 |
Increase (decrease) in unearned premiums | 189 | 609 | 183 |
Increase (decrease) in other net payable to reinsurers | 50 | 114 | 8 |
Increase (decrease) in losses in course of payment | (197) | 111 | 90 |
Change in equity adjustments in limited partnerships | (90) | (368) | (40) |
Distribution of limited partnership income | 107 | 114 | 91 |
Change in other assets and liabilities, net | (130) | (10) | (88) |
Non-cash compensation expense | 37 | 36 | 32 |
Amortization of bond premium (accrual of bond discount) | 22 | 31 | 14 |
Net (gains) losses on investments | 982 | (501) | (50) |
Net cash provided by (used in) operating activities | 2,146 | 2,625 | 2,240 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called/repaid - available for sale | 1,399 | 2,330 | 1,126 |
Proceeds from fixed maturities sold - available for sale | 2,645 | 961 | 631 |
Proceeds from fixed maturities matured/called/repaid - held to maturity | 39 | ||
Proceeds from equity securities sold | 2,203 | 862 | 375 |
Distributions from other invested assets | 135 | 127 | 243 |
Cost of fixed maturities acquired - available for sale | (5,928) | (5,832) | (4,695) |
Cost of fixed maturities acquired - held to maturity | (125) | ||
Cost of equity securities acquired | (951) | (1,052) | (626) |
Cost of other invested assets acquired | (1,241) | (430) | (363) |
Net change in short-term investments | (113) | 13 | (426) |
Net change in unsettled securities transactions | (52) | (206) | 200 |
Proceeds from repayment (cost of issuance) of notes receivable - affiliated | (340) | (200) | |
Net cash provided by (used in) investing activities | (2,329) | (3,427) | (3,534) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Tax benefit from share-based compensation, net of expense | (37) | (36) | (32) |
Net FHLB borrowings (repayments) | 209 | 310 | |
Cost of debt repurchase | (6) | (11) | |
Proceeds from issuance of senior notes | 968 | 979 | |
Net cash provided by (used in) financing activities | (43) | 1,142 | 1,247 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 8 | (18) | 14 |
Net increase (decrease) in cash | (218) | 321 | (33) |
Cash, beginning of period | 699 | 379 | 411 |
Cash, end of period | 481 | 699 | 379 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | 174 | 91 | (173) |
Interest paid | 98 | 62 | 28 |
NON-CASH TRANSACTIONS | |||
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances | $ 722 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. A. Everest Reinsurance Group through its of America and internationally. The accompanying generally accepted in and foreign direct Global Indemnity Everest Securities, (“Everest Assurance”), Entertainment L.L.C. All intercompany The Company which Company as to whether an entity qualifies as a VIE or VOE, depends The assumptions liabilities) at reporting period. Certain presentation. Out of Period Adjustments For the that decreased affiliated reinsurance agreements. B. Fixed result of changes in fair value comprehensive available Company making specific issuer rate decline other comprehensive to impairment comprehensive income not have security before recovery loss and and based support cost performed, discounted account (losses) on investments in the Company’s Fixed maturity the current determined evaluates characteristics considerations, of credit losses. The interest receivable has not been accrued, it is recorded as income at The with respect or information provided by Retrospective adjustments asset-backed recalculate were adjustment prepayment calculation of projected prepayments For income on income in the consolidated statements Short-term stated at cost, which approximates Realized publicly traded relative characteristics committees qualified independent valuation the Company fair value. Other partnerships quarterly lag. Company policy cash surrender value are included within Other invested assets, Holdings, preferred stock Cash represents withdrawal or usage. Amounts C. The Company losses. establishes an allowance for estimated Premiums premiums, due when balances, the current economic conditions and reasonable A portion rated plans. the claimant the full deductible amount. rated policies are policies whereby premium Company, if amount of additional premium owed under through deductible and sheets. The allowance is estimated for rating is exposure amount is future probability through outcomes. retrospectively-rated weighted macroeconomic scenarios. The and Company’s consolidated The cessions that for uncollectible on reinsurer balances that are determined Due to due, it be required, cash flows in a particular quarter or annual period. The factors recoverable net collateral factors are historical estimated through outcomes. The economic environment as well The adjustment Write-offs of deemed uncollectible. D. Acquisition fees incurred at reinsurance are earned. the related unearned premiums, anticipated E. The received based asbestos and liabilities cannot periodically Company’s reserves reinsurance. Accruals percentage arrangements are estimated based on expected F. Written contracts. contracts, pro and earned limits recognition judgement. Company, G. Prepaid reinsurance 10 % December 31, of credit, thereby limiting the credit risk to H. The Company’s income tax the arise because of differences between As an accounting policy, income tax effects from I. The base activity in that liabilities consolidated currency (loss) and accumulated in stockholder’s The business units’ base currency financial statements end income statements. deferred income taxes, J. The Company, two K. Premiums on established for the over against earnings. L. Application of Recently Issued Accounting The December 31, Financial updates December 31, 2021. impact to Holdings. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Investments | 2. The unrealized dates indicated: At December 31, 2022 Amortized Allowances for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities – available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 575 $ - $ - $ (40) $ 535 Obligations of U.S. states and political subdivisions 444 - 2 (32) 413 Corporate securities 3,913 (45) 14 (322) 3,561 Asset-backed securities 4,111 - 5 (165) 3,951 Mortgage-backed securities Commercial 569 - - (59) 509 Agency residential 1,792 - 3 (167) 1,628 Non-agency residential 3 - - - 3 Foreign government securities 696 - 2 (61) 637 Foreign corporate securities 1,597 (1) 4 (167) 1,433 Total fixed maturity securities - available for sale $ 13,699 $ (46) $ 30 $ (1,013) $ 12,671 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowances for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities – available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 657 $ - $ 9 $ (3) $ 663 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 4,036 (19) 89 (31) 4,075 Asset-backed securities 3,464 (8) 21 (11) 3,466 Mortgage-backed securities Commercial 586 - 21 (4) 603 Agency residential 1,255 - 16 (10) 1,261 Non-agency residential 4 - - - 4 Foreign government securities 677 - 22 (7) 692 Foreign corporate securities 1,494 - 34 (18) 1,510 Total fixed maturity securities - available for sale $ 12,733 $ (27) $ 241 $ (86) $ 12,860 (Some amounts may not reconcile due The following table and fair value of fixed maturity At December 31, 2022 Amortized Allowances for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities – held to maturity Corporate securities $ 152 $ (2) $ - $ (6) $ 144 Asset-backed securities 634 (6) 2 (15) 614 Mortgage-backed securities Commercial 7 - - - 7 Foreign corporate securities 28 (1) 2 - 28 Total fixed maturity securities - held to maturity $ 820 $ (9) $ 3 $ (22) $ 793 (Some amounts may not reconcile due to rounding.) The amortized contractual maturity. securities. mortgage-backed and asset-backed At December 31, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in millions) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 581 $ 563 $ 586 $ 584 Due after one year through five years 3,684 3,429 3,488 3,527 Due after five years through ten years 2,003 1,760 2,260 2,310 Due after ten years 958 827 1,088 1,106 Asset-backed securities 4,111 3,951 3,464 3,466 Mortgage-backed securities Commercial 569 509 586 603 Agency residential 1,792 1,628 1,255 1,261 Non-agency residential 3 3 4 4 Total fixed maturity securities - available for sale $ 13,699 $ 12,671 $ 12,733 $ 12,860 (Some amounts may not reconcile due to rounding.) The amortized contractual maturity. securities. mortgage-backed and asset-backed At December 31, 2022 Amortized Fair (Dollars in millions) Cost Value Fixed maturity securities – held to maturity: $ 5 $ 5 63 61 43 41 68 65 Asset-backed securities 634 614 Mortgage-backed securities Commercial 7 7 Total fixed maturity securities - held to maturity $ 820 $ 793 (Some amounts may not reconcile due to rounding.) During available reclassified at the date 722 subsequently unrealized loss 53 and remaining life of the securities. The Company evaluated of maturity, rates, which include the incorporation an credit quality and are all rated investment The following sources for the periods Years Ended December 31, (Dollars in millions) 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - short term investments $ (1,187) $ (242) Change in unrealized appreciation (depreciation), pre-tax (1,187) (242) Deferred tax benefit (expense) 249 51 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (938) $ (191) (Some amounts may not reconcile due to rounding.) The available that individual securities had been in a continuous unrealized Duration of Unrealized Loss at December 31, 2022 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 290 $ (14) $ 245 $ (26) $ 535 $ (40) Obligations of U.S. states and political subdivisions 235 (23) 27 (9) 261 (32) Corporate securities 2,138 (175) 841 (146) 2,979 (321) Asset-backed securities 3,120 (138) 436 (27) 3,556 (165) Mortgage-backed securities Commercial 464 (50) 36 (9) 500 (59) Agency residential 852 (54) 605 (113) 1,456 (167) Non-agency residential 2 - 1 - 3 - Foreign government securities 455 (36) 144 (25) 599 (61) Foreign corporate securities 967 (100) 365 (67) 1,332 (167) Total $ 8,522 $ (591) $ 2,698 $ (421) $ 11,220 $ (1,012) Securities where an allowance for credit loss was recorded 2 (1) - - 2 (1) Total fixed maturity securities - available for sale $ 8,524 $ (591) $ 2,698 $ (421) $ 11,222 $ (1,013) (Some amounts may not reconcile due Duration of Unrealized Loss at December 31, 2022 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 463 $ (8) $ 29 $ (4) $ 491 $ (11) Due in one year through five years 2,020 (143) 936 (107) 2,956 (250) Due in five years through ten years 1,162 (148) 395 (98) 1,557 (246) Due after ten years 439 (50) 262 (64) 701 (114) Asset-backed securities 3,120 (138) 436 (27) 3,556 (165) Mortgage-backed securities 1,318 (105) 641 (122) 1,959 (226) Total $ 8,522 $ (591) $ 2,698 $ (421) $ 11,220 $ (1,012) Securities where an allowance for credit loss was recorded 2 (1) - - 2 (1) Total fixed maturity securities - available for sale $ 8,524 $ (591) $ 2,698 $ (421) $ 11,222 $ (1,013) (Some amounts may not reconcile due to rounding.) The unrealized 11.2 1.0 securities for loss position 4.3 % of securities available comprised less 0.6 % of the there 591 unrealized losses related for less securities, these unrealized 520 nationally 421 available corporate 392 million agency. investments and are an unrealized non-issuer specific do not permit these securities to be settled at a price less The Company, securities; and cost and interest payments The available that individual presented 16 0.4 ) million as of December 31, 2021 related an allowance for credit losses. Duration of Unrealized Loss at December 31, 2021 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of $ 267 $ (3) $ - $ - $ 267 $ (3) Obligations of U.S. states and political subdivisions 51 (1) 3 - 54 (1) Corporate securities 1,465 (25) 201 (6) 1,666 (31) Asset-backed securities 1,891 (11) 38 - 1,929 (11) Mortgage-backed securities Commercial 139 (2) 35 (2) 174 (4) Agency residential 699 (7) 168 (3) 867 (10) Non-agency residential 1 - - - 2 - Foreign government securities 200 (5) 15 (2) 215 (7) Foreign corporate securities 677 (17) 33 (2) 710 (18) Total fixed maturity securities - available for sale $ 5,390 $ (71) $ 492 $ (15) $ 5,882 $ (86) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2021 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 81 $ (2) $ 36 $ (4) $ 117 $ (6) Due in one year through five years 1,209 (19) 154 (3) 1,364 (22) Due in five years through ten years 853 (21) 34 (2) 887 (23) Due after ten years 517 (10) 27 (1) 543 (11) Asset-backed securities 1,891 (11) 38 - 1,929 (11) Mortgage-backed securities 839 (9) 203 (5) 1,042 (14) Total fixed maturity securities - available for sale $ 5,390 $ (71) $ 492 $ (15) $ 5,882 $ (86) (Some amounts may not reconcile due to rounding.) The December 31, 2021 5.9 86 (the United 2021, did not exceed 2.1 % of the overall fair value fair 0.4 % of Company’s significant concentration 71 to comprised of domestic and foreign agency 62 that were rated investment 15 losses related related securities. Of these unrealized 12 least recover the full book value still have excess credit The components of net investment Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturities $ 510 $ 344 $ 305 Equity securities 16 15 11 Short-term investments and cash 16 1 3 Other invested assets Limited partnerships 72 321 49 Dividends from preferred shares of affiliate 31 31 31 Other 30 63 2 Gross investment income before adjustments 675 774 401 Funds held interest income (expense) 6 8 6 Interest income from Parent 11 6 5 Gross investment income 691 788 412 Investment expenses (52) (43) (36) Net investment income $ 638 $ 745 $ 376 (Some amounts may not reconcile due to rounding.) The changes in value reported through dependent upon the Company’s to one partnership during this lag period, a loss will be recorded The Company 927 private placement loans at the partnership and loan agreements, which 2026 . During the carried within other invested assets 939 The Company the invests participation within the Company’s balance sheets 309 Other invested assets, at shares Group. Variable Interest The primarily as an investor that either has majority kick-out other Company deemed significantly benefits determines Financial Statements. the primary beneficiary. The partnerships is performance of limited to 2.8 1.7 limited Balance 857 whereby commitment generally of a passive nature In addition, the Company is not obligations respect to these investments is not amount Company’s activities that most significantly to loss on these investments The components of net gains (losses) on investments Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturity securities: Allowances for credit losses $ (27) $ (26) $ (2) Net realized gains (losses) from dispositions (79) 8 (36) Gains (losses) from fair value adjustments - - 2 Equity securities: Net realized gains (losses) from dispositions 116 24 (8) Gains (losses) from fair value adjustments (447) 254 276 Other invested assets 13 6 2 Other invested assets, fair value: Gains (losses) from fair value adjustments (558) 234 (186) Short-term investment gains (losses) - - 1 Total net gains (losses) on investments $ (982) $ 501 $ 50 (Some amounts may not reconcile due The following tables losses for the periods indicated: Roll Forward of Allowance for Credit Losses Years Ended December 31, 2022 Asset Foreign Corporate Backed Corporate Securities Securities Securities Total (Dollars in millions) Balance, beginning of period $ (19) $ (8) $ - $ (27) Credit losses on securities where credit losses were not previously recorded (13) (6) (2) (21) Increases in allowance on previously impaired securities (20) - - (21) Decreases in allowance on previously impaired securities - - - - Reduction in allowance due to disposals 6 8 - 14 Balance, end of period $ (46) $ (6) $ (2) $ (55) (1) Credit losses recorded as of December ( 2 ( 6 ( 1 and foreign corporate securities (Some amounts may not reconcile due Roll Forward of Allowance for Credit Losses Years Ended December 31, 2021 Asset Corporate Backed Securities Securities Total (Dollars in millions) Balance, beginning of period $ (1) $ - $ (2) Credit losses on securities where credit losses were not previously recorded (21) (5) (26) Increases in allowance on previously impaired securities (3) (3) (5) Decreases in allowance on previously impaired securities - - - Reduction in allowance due to disposals 6 - 6 Balance, end of period $ (19) $ (8) $ (27) (Some amounts may not reconcile due The proceeds and equity securities, are presented in the table Years Ended December 31, (Dollars in millions) 2022 2021 2020 Proceeds from sales of fixed maturity securities - available for sale $ 2,645 $ 961 $ 631 Gross gains from dispositions 9 33 24 Gross losses from dispositions (88) (24) (60) Proceeds from sales of equity securities $ 2,203 $ 862 $ 375 Gross gains from dispositions 165 39 37 Gross losses from dispositions (48) (15) (45) Securities with a carrying value 1.4 governmental insurance departments |
Reserves For Losses And LAE
Reserves For Losses And LAE | 12 Months Ended |
Dec. 31, 2022 | |
Reserves For Losses And LAE [Abstract] | |
Reserves For Losses And LAE | 3. The following summarized for the periods indicated: At December 31, (Dollars in millions) 2022 2021 2020 Gross reserves beginning of period $ 13,121 $ 11,578 $ 10,129 Less reinsurance recoverables on unpaid losses (3,651) (3,951) (4,215) Net reserves beginning of period 9,470 7,627 5,914 Incurred related to: Current year 5,815 5,382 4,408 Prior years 8 5 200 Total incurred losses and LAE 5,823 5,387 4,608 Paid related to: Current year 1,097 2,374 1,902 Prior years 2,867 1,127 1,018 Total paid losses and LAE 3,964 3,501 2,920 Foreign exchange/translation adjustment (35) (42) 24 Net reserves end of period 11,294 9,470 7,627 Plus reinsurance recoverables on unpaid losses 3,684 3,651 3,951 Gross reserves end of period $ 14,977 $ 13,121 $ 11,578 (Some amounts may not reconcile due Current year incurred 5.8 5.4 4.4 2021 related to 44 389 year earned 25 from 532 increase 442 reinsurance program in premiums earned and the previously mentioned 155 The war Russia, specific named individuals in the The economic 25 million of incurred 2022. Incurred 8 5 200 respectively. 113 reserves mainly to estimates general liability, The reinsurance, as expected Company’s financial and property segregation enough to represent longer settled quicker losses, which of catastrophes claims in any The December 31, 2021 is presented as supplementary The Cumulative Number information companies number information. via a portion remaining business would distort any The Cumulative business. a affiliated quota share agreements The following tables and property, each of our disclosed lines of business. Reinsurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 176 $ 222 $ 220 $ 226 $ 215 $ 215 $ 215 $ 215 $ 215 $ 215 - N/A 2014 254 234 256 227 227 227 227 227 227 1 N/A 2015 208 249 236 236 236 236 236 236 5 N/A 2016 242 238 238 238 238 238 238 12 N/A 2017 198 203 203 203 203 203 23 N/A 2018 769 754 800 822 874 117 N/A 2019 971 1,019 1,020 1,035 363 N/A 2020 1,061 1,033 1,001 590 N/A 2021 1,345 1,338 899 N/A 2022 1,413 1,036 N/A $ 6,780 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 12 $ 28 $ 63 $ 97 $ 125 $ 158 $ 175 $ 180 $ 183 $ 192 2014 15 34 76 106 143 173 182 186 208 2015 15 38 84 145 167 186 193 205 2016 17 53 87 143 159 185 206 2017 26 84 104 122 145 164 2018 119 194 300 402 466 2019 150 248 370 479 2020 137 227 329 2021 157 227 2022 116 $ 2,592 All outstanding liabilities prior to 2013, net of reinsurance 204 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 4,392 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Casualty 11.3 % 9.1 % 12.6 % 13.5 % 9.6 % 11.3 % 5.9 % 3.2 % 5.5 % 4.2 % Reinsurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 390 $ 286 $ 244 $ 204 $ 203 $ 203 $ 203 $ 203 $ 203 $ 203 - N/A 2014 588 508 385 356 357 357 357 357 357 - N/A 2015 546 355 328 328 328 328 328 328 - N/A 2016 625 647 647 643 642 642 642 1 N/A 2017 1,273 1,857 2,025 2,119 2,172 2,210 1 N/A 2018 2,222 2,111 2,101 2,049 2,019 4 N/A 2019 1,685 1,691 1,618 1,513 9 N/A 2020 1,862 1,905 1,845 82 N/A 2021 2,158 2,144 303 N/A 2022 2,563 1,448 N/A $ 13,824 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 128 $ 152 $ 163 $ 177 $ 185 $ 191 $ 195 $ 196 $ 197 $ 199 2014 151 234 289 318 333 336 339 342 349 2015 155 227 279 294 299 304 309 319 2016 231 489 584 591 596 600 611 2017 781 1,542 1,900 2,022 2,118 2,195 2018 477 1,367 1,672 1,819 1,876 2019 670 1,037 1,279 1,398 2020 536 1,118 1,432 2021 638 1,293 2022 564 $ 10,237 All outstanding liabilities prior to 2013, net of reinsurance 28 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,615 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Property 31.3 % 32.8 % 15.7 % 6.2 % 3.3 % 2.5 % 1.5 % 1.5 % 1.6 % 0.9 % Insurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 256 $ 228 $ 230 $ 224 $ 194 $ 194 $ 195 $ 195 $ 195 $ 195 1 21,078 2014 237 238 240 254 254 254 255 255 255 1 24,930 2015 258 258 277 277 277 265 265 269 3 26,455 2016 351 276 279 281 287 287 281 - 30,793 2017 304 237 237 237 236 232 - 34,648 2018 645 644 666 689 697 149 35,173 2019 768 755 794 813 168 39,110 2020 816 792 792 325 37,445 2021 1,112 1,112 595 42,574 2022 1,039 635 36,436 $ 5,685 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 17 $ 69 $ 102 $ 130 $ 150 $ 167 $ 183 $ 189 $ 193 $ 194 2014 20 72 114 144 229 229 250 253 254 2015 20 68 117 199 244 259 263 266 2016 25 101 275 299 308 313 318 2017 23 151 157 216 233 239 2018 63 189 271 383 435 2019 11 216 350 489 2020 81 209 340 2021 201 339 2022 221 $ 3,097 All outstanding liabilities prior to 2013, net of reinsurance 19 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,607 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Casualty 12.0 % 20.5 % 18.4 % 17.3 % 11.8 % 3.6 % 4.6 % 1.7 % 1.2 % 0.6 % Insurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 64 $ 56 $ 52 $ 53 $ 52 $ 52 $ 52 $ 52 $ 52 $ 52 - N/A 2014 67 70 67 66 66 66 66 66 66 - N/A 2015 81 75 75 75 75 88 88 85 - N/A 2016 142 169 164 163 158 158 165 - N/A 2017 230 293 297 299 305 315 - N/A 2018 376 372 377 377 383 - N/A 2019 337 349 348 354 1 N/A 2020 509 509 503 14 N/A 2021 539 536 8 N/A 2022 699 242 N/A $ 3,158 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 35 $ 54 $ 52 $ 53 $ 52 $ 52 $ 52 $ 52 $ 52 $ 52 2014 40 66 66 66 66 66 66 66 66 2015 45 70 75 75 75 76 76 76 2016 72 152 168 163 162 164 165 2017 161 293 282 296 312 315 2018 236 342 368 377 383 2019 218 336 350 353 2020 263 366 386 2021 360 506 2022 383 $ 2,685 All outstanding liabilities prior to 2013, net of reinsurance - Liabilities for claims and claim adjustment expenses, net of reinsurance $ 473 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Property 57.4 % 34.0 % 3.5 % 1.5 % 1.9 % 0.9 % 0.2 % 0.4 % 0.1 % 0.1 % Reconciliation of Claim Adjustment Expenses The adjustment expenses in the consolidated At December 31, 2022 (Dollars in millions) Net outstanding liabilities Reinsurance Casualty $ 4,392 Reinsurance Property 3,615 Insurance Casualty 2,607 Insurance Property 473 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 11,087 Reinsurance recoverable on unpaid claims Reinsurance Casualty 980 Reinsurance Property 908 Insurance Casualty 1,626 Insurance Property 169 Total reinsurance recoverable 3,684 Unallocated claims adjustment expenses 175 Other 32 207 Total gross liability for unpaid claims and claim adjustment expense $ 14,977 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company (LAE) based statistical becomes known, factors ratios actuarial ceding legal developed culminates the relevant recommending Reserving Actuary viewed may change in estimated ultimate loss The detailed its from ceding companies. agreed monthly/quarterly as established rata contracts, relate to a particular type of loss. with precautionary contract reports and case reserves submitting required Departments perform audits of domestic ceding companies. The The homogeneous losses. changes. 200 of the process. lines, principally property and casualty lines the longer tail lines. The methods, ultimate loss and LAE for each exposure Expected Loss Ratio Method: calculate project immature underwriting or for a more mature year. Chain Ladder Method: Age-to-age ultimate method changes homogeneous, least appropriate for groups Bornhuetter-Ferguson method and the chain ladder and partly priori determine ratio accuracy of the selected a priori loss ratio. Although the Company experience for the short tail lines allows for short based methods to estimate its ultimate years. based judgments. Key actuarially determined reserves for uncertainty. Carried reserves at date. insurance operations. the subsequent reserve study losses between actual and expected losses and post Certain estimated using statistical from ceding companies and development patterns The and/or asbestos. contamination land, property damage resulting from asbestos The A&E liabilities contracts of insurance expired 20 years A&E losses. A&E following basis for the periods indicated: At December 31, (Dollars in millions) 2022 2021 2020 Gross basis: Beginning of period reserves $ 175 $ 219 $ 258 Incurred losses 144 11 2 Paid losses (42) (55) (40) End of period reserves $ 278 $ 175 $ 219 Net basis: Beginning of period reserves $ 128 $ 167 $ 197 Incurred losses 113 (3) (5) Paid losses (32) (36) (24) End of period reserves $ 210 $ 128 $ 167 Reinsurance Recoverables. 3.8 3.9 billion at December 1.9 51.0 %, was receivable from Everest agreement 378 10.0 %, collateralized 5 % receivables. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value [Abstract] | |
Fair Value | 4. GAAP guidance are required to use fair value definition of fair value an asset or In valuation hierarchy hierarchy significant to the measurement, The levels in the hierarchy Level 1: identical assets or liabilities in an active market; Level 2: markets, substantially the full term of the financial instrument; Level 3: The managers. recognized process. when fixed processes addition, interest rate scenarios The investment investment reasonableness also ongoing investment with a procedures. assumptions 2022, 1.7 maturities substantiated these independent 2.0 using unobservable inputs. The December 31, 97 1.3 collateralized 2.6 billion at 2.0 from publicly published sources or nationally Equity categorized exchanges fair value. Fixed have interest For pricing rates from nationally recognized In addition as Level 3 result when prices are unobservable information price quotes dealers prices received from brokers If the broker quotes are for exchange rates from The fixed maturities recognized pricing services. The follows: ● U.S. Treasury of U.S. Treasury trades, quoted prices for similar issuances ● Obligations the fair values securities, benchmark yields and credit spreads; ● Corporate values securities, benchmark yields and credit spreads; ● Asset-backed prices, observable inputs such as prepayment speeds, ● Foreign government are based models converted to U.S. dollars ● Foreign corporate based models converted to U.S. dollars Other since it represented exchange 25 1.75 % coupon yield curve rate T 10 June 1, 2044 , 4.868 % senior notes, would use in pricing the asset. The following fair value as of the period indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of $ 535 $ - $ 535 $ - Obligations of U.S. states and political subdivisions 413 - 413 - Corporate securities 3,561 - 2,846 715 Asset-backed securities 3,951 - 2,957 994 Mortgage-backed securities Commercial 509 - 509 - Agency residential 1,628 - 1,628 - Non-agency residential 3 - 3 - Foreign government securities 637 - 637 - Foreign corporate securities 1,433 - 1,417 16 Total 12,671 - 10,946 1,725 Equity securities, fair value 194 132 63 - Other invested assets, fair value 1,472 - - 1,472 (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of $ 663 $ - $ 663 $ - Obligations of U.S. states and political subdivisions 587 - 587 - Corporate securities 4,075 - 3,345 730 Asset-backed securities 3,466 - 2,215 1,251 Mortgage-backed securities Commercial 603 - 603 - Agency residential 1,261 - 1,261 - Non-agency residential 4 - 4 - Foreign government securities 692 - 692 - Foreign corporate securities 1,510 - 1,494 16 Total 12,860 - 10,863 1,997 Equity securities, fair value 1,758 1,722 36 - Other invested assets, fair value 2,031 - - 2,031 (Some amounts may not reconcile due to rounding.) In addition, $ 292 287 sheets hierarchy value. The inputs for fixed maturities available Total Fixed Maturities, December 31, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities CMBS Corporate Total Securities Corporate Total Beginning balance fixed maturities $ 730 $ 1,251 $ - $ 16 $ 1,997 $ 631 $ 623 $ 6 $ 1,260 Total gains or (losses) (realized/unrealized) Included in earnings (24) - - - (24) (12) (6) - (18) Included in other comprehensive income (loss) 3 (35) - (4) (36) 4 (7) - (2) Purchases, issuances and settlements 40 513 6 8 567 107 641 10 758 Transfers in (out) of Level reclassification of securities in/(out) investment categories (35) (735) (6) (4) (779) - - - - Ending balance $ 715 $ 994 $ - $ 16 $ 1,725 $ 730 $ 1,251 $ 16 $ 1,997 The amount of total gains or losses for the $ (23) $ 8 $ - $ - $ (15) $ (16) $ (8) $ - $ (24) (Some amounts may not reconcile due to rounding.) The 779 categories the maturity” allowances included within the fair securities described above. therefore no Financial Instruments Disclosed, But Not Reported, Certain financial tables notes can can be found 1. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2022 | |
Senior Notes [Abstract] | |
Senior Notes | 5. The table below to limited trading activity, December 31, 2022 December 31, 2021 Consolidated Consolidated Principal Balance Sheet Fair Balance Sheet Fair (Dollars in millions) Date Issued Date Due Amounts Amount Value Amount Value 4.868 % Senior notes 06/05/2014 06/01/2044 400 $ 397 $ 343 $ 397 $ 504 3.5 % Senior notes 10/07/2020 10/15/2050 1,000 981 677 980 1,055 3.125 % Senior notes 10/04/2021 10/15/2052 1,000 969 627 969 983 2,400 $ 2,347 $ 1,647 $ 2,346 $ 2,542 Interest expense incurred in Years Ended December 31, (Dollars in millions) Interest Paid Payable Dates 2022 2021 2020 4.868 % Senior notes semi-annually June 1/December 1 $ 19 $ 19 $ 19 3.5 % Senior notes semi-annually April 15/October 15 35 35 8 3.125 % Senior notes semi-annually April 15/October 15 32 8 - $ 86 $ 62 $ 28 |
Long-Term Subordinated Notes
Long-Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Subordinated Notes [Abstract] | |
Long-Term Subordinated Notes | 6. The table based on 2 in the fair value hierarchy. December 31, 2022 December 31, 2021 Original Consolidated Consolidated Principal Maturity Date Balance Fair Balance Fair (Dollars in millions) Date Issued Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long-term subordinated notes 04/26/2007 $ 400 05/15/2037 05/01/2067 $ 218 $ 187 $ 224 $ 216 During the May 3, 2007 May 14, 2017 , interest 6.6 %, payable November 15, 2007 . month 238.5 August 15 and November one up ten quarterly for February 14, 2023 is 6.99 %. Holdings may May 15, 2017 , in 100 % of the principal date May 1, 2047 certain senior note debt issue, 4.868 % senior notes, due June 1, 2044 , 3.5 % senior October 15, 2050 3.125 % senior October 15, 2052 In 2009, initiation repurchased and 6 31, 2022. The Company realized a gain 1 Interest indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Interest expense incurred $ 9 $ 6 $ 8 |
Federal Home Loan Bank Membersh
Federal Home Loan Bank Membership | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Bank Membership [Abstract] | |
Federal Home Loan Bank Membership | 7. Everest borrow 10 % of approximately $ 22.4 2.2 31, 2022, 519 interest 4 1 FHLBNY membership 4.5 % of borrowed stock. |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8. A investments as 31, 705 21 restricted 592 includes $ 87 The (“Kilimanjaro”), a Bermuda coverage. events. The table below summarizes (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/25/2025 300 Aggregate Total available $ 2,063 Recoveries estimated industry estimated authority events during the applicable or aggregate retentions Kilimanjaro has unrelated, trusts money market funds with a rating (Dollars in millions) Note Series Issue Date Maturity Date Amount Series 2018-1 Class A-2 4/30/2018 5/5/2023 $ 63 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90 Series 2022-1 Class A 6/22/2022 6/25/2025 300 $ 2,063 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. The Company course of straight-line The exercise related options. lease with terms of the underlying lease. Supplemental information related Year Ended December 31, (Dollars in millions) 2022 2021 Lease expense incurred: Operating lease cost $ 25 $ 24 At December 31, (Dollars in millions) 2022 2021 Operating lease right of use assets $ 121 $ 131 Operating lease liabilities 139 150 Year Ended December 31, (Dollars in millions) 2022 2021 Operating cash flows from operating leases $ (18) $ (16) At December 31, 2022 2021 Weighted average remaining operating lease term 11.1 11.8 Weighted average discount rate on operating leases 4.00 % 4.00 % Maturities of the existing lease liabilities are expected (Dollars in millions) 2023 $ 19 2024 19 2025 16 2026 14 2027 14 Thereafter 90 Undiscounted lease payments 172 Less: 32 Total operating lease liability $ 139 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 10. All of foreign, statement laws to the income of each entity. The Coronavirus companies could tax provision tax years 35 % versus 21 % in able to 33 cash refunds of $ 183 On August 16, 2022, the Inflation Reduction of excise tax and do not expect additional guidance, we will evaluate any The significant components of the provision Years Ended December 31, (Dollars in millions) 2022 2021 2020 Current tax expense (benefit): U.S. $ 95 $ 102 $ (106) Foreign - - - Total current tax expense (benefit) 95 102 (106) Total deferred U.S. (207) 90 138 Total income tax expense (benefit) $ (112) $ 192 $ 32 A reconciliation of the total income tax total income tax provision Years Ended December 31, (Dollars in millions) 2022 2021 2020 Expected income tax provision at the U.S. statutory tax rate $ (117) $ 208 $ 81 Increase (decrease) in taxes resulting from: Tax exempt income (4) (4) (4) Dividend received deduction (3) (1) (1) Proration 1 1 1 Creditable foreign premium tax (11) (13) (12) Reserve adjustment (19) - - U.S. BEAT tax 22 - - Share based compensation (3) (2) (3) Impact of CARES Act - - (33) Prior year true up 16 - (4) Other 6 3 7 Total income tax provision $ (112) $ 192 $ 32 (Some amounts may not reconcile due to rounding.) At December 31, 2022, 2021 and 2020, the Company no The Company’s the issued requesting refunds for 2015 and 2 5 Tax years Deferred liabilities principal items making up the net deferred At December 31, (Dollars in millions) 2022 2021 Deferred tax assets: Net unrealized investment losses $ 200 $ - Loss reserves 154 130 Unearned premium reserve 114 108 Lease Liability 29 31 Unrealized foreign currency losses 24 4 Investment impairments 12 6 Net unrecognized losses on benefit plans 9 13 Equity compensation 7 7 Foreign tax credits 3 22 Other assets 12 12 Total deferred tax assets 564 333 Deferred tax liabilities: Net fair value income 141 349 Deferred acquisition costs 105 99 Partnership Investments 56 57 Right of use asset 25 27 Depreciation 16 4 Bond market discount 5 3 Net unrealized investment gains - 35 Other liabilities 6 5 Total deferred tax liabilities 354 579 Net deferred tax assets/(liabilities) $ 210 $ (246) (Some amounts may not reconcile due to rounding.) At 3 29 (“FTC”) carryforwards, all related to 2030 . Tax 1 2037 . At December 200 available for sale a result of on mature. deferred tax than not, expect to be realized. The transactions. exercises settlement statements benefits 3 2 3 part of income tax (loss) in 2022, 2021 and 2020, respectively. ASU The tax paid-in capital related 0.4 0.4 0.4 2021 and 2020, respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance [Abstract] | |
Reinsurance | 11. The occurrences. circumstances incurred and premiums reinsurers realize selecting monitoring the financial condition reinsurance recoverables include ceded Company’s that claimants. facultative and ceded under to expenses. agreements. Balances stipulated time periods, committee potential expected liability payout duration, Where its contracts credit offsets. See Note 1C for discussion of allowance on reinsurance Insurance companies, including to equivalent there is limited history of losses from insurer Premiums indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Written premiums: Direct $ 3,701 $ 3,300 $ 2,698 Assumed 5,975 6,031 5,259 Ceded (1,645) (1,612) (1,318) Net written premiums $ 8,032 $ 7,719 $ 6,639 Premiums earned: Direct $ 3,544 $ 2,982 $ 2,592 Assumed 5,945 5,741 5,183 Ceded (1,613) (1,544) (1,368) Net premiums earned $ 7,876 $ 7,179 $ 6,407 Incurred losses and LAE: Direct $ 2,423 $ 2,043 $ 1,785 Assumed 4,107 3,872 3,576 Ceded (708) (528) (753) Net incurred losses and LAE $ 5,823 $ 5,387 $ 4,608 The Company dac (“Everest Mt. considerations under which business The new and renewal business for the indicated (Dollars in millions) Single Percent Assuming Occurrence Aggregate Coverage Period Ceding Company Ceded Company Type of Business Limit Limit 01/01/2010-12/31/2010 Everest Re 44.0 % Bermuda Re Property / Casualty Business 150 325 01/01/2011-12/31/2011 Everest Re 50.0 % Bermuda Re Property / Casualty Business 150 300 01/01/2012-12/31/2014 Everest Re 50.0 % Bermuda Re Property / Casualty Business 100 200 01/01/2015-12/31/2016 Everest Re 50.0 % Bermuda Re Property / Casualty Business 163 325 01/01/2017-12/31/2017 Everest Re 60.0 % Bermuda Re Property / Casualty Business 219 438 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re Property Business 350 (1) - 01/01/2011-12/31/2011 Everest Re- Canadian Branch 60.0 % Bermuda Re Property Business 350 (1) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0 % Bermuda Re Property / Casualty Business 206 (1) 413 (1) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0 % Bermuda Re Property / Casualty Business 150 (1) 413 (1) 01/01/2014-12/31/2017 Everest Re- Canadian Branch 75.0 % Bermuda Re Property / Casualty Business 263 (1) 413 (1) 01/01/2012-12/31/2017 Everest Canada 80.0 % Everest Re- Canadian Branch Property Business - - 01/01/2020 Everest International Assurance 100.0 % Bermuda Re Life Business - - (1) Amounts shown are Canadian dollars. Effective contract losses conditions. The stop loss agreement Everest January 100 million 40 recently renewed effective Everest 2021 through 145 for each 16 1, 2022. The exposures and reserves were (Dollars in millions) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 10/01/2001 Everest Re (Belgium Branch) Bermuda Re 100 % All years 10/01/2008 Everest Re Bermuda Re $ 747 01/01/2002-12/31/2007 12/31/2017 Everest Re Bermuda Re $ 970 All years On December 31, 2017, subject 2.3 Company transferred 1.0 970 to 500 development Company 804 856 sheet due from Bermuda Re. The transactions with affiliated entities Bermuda Re Years Ended December 31, (Dollars in millions) 2022 2021 2020 Ceded written premiums $ 372 $ 303 $ 133 Ceded earned premiums 371 300 132 Ceded losses and LAE (16) (59) 110 Assumed written premiums 3 5 - Assumed earned premiums 5 4 - Ireland Re Years Ended December 31, (Dollars in millions) 2022 2021 2020 Assumed written premiums $ 10 $ 16 $ - Assumed earned premiums 10 15 - Assumed losses and LAE 23 64 - Ireland Insurance Years Ended December 31, (Dollars in millions) 2022 2021 2020 Assumed written premiums $ 9 $ 9 $ 5 Assumed earned premiums 8 6 4 Assumed losses and LAE 5 3 2 In established exposures. The segregated accounts and Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in millions) 2022 2021 2020 Ceded written premiums $ 170 $ 286 $ 263 Ceded earned premiums 174 280 265 Ceded losses and LAE 150 194 175 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 12. The following operations and comprehensive income December 31, 2022 December 31, 2021 December 31, 2020 (Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) $ (1,280) 269 $ (1,011) $ (254) 53 $ (200) $ 206 (43) $ 163 Reclassification of net realized losses 93 (20) 73 12 (3) 9 32 (7) 25 Foreign currency translation adjustments (23) 5 (18) (11) 2 (9) 18 (4) 14 Benefit plan actuarial net gain (loss) 18 (4) 15 22 (5) 17 (7) 1 (6) Reclassification of amortization of net gain (loss) included in net income (loss) 3 (1) 2 8 (2) 6 8 (2) 6 Total other comprehensive income $ (1,189) $ 249 $ (939) $ (223) $ 47 $ (177) $ 258 $ (54) $ 204 (Some amounts may not reconcile due to rounding) The following table presents details Affected line item within the Years Ended December 31, statements of operations and AOCI component 2022 2021 comprehensive income (loss) (Dollars in millions) URA(D) on securities $ 93 $ 12 Other net realized capital gains (losses) (20) (3) Income tax expense (benefit) $ 73 $ 9 Net income (loss) Benefit plan net gain (loss) $ 3 $ 8 Other underwriting expenses (1) (2) Income tax expense (benefit) $ 2 $ 6 Net income (loss) (Some amounts may not reconcile due to rounding) The following table presents consolidated balance sheets for Years Ended December 31, (Dollars in millions) 2022 2021 Beginning balance of URA(D) on securities $ 122 $ 313 Current period change in URA(D) of investments - (938) (191) Ending balance of URA(D) on securities (816) 122 Beginning balance of foreign currency translation adjustments 20 29 Current period change in foreign currency translation adjustments (18) (9) Ending balance of foreign currency translation adjustments 2 20 Beginning balance of benefit plan net gain (loss) (50) (74) Current period change in benefit plan net gain (loss) 17 23 Ending balance of benefit plan net gain (loss) (33) (50) Ending balance of accumulated other comprehensive income (loss) $ (848) $ 91 (Some amounts may not reconcile due to rounding) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 13. Defined Benefit Pension Plans. The employed prior to period pension plan the Company’s non-qualified defined Although not required contributions to the defined benefit pension Years Ended December 31, (Dollars in millions) 2022 2021 2020 Company contributions $ 6 $ 4 $ 7 The following table summarizes the Years Ended December 31, (Dollars in millions) 2022 2021 2020 Pension expense $ (2) $ 3 $ 8 The indicated: Years Ended December 31, (Dollars in millions) 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 403 $ 404 Service cost 9 11 Interest cost 10 8 Actuarial (gain)/loss (115) (9) Curtailment - - Benefits paid (15) (12) Projected benefit obligation at end of year 291 403 Change in plan assets: Fair value of plan assets at beginning of year 377 354 Actual return on plan assets (83) 31 Actual contributions during the year 6 4 Benefits paid (15) (12) Fair value of plan assets at end of year 285 377 Funded status at end of year $ (6) $ (25) (Some amounts may not reconcile due Amounts recognized in the consolidated At December 31, (Dollars in millions) 2022 2021 Other assets (due beyond one year) $ 1 $ - Other liabilities (due within one year) (1) (1) Other liabilities (due beyond one year) (6) (24) Net amount recognized in the consolidated balance sheets $ (6) $ (25) Amounts not (loss) for the periods indicated: At December 31, (Dollars in millions) 2022 2021 Accumulated income (loss) $ (56) $ (68) Accumulated other comprehensive income (loss) $ (56) $ (68) (Some amounts may not reconcile due Other changes in other comprehensive income (loss) Years Ended December 31, (Dollars in millions) 2022 2021 Other comprehensive income (loss) at December 31, prior year $ (68) $ (92) Net gain (loss) arising during period 7 15 Recognition of amortizations in net periodic benefit cost: Actuarial loss 4 9 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ (56) $ (68) (Some amounts may not reconcile due to rounding.) Net periodic benefit cost for U.S. Years Ended December 31, (Dollars in millions) 2022 2021 2020 Service cost $ 9 $ 11 $ 10 Interest cost 10 8 10 Expected return on assets (25) (24) (21) Amortization of actuarial loss from earlier periods 4 8 9 Settlement 1 - 1 Net periodic benefit cost $ (2) $ 3 $ 8 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from (12) (24) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (14) $ (21) (Some amounts may not reconcile due The weighted 2.86 %, 2.55 % 3.28 %, benefit cost 4.00 %. 2021 and 2020 was 6.75 %, 7.00 % and 7.00 % respectively. The obligation for 2022, 2021 and 2020 were 5.25 %, 2.86 % and 2.55 %, respectively. The following table summarizes the At December 31, (Dollars in millions) 2022 2021 Qualified Plan $ 258 $ 339 Non-qualified Plan 6 12 Total $ 264 $ 352 (Some amounts may not reconcile due The indicated: At December 31, (Dollars in millions) 2022 2021 Qualified Plan Projected benefit obligation $ 284 $ 390 Fair value of plan assets 285 377 Non-qualified Plan Projected benefit obligation $ 6 $ 12 Fair value of plan assets - - The following table indicated: At December 31, (Dollars in millions) 2022 2021 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation 6 12 Fair value of plan assets $ - $ - The following table displays (Dollars in millions) 2023 $ 13 2024 14 2025 14 2026 15 2027 17 Next 5 years 100 Plan assets 74 %, 24 %, 1 % and 1 % of the equity qualified funds. 70 % equities 30 % bonds. The following periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2022 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 4 $ 4 $ - $ - Mutual funds, fair value Fixed income (b) 68 68 - - Equities (c) 211 211 - - Total $ 283 $ 283 $ - $ - (Some amounts may not reconcile due (a) (b) approximately 70 % in U.S. securities and 30 % in international securities. (c) and securities with common stock characteristics, 50 % in U.S. equities and 50 % in international equities. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2021 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 3 $ 3 $ - $ - Mutual funds, fair value Fixed income (b) 85 85 - - Equities (c) 287 287 - - Total $ 375 $ 375 $ - $ - (Some amounts may not reconcile due (a) (b) approximately 70 % in U.S. securities and 30 % in international securities. (c) and securities with common stock characteristics, 50 % in U.S. equities and 50 % in international equities. In 2 3 December 31, 2022 and valued using the NAV practical No 2021. Defined Contribution Plans. The Company also maintains Qualified Savings maximum 3 % of the participants’ Qualified curtailed under the Savings rehires) on 3 % and 8 % of each payroll 100 % vested three year s. The Company incurred 18 15 14 December 31, 2022, 2021 and 2020, respectively. In addition, the Company maintains international contributes various a percentage of salary for 7.8 % to 9.6 %. to plans 0.7 0.6 0.8 respectively. Post-Retirement Plan. The Company healthcare benefits for Company working for retirement benefit expense during 7.00 % in 2022 was 4.75 % expenses 1 1 1 respectively. The following table summarizes the At December 31, (Dollars in millions) 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 31 $ 35 Service cost 1 1 Interest cost 1 1 Amendments - - Actuarial (gain)/loss (10) (6) Benefits paid - - Benefit obligation at end of year 21 31 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions - - Benefits paid - - Fair value of plan assets at end of year - - Funded status at end of year $ (21) $ (31) Amounts recognized in the consolidated At December 31, (Dollars in millions) 2022 2021 Other liabilities (due within one year) $ (1) $ (1) Other liabilities (due beyond one year) (21) (30) Net amount recognized in the consolidated balance sheets $ (21) $ (31) (Some amounts may not reconcile due Amounts not (loss) for the periods indicated: At December 31, (Dollars in millions) 2022 2021 Accumulated income (loss) $ 13 $ 2 Accumulated prior service credit (cost) 1 2 Accumulated other comprehensive income (loss) $ 14 $ 4 Other changes in other comprehensive income (loss) Years Ended December 31, (Dollars in millions) 2022 2021 Other comprehensive income (loss) at December 31, prior year $ 4 $ (2) Net gain (loss) arising during period 10 6 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - - Prior service cost - (1) Other comprehensive income (loss) at December 31, current year $ 14 $ 4 Net periodic benefit cost included the following Years Ended December 31, (Dollars in millions) 2022 2021 2020 Service cost $ 1 $ 1 $ 1 Interest cost 1 1 1 Prior service credit recognition - (1) (1) Net gain recognition - - - Net periodic cost $ 1 $ 1 $ 1 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (10) (5) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (9) $ (4) (Some amounts may not reconcile due The weighted 2.86 %, 2.55 % and 3.28 %, respectively. The obligation at year end 2022, 2021 and 2020 were 5.25 %, 2.86 % and 2.55 %, respectively. The following table displays (Dollars in millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 Next 5 years 7 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. Holdings dividends restrictions operating (“RBC”) developed aggregate regulatory restrictions Dividend Restrictions. Delaware and is Delaware proposed exceeds 10 % of reported unassigned earned surplus. 555 in 2023 without the need for prior regulatory Statutory Financial Information. Everest permitted by the forth in the NAIC Accounting Practices and $ 5.6 5.7 was 294 264 595 respectively. There transfer Delaware, subsidiaries can pay dividends or make Capital Restrictions. In control 200 % level capital, no action is required by The regulatory targeted Everest Re (1) At December 31, (Dollars in millions) 2022 2021 Regulatory targeted capital $ 3,353 $ 2,960 Actual capital $ 5,553 $ 5,717 (1) Regulatory targeted capital represents 200 % of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. In the ordinary dispute resolution insurance agreement or to funds or informal Company believes of these proceedings when determining its reserves Aside from litigation and arbitrations party to any other material litigation The Company (“The purchased obligations in the future. or contract. The table below presents liable for the periods indicated: At December 31, (Dollars in millions) 2022 2021 The Prudential $ 137 $ 138 Unaffiliated life insurance company 34 35 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 16. The indicated. Holdings. Fair value of these long-term notes December 31, 2022 December 31, 2021 Consolidated Consolidated Principal Balance Sheet Fair Balance Sheet Fair (Dollars in millions) Date Issued Date Due Amounts Amount Value Amount Value 1.69 % Long-term Note 12/17/2019 12/17/2028 300 $ 300 $ 242 $ 300 $ 264 1.00 % Long-term Note 08/05/2021 08/05/2030 200 200 151 200 165 3.11 % Long-term Note 06/14/2022 06/14/2052 215 215 171 - - 4.34 % Long-term Note 12/12/2022 12/12/2052 125 125 125 - - 840 $ 840 $ 689 $ 500 $ 429 Years Ended December 31, (Dollars in millions) Interest Received Receivable Dates 2022 2021 2020 1.69 % Long-term Note annually December 17 $ 5 $ 5 $ 5 1.00 % Long-term Note annually August 5 2 1 - 3.11 % Long-term Note annually June 14 4 - - $ 11 $ 6 $ 5 (Some amounts may not reconcile due to rounding.) Holdings 1,773.214 1 1.75 % dividend 9,719,971 Common Shares in Group. the consolidated (losses) presents reported as net investment for the periods indicated. Years Ended December 31, (Dollars in millions) 2022 2021 2020 Dividends received on preferred stock of affiliate $ 31 $ 31 $ 31 Affiliated Companies Everest home Holdings’ consolidated services, actuarial services, accounting services, information The following periods indicated. Years Ended December 31, (Dollars in millions) 2022 2021 2020 Expenses incurred $ 204 $ 133 $ 124 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. The Reinsurance both Business operation agents within the United States. These segments management, Management generally monitors their underwriting results. Underwriting and other underwriting expenses. and brokerage brokerage and other The Company data. The following tables present the underwriting Year Ended December 31, 2022 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 5,948 $ 3,729 $ 9,677 Net written premiums 5,269 2,763 8,032 Premiums earned $ 5,212 $ 2,664 $ 7,876 Incurred losses and LAE 3,957 1,865 5,823 Commission and brokerage 1,326 306 1,632 Other underwriting expenses 139 363 501 Underwriting gain (loss) $ (210) $ 130 $ (81) Net investment income 638 Net gains (losses) on investments (982) Corporate expenses (26) Interest, fee and bond issue cost amortization expense (101) Other income (expense) (6) Income (loss) before taxes $ (557) Year Ended December 31, 2021 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 6,028 $ 3,303 $ 9,331 Net written premiums 5,265 2,455 7,719 Premiums earned $ 4,949 $ 2,230 $ 7,179 Incurred losses and LAE 3,761 1,626 5,387 Commission and brokerage 1,250 262 1,513 Other underwriting expenses 143 311 454 Underwriting gain (loss) $ (206) $ 31 $ (175) Net investment income 745 Net gains (losses) on investments 501 Corporate expenses (33) Interest, fee and bond issue cost amortization expense (70) Other income (expense) 23 Income (loss) before taxes $ 991 (Some amounts may not reconcile due to rounding.) Year Ended December 31, 2020 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 5,266 $ 2,691 $ 7,957 Net written premiums 4,632 2,006 6,639 Premiums earned $ 4,485 $ 1,922 $ 6,407 Incurred losses and LAE 3,209 1,399 4,608 Commission and brokerage 1,120 253 1,373 Other underwriting expenses 119 282 401 Underwriting gain (loss) $ 36 $ (12) $ 24 Net investment income 376 Net gains (losses) on investments 50 Corporate expenses (16) Interest, fee and bond issue cost amortization expense (36) Other income (expense) (15) Income (loss) before taxes $ 384 (Some amounts may not reconcile due to rounding.) The Company the financial records. U.S., in which the Company writes business, Years Ended December 31, (Dollars in millions) 2022 2021 2020 Canada gross written premiums $ 379 $ 252 $ 321 No other country represented 5 % of the Company’s revenues. Approximately 17.6 %, 19.3 % 20.1 % respectively, |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. The earthquake magnitude of event in its first quarter 2023 results.. |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES DECEMBER 31, 2022 Column A Column B Column C Column D Amount Shown in Market Balance (Dollars in millions) Cost Value Sheet Fixed maturities-available for sale Bonds: U.S. government and government agencies $ 575 $ 535 $ 535 State, municipalities and political subdivisions 444 413 413 Foreign government securities 696 637 637 Foreign corporate securities 1,597 1,433 1,433 Public utilities 85 79 79 All other corporate bonds 7,571 7,117 7,117 Mortgage - backed securities Commercial 568 509 509 Agency residential 1,792 1,628 1,628 Non-agency residential 3 3 3 Redeemable preferred stock 368 316 316 Total fixed maturities-available for sale 13,699 12,671 12,671 Fixed maturities-held to maturity Bonds: Foreign corporate securities 28 28 27 All other corporate bonds 785 758 778 Mortgage - backed securities Commercial 7 7 7 Total Fixed maturities-held to maturity 820 793 811 Equity securities at fair value(1) 159 194 194 Short-term investments 812 812 812 Other invested assets 2,754 2,754 2,754 Other invested assets, at fair value(1) 1,773 1,472 1,472 Cash 481 481 481 Total investments and cash $ 20,498 $ 19,177 $ 19,195 (Some amounts may not reconcile due to rounding.) (1) income (loss). |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2022 | |
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS At December 31, (Dollars in millions, except share 2022 2021 ASSETS: Fixed maturities - available for sale $ - $ 147 (amortized cost: 2022, $ 0 ; 2021, $ 148 ) Equity securities - at fair value 12 679 Other invested assets 194 242 Other invested assets, at fair value 1,472 2,031 Short-term investments 30 5 Cash 2 - Total investments and cash 1,710 3,104 Investment in subsidiaries, at equity in the underlying net assets 5,496 6,371 Notes receivable - affiliated 1,170 470 Accrued investment income 12 5 Other assets - (2) TOTAL ASSETS $ 8,388 $ 9,948 LIABILITIES: Senior notes $ 2,347 $ 2,346 Long-term notes 218 224 Accrued interest on debt and borrowings 17 17 Income taxes 144 317 Due to affiliates 7 5 Total liabilities $ 2,734 $ 2,910 STOCKHOLDER'S EQUITY: Common stock, par value: $ 0.01 ; 3,000 1,000 - - Additional paid-in capital 1,102 1,102 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $ (225) 24 (848) 91 Retained earnings 5,400 5,845 Total stockholder's equity 5,654 7,038 TOTAL $ 8,388 $ 9,948 See notes to consolidated financial statements. SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS Years Ended December 31, (Dollars in millions) 2022 2021 2020 REVENUES: Net investment income $ 47 $ 39 $ (5) Net investment income - Affiliated 57 34 31 Net gains (losses) on investments (704) 329 (73) Other income (expense) (3) - 3 Net income (loss) of subsidiaries 114 551 394 Total revenues (488) 954 350 EXPENSES: Interest expense 97 69 36 Corporate expense 10 18 9 Total expenses 107 86 45 INCOME (LOSS) BEFORE TAXES (595) 867 305 Income tax expense (benefit) (150) 68 (47) NET INCOME (LOSS) $ (445) $ 800 $ 352 Other comprehensive income (loss), net of tax : Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (1,011) (200) 163 Less: reclassification adjustment for realized losses (gains) included in net income (loss) 73 9 25 Total URA(D) on securities arising during the period (938) (191) 189 Foreign currency translation adjustments (18) (9) 14 Benefit plan actuarial net gain (loss) for the period 15 17 (6) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 2 6 6 Total benefit plan net gain (loss) for the period 17 23 1 Total other comprehensive income (loss), net of tax (939) (177) 204 COMPREHENSIVE INCOME (LOSS) $ (1,384) $ 623 $ 556 See notes to consolidated financial statements. SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (Dollars in millions) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (445) $ 800 $ 352 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) deficit of subsidiaries (114) (551) (394) Dividends received from subsidiary 250 - - Increase (decrease) in income taxes (173) (45) 119 Change in equity adjustments in limited partnerships (37) (33) 8 Change in other assets and liabilities, net (5) 40 20 Net realized capital losses (gains) 704 (329) 73 Net cash provided by (used in) operating activities 180 (118) 180 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (200) 88 (949) Proceeds from fixed maturities matured/called/repaid - available for sale - - 2 Proceeds from fixed maturities sold - available for sale 244 - - Proceeds from equity maturities sold 652 243 62 Distributions from other invested assets 1,362 2,014 1,113 Cost of fixed maturities acquired - available for sale (134) (148) - Cost of equity securities acquired (93) (516) (185) Cost of other invested assets acquired (1,278) (2,076) (1,212) Net change in short-term investments (24) 5 11 Proceeds from repayment (cost of issuance) of notes receivable - affiliated (700) (470) 10 Net cash provided by (used in) investing activities (171) (860) (1,148) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of senior notes - 968 979 Cost of debt repurchase (6) - (11) Net cash provided by (used in) financing activities (6) 968 969 Net increase (decrease) in cash 2 (10) - Cash, beginning of period - 10 10 Cash, end of period $ 2 $ - $ 10 See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION NOTES TO CONDENSED 1) Financial Statements and related 2) Registrant. 3) 125 note 4.34 % payable annually and is scheduled to 4) 560 note 3.35 % payable annually and is scheduled to 5) 215 with 3.11 % annually and is scheduled to mature in June 2052. 6) 470 promissory note rate 3.25 % Company 200 270 million of the promissory note still outstanding 7) 10 note February 2049 but was repaid in September 2020. 8) 9,719,971 invested assets, 1.8 Group, in exchange 1,773.214 1 1.75 % annual dividend in Group. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2022 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | EVEREST REINSURANCE HOLDINGS, INC. SCHEDULE Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Segments for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of Deferred Other Net Acquisition Adjustment Premium Premiums Investment Adjustment Acquisition Operating Written (Dollars in millions) Costs Expenses Reserves Earned Income Expenses Costs Expenses Premium As of and for the year ended December 31, 2022 Reinsurance $ 329 $ 10,023 $ 1,453 $ 5,212 $ 427 $ 3,957 $ 1,326 $ 139 $ 5,269 Insurance 170 4,954 1,725 2,664 211 1,865 306 363 2,763 Total $ 499 $ 14,977 $ 3,177 $ 7,876 $ 638 $ 5,823 $ 1,632 $ 501 $ 8,032 As of and for the year ended December 31, 2021 Reinsurance $ 315 $ 8,829 $ 1,427 $ 4,949 $ 501 $ 3,761 $ 1,250 $ 143 $ 5,265 Insurance 157 4,292 1,566 2,230 244 1,626 262 311 2,455 Total $ 472 $ 13,121 $ 2,993 $ 7,179 $ 745 $ 5,387 $ 1,513 $ 454 $ 7,719 As of and for the year ended December 31, 2020 Reinsurance $ 169 $ 7,896 $ 1,128 $ 4,485 $ 255 $ 3,209 $ 1,120 $ 119 $ 4,632 Insurance 210 3,682 1,257 1,922 121 1,399 253 282 2,006 Total $ 380 $ 11,578 $ 2,385 $ 6,407 $ 376 $ 4,608 $ 1,373 $ 401 $ 6,639 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV - REINSURANCE Column A Column B Column C Column D Column E Column F Ceded to Assumed Gross Other from Other Net Assumed (Dollars in millions) Amount Companies Companies Amount to Net December 31, 2022 Total insurance premiums earned $ 3,544 $ 1,613 $ 5,945 $ 7,876 $ 75.5% December 31, 2021 Total property and liability insurance premiums earned $ 2,982 $ 1,544 $ 5,741 $ 7,179 $ 80.0% December 31, 2020 Total insurance premiums earned $ 2,592 $ 1,368 $ 5,183 $ 6,407 $ 80.9% |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Everest Reinsurance Group through its of America and internationally. The accompanying generally accepted in and foreign direct Global Indemnity Everest Securities, (“Everest Assurance”), Entertainment L.L.C. All intercompany The Company which Company as to whether an entity qualifies as a VIE or VOE, depends The assumptions liabilities) at reporting period. Certain presentation. Out of Period Adjustments For the that decreased affiliated reinsurance agreements. |
Investments | B. Fixed result of changes in fair value comprehensive available Company making specific issuer rate decline other comprehensive to impairment comprehensive income not have security before recovery loss and and based support cost performed, discounted account (losses) on investments in the Company’s Fixed maturity the current determined evaluates characteristics considerations, of credit losses. The interest receivable has not been accrued, it is recorded as income at The with respect or information provided by Retrospective adjustments asset-backed recalculate were adjustment prepayment calculation of projected prepayments For income on income in the consolidated statements Short-term stated at cost, which approximates Realized publicly traded relative characteristics committees qualified independent valuation the Company fair value. Other partnerships quarterly lag. Company policy cash surrender value are included within Other invested assets, Holdings, preferred stock Cash represents withdrawal or usage. Amounts C. The Company losses. establishes an allowance for estimated Premiums premiums, due when balances, the current economic conditions and reasonable A portion rated plans. the claimant the full deductible amount. rated policies are policies whereby premium Company, if amount of additional premium owed under through deductible and sheets. The allowance is estimated for rating is exposure amount is future probability through outcomes. retrospectively-rated weighted macroeconomic scenarios. |
Allowance For Premium Receivable And Reinsurance Recoverables | C. The Company losses. establishes an allowance for estimated Premiums premiums, due when balances, the current economic conditions and reasonable A portion rated plans. the claimant the full deductible amount. rated policies are policies whereby premium Company, if amount of additional premium owed under through deductible and sheets. The allowance is estimated for rating is exposure amount is future probability through outcomes. retrospectively-rated weighted macroeconomic scenarios. The and Company’s consolidated The cessions that for uncollectible on reinsurer balances that are determined Due to due, it be required, cash flows in a particular quarter or annual period. The factors recoverable net collateral factors are historical estimated through outcomes. The economic environment as well The adjustment Write-offs of deemed uncollectible. |
Deferred Acquisition Costs | D. Acquisition fees incurred at reinsurance are earned. the related unearned premiums, anticipated |
Reserve For Losses And Loss Adjustment Expenses | E. The received based asbestos and liabilities cannot periodically Company’s reserves reinsurance. Accruals percentage arrangements are estimated based on expected |
Premium Revenues | F. Written contracts. contracts, pro and earned limits recognition judgement. Company, |
Prepaid Reinsurance Premiums | G. Prepaid reinsurance 10 % December 31, of credit, thereby limiting the credit risk to |
Income Taxes | H. The Company’s income tax the arise because of differences between As an accounting policy, income tax effects from |
Foreign Currency | I. The base activity in that liabilities consolidated currency (loss) and accumulated in stockholder’s The business units’ base currency financial statements end income statements. deferred income taxes, |
Segmentation | J. The Company, two |
Retroactive Reinsurance | K. Premiums on established for the over against earnings. |
Application Of Recently Issued Accounting Guidance | L. Application of Recently Issued Accounting The December 31, Financial updates December 31, 2021. impact to Holdings. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Summary Of Amortized Cost, Allowance For Credit Losses, Gross Unrealized Appreciation/(Depreciation) And Fair Value Of Fixed Maturity Securities | At December 31, 2022 Amortized Allowances for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities – available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 575 $ - $ - $ (40) $ 535 Obligations of U.S. states and political subdivisions 444 - 2 (32) 413 Corporate securities 3,913 (45) 14 (322) 3,561 Asset-backed securities 4,111 - 5 (165) 3,951 Mortgage-backed securities Commercial 569 - - (59) 509 Agency residential 1,792 - 3 (167) 1,628 Non-agency residential 3 - - - 3 Foreign government securities 696 - 2 (61) 637 Foreign corporate securities 1,597 (1) 4 (167) 1,433 Total fixed maturity securities - available for sale $ 13,699 $ (46) $ 30 $ (1,013) $ 12,671 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowances for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities – available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 657 $ - $ 9 $ (3) $ 663 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 4,036 (19) 89 (31) 4,075 Asset-backed securities 3,464 (8) 21 (11) 3,466 Mortgage-backed securities Commercial 586 - 21 (4) 603 Agency residential 1,255 - 16 (10) 1,261 Non-agency residential 4 - - - 4 Foreign government securities 677 - 22 (7) 692 Foreign corporate securities 1,494 - 34 (18) 1,510 Total fixed maturity securities - available for sale $ 12,733 $ (27) $ 241 $ (86) $ 12,860 (Some amounts may not reconcile due At December 31, 2022 Amortized Allowances for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities – held to maturity Corporate securities $ 152 $ (2) $ - $ (6) $ 144 Asset-backed securities 634 (6) 2 (15) 614 Mortgage-backed securities Commercial 7 - - - 7 Foreign corporate securities 28 (1) 2 - 28 Total fixed maturity securities - held to maturity $ 820 $ (9) $ 3 $ (22) $ 793 (Some amounts may not reconcile due to rounding.) |
Summary Of Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in millions) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 581 $ 563 $ 586 $ 584 Due after one year through five years 3,684 3,429 3,488 3,527 Due after five years through ten years 2,003 1,760 2,260 2,310 Due after ten years 958 827 1,088 1,106 Asset-backed securities 4,111 3,951 3,464 3,466 Mortgage-backed securities Commercial 569 509 586 603 Agency residential 1,792 1,628 1,255 1,261 Non-agency residential 3 3 4 4 Total fixed maturity securities - available for sale $ 13,699 $ 12,671 $ 12,733 $ 12,860 (Some amounts may not reconcile due to rounding.) At December 31, 2022 Amortized Fair (Dollars in millions) Cost Value Fixed maturity securities – held to maturity: $ 5 $ 5 63 61 43 41 68 65 Asset-backed securities 634 614 Mortgage-backed securities Commercial 7 7 Total fixed maturity securities - held to maturity $ 820 $ 793 (Some amounts may not reconcile due to rounding.) |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in millions) 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - short term investments $ (1,187) $ (242) Change in unrealized appreciation (depreciation), pre-tax (1,187) (242) Deferred tax benefit (expense) 249 51 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (938) $ (191) (Some amounts may not reconcile due to rounding.) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at December 31, 2022 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 290 $ (14) $ 245 $ (26) $ 535 $ (40) Obligations of U.S. states and political subdivisions 235 (23) 27 (9) 261 (32) Corporate securities 2,138 (175) 841 (146) 2,979 (321) Asset-backed securities 3,120 (138) 436 (27) 3,556 (165) Mortgage-backed securities Commercial 464 (50) 36 (9) 500 (59) Agency residential 852 (54) 605 (113) 1,456 (167) Non-agency residential 2 - 1 - 3 - Foreign government securities 455 (36) 144 (25) 599 (61) Foreign corporate securities 967 (100) 365 (67) 1,332 (167) Total $ 8,522 $ (591) $ 2,698 $ (421) $ 11,220 $ (1,012) Securities where an allowance for credit loss was recorded 2 (1) - - 2 (1) Total fixed maturity securities - available for sale $ 8,524 $ (591) $ 2,698 $ (421) $ 11,222 $ (1,013) (Some amounts may not reconcile due Duration of Unrealized Loss at December 31, 2021 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of $ 267 $ (3) $ - $ - $ 267 $ (3) Obligations of U.S. states and political subdivisions 51 (1) 3 - 54 (1) Corporate securities 1,465 (25) 201 (6) 1,666 (31) Asset-backed securities 1,891 (11) 38 - 1,929 (11) Mortgage-backed securities Commercial 139 (2) 35 (2) 174 (4) Agency residential 699 (7) 168 (3) 867 (10) Non-agency residential 1 - - - 2 - Foreign government securities 200 (5) 15 (2) 215 (7) Foreign corporate securities 677 (17) 33 (2) 710 (18) Total fixed maturity securities - available for sale $ 5,390 $ (71) $ 492 $ (15) $ 5,882 $ (86) (Some amounts may not reconcile due to rounding.) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at December 31, 2022 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 463 $ (8) $ 29 $ (4) $ 491 $ (11) Due in one year through five years 2,020 (143) 936 (107) 2,956 (250) Due in five years through ten years 1,162 (148) 395 (98) 1,557 (246) Due after ten years 439 (50) 262 (64) 701 (114) Asset-backed securities 3,120 (138) 436 (27) 3,556 (165) Mortgage-backed securities 1,318 (105) 641 (122) 1,959 (226) Total $ 8,522 $ (591) $ 2,698 $ (421) $ 11,220 $ (1,012) Securities where an allowance for credit loss was recorded 2 (1) - - 2 (1) Total fixed maturity securities - available for sale $ 8,524 $ (591) $ 2,698 $ (421) $ 11,222 $ (1,013) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2021 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in millions) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 81 $ (2) $ 36 $ (4) $ 117 $ (6) Due in one year through five years 1,209 (19) 154 (3) 1,364 (22) Due in five years through ten years 853 (21) 34 (2) 887 (23) Due after ten years 517 (10) 27 (1) 543 (11) Asset-backed securities 1,891 (11) 38 - 1,929 (11) Mortgage-backed securities 839 (9) 203 (5) 1,042 (14) Total fixed maturity securities - available for sale $ 5,390 $ (71) $ 492 $ (15) $ 5,882 $ (86) (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturities $ 510 $ 344 $ 305 Equity securities 16 15 11 Short-term investments and cash 16 1 3 Other invested assets Limited partnerships 72 321 49 Dividends from preferred shares of affiliate 31 31 31 Other 30 63 2 Gross investment income before adjustments 675 774 401 Funds held interest income (expense) 6 8 6 Interest income from Parent 11 6 5 Gross investment income 691 788 412 Investment expenses (52) (43) (36) Net investment income $ 638 $ 745 $ 376 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturity securities: Allowances for credit losses $ (27) $ (26) $ (2) Net realized gains (losses) from dispositions (79) 8 (36) Gains (losses) from fair value adjustments - - 2 Equity securities: Net realized gains (losses) from dispositions 116 24 (8) Gains (losses) from fair value adjustments (447) 254 276 Other invested assets 13 6 2 Other invested assets, fair value: Gains (losses) from fair value adjustments (558) 234 (186) Short-term investment gains (losses) - - 1 Total net gains (losses) on investments $ (982) $ 501 $ 50 (Some amounts may not reconcile due Roll Forward of Allowance for Credit Losses Years Ended December 31, 2022 Asset Foreign Corporate Backed Corporate Securities Securities Securities Total (Dollars in millions) Balance, beginning of period $ (19) $ (8) $ - $ (27) Credit losses on securities where credit losses were not previously recorded (13) (6) (2) (21) Increases in allowance on previously impaired securities (20) - - (21) Decreases in allowance on previously impaired securities - - - - Reduction in allowance due to disposals 6 8 - 14 Balance, end of period $ (46) $ (6) $ (2) $ (55) (1) Credit losses recorded as of December ( 2 ( 6 ( 1 and foreign corporate securities (Some amounts may not reconcile due Roll Forward of Allowance for Credit Losses Years Ended December 31, 2021 Asset Corporate Backed Securities Securities Total (Dollars in millions) Balance, beginning of period $ (1) $ - $ (2) Credit losses on securities where credit losses were not previously recorded (21) (5) (26) Increases in allowance on previously impaired securities (3) (3) (5) Decreases in allowance on previously impaired securities - - - Reduction in allowance due to disposals 6 - 6 Balance, end of period $ (19) $ (8) $ (27) (Some amounts may not reconcile due |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Proceeds from sales of fixed maturity securities - available for sale $ 2,645 $ 961 $ 631 Gross gains from dispositions 9 33 24 Gross losses from dispositions (88) (24) (60) Proceeds from sales of equity securities $ 2,203 $ 862 $ 375 Gross gains from dispositions 165 39 37 Gross losses from dispositions (48) (15) (45) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in millions) 2022 2021 2020 Gross reserves beginning of period $ 13,121 $ 11,578 $ 10,129 Less reinsurance recoverables on unpaid losses (3,651) (3,951) (4,215) Net reserves beginning of period 9,470 7,627 5,914 Incurred related to: Current year 5,815 5,382 4,408 Prior years 8 5 200 Total incurred losses and LAE 5,823 5,387 4,608 Paid related to: Current year 1,097 2,374 1,902 Prior years 2,867 1,127 1,018 Total paid losses and LAE 3,964 3,501 2,920 Foreign exchange/translation adjustment (35) (42) 24 Net reserves end of period 11,294 9,470 7,627 Plus reinsurance recoverables on unpaid losses 3,684 3,651 3,951 Gross reserves end of period $ 14,977 $ 13,121 $ 11,578 (Some amounts may not reconcile due |
Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | Reinsurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 176 $ 222 $ 220 $ 226 $ 215 $ 215 $ 215 $ 215 $ 215 $ 215 - N/A 2014 254 234 256 227 227 227 227 227 227 1 N/A 2015 208 249 236 236 236 236 236 236 5 N/A 2016 242 238 238 238 238 238 238 12 N/A 2017 198 203 203 203 203 203 23 N/A 2018 769 754 800 822 874 117 N/A 2019 971 1,019 1,020 1,035 363 N/A 2020 1,061 1,033 1,001 590 N/A 2021 1,345 1,338 899 N/A 2022 1,413 1,036 N/A $ 6,780 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 12 $ 28 $ 63 $ 97 $ 125 $ 158 $ 175 $ 180 $ 183 $ 192 2014 15 34 76 106 143 173 182 186 208 2015 15 38 84 145 167 186 193 205 2016 17 53 87 143 159 185 206 2017 26 84 104 122 145 164 2018 119 194 300 402 466 2019 150 248 370 479 2020 137 227 329 2021 157 227 2022 116 $ 2,592 All outstanding liabilities prior to 2013, net of reinsurance 204 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 4,392 (Some amounts may not reconcile due to rounding.) Reinsurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 390 $ 286 $ 244 $ 204 $ 203 $ 203 $ 203 $ 203 $ 203 $ 203 - N/A 2014 588 508 385 356 357 357 357 357 357 - N/A 2015 546 355 328 328 328 328 328 328 - N/A 2016 625 647 647 643 642 642 642 1 N/A 2017 1,273 1,857 2,025 2,119 2,172 2,210 1 N/A 2018 2,222 2,111 2,101 2,049 2,019 4 N/A 2019 1,685 1,691 1,618 1,513 9 N/A 2020 1,862 1,905 1,845 82 N/A 2021 2,158 2,144 303 N/A 2022 2,563 1,448 N/A $ 13,824 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 128 $ 152 $ 163 $ 177 $ 185 $ 191 $ 195 $ 196 $ 197 $ 199 2014 151 234 289 318 333 336 339 342 349 2015 155 227 279 294 299 304 309 319 2016 231 489 584 591 596 600 611 2017 781 1,542 1,900 2,022 2,118 2,195 2018 477 1,367 1,672 1,819 1,876 2019 670 1,037 1,279 1,398 2020 536 1,118 1,432 2021 638 1,293 2022 564 $ 10,237 All outstanding liabilities prior to 2013, net of reinsurance 28 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,615 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 256 $ 228 $ 230 $ 224 $ 194 $ 194 $ 195 $ 195 $ 195 $ 195 1 21,078 2014 237 238 240 254 254 254 255 255 255 1 24,930 2015 258 258 277 277 277 265 265 269 3 26,455 2016 351 276 279 281 287 287 281 - 30,793 2017 304 237 237 237 236 232 - 34,648 2018 645 644 666 689 697 149 35,173 2019 768 755 794 813 168 39,110 2020 816 792 792 325 37,445 2021 1,112 1,112 595 42,574 2022 1,039 635 36,436 $ 5,685 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 17 $ 69 $ 102 $ 130 $ 150 $ 167 $ 183 $ 189 $ 193 $ 194 2014 20 72 114 144 229 229 250 253 254 2015 20 68 117 199 244 259 263 266 2016 25 101 275 299 308 313 318 2017 23 151 157 216 233 239 2018 63 189 271 383 435 2019 11 216 350 489 2020 81 209 340 2021 201 339 2022 221 $ 3,097 All outstanding liabilities prior to 2013, net of reinsurance 19 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,607 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Development Cumulative 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in millions) 2013 $ 64 $ 56 $ 52 $ 53 $ 52 $ 52 $ 52 $ 52 $ 52 $ 52 - N/A 2014 67 70 67 66 66 66 66 66 66 - N/A 2015 81 75 75 75 75 88 88 85 - N/A 2016 142 169 164 163 158 158 165 - N/A 2017 230 293 297 299 305 315 - N/A 2018 376 372 377 377 383 - N/A 2019 337 349 348 354 1 N/A 2020 509 509 503 14 N/A 2021 539 536 8 N/A 2022 699 242 N/A $ 3,158 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 35 $ 54 $ 52 $ 53 $ 52 $ 52 $ 52 $ 52 $ 52 $ 52 2014 40 66 66 66 66 66 66 66 66 2015 45 70 75 75 75 76 76 76 2016 72 152 168 163 162 164 165 2017 161 293 282 296 312 315 2018 236 342 368 377 383 2019 218 336 350 353 2020 263 366 386 2021 360 506 2022 383 $ 2,685 All outstanding liabilities prior to 2013, net of reinsurance - Liabilities for claims and claim adjustment expenses, net of reinsurance $ 473 (Some amounts may not reconcile due to rounding.) |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | Reinsurance – Casualty Business Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Casualty 11.3 % 9.1 % 12.6 % 13.5 % 9.6 % 11.3 % 5.9 % 3.2 % 5.5 % 4.2 % Reinsurance – Property Business Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Property 31.3 % 32.8 % 15.7 % 6.2 % 3.3 % 2.5 % 1.5 % 1.5 % 1.6 % 0.9 % Insurance – Casualty Business Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Casualty 12.0 % 20.5 % 18.4 % 17.3 % 11.8 % 3.6 % 4.6 % 1.7 % 1.2 % 0.6 % Insurance – Property Business Average Annual Percentage Payout Years 1 2 3 4 5 6 7 8 9 10 Property 57.4 % 34.0 % 3.5 % 1.5 % 1.9 % 0.9 % 0.2 % 0.4 % 0.1 % 0.1 % |
Reconciliation of the Net Incurred and Paid Claims Development | At December 31, 2022 (Dollars in millions) Net outstanding liabilities Reinsurance Casualty $ 4,392 Reinsurance Property 3,615 Insurance Casualty 2,607 Insurance Property 473 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 11,087 Reinsurance recoverable on unpaid claims Reinsurance Casualty 980 Reinsurance Property 908 Insurance Casualty 1,626 Insurance Property 169 Total reinsurance recoverable 3,684 Unallocated claims adjustment expenses 175 Other 32 207 Total gross liability for unpaid claims and claim adjustment expense $ 14,977 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in millions) 2022 2021 2020 Gross basis: Beginning of period reserves $ 175 $ 219 $ 258 Incurred losses 144 11 2 Paid losses (42) (55) (40) End of period reserves $ 278 $ 175 $ 219 Net basis: Beginning of period reserves $ 128 $ 167 $ 197 Incurred losses 113 (3) (5) Paid losses (32) (36) (24) End of period reserves $ 210 $ 128 $ 167 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of $ 535 $ - $ 535 $ - Obligations of U.S. states and political subdivisions 413 - 413 - Corporate securities 3,561 - 2,846 715 Asset-backed securities 3,951 - 2,957 994 Mortgage-backed securities Commercial 509 - 509 - Agency residential 1,628 - 1,628 - Non-agency residential 3 - 3 - Foreign government securities 637 - 637 - Foreign corporate securities 1,433 - 1,417 16 Total 12,671 - 10,946 1,725 Equity securities, fair value 194 132 63 - Other invested assets, fair value 1,472 - - 1,472 (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of $ 663 $ - $ 663 $ - Obligations of U.S. states and political subdivisions 587 - 587 - Corporate securities 4,075 - 3,345 730 Asset-backed securities 3,466 - 2,215 1,251 Mortgage-backed securities Commercial 603 - 603 - Agency residential 1,261 - 1,261 - Non-agency residential 4 - 4 - Foreign government securities 692 - 692 - Foreign corporate securities 1,510 - 1,494 16 Total 12,860 - 10,863 1,997 Equity securities, fair value 1,758 1,722 36 - Other invested assets, fair value 2,031 - - 2,031 (Some amounts may not reconcile due to rounding.) |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, December 31, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities CMBS Corporate Total Securities Corporate Total Beginning balance fixed maturities $ 730 $ 1,251 $ - $ 16 $ 1,997 $ 631 $ 623 $ 6 $ 1,260 Total gains or (losses) (realized/unrealized) Included in earnings (24) - - - (24) (12) (6) - (18) Included in other comprehensive income (loss) 3 (35) - (4) (36) 4 (7) - (2) Purchases, issuances and settlements 40 513 6 8 567 107 641 10 758 Transfers in (out) of Level reclassification of securities in/(out) investment categories (35) (735) (6) (4) (779) - - - - Ending balance $ 715 $ 994 $ - $ 16 $ 1,725 $ 730 $ 1,251 $ 16 $ 1,997 The amount of total gains or losses for the $ (23) $ 8 $ - $ - $ (15) $ (16) $ (8) $ - $ (24) (Some amounts may not reconcile due to rounding.) |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2022 December 31, 2021 Consolidated Consolidated Principal Balance Sheet Fair Balance Sheet Fair (Dollars in millions) Date Issued Date Due Amounts Amount Value Amount Value 4.868 % Senior notes 06/05/2014 06/01/2044 400 $ 397 $ 343 $ 397 $ 504 3.5 % Senior notes 10/07/2020 10/15/2050 1,000 981 677 980 1,055 3.125 % Senior notes 10/04/2021 10/15/2052 1,000 969 627 969 983 2,400 $ 2,347 $ 1,647 $ 2,346 $ 2,542 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in millions) Interest Paid Payable Dates 2022 2021 2020 4.868 % Senior notes semi-annually June 1/December 1 $ 19 $ 19 $ 19 3.5 % Senior notes semi-annually April 15/October 15 35 35 8 3.125 % Senior notes semi-annually April 15/October 15 32 8 - $ 86 $ 62 $ 28 |
Long-Term Subordinated Notes (T
Long-Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | December 31, 2022 December 31, 2021 Original Consolidated Consolidated Principal Maturity Date Balance Fair Balance Fair (Dollars in millions) Date Issued Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long-term subordinated notes 04/26/2007 $ 400 05/15/2037 05/01/2067 $ 218 $ 187 $ 224 $ 216 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Interest expense incurred $ 9 $ 6 $ 8 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Summary of Collateralized Reinsurance Agreements | (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/25/2025 300 Aggregate Total available $ 2,063 |
Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts [Table Text Block] | (Dollars in millions) Note Series Issue Date Maturity Date Amount Series 2018-1 Class A-2 4/30/2018 5/5/2023 $ 63 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90 Series 2022-1 Class A 6/22/2022 6/25/2025 300 $ 2,063 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in millions) 2022 2021 Lease expense incurred: Operating lease cost $ 25 $ 24 At December 31, (Dollars in millions) 2022 2021 Operating lease right of use assets $ 121 $ 131 Operating lease liabilities 139 150 Year Ended December 31, (Dollars in millions) 2022 2021 Operating cash flows from operating leases $ (18) $ (16) At December 31, 2022 2021 Weighted average remaining operating lease term 11.1 11.8 Weighted average discount rate on operating leases 4.00 % 4.00 % |
Maturities of Lease Liabilities | (Dollars in millions) 2023 $ 19 2024 19 2025 16 2026 14 2027 14 Thereafter 90 Undiscounted lease payments 172 Less: 32 Total operating lease liability $ 139 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Current tax expense (benefit): U.S. $ 95 $ 102 $ (106) Foreign - - - Total current tax expense (benefit) 95 102 (106) Total deferred U.S. (207) 90 138 Total income tax expense (benefit) $ (112) $ 192 $ 32 |
Reconciliation Of Total Income Tax Provision Using U.S. Federal Income Tax Rate To Company's Total Income Tax Provision | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Expected income tax provision at the U.S. statutory tax rate $ (117) $ 208 $ 81 Increase (decrease) in taxes resulting from: Tax exempt income (4) (4) (4) Dividend received deduction (3) (1) (1) Proration 1 1 1 Creditable foreign premium tax (11) (13) (12) Reserve adjustment (19) - - U.S. BEAT tax 22 - - Share based compensation (3) (2) (3) Impact of CARES Act - - (33) Prior year true up 16 - (4) Other 6 3 7 Total income tax provision $ (112) $ 192 $ 32 (Some amounts may not reconcile due to rounding.) |
Net Deferred Income Tax Assets/(Liabilities) | At December 31, (Dollars in millions) 2022 2021 Deferred tax assets: Net unrealized investment losses $ 200 $ - Loss reserves 154 130 Unearned premium reserve 114 108 Lease Liability 29 31 Unrealized foreign currency losses 24 4 Investment impairments 12 6 Net unrecognized losses on benefit plans 9 13 Equity compensation 7 7 Foreign tax credits 3 22 Other assets 12 12 Total deferred tax assets 564 333 Deferred tax liabilities: Net fair value income 141 349 Deferred acquisition costs 105 99 Partnership Investments 56 57 Right of use asset 25 27 Depreciation 16 4 Bond market discount 5 3 Net unrealized investment gains - 35 Other liabilities 6 5 Total deferred tax liabilities 354 579 Net deferred tax assets/(liabilities) $ 210 $ (246) (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Written premiums: Direct $ 3,701 $ 3,300 $ 2,698 Assumed 5,975 6,031 5,259 Ceded (1,645) (1,612) (1,318) Net written premiums $ 8,032 $ 7,719 $ 6,639 Premiums earned: Direct $ 3,544 $ 2,982 $ 2,592 Assumed 5,945 5,741 5,183 Ceded (1,613) (1,544) (1,368) Net premiums earned $ 7,876 $ 7,179 $ 6,407 Incurred losses and LAE: Direct $ 2,423 $ 2,043 $ 1,785 Assumed 4,107 3,872 3,576 Ceded (708) (528) (753) Net incurred losses and LAE $ 5,823 $ 5,387 $ 4,608 |
Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period | (Dollars in millions) Single Percent Assuming Occurrence Aggregate Coverage Period Ceding Company Ceded Company Type of Business Limit Limit 01/01/2010-12/31/2010 Everest Re 44.0 % Bermuda Re Property / Casualty Business 150 325 01/01/2011-12/31/2011 Everest Re 50.0 % Bermuda Re Property / Casualty Business 150 300 01/01/2012-12/31/2014 Everest Re 50.0 % Bermuda Re Property / Casualty Business 100 200 01/01/2015-12/31/2016 Everest Re 50.0 % Bermuda Re Property / Casualty Business 163 325 01/01/2017-12/31/2017 Everest Re 60.0 % Bermuda Re Property / Casualty Business 219 438 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re Property Business 350 (1) - 01/01/2011-12/31/2011 Everest Re- Canadian Branch 60.0 % Bermuda Re Property Business 350 (1) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0 % Bermuda Re Property / Casualty Business 206 (1) 413 (1) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0 % Bermuda Re Property / Casualty Business 150 (1) 413 (1) 01/01/2014-12/31/2017 Everest Re- Canadian Branch 75.0 % Bermuda Re Property / Casualty Business 263 (1) 413 (1) 01/01/2012-12/31/2017 Everest Canada 80.0 % Everest Re- Canadian Branch Property Business - - 01/01/2020 Everest International Assurance 100.0 % Bermuda Re Life Business - - (1) Amounts shown are Canadian dollars. |
Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate | (Dollars in millions) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 10/01/2001 Everest Re (Belgium Branch) Bermuda Re 100 % All years 10/01/2008 Everest Re Bermuda Re $ 747 01/01/2002-12/31/2007 12/31/2017 Everest Re Bermuda Re $ 970 All years |
Premiums And Losses Ceded By The Company To Affiliate | Bermuda Re Years Ended December 31, (Dollars in millions) 2022 2021 2020 Ceded written premiums $ 372 $ 303 $ 133 Ceded earned premiums 371 300 132 Ceded losses and LAE (16) (59) 110 Assumed written premiums 3 5 - Assumed earned premiums 5 4 - Ireland Re Years Ended December 31, (Dollars in millions) 2022 2021 2020 Assumed written premiums $ 10 $ 16 $ - Assumed earned premiums 10 15 - Assumed losses and LAE 23 64 - Ireland Insurance Years Ended December 31, (Dollars in millions) 2022 2021 2020 Assumed written premiums $ 9 $ 9 $ 5 Assumed earned premiums 8 6 4 Assumed losses and LAE 5 3 2 Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in millions) 2022 2021 2020 Ceded written premiums $ 170 $ 286 $ 263 Ceded earned premiums 174 280 265 Ceded losses and LAE 150 194 175 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | December 31, 2022 December 31, 2021 December 31, 2020 (Dollars in millions) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) $ (1,280) 269 $ (1,011) $ (254) 53 $ (200) $ 206 (43) $ 163 Reclassification of net realized losses 93 (20) 73 12 (3) 9 32 (7) 25 Foreign currency translation adjustments (23) 5 (18) (11) 2 (9) 18 (4) 14 Benefit plan actuarial net gain (loss) 18 (4) 15 22 (5) 17 (7) 1 (6) Reclassification of amortization of net gain (loss) included in net income (loss) 3 (1) 2 8 (2) 6 8 (2) 6 Total other comprehensive income $ (1,189) $ 249 $ (939) $ (223) $ 47 $ (177) $ 258 $ (54) $ 204 (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Affected line item within the Years Ended December 31, statements of operations and AOCI component 2022 2021 comprehensive income (loss) (Dollars in millions) URA(D) on securities $ 93 $ 12 Other net realized capital gains (losses) (20) (3) Income tax expense (benefit) $ 73 $ 9 Net income (loss) Benefit plan net gain (loss) $ 3 $ 8 Other underwriting expenses (1) (2) Income tax expense (benefit) $ 2 $ 6 Net income (loss) (Some amounts may not reconcile due to rounding) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Years Ended December 31, (Dollars in millions) 2022 2021 Beginning balance of URA(D) on securities $ 122 $ 313 Current period change in URA(D) of investments - (938) (191) Ending balance of URA(D) on securities (816) 122 Beginning balance of foreign currency translation adjustments 20 29 Current period change in foreign currency translation adjustments (18) (9) Ending balance of foreign currency translation adjustments 2 20 Beginning balance of benefit plan net gain (loss) (50) (74) Current period change in benefit plan net gain (loss) 17 23 Ending balance of benefit plan net gain (loss) (33) (50) Ending balance of accumulated other comprehensive income (loss) $ (848) $ 91 (Some amounts may not reconcile due to rounding) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Company contributions $ 6 $ 4 $ 7 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Pension expense $ (2) $ 3 $ 8 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in millions) 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 403 $ 404 Service cost 9 11 Interest cost 10 8 Actuarial (gain)/loss (115) (9) Curtailment - - Benefits paid (15) (12) Projected benefit obligation at end of year 291 403 Change in plan assets: Fair value of plan assets at beginning of year 377 354 Actual return on plan assets (83) 31 Actual contributions during the year 6 4 Benefits paid (15) (12) Fair value of plan assets at end of year 285 377 Funded status at end of year $ (6) $ (25) (Some amounts may not reconcile due |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in millions) 2022 2021 Other assets (due beyond one year) $ 1 $ - Other liabilities (due within one year) (1) (1) Other liabilities (due beyond one year) (6) (24) Net amount recognized in the consolidated balance sheets $ (6) $ (25) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in millions) 2022 2021 Accumulated income (loss) $ (56) $ (68) Accumulated other comprehensive income (loss) $ (56) $ (68) (Some amounts may not reconcile due |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in millions) 2022 2021 Other comprehensive income (loss) at December 31, prior year $ (68) $ (92) Net gain (loss) arising during period 7 15 Recognition of amortizations in net periodic benefit cost: Actuarial loss 4 9 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ (56) $ (68) (Some amounts may not reconcile due to rounding.) |
Summary Of Net Periodic Benefit Cost | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Service cost $ 9 $ 11 $ 10 Interest cost 10 8 10 Expected return on assets (25) (24) (21) Amortization of actuarial loss from earlier periods 4 8 9 Settlement 1 - 1 Net periodic benefit cost $ (2) $ 3 $ 8 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from (12) (24) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (14) $ (21) (Some amounts may not reconcile due |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in millions) 2022 2021 Qualified Plan $ 258 $ 339 Non-qualified Plan 6 12 Total $ 264 $ 352 (Some amounts may not reconcile due |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in millions) 2022 2021 Qualified Plan Projected benefit obligation $ 284 $ 390 Fair value of plan assets 285 377 Non-qualified Plan Projected benefit obligation $ 6 $ 12 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in millions) 2022 2021 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation 6 12 Fair value of plan assets $ - $ - |
Expected Benefit Payments | (Dollars in millions) 2023 $ 13 2024 14 2025 14 2026 15 2027 17 Next 5 years 100 |
Fair Value Measurement Levels For Qualified Plan Assets | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2022 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 4 $ 4 $ - $ - Mutual funds, fair value Fixed income (b) 68 68 - - Equities (c) 211 211 - - Total $ 283 $ 283 $ - $ - (Some amounts may not reconcile due (a) (b) approximately 70 % in U.S. securities and 30 % in international securities. (c) and securities with common stock characteristics, 50 % in U.S. equities and 50 % in international equities. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in millions) 2021 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 3 $ 3 $ - $ - Mutual funds, fair value Fixed income (b) 85 85 - - Equities (c) 287 287 - - Total $ 375 $ 375 $ - $ - (Some amounts may not reconcile due (a) (b) approximately 70 % in U.S. securities and 30 % in international securities. (c) and securities with common stock characteristics, 50 % in U.S. equities and 50 % in international equities. |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in millions) 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 31 $ 35 Service cost 1 1 Interest cost 1 1 Amendments - - Actuarial (gain)/loss (10) (6) Benefits paid - - Benefit obligation at end of year 21 31 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions - - Benefits paid - - Fair value of plan assets at end of year - - Funded status at end of year $ (21) $ (31) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in millions) 2022 2021 Other liabilities (due within one year) $ (1) $ (1) Other liabilities (due beyond one year) (21) (30) Net amount recognized in the consolidated balance sheets $ (21) $ (31) (Some amounts may not reconcile due |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in millions) 2022 2021 Accumulated income (loss) $ 13 $ 2 Accumulated prior service credit (cost) 1 2 Accumulated other comprehensive income (loss) $ 14 $ 4 |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in millions) 2022 2021 Other comprehensive income (loss) at December 31, prior year $ 4 $ (2) Net gain (loss) arising during period 10 6 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - - Prior service cost - (1) Other comprehensive income (loss) at December 31, current year $ 14 $ 4 |
Summary Of Net Periodic Benefit Cost | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Service cost $ 1 $ 1 $ 1 Interest cost 1 1 1 Prior service credit recognition - (1) (1) Net gain recognition - - - Net periodic cost $ 1 $ 1 $ 1 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (10) (5) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (9) $ (4) (Some amounts may not reconcile due |
Expected Benefit Payments | (Dollars in millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 Next 5 years 7 |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And Actual Statutory Capital | Everest Re (1) At December 31, (Dollars in millions) 2022 2021 Regulatory targeted capital $ 3,353 $ 2,960 Actual capital $ 5,553 $ 5,717 (1) Regulatory targeted capital represents 200 % of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At December 31, (Dollars in millions) 2022 2021 The Prudential $ 137 $ 138 Unaffiliated life insurance company 34 35 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related-Party Transactions [Abstract] | |
Schedule Of Related-Party Long-Term Notes | December 31, 2022 December 31, 2021 Consolidated Consolidated Principal Balance Sheet Fair Balance Sheet Fair (Dollars in millions) Date Issued Date Due Amounts Amount Value Amount Value 1.69 % Long-term Note 12/17/2019 12/17/2028 300 $ 300 $ 242 $ 300 $ 264 1.00 % Long-term Note 08/05/2021 08/05/2030 200 200 151 200 165 3.11 % Long-term Note 06/14/2022 06/14/2052 215 215 171 - - 4.34 % Long-term Note 12/12/2022 12/12/2052 125 125 125 - - 840 $ 840 $ 689 $ 500 $ 429 |
Schedule Of Related-Party Interest Income | Years Ended December 31, (Dollars in millions) Interest Received Receivable Dates 2022 2021 2020 1.69 % Long-term Note annually December 17 $ 5 $ 5 $ 5 1.00 % Long-term Note annually August 5 2 1 - 3.11 % Long-term Note annually June 14 4 - - $ 11 $ 6 $ 5 (Some amounts may not reconcile due to rounding.) |
Dividends Received On Preferred Shares | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Dividends received on preferred stock of affiliate $ 31 $ 31 $ 31 |
Expenses Incurred By Holdings From Services Provided By Affiliated Company | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Expenses incurred $ 204 $ 133 $ 124 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Year Ended December 31, 2022 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 5,948 $ 3,729 $ 9,677 Net written premiums 5,269 2,763 8,032 Premiums earned $ 5,212 $ 2,664 $ 7,876 Incurred losses and LAE 3,957 1,865 5,823 Commission and brokerage 1,326 306 1,632 Other underwriting expenses 139 363 501 Underwriting gain (loss) $ (210) $ 130 $ (81) Net investment income 638 Net gains (losses) on investments (982) Corporate expenses (26) Interest, fee and bond issue cost amortization expense (101) Other income (expense) (6) Income (loss) before taxes $ (557) Year Ended December 31, 2021 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 6,028 $ 3,303 $ 9,331 Net written premiums 5,265 2,455 7,719 Premiums earned $ 4,949 $ 2,230 $ 7,179 Incurred losses and LAE 3,761 1,626 5,387 Commission and brokerage 1,250 262 1,513 Other underwriting expenses 143 311 454 Underwriting gain (loss) $ (206) $ 31 $ (175) Net investment income 745 Net gains (losses) on investments 501 Corporate expenses (33) Interest, fee and bond issue cost amortization expense (70) Other income (expense) 23 Income (loss) before taxes $ 991 (Some amounts may not reconcile due to rounding.) Year Ended December 31, 2020 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 5,266 $ 2,691 $ 7,957 Net written premiums 4,632 2,006 6,639 Premiums earned $ 4,485 $ 1,922 $ 6,407 Incurred losses and LAE 3,209 1,399 4,608 Commission and brokerage 1,120 253 1,373 Other underwriting expenses 119 282 401 Underwriting gain (loss) $ 36 $ (12) $ 24 Net investment income 376 Net gains (losses) on investments 50 Corporate expenses (16) Interest, fee and bond issue cost amortization expense (36) Other income (expense) (15) Income (loss) before taxes $ 384 (Some amounts may not reconcile due to rounding.) |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Canada gross written premiums $ 379 $ 252 $ 321 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Net income (loss) | $ (445) | $ 800 | $ 352 |
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10% | ||
Number of operating segments | 2 | ||
Retained Earnings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Net income (loss) | $ (445) | $ 800 | $ 352 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances | $ 722 | ||
Unrealized loss from transfer | (53) | ||
Additional contractual commitments | $ 927 | ||
Contractual commitments, investment period expiration date | 2026 | ||
Other invested assets | $ 2,754 | 1,675 | |
Fixed maturities, available for sale, at fair value | 12,671 | 12,860 | |
Maximum exposure to loss | 2,800 | 1,700 | |
Commitments to fund investments | 857 | ||
Securities, carrying value | 1,400 | ||
Policy Cash Surrender Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other invested assets | 939 | ||
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of investments in unrealized loss position | 11,222 | 5,882 | |
Gross unrealized losses on investments in unrealized loss position | 1,013 | 86 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 591 | 71 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 421 | 15 | |
Fixed maturities, available for sale, at fair value | $ 12,671 | $ 12,860 | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 2.10% | ||
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | Issuer with the second largest unrealized loss position [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.60% | 0.40% | |
Fixed Maturity Securities [Member] | US Government Debt Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 4.30% | ||
Recorded an Allowance for Credit Losses [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of investments in unrealized loss position | $ 2 | $ 16 | |
Gross unrealized losses on investments in unrealized loss position | 1 | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 1 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | |||
Gross unrealized depreciation | (0.4) | ||
Investment Grade [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 520 | 62 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 392 | $ 12 | |
Private Placement Liquidity Sweep [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fixed maturities, available for sale, at fair value | $ 309 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost, Allowance For Credit Losses, Gross Unrealized Appreciation/(Depreciation) And Fair Value Of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed maturity securities - available for sale: | ||
Amortized Cost | $ 13,699 | $ 12,733 |
Allowance for Credit Losses | (46) | (27) |
Fair Value | 12,671 | 12,860 |
Fixed maturity securities - held to maturity: | ||
Allowance for credit losses | (9) | |
Fair Value | 793 | |
Fixed Maturity Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 13,699 | 12,733 |
Allowance for Credit Losses | (46) | (27) |
Unrealized Appreciation | 30 | 241 |
Unrealized Depreciation | (1,013) | (86) |
Fair Value | 12,671 | 12,860 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 820 | |
Allowance for credit losses | (9) | |
Unrealized Appreciation | 3 | |
Unrealized Depreciation | (22) | |
Fair Value | 793 | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 575 | 657 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 9 | |
Unrealized Depreciation | (40) | (3) |
Fair Value | 535 | 663 |
Obligation of U.S. States and Political Subdivisions [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 444 | 559 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 2 | 29 |
Unrealized Depreciation | (32) | (1) |
Fair Value | 413 | 587 |
Corporate Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 3,913 | 4,036 |
Allowance for Credit Losses | (45) | (19) |
Unrealized Appreciation | 14 | 89 |
Unrealized Depreciation | (322) | (31) |
Fair Value | 3,561 | 4,075 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 152 | |
Allowance for credit losses | (2) | |
Unrealized Appreciation | ||
Unrealized Depreciation | (6) | |
Fair Value | 144 | |
Asset-backed Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 4,111 | 3,464 |
Allowance for Credit Losses | (8) | |
Unrealized Appreciation | 5 | 21 |
Unrealized Depreciation | (165) | (11) |
Fair Value | 3,951 | 3,466 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 634 | |
Allowance for credit losses | (6) | |
Unrealized Appreciation | 2 | |
Unrealized Depreciation | (15) | |
Fair Value | 614 | |
Commercial [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 569 | 586 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 21 | |
Unrealized Depreciation | (59) | (4) |
Fair Value | 509 | 603 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 7 | |
Allowance for credit losses | ||
Unrealized Appreciation | ||
Unrealized Depreciation | ||
Fair Value | 7 | |
Agency Residential [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 1,792 | 1,255 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 3 | 16 |
Unrealized Depreciation | (167) | (10) |
Fair Value | 1,628 | 1,261 |
Non-agency Residential [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 3 | 4 |
Allowance for Credit Losses | ||
Unrealized Appreciation | ||
Unrealized Depreciation | ||
Fair Value | 3 | 4 |
Foreign Government Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 696 | 677 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 2 | 22 |
Unrealized Depreciation | (61) | (7) |
Fair Value | 637 | 692 |
Foreign Corporate Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 1,597 | 1,494 |
Allowance for Credit Losses | (1) | |
Unrealized Appreciation | 4 | 34 |
Unrealized Depreciation | (167) | (18) |
Fair Value | 1,433 | $ 1,510 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 28 | |
Allowance for credit losses | (1) | |
Unrealized Appreciation | 2 | |
Unrealized Depreciation | ||
Fair Value | $ 28 |
Investments (Summary Of Amort_2
Investments (Summary Of Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed maturity securities - available for sale: | ||
Amortized Cost | $ 13,699 | $ 12,733 |
Fair Value | 12,671 | 12,860 |
Fixed Maturity Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Due in one year or less, Amortized Cost | 581 | 586 |
Due after one year through five years, Amortized Cost | 3,684 | 3,488 |
Due after five years through ten years, Amortized Cost | 2,003 | 2,260 |
Due after ten years, Amortized Cost | 958 | 1,088 |
Amortized Cost | 13,699 | 12,733 |
Due in one year or less, Fair Value | 563 | 584 |
Due after one year through five years, Fair Value | 3,429 | 3,527 |
Due after five years through ten years, Fair Value | 1,760 | 2,310 |
Due after ten years, Fair Value | 827 | 1,106 |
Fair Value | 12,671 | 12,860 |
Fixed maturity securities - held to maturity: | ||
Due in one year or less, Amortized Cost | 5 | |
Due after one year through five years, Amortized Cost | 63 | |
Due after five years through ten years, Amortized Cost | 43 | |
Due after ten years, Amortized Cost | 68 | |
Amortized Cost | 820 | |
Due in one year or less, Fair Value | 5 | |
Due after one year through five years, Fair Value | 61 | |
Due after five years through ten years, Fair Value | 41 | |
Due after ten years, Fair Value | 65 | |
Fair Value | 793 | |
Asset-backed Securities [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 4,111 | 3,464 |
Fair Value | 3,951 | 3,466 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 634 | |
Fair Value | 614 | |
Commercial [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 569 | 586 |
Fair Value | 509 | 603 |
Fixed maturity securities - held to maturity: | ||
Amortized Cost | 7 | |
Fair Value | 7 | |
Agency Residential [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 1,792 | 1,255 |
Fair Value | 1,628 | 1,261 |
Non-agency Residential [Member] | ||
Fixed maturity securities - available for sale: | ||
Amortized Cost | 3 | 4 |
Fair Value | $ 3 | $ 4 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (1,187) | $ (242) | |
Deferred tax benefit (expense) | 249 | 51 | |
Total URA(D) on securities arising during the period | (938) | (191) | $ 189 |
Fixed Maturity Securities and Short-Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (1,187) | $ (242) |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 8,524 | $ 5,390 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (591) | (71) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,698 | 492 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (421) | (15) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 11,222 | 5,882 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,013) | (86) |
No Recorded Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 8,522 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (591) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,698 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (421) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 11,220 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,012) | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 290 | 267 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (14) | (3) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 245 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (26) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 535 | 267 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (40) | (3) |
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 235 | 51 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (23) | (1) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 27 | 3 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 261 | 54 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (32) | (1) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2,138 | 1,465 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (175) | (25) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 841 | 201 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (146) | (6) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,979 | 1,666 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (321) | (31) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 3,120 | 1,891 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (138) | (11) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 436 | 38 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (27) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,556 | 1,929 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (165) | (11) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 464 | 139 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (50) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 36 | 35 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 500 | 174 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (59) | (4) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 852 | 699 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (54) | (7) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 605 | 168 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (113) | (3) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,456 | 867 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (167) | (10) |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2 | 1 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3 | 2 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 455 | 200 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (36) | (5) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 144 | 15 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (25) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 599 | 215 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (61) | (7) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 967 | 677 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (100) | (17) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 365 | 33 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (67) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,332 | 710 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (167) | (18) |
Recorded an Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ||
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2 | $ 16 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (1) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 8,524 | $ 5,390 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (591) | (71) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,698 | 492 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (421) | (15) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 11,222 | 5,882 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,013) | (86) |
No Recorded Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 8,522 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (591) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,698 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (421) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 11,220 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,012) | |
Due In One Year Or Less [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 463 | 81 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (8) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 29 | 36 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (4) | (4) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 491 | 117 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11) | (6) |
Due In One Year Through Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2,020 | 1,209 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (143) | (19) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 936 | 154 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (107) | (3) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,956 | 1,364 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (250) | (22) |
Due In Five Years Through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,162 | 853 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (148) | (21) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 395 | 34 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (98) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,557 | 887 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (246) | (23) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 439 | 517 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (50) | (10) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 262 | 27 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (64) | (1) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 701 | 543 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (114) | (11) |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 3,120 | 1,891 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (138) | (11) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 436 | 38 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (27) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,556 | 1,929 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (165) | (11) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,318 | 839 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (105) | (9) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 641 | 203 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (122) | (5) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,959 | 1,042 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (226) | (14) |
Recorded an Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ||
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2 | $ 16 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (1) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 675 | $ 774 | $ 401 |
Funds held interest income (expense) | 6 | 8 | 6 |
Interest income from Parent | 11 | 6 | 5 |
Gross investment income | 691 | 788 | 412 |
Investment expenses | (52) | (43) | (36) |
Net investment income | 638 | 745 | 376 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 510 | 344 | 305 |
Equity Securities, at Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 16 | 15 | 11 |
Short-Term Investments and Cash [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 16 | 1 | 3 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 72 | 321 | 49 |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 31 | 31 | 31 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 30 | $ 63 | $ 2 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gains (losses) from dispositions | $ 51 | $ 39 | $ (41) |
Gains (losses) from fair value adjustments | (1,006) | 488 | 92 |
Total net gains (losses) on investments | (982) | 501 | 50 |
Beginning Balance | (27) | (2) | |
Credit losses on securities where credit losses were not previously recorded | (21) | (26) | |
Increases in allowance on previously impaired securities | (21) | (5) | |
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | 14 | 6 | |
Ending Balance | (55) | (27) | (2) |
Fixed Maturity Securities [Member] | Market Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (27) | (26) | (2) |
Net realized gains (losses) from dispositions | (79) | 8 | (36) |
Gains (losses) from fair value adjustments | 2 | ||
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (2) | ||
Beginning Balance | (19) | (1) | |
Credit losses on securities where credit losses were not previously recorded | (13) | (21) | |
Increases in allowance on previously impaired securities | (20) | (3) | |
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | 6 | 6 | |
Ending Balance | (46) | (19) | (1) |
Asset Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (6) | ||
Beginning Balance | (8) | ||
Credit losses on securities where credit losses were not previously recorded | (6) | (5) | |
Increases in allowance on previously impaired securities | (3) | ||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | 8 | ||
Ending Balance | (6) | (8) | |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (1) | ||
Beginning Balance | |||
Credit losses on securities where credit losses were not previously recorded | (2) | ||
Increases in allowance on previously impaired securities | |||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | |||
Ending Balance | (2) | ||
Equity Securities, at Fair Value [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gains (losses) from dispositions | 116 | 24 | (8) |
Gains (losses) from fair value adjustments | (447) | 254 | 276 |
Other Invested Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net gains (losses) on investments | 13 | 6 | 2 |
Other Invested Assets [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from fair value adjustments | (558) | 234 | (186) |
Short-Term Investments [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from fair value adjustments | $ 1 |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 39 | ||
Proceeds from equity securities sold | 2,203 | 862 | 375 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 2,645 | 961 | 631 |
Gross gains from sales | 9 | 33 | 24 |
Gross losses from sales | (88) | (24) | (60) |
Equity Securities, at Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from equity securities sold | 2,203 | 862 | 375 |
Gross gains from sales | 165 | 39 | 37 |
Gross losses from sales | $ (48) | $ (15) | $ (45) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 5,815 | $ 5,382 | $ 4,408 |
Increase in incurred prior years' reserves | $ 8 | 5 | 200 |
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | ||
Number of exposure groups | Item | 200 | ||
Reinsurance recoverable for paid and unpaid losses | $ 3,800 | 3,900 | |
Bermuda Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance recoverable for paid and unpaid losses | $ 1,900 | ||
Bermuda Re [Member] | Reinsurance Receivable For Paid And Unpaid Losses [Member] | Reinsurer Concentration Risk [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Concentration credit risk | 51% | ||
Higher Premiums Earned [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 389 | 442 | |
Retrocessionaire [Member] | Reinsurance Receivable For Paid And Unpaid Losses [Member] | Reinsurer Concentration Risk [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Concentration credit risk | 5% | ||
Catastrophe Losses [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 44 | $ 532 | |
Covid-19 [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 155 | ||
Russia/Ukraine Conflict [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | 25 | ||
Asbestos Issue [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase in incurred prior years' reserves | 113 | ||
Mt Logan Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance recoverable for paid and unpaid losses | $ 378 | ||
Mt Logan Re [Member] | Reinsurance Receivable For Paid And Unpaid Losses [Member] | Reinsurer Concentration Risk [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Concentration credit risk | 10% |
Reserves For Losses And LAE (Su
Reserves For Losses And LAE (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reserves For Losses And LAE [Abstract] | |||
Gross reserves beginning of period | $ 13,121 | $ 11,578 | $ 10,129 |
Less reinsurance recoverables on unpaid losses | (3,651) | (3,951) | (4,215) |
Net reserves beginning of period | 9,470 | 7,627 | 5,914 |
Incurred related to: Current year | 5,815 | 5,382 | 4,408 |
Incurred related to : Prior years | 8 | 5 | 200 |
Total incurred losses and LAE | 5,823 | 5,387 | 4,608 |
Paid related to: Current year | 1,097 | 2,374 | 1,902 |
Paid related to: Prior years | 2,867 | 1,127 | 1,018 |
Total paid losses and LAE | 3,964 | 3,501 | 2,920 |
Foreign exchange/translation adjustment | (35) | (42) | 24 |
Net reserves end of period | 11,294 | 9,470 | 7,627 |
Plus reinsurance recoverables | 3,684 | 3,651 | 3,951 |
Gross reserves end of period | $ 14,977 | $ 13,121 | $ 11,578 |
Reserves For Losses And LAE (In
Reserves For Losses And LAE (Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) $ in Millions | Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2013 USD ($) |
Short-duration Insurance Contracts [Line Items] | ||||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | $ 11,087 | |||||||||
Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 6,780 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,592 | |||||||||
All outstanding liabilities prior to 2013, net of reinsurance | 204 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 4,392 | |||||||||
Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 13,824 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 10,237 | |||||||||
All outstanding liabilities prior to 2013, net of reinsurance | 28 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 3,615 | |||||||||
Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 5,685 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 3,097 | |||||||||
All outstanding liabilities prior to 2013, net of reinsurance | 19 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,607 | |||||||||
Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 3,158 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,685 | |||||||||
All outstanding liabilities prior to 2013, net of reinsurance | ||||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 473 | |||||||||
2013 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 215 | $ 215 | $ 215 | $ 215 | $ 215 | $ 215 | $ 226 | $ 220 | $ 222 | $ 176 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 192 | 183 | 180 | 175 | 158 | 125 | 97 | 63 | 28 | 12 |
2013 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 203 | 203 | 203 | 203 | 203 | 203 | 204 | 244 | 286 | 390 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 199 | 197 | 196 | 195 | 191 | 185 | 177 | 163 | 152 | 128 |
2013 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 195 | 195 | 195 | 195 | 194 | 194 | 224 | 230 | 228 | 256 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Item | 21,078 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 194 | 193 | 189 | 183 | 167 | 150 | 130 | 102 | 69 | 17 |
2013 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 52 | 52 | 52 | 52 | 52 | 52 | 53 | 52 | 56 | 64 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 52 | 52 | 52 | 52 | 52 | 52 | 53 | 52 | 54 | $ 35 |
2014 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 227 | 227 | 227 | 227 | 227 | 227 | 256 | 234 | 254 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 208 | 186 | 182 | 173 | 143 | 106 | 76 | 34 | 15 | |
2014 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 357 | 357 | 357 | 357 | 357 | 356 | 385 | 508 | 588 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 349 | 342 | 339 | 336 | 333 | 318 | 289 | 234 | 151 | |
2014 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 255 | 255 | 255 | 254 | 254 | 254 | 240 | 238 | 237 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | |||||||||
Cumulative Number of Reported Claims | Item | 24,930 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 254 | 253 | 250 | 229 | 229 | 144 | 114 | 72 | 20 | |
2014 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 66 | 66 | 66 | 66 | 66 | 66 | 67 | 70 | 67 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 66 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | $ 40 | |
2015 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 236 | 236 | 236 | 236 | 236 | 236 | 249 | 208 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 205 | 193 | 186 | 167 | 145 | 84 | 38 | 15 | ||
2015 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 328 | 328 | 328 | 328 | 328 | 328 | 355 | 546 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 319 | 309 | 304 | 299 | 294 | 279 | 227 | 155 | ||
2015 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 269 | 265 | 265 | 277 | 277 | 277 | 258 | 258 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | |||||||||
Cumulative Number of Reported Claims | Item | 26,455 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 266 | 263 | 259 | 244 | 199 | 117 | 68 | 20 | ||
2015 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 85 | 88 | 88 | 75 | 75 | 75 | 75 | 81 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 76 | 76 | 76 | 75 | 75 | 75 | 70 | $ 45 | ||
2016 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 238 | 238 | 238 | 238 | 238 | 238 | 242 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 12 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 206 | 185 | 159 | 143 | 87 | 53 | 17 | |||
2016 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 642 | 642 | 642 | 643 | 647 | 647 | 625 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 611 | 600 | 596 | 591 | 584 | 489 | 231 | |||
2016 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 281 | 287 | 287 | 281 | 279 | 276 | 351 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Number of Reported Claims | Item | 30,793 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 318 | 313 | 308 | 299 | 275 | 101 | 25 | |||
2016 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 165 | 158 | 158 | 163 | 164 | 169 | 142 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 165 | 164 | 162 | 163 | 168 | 152 | $ 72 | |||
2017 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 203 | 203 | 203 | 203 | 203 | 198 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 23 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 164 | 145 | 122 | 104 | 84 | 26 | ||||
2017 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 2,210 | 2,172 | 2,119 | 2,025 | 1,857 | 1,273 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,195 | 2,118 | 2,022 | 1,900 | 1,542 | 781 | ||||
2017 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 232 | 236 | 237 | 237 | 237 | 304 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Number of Reported Claims | Item | 34,648 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 239 | 233 | 216 | 157 | 151 | 23 | ||||
2017 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 315 | 305 | 299 | 297 | 293 | 230 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 315 | 312 | 296 | 282 | 293 | $ 161 | ||||
2018 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 874 | 822 | 800 | 754 | 769 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 117 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 466 | 402 | 300 | 194 | 119 | |||||
2018 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 2,019 | 2,049 | 2,101 | 2,111 | 2,222 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 4 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,876 | 1,819 | 1,672 | 1,367 | 477 | |||||
2018 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 697 | 689 | 666 | 644 | 645 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 149 | |||||||||
Cumulative Number of Reported Claims | Item | 35,173 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 435 | 383 | 271 | 189 | 63 | |||||
2018 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 383 | 377 | 377 | 372 | 376 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 383 | 377 | 368 | 342 | $ 236 | |||||
2019 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,035 | 1,020 | 1,019 | 971 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 363 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 479 | 370 | 248 | 150 | ||||||
2019 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,513 | 1,618 | 1,691 | 1,685 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 9 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,398 | 1,279 | 1,037 | 670 | ||||||
2019 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 813 | 794 | 755 | 768 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 168 | |||||||||
Cumulative Number of Reported Claims | Item | 39,110 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 489 | 350 | 216 | 11 | ||||||
2019 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 354 | 348 | 349 | 337 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 353 | 350 | 336 | $ 218 | ||||||
2020 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,001 | 1,033 | 1,061 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 590 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 329 | 227 | 137 | |||||||
2020 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,845 | 1,905 | 1,862 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 82 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,432 | 1,118 | 536 | |||||||
2020 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 792 | 792 | 816 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 325 | |||||||||
Cumulative Number of Reported Claims | Item | 37,445 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 340 | 209 | 81 | |||||||
2020 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 503 | 509 | 509 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 386 | 366 | $ 263 | |||||||
2021 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,338 | 1,345 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 899 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 227 | 157 | ||||||||
2021 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 2,144 | 2,158 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 303 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,293 | 638 | ||||||||
2021 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,112 | 1,112 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 595 | |||||||||
Cumulative Number of Reported Claims | Item | 42,574 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 339 | 201 | ||||||||
2021 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 536 | 539 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 8 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 506 | $ 360 | ||||||||
2022 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,413 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,036 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 116 | |||||||||
2022 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 2,563 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,448 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | 564 | |||||||||
2022 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 1,039 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 635 | |||||||||
Cumulative Number of Reported Claims | Item | 36,436 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 221 | |||||||||
2022 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance | 699 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 242 | |||||||||
Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 383 |
Reserves For Losses And LAE (Av
Reserves For Losses And LAE (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | Dec. 31, 2022 |
Reinsurance [Member] | Casualty Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 11.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 9.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 12.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 13.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 9.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 11.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 5.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 3.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 5.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten | 4.20% |
Reinsurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 31.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 32.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 15.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 6.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 2.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 1.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 1.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 1.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten | 0.90% |
Insurance [Member] | Casualty Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 12% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 20.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 18.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 17.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 11.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 3.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 4.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 1.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 1.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten | 0.60% |
Insurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 57.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 34% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 3.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 1.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 1.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 0.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Ten | 0.10% |
Reserves For Losses And LAE (Re
Reserves For Losses And LAE (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | $ 11,087 | |||
Total reinsurance recoverable on unpaid claims | 3,684 | |||
Unallocated claims adjustment expenses | 175 | |||
Other | 32 | |||
Total other expenses | 207 | |||
Total gross liability for unpaid claims and claim adjustment expense | 14,977 | $ 13,121 | $ 11,578 | $ 10,129 |
Reinsurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 4,392 | |||
Total reinsurance recoverable on unpaid claims | 980 | |||
Reinsurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 3,615 | |||
Total reinsurance recoverable on unpaid claims | 908 | |||
Insurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,607 | |||
Total reinsurance recoverable on unpaid claims | 1,626 | |||
Insurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 473 | |||
Total reinsurance recoverable on unpaid claims | $ 169 |
Reserves For Losses And LAE (_2
Reserves For Losses And LAE (Summary Of Incurred Losses With Respect To A&E Reserves On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reserves For Losses And LAE [Abstract] | |||
Gross basis: Beginning of period reserves | $ 175 | $ 219 | $ 258 |
Gross basis: Incurred losses | 144 | 11 | 2 |
Gross basis: Paid losses | (42) | (55) | (40) |
Gross basis: End of period reserves | 278 | 175 | 219 |
Net basis: Beginning of period reserves | 128 | 167 | 197 |
Net basis: Incurred losses | 113 | (3) | (5) |
Net basis: Paid losses | (32) | (36) | (24) |
Net basis: End of period reserves | $ 210 | $ 128 | $ 167 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | $ 12,671,000,000 | $ 12,860,000,000 | |
Annual dividend rate | 1.75% | ||
Investments within other invested assets | 1,472,000,000 | 2,031,000,000 | |
Asset-backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | $ 3,951,000,000 | 3,466,000,000 | |
Redeemable Convertible Preferred Stock [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Preferred stock term | 25 years | ||
Annual dividend rate | 1.75% | ||
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | $ 10,946,000,000 | 10,863,000,000 | |
Investments within other invested assets | |||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | 1,725,000,000 | 1,997,000,000 | |
Investments within other invested assets | 1,472,000,000 | 2,031,000,000 | |
Transfers from level 3 | (779,000,000) | 0 | |
Internally Managed Public Equity Portfolio [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | 97,000,000 | 1,300,000,000 | |
Internally Managed Portfolio Collateralized Loan Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | 2,600,000,000 | 2,000,000,000 | |
Fair Value [Member] | Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments within other invested assets | 292,000,000 | 287,000,000 | |
Fixed Maturities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities, available for sale, at fair value | $ 1,700,000,000 | $ 2,000,000,000 | |
Senior Notes [Member] | Senior Notes 4.868% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Observable input constant maturity | 10 years | ||
Debt instrument, stated interest rate | 4.868% | ||
Date Due | Jun. 01, 2044 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | $ 12,671 | $ 12,860 |
Equity securities, at fair value | 194 | 1,758 |
Other invested assets, at fair value | 1,472 | 2,031 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Equity securities, at fair value | 132 | 1,722 |
Other invested assets, at fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 10,946 | 10,863 |
Equity securities, at fair value | 63 | 36 |
Other invested assets, at fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 1,725 | 1,997 |
Equity securities, at fair value | ||
Other invested assets, at fair value | 1,472 | 2,031 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 535 | 663 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 535 | 663 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Obligation of U.S. States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 413 | 587 |
Obligation of U.S. States and Political Subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Obligation of U.S. States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 413 | 587 |
Obligation of U.S. States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 3,561 | 4,075 |
Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 2,846 | 3,345 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 715 | 730 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 3,951 | 3,466 |
Asset-backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 2,957 | 2,215 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 994 | 1,251 |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 509 | 603 |
Commercial [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Commercial [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 509 | 603 |
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 1,628 | 1,261 |
Agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 1,628 | 1,261 |
Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Non-agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 3 | 4 |
Non-agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Non-agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 3 | 4 |
Non-agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 637 | 692 |
Foreign Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Foreign Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 637 | 692 |
Foreign Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 1,433 | 1,510 |
Foreign Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | ||
Foreign Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | 1,417 | 1,494 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, available for sale, at fair value | $ 16 | $ 16 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 1,997,000,000 | $ 1,260,000,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | $ (24,000,000) | $ (18,000,000) |
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List | Net income (loss) | Net income (loss) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | $ (36,000,000) | $ (2,000,000) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Purchases, issuances and settlements | $ 567,000,000 | $ 758,000,000 |
Transfers in and/or (out) of Level 3 and reclassification of securities in/(out) investment categories | (779,000,000) | 0 |
Ending balance | 1,725,000,000 | 1,997,000,000 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ (15,000,000) | $ (24,000,000) |
Fair Value Asset Recurring Basis Still Held Unrealized Gain Loss Statement Of Income Extensible List | Unrealized Gain (Loss) On Investments | Unrealized Gain (Loss) On Investments |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 730,000,000 | $ 631,000,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | (24,000,000) | (12,000,000) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 3,000,000 | 4,000,000 |
Purchases, issuances and settlements | 40,000,000 | 107,000,000 |
Transfers in and/or (out) of Level 3 and reclassification of securities in/(out) investment categories | (35,000,000) | |
Ending balance | 715,000,000 | 730,000,000 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | (23,000,000) | (16,000,000) |
Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1,251,000,000 | 623,000,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | (6,000,000) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (35,000,000) | (7,000,000) |
Purchases, issuances and settlements | 513,000,000 | 641,000,000 |
Transfers in and/or (out) of Level 3 and reclassification of securities in/(out) investment categories | (735,000,000) | |
Ending balance | 994,000,000 | 1,251,000,000 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 8,000,000 | (8,000,000) |
CMBS [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | ||
Total gains or (losses) (realized/unrealized), Included in earnings | ||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | 6,000,000 | |
Transfers in and/or (out) of Level 3 and reclassification of securities in/(out) investment categories | (6,000,000) | |
Ending balance | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 16,000,000 | 6,000,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | ||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (4,000,000) | |
Purchases, issuances and settlements | 8,000,000 | 10,000,000 |
Transfers in and/or (out) of Level 3 and reclassification of securities in/(out) investment categories | (4,000,000) | |
Ending balance | 16,000,000 | 16,000,000 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 2,347,000,000 | $ 2,346,000,000 |
Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Principal Amounts | 2,400,000,000 | |
Consolidated Balance Sheet Amount | 2,347,000,000 | 2,346,000,000 |
Fair Value | $ 1,647,000,000 | 2,542,000,000 |
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Jun. 05, 2014 | |
Date Due | Jun. 01, 2044 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,000,000 | 397,000,000 |
Fair Value | $ 343,000,000 | 504,000,000 |
Debt instrument, stated interest rate | 4.868% | |
Senior Notes [Member] | Senior Notes 3.50% [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Oct. 07, 2020 | |
Date Due | Oct. 15, 2050 | |
Principal Amounts | $ 1,000,000,000 | |
Consolidated Balance Sheet Amount | 981,000,000 | 980,000,000 |
Fair Value | $ 677,000,000 | 1,055,000,000 |
Debt instrument, stated interest rate | 3.50% | |
Senior Notes [Member] | Senior Notes 3.125% [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Oct. 04, 2021 | |
Date Due | Oct. 15, 2052 | |
Principal Amounts | $ 1,000,000,000 | |
Consolidated Balance Sheet Amount | 969,000,000 | 969,000,000 |
Fair Value | $ 627,000,000 | $ 983,000,000 |
Debt instrument, stated interest rate | 3.125% |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 86 | $ 62 | $ 28 |
Senior Notes 4.868% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 19 | 19 | 19 |
Debt instrument, stated interest rate | 4.868% | ||
Senior Notes 3.50% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 35 | 35 | 8 |
Debt instrument, stated interest rate | 3.50% | ||
Senior Notes 3.125% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 32 | $ 8 | |
Debt instrument, stated interest rate | 3.125% |
Long-Term Subordinated Notes (N
Long-Term Subordinated Notes (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) Item | Feb. 14, 2023 | |
Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding debt reduction | $ 6 | |
Gain on repurchase and retirement of debt | $ 1 | |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | |
Debt instrument, maturity date | Jun. 01, 2044 | |
Senior Notes 3.50% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 3.50% | |
Debt instrument, maturity date | Oct. 15, 2050 | |
Senior Notes 3.125% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 3.125% | |
Debt instrument, maturity date | Oct. 15, 2052 | |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | |
Interest payment commencement date | Nov. 15, 2007 | |
Right to defer interest, number of occasions | Item | 1 | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
Percentage of principal amount required for redemption | 100% | |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Reset quarterly interest rate | 6.99% | |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 3, 2007 | |
Redemption date | May 15, 2017 | |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 14, 2017 | |
Redemption date | May 01, 2047 |
Long-Term Subordinated Notes (S
Long-Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 218,000,000 | $ 224,000,000 |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 218,000,000 | 224,000,000 |
Fair Value | $ 187,000,000 | $ 216,000,000 |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 01, 2067 |
Long-Term Subordinated Notes _2
Long-Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 9 | $ 6 | $ 8 |
Federal Home Loan Bank Member_2
Federal Home Loan Bank Membership (Narrative) (Details) - Federal Home Loan Bank Of New York [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Maximum percentage of admitted assets allowed for borrowing base | 10% | |
Admitted assets for FHLB | $ 22,400 | |
Maximum amount available under FHLB | 2,200 | |
Outstanding | $ 519 | |
Amount of borrowed funds required to be used to acquire additional membership stock, percentage | 4.50% | |
Interest expense | $ 4 | $ 1 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Effects of Reinsurance [Line Items] | ||
Amount on deposit in trust accounts | $ 705 | $ 592 |
Restricted cash | $ 21 | $ 87 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Summary of Collateralized Reinsurance Agreements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effects of Reinsurance [Line Items] | |||
Limit | $ 1,645 | $ 1,612 | $ 1,318 |
Kilimanjaro Re Limited [Member] | |||
Effects of Reinsurance [Line Items] | |||
Limit | $ 2,063 | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 30, 2018 | ||
Expiration date | May 05, 2023 | ||
Limit | $ 63 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 30, 2018 | ||
Expiration date | May 05, 2023 | ||
Limit | $ 200 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2023 | ||
Limit | $ 150 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2023 | ||
Limit | $ 275 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2024 | ||
Limit | $ 150 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2024 | ||
Limit | $ 275 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 08, 2021 | ||
Expiration date | Apr. 21, 2025 | ||
Limit | $ 150 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 08, 2021 | ||
Expiration date | Apr. 21, 2025 | ||
Limit | $ 85 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class C-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 08, 2021 | ||
Expiration date | Apr. 21, 2025 | ||
Limit | $ 85 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 08, 2021 | ||
Expiration date | Apr. 20, 2026 | ||
Limit | $ 150 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 08, 2021 | ||
Expiration date | Apr. 20, 2026 | ||
Limit | $ 90 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class C-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 08, 2021 | ||
Expiration date | Apr. 20, 2026 | ||
Limit | $ 90 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2022-1 Class A [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Jun. 22, 2022 | ||
Expiration date | Jun. 25, 2025 | ||
Limit | $ 300 | ||
Coverage Basis | Aggregate |
Collateralized Reinsurance An_5
Collateralized Reinsurance And Trust Agreements (Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts) (Details) - Kilimanjaro Re Limited [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Effects of Reinsurance [Line Items] | |
Amount | $ 2,063 |
Series 2018-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 05, 2023 |
Amount | $ 63 |
Series 2018-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 05, 2023 |
Amount | $ 200 |
Series 2019-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2023 |
Amount | $ 150 |
Series 2019-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2023 |
Amount | $ 275 |
Series 2019-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2024 |
Amount | $ 150 |
Series 2019-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2024 |
Amount | $ 275 |
Series 2021-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 08, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 150 |
Series 2021-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 08, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 85 |
Series 2021-1 Class C-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 08, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 85 |
Series 2021-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 08, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 150 |
Series 2021-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 08, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 90 |
Series 2021-1 Class C-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 08, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 90 |
Series 2022-1 Class A [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Jun. 22, 2022 |
Maturity Date | Jun. 25, 2025 |
Amount | $ 300 |
Leases (Supplemental Informatio
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Lease expense incurred: Operating lease cost | $ 25 | $ 24 |
Operating lease right of use assets | $ 121 | $ 131 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating lease liabilities | $ 139 | $ 150 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Operating cash flows from operating leases | $ (18) | $ (16) |
Weighted average remaining operating lease term | 11 years 1 month 6 days | 11 years 9 months 18 days |
Weighted average discount rate on operating leases | 4% | 4% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 19 | |
2024 | 19 | |
2025 | 16 | |
2026 | 14 | |
2027 | 14 | |
Thereafter | 90 | |
Undiscounted lease payments | 172 | |
Less: present value adjustment | 32 | |
Total operating lease liability | $ 139 | $ 150 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||
Income tax rate | 21% | 21% | 21% | 21% | 35% |
Income tax expense (benefit) | $ (112,000,000) | $ 192,000,000 | $ 32,000,000 | ||
Foreign tax credits | 3,000,000 | 22,000,000 | |||
Tax benefits related to stock vestings and option exercises | 3,000,000 | 2,000,000 | 3,000,000 | ||
Tax benefits related to payment of dividends on restricted stock | 400,000 | 400,000 | 400,000 | ||
Unrealized losses on available for sale fixed maturity securities | 200,000,000 | ||||
Uncertain tax positions | 0 | 0 | 0 | ||
CARES Act [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense (benefit) | (33,000,000) | ||||
Net liability (refund) | $ (183,000,000) | ||||
U.S. Separate Return Limitation [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | 1,000,000 | ||||
Branch Basket [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign tax credits | $ 3,000,000 | $ 29,000,000 | |||
FTC tax credit carryforward, expiration | Dec. 31, 2030 | ||||
Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
NOL carryforward, expiration | Dec. 31, 2037 | ||||
Internal Revenue Service (IRS) [Member] | Tax Year 2015 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net liability (refund) | $ (2,000,000) | ||||
Internal Revenue Service (IRS) [Member] | Tax Year 2016 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net liability (refund) | $ (5,000,000) |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
U.S. | $ 95 | $ 102 | $ (106) |
Foreign | |||
Total current tax expense (benefit) | 95 | 102 | (106) |
Total deferred U.S. tax expense (benefit) | (207) | 90 | 138 |
Total income tax expense (benefit) | $ (112) | $ 192 | $ 32 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Total Income Tax Provision Using U.S. Federal Income Tax Rate To Company's Total Income Tax Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Expected income tax provision at the U.S. statutory tax rate | $ (117) | $ 208 | $ 81 |
Increase (decrease) in taxes resulting from: | |||
Tax exempt income | (4) | (4) | (4) |
Dividend received deduction | (3) | (1) | (1) |
Proration | 1 | 1 | 1 |
Creditable foreign premium tax | (11) | (13) | (12) |
Reserve adjustment | (19) | ||
U.S. BEAT tax | 22 | ||
Share based compensation | (3) | (2) | (3) |
Impact of CARES Act | (33) | ||
Prior year true up | 16 | (4) | |
Other | 6 | 3 | 7 |
Total income tax expense (benefit) | $ (112) | $ 192 | $ 32 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets/(Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
Net unrealized investment losses | $ 200 | |
Loss reserves | 154 | 130 |
Unearned premium reserve | 114 | 108 |
Lease liability | 29 | 31 |
Unrealized foreign currency losses | 24 | 4 |
Investment impairments | 12 | 6 |
Net unrecognized losses on benefit plans | 9 | 13 |
Equity compensation | 7 | 7 |
Foreign tax credits | 3 | 22 |
Other assets | 12 | 12 |
Total deferred tax assets | 564 | 333 |
Net fair value income | 141 | 349 |
Deferred acquisition costs | 105 | 99 |
Partnership investments | 56 | 57 |
Right of use asset | 25 | 27 |
Depreciation | 16 | 4 |
Bond market discount | 5 | 3 |
Net unrealized investment gains | 35 | |
Other liabilities | 6 | 5 |
Total deferred tax liabilities | 354 | 579 |
Net deferred tax assets | $ 210 | |
Net deferred tax (liabilities) | $ (246) |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 GBP (£) | Dec. 31, 2018 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Reinsurance [Line Items] | |||||
Reinsurance recoverables - affiliated | $ 1,935 | $ 2,299 | |||
Subject loss reserves | $ 2,300 | ||||
Amount of Transfer | 1,000 | ||||
Bermuda Re [Member] | |||||
Reinsurance [Line Items] | |||||
Reinsurance recoverables - affiliated | $ 804 | $ 856 | |||
Amount of Transfer | 970 | ||||
Adverse development coverage | $ 500 | ||||
Bermuda Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | |||||
Reinsurance [Line Items] | |||||
Reinsurance agreement | £ | £ 100 | ||||
Bermuda Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | Coverage for each Catastrophe Occurrence above Specified Amount [Member] | |||||
Reinsurance [Line Items] | |||||
Reinsurance agreement | £ | £ 40 | ||||
Ireland Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | |||||
Reinsurance [Line Items] | |||||
Reinsurance agreement | € | € 145 | ||||
Ireland Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | Coverage for each Catastrophe Occurrence above Specified Amount [Member] | |||||
Reinsurance [Line Items] | |||||
Reinsurance agreement | € | € 16 |
Reinsurance (Premiums Written A
Reinsurance (Premiums Written And Earned And Incurred Losses And LAE) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance [Abstract] | |||
Written premiums : Direct | $ 3,701 | $ 3,300 | $ 2,698 |
Written premiums: Assumed | 5,975 | 6,031 | 5,259 |
Written premiums: Ceded | (1,645) | (1,612) | (1,318) |
Net written premiums | 8,032 | 7,719 | 6,639 |
Premiums earned: Direct | 3,544 | 2,982 | 2,592 |
Premiums earned: Assumed | 5,945 | 5,741 | 5,183 |
Premiums earned: Ceded | (1,613) | (1,544) | (1,368) |
Net premiums earned | 7,876 | 7,179 | 6,407 |
Incurred losses and LAE: Direct | 2,423 | 2,043 | 1,785 |
Incurred losses and LAE: Assumed | 4,107 | 3,872 | 3,576 |
Incurred losses and LAE: Ceded | (708) | (528) | (753) |
Net incurred losses and LAE | $ 5,823 | $ 5,387 | $ 4,608 |
Reinsurance (Affiliated Quota S
Reinsurance (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 12 months ended Dec. 31, 2022 $ in Millions, $ in Millions | CAD ($) | USD ($) |
Coverage Period 01/01/2010-12/31/2010 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 44% | 44% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 150 | |
Aggregate Limit | $ 325 | |
Coverage Period 01/01/2011-12/31/2011 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 50% | 50% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 150 | |
Aggregate Limit | $ 300 | |
Coverage Period 01/01/2012-12/31/2014 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 50% | 50% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 100 | |
Aggregate Limit | $ 200 | |
Coverage Period 01/01/2015-12/31/2016 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 50% | 50% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 163 | |
Aggregate Limit | $ 325 | |
Coverage Period 01/01/2017-12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 60% | 60% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 219 | |
Aggregate Limit | $ 438 | |
Coverage Period 01/01/2010-12/31/2010 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 60% | 60% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property Business | Property Business |
Single Occurrence Limit | $ 350 | |
Aggregate Limit | ||
Coverage Period 01/01/2011-12/31/2011 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 60% | 60% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property Business | Property Business |
Single Occurrence Limit | $ 350 | |
Aggregate Limit | ||
Coverage Period 01/01/2012-12/31/2012 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 75% | 75% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 206 | |
Aggregate Limit | $ 413 | |
Coverage Period 01/01/2013-12/31/2013 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 75% | 75% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 150 | |
Aggregate Limit | $ 413 | |
Coverage Period 01/01/2014-12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 75% | 75% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Property / Casualty Business | Property / Casualty Business |
Single Occurrence Limit | $ 263 | |
Aggregate Limit | $ 413 | |
Coverage Period 01/01/2012-12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Canada | Everest Canada |
Percent Ceded | 80% | 80% |
Assuming Company | Branch | Branch |
Type of Business | Property Business | Property Business |
Single Occurrence Limit | ||
Aggregate Limit | ||
Coverage Period 01/01/2020 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest International Assurance | Everest International Assurance |
Percent Ceded | 100% | 100% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | Life Business | Life Business |
Single Occurrence Limit | ||
Aggregate Limit |
Reinsurance (Schedule Of Loss P
Reinsurance (Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2018 | |
Reinsurance [Line Items] | ||
Amount of Transfer | $ 1,000 | |
Effective Date 10/01/2001 [Member] | ||
Reinsurance [Line Items] | ||
Transferring Company | Everest Re (Belgium Branch) | |
Assuming Company | Bermuda Re | |
% of Business Transfer | 100% | |
Covered Period of Transfer | All years | |
Effective Date 10/01/2008 [Member] | ||
Reinsurance [Line Items] | ||
Transferring Company | Everest Re | |
Assuming Company | Bermuda Re | |
Amount of Transfer | $ 747 | |
Covered Period of Transfer | 01/01/2002-12/31/2007 | |
Effective Date 12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Transferring Company | Everest Re | |
Assuming Company | Bermuda Re | |
Amount of Transfer | $ 970 | |
Covered Period of Transfer | All years |
Reinsurance (Premiums And Losse
Reinsurance (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,645 | $ 1,612 | $ 1,318 |
Ceded earned premiums | 1,613 | 1,544 | 1,368 |
Assumed written premiums | 5,975 | 6,031 | 5,259 |
Assumed earned premiums | 5,945 | 5,741 | 5,183 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 170 | 286 | 263 |
Ceded earned premiums | 174 | 280 | 265 |
Ceded losses and LAE | 150 | 194 | 175 |
Bermuda Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 372 | 303 | 133 |
Ceded earned premiums | 371 | 300 | 132 |
Ceded losses and LAE | (16) | (59) | 110 |
Assumed written premiums | 3 | 5 | |
Assumed earned premiums | 5 | 4 | |
Ireland Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 10 | 16 | |
Assumed earned premiums | 10 | 15 | |
Assumed losses and LAE | 23 | 64 | |
Ireland Insurance [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 9 | 9 | 5 |
Assumed earned premiums | 8 | 6 | 4 |
Assumed losses and LAE | $ 5 | $ 3 | $ 2 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | $ 93 | ||
Tax Effect | (20) | ||
Net of Tax | 73 | ||
Reclassification, Before Tax | 3 | $ 8 | $ 8 |
Reclassification, Tax Effect | (1) | (2) | (2) |
Reclassification, Net of Tax | 2 | 6 | 6 |
Total, Before Tax | (1,189) | (223) | 258 |
Total, Tax Effect | 249 | 47 | (54) |
Total, Net of Tax | (939) | (177) | 204 |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (1,280) | (254) | 206 |
Tax Effect | 269 | 53 | (43) |
Net of Tax | (1,011) | (200) | 163 |
Reclassification, Before Tax | 93 | 12 | 32 |
Reclassification, Tax Effect | (20) | (3) | (7) |
Reclassification, Net of Tax | 73 | 9 | 25 |
Total, Net of Tax | (938) | (191) | |
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (23) | (11) | 18 |
Tax Effect | 5 | 2 | (4) |
Net of Tax | (18) | (9) | 14 |
Total, Net of Tax | (18) | (9) | |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 18 | 22 | (7) |
Tax Effect | (4) | (5) | 1 |
Net of Tax | 15 | 17 | $ (6) |
Total, Net of Tax | $ 17 | $ 23 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other underwriting expenses | $ 3 | $ 8 | $ 8 |
Income tax expense (benefit) | (1) | (2) | (2) |
Net income (loss) | 2 | 6 | 6 |
URA(D) On Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other underwriting expenses | 93 | 12 | 32 |
Income tax expense (benefit) | (20) | (3) | (7) |
Net income (loss) | 73 | 9 | $ 25 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other net realized capital gains (losses) | (93) | (12) | |
Income tax expense (benefit) | (20) | (3) | |
Net income (loss) | 73 | 9 | |
Benefit Plan Net Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other underwriting expenses | 3 | 8 | |
Income tax expense (benefit) | (1) | (2) | |
Net income (loss) | $ 2 | $ 6 |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 7,038 | $ 6,414 | |
Current period change | (939) | (177) | $ 204 |
Ending balance | 5,654 | 7,038 | 6,414 |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 122 | 313 | |
Current period change | (938) | (191) | |
Ending balance | (816) | 122 | 313 |
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 20 | 29 | |
Current period change | (18) | (9) | |
Ending balance | 2 | 20 | 29 |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (50) | (74) | |
Current period change | 17 | 23 | |
Ending balance | (33) | (50) | (74) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 91 | 268 | 64 |
Current period change | (939) | (177) | 204 |
Ending balance | $ (848) | $ 91 | $ 268 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2030 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average discount rate used to determine net periodic benefit cost | 2.86% | 2.55% | 3.28% | |
Rate of compensation increase to determine the net periodic benefit cost | 4% | 4% | 4% | |
Expected long-term rate of return on plan assets | 6.75% | 7% | 7% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 5.25% | 2.86% | 2.55% | |
Company contributions | $ 6,000,000 | $ 4,000,000 | $ 7,000,000 | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Private equity limited partnership | 2,000,000 | 3,000,000 | ||
Company contributions | $ 0 | 0 | ||
Defined Contribution Plans [Member] | Us Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3% | |||
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3% | |||
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8% | |||
Vested contribution after three years, percentage | 100% | |||
Incurred expenses | $ 18,000,000 | 15,000,000 | 14,000,000 | |
Defined contribution plans vesting period, years | 3 years | |||
Defined Contribution Plans [Member] | Non US Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Incurred expenses | $ 700,000 | $ 600,000 | $ 800,000 | |
Defined contribution plan employer contribution percentage for branch offices, minimum | 7.80% | |||
Defined contribution plan employer contribution percentage for branch offices, maximum | 9.60% | |||
Post-Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average discount rate used to determine net periodic benefit cost | 2.86% | 2.55% | 3.28% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 5.25% | 2.86% | 2.55% | |
Incurred expenses | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |
Health inflation rate | 7% | |||
Post-Retirement Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Health inflation rate | 4.75% | |||
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 74% | |||
Target asset allocation percentage | 70% | |||
Fixed Maturities [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 24% | |||
Limited Partner [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 1% | |||
Cash [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 1% | |||
Bonds [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 30% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 6 | $ 4 | $ 7 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ (2) | $ 3 | $ 8 |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Change in projected benefit obligation: | |||
Benefit obligation at beginning of year | $ 403 | $ 404 | |
Service cost | 9 | 11 | $ 10 |
Interest cost | 10 | 8 | 10 |
Actuarial (gain)/loss | (115) | (9) | |
Curtailment | |||
Benefits paid | (15) | (12) | |
Projected benefit obligation at end of year | 291 | 403 | 404 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 377 | 354 | |
Actual return on plan assets | (83) | 31 | |
Actual contributions during the year | 6 | 4 | |
Benefits paid | (15) | (12) | |
Fair value of plan assets at end of year | 285 | 377 | 354 |
Funded status at end of year | (6) | (25) | |
Post-Retirement Plan [Member] | |||
Change in projected benefit obligation: | |||
Benefit obligation at beginning of year | 31 | 35 | |
Service cost | 1 | 1 | 1 |
Interest cost | 1 | 1 | 1 |
Amendments | |||
Actuarial (gain)/loss | (10) | (6) | |
Benefits paid | |||
Projected benefit obligation at end of year | 21 | 31 | 35 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | |||
Actual contributions during the year | |||
Benefits paid | |||
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (21) | $ (31) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | $ 1 | |
Other liabilities (due within one year) | (1) | (1) |
Other liabilities (due beyond one year) | (6) | (24) |
Net amount recognized in the consolidated balance sheets | (6) | (25) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (1) | (1) |
Other liabilities (due beyond one year) | (21) | (30) |
Net amount recognized in the consolidated balance sheets | $ (21) | $ (31) |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (56) | $ (68) | |
Accumulated other comprehensive (income) loss | (56) | (68) | $ (92) |
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | 13 | 2 | |
Accumulated prior service credit (cost) | 1 | 2 | |
Accumulated other comprehensive (income) loss | $ 14 | $ 4 | $ (2) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | $ (68) | $ (92) | |
Net gain (loss) arising during period | 7 | 15 | |
Actuarial loss (gain) | 4 | 9 | |
Curtailment loss recognized | |||
Other comprehensive income (loss) at December 31, current year | (56) | (68) | $ (92) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | 4 | (2) | |
Net gain (loss) arising during period | 10 | 6 | |
Prior Service credit (cost) arising during period | |||
Actuarial loss (gain) | |||
Other comprehensive income (loss) at December 31, current year | $ 14 | $ 4 | $ (2) |
Employee Benefit Plans (Summa_4
Employee Benefit Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9 | $ 11 | $ 10 |
Interest cost | 10 | 8 | 10 |
Expected return on assets | (25) | (24) | (21) |
Net gain recognition | (4) | (9) | |
Amortization of actuarial loss from earlier periods | 4 | 8 | 9 |
Settlement charge | 1 | 1 | |
Net periodic benefit cost | (2) | 3 | 8 |
Other comprehensive gain (loss) attributable to change from prior year | (12) | (24) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (14) | (21) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 1 | 1 | 1 |
Prior service credit recognition | (1) | (1) | |
Net gain recognition | |||
Net periodic benefit cost | 1 | 1 | $ 1 |
Other comprehensive gain (loss) attributable to change from prior year | (10) | (5) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (9) | $ (4) |
Employee Benefit Plans (Summa_5
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 264 | $ 352 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | 258 | 339 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 6 | $ 12 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 284 | $ 390 |
Fair value of plan assets | 285 | 377 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 6 | 12 |
Fair value of plan assets |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | ||
Fair value of plan assets | ||
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 6 | 12 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 13 |
2024 | 14 |
2025 | 14 |
2026 | 15 |
2027 | 17 |
Next 5 years | 100 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 1 |
2024 | 1 |
2025 | 1 |
2026 | 1 |
2027 | 1 |
Next 5 years | $ 7 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent of equities mutual funds in US equities | 50% | |
Percent of equities mutual funds in international equities | 50% | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | $ 4 | $ 3 |
Total | 283 | 375 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | 4 | 3 |
Total | 283 | 375 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | $ 68 | $ 85 |
Percent of fixed income funds in US securities | 70% | 70% |
Percent of fixed income funds in international securities | 30% | 30% |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | $ 68 | $ 85 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 211 | $ 287 |
Percent of equities mutual funds in US equities | 50% | |
Percent of equities mutual funds in international equities | 50% | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 211 | $ 287 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |||
Dividend payment restrictions, maximum percentage of statutory surplus required | 10% | ||
Available for payment of dividends in 2012 without need for prior regulatory approval | $ 555 | ||
Statutory capital and surplus | 5,600 | $ 5,700 | |
Statutory net income (loss) | $ 294 | $ 264 | $ 595 |
Regulatory targeted capital percent of risk based capital Model, minimum target | 200% |
Dividend Restrictions And Sta_4
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And Actual Statutory Capital) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | ||
Regulatory targeted capital | $ 3,353 | $ 2,960 |
Actual capital | $ 5,553 | $ 5,717 |
Regulatory targeted capital percent of risk based capital Model, minimum target | 200% |
Commitments And Contingencies_2
Commitments And Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 137 | $ 138 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34 | $ 35 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) $ in Millions | 1 Months Ended |
Dec. 31, 2015 USD ($) shares | |
Related Party Transaction [Line Items] | |
Shares purchased and held | 9,719,971 |
Preferred shares par value | $ | $ 1 |
Annual dividend rate | 1.75% |
Shares received in exchange from affiliated entity for transfer | 1,773.214 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related-Party Long-Term Notes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Principal Amounts | $ 840 | |
Consolidated Balance Sheet Amount | 840 | $ 500 |
Fair Value | $ 689 | 429 |
1.69% Long-term Note [Member] | ||
Related Party Transaction [Line Items] | ||
Date Issued | Dec. 17, 2019 | |
Date Due | Dec. 17, 2028 | |
Principal Amounts | $ 300 | |
Consolidated Balance Sheet Amount | 300 | 300 |
Fair Value | $ 242 | 264 |
Interest rate | 1.69% | |
1.00% Long-term Note [Member] | ||
Related Party Transaction [Line Items] | ||
Date Issued | Aug. 05, 2021 | |
Date Due | Aug. 05, 2030 | |
Principal Amounts | $ 200 | |
Consolidated Balance Sheet Amount | 200 | 200 |
Fair Value | $ 151 | 165 |
Interest rate | 1% | |
3.11% Long-term Note [Member] | ||
Related Party Transaction [Line Items] | ||
Date Issued | Jun. 14, 2022 | |
Date Due | Jun. 14, 2052 | |
Principal Amounts | $ 215 | |
Consolidated Balance Sheet Amount | 215 | |
Fair Value | $ 171 | |
Interest rate | 3.11% | |
4.34% Long-term Note [Member] | ||
Related Party Transaction [Line Items] | ||
Date Issued | Dec. 12, 2022 | |
Date Due | Dec. 12, 2052 | |
Principal Amounts | $ 125 | |
Consolidated Balance Sheet Amount | 125 | |
Fair Value | $ 125 | |
Interest rate | 4.34% |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule Of Related-Party Interest Income ) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Interest Income | $ 11 | $ 6 | $ 5 |
1.69% Long-term Note [Member] | |||
Related Party Transaction [Line Items] | |||
Interest Received | annually | ||
Receivable Dates | December 17 | ||
Interest Income | $ 5 | 5 | 5 |
Interest rate | 1.69% | ||
1.00% Long-term Note [Member] | |||
Related Party Transaction [Line Items] | |||
Interest Received | annually | ||
Receivable Dates | August 5 | ||
Interest Income | $ 2 | 1 | |
Interest rate | 1% | ||
3.11% Long-term Note [Member] | |||
Related Party Transaction [Line Items] | |||
Interest Received | annually | ||
Receivable Dates | June 14 | ||
Interest Income | $ 4 | ||
Interest rate | 3.11% | ||
4.34% Long-term Note [Member] | |||
Related Party Transaction [Line Items] | |||
Interest rate | 4.34% |
Related-Party Transactions (Div
Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Related Party Transaction [Line Items] | |||
Dividends received on preferred stock of affiliate | $ 31 | $ 31 | $ 31 |
Related-Party Transactions (Exp
Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related-Party Transactions [Abstract] | |||
Expenses incurred | $ 204 | $ 133 | $ 124 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | No Other Country [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration credit risk | 5% | ||
Premiums Written, Gross [Member] | Customer Concentration Risk [Member] | Largest Intermediary [Member] | |||
Concentration Risk [Line Items] | |||
Concentration credit risk | 17.60% | 19.30% | 20.10% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 9,677 | $ 9,331 | $ 7,957 |
Net written premiums | 8,032 | 7,719 | 6,639 |
Premiums earned | 7,876 | 7,179 | 6,407 |
Incurred losses and LAE | 5,823 | 5,387 | 4,608 |
Commission and brokerage | 1,632 | 1,513 | 1,373 |
Other underwriting expenses | 501 | 454 | 401 |
Underwriting gain (loss) | (81) | (175) | 24 |
Net investment income | 638 | 745 | 376 |
Net gains (losses) on investments | (982) | 501 | 50 |
Corporate expenses | (26) | (33) | (16) |
Interest, fee and bond issue cost amortization expense | (101) | (70) | (36) |
Other income (expense) | (6) | 23 | (15) |
INCOME (LOSS) BEFORE TAXES | (557) | 991 | 384 |
Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 5,948 | 6,028 | 5,266 |
Net written premiums | 5,269 | 5,265 | 4,632 |
Premiums earned | 5,212 | 4,949 | 4,485 |
Incurred losses and LAE | 3,957 | 3,761 | 3,209 |
Commission and brokerage | 1,326 | 1,250 | 1,120 |
Other underwriting expenses | 139 | 143 | 119 |
Underwriting gain (loss) | (210) | (206) | 36 |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 3,729 | 3,303 | 2,691 |
Net written premiums | 2,763 | 2,455 | 2,006 |
Premiums earned | 2,664 | 2,230 | 1,922 |
Incurred losses and LAE | 1,865 | 1,626 | 1,399 |
Commission and brokerage | 306 | 262 | 253 |
Other underwriting expenses | 363 | 311 | 282 |
Underwriting gain (loss) | $ 130 | $ 31 | $ (12) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 9,677 | $ 9,331 | $ 7,957 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 379 | $ 252 | $ 321 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 20,498 |
Total investments and cash, Market Value | 19,177 |
Total investments and cash, Amount Shown in Balance Sheet | 19,195 |
Fixed Maturities [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 13,699 |
Total investments and cash, Market Value | 12,671 |
Total investments and cash, Amount Shown in Balance Sheet | 12,671 |
Fixed Maturities [Member] | Held-to-Maturity [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 820 |
Total investments and cash, Market Value | 793 |
Total investments and cash, Amount Shown in Balance Sheet | 811 |
U.S. Government And Government Agencies [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 575 |
Total investments and cash, Market Value | 535 |
Total investments and cash, Amount Shown in Balance Sheet | 535 |
Obligation of U.S. States and Political Subdivisions [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 444 |
Total investments and cash, Market Value | 413 |
Total investments and cash, Amount Shown in Balance Sheet | 413 |
Foreign Government Securities [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 696 |
Total investments and cash, Market Value | 637 |
Total investments and cash, Amount Shown in Balance Sheet | 637 |
Foreign Corporate Securities [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,597 |
Total investments and cash, Market Value | 1,433 |
Total investments and cash, Amount Shown in Balance Sheet | 1,433 |
Foreign Corporate Securities [Member] | Held-to-Maturity [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 28 |
Total investments and cash, Market Value | 28 |
Total investments and cash, Amount Shown in Balance Sheet | 27 |
Public Utilities [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 85 |
Total investments and cash, Market Value | 79 |
Total investments and cash, Amount Shown in Balance Sheet | 79 |
All Other Corporate Bonds [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 7,571 |
Total investments and cash, Market Value | 7,117 |
Total investments and cash, Amount Shown in Balance Sheet | 7,117 |
All Other Corporate Bonds [Member] | Held-to-Maturity [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 785 |
Total investments and cash, Market Value | 758 |
Total investments and cash, Amount Shown in Balance Sheet | 778 |
Commercial [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 568 |
Total investments and cash, Market Value | 509 |
Total investments and cash, Amount Shown in Balance Sheet | 509 |
Commercial [Member] | Held-to-Maturity [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 7 |
Total investments and cash, Market Value | 7 |
Total investments and cash, Amount Shown in Balance Sheet | 7 |
Agency Residential [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,792 |
Total investments and cash, Market Value | 1,628 |
Total investments and cash, Amount Shown in Balance Sheet | 1,628 |
Non-agency Residential [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 3 |
Total investments and cash, Market Value | 3 |
Total investments and cash, Amount Shown in Balance Sheet | 3 |
Redeemable Preferred Stock [Member] | Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 368 |
Total investments and cash, Market Value | 316 |
Total investments and cash, Amount Shown in Balance Sheet | 316 |
Equity Securities, at Fair Value [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 159 |
Total investments and cash, Market Value | 194 |
Total investments and cash, Amount Shown in Balance Sheet | 194 |
Short-Term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 812 |
Total investments and cash, Market Value | 812 |
Total investments and cash, Amount Shown in Balance Sheet | 812 |
Other Invested Assets [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 2,754 |
Total investments and cash, Market Value | 2,754 |
Total investments and cash, Amount Shown in Balance Sheet | 2,754 |
Other Invested Assets, at Fair Value [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,773 |
Total investments and cash, Market Value | 1,472 |
Total investments and cash, Amount Shown in Balance Sheet | 1,472 |
Cash [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 481 |
Total investments and cash, Market Value | 481 |
Total investments and cash, Amount Shown in Balance Sheet | $ 481 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements Captions [Line Items] | ||||
Repayment of debt | $ 6 | $ 11 | ||
Shares purchased and held | 9,719,971 | |||
Shares fair value | $ 1,800 | |||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | |||
Preferred shares par value | $ 1 | |||
Annual dividend rate | 1.75% | |||
Parent Company [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Repayment of debt | 6 | $ 11 | ||
Parent Company [Member] | Note Payable - Affiliated or Subsidiary [Member] | 4.34% Note Payable [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Original Principal Amount | $ 125 | |||
Debt instrument, stated interest rate | 4.34% | |||
Parent Company [Member] | Note Payable - Affiliated or Subsidiary [Member] | 3.35% Note Payable [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Original Principal Amount | $ 560 | |||
Debt instrument, stated interest rate | 3.35% | |||
Parent Company [Member] | Note Payable - Affiliated or Subsidiary [Member] | 3.11% Note Payable [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Original Principal Amount | $ 215 | |||
Debt instrument, stated interest rate | 3.11% | |||
Parent Company [Member] | Note Payable - Affiliated or Subsidiary [Member] | 3.25% Note Payable [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Original Principal Amount | $ 470 | |||
Debt instrument, stated interest rate | 3.25% | |||
Repayment of debt | $ 200 | |||
Debt outstanding | 270 | |||
Parent Company [Member] | Note Payable - Affiliated or Subsidiary [Member] | Note Payable Maturing February 2049 [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Original Principal Amount | $ 10 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value (amortized cost: 2022, $13,699; 2021, $12,733, credit allowances: 2022, $(46); 2021, $(27)) | $ 12,671 | $ 12,860 | |
Equity securities - at fair value | 194 | 1,758 | |
Other invested assets | 2,754 | 1,675 | |
Other invested assets, at fair value | 1,472 | 2,031 | |
Short-term investments | 812 | 696 | |
Cash | 481 | 699 | |
Total investments and cash | 19,195 | 19,719 | |
Note Receivable - affiliated | 840 | 500 | |
Accrued investment income | 150 | 90 | |
Other assets | 722 | 596 | |
TOTAL ASSETS | 27,957 | 27,695 | |
Senior notes | 2,347 | 2,346 | |
Long-term notes | 218 | 224 | |
Accrued interest on debt and borrowings | 19 | 17 | |
Other liabilities | 489 | 463 | |
Total liabilities | 22,303 | 20,657 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2022 and 2021) | |||
Additional paid-in capital | 1,102 | 1,102 | |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(225) at 2022 and $24 at 2021 | (848) | 91 | |
Retained earnings | 5,400 | 5,845 | |
Total stockholder's equity | 5,654 | 7,038 | $ 6,414 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 27,957 | 27,695 | |
Fixed maturities - available for sale, at fair value, amortized cost | $ 13,699 | $ 12,733 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 3,000 | 3,000 | |
Common stock, shares outstanding | 1,000 | 1,000 | |
Common stock, shares issued | 1,000 | 1,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (225) | $ 24 | |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value (amortized cost: 2022, $13,699; 2021, $12,733, credit allowances: 2022, $(46); 2021, $(27)) | 147 | ||
Equity securities - at fair value | 12 | 679 | |
Other invested assets | 194 | 242 | |
Other invested assets, at fair value | 1,472 | 2,031 | |
Short-term investments | 30 | 5 | |
Cash | 2 | ||
Total investments and cash | 1,710 | 3,104 | |
Investment in subsidiaries, at equity in the underlying net assets | 5,496 | 6,371 | |
Note Receivable - affiliated | 1,170 | 470 | |
Accrued investment income | 12 | 5 | |
Other assets | (2) | ||
TOTAL ASSETS | 8,388 | 9,948 | |
Senior notes | 2,347 | 2,346 | |
Long-term notes | 218 | 224 | |
Accrued interest on debt and borrowings | 17 | 17 | |
Income taxes | 144 | 317 | |
Due to affiliates | 7 | 5 | |
Total liabilities | 2,734 | 2,910 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2022 and 2021) | |||
Additional paid-in capital | 1,102 | 1,102 | |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(225) at 2022 and $24 at 2021 | (848) | 91 | |
Retained earnings | 5,400 | 5,845 | |
Total stockholder's equity | 5,654 | 7,038 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 8,388 | 9,948 | |
Fixed maturities - available for sale, at fair value, amortized cost | $ 148 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 3,000 | 3,000 | |
Common stock, shares outstanding | 1,000 | 1,000 | |
Common stock, shares issued | 1,000 | 1,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (225) | $ 24 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements Captions [Line Items] | |||
Net investment income | $ 638 | $ 745 | $ 376 |
Net gains (losses) on investments | (982) | 501 | 50 |
Other income (expense) | (6) | 23 | (15) |
Total revenues | 7,526 | 8,448 | 6,818 |
Interest expense | 101 | 70 | 36 |
Corporate expense | 26 | 33 | 16 |
Total claims and expenses | 8,083 | 7,457 | 6,434 |
INCOME (LOSS) BEFORE TAXES | (557) | 991 | 384 |
Income tax expense (benefit) | (112) | 192 | 32 |
NET INCOME (LOSS) | (445) | 800 | 352 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (1,011) | (200) | 163 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 73 | 9 | 25 |
Total URA(D) on securities arising during the period | (938) | (191) | 189 |
Foreign currency translation adjustments | (18) | (9) | 14 |
Benefit plan actuarial net gain (loss) for the period | 15 | 17 | (6) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 2 | 6 | 6 |
Total benefit plan net gain (loss) for the period | 17 | 23 | 1 |
Total other comprehensive income (loss), net of tax | (939) | (177) | 204 |
COMPREHENSIVE INCOME (LOSS) | (1,384) | 623 | 556 |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Net investment income | 47 | 39 | (5) |
Net gains (losses) on investments | (704) | 329 | (73) |
Other income (expense) | (3) | 3 | |
Net income (loss) of subsidiaries | 114 | 551 | 394 |
Total revenues | (488) | 954 | 350 |
Interest expense | 97 | 69 | 36 |
Corporate expense | 10 | 18 | 9 |
Total claims and expenses | 107 | 86 | 45 |
INCOME (LOSS) BEFORE TAXES | (595) | 867 | 305 |
Income tax expense (benefit) | (150) | 68 | (47) |
NET INCOME (LOSS) | (445) | 800 | 352 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (1,011) | (200) | 163 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 73 | 9 | 25 |
Total URA(D) on securities arising during the period | (938) | (191) | 189 |
Foreign currency translation adjustments | (18) | (9) | 14 |
Benefit plan actuarial net gain (loss) for the period | 15 | 17 | (6) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 2 | 6 | 6 |
Total benefit plan net gain (loss) for the period | 17 | 23 | 1 |
Total other comprehensive income (loss), net of tax | (939) | (177) | 204 |
COMPREHENSIVE INCOME (LOSS) | (1,384) | 623 | 556 |
Affiliated Entity [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Net investment income | $ 57 | $ 34 | $ 31 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (445) | $ 800 | $ 352 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Increase (decrease) in income taxes | (286) | 100 | 204 |
Change in equity adjustments in limited partnerships | (90) | (368) | (40) |
Change in other assets and liabilities, net | (130) | (10) | (88) |
Amortization of bond premium (accrual of bond discount) | 22 | 31 | 14 |
Net realized capital losses (gains) losses | 982 | (501) | (50) |
Net cash provided by (used in) operating activities | 2,146 | 2,625 | 2,240 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called/repaid - available for sale | 1,399 | 2,330 | 1,126 |
Proceeds from fixed maturities sold - available for sale | 2,645 | 961 | 631 |
Proceeds from equity securities sold | 2,203 | 862 | 375 |
Distributions from other invested assets | 135 | 127 | 243 |
Cost of fixed maturities acquired - available for sale | (5,928) | (5,832) | (4,695) |
Cost of equity securities acquired | (951) | (1,052) | (626) |
Cost of other invested assets acquired | (1,241) | (430) | (363) |
Net change in short-term investments | (113) | 13 | (426) |
Proceeds from repayment (cost of issuance) of notes receivable - affiliated | (340) | (200) | |
Net cash provided by (used in) investing activities | (2,329) | (3,427) | (3,534) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of senior notes | 968 | 979 | |
Cost of debt repurchase | (6) | (11) | |
Net cash provided by (used in) financing activities | (43) | 1,142 | 1,247 |
Cash, beginning of period | 699 | 379 | 411 |
Cash, end of period | 481 | 699 | 379 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | (445) | 800 | 352 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in (earnings) deficit of subsidiaries | (114) | (551) | (394) |
Dividends received from subsidiary | 250 | ||
Increase (decrease) in income taxes | (173) | (45) | 119 |
Change in equity adjustments in limited partnerships | (37) | (33) | 8 |
Change in other assets and liabilities, net | (5) | 40 | 20 |
Net realized capital losses (gains) losses | 704 | (329) | 73 |
Net cash provided by (used in) operating activities | 180 | (118) | 180 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additional investment in subsidiaries | (200) | 88 | (949) |
Proceeds from fixed maturities matured/called/repaid - available for sale | 2 | ||
Proceeds from fixed maturities sold - available for sale | 244 | ||
Proceeds from equity securities sold | 652 | 243 | 62 |
Distributions from other invested assets | 1,362 | 2,014 | 1,113 |
Cost of fixed maturities acquired - available for sale | (134) | (148) | |
Cost of equity securities acquired | (93) | (516) | (185) |
Cost of other invested assets acquired | (1,278) | (2,076) | (1,212) |
Net change in short-term investments | (24) | 5 | 11 |
Proceeds from repayment (cost of issuance) of notes receivable - affiliated | (700) | (470) | 10 |
Net cash provided by (used in) investing activities | (171) | (860) | (1,148) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of senior notes | 968 | 979 | |
Cost of debt repurchase | (6) | (11) | |
Net cash provided by (used in) financing activities | (6) | 968 | 969 |
Net increase (decrease) in cash | 2 | (10) | |
Cash, beginning of period | 10 | 10 | |
Cash, end of period | $ 2 | $ 10 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | $ 499 | $ 472 | $ 380 |
Reverse for Losses and Loss Adjustment Expenses | 14,977 | 13,121 | 11,578 |
Unearned Premium Reserves | 3,177 | 2,993 | 2,385 |
Premiums Earned | 7,876 | 7,179 | 6,407 |
Net Investment Income | 638 | 745 | 376 |
Incurred Loss and Loss Adjustment Expenses | 5,823 | 5,387 | 4,608 |
Amortization of Deferred Acquisition Costs | 1,632 | 1,513 | 1,373 |
Other Operating Expenses | 501 | 454 | 401 |
Net Written Premium | 8,032 | 7,719 | 6,639 |
Reinsurance [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 329 | 315 | 169 |
Reverse for Losses and Loss Adjustment Expenses | 10,023 | 8,829 | 7,896 |
Unearned Premium Reserves | 1,453 | 1,427 | 1,128 |
Premiums Earned | 5,212 | 4,949 | 4,485 |
Net Investment Income | 427 | 501 | 255 |
Incurred Loss and Loss Adjustment Expenses | 3,957 | 3,761 | 3,209 |
Amortization of Deferred Acquisition Costs | 1,326 | 1,250 | 1,120 |
Other Operating Expenses | 139 | 143 | 119 |
Net Written Premium | 5,269 | 5,265 | 4,632 |
Insurance [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 170 | 157 | 210 |
Reverse for Losses and Loss Adjustment Expenses | 4,954 | 4,292 | 3,682 |
Unearned Premium Reserves | 1,725 | 1,566 | 1,257 |
Premiums Earned | 2,664 | 2,230 | 1,922 |
Net Investment Income | 211 | 244 | 121 |
Incurred Loss and Loss Adjustment Expenses | 1,865 | 1,626 | 1,399 |
Amortization of Deferred Acquisition Costs | 306 | 262 | 253 |
Other Operating Expenses | 363 | 311 | 282 |
Net Written Premium | $ 2,763 | $ 2,455 | $ 2,006 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||
Gross Amount | $ 3,544 | $ 2,982 | $ 2,592 |
Ceded to Other Companies | 1,613 | 1,544 | 1,368 |
Assumed earned premiums | 5,945 | 5,741 | 5,183 |
Net Amount | 7,876 | 7,179 | 6,407 |
Total Property And Liability Insurance Premiums Earned [Member] | |||
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||
Gross Amount | 3,544 | 2,982 | 2,592 |
Ceded to Other Companies | 1,613 | 1,544 | 1,368 |
Assumed earned premiums | 5,945 | 5,741 | 5,183 |
Net Amount | $ 7,876 | $ 7,179 | $ 6,407 |
Assumed to Net | 75.50% | 80% | 80.90% |