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Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | |||
Dividends declared | $ 6.50 | $ 6.20 | $ 6.20 |
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 and Group and its subsidiaries. The principles following domestic (“Everest International Service Reinsurance Compañia (“Holdings (“Everest Limited (Ireland) Insurance”), Reinsurance (Bermuda) Leisure and Specialty Company (“Everest Indemnity Everest Security”). dollars. The Company in Company is considered to be the primary beneficiary. as entity. The preparation assumptions liabilities) at the date of the financial reporting period. Certain presentation. B. Fixed result other maturity, review. factors. well as interest related accumulated other comprehensive likely than the operations the Company not have to the statements related impairment is analysis is the quantitative assessment difference the credit allowance account through comprehensive income (loss). Fixed both the positive the determined in the evaluates characteristics considerations, incorporation current expected credit losses. The Company interest that has not been accrued, it is recorded as income The Company’s with enhancements or relevant information provided Retrospective Company’s reviewed the new yield to prepayment calculation of projected prepayments For income on all fixed maturities income in the consolidated statements Short-term stated at cost, which appro Realized publicly securities flow characteristics committees qualified Company valuation illiquid, the determine fair value. Other investments. recorded surrender value and changes in the policy cash Cash represents withdrawal or usage. Amounts C. The credit losses. and establishes an allowance for estimated Premiums premiums, are primarily due these adjusted for current economic A portion of the rated pay the for Retrospectively-rated incurred. insurance could be adversely deductible Company allowance within receivable exposed assigned Credit ratings and historical corporate ratings required considers the current economic The Company and records Company’s consolidate The cessions allowance balances. recoverable or charge Due to the inherent due, it is possible that future adjustments be required, cash flows in a particular quarter or annual period. The allowance factors recoverable net in collateral factors are as economic outcomes. the current economic environment The adjustment expenses in the Company’s Write-offs of is deemed uncollectible. D. Acquisition costs, fees Company’s reinsurance premiums business investment income. E. The reserve received from based on past asbestos which liabilities reviewed made. liability. presented net of reinsurance. Accruals percentage to arrangements are are estimated based on expected F. Liabilities policy particular period may fluctuate from G. Written contracts. reinsurance estimated premium catastrophe coverage reflects been reported to the Company, H. Prepaid reinsurance 10 % December 31, credit, thereby limiting the credit risk to I. Holdings subsidiaries and branches of subsidiaries Holdings’ income reporting and income tax accounting rules. As disproportionate income tax J. The Company base transactional activity and liabilities the consolidated for income (loss) and accumulated in shareholders’ The business the end of period for the balance sheets and the average income statements. deferred income taxes, K. Basic shares outstanding. under various would participate in the earnings of the entity. Net income basic and dilutive shares outstanding. Years Ended December 31, (Amounts in millions, except per share amounts) 2022 2021 2020 Net income (loss) per share: Numerator Net income (loss) $ 597 $ 1,379 $ 514 Less: (255) (247) (249) Undistributed earnings 342 1,132 265 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 98.7 % 337 1,117 262 Add: 252 244 246 Numerator for basic and diluted earnings per common share $ 589 $ 1,361 $ 508 Denominator Denominator for basic earnings per weighted-average common shares 39 39 40 Effect of dilutive securities: Options - - - Denominator for diluted earnings per adjusted weighted-average common shares 39 39 40 Per common share net income (loss) Basic $ 15.19 $ 34.66 $ 12.81 Diluted $ 15.19 $ 34.62 $ 12.78 (1) Basic weighted-average common shares outstanding 39 39 40 Basic weighted-average common shares outstanding 39 40 40 Percentage allocated to common shareholders 98.7 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) There were no Options granted no L. The Company, two M. Share-based compensation the grant deferred until the time the award N. The Company assessed Board on if any, accounting standards to Group. |
Investments |
12 Months Ended |
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Dec. 31, 2022 | |
Investments [Abstract] | |
Investments | 2. The appreciation/(depreciation) indicated. At December 31, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale: U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,334 $ - $ 6 $ (82) $ 1,257 Obligations of U.S. states and political subdivisions 444 - 2 (32) 413 Corporate securities 7,044 (45) 31 (561) 6,469 Asset-backed securities 4,229 - 5 (171) 4,063 Mortgage-backed securities Commercial 1,023 - - (105) 919 Agency residential 3,382 - 7 (290) 3,099 Non-agency residential 5 - - (1) 4 Foreign government securities 1,586 - 8 (179) 1,415 Foreign corporate securities 5,143 (10) 23 (562) 4,596 Total fixed maturity securities - available for sale $ 24,191 $ (54) $ 81 $ (1,982) $ 22,236 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale: U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,407 $ - $ 24 $ (10) $ 1,421 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 7,444 (19) 195 (63) 7,557 Asset-backed securities 3,579 (8) 22 (12) 3,582 Mortgage-backed securities Commercial 1,032 - 38 (6) 1,064 Agency residential 2,361 - 33 (19) 2,375 Non-agency residential 7 - - - 7 Foreign government securities 1,424 - 42 (28) 1,438 Foreign corporate securities 4,251 (3) 95 (65) 4,279 Total fixed maturity securities - available for sale $ 22,064 $ (30) $ 478 $ (203) $ 22,308 (Some amounts may not reconcile due to rounding.) The appreciation/(depreciation) and fair At December 31, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - held to maturity: Corporate securities $ 152 $ (2) $ - $ (6) $ 144 Asset-backed securities 661 (6) 2 (15) 642 Mortgage-backed securities - Commercial 7 - - - 7 Foreign corporate securities 28 (1) 2 - 28 Total fixed maturity securities - held to maturity $ 848 $ (9) $ 3 $ (22) $ 821 (Some amounts may not reconcile due The amortized table fixed maturity totals for mortgage-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: $ 1,331 $ 1,314 $ 1,399 $ 1,398 8,131 7,546 7,075 7,154 4,636 4,057 5,004 5,101 1,454 1,233 1,606 1,627 Asset-backed securities 4,229 4,063 3,579 3,582 Mortgage-backed securities: Commercial 1,023 919 1,032 1,064 Agency residential 3,382 3,099 2,361 2,375 Non-agency residential 5 4 7 7 Total fixed maturity securities -available for sale $ 24,191 $ 22,236 $ 22,064 $ 22,308 (Some amounts may not reconcile due to rounding.) The amortized by maturity securities. As the stated for mortgage-backed and 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 661 642 Mortgage-backed securities: Commercial 7 7 Total fixed maturity securities - held to maturity $ 848 $ 821 (Some amounts may not reconcile due During available reclassified at 722 was subsequently recognized unrealized 53 sheet and the remaining life of the securities. The Company evaluated as of maturity, rates, develop an estimate a high credit quality and are all rated The changes 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 and short-term investments $ (2,225) $ (542) Change in unrealized appreciation (depreciation), pre-tax (2,225) (542) Deferred tax benefit (expense) 277 58 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (1,948) $ (485) (Some amounts may not reconcile due to rounding.) The securities, individual securities had been in a continuous unrealized Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 668 $ (31) $ 487 $ (52) $ 1,155 $ (82) Obligations of U.S. states and 235 (23) 27 (9) 261 (32) Corporate securities 4,143 (326) 1,316 (234) 5,459 (561) Asset-backed securities 3,204 (142) 456 (29) 3,661 (171) Mortgage-backed securities Commercial 806 (90) 101 (15) 907 (105) Agency residential 1,905 (132) 870 (158) 2,776 (289) Non-agency residential 4 - 1 (1) 4 - Foreign government securities 985 (100) 321 (79) 1,306 (179) Foreign corporate securities 3,264 (372) 853 (189) 4,117 (561) Total $ 15,213 $ (1,217) $ 4,432 $ (764) $ 19,645 $ (1,982) Securities where an allowance for credit 2 - - - 2 - Total fixed $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 989 $ (19) $ 40 $ (7) $ 1,029 $ (26) Due in one year through five years 4,935 (383) 1,645 (209) 6,580 (592) Due in five years through ten years 2,698 (360) 911 (230) 3,609 (590) Due after ten years 672 (91) 408 (116) 1,080 (207) Asset-backed securities 3,204 (142) 456 (29) 3,661 (171) Mortgage-backed securities 2,715 (222) 972 (173) 3,687 (395) Total $ 15,213 $ (1,217) $ 4,432 $ (764) $ 19,645 $ (1,982) Securities where an allowance for credi 2 - - - 2 - Total fixed $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (Some amounts may not reconcile due to rounding.) The aggregate December 31, 2022 were $ 19.6 2.0 issuer December 31, 2022, 5.2 % of the The market value of the securities 0.2 % of the Company’s concentration of unrealized 1.2 maturity securities that of securities and 1.1 that 764 million of year securities and 732 that were rated there interest obligations. and principal payments. The these securities; and it is more of principal and interest payments. The securities, individual securities presented 16 (0.4) depreciation as an allowance for credit losses. Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 504 $ (6) $ 92 $ (4) $ 596 $ (10) Obligations of U.S. states and 51 (1) 3 - 54 (1) Corporate securities 2,133 (38) 473 (24) 2,605 (63) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities Commercial 222 (3) 40 (3) 262 (6) Agency residential 1,101 (12) 280 (7) 1,381 (19) Non-agency residential 2 - - - 2 - Foreign government securities 392 (10) 101 (18) 493 (28) Foreign corporate securities 1,735 (46) 211 (18) 1,945 (65) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 130 $ (2) $ 137 $ (12) $ 267 $ (14) Due in one year through five years 2,165 (35) 446 (29) 2,612 (64) Due in five years through ten years 1,728 (47) 244 (22) 1,972 (69) Due after ten years 792 (16) 51 (3) 843 (19) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities 1,325 (15) 320 (10) 1,646 (25) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (Some amounts may not reconcile due to rounding.) The aggregate December 31, 2021 were $ 9.3 203 issuer December 31, 2021, 2.7 % of the The market value of the securities 0.5 % of the Company’s concentration 128 fixed comprised government 116 investment 75 losses related to backed securities. 72 grade cash flow mortgage-backed securities still The components of net investment Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturities $ 742 $ 561 $ 542 Equity securities 16 17 19 Short-term investments and cash 28 1 5 Other invested assets Limited partnerships 75 565 113 Other 29 63 2 Gross investment income before adjustments 890 1,208 681 Funds held interest income (expense) 2 12 13 Future policy benefit reserve income (expense) - (1) (1) Gross investment income 892 1,219 692 Investment expenses (62) (54) (50) Net investment income $ 830 $ 1,165 $ 642 (Some amounts may not reconcile due to rounding.) The changes partnerships is dependent partnership. generally decline in value Company identifies the decline. The Company had 2.6 private with the partnership and 2026 . During the fourth carried within other invested assets 939 Variable Interest The primarily entity that as simple provided whether the Company has Company that most to assessment, Consolidated Financial Statements. no t hold any securities for which it is the primary beneficiary. The partnerships it is not the performance of the is limited 4.1 2.9 and Consolidated $ 2.1 during investments are generally In Company collateralized other support Company comparison subordination Company’s The investment. The components of net realized capital Years Ended December 31, (Dollars in millions) 2022 2021 2020 Fixed maturity securities: Allowance for credit losses $ (33) $ (28) $ (2) Net realized gains (losses) from dispositions (87) 17 (5) Gains (losses) from fair value adjustments - - 2 Equity securities: Net realized gains (losses) from dispositions 112 28 (9) Gains (losses) from fair value adjustments (460) 236 278 Other invested assets 13 6 2 Short-term investments gain (loss) - - 1 Total net realized gains (losses) on investments $ (455) $ 258 $ 268 (Some amounts may not reconcile due to rounding.) The credit losses for the periods indicated: Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2022 Foreign Corporate Asset-Backed Corporate Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (1) (13) (6) (17) (35) Increases in allowance on previously impaired securities (20) - (1) (21) Decreases in allowance on previously impaired securities - - - - Reduction in allowance due to disposals 6 8 10 23 Balance as of December 31 $ (46) $ (6) $ (11) $ (63) (Some amounts may not reconcile due to rounding.) (1) 2 6 1 corporate securities, respectively. The proceeds and 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 $ 1,403 $ 1,916 $ 1,951 Gross gains from sales 40 72 80 Gross losses from sales (127) (55) (85) Proceeds from sales of equity securities $ 2,217 $ 990 $ 376 Gross gains from sales 165 42 37 Gross losses from sales (53) (15) (46) Securities with a 1.4 or governmental insurance departments |
Reserve For Losses, LAE And Future Policy Benefit Reserve |
12 Months Ended |
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Dec. 31, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 3. Reserves for losses and LAE. The following summarized for the periods indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Gross reserves beginning of period $ 19,009 $ 16,322 $ 13,531 (1,946) (1,844) (1,641) 17,063 14,478 11,891 Incurred related to: 8,102 7,400 6,149 (2) (9) 401 8,100 7,391 6,551 Paid related to: 1,220 2,491 2,046 3,740 2,226 2,078 4,960 4,717 4,124 Foreign exchange/translation adjustment (243) (89) 161 Net reserves end of period 19,960 17,063 14,478 2,105 1,946 1,844 $ 22,065 $ 19,009 $ 16,322 (Some amounts may not reconcile due Current year 8.1 7.4 6.1 Gross and growth, year 45 offset by decrease of $ 80 The war in Russia, located United States. have impacted economic and investment The 710 million in 541 increase in by $ 511 Incurred prior years 2 ) million in 2022, ($ 9 ) million in 2021 and $ 401 development 2 ) emergence in development 9 ) releases estimates general property programs. The reinsurance, plus Company’s casualty and settled, resulting be exposed the frequency and severity of catastrophes The December 31, 2021 is presented as supplementary The Cumulative the ceding include the provide business is a reported claims for the remaining The Cumulative Number business. However, The casualty reinsurance for each of our disclosed lines Reinsurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 710 $ 801 $ 788 $ 779 $ 748 $ 719 $ 699 $ 699 $ 694 $ 684 $ 11 N/A 2014 762 800 807 783 741 719 732 730 720 13 N/A 2015 777 818 814 811 795 832 832 829 47 N/A 2016 790 865 862 857 933 935 965 91 N/A 2017 870 830 837 918 926 982 132 N/A 2018 1,311 1,309 1,386 1,416 1,485 354 N/A 2019 1,683 1,748 1,751 1,775 727 N/A 2020 1,896 1,867 1,846 1,178 N/A 2021 2,454 2,449 1,829 N/A 2022 2,818 2,133 N/A $ 14,554 (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 $ 48 $ 121 $ 211 $ 310 $ 383 $ 489 $ 540 $ 565 $ 593 $ 603 2014 57 122 212 301 426 501 545 585 607 2015 57 157 263 408 497 565 611 647 2016 88 187 320 426 539 614 690 2017 80 185 316 455 575 677 2018 154 284 456 616 803 2019 208 338 511 718 2020 190 300 489 2021 214 318 2022 200 $ 5,754 All outstanding liabilities prior to 2013, net of reinsurance 916 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 9,715 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.9 % 7.8 % 11.7 % 12.7 % 12.5 % 10.2 % 6.8 % 4.5 % 3.6 % 1.5 % Reinsurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 1,275 $ 930 $ 819 $ 763 $ 757 $ 753 $ 760 $ 758 $ 758 $ 757 $ 2 N/A 2014 1,343 1,181 1,030 937 933 937 930 930 928 3 N/A 2015 1,386 1,053 976 950 952 945 946 943 2 N/A 2016 1,695 1,518 1,554 1,548 1,526 1,527 1,523 10 N/A 2017 2,784 3,407 3,518 3,647 3,692 3,703 3 N/A 2018 2,611 2,486 2,488 2,426 2,379 24 N/A 2019 2,038 2,070 2,015 1,899 29 N/A 2020 2,408 2,481 2,425 240 N/A 2021 2,754 2,780 476 N/A 2022 3,257 1,898 N/A $ 20,594 (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 $ 375 $ 510 $ 638 $ 693 $ 713 $ 723 $ 732 $ 733 $ 733 $ 735 2014 366 641 769 842 874 884 891 892 893 2015 377 607 759 842 869 891 900 905 2016 469 961 1,249 1,367 1,421 1,441 1,454 2017 819 2,180 2,744 3,130 3,332 3,426 2018 545 1,525 1,878 2,065 2,136 2019 730 1,185 1,505 1,667 2020 584 1,321 1,733 2021 684 1,534 2022 652 $ 15,134 All outstanding liabilities prior to 2013, net of reinsurance 103 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,562 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Property 27.2 % 31.8 % 16.1 % 8.8 % 4.0 % 2.0 % 0.9 % 0.3 % 0.1 % 0.1 % Insurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 393 $ 393 $ 393 $ 393 $ 351 $ 344 $ 351 $ 350 $ 350 $ 347 $ 25 $ 22,031 2014 431 457 454 460 396 397 398 397 398 32 26,449 2015 519 527 535 541 467 471 471 477 40 29,020 2016 552 550 579 612 549 538 540 53 34,164 2017 610 600 620 652 628 629 85 38,344 2018 701 705 742 755 769 154 39,029 2019 848 844 876 885 204 42,006 2020 993 1,049 1,043 416 39,545 2021 1,189 1,246 732 44,274 2022 1,367 865 37,739 $ 7,703 (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 $ 33 $ 117 $ 176 $ 225 $ 260 $ 286 $ 304 $ 311 $ 317 $ 321 2014 41 125 202 257 297 325 339 350 360 2015 44 135 219 292 353 382 413 435 2016 55 164 268 341 400 443 481 2017 54 172 280 378 453 529 2018 63 207 317 443 594 2019 72 234 397 551 2020 66 236 388 2021 109 261 2022 85 $ 4,003 All outstanding liabilities prior to 2013, net of reinsurance 127 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,828 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.1 % 17.6 % 16.8 % 15.5 % 13.4 % 8.4 % 5.7 % 3.3 % 2.1 % 1.3 % Insurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 112 $ 98 $ 91 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ - N/A 2014 132 123 120 119 119 119 119 119 120 1 N/A 2015 173 153 144 146 144 146 146 150 1 N/A 2016 288 274 279 289 292 294 294 - N/A 2017 494 499 492 495 489 504 - N/A 2018 405 400 394 407 422 1 N/A 2019 347 347 351 363 1 N/A 2020 599 507 498 27 N/A 2021 646 579 66 N/A 2022 767 273 N/A $ 3,789 (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 $ 69 $ 93 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 2014 82 116 118 118 118 119 119 119 119 2015 102 141 142 145 146 146 147 147 2016 162 249 271 287 290 293 293 2017 179 423 457 479 496 499 2018 245 357 376 404 418 2019 227 315 339 357 2020 293 416 453 2021 328 473 2022 372 $ 3,223 All outstanding liabilities prior to 2013, net of reinsurance - Liabilities for claims and claim adjustment expenses, net of reinsurance 566 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Property 54.3 % 31.5 % 5.7 % 4.5 % 2.3 % 1.0 % 0.6 % 0.1 % 0.1 % - % Reconciliation of the Disclosure of Incurred and Claim Adjustment Expenses The reconciliation of the net incurred and adjustment expenses in the consolidated December 31, 2022 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 9,715 Reinsurance Property 5,562 Insurance Casualty 3,828 Insurance Property 566 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 19,671 Reinsurance recoverable on unpaid claims Reinsurance Casualty 150 Reinsurance Property 576 Insurance Casualty 1,220 Insurance Property 160 Total reinsurance recoverable 2,105 Insurance lines other than short-duration - Unallocated claims adjustment expenses 244 Other 45 289 Total gross liability for unpaid claims and claim adjustment expense $ 22,065 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains (LAE) based on statistical becomes many factors loss ratios (3) from current estimate is and participation of the relevant responsibility for Everest’s single best estimate LAE period in which the change in estimated ultimate The from received contract submission corresponding records. certain require percentage occur. evaluation reported Everest’s of ceding companies, particularly larger ceding companies, The analysis. reasonably homogeneous loss of time 200 reserve estimates. of commonly reported and settled and casualty shorter volatility than those for the longer tail The methods, ultimate loss and LAE for each exposure Expected Loss Ratio Method: to calculate to immature appropriate for a more mature Chain losses. age-to-ultimate losses. such as homogeneous, stable least appropriate for groups Bornhuetter-Ferguson method losses premium, an a priori loss ratio, losses expected depends on the accuracy of the selected a priori loss Although the of experience losses exposure-based underwriting approaches with analytically based judgments. Key supplement the actuarially determined reserves Carried reserves at reinsurance accounting period comparing analyzes warranted. Certain reserves, estimated of derived from from ceding companies and development patterns The Company and/or asbestos. contamination land, property damage resulting from asbestos The Company’s A&E sold insurance more 20 losses. A&E following table 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 $ 156 $ 198 $ 229 Incurred losses 138 - (1) Paid losses (37) (42) (30) End of period reserves $ 257 $ 156 $ 198 (Some amounts may not reconcile due to rounding.) In Concurrently Insurance Company. 100 % of the liabilities associated certain Mt. McKinley policies, which related consideration 140 amount retrocession treaty 440 300 retain liability for any On December 20, 2019, the retrocession this amendment reduced by $ 43 450 In 2022 138 m, following review. ratios. Reinsurance Recoverables. Reinsurance 2.2 2.1 2022 and December 520 23.2 %, was receivable Mt. 283 12.6 %, Reinsurance 148 6.6 %, was of America. 5 % of our receivables. Future Policy Benefit Reserve. Activity in the reserve for future policy benefits At December 31, (Dollars in thousands) 2022 2021 2020 Balance at beginning of year $ 36 $ 38 $ 43 Liabilities assumed - - - Adjustments to reserves (3) 1 (1) Benefits paid in the current year (4) (3) (4) Balance at end of year $ 29 $ 36 $ 38 (Some amounts may not reconcile due to rounding.) |
Fair Value |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Fair Value [Abstract] | |
Fair Value | 4. GAAP guidance regarding fair are common received measurement measurements. liability. lowest being the lowest priority. 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 the reasonableness Company initial party securities price validation may use At December 31, 2022, $ 1.7 majority these fair values were substantiated in 2.1 maturities, fair value were fair The December 31, 2021 97 1.3 collateralized 2.6 2.0 billion at December from publicly published sources or nationally Equity categorized exchanges are fair value. Fixed maturity have interest rate yield For pricing services rates from nationally recognized In categorized are comparable may obtain market providing the quotes. managers converted to U.S. dollars The composition follows: • comprised prices, reported trades, quoted • the similar securities, benchmark yields and credit spreads; • values securities, benchmark yields and credit spreads; • prices, reported observable inputs such as prepayment speeds, • values securities and applicable, converted to U.S. • are and models with observable inputs converted to U.S. dollars The following has recorded at fair value Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,257 $ - $ 1,257 $ - Obligations of U.S. States and political subdivisions 413 - 413 - Corporate securities 6,469 - 5,754 715 Asset-backed securities 4,063 - 3,069 994 Mortgage-backed securities Commercial 919 - 919 - Agency residential 3,099 - 3,099 - Non-agency residential 4 - 4 - Foreign government securities 1,415 - 1,415 - Foreign corporate securities 4,596 - 4,579 16 Total fixed maturities, available for sale 22,236 - 20,511 1,725 Equity securities, fair value 281 132 150 - (Some amounts may not reconcile due to rounding.) The following has recorded at fair value Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,421 $ - $ 1,421 $ - Obligations of U.S. States and political subdivisions 587 - 587 - Corporate securities 7,557 - 6,756 801 Asset-backed securities 3,582 - 2,330 1,251 Mortgage-backed securities Commercial 1,064 - 1,064 - Agency residential 2,375 - 2,375 - Non-agency residential 7 - 7 - Foreign government securities 1,438 - 1,438 - Foreign corporate securities 4,279 - 4,262 16 Total fixed maturities, available for sale 22,308 - 20,240 2,068 Equity securities, fair value 1,826 1,742 84 - (Some amounts may not reconcile due to rounding.) In 292 287 balance sheets tables as the assets are measured at The following inputs by asset type, for the periods indicated: Total Fixed Maturities, December 31, 2022 December 31, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities Securities CMBS Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities $ 801 $ 1,251 $ - $ 16 $ 2,068 $ 701 $ 623 $ 6 $ 1,330 Total gains or (losses) (realized/unrealized) Included in earnings (10) - - - (10) (12) (6) - (18) Included in other comprehensive income (loss) 3 (35) - (4) (36) 4 (7) - (2) Purchases, issuances and settlements (45) 513 6 8 481 107 641 10 758 Transfers in and/or (out) of Level (35) (735) (6) (4) (779) - - - - Ending balance $ 715 $ 994 $ - $ 16 $ 1,725 $ 801 $ 1,251 $ 16 $ 2,068 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 $ (23) $ 8 $ - $ - $ (15) $ (16) $ (8) $ - $ (24) (Some amounts may not reconcile due to rounding.) The $ 779 categories for the Company during rather the fair determined in a The classified as Level 3 within the fair value hierarchy There were no Financial Instruments Disclosed, But Not Reported, Certain financial instruments tables above. Fair 2 and 6, respectively. |
Credit Facilities |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Credit Facilities [Abstract] | |
Credit Facilities | 5. The 1.5 December uncommitted 440 corresponding authorization available to these committed credit facilities Years Ended December 31, (Dollars in millions) 2022 2021 2020 Credit facility interest and fees incurred - Wells Fargo Bank $ - $ - $ 1 The terms and outstanding amounts for Group Credit Facility Effective Reinsurance, five year , 800 million senior credit 2012, four year , 800 facilities, which (“Wells Fargo Bank”) is Effective this facility below. Credit Facility 39 force and which expired The following table summarizes the (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ - $ - $ 39 $ 39 12/30/2022 Bermuda Re Wells Fargo Effective February to as the “2021 Bermuda Letter 50 Effective 500 letters of credit. The following table summarizes the (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 463 12/29/2023 $ 500 $ 351 12/30/2022 (Some amounts may not reconcile due to rounding.) Bermuda Re Citibank Letter of Credit Facility Effective which 2020. Citibank Letter 230 credit. 140 accessible The following table summarizes the (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- $ 230 $ 1 1/21/2023 $ 230 $ 4 02/28/2022 4 2/28/2023 1 03/01/2022 1 3/1/2023 1 11/24/2022 1 8/15/2023 217 12/31/2022 3 9/23/2023 1 8/15/2023 212 12/31/2023 1 9/23/2023 Bermuda Re Citibank LOC Facility 140 87 12/31/2023 140 84 12/31/2022 18 12/30/2026 23 12/30/2025 Total Citibank Bilateral $ 370 $ 329 $ 370 $ 333 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Effective Landesbank, Facility”. issuance of up to $ 200 (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured $ 200 $ 183 12/31/2023 $ 200 $ 155 12/31/2022 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Effective Bayerische Landesbank, of Credit Facility”. for the committed issuance of up to 150 The following table summarizes the (Dollars in millions) At December 31, 2022 Bank Commitment In Use Date of Expiry Bayerische Landesbank Unsecured Bilateral LOC Agreement - Committed $ 150 $ 150 12/31/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Lloyd’s Effective October Markets Lloyd’s 50 and subject to credit approval a maximum 250 The following table summarizes the (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50 $ 50 12/31/2023 $ 50 $ 46 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 136 12/31/2023 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 186 $ 50 $ 46 (Some amounts may not reconcile due to rounding.) Bermuda Re Barclays Credit Effective an agreement provides for the committed issuance 200 The following table summarizes the (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Credit Facility $ 200 $ 179 12/31/2023 $ 200 $ 186 12/31/2022 (Some amounts may not reconcile due to rounding.) Bermuda Re Nordea Bank Letter of Credit Effective November New Letter of 200 and 100 $ 300 The following table summarizes the (Dollars in millions) At December 31, 2022 Bank Commitment In Use Date of Expiry Nordea Bank ABP, NY Unsecured LOC Facility - Committed $ 200 $ 50 12/31/2023 Nordea Bank ABP, NY Unsecured LOC Facility - Uncommitted 100 100 12/31/2023 Total Nordea Bank ABP, $ 300 $ 150 (Some amounts may not reconcile due Federal Home Loan Bank Membership Everest borrow up 10 % of its approximately 22.4 2.2 December 519 incurred 4 1 respectively. 4.5 % additional membership stock. |
Senior Notes |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Senior Notes [Abstract] | |
Senior Notes | 6. The table but due to limited trading activity, December 31, 2022 December 31, 2021 Consolidated Consolidated Principal Balance Sheet Balance Sheet (Dollars in millions) Date Issued Date Due Amounts Market Value Amount Market Value 4.868 % Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 343 $ 397 $ 504 3.5 % Senior notes 10/7/2020 10/15/2050 1,000 981 677 980 1,055 3.125 % Senior notes 10/4/2021 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 (Some amounts may not reconcile due to rounding.) |
Long Term Subordinated Notes |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 7. The value considered Level 2 in the fair value Maturity Date December 31, 2022 December 31, 2021 Original Consolidated Consolidated Principal Balance Sheet Balance Sheet (Dollars in millions) Date Issued Amount Scheduled Final Amount Market Value Amount Market Value Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 187 $ 224 $ 216 During the fixed May 3, 2007 May 14, 2017 , interest 6.6 %, payable semi-annually in arrears November 15, 2007 . 3 238.5 August 15 one for up ten quarterly for to February 14, 2023 is 6.99 %. Holdings may redeem the 100 % of the principal amount date and May 1, 2047 certain subordinated 4.868 % senior June 1, 2044 , 3.5 % senior October 15, 2050 3.125 % senior due October 15, 2052 subordinated notes. In initiation repurchased 6 December 31, 2022. 1 Interest indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Interest expense incurred $ 9 $ 6 $ 8 |
Collateralized Reinsurance And Trust Agreements |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8. Certain investments December 31, 2.4 122 of restricted 1.7 includes $ 190 The Company Logan Re is 100 % of the voting Group. by risk/peril and across different The segregated accounts and Years Ended December 31, Mt. Logan Re Segregated Accounts 2022 2021 2020 (Dollars in millions) Ceded written premiums 201 341 303 Ceded earned premiums 206 333 306 Ceded losses and LAE 191 282 241 Assumed written premiums 5 12 19 Assumed earned premiums 5 12 19 Effective Logan 269 accident years 2002 2015 . of 252 agreement 319 liability. 2022, the Company has commuted this reinsurance The (“Kilimanjaro”), reinsurance earthquake events. (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 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake 6/22/2022 6/22/2025 300 Aggregate Total available limit as of $ 2,063 Recoveries estimated The recognized catastrophe event retentions or aggregate Kilimanjaro to reinsurance trusts government money market (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 6/22/2025 300 $ 2,063 |
Leases |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. The Company course of business. a straight-line basis over the The exercise related options. lease if with terms of the underlying lease. Supplemental information related Year Ended December 31, (Dollars in thousands) 2022 2021 Lease expense incurred: Operating lease cost $ 28 $ 27 At December 31, (Dollars in millions) 2022 2021 Operating lease right of use assets $ 128 $ 139 Operating lease liabilities 147 158 Year Ended December 31, (Dollars in millions) 2022 2021 Operating cash flows from operating leases $ (20) $ (18) At December 31, 2022 2021 Weighted average remaining operating lease term 10.8 11.6 years Weighted average discount rate on operating leases 4.08 % 4.08 % Maturities of the existing lease liabilities are expected (Dollars in thousands) 2023 $ 21 2024 21 2025 18 2026 16 2027 16 Thereafter 95 Undiscounted lease payments 187 Less: 40 Total operating lease liability $ 147 |
Income Taxes |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Under Bermuda Minister of Finance of Undertakings such taxes. All local operating Group's U.S. distribute would 5 % accrued cumulative amount provision been determined in The provision reflects the permanent differences The U.S. beneficial losses to prior tax years 35 % versus 21 % in 2018 and later years. Company 33 federal income tax cash 183 On provisions repurchase excise tax the IRS issues additional guidance, we will evaluate The significant components of the provision Years Ended December 31, (Dollars in millions) 2022 2021 2020 Current tax expense (benefit): U.S. $ 76 $ 124 $ (108) Non-U.S. 5 2 3 Total current tax expense (benefit) 81 126 (105) Deferred tax expense (benefit): U.S. (90) 38 179 Non-U.S. - 3 (3) Total deferred tax expense (90) 41 176 Total income tax expense (benefit) $ (9) $ 167 $ 71 (Some amounts may not reconcile due to rounding.) The jurisdiction between the periods indicated is provided below: Years Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ (81) $ 558 $ (83) $ 307 $ 24 $ (278) Net investment income 607 223 708 457 340 303 Net realized capital gains (losses) (426) (29) 266 (8) 235 33 Net derivative gain (loss) - - - 3 - 2 Corporate expenses (26) (35) (33) (34) (16) (25) Interest, fee and bond (101) - (70) - (36) (1) Other income (expense) (6) (96) 23 11 (15) 20 Pre-tax income (loss) $ (32) $ 620 $ 811 $ 735 $ 532 $ 53 Expected tax provision at the applicable (9) - 170 14 112 (10) Increase (decrease) in taxes resulting Tax exempt (4) - (4) - (4) - Dividend received deduction (3) - (1) - (1) - Proration 1 - 1 - 1 - Affiliated preferred stock 7 - 7 - 7 - Creditable foreign premium tax (11) - (13) - (12) - Tax audit settlement - - - - - - Share-based compensation tax benefits (3) - (2) - (3) - Impact of CARES Act - - - - (32) - Valuation allowance - 5 - (10) - 15 Change in uncertain tax positions - - - - - - Other 5 - 3 1 3 (5) Total income tax $ (14) $ 5 $ 161 $ 5 $ 71 $ - (Some amounts may not reconcile due to rounding.) At December 31, 2022, 2021 and 2020, no The Company’s has received any requesting refunds for 2015 and 2 5 Tax years Deferred liabilities regulations. periods indicated: Years Ended December 31, (Dollars in millions) 2022 2021 Deferred tax assets: $ 218 $ - 154 130 114 108 29 31 28 20 24 4 12 6 9 13 8 8 3 3 3 22 10 9 Total deferred tax assets 611 354 Deferred tax liabilities: 105 99 56 57 25 27 16 4 7 98 3 2 - 37 8 6 Total deferred tax liabilities 220 329 Net deferred tax assets 392 25 (25) (18) Total net deferred tax $ 367 $ 7 (Some amounts may not reconcile due to rounding.) At 25 18 respectively. Ireland, Chile, Switzerland, more likely as cumulative losses overall recorded 7 16 million do not 4 5 begin to 2028 . 3 expiring in 2027. At December 3 29 (“FTC”) carryforwards, all related to 2030 . At December 31, 2022, $ 218 available were a depends value or mature. the deferred tax likely than not, expected to The Company transactions. exercises settlement statements of operations benefits of $ 2 2 3 part income (loss) in 2022, 2021 and, 2020, respectively. ASU 2016-09 The tax benefits related to paid-in benefits related 0.6 0.6 0.6 in 2022, 2021 and 2020, respectively. For indefinitely form that would be subject to withholding tax, |
Reinsurance |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Reinsurance [Abstract] | |
Reinsurance | 11. The occurrences. certain and LAE more of the reinsurers would carefully regularly balances due Reinsurance reserves that may unpaid based Company owes any applicable will recoverables and held, under these agreements. Balances stipulated review committee each including the expected liability payout Where other credit wide offsets. See Note 1C for discussion of allowance on reinsurance Insurance due to economic equivalent to domestic there is limited history of losses from insurer Premiums indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Written premiums: Direct $ 4,602 $ 3,988 $ 3,218 Assumed 9,350 9,062 7,264 Ceded (1,608) (1,604) (1,365) Net written premiums $ 12,344 $ 11,446 $ 9,117 Premiums earned: Direct $ 4,218 $ 3,589 $ 3,028 Assumed 9,082 8,315 7,055 Ceded (1,513) (1,498) (1,401) Net premiums earned $ 11,787 $ 10,406 $ 8,682 Incurred losses and LAE: Direct $ 2,804 $ 2,385 $ 2,141 Assumed 6,285 5,741 5,164 Ceded (988) (735) (754) Net incurred losses and LAE $ 8,100 $ 7,391 $ 6,551 |
Other Comprehensive Income (Loss) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 12. The following operations for the periods indicated: Years Ended December 31, 2022 2021 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) ("URA(D)") on securities - non-credit related $ (2,332) $ 295 $ (2,037) $ (548) $ 59 $ (488) $ 463 $ (40) $ 423 Reclassification of net realized losses (gains) included in net income (loss) 107 (18) 89 5 (2) 4 2 (6) (3) Foreign currency translation adjustments (82) 5 (77) (64) 2 (62) 90 (4) 86 Benefit plan actuarial net gain (loss) 18 (4) 15 22 (5) 17 (7) 1 (6) Reclassification of benefit plan liability amortization included in net income (loss) 3 (1) 2 8 (2) 6 8 (2) 6 Total other comprehensive income $ (2,285) $ 277 $ (2,008) $ (577) $ 54 $ (523) $ 556 $ (49) $ 507 The following table presents details Years Ended December 31, Affected line item within the statements AOCI component 2022 2021 operations and comprehensive (Dollars in millions) URA(D) on securities $ 107 $ 5 Other net realized capital gains (losses) (18) (2) Income tax expense (benefit) $ 89 $ 4 Net income (loss) Benefit plan net gain (loss) $ 3 $ 8 Other underwriting expenses (1) (2) Income tax expense (benefit) $ 2 $ 6 Net income (loss) The following the consolidated balance sheets for the periods Years Ended December 31, (Dollars in millions) 2022 2021 Beginning balance of URA (D) on securities $ 239 $ 724 Current period change in URA(D) of investments - non-credit related (1,948) (485) Ending balance of URA(D) on securities (1,709) 239 Beginning balance of foreign currency translation adjustments (177) (115) Current period change in foreign currency translation adjustments (77) (62) Ending balance of foreign currency translation adjustments (254) (177) 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) $ (1,996) $ 12 (Some amounts may not reconcile due to rounding.) |
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 April a pension plan provided the Company’s non-qualified defined Although Company’s contributions 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 Administrative expenses paid - - 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) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in (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 to rounding.) 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 prior year (12) (24) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (14) $ (21) (Some amounts may not reconcile due to rounding.) The weighted 2.86 %, 2.55 % and 3.28 %, respectively. benefit cost for 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 to rounding.) The following 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 periods 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 of qualified funds. 70 % equities and 30 % bonds. The following periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 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 to rounding.) This category includes high quality, short-term (b) This category includes fixed income funds, which invest in 70 % in U.S. securities and 30 % in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities common stock characteristics, such as rights and warrants, with 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 Assets Inputs Inputs (Dollars in millions) December 31, 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 to rounding.) This category includes high quality, short-term (b) This category includes fixed income funds, which invest in 70 % in U.S. securities and 30 % in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities common stock characteristics, such as rights and warrants, with 50 % in U.S. equities and 50 % in international equities. In addition, $ 1.5 2.6 at assets are valued using the NAV No 2021. Defined Contribution Plans. The “Non-Qualified Savings up 3 % employee. benefits effective 3 % and 8 % of 100 % 18 15 million and $ 14 In employees. location. year, 4.3 % to 39.5 %. contributions incurred expenses 4 3 3 31, 2022, 2021 and 2020, respectively. Post-Retirement Plan. The Company healthcare coverage. retire accrues the rate 7.00 % in 4.75 % in Company 1 1 1 2021 and 2020, 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 to rounding.) Amounts not yet reflected in (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 to rounding.) 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 Statutory Financial Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. Group dividends that restrictions are based upon statut primary subsidiary, Requirement the (“NAIC”). surplus. Dividend Restrictions. Under Bermuda realizable capital operating expenses is dependent Under Bermuda law, its minimum declare or pay a the long term business by at least the $ 0.3 Prior approval 25 % of their end total statutory capital Bermuda Re Bermuda surplus 2.8 3.1 statutory 603 681 223 December 31, 2022, 2021 and 2020, respectively. Delaware law and is domiciled in the state shall Delaware proposed twelve months , exceeds the greater 10 % of statutory surplus reported unassigned 555 dividends in 2023 without the need for prior regulatory Everest permitted set forth Re was 5.6 5.8 Everest 294 336 595 2020. There transfer Delaware, where subsidiaries can pay dividends or make Capital Restrictions. In insurer’s BSCR model. 120 % of enhanced capital requirement. In control 200 % or level capital, no action is required by The regulatory targeted Bermuda Re (1) Everest Re (2) At December 31, At December 31, (Dollars in millions) 2022 (3) 2021 2022 2021 Regulatory targeted capital $ - $ 2,169 $ 3,353 $ 2,960 Actual capital $ 2,759 $ 3,184 $ 5,553 $ 5,717 Regulatory targeted capital represents (2) Regulatory targeted capital represents 200 % of the RBC authorized control level calculation for the applicable (3) The 2022 BSCR calculation is not yet due to be completed; however, level. |
Commitments And Contingencies |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. In informal obligations rights under an agreement or to others resolved through all such matters, considers expenses. Aside not a party to any other material litigation The Prudential”) annuity obligations Prudential annuity contract. The contingently liable for the periods At December 31, (Dollars in thousands) 2022 2021 The Prudential $ 137 $ 138 Unaffiliated life insurance company 34 35 |
Share-Based Compensation Plans |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 16. The Option Compensation Plan (“2003 Director Plan”). The 1,400,000 shares share 31, 2022, there were 996,076 December awards had been 37,439 been Company. 34,957 Director 500,000 share 299,461 Options 20 % per five years under the 2003 33 % per year three years , unless an is provided grant and expire ten years Performance 100 % after three years . Performance 0 1.75 awarded be based three year peer companies. on equity for each of the separate operating For 2009 consolidated 45 43 39 million benefit recorded in compensation was 4 8 7 respectively. For the year 203,598 February 301.535 , $ 287.9425 , $ 280.98 , $ 283.7225 323.085 18,340 units 301.5350 No granted value per option was calculated on the The dividends, charged addition, the on those awards payment 0.6 million, $ 0.6 0.6 on restricted shares. A summary 2021 and 2020, and changes during the year then ended is presented Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2022 49,028 $ 88.52 Granted - - Exercised 49,028 88.52 Forfeited/Cancelled/Expired – - Outstanding at December 31, 2022 – - $ - . Exercisable at December 31, 2022 – - $ - Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in millions; Shares in whole amounts) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2021 116,871 $ 87.87 Granted - - Exercised 67,843 87.39 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2021 49,028 88.52 0.2 $ 9 . Exercisable at December 31, 2021 49,028 88.52 0.2 $ 9 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in millions; Shares in whole amounts) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2020 170,704 $ 87.18 Granted - - Exercised 53,833 85.69 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2020 116,871 87.87 0.7 $ 17 . Exercisable at December 31, 2020 116,871 87.87 0.7 $ 17 There have no outstanding. years ended 10 11 10 cash received from 4 million, $ 6 5 ended December 31, 2022, 2021 and 2020 were $ 2 3 2 The indicated: Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 496,094 $ 247.76 483,427 $ 246.60 495,137 $ 228.02 Granted 203,598 300.38 213,901 243.51 200,929 269.86 Vested 162,579 246.41 158,735 238.67 175,413 220.88 Forfeited 57,483 262.28 42,499 247.02 37,226 246.20 Outstanding at December 31, 479,630 268.82 496,094 247.76 483,427 246.60 As of December 97 share-based 3.3 $ 40 38 39 years ended December 31, 2022, 2021 and 2020 were 9 8 9 In 774 common shares 506 593 employee directors 0.2 million, $ 0.1 0.1 The Company 69,833 , 79,308 66,289 21 18 18 million and/or the exercise cost The changes for the period indicated: Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 50,495 $ - 38,891 $ - 34,850 $ - Granted 18,340 301.54 22,205 242.24 16,120 277.15 Increase/(Decrease) on vesting units due to performance 3,028 - (800) - (2,227) - Vested 15,919 274.37 9,801 242.24 6,157 277.15 Forfeited 1,083 - - - 3,695 - Outstanding at December 31, 54,861 - 50,495 - 38,891 - The Company 6,175 , 3,104 2,587 1.7 0.8 0.7 million in performance shares units settlements |
Segment Reporting |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. The Reinsurance on both Business is the United and Singapore Ireland, and branches located These segments are management, Management upon their underwriting results. Underwriting commission and brokerage results using respectively, earned. The Company does not data. The following tables present the underwriting Year Ended December 31, 2022 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 9,316 $ 4,636 $ 13,952 Net written premiums 8,983 3,361 12,344 Premiums earned $ 8,663 $ 3,124 $ 11,787 Incurred losses and LAE 5,997 2,103 8,100 Commission and brokerage 2,134 394 2,528 Other underwriting expenses 218 463 682 Underwriting gain (loss) $ 313 $ 164 $ 477 Net investment income 830 Net realized capital gains (losses) (455) Corporate expenses (61) Interest, fee and bond issue cost amortization expense (101) Other income (expense) (102) Income (loss) before taxes $ 588 Year Ended December 31, 2021 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 9,067 $ 3,982 $ 13,050 Net written premiums 8,536 2,910 11,446 Premiums earned $ 7,757 $ 2,649 $ 10,406 Incurred losses and LAE 5,556 1,835 7,391 Commission and brokerage 1,854 354 2,209 Other underwriting expenses 199 383 583 Underwriting gain (loss) $ 147 $ 76 $ 224 Net investment income 1,165 Net realized capital gains (losses) 258 Corporate expenses (68) Interest, fee and bond issue cost amortization expense (70) Other income (expense) 37 Income (loss) before taxes $ 1,546 Year Ended December 31, 2020 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 7,282 $ 3,201 $ 10,482 Net written premiums 6,768 2,349 9,117 Premiums earned $ 6,466 $ 2,215 $ 8,682 Incurred losses and LAE 4,933 1,617 6,551 Commission and brokerage 1,552 321 1,873 Other underwriting expenses 176 336 511 Underwriting gain (loss) $ (195) $ (58) $ (254) Net investment income 642 Net realized capital gains (losses) 268 Corporate expenses (41) Interest, fee and bond issue cost amortization expense (36) Other income (expense) 6 Income (loss) before taxes $ 585 The assets the Company’s other than the U.S., in which the Company writes business, Year Ended December 31, (Dollars in millions) 2022 2021 2020 United Kingdom gross written premium $ 1,217 $ 1,246 $ 1,116 Approximately 20.0 %, 20.5 % 20.1 % respectively, |
Subsequent Events |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. The earthquake occurred Company is unable to losses |
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 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 $ 1,334 $ 1,257 $ 1,257 State, municipalities and political subdivisions 444 413 413 Foreign government securities 1,586 1,415 1,415 Foreign corporate securities 5,143 4,596 4,596 Public utilities 218 203 203 All other corporate bonds 10,688 10,013 10,013 Mortgage - backed securities: Commercial 1,023 919 919 Agency residential 3,382 3,099 3,099 Non-agency residential 5 4 4 Redeemable preferred stock 368 316 316 Total fixed maturities-available for sale 24,191 22,236 22,236 Fixed maturities - held to maturity Bonds: Foreign corporate securities 28 28 27 All other corporate bonds 813 786 806 Mortgage - backed securities: Commercial 7 7 7 Total fixed maturities-held to maturity 848 821 839 Equity securities - at fair value (1) 252 281 281 Short-term investments 1,032 1,032 1,032 Other invested assets 4,085 4,085 4,085 Cash 1,398 1,398 1,398 Total investments and cash $ 31,807 $ 29,853 $ 29,872 (Some amounts may not reconcile due to rounding.) (1) |
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 December 31, (Dollars and share amounts in millions, except 2022 2021 ASSETS: Fixed maturities - available for sale $ - $ - (amortized cost: 2022, $ 0 ; 2021, $ 0 ) Other invested assets (cost: 2022, $ 0 ; 2021, $ 212 ) - 212 Cash 22 3 Investment in subsidiaries, at equity in the underlying net assets 11,116 10,353 Accrued investment income - - Receivable from subsidiaries 11 10 Other assets 43 50 TOTAL ASSETS $ 11,192 $ 10,628 LIABILITIES: Long term notes payable, affiliated $ 2,738 $ 500 Due to subsidiaries 4 2 Other liabilities 9 (13) Total liabilities 2,751 489 SHAREHOLDERS' EQUITY: Preferred shares, par value: $ 0.01 ; 50.0 no - - Common shares, par value: $ 0.01 ; 200.0 (2022) 69.9 69.8 1 1 Additional paid-in capital 2,302 2,274 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($ 250 ) at 2022 and $ 27 (1,996) 12 Treasury shares, at cost; 30.8 30.5 (3,908) (3,847) Retained earnings 12,042 11,700 Total shareholders' equity 8,441 10,139 TOTAL $ 11,192 $ 10,628 (Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS Years Ended December 31, 2022 2021 2020 (Dollars in thousands) REVENUES: Net investment income $ - $ - $ 1 Other income (expense) - - 6 Net income (loss) of subsidiaries 648 1,416 536 Total revenues 648 1,416 543 EXPENSES: Interest expense - affiliated 13 6 5 Other expenses 38 31 24 Total expenses 51 37 29 INCOME (LOSS) BEFORE TAXES 597 1,379 514 NET INCOME (LOSS) $ 597 $ 1,379 $ 514 Other comprehensive income (loss), net of tax: Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (2,037) (488) 423 Reclassification adjustment for realized losses (gains) included in net income (loss) 89 4 (3) Total URA(D) on securities arising during the period (1,948) (485) 420 Foreign currency translation adjustments (77) (62) 86 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 (2,008) (523) 507 COMPREHENSIVE INCOME (LOSS) $ (1,411) $ 856 $ 1,021 (Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS Years Ended December 31, (Dollars in millions, except share amounts) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 597 $ 1,379 $ 514 Adjustments to reconcile net income to net cash provided by operating activities: Equity in retained (earnings) deficit of subsidiaries (648) (1,416) (536) Cash dividends received from subsidiaries 476 320 650 Change in other assets and liabilities, net 28 3 (21) Increase (decrease) in due to/from affiliates 2 8 (9) Amortization of bond premium (accrual of bond discount) - - - Realized capital losses (gains) - - - Non-cash compensation expense 2 2 3 Net cash provided by (used in) operating activities 457 296 601 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (824) (120) (138) Proceeds from fixed maturities matured/called - available for sale, at market value - - 1 Proceeds from fixed maturities sold - available for sale, at market value - - 200 Distribution from other invested assets 237 607 560 Cost of fixed maturities acquired - available for sale, at market value - - - Cost of other invested assets acquired (26) (535) (801) Net change in short-term investments - - - Net cash provided by (used in) investing activities (613) (48) (178) CASH FLOWS FROM FINANCING ACTIVITIES: Common shares issued during the period, net 26 27 23 Purchase of treasury shares (61) (225) (200) Dividends paid to shareholders (255) (247) (249) Proceeds from issuance (cost of repayment) of long term notes payable - affiliated 465 200 - Net cash provided by (used in) financing activities 175 (245) (426) EFFECT OF EXCHANGE RATE CHANGES ON CASH - - - Net increase (decrease) in cash 19 2 (3) Cash, beginning of period 3 1 3 Cash, end of period $ 22 $ 3 $ 1 Non-Cash Transactions: Dividend of 4,297,463 $ 1,405 $ - $ - received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary Issuance of $ 1,773 Holdings in exchange for 5,422,508 received by Group from Preferred Holdings 1,773 - - Capital contribution of 9,719,971 Group to Everest Re Advisors, Ltd. 3,178 - - (Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION NOTES TO CONDENSED 1.) The financial statements and related 2.) Everest 300 Company, 1.69 % and was Group, Ltd. 3.) Everest 200 Company, 1.00 % and presented as Ltd. 4.) Everest 215 Holdings, Inc., an affiliated company, 3.11 % and is scheduled to Term Note 5.) Everest 125 Holdings, Inc., an 4.34 % and is scheduled to mature in June Long-Term Note 6.) Everest 125 Reinsurance, 4.34 % presented as Ltd. 7.) Everest 1.773 International Holdings, a rate of 4.34 % and is scheduled to presented as Ltd. 8.) Everest Re”), 65 million and $ 66 Assets. (0.9) (1.3) $(6.3) million for other income (expense). |
Schedule III - Supplementary Insurance Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Segment for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of 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 Year Ended December Reinsurance $ 710 $ 16,140 $ 2,894 $ 8,663 $ 590 $ 5,997 $ 2,134 $ 218 $ 8,983 Insurance 252 5,925 2,253 3,124 240 2,103 394 463 3,361 Total $ 962 $ 22,065 $ 5,147 $ 11,787 $ 830 $ 8,100 $ 2,528 $ 682 $ 12,344 As of and Year Ended December Reinsurance $ 654 $ 13,895 $ 2,723 $ 7,757 $ 823 $ 5,556 $ 1,854 $ 199 $ 8,536 Insurance 218 5,114 1,887 2,649 342 1,835 354 383 2,910 Total $ 872 $ 19,009 $ 4,610 $ 10,406 $ 1,165 $ 7,391 $ 2,209 $ 583 $ 11,446 As of and Year Ended December Reinsurance $ 448 $ 12,023 $ 1,995 $ 6,466 $ 458 $ 4,933 $ 1,552 $ 176 $ 6,768 Insurance 174 4,376 1,506 2,215 184 1,617 321 336 2,349 Total $ 622 $ 16,399 $ 3,501 $ 8,682 $ 642 $ 6,551 $ 1,873 $ 511 $ 9,117 (Some amounts may not reconcile due to rounding.) |
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 Net Assumed (Dollars in millions) Amount Amount to Net December 31, 2022 Total property and $ 4,218 $ 1,513 $ 9,082 $ 11,787 $ 77.1% December 31, 2021 Total property and $ 3,589 $ 1,498 $ 8,315 $ 10,406 $ 79.9% December 31, 2020 Total property and $ 3,028 $ 1,401 $ 7,055 $ 8,682 $ 81.3% |
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 and Group and its subsidiaries. The principles following domestic (“Everest International Service Reinsurance Compañia (“Holdings (“Everest Limited (Ireland) Insurance”), Reinsurance (Bermuda) Leisure and Specialty Company (“Everest Indemnity Everest Security”). dollars. The Company in Company is considered to be the primary beneficiary. as entity. The preparation assumptions liabilities) at the date of the financial reporting period. Certain presentation. |
Investments and Cash | B. Fixed result other maturity, review. factors. well as interest related accumulated other comprehensive likely than the operations the Company not have to the statements related impairment is analysis is the quantitative assessment difference the credit allowance account through comprehensive income (loss). Fixed both the positive the determined in the evaluates characteristics considerations, incorporation current expected credit losses. The Company interest that has not been accrued, it is recorded as income The Company’s with enhancements or relevant information provided Retrospective Company’s reviewed the new yield to prepayment calculation of projected prepayments For income on all fixed maturities income in the consolidated statements Short-term stated at cost, which appro Realized publicly securities flow characteristics committees qualified Company valuation illiquid, the determine fair value. Other investments. recorded surrender value and changes in the policy cash Cash represents withdrawal or usage. Amounts C. The credit losses. and establishes an allowance for estimated Premiums premiums, are primarily due these adjusted for current economic A portion of the rated pay the for Retrospectively-rated incurred. insurance could be adversely deductible Company allowance within receivable exposed assigned Credit ratings and historical corporate |
Allowance for Premium Receivable and Reinsurance Recoverables | C. The credit losses. and establishes an allowance for estimated Premiums premiums, are primarily due these adjusted for current economic A portion of the rated pay the for Retrospectively-rated incurred. insurance could be adversely deductible Company allowance within receivable exposed assigned Credit ratings and historical corporate ratings required considers the current economic The Company and records Company’s consolidate The cessions allowance balances. recoverable or charge Due to the inherent due, it is possible that future adjustments be required, cash flows in a particular quarter or annual period. The allowance factors recoverable net in collateral factors are as economic outcomes. the current economic environment The adjustment expenses in the Company’s Write-offs of is deemed uncollectible. |
Deferred Acquisition Costs | D. Acquisition costs, fees Company’s reinsurance premiums business investment income. |
Reserve For Losses And Loss Adjustment Expenses | E. The reserve received from based on past asbestos which liabilities reviewed made. liability. presented net of reinsurance. Accruals percentage to arrangements are are estimated based on expected F. Liabilities policy particular period may fluctuate from G. Written contracts. reinsurance estimated premium catastrophe coverage reflects been reported to the Company, H. Prepaid reinsurance 10 % December 31, credit, thereby limiting the credit risk to I. Holdings subsidiaries and branches of subsidiaries Holdings’ income reporting and income tax accounting rules. As disproportionate income tax J. The Company base transactional activity and liabilities the consolidated for income (loss) and accumulated in shareholders’ The business the end of period for the balance sheets and the average |
Future Policy Benefit Reserve | F. Liabilities policy particular period may fluctuate from |
Premium Revenues | G. Written contracts. reinsurance estimated premium catastrophe coverage reflects been reported to the Company, |
Prepaid Reinsurance Premiums | H. Prepaid reinsurance 10 % December 31, credit, thereby limiting the credit risk to |
Income Taxes | I. Holdings subsidiaries and branches of subsidiaries Holdings’ income reporting and income tax accounting rules. As disproportionate income tax |
Foreign Currency | J. The Company base transactional activity and liabilities the consolidated for income (loss) and accumulated in shareholders’ The business the end of period for the balance sheets and the average income statements. deferred income taxes, |
Earnings Per Common Share | K. Basic shares outstanding. under various would participate in the earnings of the entity. Net income basic and dilutive shares outstanding. Years Ended December 31, (Amounts in millions, except per share amounts) 2022 2021 2020 Net income (loss) per share: Numerator Net income (loss) $ 597 $ 1,379 $ 514 Less: (255) (247) (249) Undistributed earnings 342 1,132 265 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 98.7 % 337 1,117 262 Add: 252 244 246 Numerator for basic and diluted earnings per common share $ 589 $ 1,361 $ 508 Denominator Denominator for basic earnings per weighted-average common shares 39 39 40 Effect of dilutive securities: Options - - - Denominator for diluted earnings per adjusted weighted-average common shares 39 39 40 Per common share net income (loss) Basic $ 15.19 $ 34.66 $ 12.81 Diluted $ 15.19 $ 34.62 $ 12.78 (1) Basic weighted-average common shares outstanding 39 39 40 Basic weighted-average common shares outstanding 39 40 40 Percentage allocated to common shareholders 98.7 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) There were no Options granted no |
Segmentation | L. The Company, two |
Share-Based Compensation | M. Share-based compensation the grant deferred until the time the award |
Application Of Recently Issued Accounting Guidance | N. The Company assessed Board on if any, accounting standards to Group. |
Summary Of Significant Accounting Policies (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Net Income (Loss) Per Common Share | Years Ended December 31, (Amounts in millions, except per share amounts) 2022 2021 2020 Net income (loss) per share: Numerator Net income (loss) $ 597 $ 1,379 $ 514 Less: (255) (247) (249) Undistributed earnings 342 1,132 265 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 98.7 % 337 1,117 262 Add: 252 244 246 Numerator for basic and diluted earnings per common share $ 589 $ 1,361 $ 508 Denominator Denominator for basic earnings per weighted-average common shares 39 39 40 Effect of dilutive securities: Options - - - Denominator for diluted earnings per adjusted weighted-average common shares 39 39 40 Per common share net income (loss) Basic $ 15.19 $ 34.66 $ 12.81 Diluted $ 15.19 $ 34.62 $ 12.78 (1) Basic weighted-average common shares outstanding 39 39 40 Basic weighted-average common shares outstanding 39 40 40 Percentage allocated to common shareholders 98.7 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) |
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 Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale: U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,334 $ - $ 6 $ (82) $ 1,257 Obligations of U.S. states and political subdivisions 444 - 2 (32) 413 Corporate securities 7,044 (45) 31 (561) 6,469 Asset-backed securities 4,229 - 5 (171) 4,063 Mortgage-backed securities Commercial 1,023 - - (105) 919 Agency residential 3,382 - 7 (290) 3,099 Non-agency residential 5 - - (1) 4 Foreign government securities 1,586 - 8 (179) 1,415 Foreign corporate securities 5,143 (10) 23 (562) 4,596 Total fixed maturity securities - available for sale $ 24,191 $ (54) $ 81 $ (1,982) $ 22,236 (Some amounts may not reconcile due to rounding.) At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale: U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,407 $ - $ 24 $ (10) $ 1,421 Obligations of U.S. states and political subdivisions 559 - 29 (1) 587 Corporate securities 7,444 (19) 195 (63) 7,557 Asset-backed securities 3,579 (8) 22 (12) 3,582 Mortgage-backed securities Commercial 1,032 - 38 (6) 1,064 Agency residential 2,361 - 33 (19) 2,375 Non-agency residential 7 - - - 7 Foreign government securities 1,424 - 42 (28) 1,438 Foreign corporate securities 4,251 (3) 95 (65) 4,279 Total fixed maturity securities - available for sale $ 22,064 $ (30) $ 478 $ (203) $ 22,308 (Some amounts may not reconcile due to rounding.) At December 31, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in millions) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - held to maturity: Corporate securities $ 152 $ (2) $ - $ (6) $ 144 Asset-backed securities 661 (6) 2 (15) 642 Mortgage-backed securities - Commercial 7 - - - 7 Foreign corporate securities 28 (1) 2 - 28 Total fixed maturity securities - held to maturity $ 848 $ (9) $ 3 $ (22) $ 821 (Some amounts may not reconcile due |
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: $ 1,331 $ 1,314 $ 1,399 $ 1,398 8,131 7,546 7,075 7,154 4,636 4,057 5,004 5,101 1,454 1,233 1,606 1,627 Asset-backed securities 4,229 4,063 3,579 3,582 Mortgage-backed securities: Commercial 1,023 919 1,032 1,064 Agency residential 3,382 3,099 2,361 2,375 Non-agency residential 5 4 7 7 Total fixed maturity securities -available for sale $ 24,191 $ 22,236 $ 22,064 $ 22,308 (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 661 642 Mortgage-backed securities: Commercial 7 7 Total fixed maturity securities - held to maturity $ 848 $ 821 (Some amounts may not reconcile due |
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 and short-term investments $ (2,225) $ (542) Change in unrealized appreciation (depreciation), pre-tax (2,225) (542) Deferred tax benefit (expense) 277 58 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (1,948) $ (485) (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 Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 668 $ (31) $ 487 $ (52) $ 1,155 $ (82) Obligations of U.S. states and 235 (23) 27 (9) 261 (32) Corporate securities 4,143 (326) 1,316 (234) 5,459 (561) Asset-backed securities 3,204 (142) 456 (29) 3,661 (171) Mortgage-backed securities Commercial 806 (90) 101 (15) 907 (105) Agency residential 1,905 (132) 870 (158) 2,776 (289) Non-agency residential 4 - 1 (1) 4 - Foreign government securities 985 (100) 321 (79) 1,306 (179) Foreign corporate securities 3,264 (372) 853 (189) 4,117 (561) Total $ 15,213 $ (1,217) $ 4,432 $ (764) $ 19,645 $ (1,982) Securities where an allowance for credit 2 - - - 2 - Total fixed $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 504 $ (6) $ 92 $ (4) $ 596 $ (10) Obligations of U.S. states and 51 (1) 3 - 54 (1) Corporate securities 2,133 (38) 473 (24) 2,605 (63) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities Commercial 222 (3) 40 (3) 262 (6) Agency residential 1,101 (12) 280 (7) 1,381 (19) Non-agency residential 2 - - - 2 - Foreign government securities 392 (10) 101 (18) 493 (28) Foreign corporate securities 1,735 (46) 211 (18) 1,945 (65) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (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 Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 989 $ (19) $ 40 $ (7) $ 1,029 $ (26) Due in one year through five years 4,935 (383) 1,645 (209) 6,580 (592) Due in five years through ten years 2,698 (360) 911 (230) 3,609 (590) Due after ten years 672 (91) 408 (116) 1,080 (207) Asset-backed securities 3,204 (142) 456 (29) 3,661 (171) Mortgage-backed securities 2,715 (222) 972 (173) 3,687 (395) Total $ 15,213 $ (1,217) $ 4,432 $ (764) $ 19,645 $ (1,982) Securities where an allowance for credi 2 - - - 2 - Total fixed $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in millions) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 130 $ (2) $ 137 $ (12) $ 267 $ (14) Due in one year through five years 2,165 (35) 446 (29) 2,612 (64) Due in five years through ten years 1,728 (47) 244 (22) 1,972 (69) Due after ten years 792 (16) 51 (3) 843 (19) Asset-backed securities 1,954 (11) 42 (1) 1,996 (12) Mortgage-backed securities 1,325 (15) 320 (10) 1,646 (25) Total fixed $ 8,094 $ (128) $ 1,241 $ (75) $ 9,335 $ (203) (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 $ 742 $ 561 $ 542 Equity securities 16 17 19 Short-term investments and cash 28 1 5 Other invested assets Limited partnerships 75 565 113 Other 29 63 2 Gross investment income before adjustments 890 1,208 681 Funds held interest income (expense) 2 12 13 Future policy benefit reserve income (expense) - (1) (1) Gross investment income 892 1,219 692 Investment expenses (62) (54) (50) Net investment income $ 830 $ 1,165 $ 642 (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: Allowance for credit losses $ (33) $ (28) $ (2) Net realized gains (losses) from dispositions (87) 17 (5) Gains (losses) from fair value adjustments - - 2 Equity securities: Net realized gains (losses) from dispositions 112 28 (9) Gains (losses) from fair value adjustments (460) 236 278 Other invested assets 13 6 2 Short-term investments gain (loss) - - 1 Total net realized gains (losses) on investments $ (455) $ 258 $ 268 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2022 Foreign Corporate Asset-Backed Corporate Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (1) (13) (6) (17) (35) Increases in allowance on previously impaired securities (20) - (1) (21) Decreases in allowance on previously impaired securities - - - - Reduction in allowance due to disposals 6 8 10 23 Balance as of December 31 $ (46) $ (6) $ (11) $ (63) (Some amounts may not reconcile due to rounding.) (1) 2 6 1 corporate securities, respectively. Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2021 Foreign Corporate Asset-Backed Corporate Securities Securities Securities Total (Dollars in millions) Beginning Balance $ (1) $ - $ (1) $ (2) Credit losses on securities where credit losses were not previously recorded (21) (5) (2) (29) Increases in allowance on previously impaired securities (3) (3) - (5) Decreases in allowance on previously Reduction in allowance due to disposals 6 - - 6 Balance as of December 31 $ (19) $ (8) $ (3) $ (30) (Some amounts may not reconcile due to rounding.) |
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 $ 1,403 $ 1,916 $ 1,951 Gross gains from sales 40 72 80 Gross losses from sales (127) (55) (85) Proceeds from sales of equity securities $ 2,217 $ 990 $ 376 Gross gains from sales 165 42 37 Gross losses from sales (53) (15) (46) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Gross reserves beginning of period $ 19,009 $ 16,322 $ 13,531 (1,946) (1,844) (1,641) 17,063 14,478 11,891 Incurred related to: 8,102 7,400 6,149 (2) (9) 401 8,100 7,391 6,551 Paid related to: 1,220 2,491 2,046 3,740 2,226 2,078 4,960 4,717 4,124 Foreign exchange/translation adjustment (243) (89) 161 Net reserves end of period 19,960 17,063 14,478 2,105 1,946 1,844 $ 22,065 $ 19,009 $ 16,322 (Some amounts may not reconcile due |
Ultimate 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 Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 710 $ 801 $ 788 $ 779 $ 748 $ 719 $ 699 $ 699 $ 694 $ 684 $ 11 N/A 2014 762 800 807 783 741 719 732 730 720 13 N/A 2015 777 818 814 811 795 832 832 829 47 N/A 2016 790 865 862 857 933 935 965 91 N/A 2017 870 830 837 918 926 982 132 N/A 2018 1,311 1,309 1,386 1,416 1,485 354 N/A 2019 1,683 1,748 1,751 1,775 727 N/A 2020 1,896 1,867 1,846 1,178 N/A 2021 2,454 2,449 1,829 N/A 2022 2,818 2,133 N/A $ 14,554 (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 $ 48 $ 121 $ 211 $ 310 $ 383 $ 489 $ 540 $ 565 $ 593 $ 603 2014 57 122 212 301 426 501 545 585 607 2015 57 157 263 408 497 565 611 647 2016 88 187 320 426 539 614 690 2017 80 185 316 455 575 677 2018 154 284 456 616 803 2019 208 338 511 718 2020 190 300 489 2021 214 318 2022 200 $ 5,754 All outstanding liabilities prior to 2013, net of reinsurance 916 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 9,715 (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 Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 1,275 $ 930 $ 819 $ 763 $ 757 $ 753 $ 760 $ 758 $ 758 $ 757 $ 2 N/A 2014 1,343 1,181 1,030 937 933 937 930 930 928 3 N/A 2015 1,386 1,053 976 950 952 945 946 943 2 N/A 2016 1,695 1,518 1,554 1,548 1,526 1,527 1,523 10 N/A 2017 2,784 3,407 3,518 3,647 3,692 3,703 3 N/A 2018 2,611 2,486 2,488 2,426 2,379 24 N/A 2019 2,038 2,070 2,015 1,899 29 N/A 2020 2,408 2,481 2,425 240 N/A 2021 2,754 2,780 476 N/A 2022 3,257 1,898 N/A $ 20,594 (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 $ 375 $ 510 $ 638 $ 693 $ 713 $ 723 $ 732 $ 733 $ 733 $ 735 2014 366 641 769 842 874 884 891 892 893 2015 377 607 759 842 869 891 900 905 2016 469 961 1,249 1,367 1,421 1,441 1,454 2017 819 2,180 2,744 3,130 3,332 3,426 2018 545 1,525 1,878 2,065 2,136 2019 730 1,185 1,505 1,667 2020 584 1,321 1,733 2021 684 1,534 2022 652 $ 15,134 All outstanding liabilities prior to 2013, net of reinsurance 103 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,562 (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 Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 393 $ 393 $ 393 $ 393 $ 351 $ 344 $ 351 $ 350 $ 350 $ 347 $ 25 $ 22,031 2014 431 457 454 460 396 397 398 397 398 32 26,449 2015 519 527 535 541 467 471 471 477 40 29,020 2016 552 550 579 612 549 538 540 53 34,164 2017 610 600 620 652 628 629 85 38,344 2018 701 705 742 755 769 154 39,029 2019 848 844 876 885 204 42,006 2020 993 1,049 1,043 416 39,545 2021 1,189 1,246 732 44,274 2022 1,367 865 37,739 $ 7,703 (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 $ 33 $ 117 $ 176 $ 225 $ 260 $ 286 $ 304 $ 311 $ 317 $ 321 2014 41 125 202 257 297 325 339 350 360 2015 44 135 219 292 353 382 413 435 2016 55 164 268 341 400 443 481 2017 54 172 280 378 453 529 2018 63 207 317 443 594 2019 72 234 397 551 2020 66 236 388 2021 109 261 2022 85 $ 4,003 All outstanding liabilities prior to 2013, net of reinsurance 127 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,828 (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 Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 112 $ 98 $ 91 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ - N/A 2014 132 123 120 119 119 119 119 119 120 1 N/A 2015 173 153 144 146 144 146 146 150 1 N/A 2016 288 274 279 289 292 294 294 - N/A 2017 494 499 492 495 489 504 - N/A 2018 405 400 394 407 422 1 N/A 2019 347 347 351 363 1 N/A 2020 599 507 498 27 N/A 2021 646 579 66 N/A 2022 767 273 N/A $ 3,789 (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 $ 69 $ 93 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 2014 82 116 118 118 118 119 119 119 119 2015 102 141 142 145 146 146 147 147 2016 162 249 271 287 290 293 293 2017 179 423 457 479 496 499 2018 245 357 376 404 418 2019 227 315 339 357 2020 293 416 453 2021 328 473 2022 372 $ 3,223 All outstanding liabilities prior to 2013, net of reinsurance - Liabilities for claims and claim adjustment expenses, net of reinsurance 566 (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 Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.9 % 7.8 % 11.7 % 12.7 % 12.5 % 10.2 % 6.8 % 4.5 % 3.6 % 1.5 % Reinsurance – Property Business Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Property 27.2 % 31.8 % 16.1 % 8.8 % 4.0 % 2.0 % 0.9 % 0.3 % 0.1 % 0.1 % Insurance – Casualty Business Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.1 % 17.6 % 16.8 % 15.5 % 13.4 % 8.4 % 5.7 % 3.3 % 2.1 % 1.3 % Insurance – Property Business Average Annual Percentage Years 1 2 3 4 5 6 7 8 9 10 Property 54.3 % 31.5 % 5.7 % 4.5 % 2.3 % 1.0 % 0.6 % 0.1 % 0.1 % - % |
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2022 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 9,715 Reinsurance Property 5,562 Insurance Casualty 3,828 Insurance Property 566 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 19,671 Reinsurance recoverable on unpaid claims Reinsurance Casualty 150 Reinsurance Property 576 Insurance Casualty 1,220 Insurance Property 160 Total reinsurance recoverable 2,105 Insurance lines other than short-duration - Unallocated claims adjustment expenses 244 Other 45 289 Total gross liability for unpaid claims and claim adjustment expense $ 22,065 (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 $ 156 $ 198 $ 229 Incurred losses 138 - (1) Paid losses (37) (42) (30) End of period reserves $ 257 $ 156 $ 198 (Some amounts may not reconcile due to rounding.) |
Summary Of Activity In The Reserve For Future Policy Benefits | At December 31, (Dollars in thousands) 2022 2021 2020 Balance at beginning of year $ 36 $ 38 $ 43 Liabilities assumed - - - Adjustments to reserves (3) 1 (1) Benefits paid in the current year (4) (3) (4) Balance at end of year $ 29 $ 36 $ 38 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,257 $ - $ 1,257 $ - Obligations of U.S. States and political subdivisions 413 - 413 - Corporate securities 6,469 - 5,754 715 Asset-backed securities 4,063 - 3,069 994 Mortgage-backed securities Commercial 919 - 919 - Agency residential 3,099 - 3,099 - Non-agency residential 4 - 4 - Foreign government securities 1,415 - 1,415 - Foreign corporate securities 4,596 - 4,579 16 Total fixed maturities, available for sale 22,236 - 20,511 1,725 Equity securities, fair value 281 132 150 - (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,421 $ - $ 1,421 $ - Obligations of U.S. States and political subdivisions 587 - 587 - Corporate securities 7,557 - 6,756 801 Asset-backed securities 3,582 - 2,330 1,251 Mortgage-backed securities Commercial 1,064 - 1,064 - Agency residential 2,375 - 2,375 - Non-agency residential 7 - 7 - Foreign government securities 1,438 - 1,438 - Foreign corporate securities 4,279 - 4,262 16 Total fixed maturities, available for sale 22,308 - 20,240 2,068 Equity securities, fair value 1,826 1,742 84 - (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, 2022 December 31, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in millions) Securities Securities CMBS Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities $ 801 $ 1,251 $ - $ 16 $ 2,068 $ 701 $ 623 $ 6 $ 1,330 Total gains or (losses) (realized/unrealized) Included in earnings (10) - - - (10) (12) (6) - (18) Included in other comprehensive income (loss) 3 (35) - (4) (36) 4 (7) - (2) Purchases, issuances and settlements (45) 513 6 8 481 107 641 10 758 Transfers in and/or (out) of Level (35) (735) (6) (4) (779) - - - - Ending balance $ 715 $ 994 $ - $ 16 $ 1,725 $ 801 $ 1,251 $ 16 $ 2,068 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 $ (23) $ 8 $ - $ - $ (15) $ (16) $ (8) $ - $ (24) (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Years Ended December 31, (Dollars in millions) 2022 2021 2020 Credit facility interest and fees incurred - Wells Fargo Bank $ - $ - $ 1 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ - $ - $ 39 $ 39 12/30/2022 |
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 463 12/29/2023 $ 500 $ 351 12/30/2022 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Citibank LOC Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- $ 230 $ 1 1/21/2023 $ 230 $ 4 02/28/2022 4 2/28/2023 1 03/01/2022 1 3/1/2023 1 11/24/2022 1 8/15/2023 217 12/31/2022 3 9/23/2023 1 8/15/2023 212 12/31/2023 1 9/23/2023 Bermuda Re Citibank LOC Facility 140 87 12/31/2023 140 84 12/31/2022 18 12/30/2026 23 12/30/2025 Total Citibank Bilateral $ 370 $ 329 $ 370 $ 333 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured $ 200 $ 183 12/31/2023 $ 200 $ 155 12/31/2022 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Bayerische Landesbank Unsecured Bilateral Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 Bank Commitment In Use Date of Expiry Bayerische Landesbank Unsecured Bilateral LOC Agreement - Committed $ 150 $ 150 12/31/2023 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Lloyd's Bank Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50 $ 50 12/31/2023 $ 50 $ 46 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 136 12/31/2023 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 186 $ 50 $ 46 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Credit Facility $ 200 $ 179 12/31/2023 $ 200 $ 186 12/31/2022 (Some amounts may not reconcile due to rounding.) |
Bermuda Re Nordea Bank Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in millions) At December 31, 2022 Bank Commitment In Use Date of Expiry Nordea Bank ABP, NY Unsecured LOC Facility - Committed $ 200 $ 50 12/31/2023 Nordea Bank ABP, NY Unsecured LOC Facility - Uncommitted 100 100 12/31/2023 Total Nordea Bank ABP, $ 300 $ 150 (Some amounts may not reconcile due |
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 Balance Sheet (Dollars in millions) Date Issued Date Due Amounts Market Value Amount Market Value 4.868 % Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 343 $ 397 $ 504 3.5 % Senior notes 10/7/2020 10/15/2050 1,000 981 677 980 1,055 3.125 % Senior notes 10/4/2021 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 (Some amounts may not reconcile due to rounding.) |
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 | Maturity Date December 31, 2022 December 31, 2021 Original Consolidated Consolidated Principal Balance Sheet Balance Sheet (Dollars in millions) Date Issued Amount Scheduled Final Amount Market Value Amount Market Value Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 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 And Trust Agreements (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Years Ended December 31, Mt. Logan Re Segregated Accounts 2022 2021 2020 (Dollars in millions) Ceded written premiums 201 341 303 Ceded earned premiums 206 333 306 Ceded losses and LAE 191 282 241 Assumed written premiums 5 12 19 Assumed earned premiums 5 12 19 |
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 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake 6/22/2022 6/22/2025 300 Aggregate Total available limit as of $ 2,063 |
Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts | (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 6/22/2025 300 $ 2,063 |
Leases (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in thousands) 2022 2021 Lease expense incurred: Operating lease cost $ 28 $ 27 At December 31, (Dollars in millions) 2022 2021 Operating lease right of use assets $ 128 $ 139 Operating lease liabilities 147 158 Year Ended December 31, (Dollars in millions) 2022 2021 Operating cash flows from operating leases $ (20) $ (18) At December 31, 2022 2021 Weighted average remaining operating lease term 10.8 11.6 years Weighted average discount rate on operating leases 4.08 % 4.08 % |
Maturities of Lease Liabilities | (Dollars in thousands) 2023 $ 21 2024 21 2025 18 2026 16 2027 16 Thereafter 95 Undiscounted lease payments 187 Less: 40 Total operating lease liability $ 147 |
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. $ 76 $ 124 $ (108) Non-U.S. 5 2 3 Total current tax expense (benefit) 81 126 (105) Deferred tax expense (benefit): U.S. (90) 38 179 Non-U.S. - 3 (3) Total deferred tax expense (90) 41 176 Total income tax expense (benefit) $ (9) $ 167 $ 71 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | Years Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ (81) $ 558 $ (83) $ 307 $ 24 $ (278) Net investment income 607 223 708 457 340 303 Net realized capital gains (losses) (426) (29) 266 (8) 235 33 Net derivative gain (loss) - - - 3 - 2 Corporate expenses (26) (35) (33) (34) (16) (25) Interest, fee and bond (101) - (70) - (36) (1) Other income (expense) (6) (96) 23 11 (15) 20 Pre-tax income (loss) $ (32) $ 620 $ 811 $ 735 $ 532 $ 53 Expected tax provision at the applicable (9) - 170 14 112 (10) Increase (decrease) in taxes resulting Tax exempt (4) - (4) - (4) - Dividend received deduction (3) - (1) - (1) - Proration 1 - 1 - 1 - Affiliated preferred stock 7 - 7 - 7 - Creditable foreign premium tax (11) - (13) - (12) - Tax audit settlement - - - - - - Share-based compensation tax benefits (3) - (2) - (3) - Impact of CARES Act - - - - (32) - Valuation allowance - 5 - (10) - 15 Change in uncertain tax positions - - - - - - Other 5 - 3 1 3 (5) Total income tax $ (14) $ 5 $ 161 $ 5 $ 71 $ - (Some amounts may not reconcile due to rounding.) |
Net Deferred Income Tax Assets/(Liabilities) | Years Ended December 31, (Dollars in millions) 2022 2021 Deferred tax assets: $ 218 $ - 154 130 114 108 29 31 28 20 24 4 12 6 9 13 8 8 3 3 3 22 10 9 Total deferred tax assets 611 354 Deferred tax liabilities: 105 99 56 57 25 27 16 4 7 98 3 2 - 37 8 6 Total deferred tax liabilities 220 329 Net deferred tax assets 392 25 (25) (18) Total net deferred tax $ 367 $ 7 (Some amounts may not reconcile due to rounding.) |
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 $ 4,602 $ 3,988 $ 3,218 Assumed 9,350 9,062 7,264 Ceded (1,608) (1,604) (1,365) Net written premiums $ 12,344 $ 11,446 $ 9,117 Premiums earned: Direct $ 4,218 $ 3,589 $ 3,028 Assumed 9,082 8,315 7,055 Ceded (1,513) (1,498) (1,401) Net premiums earned $ 11,787 $ 10,406 $ 8,682 Incurred losses and LAE: Direct $ 2,804 $ 2,385 $ 2,141 Assumed 6,285 5,741 5,164 Ceded (988) (735) (754) Net incurred losses and LAE $ 8,100 $ 7,391 $ 6,551 |
Other Comprehensive Income (Loss) (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2022 2021 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) ("URA(D)") on securities - non-credit related $ (2,332) $ 295 $ (2,037) $ (548) $ 59 $ (488) $ 463 $ (40) $ 423 Reclassification of net realized losses (gains) included in net income (loss) 107 (18) 89 5 (2) 4 2 (6) (3) Foreign currency translation adjustments (82) 5 (77) (64) 2 (62) 90 (4) 86 Benefit plan actuarial net gain (loss) 18 (4) 15 22 (5) 17 (7) 1 (6) Reclassification of benefit plan liability amortization included in net income (loss) 3 (1) 2 8 (2) 6 8 (2) 6 Total other comprehensive income $ (2,285) $ 277 $ (2,008) $ (577) $ 54 $ (523) $ 556 $ (49) $ 507 |
Reclassification From Accumulated Other Comprehensive Income | Years Ended December 31, Affected line item within the statements AOCI component 2022 2021 operations and comprehensive (Dollars in millions) URA(D) on securities $ 107 $ 5 Other net realized capital gains (losses) (18) (2) Income tax expense (benefit) $ 89 $ 4 Net income (loss) Benefit plan net gain (loss) $ 3 $ 8 Other underwriting expenses (1) (2) Income tax expense (benefit) $ 2 $ 6 Net income (loss) |
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 $ 239 $ 724 Current period change in URA(D) of investments - non-credit related (1,948) (485) Ending balance of URA(D) on securities (1,709) 239 Beginning balance of foreign currency translation adjustments (177) (115) Current period change in foreign currency translation adjustments (77) (62) Ending balance of foreign currency translation adjustments (254) (177) 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) $ (1,996) $ 12 (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
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 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 to rounding.) |
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 - - |
Defined Benefit Pension Plan [Member] | |
Summary Of Pension Expenses | 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 Administrative expenses paid - - 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) (Some amounts may not reconcile due to rounding.) |
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 to rounding.) |
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 | 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 prior year (12) (24) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (14) $ (21) (Some amounts may not reconcile due to rounding.) |
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 Assets Inputs Inputs (Dollars in millions) December 31, 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 to rounding.) This category includes high quality, short-term (b) This category includes fixed income funds, which invest in 70 % in U.S. securities and 30 % in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities common stock characteristics, such as rights and warrants, with 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 Assets Inputs Inputs (Dollars in millions) December 31, 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 to rounding.) This category includes high quality, short-term (b) This category includes fixed income funds, which invest in 70 % in U.S. securities and 30 % in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities common stock characteristics, such as rights and warrants, with 50 % in U.S. equities and 50 % in international equities. |
Post-Retirement Plan [Member] | |
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 to rounding.) |
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 |
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 to rounding.) |
Expected Benefit Payments | (Dollars in millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 Next 5 years 7 |
Dividend Restrictions And Statutory Financial Information (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And The Actual Statutory Capital | Bermuda Re (1) Everest Re (2) At December 31, At December 31, (Dollars in millions) 2022 (3) 2021 2022 2021 Regulatory targeted capital $ - $ 2,169 $ 3,353 $ 2,960 Actual capital $ 2,759 $ 3,184 $ 5,553 $ 5,717 Regulatory targeted capital represents (2) Regulatory targeted capital represents 200 % of the RBC authorized control level calculation for the applicable (3) The 2022 BSCR calculation is not yet due to be completed; however, level. |
Commitments And Contingencies (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At December 31, (Dollars in thousands) 2022 2021 The Prudential $ 137 $ 138 Unaffiliated life insurance company 34 35 |
Share-Based Compensation Plans (Tables) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Share-Based Compensation Plans [Abstract] | |
Company's Shareholder Approved Plans | Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2022 49,028 $ 88.52 Granted - - Exercised 49,028 88.52 Forfeited/Cancelled/Expired – - Outstanding at December 31, 2022 – - $ - . Exercisable at December 31, 2022 – - $ - Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in millions; Shares in whole amounts) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2021 116,871 $ 87.87 Granted - - Exercised 67,843 87.39 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2021 49,028 88.52 0.2 $ 9 . Exercisable at December 31, 2021 49,028 88.52 0.2 $ 9 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in millions; Shares in whole amounts) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2020 170,704 $ 87.18 Granted - - Exercised 53,833 85.69 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2020 116,871 87.87 0.7 $ 17 . Exercisable at December 31, 2020 116,871 87.87 0.7 $ 17 |
Summary Of Company's Non-Vested Shares And Changes | Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 496,094 $ 247.76 483,427 $ 246.60 495,137 $ 228.02 Granted 203,598 300.38 213,901 243.51 200,929 269.86 Vested 162,579 246.41 158,735 238.67 175,413 220.88 Forfeited 57,483 262.28 42,499 247.02 37,226 246.20 Outstanding at December 31, 479,630 268.82 496,094 247.76 483,427 246.60 |
Company's Non-Vested Performance Share Unit Awards | Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 50,495 $ - 38,891 $ - 34,850 $ - Granted 18,340 301.54 22,205 242.24 16,120 277.15 Increase/(Decrease) on vesting units due to performance 3,028 - (800) - (2,227) - Vested 15,919 274.37 9,801 242.24 6,157 277.15 Forfeited 1,083 - - - 3,695 - Outstanding at December 31, 54,861 - 50,495 - 38,891 - |
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 $ 9,316 $ 4,636 $ 13,952 Net written premiums 8,983 3,361 12,344 Premiums earned $ 8,663 $ 3,124 $ 11,787 Incurred losses and LAE 5,997 2,103 8,100 Commission and brokerage 2,134 394 2,528 Other underwriting expenses 218 463 682 Underwriting gain (loss) $ 313 $ 164 $ 477 Net investment income 830 Net realized capital gains (losses) (455) Corporate expenses (61) Interest, fee and bond issue cost amortization expense (101) Other income (expense) (102) Income (loss) before taxes $ 588 Year Ended December 31, 2021 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 9,067 $ 3,982 $ 13,050 Net written premiums 8,536 2,910 11,446 Premiums earned $ 7,757 $ 2,649 $ 10,406 Incurred losses and LAE 5,556 1,835 7,391 Commission and brokerage 1,854 354 2,209 Other underwriting expenses 199 383 583 Underwriting gain (loss) $ 147 $ 76 $ 224 Net investment income 1,165 Net realized capital gains (losses) 258 Corporate expenses (68) Interest, fee and bond issue cost amortization expense (70) Other income (expense) 37 Income (loss) before taxes $ 1,546 Year Ended December 31, 2020 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 7,282 $ 3,201 $ 10,482 Net written premiums 6,768 2,349 9,117 Premiums earned $ 6,466 $ 2,215 $ 8,682 Incurred losses and LAE 4,933 1,617 6,551 Commission and brokerage 1,552 321 1,873 Other underwriting expenses 176 336 511 Underwriting gain (loss) $ (195) $ (58) $ (254) Net investment income 642 Net realized capital gains (losses) 268 Corporate expenses (41) Interest, fee and bond issue cost amortization expense (36) Other income (expense) 6 Income (loss) before taxes $ 585 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Year Ended December 31, (Dollars in millions) 2022 2021 2020 United Kingdom gross written premium $ 1,217 $ 1,246 $ 1,116 |
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 | $ (2,225) | $ (542) | |
Deferred tax benefit (expense) | 277 | 58 | |
Total URA(D) on securities arising during the period | (1,948) | (485) | $ 420 |
Fixed Maturity Securities and Short-Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (2,225) | $ (542) |
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 sales of equity securities | 2,217 | 990 | 376 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 1,403 | 1,916 | 1,951 |
Gross gains from sales | 40 | 72 | 80 |
Gross losses from sales | (127) | (55) | (85) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of equity securities | 2,217 | 990 | 376 |
Gross gains from sales | 165 | 42 | 37 |
Gross losses from sales | $ (53) | $ (15) | $ (46) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (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 |
|
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross reserves beginning of period | $ 19,009 | $ 16,322 | $ 13,531 |
Less reinsurance recoverables on unpaid losses | (1,946) | (1,844) | (1,641) |
Net reserves beginning of period | 17,063 | 14,478 | 11,891 |
Incurred related to: Current year | 8,102 | 7,400 | 6,149 |
Incurred related to: Prior years | (2) | (9) | 401 |
Total incurred losses and LAE | 8,100 | 7,391 | 6,551 |
Paid related to: Current year | 1,220 | 2,491 | 2,046 |
Paid related to: Prior years | 3,740 | 2,226 | 2,078 |
Total paid losses and LAE | 4,960 | 4,717 | 4,124 |
Foreign exchange/translation adjustment | (243) | (89) | 161 |
Net reserves end of period | 19,960 | 17,063 | 14,478 |
Plus reinsurance recoverables on unpaid losses | 2,105 | 1,946 | 1,844 |
Gross reserves end of period | $ 22,065 | $ 19,009 | $ 16,322 |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Reserve For Losses, LAE And Future Policy Benefit Reserve [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 | 156 | 198 | 229 |
Net basis: Incurred losses | 138 | (1) | |
Net basis: Paid losses | (37) | (42) | (30) |
Net basis: End of period reserves | $ 257 | $ 156 | $ 198 |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Future Policy Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |||
Balance at beginning of year | $ 36 | $ 38 | $ 43 |
Liabilities assumed | |||
Adjustments to reserves | (3) | 1 | (1) |
Benefits paid in the current year | (4) | (3) | (4) |
Balance at end of year | $ 29 | $ 36 | $ 38 |
Fair Value (Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 22,236,000,000 | $ 22,308,000,000 |
Fair value of public equity portfolio | 97,000,000 | 1,300,000,000 |
Other assets | 930,000,000 | 757,000,000 |
Fixed Maturities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 1,700,000,000 | 2,100,000,000 |
Asset Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 4,063,000,000 | 3,582,000,000 |
Fair value of public equity portfolio | 2,600,000,000 | 2,000,000,000.0 |
Market Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer in and/or (out) of Level 3 | (779,000,000) | 0 |
Fair Value [Member] | Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | $ 292,000,000 | $ 287,000,000 |
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Wells Fargo Bank Group Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility interest and fees incurred | $ 1 |
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 |
4.868% Senior Notes due 6/1/2044 [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 19 | 19 | 19 |
Debt instrument, stated interest rate | 4.868% | ||
3.5% Senior Notes due 10/15/2050 [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 35 | 35 | 8 |
Debt instrument, stated interest rate | 3.50% | ||
3.125% Senior Notes due 10/15/2052 [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 32 | $ 8 | |
Debt instrument, stated interest rate | 3.125% |
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 Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity Date | May 01, 2067 | |
Consolidated balance sheet amount | $ 218,000,000 | 224,000,000 |
Market Value | $ 187,000,000 | $ 216,000,000 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 |
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 |
|
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 9 | $ 6 | $ 8 |
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Apr. 01, 2018 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 2,400 | $ 1,700 | |
Restricted cash | 122 | 190 | |
Preferred shares | |||
Mt Logan Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Percentage of voting common shares owned by Group | 100.00% | ||
Retrocede amount | $ 269 | ||
Cash transferred | 252 | ||
Mt Logan Re [Member] | Minimum [Member] | |||
Effects of Reinsurance [Line Items] | |||
Accident year | 2002 | ||
Mt Logan Re [Member] | Maximum [Member] | |||
Effects of Reinsurance [Line Items] | |||
Accident year | 2015 | ||
Liability retroceded | $ 319 |
Collateralized Reinsurance And Trust Agreements (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 | $ 1,608 | $ 1,604 | $ 1,365 |
Assumed written premiums | 9,350 | 9,062 | 7,264 |
Mt Logan Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 201 | 341 | 303 |
Ceded earned premiums | 206 | 333 | 306 |
Ceded losses and LAE | 191 | 282 | 241 |
Assumed written premiums | 5 | 12 | 19 |
Assumed earned premiums | $ 5 | $ 12 | $ 19 |
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 | $ 28 | $ 27 |
Operating lease right of use assets | $ 128 | $ 139 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Operating lease liabilities | $ 147 | $ 158 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Operating cash flows from operating leases | $ (20) | $ (18) |
Weighted average remaining operating lease term | 10 years 9 months 18 days | 11 years 7 months 6 days |
Weighted average discount rate on operating leases | 4.08% | 4.08% |
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
2023 | $ 21 | |
2024 | 21 | |
2025 | 18 | |
2026 | 16 | |
2027 | 16 | |
Thereafter | 95 | |
Undiscounted lease payments | 187 | |
Less: present value adjustment | 40 | |
Total operating lease liability | $ 147 | $ 158 |
Leases (Maturities of Lease Liabilities) (Details) (Alternative Calculation) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Undiscounted lease payments | $ 187 | |
Less: present value adjustment | 40 | |
Total operating lease liability | $ 147 | $ 158 |
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. | $ 76 | $ 124 | $ (108) |
Non-U.S. | 5 | 2 | 3 |
Total current tax expense (benefit) | 81 | 126 | (105) |
U.S. | (90) | 38 | 179 |
Non-U.S. | 3 | (3) | |
Total deferred tax expense (benefit) | (90) | 41 | 176 |
Total income tax provision | $ (9) | $ 167 | $ 71 |
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 | $ 218 | |
Loss reserves | 154 | 130 |
Unearned premium reserves | 114 | 108 |
Lease liability | 29 | 31 |
Net operating loss carryforward | 28 | 20 |
Unrealized foreign currency losses | 24 | 4 |
Investment impairments | 12 | 6 |
Net unrealized losses on benefit plans | 9 | 13 |
Equity compensation | 8 | 8 |
Uncollectible reinsurance reserves | 3 | 3 |
Foreign tax credits | 3 | 22 |
Other assets | 10 | 9 |
Total deferred tax assets | 611 | 354 |
Deferred acquisition costs | 105 | 99 |
Partnership investments | 56 | 57 |
Right of use asset | 25 | 27 |
Depreciation | 16 | 4 |
Net fair value income | 7 | 98 |
Benefit plan asset | 3 | 2 |
Net unrealized investment gains | 37 | |
Other liabilities | 8 | 6 |
Total deferred tax liabilities | 220 | 329 |
Net deferred tax assets | 392 | 25 |
Less: Valuation allowance | (25) | (18) |
Total net deferred tax assets | $ 367 | $ 7 |
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 | $ 4,602 | $ 3,988 | $ 3,218 |
Written premiums: Assumed | 9,350 | 9,062 | 7,264 |
Written premiums: Ceded | (1,608) | (1,604) | (1,365) |
Net written premiums | 12,344 | 11,446 | 9,117 |
Premiums earned: Direct | 4,218 | 3,589 | 3,028 |
Premiums earned: Assumed | 9,082 | 8,315 | 7,055 |
Premiums earned: Ceded | (1,513) | (1,498) | (1,401) |
Net premiums earned | 11,787 | 10,406 | 8,682 |
Incurred losses and LAE: Direct | 2,804 | 2,385 | 2,141 |
Incurred losses and LAE: Assumed | 6,285 | 5,741 | 5,164 |
Incurred losses and LAE: Ceded | (988) | (735) | (754) |
Net incurred losses and LAE | $ 8,100 | $ 7,391 | $ 6,551 |
Other 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] | |||
Income tax expense (benefit) | $ 9 | $ (167) | $ (71) |
NET INCOME (LOSS) | 597 | 1,379 | $ 514 |
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) | 107 | 5 | |
Income tax expense (benefit) | (18) | (2) | |
NET INCOME (LOSS) | 89 | 4 | |
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 |
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 |
|
Employee Benefit Plans [Abstract] | |||
Company contributions | $ 6 | $ 4 | $ 7 |
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 Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ (2) | $ 3 | $ 8 |
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Defined Benefit Pension Plan [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 (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 Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (56) | $ (68) | |
Accumulated other comprehensive income (loss) | (56) | (68) | $ (92) |
Post-Retirement Plan [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 Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Defined Benefit Pension Plan [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) |
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) | ||
Prior service cost | (1) | |
Other comprehensive income (loss) at December 31, current year | $ 14 | $ 4 |
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9 | $ 11 | $ 10 |
Interest cost | 10 | 8 | 10 |
Expected return on assets | (25) | (24) | (21) |
Amortization of net (income) loss | 4 | 8 | 9 |
Settlements | 1 | 1 | |
Net periodic benefit cost | (2) | 3 | 8 |
Other comprehensive income (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 |
Amortization of prior service cost | (1) | (1) | |
Expected return on assets | |||
Net periodic benefit cost | 1 | 1 | $ 1 |
Other comprehensive income (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 (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 264 | $ 352 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 258 | 339 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 6 | $ 12 |
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - 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 (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - 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 (Expected Benefit Payments) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
---|---|
Defined Benefit Pension Plan [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 (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expenses | $ 1 | $ 1 | $ 1 |
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And The Actual Statutory Capital) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum percent of total adjusted capital | 200.00% | |
Bermuda Re [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory targeted capital | $ 2,169 | |
Actual capital | 2,759 | 3,184 |
Everest Re [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory targeted capital | 3,353 | 2,960 |
Actual capital | $ 5,553 | $ 5,717 |
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
The Prudential [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 |
Share-Based Compensation Plans (Summary Of Company's Non-Vested Shares And Changes) (Details) - Restricted Shares [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 496,094 | 483,427 | 495,137 |
Granted, Shares | 203,598 | 213,901 | 200,929 |
Vested, Shares | 162,579 | 158,735 | 175,413 |
Forfeited, Shares | 57,483 | 42,499 | 37,226 |
Outstanding at December 31, Shares | 479,630 | 496,094 | 483,427 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $ 247.76 | $ 246.60 | $ 228.02 |
Granted, Weighted Average Grant Date Fair Value | 300.38 | 243.51 | 269.86 |
Vested, Weighted Average Grant Date Fair Value | 246.41 | 238.67 | 220.88 |
Forfeited, Weighted Average Grant Date Fair Value | 262.28 | 247.02 | 246.20 |
Outstanding at December 31, Weighted Average Grant Date Fair Value | $ 268.82 | $ 247.76 | $ 246.60 |
Share-Based Compensation Plans (Company's Non-Vested Performance Share Unit Awards) (Details) - Performance Shares [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 50,495 | 38,891 | 34,850 |
Granted, Shares | 18,340 | 22,205 | 16,120 |
Increase/(Decrease) on vesting units due to performance, Shares | 3,028 | (800) | (2,227) |
Vested, Shares | 15,919 | 9,801 | 6,157 |
Forfeited, Shares | 1,083 | 3,695 | |
Outstanding at December 31, Shares | 54,861 | 50,495 | 38,891 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | |||
Granted, Weighted Average Grant Date Fair Value | 301.54 | 242.24 | 277.15 |
Vested, Weighted Average Grant Date Fair Value | 274.37 | 242.24 | 277.15 |
Forfeited, Weighted Average Grant Date Fair Value | |||
Outstanding at December 31, Weighted Average Grant Date Fair Value |
Segment Reporting (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting [Abstract] | |||
Percentage threshold of Company revenue not exceeded by any other country | 20.00% | 20.50% | 20.10% |
Segment Reporting (Schedule Of Gross Written Premiums 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 premium | $ 4,602 | $ 3,988 | $ 3,218 |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premium | $ 1,217 | $ 1,246 | $ 1,116 |
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Gross Amount | $ 4,218 | $ 3,589 | $ 3,028 |
Ceded to Other Companies | 1,513 | 1,498 | 1,401 |
Assumed from Other Companies | 9,082 | 8,315 | 7,055 |
Net premiums earned | 11,787 | 10,406 | 8,682 |
Total Property and Liability Insurance [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Gross Amount | 4,218 | 3,589 | 3,028 |
Ceded to Other Companies | 1,513 | 1,498 | 1,401 |
Assumed from Other Companies | 9,082 | 8,315 | 7,055 |
Net premiums earned | $ 11,787 | $ 10,406 | $ 8,682 |
Assumed to Net | 77.10% | 79.90% | 81.30% |
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