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Noncash Investing and Financing Activities
12 Months Ended
Dec. 31, 2024
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]  
Noncash Investing and Financing Activities NONCASH INVESTING AND FINANCING ACTIVITIES
During 2024, the Massachusetts Property Insurance Underwriting Association, a FAIR Plan of which the Company was a member, was restructured from a partnership that shares profits and losses with Member Companies to a joint underwriting association, or JUA, that is a stand-alone, risk-bearing entity. This restructuring included a noncash exchange of the Company’s share of undistributed members’ equity for a beneficial interest in a new Fair Plan Trust which resulted in noncash investing activity totaling $32 million. In unrelated transactions, the Company issued common stock during 2024 in connection with its stock compensation plan which resulted in noncash financing transactions totaling $32 million from the net share settlement of employee stock options.
There were no other material noncash financing or investing activities during the years ended December 31, 2024, 2023 and 2022.