Reinsurance (Notes)

3 Months Ended

Mar. 31, 2021

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance

	March 31, 2021				December 31, 2020
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	14,860	$	258	$	14,647	$	257
Reinsurance recoverable on paid losses and loss expenses	1,054		59		945		57
Reinsurance recoverable on losses and loss expenses	$	15,914	$	317	$	15,592	$	314
Reinsurance recoverable on policy benefits	$	202	$	4	$	206	$	5

(1)Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses was primarily due to unfavorable prior period development in certain lines and catastrophe losses in the quarter.

The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2021		2020
Valuation allowance for uncollectible reinsurance - beginning of period	$	314	$	316
Provision for uncollectible reinsurance	3		2
Write-offs charged against the valuation allowance	—		(13)
Valuation allowance for uncollectible reinsurance - end of period	$	317	$	305

For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2020 Form 10-K.