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Short Duration Contracts (Tables)

12 Months Ended

Dec. 31, 2024

Short Duration Contracts Disclosure [Abstract]

The Company’s reserves for losses and loss adjustment expenses primarily relate to short-duration contracts with various characteristics (e.g., type of coverage, geography, claims duration). The Company considered such information in determining the level of disaggregation for disclosures related to its short-duration contracts, as detailed in the table below:

Reportable segment

Level of disaggregation

Included lines of business

Insurance

Property energy, marine and aviation

Third party occurrence business

Excess and surplus casualty (excluding contract binding); construction and national accounts; and other (including alternative market risks, excess workers’ compensation and employer’s liability insurance coverages)

Third party claims-made business

Professional lines

Multi-line and other specialty

Programs; contract binding (part of excess and surplus casualty); travel, accident and health; warranty and lenders solutions; and other (contract and commercial surety coverages); MCE business1

Reinsurance

Casualty

Property catastrophe

Property excluding property catastrophe

Marine and aviation

Other specialty

Mortgage

Direct mortgage insurance in the U.S.

Mortgage insurance on U.S. primary exposures

(1) Includes business underwritten under a new business reinsurance agreement related to the MCE Acquisition. See note 2.

Reconciliation of claims development to liability

The following table represents a reconciliation of the disclosures of net incurred and paid loss development tables to the reserve for losses and loss adjustment expenses at December 31, 2024:


	December 31, 2024
Net outstanding liabilities
Insurance
Property, energy, marine and aviation	$	1,114
Third party occurrence business	3,966
Third party claims-made business	2,533
Multi-line and other specialty	1,941
Reinsurance
Casualty	3,026
Property catastrophe	812
Property excluding property catastrophe	1,777
Marine and aviation	495
Other specialty	2,749
Mortgage
U.S. primary	321
Other short duration lines not included in disclosures (1)	2,384
Total for short duration lines	21,118

Unpaid losses and loss adjustment expenses recoverable
Insurance
Property, energy, marine and aviation	420
Third party occurrence business	2,411
Third party claims-made business	923
Multi-line and other specialty	356
Reinsurance
Casualty	715
Property catastrophe	783
Property excluding property catastrophe	278
Marine and aviation	462
Other specialty	998
Mortgage
U.S. primary	33
Other short duration lines not included in disclosures (2)	474
Intercompany eliminations	(32)
Total for short duration lines	7,821

Lines other than short duration	146
Discounting	(68)
Unallocated claims adjustment expenses	352
	430

Reserve for losses and loss adjustment expenses	$	29,369

(1) Includes amounts associated with the loss portfolio reinsurance agreement related to the MCE Acquisition. See note 2.

(2) Includes unpaid loss and loss adjustment expenses recoverable of $168 million related to the loss portfolio transfer reinsurance agreements.

Insurance

Claims Development [Line Items]

Claims development tables

The following tables present information on the insurance segment’s short-duration insurance contracts:


Property, energy, marine and aviation (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	112	$	110	$	104	$	102	$	98	$	92	$	92	$	91	$	89	$	89	$	1	4,535
2016			104		101		105		100		96		92		87		87		86		—		6,177
2017					281		246		236		230		231		225		225		224		—		6,481
2018							181		186		174		170		170		172		170		4		5,085
2019									179		179		165		161		159		156		(2)		7,436
2020											359		329		336		333		337		3		8,682
2021													427		429		423		421		19		10,077
2022															522		495		576		148		15,860
2023																	571		510		110		20,178
2024																			703		348		17,889
																	Total		$	3,272

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	24	$	65	$	76	$	86	$	88	$	86	$	87	$	88	$	86	$	86
2016			25		83		98		97		94		91		87		87		86
2017					30		140		196		212		216		218		220		221
2018							30		102		135		143		150		154		157
2019									26		105		134		139		148		153
2020											56		194		251		293		306
2021													90		268		343		365
2022															100		276		337
2023																	146		271
2024																			195
									Total										2,177
									All outstanding liabilities before 2015, net of reinsurance										19
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	1,114


Third party occurrence business (in millions except claim count)
	Incurred losses and allocated loss adjustment expenses, net of reinsurance																				December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	359	$	391	$	398	$	392	$	391	$	382	$	386	$	379	$	377	$	365	$	51	78,553
2016			389		394		406		399		375		367		363		352		345		67		78,811
2017					417		418		422		412		407		406		404		408		89		84,682
2018							430		453		450		451		459		461		448		106		79,202
2019									456		487		480		471		470		451		122		88,964
2020											606		616		640		632		606		138		98,530
2021													622		662		659		671		147		99,287
2022															688		726		735		408		100,455
2023																	877		936		622		102,558
2024																			1,001		883		83,386
																	Total		$	5,966

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	11	$	44	$	88	$	139	$	181	$	211	$	227	$	249	$	268	$	276
2016			12		42		88		137		164		195		215		230		246
2017					13		52		100		135		165		221		247		271
2018							17		64		115		154		200		247		271
2019									18		73		122		173		214		255
2020											24		76		155		235		318
2021													26		91		174		323
2022															24		85		186
2023																	32		156
2024																			37
									Total										2,339
									All outstanding liabilities before 2015, net of reinsurance										339
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	3,966


Third party claims-made business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	259	$	277	$	276	$	260	$	255	$	252	$	268	$	267	$	274	$	268	$	6	13,955
2016			275		291		308		314		322		327		329		327		329		16		14,892
2017					270		285		311		308		323		316		337		339		42		15,484
2018							272		314		319		336		347		366		366		33		17,094
2019									289		317		317		322		329		329		49		16,723
2020											383		412		423		445		432		86		16,816
2021													514		517		499		461		176		18,086
2022															668		654		589		257		19,825
2023																	809		895		543		23,671
2024																			737		577		23,155
																	Total		$	4,745

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	9	$	52	$	100	$	126	$	174	$	193	$	217	$	221	$	242	$	248
2016			11		68		127		158		205		242		257		295		296
2017					9		67		113		143		196		232		257		276
2018							12		68		118		158		208		258		285
2019									12		65		122		154		196		235
2020											17		87		151		214		265
2021													23		90		162		223
2022															25		100		218
2023																	64		200
2024																			56
									Total										2,302
									All outstanding liabilities before 2015, net of reinsurance										90
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	2,533


Multi-line and other specialty (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	334	$	358	$	356	$	365	$	356	$	349	$	347	$	345	$	344	$	344	$	3	181,424
2016			408		431		427		416		410		408		408		406		404		4		195,233
2017					482		500		491		500		504		512		516		514		6		236,433
2018							512		564		562		564		564		564		564		9		266,125
2019									566		611		639		650		656		671		11		249,876
2020											616		567		513		515		519		26		168,232
2021													634		618		614		635		42		112,591
2022															677		640		639		90		144,429
2023																	815		809		199		161,842
2024																			1,419		885		145,190
																	Total		$	6,518

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	138	$	236	$	278	$	306	$	321	$	326	$	330	$	331	$	333	$	337
2016			176		304		341		363		379		385		390		391		396
2017					181		342		380		423		446		472		479		493
2018							211		389		442		479		508		526		543
2019									212		385		486		548		576		611
2020											171		308		358		405		450
2021													157		334		427		511
2022															177		370		439
2023																	253		489
2024																			337
									Total										4,606
									All outstanding liabilities before 2015, net of reinsurance										29
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	1,941

Percentage annual payout by age

The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2024:


	Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Property, energy, marine and aviation	21.5	%	43.8	%	17.2	%	6.1	%	2.4	%	—	%	—	%	0.3	%	(1.2)	%	—	%
Third party occurrence business	3.6	%	10.0	%	12.3	%	13.2	%	10.0	%	10.0	%	5.5	%	5.5	%	4.8	%	2.2	%
Third party claims-made business	4.4	%	15.6	%	16.3	%	10.9	%	14.3	%	10.9	%	7.0	%	6.2	%	4.0	%	2.4	%
Multi-line and other specialty	32.8	%	29.2	%	11.0	%	8.5	%	5.1	%	3.3	%	1.7	%	1.1	%	0.8	%	1.4	%

Reinsurance

Claims Development [Line Items]

Claims development tables

The following tables present information on the reinsurance segment’s short-duration insurance contracts:


Casualty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	218	$	217	$	225	$	232	$	236	$	243	$	246	$	248	$	257	$	248	$	37	N/A
2016			209		222		244		259		266		266		269		278		279		43		N/A
2017					264		252		268		295		306		313		327		335		49		N/A
2018							273		286		278		283		295		304		318		49		N/A
2019									328		340		367		378		399		398		72		N/A
2020											377		365		348		366		385		128		N/A
2021													436		431		422		423		157		N/A
2022															542		523		535		312		N/A
2023																	650		654		438		N/A
2024																			720		680		N/A
																	Total		$	4,295

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	4	$	20	$	47	$	71	$	96	$	119	$	136	$	151	$	169	$	177
2016			6		26		51		86		113		132		156		172		186
2017					6		30		64		113		137		164		188		221
2018							8		31		106		129		154		182		205
2019									16		58		97		130		219		256
2020											18		50		90		131		177
2021													14		53		102		190
2022															17		60		111
2023																	18		86
2024																			14
																	Total		1,623
									All outstanding liabilities before 2015, net of reinsurance										354
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	3,026


Property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	32	$	17	$	11	$	5	$	3	$	3	$	2	$	2	$	2	$	2	$	—	N/A
2016			21		15		11		8		5		5		4		3		3		1		N/A
2017					85		53		48		35		23		20		20		20		(1)		N/A
2018							68		43		25		11		2		(1)		(2)		—		N/A
2019									10		2		1		(7)		(14)		(10)		—		N/A
2020											262		325		329		320		308		9		N/A
2021													307		301		286		288		7		N/A
2022															292		284		258		25		N/A
2023																	253		245		34		N/A
2024																			489		100		N/A
																	Total		$	1,601

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	(3)	$	(3)	$	1	$	2	$	1	$	1	$	1	$	1	$	1	$	2
2016			(7)		1		1		2		1		1		1		1		2
2017					31		31		36		26		13		15		16		16
2018							27		2		12		(18)		(15)		(14)		(12)
2019									4		3		6		(19)		(19)		(27)
2020											55		155		203		243		253
2021													66		168		217		224
2022															68		162		200
2023																	6		75
2024																			58
																	Total		791
									All outstanding liabilities before 2015, net of reinsurance										2
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	812


Property excluding property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	213	$	187	$	183	$	187	$	186	$	175	$	171	$	166	$	166	$	166	$	4	N/A
2016			172		143		135		133		137		133		127		128		126		6		N/A
2017					263		244		233		225		209		201		198		197		7		N/A
2018							221		236		232		209		199		201		201		6		N/A
2019									212		202		192		187		187		193		4		N/A
2020											363		336		316		317		319		14		N/A
2021													537		489		483		491		28		N/A
2022															728		654		645		74		N/A
2023																	819		720		136		N/A
2024																			1,183		687		N/A
																	Total		$	4,241

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	75	$	118	$	148	$	159	$	164	$	157	$	158	$	158	$	159	$	159
2016			33		93		97		102		110		112		113		113		115
2017					27		123		153		160		175		178		182		182
2018							29		106		150		165		173		175		175
2019									42		122		148		160		166		167
2020											100		206		241		264		277
2021													135		265		358		418
2022															141		354		459
2023																	149		375
2024																			143
																	Total		2,470
									All outstanding liabilities before 2015, net of reinsurance										6
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	1,777


Marine and aviation (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	33	$	37	$	31	$	31	$	30	$	28	$	27	$	25	$	24	$	24	$	1	N/A
2016			27		23		23		19		17		15		12		11		10		3		N/A
2017					29		26		24		21		20		17		15		15		2		N/A
2018							27		25		24		24		21		20		20		2		N/A
2019									48		54		60		60		62		62		6		N/A
2020											82		75		79		79		81		7		N/A
2021													109		95		80		78		9		N/A
2022															125		137		133		42		N/A
2023																	161		166		66		N/A
2024																			235		157		N/A
																	Total		$	824

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	—	$	13	$	19	$	21	$	22	$	22	$	22	$	22	$	22	$	22
2016			(7)		(2)		—		3		6		7		7		7		7
2017					2		6		9		11		11		12		12		12
2018							2		7		11		13		14		15		16
2019									10		21		28		34		43		49
2020											9		26		42		59		66
2021													8		24		45		52
2022															12		37		62
2023																	13		43
2024																			18
																	Total		347
									All outstanding liabilities before 2015, net of reinsurance										18
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	495


Other specialty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																					December 31, 2024
																					Total of IBNR liabilities plus expected development on reported claims		Cumulative number of reported claims
	Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited		2024
2015	$	270	$	269	$	267	$	264	$	264	$	261	$	251	$	249	$	247	$	245	$	1	N/A
2016			317		314		307		298		304		300		297		298		291		3		N/A
2017					386		378		361		360		358		355		352		348		11		N/A
2018							403		396		391		415		411		411		405		22		N/A
2019									414		393		388		383		393		388		27		N/A
2020											578		511		506		526		518		44		N/A
2021													594		594		594		602		55		N/A
2022															929		911		956		161		N/A
2023																	1,310		1,238		390		N/A
2024																			1,704		1,070		N/A
																	Total		$	6,695

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	$	81	$	157	$	191	$	205	$	217	$	228	$	231	$	232	$	234	$	234
2016			105		199		235		253		269		275		281		284		284
2017					132		249		289		303		316		327		336		337
2018							126		267		306		327		344		366		369
2019									118		205		269		295		316		335
2020											130		286		361		396		434
2021													148		302		420		481
2022															176		451		606
2023																	238		534
2024																			362
																	Total		3,976
									All outstanding liabilities before 2015, net of reinsurance										30
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	2,749

Percentage annual payout by age

The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2024:


	Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Casualty	2.8	%	8.3	%	11.9	%	11.9	%	11.5	%	8.4	%	7.5	%	7.2	%	6.0	%	3.4	%
Property catastrophe	(134.2)	%	168.4	%	(22.5)	%	213.9	%	(38.4)	%	9.1	%	(12.1)	%	1.5	%	(0.8)	%	9.4	%
Property excluding property catastrophe	23.6	%	36.2	%	14.7	%	6.8	%	4.7	%	0.2	%	0.8	%	0.2	%	1.1	%	0.1	%
Marine and aviation	1.4	%	28.9	%	20.3	%	13.8	%	10.0	%	4.9	%	2.3	%	1.4	%	0.6	%	0.4	%
Other specialty	27.7	%	29.2	%	14.2	%	6.4	%	5.2	%	4.0	%	1.6	%	0.7	%	0.3	%	0.3	%

Mortgage

Claims Development [Line Items]

Claims development tables

The following table presents information on the mortgage segment’s short-duration insurance contracts:


U.S. primary mortgage insurance (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsurance																							December 31, 2024
																								Total of IBNR liabilities plus expected development on reported claims	Cumulative number of paid claims
Year ended December 31,
Accident year	2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019 unaudited		2020 unaudited		2021 unaudited		2022 unaudited		2023 unaudited				2024
2015	$	223	$	197	$	198	$	195	$	189	$	191	$	191	$	189	$	188			$	188		—	4,686
2016			184		171		149		141		142		142		137		136				136			—	3,557
2017					179		132		107		108		109		102		99				99			—	2,707
2018							132		96		89		88		72		69				69			—	1,966
2019									108		119		110		63		51				52			—	1,435
2020											420		374		78		33				31			—	835
2021													144		77		20				17			—	381
2022															173		55				30			—	469
2023																	182				71			—	366
2024																					180			1	40
																	Total				$	873

Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2015	16		92		151		171		180		183		184		185		186				186
2016			11		72		113		127		131		132		132		133				134
2017					9		48		79		87		90		92		93				95
2018							4		31		50		56		59		60				63
2019									3		20		29		34		39				42
2020											1		4		8		13				19
2021													—		2		5				8
2022															—		3				10
2023																	—				7
2024																					1
																	Total				565
									All outstanding liabilities before 2015, net of reinsurance										13
							Liabilities for losses and loss adjustment expenses, net of reinsurance												$	321

Percentage annual payout by age

The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2024:


Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
U.S. Primary	4.5	%	26.1	%	23.7	%	11.4	%	7.2	%	2.5	%	1.5	%	1.0	%	0.5	%	0.5	%