Everest Re (EG) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-15731
Entity Registrant Name	EVEREST RE GROUP, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0365432
Entity Address, Address Line One	Seon Place – 4th Floor
Entity Address, Address Line Two	141 Front Street
Entity Address, Address Line Three	PO Box HM 845
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 19
City Area Code	441
Local Phone Number	295-0006
Title of 12(b) Security	Common Shares, $0.01 par value
Trading Symbol	RE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,275,224
Entity Central Index Key	0001095073
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Fixed maturities - available for sale, at fair value (amortized cost: 2023, $25,247; 2022, $24,191, credit allowances: 2023, $(62); 2022, $(54))	$ 23,560	$ 22,236
Fixed maturities - held to maturity, at amortized cost (fair value: 2023, $814; 2022, $821, net of credit allowances: 2023, $(9); 2022, $(9))	825	839
Equity securities, at fair value	250	281
Other invested assets	4,156	4,085
Short-term investments	1,034	1,032
Cash	1,610	1,398
Total investments and cash	31,435	29,872
Accrued investment income	235	217
Premiums receivable (net of credit allowances: 2023, $(30); 2022, $(29))	3,922	3,619
Reinsurance paid loss recoverables (net of credit allowances: 2023, $(24); 2022, $(23))	182	136
Reinsurance unpaid loss recoverables	2,125	2,105
Funds held by reinsureds	1,071	1,056
Deferred acquisition costs	1,011	962
Prepaid reinsurance premiums	611	610
Income tax asset, net	387	459
Other assets (net of credit allowances: 2023, $(7); 2022, $(5))	860	930
TOTAL ASSETS	41,839	39,966
LIABILITIES:
Reserve for losses and loss adjustment expenses	22,878	22,065
Future policy benefit reserve	29	29
Unearned premium reserve	5,418	5,147
Funds held under reinsurance treaties	10	13
Other net payable to reinsurers	618	567
Losses in course of payment	123	74
Senior notes	2,348	2,347
Long-term notes	218	218
Borrowings from FHLB	519	519
Accrued interest on debt and borrowings	41	19
Unsettled securities payable	201	1
Other liabilities	422	526
Total liabilities	32,825	31,525
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding	0	0
Common shares, par value: $0.01; 200.0 shares authorized; (2023) 70.0 and (2022) 69.9 outstanding before treasury shares	1	1
Additional paid-in capital	2,295	2,302
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(218) at 2023 and $(250) at 2022	(1,716)	(1,996)
Treasury shares, at cost; 30.8 shares (2023) and 30.8 shares (2022)	(3,908)	(3,908)
Retained earnings	12,342	12,042
Total shareholders' equity	9,014	8,441
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 41,839	$ 39,966

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Amortized Cost	$ 25,247	$ 24,191
Fixed maturities - available for sale, allowance for credit loss	(62)	(54)
Fixed maturities - held to maturity, at amortized cost, net of credit allowances, fair value	814	821
Fixed maturities - held to maturity, at amortized cost, credit allowances	(9)	(9)
Premium receivable, allowance for credit loss	(30)	(29)
Reinsurance recoverables on paid losses, allowance	(24)	(23)
Other assets, allowance for credit loss	$ (7)	$ (5)
SHAREHOLDERS' EQUITY:
Preferred stock, par or stated value per share (in dollars per share)	$ 10,000	$ 10,000
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 10,000	$ 10,000
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, outstanding (in shares)	70,000,000	69,900,000
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit)	$ (218)	$ (250)
Treasury shares (in shares)	30,800,000	30,800,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Premiums earned	$ 3,100	$ 2,792
Net investment income	260	243
Net gains (losses) on investments:
Credit allowances on fixed maturity securities	(8)	(12)
Gains (losses) from fair value adjustments	4	(137)
Net realized gains (losses) from dispositions	8	(5)
Total net gains (losses) on investments	5	(154)
Other income (expense)	(79)	15
Total revenues	3,286	2,896
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	1,966	1,790
Commission, brokerage, taxes and fees	661	605
Other underwriting expenses	200	161
Corporate expenses	19	14
Interest, fees and bond issue cost amortization expense	32	24
Total claims and expenses	2,878	2,594
INCOME (LOSS) BEFORE TAXES	408	302
Income tax expense (benefit)	43	4
NET INCOME (LOSS)	365	298
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	246	(815)
Reclassification adjustment for realized losses (gains) included in net income (loss)	3	4
Total URA(D) on securities arising during the period	249	(811)
Foreign currency translation adjustments	31	(34)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	0	1
Total benefit plan net gain (loss) for the period	0	1
Total other comprehensive income (loss), net of tax	280	(844)
COMPREHENSIVE INCOME (LOSS)	$ 645	$ (547)
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 9.31	$ 7.57
Diluted (in dollars per share)	$ 9.31	$ 7.56

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	COMMON SHARES	ADDITIONAL PAID-IN CAPITAL:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:	RETAINED EARNINGS:	TREASURY SHARES AT COST:
Balance (in shares) at Dec. 31, 2021		39
Balance at Dec. 31, 2021		$ 1	$ 2,274	$ 12	$ 11,700	$ (3,847)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		0
Treasury shares acquired (in shares)		0
Issued during the period, net		$ 0
Share-based compensation plans			(3)
Net increase (decrease) during the period	$ (844)			(844)
Net income (loss)	298				298
Dividends declared ($1.65 per share in 1Q2023 and $1.55 per share in 1Q2022)					(61)
Purchase of treasury shares						(1)
Balance at Mar. 31, 2022	$ 9,528	$ 1	2,272	(833)	11,936	(3,849)
Balance (in shares) at Mar. 31, 2022		39
Balance (in shares) at Dec. 31, 2022	69.9	39
Balance at Dec. 31, 2022	$ 8,441	$ 1	2,302	(1,996)	12,042	(3,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued (redeemed) during the period, net (in shares)		0
Treasury shares acquired (in shares)		0
Issued during the period, net		$ 0
Share-based compensation plans			(7)
Net increase (decrease) during the period	280			280
Net income (loss)	365				365
Dividends declared ($1.65 per share in 1Q2023 and $1.55 per share in 1Q2022)					(65)
Purchase of treasury shares						0
Balance at Mar. 31, 2023	$ 9,014	$ 1	$ 2,295	$ (1,716)	$ 12,342	$ (3,908)
Balance (in shares) at Mar. 31, 2023	70	39

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.65	$ 1.55

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 365	$ 298
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(259)	(14)
Decrease (increase) in funds held by reinsureds, net	(17)	(67)
Decrease (increase) in reinsurance recoverables	7	(126)
Decrease (increase) in income taxes	41	1
Decrease (increase) in prepaid reinsurance premiums	28	(7)
Increase (decrease) in reserve for losses and loss adjustment expenses	681	632
Increase (decrease) in future policy benefit reserve	0	(1)
Increase (decrease) in unearned premiums	226	4
Increase (decrease) in other net payable to reinsurers	17	46
Increase (decrease) in losses in course of payment	47	(125)
Change in equity adjustments in limited partnerships	(5)	(98)
Distribution of limited partnership income	48	71
Change in other assets and liabilities, net	(121)	47
Non-cash compensation expense	12	12
Amortization of bond premium (accrual of bond discount)	(1)	19
Net (gains) losses on investments	(5)	154
Net cash provided by (used in) operating activities	1,064	846
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale	562	849
Proceeds from fixed maturities sold - available for sale	72	419
Proceeds from fixed maturities matured/called/repaid - held to maturity	28	0
Proceeds from equity securities sold	46	90
Distributions from other invested assets	137	163
Cost of fixed maturities acquired - available for sale	(1,613)	(2,011)
Cost of fixed maturities acquired - held to maturity	(11)	0
Cost of equity securities acquired	(1)	(195)
Cost of other invested assets acquired	(242)	(137)
Net change in short-term investments	4	355
Net change in unsettled securities transactions	267	46
Net cash provided by (used in) investing activities	(752)	(421)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense	(19)	(14)
Purchase of treasury shares	0	(1)
Dividends paid to shareholders	(65)	(61)
Cost of shares withheld on settlements of share-based compensation awards	(19)	(17)
Net cash provided by (used in) financing activities	(103)	(94)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	3	6
Net increase (decrease) in cash	212	337
Cash, beginning of period	1,398	1,441
Cash, end of period	1,610	1,778
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	2	3
Interest paid	$ 10	$ 2

GENERAL

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERALEverest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2022 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2022, 2021 and 2020, included in the Company’s most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Application of Recently Issued Accounting Standard Changes. The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2023. The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There were no accounting standards issued in the three months ended March 31, 2023, that are expected to have a material impact to Group.

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities - available for sale for the periods indicated: At March 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,323 $ — $ 5 $ (69) $ 1,259 Obligations of U.S. states and political subdivisions 424 — 2 (30) 396 Corporate securities 7,202 (55) 29 (497) 6,679 Asset-backed securities 4,567 — 5 (129) 4,443 Mortgage-backed securities Commercial 1,075 — 1 (102) 974 Agency residential 3,690 — 19 (244) 3,465 Non-agency residential 5 — — (1) 4 Foreign government securities 1,616 — 8 (153) 1,471 Foreign corporate securities 5,345 (7) 22 (491) 4,869 Total fixed maturity securities - available for sale $ 25,247 $ (62) $ 91 $ (1,716) $ 23,560 (Some amounts may not reconcile due to rounding.) At December 31, 2022 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair 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.) The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and fair value of fixed maturity securities - held to maturity for the periods indicated: At March 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - held to maturity Corporate securities $ 152 $ (2) $ 1 $ (3) $ 148 Asset-backed securities 640 (6) 1 (12) 624 Mortgage-backed securities Commercial 14 — — — 14 Foreign corporate securities 28 (1) 2 — 29 Total fixed maturity securities - held to maturity $ 834 (9) $ 4 $ (15) $ 814 (Some amounts may not reconcile due to rounding.) At December 31, 2022 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair 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 to rounding.) The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2023 At December 31, 2022 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – available for sale Due in one year or less $ 1,449 $ 1,417 $ 1,331 $ 1,314 Due after one year through five years 8,385 7,877 8,131 7,546 Due after five years through ten years 4,548 4,072 4,636 4,057 Due after ten years 1,528 1,310 1,454 1,233 Asset-backed securities 4,567 4,443 4,229 4,063 Mortgage-backed securities Commercial 1,075 974 1,023 919 Agency residential 3,690 3,465 3,382 3,099 Non-agency residential 5 4 5 4 Total fixed maturity securities - available for sale $ 25,247 $ 23,560 $ 24,191 $ 22,236 (Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2023 At December 31, 2022 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – held to maturity Due in one year or less $ 5 $ 5 $ 5 $ 5 Due after one year through five years 63 63 63 61 Due after five years through ten years 43 42 43 41 Due after ten years 68 67 68 65 Asset-backed securities 640 624 661 642 Mortgage-backed securities Commercial 14 14 7 7 Total fixed maturity securities - held to maturity $ 834 $ 814 $ 848 $ 821 (Some amounts may not reconcile due to rounding.) During the third quarter of 2022, the Company re-designated a portion of its fixed maturity securities from its fixed maturity – available for sale portfolio to its fixed maturity – held to maturity portfolio. The fair value of the securities reclassified at the date of transfer was $722 million, net of allowance for current expected credit losses, which was subsequently recognized as the new amortized cost basis. As of March 31, 2023, these securities had an unrealized loss of $48 million, which remained in accumulated other comprehensive income on the balance sheet and will be amortized into income through an adjustment to the yields of the underlying securities over the remaining life of the securities. The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as of March 31, 2023 utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses. These fixed maturities classified as held to maturity are of a high credit quality and are all rated investment grade as of March 31, 2023. The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ 279 $ (927) Change in unrealized appreciation (depreciation), pre-tax 279 (927) Deferred tax benefit (expense) (30) 116 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ 249 $ (811) (Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at March 31, 2023 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 359 $ (10) $ 764 $ (59) $ 1,124 $ (69) Obligations of U.S. states and political subdivisions 113 (6) 119 (22) 232 (28) Corporate securities 2,358 (89) 3,177 (407) 5,536 (496) Asset-backed securities 1,644 (37) 1,881 (92) 3,525 (129) Mortgage-backed securities Commercial 317 (20) 634 (82) 951 (102) Agency residential 1,270 (49) 1,373 (195) 2,643 (244) Non-agency residential 1 — 4 (1) 4 (1) Foreign government securities 392 (17) 895 (136) 1,287 (153) Foreign corporate securities 1,504 (67) 2,743 (425) 4,247 (492) Total $ 7,958 $ (295) $ 11,590 $ (1,419) $ 19,548 $ (1,714) Securities where an allowance for credit loss was recorded 3 (1) — (1) 3 (2) Total fixed maturity securities - available for sale $ 7,961 $ (296) $ 11,591 $ (1,420) $ 19,551 $ (1,716) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at March 31, 2023 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale Due in one year or less $ 849 $ (14) $ 285 $ (19) $ 1,134 $ (32) Due in one year through five years 2,342 (86) 4,391 (436) 6,733 (523) Due in five years through ten years 1,196 (66) 2,308 (422) 3,503 (489) Due after ten years 339 (22) 715 (172) 1,055 (194) Asset-backed securities 1,644 (37) 1,881 (92) 3,525 (129) Mortgage-backed securities 1,588 (70) 2,010 (278) 3,598 (347) Total $ 7,958 $ (295) $ 11,590 $ (1,419) $ 19,548 $ (1,714) Securities where an allowance for credit loss was recorded 3 (1) — (1) 3 (2) Total fixed maturity securities - available for sale $ 7,961 $ (296) $ 11,591 $ (1,420) $ 19,551 $ (1,716) (Some amounts may not reconcile due to rounding.) The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at March 31, 2023 were $19.6 billion and $1.7 billion, respectively. The fair value of securities for the single issuer (the United States government), whose securities comprised the largest unrealized loss position at March 31, 2023, did not exceed 4.8% of the overall fair value of the Company’s fixed maturity securities available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at March 31, 2023, comprised less than 0.8% of the Company’s fixed maturity securities available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $296 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, agency residential and commercial mortgage-backed securities, asset-backed securities and foreign government securities. Of these unrealized losses, $263 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $1.4 billion of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to foreign and domestic corporate securities, agency residential mortgage-backed securities, foreign government securities and asset-backed securities. Of these unrealized losses, $1.3 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of March 31, 2023, the unrealized losses are due to changes in interest rates and non-issuer specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost. The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2022 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 668 $ (31) $ 487 $ (52) $ 1,155 $ (82) Obligations of U.S. states and political subdivisions 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 loss was recorded 2 — — — 2 — Total fixed maturity securities - available for sale $ 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 31, 2022 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale 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 credit loss was recorded 2 — — — 2 — Total fixed maturity securities - available for sale $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (Some amounts may not reconcile due to rounding.) The aggregate fair value and gross unrealized losses related to fixed maturity - available for sale investments in an unrealized loss position at December 31, 2022 were $19.6 billion and $2.0 billion, respectively. The fair value of securities for the single issuer (the United States government), whose securities comprised the largest unrealized loss position at December 31, 2022, did not exceed 5.2% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.2% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $1.2 billion of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $1.1 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $764 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $732 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. The components of net investment income are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Fixed maturities $ 247 $ 148 Equity securities 1 4 Short-term investments and cash 17 — Other invested assets Limited partnerships (15) 88 Other 22 12 Gross investment income before adjustments 272 253 Funds held interest income (expense) — 4 Future policy benefit reserve income (expense) — — Gross investment income 272 256 Investment expenses (12) (13) Net investment income $ 260 $ 243 (Some amounts may not reconcile due to rounding.) The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. The Company had contractual commitments to invest up to an additional $2.7 billion in limited partnerships and private placement loan securities at March 31, 2023. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2027. During the fourth quarter of 2022, the Company entered into corporate-owned life insurance policies, which are carried within other invested assets at policy cash surrender value of $954 million and $939 million as of March 31, 2023 and December 31, 2022, respectively. Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. As of March 31, 2023 and December 31, 2022, the Company did not hold any securities for which it is the primary beneficiary. The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of March 31, 2023 and December 31, 2022 is limited to the total carrying value of $4.2 billion and $4.1 billion, respectively, which are included in general and limited partnerships and other alternative investments in Other Invested Assets in the Company's Consolidated Balance Sheets. As of March 31, 2023, the Company has outstanding commitments totaling $2.2 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations and are classified as fixed maturities, available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. The components of net gains (losses) on investments are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Fixed maturity securities Allowance for credit losses $ (8) $ (12) Net realized gains (losses) from dispositions 2 3 Equity securities, fair value Net realized gains (losses) from dispositions 7 (12) Gains (losses) from fair value adjustments 4 (137) Other invested assets — 4 Total net gains (losses) on investments $ 5 $ (154) (Some amounts may not reconcile due to rounding.) The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated: Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Foreign Total Beginning Balance $ (45) $ (10) $ (54) Credit losses on securities where credit losses were not previously recorded (12) — (12) Increases in allowance on previously impaired securities — — — Decreases in allowance on previously impaired securities — — — Reduction in allowance due to disposals 2 3 5 Balance, end of period $ (55) $ (7) $ (62) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning Balance $ (2) $ (6) $ (1) $ (9) Credit losses on securities where credit losses were not previously recorded — — — — Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals — — — — Balance, end of period $ (2) $ (6) $ (1) $ (9) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2022 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning Balance $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (2) — (11) (13) Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals 1 — — 1 Balance, end of period $ (20) $ (8) $ (14) $ (42) (Some amounts may not reconcile due to rounding.) The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Proceeds from sales of fixed maturity securities - available for sale $ 72 $ 419 Gross gains from dispositions 11 20 Gross losses from dispositions (9) (17) Proceeds from sales of equity securities $ 46 $ 90 Gross gains from dispositions 7 4 Gross losses from dispositions — (15)

RESERVE FOR LOSSES, LAE AND FUT

RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE	3 Months Ended
RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE	Mar. 31, 2023
Insurance [Abstract]
RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE	RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated: Three Months Ended 2023 2022 (Dollars in millions) Gross reserves beginning of period $ 22,065 $ 19,009 Less reinsurance recoverables on unpaid losses (2,105) (1,946) Net reserves beginning of period 19,960 17,063 Incurred related to: Current year 1,966 1,791 Prior years — (1) Total incurred losses and LAE 1,966 1,790 Paid related to: Current year 684 308 Prior years 641 919 Total paid losses and LAE 1,325 1,226 Foreign exchange/translation adjustment 152 (122) Net reserves end of period 20,753 17,505 Plus reinsurance recoverables on unpaid losses 2,125 1,991 Gross reserves end of period $ 22,878 $ 19,496 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $2.0 billion and $1.8 billion for the three months ended March 31, 2023 and 2022, respectively. Gross and net reserves increased for the three months ended March 31, 2023, reflecting an increase in underlying exposure due to earned premium growth, year over year, and an increase of $175 million in 2023 current year attritional losses compared to 2022.

FAIR VALUE

FAIR VALUE	3 Months Ended
FAIR VALUE	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers managing publicly traded securities obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. At March 31, 2023, $1.7 billion of fixed maturities were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third party valuations. At December 31, 2022, $1.7 billion of fixed maturities were fair valued using unobservable inputs. The Company internally manages a portfolio of assets which had a fair value at March 31, 2023 and December 31, 2022 of $3.4 billion and $2.7 billion, respectively, primarily comprised of collateralized loan obligations included in asset-backed securities and US treasury fixed maturities. All prices for these securities were obtained from publicly published sources or nationally recognized pricing vendors. Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources. Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In addition to the valuations from investment managers, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows: • U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; • Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; • Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; • Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source. The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated: Fair Value Measurement Using March 31, 2023 Quoted Prices Significant Significant (Dollars in millions) Assets: Fixed maturities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,259 $ — $ 1,259 $ — Obligations of U.S. States and political subdivisions 396 — 396 — Corporate securities 6,679 — 5,970 709 Asset-backed securities 4,443 — 3,422 1,020 Mortgage-backed securities Commercial 974 — 974 — Agency residential 3,465 — 3,465 — Non-agency residential 4 — 4 — Foreign government securities 1,471 — 1,471 — Foreign corporate securities 4,869 — 4,853 16 Total fixed maturities - available for sale 23,560 — 21,815 1,745 Equity securities, fair value 250 140 110 — (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using (Dollars in millions) December 31, 2022 Quoted Prices Significant Significant 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.) In addition, $316 million and $292 million of investments within other invested assets on the consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively, are not included within the fair value hierarchy tables as the assets are measured at net asset value (“NAV”) as a practical expedient to determine fair value. The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities available for sale, for the periods indicated: Total Fixed Maturities, Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance fixed maturities $ 715 $ 994 $ 16 $ 1,725 Total gains or (losses) (realized/unrealized) Included in earnings 1 — — 1 Included in other comprehensive income (loss) (4) 18 — 14 Purchases, issuances and settlements (3) 9 — 5 Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — Ending balance $ 709 $ 1,020 $ 16 $ 1,745 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ — $ — $ — $ — (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Available for Sale Three Months Ended March 31, 2022 (Dollars in millions) Corporate Asset-Backed CMBS Foreign Total Beginning balance fixed maturities $ 801 $ 1,251 $ — $ 16 $ 2,068 Total gains or (losses) (realized/unrealized) Included in earnings 16 — — — 16 Included in other comprehensive income (loss) (4) (29) — — (33) Purchases, issuances and settlements (98) 166 6 — 74 Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — — Ending balance $ 715 $ 1,389 $ 6 $ 16 $ 2,125 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ — $ — $ — $ — $ — (Some amounts may not reconcile due to rounding.) There were no transfers of assets in/(out) of Level 3 for the three months ended March 31, 2022. Financial Instruments Disclosed, But Not Reported, at Fair Value Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values of fixed maturity securities held to maturity and senior notes can be found within Notes 3 and 11, respectively. Short-term investments are stated at cost, which approximates fair value.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
EARNINGS PER COMMON SHARE	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHAREBasic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended (Dollars in millions, except per share amounts) 2023 2022 Net income (loss) per share: Numerator Net income (loss) $ 365 $ 298 Less: dividends declared-common shares and unvested common shares (65) (61) Undistributed earnings 300 237 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 296 234 Add: dividends declared-common shareholders 64 60 Numerator for basic and diluted earnings per common share $ 360 $ 294 Denominator Denominator for basic earnings per weighted-average common shares 38.7 38.8 Effect of dilutive securities: Options — — Denominator for diluted earnings per adjusted weighted-average common shares 38.7 38.8 Per common share net income (loss) Basic $ 9.31 $ 7.57 Diluted $ 9.31 $ 7.56 (1) Basic weighted-average common shares outstanding 38.7 38.8 Basic weighted-average common shares outstanding and unvested common shares expected to vest 39.2 39.3 Percentage allocated to common shareholders 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS)	Mar. 31, 2023
Other Comprehensive Income (Loss), Tax [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2023 (Dollars in millions) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ 273 $ (27) $ 246 Reclassification of net realized losses (gains) included in net income (loss) 6 (3) 3 Foreign currency translation adjustments 33 (2) 31 Reclassification of benefit plan liability amortization included in net income (loss) — — — Total other comprehensive income (loss) $ 312 $ (32) $ 280 Three Months Ended March 31, 2022 (Dollars in millions) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ (932) $ 117 $ (815) Reclassification of net realized losses (gains) included in net income (loss) 5 (1) 4 Foreign currency translation adjustments (35) 1 (34) Reclassification of benefit plan liability amortization included in net income (loss) 1 — 1 Total other comprehensive income (loss) $ (961) $ 117 $ (844) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Affected line item within the statements of operations and comprehensive income (loss) AOCI component 2023 2022 (Dollars in millions) URA(D) on securities $ 6 $ 5 Other net realized capital gains (losses) (3) (1) Income tax expense (benefit) $ 3 $ 4 Net income (loss) Benefit plan net gain (loss) $ — $ 1 Other underwriting expenses — — Income tax expense (benefit) $ — $ 1 Net income (loss) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Beginning balance of URA(D) on securities $ (1,709) $ 239 Current period change in URA(D) of investments - non-credit related 249 (811) Ending balance of URA(D) on securities (1,460) (572) Beginning balance of foreign currency translation adjustments (254) (177) Current period change in foreign currency translation adjustments 31 (34) Ending balance of foreign currency translation adjustments (223) (212) Beginning balance of benefit plan net gain (loss) (33) (50) Current period change in benefit plan net gain (loss) — 1 Ending balance of benefit plan net gain (loss) (33) (49) Ending balance of accumulated other comprehensive income (loss) $ (1,716) $ (833) (Some amounts may not reconcile due to rounding.)

CREDIT FACILITIES

CREDIT FACILITIES	3 Months Ended
CREDIT FACILITIES	Mar. 31, 2023
Line of Credit Facility [Abstract]
CREDIT FACILITIES AND SENIOR NOTES	CREDIT FACILITIES The Company has multiple active letter of credit facilities for a total commitment of up to $1.5 billion as of March 31, 2023. The Company also has additional uncommitted letter of credit facilities of up to $440 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date. The terms and outstanding amounts for each facility are discussed below: Bermuda Re Wells Fargo Bilateral Letter of Credit Facility Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo referred to as the “2021 Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 445 12/29/2023 $ 500 $ 463 12/29/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Citibank Letter of Credit Facility Effective August 9, 2021, Bermuda Re entered into a new letter of credit issuance facility with Citibank N.A. which superseded the previous letter of credit issuance facility with Citibank that was effective December 31, 2020. Both of these are referred to as the “Bermuda Re Letter of Credit Facility”. The current Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up the $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 1 8/15/2023 $ 230 $ 1 1/1/2023 — 3 9/23/2023 — 4 2/28/2023 — 217 12/31/2023 — 1 3/1/2023 — 4 2/29/2024 — 1 8/15/2023 — 1 3/1/2024 — 3 9/23/2023 — 1 12/1/2024 — 212 12/31/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 106 12/31/2023 140 87 12/31/2023 — 18 3/30/2027 — 18 12/30/2026 Total Citibank Bilateral Agreement $ 370 $ 353 $ 370 $ 329 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility Effective August 27, 2021 Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 175 12/31/2023 $ 200 $ 183 12/31/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2023 $ 150 $ 150 12/31/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Lloyd’s Bank Credit Facility Effective October 8, 2021 Bermuda Re entered into a letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, an agreement referred to as the “Bermuda Re Lloyd’s Bank Credit Facility”. The Bermuda Re Lloyd’s Bank Credit Facility provides for the committed issuance of up to $50 million of secured letters of credit, and subject to credit approval a maximum total facility amount of $250 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 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 $ 50 12/31/2023 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 156 12/31/2023 200 136 45291 Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 206 $ 250 $ 186 (Some amounts may not reconcile due to rounding.) Bermuda Re Barclays Bank Credit Facility Effective November 3, 2021 Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 179 12/31/2023 $ 200 $ 179 12/31/2023 Bermuda Re Nordea Bank Letter of Credit Facility Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Nordea Bank ABP, NY Unsecured LOC Facility - Committed $ 200 $ 200 12/31/2023 $ 200 $ 50 12/31/2023 Nordea Bank ABP, NY Unsecured LOC Facility - Uncommitted 100 100 12/31/2023 100 100 12/31/2023 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 300 $ 300 $ 150 (Some amounts may not reconcile due to rounding.) Federal Home Loan Bank Membership Everest Reinsurance Company (“Everest Re”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of March 31, 2023, Everest Re had admitted assets of approximately $23.1 billion which provides borrowing capacity of up to approximately $2.3 billion. As of March 31, 2023, Everest Re has $519 million of borrowings outstanding, all of which expire in 2023. Everest Re incurred interest expense of $6 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2023 December 31, 2022 (Dollars in millions) Date Issued Date Due Principal Consolidated Balance Fair Value Consolidated Balance Fair Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 373 $ 397 $ 343 3.5% Senior notes 10/7/2020 10/15/2050 1,000 981 728 981 677 3.125% Senior notes 10/4/2021 10/15/2052 1,000 969 677 969 627 $ 2,400 $ 2,348 $ 1,778 $ 2,347 $ 1,647 (Some amounts may not reconcile due to rounding.) Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) Interest Paid Payable Dates 2023 2022 4.868% Senior notes semi-annually June 1/ December 1 $ 5 $ 5 3.5% Senior notes semi-annually April 15/October 15 9 9 3.125% Senior notes semi-annually April 15/October 15 8 8 $ 22 $ 22 (Some amounts may not reconcile due to rounding.)

COLLATERALIZED REINSURANCE AND

COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS	3 Months Ended
COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS	Mar. 31, 2023
Collateralized Reinsurance And Trust Agreements [Abstract]
COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS	COLLATERALIZED REINSURANCE AND TRUST AGREEMENTSCertain subsidiaries of Group have established trust agreements, which effectively use the Company’s investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies. At March 31, 2023, the total amount on deposit in trust accounts was $2.5 billion, which includes $202 million of restricted cash. At March 31, 2022, the total amount on deposit in trust accounts was $1.8 billion, which includes $365 million of restricted cash. The Company reinsures some of its catastrophe exposures with the segregated accounts of Mt. Logan Re. Mt. Logan Re is a Collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally. The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Three Months Ended Mt. Logan Re Segregated Accounts 2023 2022 (Dollars in millions) Ceded written premiums $ 53 $ 50 Ceded earned premiums 46 50 Ceded losses and LAE 36 41 Assumed written premiums 1 1 Assumed earned premiums 1 1 Assumed losses and LAE — — The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements. (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/22/2025 300 Aggregate Total available limit as of March 31, 2023 $ 2,063 Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. As of March 31, 2023, none of the published insured loss estimates for catastrophe events during the applicable covered periods of the various agreements have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue date, maturity date and amount correspond to the reinsurance agreements listed above.

SENIOR NOTES

SENIOR NOTES	3 Months Ended
SENIOR NOTES	Mar. 31, 2023
Senior Notes [Abstract]
CREDIT FACILITIES AND SENIOR NOTES	CREDIT FACILITIES The Company has multiple active letter of credit facilities for a total commitment of up to $1.5 billion as of March 31, 2023. The Company also has additional uncommitted letter of credit facilities of up to $440 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date. The terms and outstanding amounts for each facility are discussed below: Bermuda Re Wells Fargo Bilateral Letter of Credit Facility Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo referred to as the “2021 Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $50 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $500 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 445 12/29/2023 $ 500 $ 463 12/29/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Citibank Letter of Credit Facility Effective August 9, 2021, Bermuda Re entered into a new letter of credit issuance facility with Citibank N.A. which superseded the previous letter of credit issuance facility with Citibank that was effective December 31, 2020. Both of these are referred to as the “Bermuda Re Letter of Credit Facility”. The current Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up the $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 1 8/15/2023 $ 230 $ 1 1/1/2023 — 3 9/23/2023 — 4 2/28/2023 — 217 12/31/2023 — 1 3/1/2023 — 4 2/29/2024 — 1 8/15/2023 — 1 3/1/2024 — 3 9/23/2023 — 1 12/1/2024 — 212 12/31/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 106 12/31/2023 140 87 12/31/2023 — 18 3/30/2027 — 18 12/30/2026 Total Citibank Bilateral Agreement $ 370 $ 353 $ 370 $ 329 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility Effective August 27, 2021 Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 175 12/31/2023 $ 200 $ 183 12/31/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch, referred to as the “Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2023 $ 150 $ 150 12/31/2023 (Some amounts may not reconcile due to rounding.) Bermuda Re Lloyd’s Bank Credit Facility Effective October 8, 2021 Bermuda Re entered into a letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, an agreement referred to as the “Bermuda Re Lloyd’s Bank Credit Facility”. The Bermuda Re Lloyd’s Bank Credit Facility provides for the committed issuance of up to $50 million of secured letters of credit, and subject to credit approval a maximum total facility amount of $250 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 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 $ 50 12/31/2023 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 156 12/31/2023 200 136 45291 Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 206 $ 250 $ 186 (Some amounts may not reconcile due to rounding.) Bermuda Re Barclays Bank Credit Facility Effective November 3, 2021 Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 179 12/31/2023 $ 200 $ 179 12/31/2023 Bermuda Re Nordea Bank Letter of Credit Facility Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch, referred to as the “Nordea Bank Letter of Credit Facility”. The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Nordea Bank ABP, NY Unsecured LOC Facility - Committed $ 200 $ 200 12/31/2023 $ 200 $ 50 12/31/2023 Nordea Bank ABP, NY Unsecured LOC Facility - Uncommitted 100 100 12/31/2023 100 100 12/31/2023 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 300 $ 300 $ 150 (Some amounts may not reconcile due to rounding.) Federal Home Loan Bank Membership Everest Reinsurance Company (“Everest Re”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of March 31, 2023, Everest Re had admitted assets of approximately $23.1 billion which provides borrowing capacity of up to approximately $2.3 billion. As of March 31, 2023, Everest Re has $519 million of borrowings outstanding, all of which expire in 2023. Everest Re incurred interest expense of $6 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2023 December 31, 2022 (Dollars in millions) Date Issued Date Due Principal Consolidated Balance Fair Value Consolidated Balance Fair Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 373 $ 397 $ 343 3.5% Senior notes 10/7/2020 10/15/2050 1,000 981 728 981 677 3.125% Senior notes 10/4/2021 10/15/2052 1,000 969 677 969 627 $ 2,400 $ 2,348 $ 1,778 $ 2,347 $ 1,647 (Some amounts may not reconcile due to rounding.) Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) Interest Paid Payable Dates 2023 2022 4.868% Senior notes semi-annually June 1/ December 1 $ 5 $ 5 3.5% Senior notes semi-annually April 15/October 15 9 9 3.125% Senior notes semi-annually April 15/October 15 8 8 $ 22 $ 22 (Some amounts may not reconcile due to rounding.)

LONG-TERM SUBORDINATED NOTES

LONG-TERM SUBORDINATED NOTES	3 Months Ended
LONG-TERM SUBORDINATED NOTES	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
LONG-TERM SUBORDINATED NOTES	LONG-TERM SUBORDINATED NOTES The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes. Fair value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date March 31, 2023 December 31, 2022 (Dollars in millions) Date Issued Original Scheduled Final Consolidated Balance Fair Consolidated Balance Fair Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 197 $ 218 $ 187 During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten Holdings may redeem the long-term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. The Company’s 4.868% senior notes, due on June 1, 2044, 3.5% senior notes due on October 15, 2050 and 3.125% senior notes due on October 15, 2052 are the Company’s long-term indebtedness that rank senior to the long-term subordinated notes. In 2009, the Company had reduced its outstanding amount of long-term subordinated notes through the initiation of a cash tender offer for any and all of the long-term subordinated notes. Interest expense incurred in connection with these long-term subordinated notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Interest expense incurred $ 4 $ 2

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Canada, Chile, Singapore, the United Kingdom, Ireland, and branches located in the Netherlands, France, Germany and Spain. These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended March 31, 2023 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 2,637 $ 1,106 $ 3,743 Net written premiums 2,454 875 3,329 Premiums earned $ 2,242 $ 858 $ 3,100 Incurred losses and LAE 1,411 555 1,966 Commission and brokerage 560 101 661 Other underwriting expenses 63 136 200 Underwriting gain (loss) $ 207 $ 66 $ 273 Net investment income 260 Net gains (losses) on investments 5 Corporate expenses (19) Interest, fee and bond issue cost amortization expense (32) Other income (expense) (79) Income (loss) before taxes $ 408 (Some amounts may not reconcile due to rounding.) Three Months Ended March 31, 2022 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 2,186 $ 1,001 $ 3,186 Net written premiums 2,081 731 2,812 Premiums earned $ 2,066 $ 726 $ 2,792 Incurred losses and LAE 1,325 465 1,790 Commission and brokerage 514 91 605 Other underwriting expenses 50 111 161 Underwriting gain (loss) $ 177 $ 59 $ 235 Net investment income 243 Net gains (losses) on investments (154) Corporate expenses (14) Interest, fee and bond issue cost amortization expense (24) Other income (expense) 15 Income (loss) before taxes $ 302 (Some amounts may not reconcile due to rounding.)

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	3 Months Ended
SHARE-BASED COMPENSATION PLANS	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANSFor the three months ended March 31, 2023, a total of 174,171 restricted stock awards were granted on February 23, 2023, with a fair value of $382.385 per share. Also, 14,975 performance share unit awards were granted on February 23, 2023, with a fair value of $382.385 per share.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is domiciled in Bermuda and has subsidiaries and/or branches in Belgium, Canada, Chile, France, Germany, Ireland, the Netherlands, Singapore, Spain , Switzerland, the United Kingdom, and the United States. The Company’s Bermuda domiciled subsidiaries are exempt from income taxation under Bermuda law until 2035. The Company’s non-Bermudian subsidiaries and branches are subject to income taxation at varying rates in their respective domiciles. The Company generally applies the estimated Annualized Effective Tax Rate (“AETR”) approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the AETR approach, the estimated annualized effective tax rate is applied to the interim year-to-date pre-tax income/(loss) to determine the income tax

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report.

BASIS OF PRESENTATION (Policy)

BASIS OF PRESENTATION (Policy)	3 Months Ended
BASIS OF PRESENTATION (Policy)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	The unaudited consolidated financial statements of the Company as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2022 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2023 and 2022 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2022, 2021 and 2020, included in the Company’s most recent Form 10-K filing.
Voting and Variable Interest Entities	The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.
Consolidation	All intercompany accounts and transactions have been eliminated.
Application of Recently Issued Accounting Standard Changes	The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2023. The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There were no accounting standards issued in the three months ended March 31, 2023, that are expected to have a material impact to Group.
Fair Value of Financial Instruments	Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources. Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In addition to the valuations from investment managers, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows: • U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; • Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; • Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; • Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Appreciation/(Depreciation) and Fair Value of Fixed Maturity Securities	The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities - available for sale for the periods indicated: At March 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,323 $ — $ 5 $ (69) $ 1,259 Obligations of U.S. states and political subdivisions 424 — 2 (30) 396 Corporate securities 7,202 (55) 29 (497) 6,679 Asset-backed securities 4,567 — 5 (129) 4,443 Mortgage-backed securities Commercial 1,075 — 1 (102) 974 Agency residential 3,690 — 19 (244) 3,465 Non-agency residential 5 — — (1) 4 Foreign government securities 1,616 — 8 (153) 1,471 Foreign corporate securities 5,345 (7) 22 (491) 4,869 Total fixed maturity securities - available for sale $ 25,247 $ (62) $ 91 $ (1,716) $ 23,560 (Some amounts may not reconcile due to rounding.) At December 31, 2022 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair 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.) The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and fair value of fixed maturity securities - held to maturity for the periods indicated: At March 31, 2023 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair Fixed maturity securities - held to maturity Corporate securities $ 152 $ (2) $ 1 $ (3) $ 148 Asset-backed securities 640 (6) 1 (12) 624 Mortgage-backed securities Commercial 14 — — — 14 Foreign corporate securities 28 (1) 2 — 29 Total fixed maturity securities - held to maturity $ 834 (9) $ 4 $ (15) $ 814 (Some amounts may not reconcile due to rounding.) At December 31, 2022 (Dollars in millions) Amortized Allowance for Unrealized Unrealized Fair 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 to rounding.)
Summary of Amortized Cost and Fair Value of Fixed Maturity Securities, by Contractual Maturity	The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2023 At December 31, 2022 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – available for sale Due in one year or less $ 1,449 $ 1,417 $ 1,331 $ 1,314 Due after one year through five years 8,385 7,877 8,131 7,546 Due after five years through ten years 4,548 4,072 4,636 4,057 Due after ten years 1,528 1,310 1,454 1,233 Asset-backed securities 4,567 4,443 4,229 4,063 Mortgage-backed securities Commercial 1,075 974 1,023 919 Agency residential 3,690 3,465 3,382 3,099 Non-agency residential 5 4 5 4 Total fixed maturity securities - available for sale $ 25,247 $ 23,560 $ 24,191 $ 22,236 (Some amounts may not reconcile due to rounding.) The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2023 At December 31, 2022 (Dollars in millions) Amortized Fair Amortized Fair Fixed maturity securities – held to maturity Due in one year or less $ 5 $ 5 $ 5 $ 5 Due after one year through five years 63 63 63 61 Due after five years through ten years 43 42 43 41 Due after ten years 68 67 68 65 Asset-backed securities 640 624 661 642 Mortgage-backed securities Commercial 14 14 7 7 Total fixed maturity securities - held to maturity $ 834 $ 814 $ 848 $ 821 (Some amounts may not reconcile due to rounding.)
Summary of Changes in Net Unrealized Appreciation (Depreciation) for the Company's Investments	The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ 279 $ (927) Change in unrealized appreciation (depreciation), pre-tax 279 (927) Deferred tax benefit (expense) (30) 116 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ 249 $ (811) (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	The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at March 31, 2023 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 359 $ (10) $ 764 $ (59) $ 1,124 $ (69) Obligations of U.S. states and political subdivisions 113 (6) 119 (22) 232 (28) Corporate securities 2,358 (89) 3,177 (407) 5,536 (496) Asset-backed securities 1,644 (37) 1,881 (92) 3,525 (129) Mortgage-backed securities Commercial 317 (20) 634 (82) 951 (102) Agency residential 1,270 (49) 1,373 (195) 2,643 (244) Non-agency residential 1 — 4 (1) 4 (1) Foreign government securities 392 (17) 895 (136) 1,287 (153) Foreign corporate securities 1,504 (67) 2,743 (425) 4,247 (492) Total $ 7,958 $ (295) $ 11,590 $ (1,419) $ 19,548 $ (1,714) Securities where an allowance for credit loss was recorded 3 (1) — (1) 3 (2) Total fixed maturity securities - available for sale $ 7,961 $ (296) $ 11,591 $ (1,420) $ 19,551 $ (1,716) (Some amounts may not reconcile due to rounding.) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2022 By Security Type Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 668 $ (31) $ 487 $ (52) $ 1,155 $ (82) Obligations of U.S. states and political subdivisions 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 loss was recorded 2 — — — 2 — Total fixed maturity securities - available for sale $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (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 March 31, 2023 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale Due in one year or less $ 849 $ (14) $ 285 $ (19) $ 1,134 $ (32) Due in one year through five years 2,342 (86) 4,391 (436) 6,733 (523) Due in five years through ten years 1,196 (66) 2,308 (422) 3,503 (489) Due after ten years 339 (22) 715 (172) 1,055 (194) Asset-backed securities 1,644 (37) 1,881 (92) 3,525 (129) Mortgage-backed securities 1,588 (70) 2,010 (278) 3,598 (347) Total $ 7,958 $ (295) $ 11,590 $ (1,419) $ 19,548 $ (1,714) Securities where an allowance for credit loss was recorded 3 (1) — (1) 3 (2) Total fixed maturity securities - available for sale $ 7,961 $ (296) $ 11,591 $ (1,420) $ 19,551 $ (1,716) (Some amounts may not reconcile due to rounding.) Duration of Unrealized Loss at December 31, 2022 By Maturity Less than 12 months Greater than 12 months Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturity securities - available for sale 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 credit loss was recorded 2 — — — 2 — Total fixed maturity securities - available for sale $ 15,215 $ (1,217) $ 4,432 $ (764) $ 19,647 $ (1,982) (Some amounts may not reconcile due to rounding.)
Summary of Components of Net Investment Income	The components of net investment income are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Fixed maturities $ 247 $ 148 Equity securities 1 4 Short-term investments and cash 17 — Other invested assets Limited partnerships (15) 88 Other 22 12 Gross investment income before adjustments 272 253 Funds held interest income (expense) — 4 Future policy benefit reserve income (expense) — — Gross investment income 272 256 Investment expenses (12) (13) Net investment income $ 260 $ 243 (Some amounts may not reconcile due to rounding.)
Summary of Components of Net Realized Capital Gains (Losses)	The components of net gains (losses) on investments are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Fixed maturity securities Allowance for credit losses $ (8) $ (12) Net realized gains (losses) from dispositions 2 3 Equity securities, fair value Net realized gains (losses) from dispositions 7 (12) Gains (losses) from fair value adjustments 4 (137) Other invested assets — 4 Total net gains (losses) on investments $ 5 $ (154) (Some amounts may not reconcile due to rounding.)
Debt Securities, Available-for-Sale, Allowance for Credit Loss	The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated: Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Foreign Total Beginning Balance $ (45) $ (10) $ (54) Credit losses on securities where credit losses were not previously recorded (12) — (12) Increases in allowance on previously impaired securities — — — Decreases in allowance on previously impaired securities — — — Reduction in allowance due to disposals 2 3 5 Balance, end of period $ (55) $ (7) $ (62) (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale Three Months Ended March 31, 2022 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning Balance $ (19) $ (8) $ (3) $ (30) Credit losses on securities where credit losses were not previously recorded (2) — (11) (13) Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals 1 — — 1 Balance, end of period $ (20) $ (8) $ (14) $ (42) (Some amounts may not reconcile due to rounding.)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss	Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning Balance $ (2) $ (6) $ (1) $ (9) Credit losses on securities where credit losses were not previously recorded — — — — Increases in allowance on previously impaired securities — — — — Decreases in allowance on previously impaired securities — — — — Reduction in allowance due to disposals — — — — Balance, end of period $ (2) $ (6) $ (1) $ (9) (Some amounts may not reconcile due to rounding.)
Summary of Gross Gains (Losses) from Sales of Fixed Maturity and Equity Securities	The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Proceeds from sales of fixed maturity securities - available for sale $ 72 $ 419 Gross gains from dispositions 11 20 Gross losses from dispositions (9) (17) Proceeds from sales of equity securities $ 46 $ 90 Gross gains from dispositions 7 4 Gross losses from dispositions — (15)

RESERVE FOR LOSSES, LAE AND F_2

RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Summary of Activity in the Reserve for Losses and LAE	Activity in the reserve for losses and loss adjustment expenses (“LAE”) is summarized for the periods indicated: Three Months Ended 2023 2022 (Dollars in millions) Gross reserves beginning of period $ 22,065 $ 19,009 Less reinsurance recoverables on unpaid losses (2,105) (1,946) Net reserves beginning of period 19,960 17,063 Incurred related to: Current year 1,966 1,791 Prior years — (1) Total incurred losses and LAE 1,966 1,790 Paid related to: Current year 684 308 Prior years 641 919 Total paid losses and LAE 1,325 1,226 Foreign exchange/translation adjustment 152 (122) Net reserves end of period 20,753 17,505 Plus reinsurance recoverables on unpaid losses 2,125 1,991 Gross reserves end of period $ 22,878 $ 19,496 (Some amounts may not reconcile due to rounding.)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
FAIR VALUE (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement Levels for all Assets and Liabilities	The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated: Fair Value Measurement Using March 31, 2023 Quoted Prices Significant Significant (Dollars in millions) Assets: Fixed maturities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,259 $ — $ 1,259 $ — Obligations of U.S. States and political subdivisions 396 — 396 — Corporate securities 6,679 — 5,970 709 Asset-backed securities 4,443 — 3,422 1,020 Mortgage-backed securities Commercial 974 — 974 — Agency residential 3,465 — 3,465 — Non-agency residential 4 — 4 — Foreign government securities 1,471 — 1,471 — Foreign corporate securities 4,869 — 4,853 16 Total fixed maturities - available for sale 23,560 — 21,815 1,745 Equity securities, fair value 250 140 110 — (Some amounts may not reconcile due to rounding.) Fair Value Measurement Using (Dollars in millions) December 31, 2022 Quoted Prices Significant Significant 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.)
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs by Asset Type	The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities available for sale, for the periods indicated: Total Fixed Maturities, Available for Sale Three Months Ended March 31, 2023 (Dollars in millions) Corporate Asset-Backed Foreign Total Beginning balance fixed maturities $ 715 $ 994 $ 16 $ 1,725 Total gains or (losses) (realized/unrealized) Included in earnings 1 — — 1 Included in other comprehensive income (loss) (4) 18 — 14 Purchases, issuances and settlements (3) 9 — 5 Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — Ending balance $ 709 $ 1,020 $ 16 $ 1,745 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ — $ — $ — $ — (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Available for Sale Three Months Ended March 31, 2022 (Dollars in millions) Corporate Asset-Backed CMBS Foreign Total Beginning balance fixed maturities $ 801 $ 1,251 $ — $ 16 $ 2,068 Total gains or (losses) (realized/unrealized) Included in earnings 16 — — — 16 Included in other comprehensive income (loss) (4) (29) — — (33) Purchases, issuances and settlements (98) 166 6 — 74 Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories — — — — — Ending balance $ 715 $ 1,389 $ 6 $ 16 $ 2,125 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ — $ — $ — $ — $ — (Some amounts may not reconcile due to rounding.)

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) per Common Share	Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended (Dollars in millions, except per share amounts) 2023 2022 Net income (loss) per share: Numerator Net income (loss) $ 365 $ 298 Less: dividends declared-common shares and unvested common shares (65) (61) Undistributed earnings 300 237 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 296 234 Add: dividends declared-common shareholders 64 60 Numerator for basic and diluted earnings per common share $ 360 $ 294 Denominator Denominator for basic earnings per weighted-average common shares 38.7 38.8 Effect of dilutive securities: Options — — Denominator for diluted earnings per adjusted weighted-average common shares 38.7 38.8 Per common share net income (loss) Basic $ 9.31 $ 7.57 Diluted $ 9.31 $ 7.56 (1) Basic weighted-average common shares outstanding 38.7 38.8 Basic weighted-average common shares outstanding and unvested common shares expected to vest 39.2 39.3 Percentage allocated to common shareholders 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.)

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Mar. 31, 2023
Other Comprehensive Income (Loss), Tax [Abstract]
Components of Comprehensive Income (Loss) in the Consolidated Statements of Operations	The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2023 (Dollars in millions) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ 273 $ (27) $ 246 Reclassification of net realized losses (gains) included in net income (loss) 6 (3) 3 Foreign currency translation adjustments 33 (2) 31 Reclassification of benefit plan liability amortization included in net income (loss) — — — Total other comprehensive income (loss) $ 312 $ (32) $ 280 Three Months Ended March 31, 2022 (Dollars in millions) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ (932) $ 117 $ (815) Reclassification of net realized losses (gains) included in net income (loss) 5 (1) 4 Foreign currency translation adjustments (35) 1 (34) Reclassification of benefit plan liability amortization included in net income (loss) 1 — 1 Total other comprehensive income (loss) $ (961) $ 117 $ (844)
Reclassification from Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Affected line item within the statements of operations and comprehensive income (loss) AOCI component 2023 2022 (Dollars in millions) URA(D) on securities $ 6 $ 5 Other net realized capital gains (losses) (3) (1) Income tax expense (benefit) $ 3 $ 4 Net income (loss) Benefit plan net gain (loss) $ — $ 1 Other underwriting expenses — — Income tax expense (benefit) $ — $ 1 Net income (loss)
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax, in the Consolidated Balance Sheets	The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Beginning balance of URA(D) on securities $ (1,709) $ 239 Current period change in URA(D) of investments - non-credit related 249 (811) Ending balance of URA(D) on securities (1,460) (572) Beginning balance of foreign currency translation adjustments (254) (177) Current period change in foreign currency translation adjustments 31 (34) Ending balance of foreign currency translation adjustments (223) (212) Beginning balance of benefit plan net gain (loss) (33) (50) Current period change in benefit plan net gain (loss) — 1 Ending balance of benefit plan net gain (loss) (33) (49) Ending balance of accumulated other comprehensive income (loss) $ (1,716) $ (833) (Some amounts may not reconcile due to rounding.)

CREDIT FACILITIES (Tables)

CREDIT FACILITIES (Tables)	3 Months Ended
CREDIT FACILITIES (Tables)	Mar. 31, 2023
Line of Credit Facility [Abstract]
Summary of Outstanding Letters of Credit and Borrowings	The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500 $ 445 12/29/2023 $ 500 $ 463 12/29/2023 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230 $ 1 8/15/2023 $ 230 $ 1 1/1/2023 — 3 9/23/2023 — 4 2/28/2023 — 217 12/31/2023 — 1 3/1/2023 — 4 2/29/2024 — 1 8/15/2023 — 1 3/1/2024 — 3 9/23/2023 — 1 12/1/2024 — 212 12/31/2023 Bermuda Re Citibank LOC Facility - Uncommitted 140 106 12/31/2023 140 87 12/31/2023 — 18 3/30/2027 — 18 12/30/2026 Total Citibank Bilateral Agreement $ 370 $ 353 $ 370 $ 329 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Secured Credit Facility $ 200 $ 175 12/31/2023 $ 200 $ 183 12/31/2023 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral Unsecured LOC Agreement - Committed $ 150 $ 150 12/31/2023 $ 150 $ 150 12/31/2023 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 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 $ 50 12/31/2023 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200 156 12/31/2023 200 136 45291 Total Bermuda Re Lloyd's Bank Credit Facility $ 250 $ 206 $ 250 $ 186 (Some amounts may not reconcile due to rounding.) The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200 $ 179 12/31/2023 $ 200 $ 179 12/31/2023 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in millions) At March 31, 2023 At December 31, 2022 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Nordea Bank ABP, NY Unsecured LOC Facility - Committed $ 200 $ 200 12/31/2023 $ 200 $ 50 12/31/2023 Nordea Bank ABP, NY Unsecured LOC Facility - Uncommitted 100 100 12/31/2023 100 100 12/31/2023 Total Nordea Bank ABP, NY LOC Facility $ 300 $ 300 $ 300 $ 150 (Some amounts may not reconcile due to rounding.)

COLLATERALIZED REINSURANCE AN_2

COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS (Tables)	3 Months Ended
COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS (Tables)	Mar. 31, 2023
Collateralized Reinsurance And Trust Agreements [Abstract]
Premiums and Losses Ceded by the Company to Affiliate	The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Three Months Ended Mt. Logan Re Segregated Accounts 2023 2022 (Dollars in millions) Ceded written premiums $ 53 $ 50 Ceded earned premiums 46 50 Ceded losses and LAE 36 41 Assumed written premiums 1 1 Assumed earned premiums 1 1 Assumed losses and LAE — —
Summary of Collateralized Reinsurance Agreements	The table below summarizes the various agreements. (Dollars in millions) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 $ 63 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake Events 6/22/2022 6/22/2025 300 Aggregate Total available limit as of March 31, 2023 $ 2,063

SENIOR NOTES (Tables)

SENIOR NOTES (Tables)	3 Months Ended
SENIOR NOTES (Tables)	Mar. 31, 2023
Senior Notes [Abstract]
Schedule of Outstanding Senior Notes	The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Fair value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2023 December 31, 2022 (Dollars in millions) Date Issued Date Due Principal Consolidated Balance Fair Value Consolidated Balance Fair Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400 $ 397 $ 373 $ 397 $ 343 3.5% Senior notes 10/7/2020 10/15/2050 1,000 981 728 981 677 3.125% Senior notes 10/4/2021 10/15/2052 1,000 969 677 969 627 $ 2,400 $ 2,348 $ 1,778 $ 2,347 $ 1,647 (Some amounts may not reconcile due to rounding.)
Schedule of Interest Expense Incurred in Connection with Senior Notes	Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) Interest Paid Payable Dates 2023 2022 4.868% Senior notes semi-annually June 1/ December 1 $ 5 $ 5 3.5% Senior notes semi-annually April 15/October 15 9 9 3.125% Senior notes semi-annually April 15/October 15 8 8 $ 22 $ 22 (Some amounts may not reconcile due to rounding.)

LONG-TERM SUBORDINATED NOTES (T

LONG-TERM SUBORDINATED NOTES (Tables)	3 Months Ended
LONG-TERM SUBORDINATED NOTES (Tables)	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes	The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes. Fair value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date March 31, 2023 December 31, 2022 (Dollars in millions) Date Issued Original Scheduled Final Consolidated Balance Fair Consolidated Balance Fair Long-term subordinated notes 4/26/2007 $ 400 5/15/2037 5/1/2067 $ 218 $ 197 $ 218 $ 187
Schedule of Interest Expense Incurred in Connection with Long Term Subordinated Notes	Interest expense incurred in connection with these long-term subordinated notes is as follows for the periods indicated: Three Months Ended (Dollars in millions) 2023 2022 Interest expense incurred $ 4 $ 2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Underwriting Results for Operating Segments	The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended March 31, 2023 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 2,637 $ 1,106 $ 3,743 Net written premiums 2,454 875 3,329 Premiums earned $ 2,242 $ 858 $ 3,100 Incurred losses and LAE 1,411 555 1,966 Commission and brokerage 560 101 661 Other underwriting expenses 63 136 200 Underwriting gain (loss) $ 207 $ 66 $ 273 Net investment income 260 Net gains (losses) on investments 5 Corporate expenses (19) Interest, fee and bond issue cost amortization expense (32) Other income (expense) (79) Income (loss) before taxes $ 408 (Some amounts may not reconcile due to rounding.) Three Months Ended March 31, 2022 (Dollars in millions) Reinsurance Insurance Total Gross written premiums $ 2,186 $ 1,001 $ 3,186 Net written premiums 2,081 731 2,812 Premiums earned $ 2,066 $ 726 $ 2,792 Incurred losses and LAE 1,325 465 1,790 Commission and brokerage 514 91 605 Other underwriting expenses 50 111 161 Underwriting gain (loss) $ 177 $ 59 $ 235 Net investment income 243 Net gains (losses) on investments (154) Corporate expenses (14) Interest, fee and bond issue cost amortization expense (24) Other income (expense) 15 Income (loss) before taxes $ 302 (Some amounts may not reconcile due to rounding.)

INVESTMENTS - Summary of Fixed

INVESTMENTS - Summary of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Fixed maturity securities - available for sale
Amortized Cost	$ 25,247	$ 24,191
Allowance for Credit Losses	(62)	(54)	$ (42)	$ (30)
Unrealized Appreciation	91	81
Unrealized Depreciation	(1,716)	(1,982)
Fair Value	23,560	22,236
Fixed maturity securities - held to maturity
Amortized Cost	834	848
Allowance for Credit Losses	(9)	(9)
Unrealized Appreciation	4	3
Unrealized Depreciation	(15)	(22)
Fair Value	814	821
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fixed maturity securities - available for sale
Amortized Cost	1,323	1,334
Allowance for Credit Losses	0	0
Unrealized Appreciation	5	6
Unrealized Depreciation	(69)	(82)
Fair Value	1,259	1,257
Obligations of U.S. states and political subdivisions
Fixed maturity securities - available for sale
Amortized Cost	424	444
Allowance for Credit Losses	0	0
Unrealized Appreciation	2	2
Unrealized Depreciation	(30)	(32)
Fair Value	396	413
Corporate securities
Fixed maturity securities - available for sale
Amortized Cost	7,202	7,044
Allowance for Credit Losses	(55)	(45)	(20)	(19)
Unrealized Appreciation	29	31
Unrealized Depreciation	(497)	(561)
Fair Value	6,679	6,469
Fixed maturity securities - held to maturity
Amortized Cost	152	152
Allowance for Credit Losses	(2)	(2)
Unrealized Appreciation	1	0
Unrealized Depreciation	(3)	(6)
Fair Value	148	144
Asset-backed securities
Fixed maturity securities - available for sale
Amortized Cost	4,567	4,229
Allowance for Credit Losses	0	0	(8)	(8)
Unrealized Appreciation	5	5
Unrealized Depreciation	(129)	(171)
Fair Value	4,443	4,063
Fixed maturity securities - held to maturity
Amortized Cost	640	661
Allowance for Credit Losses	(6)	(6)
Unrealized Appreciation	1	2
Unrealized Depreciation	(12)	(15)
Fair Value	624	642
Commercial
Fixed maturity securities - available for sale
Amortized Cost	1,075	1,023
Allowance for Credit Losses	0	0
Unrealized Appreciation	1	0
Unrealized Depreciation	(102)	(105)
Fair Value	974	919
Fixed maturity securities - held to maturity
Amortized Cost	14	7
Allowance for Credit Losses	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	0	0
Fair Value	14	7
Agency residential
Fixed maturity securities - available for sale
Amortized Cost	3,690	3,382
Allowance for Credit Losses	0	0
Unrealized Appreciation	19	7
Unrealized Depreciation	(244)	(290)
Fair Value	3,465	3,099
Non-agency residential
Fixed maturity securities - available for sale
Amortized Cost	5	5
Allowance for Credit Losses	0	0
Unrealized Appreciation	0	0
Unrealized Depreciation	(1)	(1)
Fair Value	4	4
Foreign government securities
Fixed maturity securities - available for sale
Amortized Cost	1,616	1,586
Allowance for Credit Losses	0	0
Unrealized Appreciation	8	8
Unrealized Depreciation	(153)	(179)
Fair Value	1,471	1,415
Foreign corporate securities
Fixed maturity securities - available for sale
Amortized Cost	5,345	5,143
Allowance for Credit Losses	(7)	(10)	$ (14)	$ (3)
Unrealized Appreciation	22	23
Unrealized Depreciation	(491)	(562)
Fair Value	4,869	4,596
Fixed maturity securities - held to maturity
Amortized Cost	28	28
Allowance for Credit Losses	(1)	(1)
Unrealized Appreciation	2	2
Unrealized Depreciation	0	0
Fair Value	$ 29	$ 28

INVESTMENTS - Summary of Fixe_2

INVESTMENTS - Summary of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 1,449	$ 1,331
Due after one year through five years	8,385	8,131
Due after five years through ten years	4,548	4,636
Due after ten years	1,528	1,454
Amortized Cost	25,247	24,191
Fair Value
Due in one year or less	1,417	1,314
Due after one year through five years	7,877	7,546
Due after five years through ten years	4,072	4,057
Due after ten years	1,310	1,233
Fair Value	23,560	22,236
Amortized Cost
Due in one year or less	5	5
Due after one year through five years	63	63
Due after five years through ten years	43	43
Due after ten years	68	68
Amortized Cost	834	848
Fair Value
Due in one year or less	5	5
Due after one year through five years	63	61
Due after five years through ten years	42	41
Due after ten years	67	65
Fair Value	814	821
Asset-backed securities
Amortized Cost
Amortized Cost	4,567	4,229
Fair Value
Fair Value	4,443	4,063
Amortized Cost
Amortized Cost	640	661
Fair Value
Fair Value	624	642
Commercial
Amortized Cost
Amortized Cost	1,075	1,023
Fair Value
Fair Value	974	919
Amortized Cost
Amortized Cost	14	7
Fair Value
Fair Value	14	7
Agency residential
Amortized Cost
Amortized Cost	3,690	3,382
Fair Value
Fair Value	3,465	3,099
Non-agency residential
Amortized Cost
Amortized Cost	5	5
Fair Value
Fair Value	$ 4	$ 4

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
INVESTMENTS - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-Sale [Line Items]
Fair value of the securities reclassified at the date of transfer		$ 722
Unrealized loss from transfer	$ (48)
Aggregate market value of investments in unrealized loss position	19,551		$ 19,647
Gross unrealized losses on investments in unrealized loss position	1,716		1,982
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	296		1,217
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	1,420		764
Additional contractual commitments	2,700
Cash surrender value of life insurance	$ 954		$ 939
Number of securities held as primary beneficiary \| security	0		0
Variable Interest Entity, Not Primary Beneficiary
Debt Securities, Available-for-Sale [Line Items]
Maximum exposure to loss	$ 4,200		$ 4,100
Commitments to fund investments	$ 2,200
Investments, Debt Securities Benchmark \| Issuer \| Issuer One
Debt Securities, Available-for-Sale [Line Items]
Percentage of overall fair value of fixed maturity securities available for sale, less than	4.80%		5.20%
Investments, Debt Securities Benchmark \| Issuer \| Issuer Two
Debt Securities, Available-for-Sale [Line Items]
Percentage of overall fair value of fixed maturity securities available for sale, less than	0.80%		0.20%
Investment Grade
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	$ 263		$ 1,100
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	1,300		$ 732
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	$ 1,400

INVESTMENTS - Summary of Change

INVESTMENTS - Summary of Changes in Net Unrealized Appreciation (Depreciation) for Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Change in unrealized appreciation (depreciation), pre-tax	$ 279	$ (927)
Deferred tax benefit (expense)	(30)	116
Total URA(D) on securities arising during the period	$ 249	$ (811)

INVESTMENTS - Summary of Fixe_3

INVESTMENTS - Summary of Fixed Maturity and Equity Securities by Security Type (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Less than 12 months	$ 7,961	$ 15,215
Greater than 12 months	11,591	4,432
Total	19,551	19,647
Gross Unrealized Depreciation
Less than 12 months	(296)	(1,217)
Greater than 12 months	(1,420)	(764)
Total	(1,716)	(1,982)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	7,958	15,213
Greater than 12 months	11,590	4,432
Total	19,548	19,645
Gross Unrealized Depreciation
Less than 12 months	(295)	(1,217)
Greater than 12 months	(1,419)	(764)
Total	(1,714)	(1,982)
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value
Less than 12 months	359	668
Greater than 12 months	764	487
Total	1,124	1,155
Gross Unrealized Depreciation
Less than 12 months	(10)	(31)
Greater than 12 months	(59)	(52)
Total	(69)	(82)
Obligations of U.S. states and political subdivisions
Fair Value
Less than 12 months	113	235
Greater than 12 months	119	27
Total	232	261
Gross Unrealized Depreciation
Less than 12 months	(6)	(23)
Greater than 12 months	(22)	(9)
Total	(28)	(32)
Corporate securities
Fair Value
Less than 12 months	2,358	4,143
Greater than 12 months	3,177	1,316
Total	5,536	5,459
Gross Unrealized Depreciation
Less than 12 months	(89)	(326)
Greater than 12 months	(407)	(234)
Total	(496)	(561)
Asset-backed securities
Fair Value
Less than 12 months	1,644	3,204
Greater than 12 months	1,881	456
Total	3,525	3,661
Gross Unrealized Depreciation
Less than 12 months	(37)	(142)
Greater than 12 months	(92)	(29)
Total	(129)	(171)
Commercial
Fair Value
Less than 12 months	317	806
Greater than 12 months	634	101
Total	951	907
Gross Unrealized Depreciation
Less than 12 months	(20)	(90)
Greater than 12 months	(82)	(15)
Total	(102)	(105)
Agency residential
Fair Value
Less than 12 months	1,270	1,905
Greater than 12 months	1,373	870
Total	2,643	2,776
Gross Unrealized Depreciation
Less than 12 months	(49)	(132)
Greater than 12 months	(195)	(158)
Total	(244)	(289)
Non-agency residential
Fair Value
Less than 12 months	1	4
Greater than 12 months	4	1
Total	4	4
Gross Unrealized Depreciation
Less than 12 months	0	0
Greater than 12 months	(1)	(1)
Total	(1)	0
Foreign government securities
Fair Value
Less than 12 months	392	985
Greater than 12 months	895	321
Total	1,287	1,306
Gross Unrealized Depreciation
Less than 12 months	(17)	(100)
Greater than 12 months	(136)	(79)
Total	(153)	(179)
Foreign corporate securities
Fair Value
Less than 12 months	1,504	3,264
Greater than 12 months	2,743	853
Total	4,247	4,117
Gross Unrealized Depreciation
Less than 12 months	(67)	(372)
Greater than 12 months	(425)	(189)
Total	(492)	(561)
Recorded an Allowance for Credit Losses
Fair Value
Less than 12 months	3	2
Greater than 12 months	0	0
Total	3	2
Gross Unrealized Depreciation
Less than 12 months	(1)	0
Greater than 12 months	(1)	0
Total	$ (2)	$ 0

INVESTMENTS - Summary of Fixe_4

INVESTMENTS - Summary of Fixed Maturity and Equity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Less than 12 months	$ 7,961	$ 15,215
Greater than 12 months	11,591	4,432
Total	19,551	19,647
Gross Unrealized Depreciation
Less than 12 months	(296)	(1,217)
Greater than 12 months	(1,420)	(764)
Total	(1,716)	(1,982)
No Recorded Allowance for Credit Losses
Fair Value
Less than 12 months	7,958	15,213
Greater than 12 months	11,590	4,432
Total	19,548	19,645
Gross Unrealized Depreciation
Less than 12 months	(295)	(1,217)
Greater than 12 months	(1,419)	(764)
Total	(1,714)	(1,982)
Due in one year or less
Fair Value
Less than 12 months	849	989
Greater than 12 months	285	40
Total	1,134	1,029
Gross Unrealized Depreciation
Less than 12 months	(14)	(19)
Greater than 12 months	(19)	(7)
Total	(32)	(26)
Due in one year through five years
Fair Value
Less than 12 months	2,342	4,935
Greater than 12 months	4,391	1,645
Total	6,733	6,580
Gross Unrealized Depreciation
Less than 12 months	(86)	(383)
Greater than 12 months	(436)	(209)
Total	(523)	(592)
Due in five years through ten years
Fair Value
Less than 12 months	1,196	2,698
Greater than 12 months	2,308	911
Total	3,503	3,609
Gross Unrealized Depreciation
Less than 12 months	(66)	(360)
Greater than 12 months	(422)	(230)
Total	(489)	(590)
Due after ten years
Fair Value
Less than 12 months	339	672
Greater than 12 months	715	408
Total	1,055	1,080
Gross Unrealized Depreciation
Less than 12 months	(22)	(91)
Greater than 12 months	(172)	(116)
Total	(194)	(207)
Asset-backed securities
Fair Value
Less than 12 months	1,644	3,204
Greater than 12 months	1,881	456
Total	3,525	3,661
Gross Unrealized Depreciation
Less than 12 months	(37)	(142)
Greater than 12 months	(92)	(29)
Total	(129)	(171)
Mortgage-backed securities
Fair Value
Less than 12 months	1,588	2,715
Greater than 12 months	2,010	972
Total	3,598	3,687
Gross Unrealized Depreciation
Less than 12 months	(70)	(222)
Greater than 12 months	(278)	(173)
Total	(347)	(395)
Recorded an Allowance for Credit Losses
Fair Value
Less than 12 months	3	2
Greater than 12 months	0	0
Total	3	2
Gross Unrealized Depreciation
Less than 12 months	(1)	0
Greater than 12 months	(1)	0
Total	$ (2)	$ 0

INVESTMENTS - Summary of Compon

INVESTMENTS - Summary of Components of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 272	$ 253
Funds held interest income (expense)	0	4
Future policy benefit reserve income (expense)	0	0
Gross investment income	272	256
Investment expenses	(12)	(13)
Net investment income	260	243
Fixed maturities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	247	148
Equity securities
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	1	4
Short-term investments gain (loss)
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	17	0
Limited partnerships
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	(15)	88
Other
Debt Securities, Available-for-Sale [Line Items]
Gross investment income before adjustments	$ 22	$ 12

INVESTMENTS - Summary of Comp_2

INVESTMENTS - Summary of Components of Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	$ 8	$ (5)
Gains (losses) from fair value adjustments	4	(137)
Total net gains (losses) on investments	5	(154)
Fixed maturities \| Market Value
Debt Securities, Available-for-Sale [Line Items]
Allowance for credit losses	(8)	(12)
Net realized gains (losses) from dispositions	2	3
Equity securities \| Fair Value
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	7	(12)
Gains (losses) from fair value adjustments	4	(137)
Other invested assets
Debt Securities, Available-for-Sale [Line Items]
Net realized gains (losses) from dispositions	$ 0	$ 4

INVESTMENTS - Schedule of Allow

INVESTMENTS - Schedule of Allowance For Credit Loss Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (54)	$ (30)
Credit losses on securities where credit losses were not previously recorded	(12)	(13)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	5	1
Balance, end of period	(62)	(42)
Corporate securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(45)	(19)
Credit losses on securities where credit losses were not previously recorded	(12)	(2)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	2	1
Balance, end of period	(55)	(20)
Asset-backed securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	0	(8)
Credit losses on securities where credit losses were not previously recorded		0
Increases in allowance on previously impaired securities		0
Decreases in allowance on previously impaired securities		0
Reduction in allowance due to disposals		0
Balance, end of period	0	(8)
Foreign corporate securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(10)	(3)
Credit losses on securities where credit losses were not previously recorded	0	(11)
Increases in allowance on previously impaired securities	0	0
Decreases in allowance on previously impaired securities	0	0
Reduction in allowance due to disposals	3	0
Balance, end of period	$ (7)	$ (14)

INVESTMENTS - Schedule of Held-

INVESTMENTS - Schedule of Held-to-Maturity, Allowance for Credit Loss Rollforward (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (9)
Credit losses on securities where credit losses were not previously recorded	0
Increases in allowance on previously impaired securities	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	0
Balance, end of period	(9)
Corporate securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(2)
Credit losses on securities where credit losses were not previously recorded	0
Increases in allowance on previously impaired securities	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	0
Balance, end of period	(2)
Asset-backed securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(6)
Credit losses on securities where credit losses were not previously recorded	0
Increases in allowance on previously impaired securities	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	0
Balance, end of period	(6)
Foreign corporate securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(1)
Credit losses on securities where credit losses were not previously recorded	0
Increases in allowance on previously impaired securities	0
Decreases in allowance on previously impaired securities	0
Reduction in allowance due to disposals	0
Balance, end of period	$ (1)

INVESTMENTS - Summary of Gross

INVESTMENTS - Summary of Gross Gains (Losses) from Sales of Fixed Maturity and Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Proceeds from sales of fixed maturity securities - available for sale	$ 72	$ 419
Gross gains from dispositions	11	20
Gross losses from dispositions	(9)	(17)
Proceeds from sales of equity securities	46	90
Equity securities
Debt Securities, Available-for-Sale [Line Items]
Proceeds from sales of equity securities	46	90
Gross gains from dispositions	7	4
Gross losses from dispositions	$ 0	$ (15)

RESERVE FOR LOSSES, LAE AND F_3

RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE - Summary of Activity in the Reserve for Losses and LAE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves beginning of period	$ 22,065	$ 19,009
Less reinsurance recoverables on unpaid losses	2,125	1,991	$ 2,105	$ 1,946
Net reserves beginning of period	19,960	17,063
Incurred related to:
Current year	1,966	1,791
Prior years	0	(1)
Total incurred losses and LAE	1,966	1,790
Paid related to:
Current year	684	308
Prior years	641	919
Total paid losses and LAE	1,325	1,226
Foreign exchange/translation adjustment	152	(122)
Net reserves end of period	20,753	17,505
Plus reinsurance recoverables on unpaid losses	2,125	1,991	$ 2,105	$ 1,946
Gross reserves end of period	$ 22,878	$ 19,496

RESERVE FOR LOSSES, LAE AND F_4

RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Current year losses	$ 1,966	$ 1,791
Higher Premiums Earned
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Current year losses	$ 175

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 23,560	$ 22,236
Fair value of public equity portfolio	3,400	2,700
Other invested assets	860	930
Fair Value \| Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets	316	292
Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,700	$ 1,700

FAIR VALUE - Fair Value Measure

FAIR VALUE - Fair Value Measurement Levels for Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 23,560	$ 22,236
Equity securities, fair value	250	281
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Equity securities, fair value	140	132
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	21,815	20,511
Equity securities, fair value	110	150
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,745	1,725
Equity securities, fair value	0	0
U.S. Treasury securities and obligations of U.S. government agencies and corporations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,259	1,257
U.S. Treasury securities and obligations of U.S. government agencies and corporations \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
U.S. Treasury securities and obligations of U.S. government agencies and corporations \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,259	1,257
U.S. Treasury securities and obligations of U.S. government agencies and corporations \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	396	413
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	396	413
Obligations of U.S. states and political subdivisions \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	6,679	6,469
Corporate securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	5,970	5,754
Corporate securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	709	715
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,443	4,063
Asset-backed securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Asset-backed securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	3,422	3,069
Asset-backed securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,020	994
Commercial
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	974	919
Commercial \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Commercial \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	974	919
Commercial \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	3,465	3,099
Agency residential \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Agency residential \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	3,465	3,099
Agency residential \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4	4
Non-agency residential \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Non-agency residential \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4	4
Non-agency residential \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,471	1,415
Foreign government securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign government securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,471	1,415
Foreign government securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,869	4,596
Foreign corporate securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	0
Foreign corporate securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,853	4,579
Foreign corporate securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 16	$ 16

FAIR VALUE - Level 3 Activity (

FAIR VALUE - Level 3 Activity (Details) - Market Value - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	$ 1,725	$ 2,068
Total gains or (losses) (realized/unrealized)
Included in earnings	1	16
Included in other comprehensive income (loss)	14	(33)
Purchases, issuances and settlements	5	74
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance	1,745	2,125
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	0	0
Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	715	801
Total gains or (losses) (realized/unrealized)
Included in earnings	1	16
Included in other comprehensive income (loss)	(4)	(4)
Purchases, issuances and settlements	(3)	(98)
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance	709	715
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	0	0
Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	994	1,251
Total gains or (losses) (realized/unrealized)
Included in earnings	0	0
Included in other comprehensive income (loss)	18	(29)
Purchases, issuances and settlements	9	166
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance	1,020	1,389
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	0	0
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities		0
Total gains or (losses) (realized/unrealized)
Included in earnings		0
Included in other comprehensive income (loss)		0
Purchases, issuances and settlements		6
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories		0
Ending balance		6
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date		0
Foreign corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance fixed maturities	16	16
Total gains or (losses) (realized/unrealized)
Included in earnings	0	0
Included in other comprehensive income (loss)	0	0
Purchases, issuances and settlements	0	0
Transfers in/(out) of Level 3 and reclassification of securities in/(out) of investment categories	0	0
Ending balance	16	16
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$ 0	$ 0

EARNINGS PER COMMON SHARE - Sch

EARNINGS PER COMMON SHARE - Schedule of Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income (loss)	$ 365	$ 298
Less: dividends declared-common shares and unvested common shares	(65)	(61)
Undistributed earnings	300	237
Undistributed earnings	$ 300	$ 237
Percentage allocated to common shareholders	98.70%	98.70%
Net income (loss) available to common stockholders, basic before dividends, common stock	$ 296	$ 234
Net income (loss) available to common stockholders, diluted before dividends, common stock	296	234
Add: dividends declared-common shareholders	64	60
Numerator for basic earnings per common share	360	294
Numerator for diluted earnings per common share	$ 360	$ 294
Denominator
Denominator for basic earnings per weighted-average common shares	38,700,000	38,800,000
Effect of dilutive securities:
Options	0	0
Denominator for diluted earnings per adjusted weighted-average common shares	38,700,000	38,800,000
Per common share net income (loss)
Basic (in dollars per share)	$ 9.31	$ 7.57
Diluted (in dollars per share)	$ 9.31	$ 7.56
Basic weighted-average common shares outstanding	38,700,000	38,800,000
Basic weighted-average common shares outstanding and unvested common shares expected to vest	39,200,000	39,300,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	0

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) - Components of Comprehensive Income (Loss) in the Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Before Tax
Total other comprehensive income (loss)	$ 312	$ (961)
Tax Effect
Total other comprehensive income (loss)	(32)	117
Net of Tax
Total other comprehensive income (loss), net of tax	280	(844)
URA(D) on securities
Before Tax
OCI before reclassification, before tax	273	(932)
Reclassification from AOCI, before tax	6	5
Tax Effect
OCI before reclassification, tax effect	(27)	117
Reclassification from AOCI, tax	(3)	(1)
Net of Tax
OCI before reclassifications, net of tax	246	(815)
Reclassification from AOCI, net of tax	3	4
Total other comprehensive income (loss), net of tax	249	(811)
Foreign currency translation adjustments
Before Tax
OCI before reclassification, before tax	33	(35)
Tax Effect
OCI before reclassification, tax effect	(2)	1
Net of Tax
OCI before reclassifications, net of tax	31	(34)
Total other comprehensive income (loss), net of tax	31	(34)
Benefit plan net gain (loss)
Before Tax
Reclassification from AOCI, before tax	0	1
Tax Effect
Reclassification from AOCI, tax	0	0
Net of Tax
Reclassification from AOCI, net of tax	0	1
Total other comprehensive income (loss), net of tax	$ 0	$ 1

OTHER COMPREHENSIVE INCOME (L_4

OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	$ 5	$ (154)
Other underwriting expenses	200	161
Income tax expense (benefit)	43	4
Net income (loss)	365	298
URA(D) on securities \| Reclassification From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	6	5
Income tax expense (benefit)	(3)	(1)
Net income (loss)	3	4
Benefit plan net gain (loss) \| Reclassification From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other underwriting expenses	0	1
Income tax expense (benefit)	0	0
Net income (loss)	$ 0	$ 1

OTHER COMPREHENSIVE INCOME (L_5

OTHER COMPREHENSIVE INCOME (LOSS) - Components of Accumulated Other Comprehensive Income (Loss) in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	$ 8,441
Current period change	280	$ (844)
Balance	9,014	9,528
URA(D) on securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(1,709)	239
Current period change	249	(811)
Balance	(1,460)	(572)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(254)	(177)
Current period change	31	(34)
Balance	(223)	(212)
Benefit plan net gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(33)	(50)
Current period change	0	1
Balance	(33)	(49)
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(1,996)	12
Current period change	280	(844)
Balance	$ (1,716)	$ (833)

CREDIT FACILITIES - Narrative (

CREDIT FACILITIES - Narrative (Details) - USD ($)	3 Months Ended
CREDIT FACILITIES - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 30, 2022	Nov. 03, 2021	Oct. 08, 2021	Aug. 27, 2021	Aug. 09, 2021	May 05, 2021	Feb. 23, 2021
Line of Credit Facility [Line Items]
Line of credit facility, commitment	$ 1,500,000,000
Uncommitted amount available	$ 440,000,000
Maximum percentage of admitted assets allowed for borrowing base	10%
Borrowings from FHLB	$ 519,000,000		$ 519,000,000
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment									$ 500,000,000	$ 50,000,000
Bermuda Re Citibank LOC Facility One
Line of Credit Facility [Line Items]
Line of credit facility, commitment	230,000,000		230,000,000					$ 230,000,000
Bermuda Re Citibank LOC Facility - Uncommitted
Line of Credit Facility [Line Items]
Line of credit facility, commitment	140,000,000		140,000,000
Uncommitted amount available								$ 140,000,000
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000		200,000,000				$ 200,000,000
Bermuda Re Bayerische Landesbank Unsecured Bilateral Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment				$ 150,000,000
Bermuda Re Lloyd's Bank Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	250,000,000		250,000,000			$ 250,000,000
Bermuda Re Lloyd's Bank Credit Facility One
Line of Credit Facility [Line Items]
Line of credit facility, commitment	50,000,000		50,000,000			$ 50,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, commitment	200,000,000		$ 200,000,000		$ 200,000,000
Federal Home Loan Bank of New York
Line of Credit Facility [Line Items]
Admitted assets for FHLB	23,100,000,000
Maximum amount available under FHLB	2,300,000,000
Borrowings from FHLB	519,000,000
Interest expense incurred	$ 6,000,000	$ 700,000
Amount of borrowed funds required to be used to acquire additional membership stock, percentage	4.50%

CREDIT FACILITIES - Summary of

CREDIT FACILITIES - Summary of Outstanding Letters of Credit and Borrowings (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Nov. 03, 2021	Oct. 08, 2021	Aug. 27, 2021	Aug. 09, 2021
Line of Credit Facility [Line Items]
Commitment	$ 1,500,000,000
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility One
Line of Credit Facility [Line Items]
Commitment	500,000,000	$ 500,000,000
In Use	445,000,000	463,000,000
Bermuda Re Citibank LOC Facility
Line of Credit Facility [Line Items]
Commitment	370,000,000	370,000,000
In Use	353,000,000	329,000,000
Bermuda Re Citibank LOC Facility One
Line of Credit Facility [Line Items]
Commitment	230,000,000	230,000,000				$ 230,000,000
In Use	1,000,000	1,000,000
Bermuda Re Citibank LOC Facility Two
Line of Credit Facility [Line Items]
In Use	3,000,000	4,000,000
Bermuda Re Citibank LOC Facility Three
Line of Credit Facility [Line Items]
In Use	217,000,000	1,000,000
Bermuda Re Citibank LOC Facility Four
Line of Credit Facility [Line Items]
In Use	4,000,000	1,000,000
Bermuda Re Citibank LOC Facility Five
Line of Credit Facility [Line Items]
In Use	1,000,000	3,000,000
Bermuda Re Citibank LOC Facility Six
Line of Credit Facility [Line Items]
In Use	1,000,000	212,000,000
Bermuda Re Citibank LOC Facility - Uncommitted
Line of Credit Facility [Line Items]
Commitment	140,000,000	140,000,000
In Use	106,000,000	87,000,000
Bermuda Re Citibank LOC Facility Seven
Line of Credit Facility [Line Items]
In Use	18,000,000	18,000,000
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000			$ 200,000,000
In Use	175,000,000	183,000,000
Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment	150,000,000	150,000,000
In Use	150,000,000	150,000,000
Bermuda Re Lloyd's Bank Credit Facility
Line of Credit Facility [Line Items]
Commitment	250,000,000	250,000,000		$ 250,000,000
In Use	206,000,000	186,000,000
Bermuda Re Lloyd's Bank Credit Facility One
Line of Credit Facility [Line Items]
Commitment	50,000,000	50,000,000		$ 50,000,000
In Use	50,000,000	50,000,000
Bermuda Re Lloyd's Bank Credit Facility-Uncommitted
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000
In Use	156,000,000	136,000,000
Bermuda Re Barclays Bilateral Letter of Credit Facility
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000	$ 200,000,000
In Use	$ 179,000,000	$ 179,000,000

CREDIT FACILITIES - Summary o_2

CREDIT FACILITIES - Summary of Outstanding Letters of Credit (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Nov. 21, 2022
Line of Credit Facility [Line Items]
Commitment	$ 1,500,000,000
Bermuda Re Nordea Bank Letter Of Credit Facility
Line of Credit Facility [Line Items]
Commitment	300,000,000	$ 300,000,000	$ 300,000,000
In Use	300,000,000	150,000,000
Bermuda Re Nordea Bank Letter Of Credit Facility Committed
Line of Credit Facility [Line Items]
Commitment	200,000,000	200,000,000	200,000,000
In Use	200,000,000	50,000,000
Bermuda Re Nordea Bank Letter Of Credit Facility Uncommitted
Line of Credit Facility [Line Items]
Commitment	100,000,000	100,000,000	$ 100,000,000
In Use	$ 100,000,000	$ 100,000,000

COLLATERALIZED REINSURANCE AN_3

COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effects of Reinsurance [Line Items]
Amount on deposit in trust accounts	$ 2,500	$ 1,800
Restricted cash	$ 202	$ 365
Mt Logan Re
Effects of Reinsurance [Line Items]
Percentage of voting common shares owned by Group	100%

COLLATERALIZED REINSURANCE AN_4

COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS - Premiums and Losses Ceded to Affiliate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Collateralized Reinsurance And Trust Agreements [Abstract]
Ceded written premiums	$ 53	$ 50
Ceded earned premiums	46	50
Ceded losses and LAE	36	41
Assumed written premiums	1	1
Assumed earned premiums	1	1
Assumed losses and LAE	$ 0	$ 0

COLLATERALIZED REINSURANCE AN_5

COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS - Summary of Collateralized Reinsurance Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effects of Reinsurance [Line Items]
Limit	$ 53	$ 50
Kilimanjaro Re Limited
Effects of Reinsurance [Line Items]
Limit	2,063
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2018-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	63
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2018-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	200
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2019-1 Class A-1
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2019-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2019-1 Class B-1
Effects of Reinsurance [Line Items]
Limit	275
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2019-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	275
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2021-1 Class A-1
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2021-1 Class A-2
Effects of Reinsurance [Line Items]
Limit	150
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2021-1 Class B-1
Effects of Reinsurance [Line Items]
Limit	85
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2021-1 Class B-2
Effects of Reinsurance [Line Items]
Limit	90
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2021-1 Class C-1
Effects of Reinsurance [Line Items]
Limit	85
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2021-1 Class C-2
Effects of Reinsurance [Line Items]
Limit	90
Kilimanjaro Re Limited \| Reinsurance Contract [Axis]: Series 2022-1 Class A
Effects of Reinsurance [Line Items]
Limit	$ 300

SENIOR NOTES - Schedule of Outs

SENIOR NOTES - Schedule of Outstanding Senior Notes (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 2,348,000,000	$ 2,347,000,000
Senior Notes
Debt Instrument [Line Items]
Original Principal Amount	2,400,000,000
Consolidated Balance Sheet Amount	2,348,000,000	2,347,000,000
Fair Value	$ 1,778,000,000	1,647,000,000
Senior Notes \| 4.868% Senior Notes due 6/1/2044
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Original Principal Amount	$ 400,000,000
Consolidated Balance Sheet Amount	397,000,000	397,000,000
Fair Value	$ 373,000,000	343,000,000
Senior Notes \| 3.5% Senior Notes due 10/15/2050
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Original Principal Amount	$ 1,000,000,000
Consolidated Balance Sheet Amount	981,000,000	981,000,000
Fair Value	$ 728,000,000	677,000,000
Senior Notes \| 3.125% Senior Notes due 10/15/2052
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Original Principal Amount	$ 1,000,000,000
Consolidated Balance Sheet Amount	969,000,000	969,000,000
Fair Value	$ 677,000,000	$ 627,000,000

SENIOR NOTES - Schedule of Inte

SENIOR NOTES - Schedule of Interest Expense Incurred in Connection with Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest expense incurred	$ 22	$ 22
4.868% Senior Notes due 6/1/2044
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Interest expense incurred	$ 5	5
3.5% Senior Notes due 10/15/2050
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.50%
Interest expense incurred	$ 9	9
3.125% Senior Notes due 10/15/2052
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.125%
Interest expense incurred	$ 8	$ 8

LONG-TERM SUBORDINATED NOTES -

LONG-TERM SUBORDINATED NOTES - Narrative (Details)		3 Months Ended
LONG-TERM SUBORDINATED NOTES - Narrative (Details)	May 15, 2017	Mar. 31, 2023	May 14, 2023	May 14, 2017
Subordinated Debt
Debt Instrument [Line Items]
Percentage of principal amount required for redemption		100%
Subordinated Debt \| 6.6 % Long Term Subordinated Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate				6.60%
Basis spread on variable rate	2.385%
Subordinated Debt \| 6.6 % Long Term Subordinated Notes \| Forecast
Debt Instrument [Line Items]
Debt instrument, stated interest rate			7.25%
Subordinated Debt \| 6.6 % Long Term Subordinated Notes \| Maximum
Debt Instrument [Line Items]
Right to defer interest on one or more occasions for up to number of consecutive years		10 years
Senior Notes \| 4.868% Senior Notes due 6/1/2044
Debt Instrument [Line Items]
Debt instrument, stated interest rate		4.868%
Senior Notes \| 3.5% Senior Notes due 10/15/2050
Debt Instrument [Line Items]
Debt instrument, stated interest rate		3.50%
Senior Notes \| 3.125% Senior Notes due 10/15/2052
Debt Instrument [Line Items]
Debt instrument, stated interest rate		3.125%

LONG-TERM SUBORDINATED NOTES _2

LONG-TERM SUBORDINATED NOTES - Schedule of Outstanding Fixed to Floating Rate Long Term Subordinated Notes (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 218,000,000	$ 218,000,000
Subordinated Debt \| 6.6 % Long Term Subordinated Notes
Debt Instrument [Line Items]
Original Principal Amount	400,000,000
Consolidated Balance Sheet Amount	218,000,000	218,000,000
Fair Value	$ 197,000,000	$ 187,000,000

LONG-TERM SUBORDINATED NOTES _3

LONG-TERM SUBORDINATED NOTES - Schedule of Interest Expense Incurred in Connection with Long Term Subordinated Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest expense incurred	$ 4	$ 2

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Underwriting Results for Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 3,743	$ 3,186
Net written premiums	3,329	2,812
Premiums earned	3,100	2,792
Incurred losses and LAE	1,966	1,790
Commission and brokerage	661	605
Other underwriting expenses	200	161
Underwriting gain (loss)	273	235
Net investment income	260	243
Net gains (losses) on investments	5	(154)
Corporate expenses	(19)	(14)
Interest, fee and bond issue cost amortization expense	(32)	(24)
Other income (expense)	(79)	15
INCOME (LOSS) BEFORE TAXES	408	302
Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	2,637	2,186
Net written premiums	2,454	2,081
Premiums earned	2,242	2,066
Incurred losses and LAE	1,411	1,325
Commission and brokerage	560	514
Other underwriting expenses	63	50
Underwriting gain (loss)	207	177
Insurance
Segment Reporting Information [Line Items]
Gross written premiums	1,106	1,001
Net written premiums	875	731
Premiums earned	858	726
Incurred losses and LAE	555	465
Commission and brokerage	101	91
Other underwriting expenses	136	111
Underwriting gain (loss)	$ 66	$ 59

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Details) - $ / shares		3 Months Ended
SHARE-BASED COMPENSATION PLANS (Details) - $ / shares	Feb. 23, 2023	Mar. 31, 2023
Restricted Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period		174,171
Weighted-average grant-date fair value of options granted		$ 382.385
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period	14,975
Weighted-average grant-date fair value of options granted	$ 382.385