Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Listings [Line Items] | |
Document type | 20-F |
Amendment flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document period end date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-14536 |
Entity registrant name | PartnerRe Ltd. |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 90 Pitts Bay Road |
Entity Address, City or Town | Pembroke |
Entity Address, Country | BM |
Entity Address, Postal Zip Code | HM08 |
Title of 12(b) Security | 4.875% Series J Fixed Rate Non-Cumulative Preferred Shares, $1.00 par value |
Trading Symbol | PRE-J |
Security Exchange Name | NYSE |
Entity well known seasoned issuer | No |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity Interactive Data Current | Yes |
Entity filer category | Non-accelerated Filer |
Entity emerging growth company | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity shell company | false |
Document Fiscal Year Focus | 2023 |
Current fiscal year end date | --12-31 |
Entity central index key | 0000911421 |
Business Contact | |
Entity Listings [Line Items] | |
Contact Personnel Name | Abina Kealy |
Entity Address, Address Line One | 90 Pitts Bay Road |
Entity Address, City or Town | Pembroke |
Entity Address, Country | BM |
Entity Address, Postal Zip Code | HM 08 |
City Area Code | 441 |
Local Phone Number | 292-0888 |
Contact Personnel Email Address | abina.kealy@partnerre.com |
Common shares | |
Entity Listings [Line Items] | |
Entity common stock shares outstanding | 100,000,000 |
Common Class C | |
Entity Listings [Line Items] | |
Entity common stock shares outstanding | 59,847 |
Audit Information
Audit Information | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Audit Information [Abstract] | |||
Auditor Name | PricewaterhouseCoopers Ltd. | PricewaterhouseCoopers Ltd. | Ernst & Young Ltd. |
Auditor Location | Hamilton, Bermuda | Hamilton, Bermuda | Hamilton, Bermuda |
Auditor Firm ID | 1403 | 1403 | 1277 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Fixed maturities, at fair value (amortized cost: 2023, $16,604,693; 2022 $14,925,319) | $ 15,090,056 | $ 13,021,914 | |
Short-term investments, at fair value (amortized cost: 2023, $1,032,895; 2022, $536,139) | 1,020,257 | 523,510 | |
Equities, at fair value (cost: 2023, $532,484; 2022, $586,107) | 917,170 | 929,886 | |
Investments in real estate | 56,188 | 57,984 | |
Other invested assets | 3,464,839 | 3,355,106 | |
Total investments | 20,548,510 | 17,888,400 | |
Cash and cash equivalents (restricted: 2023, $97,620; 2022: $137,782) | 1,097,423 | 1,251,596 | |
Accrued investment income | 122,107 | 103,752 | |
Reinsurance balances receivable (1) | [1] | 3,377,324 | 3,342,612 |
Reinsurance recoverable on paid and unpaid losses | 1,921,231 | 1,947,786 | |
Prepaid reinsurance premiums | 215,611 | 247,276 | |
Funds held by reinsured companies | 450,454 | 471,570 | |
Deferred acquisition costs | 1,020,704 | 1,012,067 | |
Market risk benefit assets, at fair value | 144,636 | 131,186 | |
Deposit assets | 164,189 | 81,053 | |
Net tax assets | 563,368 | 160,634 | |
Goodwill | 456,380 | 456,380 | |
Intangible assets | 81,913 | 89,769 | |
Other assets | 324,639 | 203,119 | |
Total assets | 30,488,489 | 27,387,200 | |
Liabilities | |||
Non-life reserves (1) | [1] | 13,151,309 | 12,725,631 |
Life and health reserves (1) | [1] | 2,859,257 | 2,497,519 |
Market risk benefit liabilities, at fair value | 5,062 | 9,170 | |
Unearned premiums (1) | [1] | 2,741,755 | 2,745,371 |
Other reinsurance balances payable (1) | [1] | 655,240 | 632,336 |
Debt | 1,883,585 | 1,848,003 | |
Deposit liabilities | 6,009 | 4,681 | |
Net tax liabilities | 57,584 | 38,576 | |
Accounts payable, accrued expenses and other | 704,267 | 488,594 | |
Total liabilities | 22,064,068 | 20,989,881 | |
Shareholders’ Equity | |||
Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) | 0 | 0 | |
Preferred shares (par value $1.00; issued and outstanding: 8,000,000 shares; aggregate liquidation value: $200,000) | 8,000 | 8,000 | |
Additional paid-in capital | 1,929,934 | 1,929,934 | |
Accumulated other comprehensive income | 7,527 | 70,879 | |
Retained earnings | 6,478,960 | 4,388,506 | |
Total shareholders’ equity | 8,424,421 | 6,397,319 | |
Total liabilities and shareholders’ equity | $ 30,488,489 | $ 27,387,200 | |
[1] See Note 21 for additional information regarding related party transactions. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Amortized cost of trading securities, debt | $ 16,604,693 | $ 14,925,319 |
Short-term investments, amortized cost | 1,032,895 | 536,139 |
Equities, at cost | 532,484 | 586,107 |
Restricted cash and cash equivalents | $ 97,620 | $ 137,782 |
Common shares, par value | $ 0.00 | $ 0.00 |
Common shares, shares issued | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 100,000,000 | 100,000,000 |
Preferred shares, par value per share | $ 1 | $ 1 |
Preferred shares, shares issued | 8,000,000 | 8,000,000 |
Preferred shares, shares outstanding | 8,000,000 | 8,000,000 |
Aggregate liquidation value | $ 200,000 | $ 200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | ||||
Gross premiums written (1) | [1] | $ 9,102,358 | $ 8,689,279 | $ 8,203,925 |
Net premiums written (1) | [1] | 7,928,912 | 7,544,195 | 7,134,018 |
Increase in unearned premiums (1) | [1] | (10,152) | (287,078) | (177,496) |
Net premiums earned (1) | [1] | 7,918,760 | 7,257,117 | 6,956,522 |
Net investment income | 645,685 | 398,348 | 376,469 | |
Net realized and unrealized investment gains (losses) | 517,426 | (1,969,014) | 37,797 | |
Other income | 40,965 | 40,492 | 28,748 | |
Total revenues | 9,122,836 | 5,726,943 | 7,399,536 | |
Expenses | ||||
Losses and loss expenses (liability remeasurement loss (gain): 2023, $7,102; 2022,$(1,267); 2021, $98,937) (1) | [1] | 4,990,208 | 4,725,872 | 4,851,040 |
Market risk benefit gains | (7,079) | (121,211) | (19,873) | |
Acquisition costs (1) | [1] | 1,563,107 | 1,537,213 | 1,391,502 |
Other expenses | 463,385 | 414,876 | 398,542 | |
Interest expense | 57,532 | 55,185 | 55,606 | |
Amortization of intangible assets | 7,906 | 8,912 | 8,861 | |
Net foreign exchange losses | 42,542 | 14,774 | 36,498 | |
Total expenses | 7,117,601 | 6,635,621 | 6,722,176 | |
Income (loss) before taxes and interest in (losses) earnings of equity method investments | 2,005,235 | (908,678) | 677,360 | |
Income tax benefit (expense) | 327,924 | (41,895) | (39,967) | |
Interest in (losses) earnings of equity method investments | (15,040) | 10,821 | 126,795 | |
Net income (loss) | 2,318,119 | (939,752) | 764,188 | |
Preferred dividends | 9,750 | 9,750 | 22,693 | |
Loss on redemption of preferred shares | 0 | 0 | 21,234 | |
Net income (loss) attributable to common shareholder | 2,308,369 | (949,502) | 720,261 | |
Comprehensive income (loss) | ||||
Net income (loss) | 2,318,119 | (939,752) | 764,188 | |
Change in currency translation adjustment | (3,180) | 5,670 | 44,160 | |
Change in net unrealized gains or losses on investments, net of tax | (26) | 0 | (128) | |
Change in unfunded pension obligation, net of tax | (15,005) | 12,573 | 23,307 | |
Change in discount rate for liability for future policy benefits, net of tax | (49,984) | 99,250 | 53,053 | |
Change in instrument-specific credit risk for market risk benefits, net of tax | 4,843 | 49,794 | 3,825 | |
Other comprehensive (loss) income | (63,352) | 167,287 | 124,217 | |
Comprehensive income (loss) | $ 2,254,767 | $ (772,465) | $ 888,405 | |
[1] See Note 21 for additional information regarding related party transactions. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | $ 7,102 | $ (1,267) | $ 98,937 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Previously Reported | Common shares | Preferred shares | Additional paid-in capital | Accumulated other comprehensive loss | Currency translation adjustment | Currency translation adjustment Previously Reported | Currency translation adjustment LDTI Impact | Unfunded pension obligation | Unrealized gain on investments | Discount rate for liability for future policy benefits | Discount rate for liability for future policy benefits Previously Reported | Discount rate for liability for future policy benefits LDTI Impact | Instrument-specific credit risk for market risk benefits | Instrument-specific credit risk for market risk benefits Previously Reported | Instrument-specific credit risk for market risk benefits LDTI Impact | Retained earnings | Retained earnings Previously Reported | Retained earnings LDTI Impact |
Balance at beginning of year at Dec. 31, 2020 | $ 7,326,997 | $ 0 | $ 25,490 | $ 2,334,564 | $ (96,005) | $ (65,788) | $ (739) | $ (30,371) | $ 154 | $ 0 | $ (66,966) | $ 0 | $ (56,915) | $ 5,062,948 | $ (160,640) | |||||
Issuance of preferred shares | 8,000 | 185,887 | ||||||||||||||||||
Redemption of preferred shares | (25,490) | (590,517) | ||||||||||||||||||
Change in currency translation adjustment | $ 44,160 | 43,120 | $ 44,160 | |||||||||||||||||
Change in unfunded pension obligation, net of tax | 23,307 | 23,307 | ||||||||||||||||||
Change in net unrealized gains or losses on investments, net of tax | (128) | (128) | ||||||||||||||||||
Change in discount rate for liability for future policy benefits, net of tax | (53,053) | 0 | $ 53,053 | |||||||||||||||||
Change in instrument-specific credit risk for market risk benefits, net of tax | 3,825 | 0 | $ 3,825 | |||||||||||||||||
Net Income (Loss) | 764,188 | 723,404 | $ 764,188 | |||||||||||||||||
Dividends on common shares | (106,667) | |||||||||||||||||||
Dividends on preferred shares | (22,693) | (22,693) | ||||||||||||||||||
Loss on redemption of preferred shares | (21,234) | (21,234) | ||||||||||||||||||
Balance at end of year at Dec. 31, 2021 | 7,357,428 | 0 | 8,000 | 1,929,934 | (96,408) | (22,367) | (22,367) | 0 | (7,064) | 26 | (13,913) | (13,913) | 0 | (53,090) | (53,090) | 0 | 5,515,902 | 5,515,902 | 0 | |
Balance at end of period, tax impact at Dec. 31, 2021 | 1,840 | 0 | 8,999 | 6,117 | ||||||||||||||||
Issuance of preferred shares | 0 | 0 | ||||||||||||||||||
Redemption of preferred shares | 0 | 0 | ||||||||||||||||||
Change in currency translation adjustment | 5,670 | 9,464 | 5,670 | |||||||||||||||||
Change in unfunded pension obligation, net of tax | 12,573 | 12,573 | ||||||||||||||||||
Change in net unrealized gains or losses on investments, net of tax | 0 | 0 | ||||||||||||||||||
Change in discount rate for liability for future policy benefits, net of tax | (99,250) | 0 | 99,250 | |||||||||||||||||
Change in instrument-specific credit risk for market risk benefits, net of tax | 49,794 | 0 | 49,794 | |||||||||||||||||
Net Income (Loss) | (939,752) | (1,090,029) | (939,752) | |||||||||||||||||
Dividends on common shares | (177,894) | |||||||||||||||||||
Dividends on preferred shares | (9,750) | (9,750) | ||||||||||||||||||
Loss on redemption of preferred shares | 0 | 0 | ||||||||||||||||||
Balance at end of year at Dec. 31, 2022 | $ 6,397,319 | $ 6,288,350 | 0 | 8,000 | 1,929,934 | 70,879 | (16,697) | $ (16,697) | $ 0 | 5,509 | 26 | 85,337 | $ 85,337 | $ 0 | (3,296) | $ (3,296) | $ 0 | 4,388,506 | $ 4,388,506 | $ 0 |
Balance at end of period, tax impact at Dec. 31, 2022 | 1,230 | 0 | (4,040) | 380 | ||||||||||||||||
Accounting Standards Update | Accounting Standards Update 2018-12 | |||||||||||||||||||
Issuance of preferred shares | 0 | 0 | ||||||||||||||||||
Redemption of preferred shares | 0 | 0 | ||||||||||||||||||
Change in currency translation adjustment | $ (3,180) | (3,180) | ||||||||||||||||||
Change in unfunded pension obligation, net of tax | (15,005) | (15,005) | ||||||||||||||||||
Change in net unrealized gains or losses on investments, net of tax | (26) | (26) | ||||||||||||||||||
Change in discount rate for liability for future policy benefits, net of tax | 49,984 | (49,984) | ||||||||||||||||||
Change in instrument-specific credit risk for market risk benefits, net of tax | 4,843 | 4,843 | ||||||||||||||||||
Net Income (Loss) | 2,318,119 | 2,318,119 | ||||||||||||||||||
Dividends on common shares | (217,915) | |||||||||||||||||||
Dividends on preferred shares | (9,750) | (9,750) | ||||||||||||||||||
Loss on redemption of preferred shares | 0 | 0 | ||||||||||||||||||
Balance at end of year at Dec. 31, 2023 | $ 8,424,421 | $ 0 | $ 8,000 | $ 1,929,934 | $ 7,527 | $ (19,877) | (9,496) | 0 | 35,353 | 1,547 | $ 6,478,960 | |||||||||
Balance at end of period, tax impact at Dec. 31, 2023 | $ (2,375) | $ 0 | $ (5,998) | $ 245 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities | ||||
Net income (loss) | $ 2,318,119 | $ (939,752) | $ 764,188 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Amortization of net premium on investments | 2,878 | 78,162 | 57,900 | |
Amortization of intangible assets | 7,906 | 8,912 | 8,861 | |
Market risk benefit gains | (7,079) | (121,211) | (19,873) | |
Net realized and unrealized investment (gains) losses | (517,426) | 1,969,014 | (37,797) | |
Changes in: | ||||
Reinsurance balances, net | (8,986) | (381,838) | 19,366 | |
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | 39,753 | (297,170) | (640,614) | |
Funds held by reinsured companies | (69,753) | 53,335 | 113,626 | |
Deferred acquisition costs | 568 | (134,704) | (118,069) | |
Net tax assets and liabilities | (381,549) | (61,891) | 5,004 | |
Non-life and life and health reserves | 658,698 | 959,669 | 873,085 | |
Unearned premiums, net of prepaid reinsurance premiums | 10,152 | 287,078 | 177,496 | |
Other net changes in operating assets and liabilities | 182,400 | 48,805 | 29,417 | |
Net cash provided by operating activities | 2,235,681 | 1,468,409 | 1,232,590 | |
Cash flows from investing activities | ||||
Sales of fixed maturities | 723,372 | 623,929 | 3,693,365 | |
Redemptions of fixed maturities | 1,662,939 | 1,216,920 | 2,381,821 | |
Purchases of fixed maturities | (4,038,399) | (2,940,597) | (8,141,246) | |
Sales of short-term investments | 219,073 | 308,622 | 252,527 | |
Redemptions of short-term investments | 845,215 | 227,118 | 321,609 | |
Purchases of short-term investments | (1,513,449) | (867,605) | (372,901) | |
Sales of equities | 236,303 | 915,583 | 161,501 | |
Purchases of equities | (54,507) | (78,425) | (144,537) | |
Sales and redemptions of other invested assets | 728,857 | 545,411 | 1,106,211 | |
Purchases of other invested assets | (902,693) | (627,460) | (1,555,569) | |
Other, net | (79,717) | 11,679 | (31,903) | |
Net cash used in investing activities | (2,173,006) | (664,825) | (2,329,122) | |
Cash flows from financing activities | ||||
Dividends paid to common and preferred shareholders | (227,665) | (187,644) | (129,360) | |
Redemption of Class B common shares | [1] | 0 | (6,346) | (581) |
Issuance of preferred shares | 0 | 0 | 193,887 | |
Redemption of preferred shares | 0 | 0 | (637,241) | |
Redemption of debt | 0 | (560) | 0 | |
Net cash used in financing activities | (227,665) | (194,550) | (573,295) | |
Effect of foreign exchange rate changes on cash | 10,817 | (18,335) | (20,109) | |
(Decrease) increase in cash and cash equivalents | (154,173) | 590,699 | (1,689,936) | |
Cash and cash equivalents—beginning of year | 1,251,596 | 660,897 | 2,350,833 | |
Cash and cash equivalents—end of year | 1,097,423 | 1,251,596 | 660,897 | |
Supplemental cash flow information: | ||||
Taxes paid | 221,368 | 216,467 | 100,222 | |
Interest paid | $ 57,227 | $ 54,867 | $ 56,177 | |
[1] Class B shares are liability-accounted on the Company's Consolidated Balance Sheet. See Note 17 for further details. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization PartnerRe Ltd. primarily provides reinsurance on a worldwide basis through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd. (PartnerRe Bermuda), Partner Reinsurance Europe SE (PartnerRe Europe), Partner Reinsurance Company of the U.S. (PartnerRe U.S.), Partner Reinsurance Asia Pte. Ltd. (PartnerRe Asia) and PartnerRe Life Reinsurance Company of Canada (PartnerRe Canada). Non-life risks reinsured include agriculture, aviation/space, casualty, catastrophe, energy, engineering, financial risks, marine, motor, multiline, property and U.S. health. Life and health risks include mortality, morbidity, longevity and financial reinsurance solutions. PartnerRe Ltd. and its subsidiaries are collectively referred to hereinafter as PartnerRe, the Company or the PartnerRe Group. The Company was incorporated in August 1993 under the laws of Bermuda. The Company commenced operations in November 1993 upon completion of the sale of common shares and warrants pursuant to subscription agreements and an initial public offering. The Company completed the acquisition of Societe Anonyme Francaise de Reassurances (SAFR) in 1997, the acquisition of Winterthur Re in 1998, the acquisition of PARIS RE Holdings Limited (Paris Re) in 2009, the acquisition of Presidio Reinsurance Group, Inc. (Presidio) in 2012 and the acquisition of Aurigen Capital Limited (Aurigen) in 2017. On March 18, 2016, the Company's publicly held common shares were acquired by Exor N.V. (subsequently renamed to EXOR Nederland N.V), whose ultimate parent is EXOR N.V. (Exor), which is listed on the Milan Stock Exchange. As a result of the acquisition, PartnerRe's publicly issued common shares were cancelled and are no longer publicly traded. On December 16, 2021, Exor announced that it had signed a definitive agreement with Covéa Coopérations S.A. (Covéa Coopérations), under which Covéa Coopérations would acquire PartnerRe's common shares. Preferred shares issued by PartnerRe were not included in the transaction. Consummation of this transaction occurred on July 12, 2022. The Company’s preferred shares continue to be traded on the New York Stock Exchange (NYSE). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior period amounts to conform to the current year presentation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • Non-life reserves; • Life and health reserves; • Reinsurance recoverable for unpaid losses; • Gross and net premiums written and net premiums earned; • Valuation and recoverability of deferred tax assets; • Fair value measurements of certain financial instrument assets; and • Valuation of goodwill The following are the Company’s significant accounting policies: (a) Premiums Gross premiums written and earned are based upon reports received from ceding companies, supplemented by the Company’s own estimates of premiums written and earned for which ceding company reports have not been received. The determination of premium estimates requires a review of the Company’s experience with cedants, familiarity with each market, an understanding of the characteristics of each line of business and management’s assessment of the impact of various other factors on the volume of business written and ceded to the Company. Premium estimates are updated as new information is received from cedants and differences between such estimates and actual amounts are recorded in the period in which the estimates are changed or the actual amounts are determined. Net premiums written and earned are presented net of ceded premiums. Premiums related to non-life business are earned on a basis that is consistent with the risks covered under the terms of the reinsurance contracts, which is generally one to two years. Reinstatement premiums are recognized as written and earned at the time a loss event occurs, where coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The accrual of reinstatement premiums is based on management’s estimate of losses and loss expenses associated with the loss event. Unearned premiums represent the portion of premiums written which is applicable to the unexpired risks under contracts in force. Premiums related to traditional and limited payment long-duration contracts are recorded over the premium-paying period on the underlying policies. Premiums on contracts for which there is no significant mortality or critical illness risk are accounted for in a manner consistent with accounting for interest-bearing financial instruments and are not reported as revenues, but rather as direct deposits to the contract. Amounts assessed against annuity and universal life policyholders are recognized as revenue in the period assessed. Premiums related to life and health short-duration business are earned on a basis that is consistent with the risks covered under the terms of the reinsurance contracts, which is generally one to two years. (b) Losses and Loss Expenses Non-life reserves Reserves for non-life business include amounts determined from loss reports on individual treaties (case reserves), additional case reserves when the Company’s loss estimate is higher than reported by the cedants (ACRs) and amounts for losses incurred but not yet reported to the Company (IBNR). Such reserves are estimated by management based upon reports received from ceding companies, supplemented by the Company’s own actuarial estimates of reserves for which ceding company reports have not been received, and based on the Company’s own historical experience. To the extent that the Company’s own historical experience is inadequate for estimating reserves, such estimates may be determined based upon industry experience and management’s judgment. The estimates are regularly reviewed and the ultimate liability may be materially in excess of, or less than, the amounts provided. Any adjustments are reflected in the periods in which they are determined, which may affect the Company’s operating results in future periods. See Note 9 fo r further details. Life and Health Reserves Traditional and limited payment long-duration contracts For traditional and limited payment long-duration contracts, which includes long-term protection and longevity business, the Company accrues a liability for future policy benefits (LFPB) over time as revenue is recognized based on a net premium ratio. The net premium ratio is the proportion of present value of gross premiums required to provide for all benefits and certain expenses. The LFPB uses the Company's current best estimate assumption of future cash flows discounted at a rate that approximates a single A rated corporate bond yield. Contracts are generally grouped into cohorts by product type, issue year, geographical region, currency, and other factors. Each quarter, the Company reviews its estimate of cash flows expected over the entire life of a group of contracts using actual historical experience and current future best estimate assumptions, and if the cash flows change, the LFPB is updated using a net premium ratio. The revised net premium ratio is calculated as of contract inception. This revised net premium ratio will derive a remeasurement gain or loss that is presented as a component of Losses and loss expenses within the Consolidated Statements of Operations. If the net premium ratio exceeds 100% for a given cohort, a corresponding adjustment is recognized immediately in net income. The calculated LFPB cannot be less than zero for a given cohort. The net premium ratio is not updated for changes in discount rate assumptions, as the impact of changes in quarterly discount rates are recorded in Comprehensive income or loss. The current discount rate assumption for all contracts is derived from a yield curve based on upper-medium grade fixed income securities (single A rated credit). For unobservable discount rates, the Company uses estimates consistent with fair value guidance, maximizing the use of relevant, observable market prices and minimizing the use of unobservable inputs. The locked-in discount rate assumption is utilized for purposes of interest accretion recognized in Losses and loss expenses within the Consolidated Statements of Operations and for updating the net premium ratio. The locked-in discount rate assumption is based on the weighted average upper-medium grade fixed income yields during the first calendar year of the contract. The most significant cash flow assumptions used are mortality, morbidity and persistency. The Company has elected to lock-in claims expense assumptions at contract inception and those assumptions are not subsequently reviewed or updated. See Note 10 for further information of the effects of changes in assumptions on the remeasurement of the LFPB. Other long-duration contracts Reserves for other long-duration contracts primarily include interest-sensitive life and investment-type contract liabilities, which are carried at the accumulated contract holder values. Life and health short-duration contracts Reserves for life and health short-duration contracts have been established based upon information reported by ceding companies, supplemented by the Company’s actuarial estimates, which include mortality, morbidity, critical illness, and persistency with appropriate provision to reflect uncertainty. See Note 10 for further details. (c) Market Risk Benefits Market risk benefits (MRBs) are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features that provide minimum guarantees to policyholders, such as guaranteed minimum death benefits (GMDB). MRBs can be in either an asset or a liability position, and are presented separately on the Consolidated Balance Sheets as the criteria for right of offset is not met. MRBs are measured at fair value using an option-based valuation model based on current net amounts at risk, market data, Company experience, and other factors. Consistent with a fair value income approach, all contractual cash flows specified within the GMDB treaties and expense cash flows that are consistent with the expected expense levels, are projected on a prospective basis. Risk neutral scenarios are used to project and discount cash flows. Changes in fair value related to MRBs are recognized as Market risk benefit gains (losses) except for the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in Other comprehensive income or loss, both within the Consolidated Statements of Operations and Comprehensive Income (Loss). MRBs are derecognized in the financial statements upon contract termination. At that point, the Company records any amounts (i.e. instrument-specific credit risk changes in MRBs) previously recorded in OCI into net income. See Note 11 for further details. (d) Deferred Acquisition Costs Deferred acquisition costs are comprised of primarily incremental brokerage fees, commissions and excise taxes, which vary directly with, and are related to, the successful acquisition of reinsurance contracts. All other acquisition related costs, including indirect costs, are expensed as incurred. Acquisition costs are shown net of commissions earned on ceded reinsurance. Deferred acquisitions costs related to non-life contracts are amortized as the related premium is earned. The Company establishes a premium deficiency reserve to the extent the deferred acquisition costs are insufficient to cover the excess of expected losses and loss expenses, settlement costs and deferred acquisition costs over the related unearned premiums. Actual and anticipated losses and loss expenses, other costs, and investment income related to underlying premiums are considered in determining the recoverability of these deferred acquisition costs. Deferred acquisition costs related to traditional and limited payment long-duration contracts are amortized over the expected term of the underlying contracts, on a constant level basis, at the cohort level. Acquisition costs related to unexpected contract terminations are written off. Assumptions used to amortize these acquisition costs are consistent with the related liability for future policy benefits. These acquisition costs are not evaluated for recoverability and are not subject to impairment testing. Amortization of deferred acquisition costs is included in Acquisition costs within the Consolidated Statements of Operations. (e) Reinsurance The Company purchases retrocessional contracts to reduce its exposure to risk of losses on reinsurance assumed. Ceded premiums, which represent the cost of retrocessional protection purchased by the Company, are expensed over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded applicable to the unexpired term of policies in force. Reinsurance recoverable on paid and unpaid losses involves actuarial estimates consistent with those used to establish the associated liabilities for non-life and life and health reserves and are recorded net of a valuation allowance for estimated uncollectible recoveries. Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. Premiums payable for retroactive reinsurance coverage meeting the conditions of reinsurance accounting are reported as reinsurance recoverables. To the extent that recorded liabilities on an underlying reinsurance contract exceed premiums payable for retroactive coverage, a deferred gain is recognized in Accounts payable, accrued expenses and other on the Company's Consolidated Balance Sheets and amortized over estimated remaining settlement period of the underlying contract. Any such amortization is included in Losses and loss expenses in the Consolidated Statements of Operations. (f) Funds Held by Reinsured Companies The Company writes certain business on a funds held basis. Under such contractual arrangements, the cedant retains the premiums that would have otherwise been paid to the Company and the Company is credited with investment income on these funds. The Company generally earns investment income on the funds held balances based upon a predetermined interest rate, either fixed contractually at the inception of the contract or based upon a recognized index (e.g. SOFR). However, in certain circumstances, the Company may receive an investment return based upon either the result of a pool of assets held by the cedant, generally used to collateralize the funds held balance, or the investment return earned by the cedant on its entire investment portfolio. In these arrangements, investment returns are typically reflected in Net investment income in the Company’s Consolidated Statements of Operations. In these arrangements, the Company is exposed, to a limited extent, to the underlying credit risk of the pool of assets inasmuch as the underlying policies may have guaranteed minimum returns. In such cases, an embedded derivative exists and its fair value is recorded by the Company as an increase or decrease to the funds held balance. (g) Deposit Assets and Liabilities In the normal course of its operations, the Company writes certain contracts that do not meet the risk transfer provisions of U.S. GAAP. While these contracts do not meet risk transfer provisions for accounting purposes, there is a remote possibility that the Company will suffer a loss. The Company accounts for these contracts using the deposit accounting method originally recording deposit assets or liabilities for an amount equivalent to the consideration paid or received, respectively. The difference between the consideration received and the estimated liability for unpaid losses is determined upon entering into the contract and, if a loss, recognized into income immediately, and if a gain, the gain is deferred and earned over the expected settlement period of the contract, with the unearned portion recorded as a component of deposit liabilities. Actuarial studies are used to estimate the liabilities under these contracts and the appropriate accretion rates to increase or decrease the liabilities over the term of the contracts. The change in the estimated liability for the period is recorded in Other income or loss in the Consolidated Statements of Operations. Under some of these contracts, cedants retain the assets on a funds-held basis. In those cases, the Company records those assets as deposit assets and records the related income in Net investment income in the Consolidated Statements of Operations. Also included in Deposit assets are receivables included as an element of certain life reinsurance agreements that do not meet risk transfer. (h) Investments The Company elects the fair value option for Fixed maturities, Short-term investments and Equities with changes in fair value recorded in Net realized and unrealized investment gains or losses in the Consolidated Statements of Operations. Short-term investments comprise securities with a maturity greater than three months but less than one year from the date of purchase. Investments in real estate includes real estate that is directly held by the Company, which is recorded at cost less any write down for impairment, where applicable. Real estate assets held for investment are reviewed for impairment at least annually, or more frequently when events or changes in circumstances indicate the carrying value may not be recoverable and exceeds its estimated fair value. The Company recognizes Other invested assets at fair value, except for those that are accounted for using the equity method of accounting. Other invested assets consist of equity investments in non-publicly traded companies such as limited liability companies and limited partnerships (or similar structures); privately placed corporate loans, notes and loans receivable and notes securitization; and derivative financial instruments. Non-publicly traded entities in which the Company has significant influence, including an ownership of more than 20% and less than 50% of the voting rights, and limited partnerships (or similar structures) in which the Company has more than a minor interest (typically more than 3% to 5%), are accounted for using either the equity method or the fair value option. Where the equity method is used, the Company's share of profits or losses of the investee are recorded in Interest in earnings or losses of equity method investees in the Consolidated Statements of Operations. The Company has not elected the fair value option for these equity method investees as the carrying values already approximate fair value. Where the fair value option is elected, the investment is recognized in the Consolidated Balance Sheets at fair value with changes in fair value recorded in Net realized and unrealized investment gains or losses in the Consolidated Statements of Operations. See Note 2(o) below for significant accounting policy for derivatives. The Company defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company measures the fair value of financial instruments according to a fair value hierarchy that prioritizes the information used to measure fair value into three broad levels. The Company’s policy is to recognize transfers between the hierarchy levels at the beginning of the period. Refer to Note 4 for the valuation techniques used by the Company. The Company invests in various funds where the net asset value (NAV) is used as a basis for determining fair value. The Company applies the practical expedient relating to investments in certain entities that calculate NAV per share (or its equivalent) and therefore measure the fair value of these fund investments based on that NAV per share, or its equivalent. Refer to Note 4 for the valuation methods and assumptions used by the Company. Net investment income includes interest and dividend income, amortization of premiums and discounts on fixed maturities and short-term investments, and is net of investment expenses and withholding taxes. Investment income is recognized when earned and accrued to the balance sheet date. Realized gains or losses on the disposal of investments are determined on a first-in, first-out basis. Investment purchases and sales are recorded on a trade-date basis. (i) Cash and Cash Equivalents Cash equivalents are carried at fair value and include fixed income securities that, from the date of purchase, have a maturity of three months or less. (j) Business Combinations The Company accounts for transactions in which it obtains control over one or more businesses using the acquisition method. The purchase price is allocated to identifiable assets and liabilities, including any intangible assets, based on their estimated fair value at the acquisition date. The estimates of fair values for assets and liabilities acquired are determined based on various market and income analyses and appraisals. Any excess of the purchase price over the fair value of net assets acquired is recorded as Goodwill in the Company’s Consolidated Balance Sheets, while any excess of the fair value of net assets acquired over the purchase price is recorded as a gain in the Consolidated Statements of Operations. All costs associated with an acquisition are expensed as incurred. (k) Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. The Company assesses the appropriateness of its valuation of goodwill on an annual basis (as of December 31) or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. If, as a result of the assessment, the Company determines that the value of its goodwill is impaired, goodwill will be written down in the period in which the determination is made. (l) Intangible Assets Intangible assets represent the fair value adjustments related to renewal rights, and customer relationships; value of life business acquired; and U.S. licenses arising from acquisitions. Definite-lived intangible assets are amortized over their useful lives and the Amortization of intangible assets is recorded in the Consolidated Statement of Operations. Indefinite-lived intangible assets are not subject to amortization. The carrying values of indefinite-lived intangible assets are reviewed for indicators of impairment on an annual basis (as of December 31) or more frequently if events or changes in circumstances indicate that impairment may exist. Impairment is recognized if the carrying values of the intangible assets are not recoverable from their undiscounted cash flows and is measured as the difference between the carrying value and the fair value. (m) Income Taxes Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to Net income or loss or, in certain cases, to Accumulated other comprehensive income or loss, based upon enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities used in the Consolidated Balance Sheets and those used in the various jurisdictional tax returns. When management’s assessment indicates that it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets. Where appropriate, the valuation allowance assessment considers tax planning strategies. The Company recognizes a tax benefit relating to uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined. In the event that there is a change in current tax law, the impact of such change is recorded in Income tax expense or benefit within the Consolidated Statements of Operations in the period of enactment. (n) Foreign Exchange In recording foreign currency transactions, revenue and expense items in a currency other than the functional currency are converted into the functional currency at the average rates of exchange for the period. Monetary assets and liabilities originating in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange in effect at the balance sheet dates. The resulting foreign exchange transaction gains or losses are included in Net foreign exchange gains or losses in the Consolidated Statements of Operations. Non-monetary assets and liabilities denominated in foreign currency are not subsequently remeasured. The reporting currency of the Company is the U.S. dollar. The national currencies of the Company’s subsidiaries and branches are generally their functional currencies, except for the Company’s Bermuda subsidiaries, its branches in Switzerland and the United Kingdom and its Singapore subsidiary and branches, whose functional currency is the U.S. dollar. In translating the financial statements of those subsidiaries or branches whose functional currency is other than the U.S. dollar, assets and liabilities are converted into U.S. dollars using the rates of exchange in effect at the balance sheet dates, and revenues and expenses are converted using the average foreign exchange rates for the period. The effect of translation adjustments are reported in the Consolidated Balance Sheets as Currency translation adjustment, a separate component of Accumulated other comprehensive income or loss. The change in currency translation adjustment is reflected in Other comprehensive income or loss. (o) Derivatives The Company’s investment strategy allows for the use of certain derivative instruments, subject to strict limitations. The Company may use derivative financial instruments such as foreign exchange forward contracts, foreign currency option contracts, futures contracts, to-be-announced mortgage-backed securities (TBAs), total return swaps, interest rate swaps, insurance-linked securities, and credit default swaps for the purpose of managing overall currency risk, market exposures and portfolio duration, for hedging certain investments, or for enhancing investment performance that would be allowed under the Company’s investment policy if implemented in other ways. On the date the Company enters into a derivative contract, management determines whether or not the derivative is to be used and designated as a hedge of an identified underlying risk exposure (a designated hedge). The Company’s derivative instruments are recorded in Other invested assets in the Consolidated Balance Sheets at fair value, with gains and losses associated with changes in fair value recognized in either Net realized and unrealized investment gains or losses or Net foreign exchange gains or losses in the Consolidated Statements of Operations, or in Other comprehensive income or loss, depending on the nature and designation of the derivative instrument (see also Note 6). The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. In this documentation, the Company specifically identifies the asset or liability that has been designated as a hedged item and states how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its designated hedging relationships both at the hedge inception and on an ongoing basis. The Company will discontinue hedge accounting prospectively if it is determined that the derivative is no longer effective in hedging the exposure to variability in expected future cash flows that is attributable to the risk it was meant to hedge; if the derivative instrument expires, is sold, or is otherwise terminated; or if the Company removes the designation of the hedge. To the extent that the Company discontinues hedge accounting because, based on management’s assessment, the derivative no longer qualifies as an effective hedge, or the Company otherwise de-designates the hedge, the derivative will continue to be carried in the Consolidated Balance Sheet at its fair value, with changes in its fair value recognized in in the Consolidated Statements of Operations, or in Other comprehensive income or loss, depending on the type of derivative held. (p) Pensions The Company recognizes an asset or a liability in the Consolidated Balance Sheets for the funded status of its defined benefit plans that are overfunded or underfunded, respectively, measured as the difference between the fair value of plan assets and the pension obligation and recognizes changes in the funded status of defined benefit plans in the year in which the changes occur as a component of Accumulated other comprehensive income or loss, net of tax. (q) Variable Interest Entities The Company is involved in the normal course of business with variable interest entities (VIEs). An assessment is performed as of the date the Company becomes initially involved in the VIE followed by a reassessment upon certain events related to its involvement in the VIE. The Company consolidates a VIE when it is the primary beneficiary having a controlling financial interest as a result of having the power 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, that could potentially be significant to the VIE. (r) Segment Reporting The Company monitors the performance of its operations in three segments: Property & Casualty (P&C), Specialty and Life and Health. Segments represent markets that are reasonably homogeneous in terms of client types, buying patterns, underlying risk patterns or approach to risk management. Since the Company does not manage its assets by segment, neither assets nor net investment income are allocated to the P&C and Specialty segments. However, because of the long-duration profile of some of the Company’s life products, allocated net investment income is considered in management’s assessment of the profitability of the Life and Health segment. The following items are not considered in evaluating the results of the P&C, Specialty and Life and Health segments: Net realized and unrealized investment gains or losses, MRB gains or losses, Interest expense, Loss on redemption of debt, Amortization of intangible assets, Net foreign exchange gains or losses, Income tax expense or benefit and Interest in earnings and losses of equity method investments. These items are included in the Corporate and Other component, which is comprised of the Company’s investment and corporate activities, including other expenses. (s) Share-Based Incentives The Company is authorized to issue Class C common shares and restricted share units to certain executives and directors. Prior to the adoption of the Class C common shares and related restricted share unit plan in 2021, the Company was authorized to issue restricted Class B common shares. The compensation cost for grants of Class B and C common shares and restricted share units is measured at fair value and expensed over the period for which the employee is required to provide services in exchange for the award, up to three years from the date of grant. The Company has elected to recognize forfeitures as they occur. Class B and C common shares and restricted share units are accounted for as liabilities and included in Accounts payable, accrued expenses and other on the Consolidated Balance Sheets. See Note 17 for further details. (t) Recent Accounting Pronouncements Recently adopted In August 2018, the Financial Accounting Standards Board’s (the “FASB”) issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted FASB targeted improvements to the accounting for long-duration contracts (LDTI) on January 1, 2023. The updated guidance has changed how the Company accounts for its long-duration insurance contracts. Refer to Note 3 for the impact of adoption. In accordance with the transition guidance, prior period consolidated financial statements and disclosures presented herein have been adjusted to reflect LDTI. Not yet adopted Reference Rate Reform In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying U.S. GAAP to modification of contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. In 2022, the sunset date of this guidance was deferred to December 31, 2024, and the guidance may be elected over time as reference rate reform activities occur. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures. Fair Val |
Adoption of Accounting Pronounc
Adoption of Accounting Pronouncement | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of Accounting Pronouncement | Adoption of Accounting Pronouncement The Company adopted the LDTI guidance on January 1, 2023 for its long-duration contracts, using the modified retrospective method for all topics except for market risk benefits, which was adopted using the full retrospective method, with a transition date of January 1, 2021 (Transition Date). The guidance changes how insurers account for long-duration contracts, including recognition, measurement, presentation and disclosure requirements. The impact of adoption on the Transition Date was a decrease to Accumulated other comprehensive income (AOCI) of $125 million, net of tax, due to the update in the discount rate used to measure the liability for future policy benefits and changes in fair value of the Company's market risk benefits related to GMDB products attributable to changes in the instrument-specific credit risk. Retained earnings decreased by $161 million, net of tax, as of the Transition Date, resulting from valuation impacts to the liability for future policy benefits related to cohorts with a net premium ratio greater than 100% at the Transition Date, partially offset by a favorable movement from the fair value accounting for GMDB products. Before the adoption of the LDTI guidance, VOBA was amortized consistent with DAC. At transition, the Company has retained its legacy amortization method for VOBA which is based on projected premiums and not adopt a method that amortizes VOBA on a constant level basis that approximates straight-line amortization, as allowed under the guidance. The Company continues to assess VOBA for annual impairment. Refer to Note 2(l) for additional information on intangible assets. Impact of Adoption The table below presents the effect of transition adjustments on shareholders’ equity as of January 1, 2021 due to adoption of the LDTI guidance (in thousands of U.S. dollars): January 1, 2021 Retained earnings Accumulated other comprehensive loss Total Life and health reserves (1) $ (171,047) $ (84,001) $ (255,048) Market risk benefits (1) 8,095 (63,474) (55,379) Tax impact of related LDTI adjustments 2,312 22,855 25,167 Total decrease to shareholders' equity $ (160,640) $ (124,620) $ (285,260) (1) GMDB reserves of $22 million were included within Life and health reserves on the Consolidated Balance Sheets prior to adoption of LDTI, and were subsequently reclassified to Market risk benefit assets and liabilities upon adoption of the new guidance. The table below summarizes the balance of and changes in the traditional and limited payment long-duration life and health reserves on January 1, 2021 due to adoption of the LDTI guidance (in thousands of U.S. dollars): Long-term Protection Longevity Balance, beginning of year, January 1, 2021 pre-adoption $ 1,243,251 $ 345,306 Change in discount rate assumptions 53,027 30,300 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 178,110 (5,631) Adjusted balance, beginning of year, January 1, 2021 $ 1,474,388 $ 369,975 Less: Reinsurance recoverable (28,190) (6,222) Adjusted balance, beginning of year January 1, 2021, net of reinsurance $ 1,446,198 $ 363,753 The table below summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 due to adoption of the LDTI guidance (in thousands of U.S. dollars): MRB, net liability position Balance, beginning of year January 1, 2021 pre-adoption (1) $ (22,211) Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk 8,095 Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance (63,474) Balance, beginning of year January 1, 2021 $ (77,590) (1) GMDB reserves were included within Life and health reserves on the Consolidated Balance Sheets prior to adoption of LDTI, and were subsequently reclassified to Market risk benefit assets and liabilities upon adoption of the new guidance. The following is a reconciliation of market risk benefit assets (liabilities) to the Consolidated Balance Sheet at January 1, 2021 (in thousands of US dollars): GMDB Market risk benefit assets at fair value $ 153,070 Market risk benefit liabilities, at fair value (230,660) Market risk benefits, net, January 1, 2021 $ (77,590) The impact of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Balance Sheet effective as of January 1, 2021 was as follows (in thousands of U.S. dollars): Pre-adoption, January 1, 2021 LDTI Impact Post-adoption, January 1, 2021 Reinsurance recoverable on paid and unpaid losses $ 901,063 $ 757 $ 901,820 Market risk benefit assets, at fair value — 153,070 153,070 Net tax assets 182,077 492 182,569 Total assets $ 26,898,575 $ 154,319 $ 27,052,894 Life and health reserves $ 2,704,229 $ 233,594 $ 2,937,823 Market risk benefit liabilities, at fair value — 230,660 230,660 Net tax liabilities 131,621 (24,675) 106,946 Total liabilities 19,571,578 439,579 20,011,157 Accumulated other comprehensive loss (96,005) (124,620) (220,625) Retained earnings 5,062,948 (160,640) 4,902,308 Total shareholders’ equity 7,326,997 (285,260) 7,041,737 Total liabilities and shareholders’ equity $ 26,898,575 $ 154,319 $ 27,052,894 Impact to Previously Reported Amounts The following represents the effects of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Balance Sheet as of December 31, 2022 (in thousands of U.S. dollars): As of December 31, 2022 As Previously Reported LDTI Impact As Adjusted for LDTI Reinsurance recoverable on paid and unpaid losses $ 1,959,652 $ (11,866) $ 1,947,786 Deferred acquisition costs 1,012,850 (783) 1,012,067 Market risk benefit assets — 131,186 131,186 Net tax assets 164,384 (3,750) 160,634 Total assets $ 27,272,413 $ 114,787 $ 27,387,200 Life and health reserves $ 2,510,293 $ (12,774) $ 2,497,519 Market risk benefit liabilities — 9,170 9,170 Net tax liabilities 29,154 9,422 38,576 Total liabilities 20,984,063 5,818 20,989,881 Accumulated other comprehensive income (loss) (7,669) 78,548 70,879 Retained earnings 4,358,085 30,421 4,388,506 Total shareholders’ equity 6,288,350 108,969 6,397,319 Total liabilities and shareholders’ equity $ 27,272,413 $ 114,787 $ 27,387,200 The following represents the effects of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2022 and 2021 (in thousands of U.S. dollars): For the Year Ended December 31, 2022 As Previously Reported LDTI Impact As Adjusted for LDTI Expenses Losses and loss expenses $ 4,747,403 $ (21,531) $ 4,725,872 Market risk benefit gains — (121,211) (121,211) Acquisition costs 1,540,681 (3,468) 1,537,213 Net foreign exchange losses 29,402 (14,628) 14,774 Total expenses 6,796,459 (160,838) 6,635,621 (Loss) income before taxes and interest in earnings of equity method investments (1,069,516) 160,838 (908,678) Income tax expense (31,334) (10,561) (41,895) Net (loss) income (1,090,029) 150,277 (939,752) Net (loss) income attributable to common shareholder $ (1,099,779) $ 150,277 $ (949,502) Comprehensive (loss) income Net (loss) income $ (1,090,029) $ 150,277 $ (939,752) Change in currency translation adjustment 9,464 (3,794) 5,670 Changes in discount rate for liability for future policy benefits, net of tax — 99,250 99,250 Changes in instrument-specific credit risk for market risk benefits, net of tax — 49,794 49,794 Comprehensive (loss) income $ (1,067,992) $ 295,527 $ (772,465) For the Year Ended December 31, 2021 As Previously Reported LDTI Impact As Adjusted for LDTI Expenses Losses and loss expenses $ 4,883,984 $ (32,944) $ 4,851,040 Market risk benefit gains — (19,873) (19,873) Acquisition costs 1,386,832 4,670 1,391,502 Net foreign exchange losses 30,883 5,615 36,498 Total expenses 6,764,708 (42,532) 6,722,176 Income before taxes and interest in earnings of equity method investments 634,828 42,532 677,360 Income tax expense (38,219) (1,748) (39,967) Net income 723,404 40,784 764,188 Net income attributable to common shareholder $ 679,477 $ 40,784 $ 720,261 Comprehensive income Net income $ 723,404 $ 40,784 $ 764,188 Change in currency translation adjustment 43,120 1,040 44,160 Changes in discount rate for liability for future policy benefits, net of tax — 53,053 53,053 Changes in instrument-specific credit risk for market risk benefits, net of tax — 3,825 3,825 Comprehensive income $ 789,703 $ 98,702 $ 888,405 The following represents the effects of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 (in thousands of U.S. dollars): For the Year Ended December 31, 2022 As Previously Reported LDTI Impact As Adjusted for LDTI Cash flows from operating activities: Net loss $ (1,090,029) $ 150,277 $ (939,752) Adjustments to reconcile net income to net cash provided by operating activities: Market risk benefit gains — (121,211) (121,211) Changes in: Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable (325,409) 28,239 (297,170) Deferred acquisition costs (131,236) (3,468) (134,704) Net tax assets and liabilities (72,452) 10,561 (61,891) Non-life and life and health reserves 1,009,439 (49,770) 959,669 Other net changes in operating assets and liabilities 63,433 (14,628) 48,805 Net cash provided by operating activities $ 1,468,409 $ — $ 1,468,409 For the Year Ended December 31, 2021 As Previously Reported LDTI Impact As Adjusted for LDTI Cash flows from operating activities: Net income $ 723,404 $ 40,784 $ 764,188 Adjustments to reconcile net income to net cash provided by operating activities: Market risk benefit gains — (19,873) (19,873) Changes in: Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable (637,908) (2,706) (640,614) Deferred acquisition costs (122,739) 4,670 (118,069) Net tax assets and liabilities 3,256 1,748 5,004 Non-life and life and health reserves 903,324 (30,239) 873,085 Other net changes in operating assets and liabilities 23,801 5,616 29,417 Net cash provided by operating activities $ 1,232,590 $ — $ 1,232,590 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value (a) Assets and Liabilities Measured at Fair Value The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about what market participants would use in pricing the asset or liability based on the best information available in the circumstances. 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. The Company determines the appropriate level in the hierarchy for each asset and liability that it measures at fair value. In determining fair value, the Company uses various valuation approaches, including market, income and cost approaches. The hierarchy is broken down into three levels based on the observability of inputs as follows: • Level 1 inputs—Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The Company’s assets and liabilities that it measures at fair value using Level 1 inputs generally include equities listed on a major exchange. • Level 2 inputs—Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets and significant directly or indirectly observable inputs, other than quoted prices, used in industry accepted models. The Company’s assets and liabilities that it measures at fair value using Level 2 inputs generally include: U.S. government issued bonds; U.S. government sponsored enterprises bonds; certain U.S. state, territory and municipal entities bonds; non-U.S. sovereign government, supranational and government related bonds; investment grade and high yield corporate bonds; mortgage-backed and certain asset-backed securities; short-term investments; certain preferred equities; certain privately placed corporate loans; and certain derivative assets and liabilities. • Level 3 inputs—Unobservable inputs. The Company’s assets and liabilities that it measures at fair value using Level 3 inputs generally include: inactively traded fixed maturities including U.S. state, territory and municipal bonds; special purpose financing asset-backed bonds; certain short-term investments; unlisted equity securities; certain privately placed corporate loans, notes and loans receivable and notes securitizations; certain real estate company investments; certain fund investments included in Other invested assets; certain other derivatives, including weather derivatives, longevity insurance-linked securities, options and warrants, and total return swaps included in Other invested assets; and market risk benefit assets and liabilities. At December 31, 2023 and 2022, the Company’s assets and liabilities measured at fair value were classified between Levels 1, 2 and 3 as follows (in thousands of U.S. dollars): December 31, 2023 Quoted prices in Significant Significant unobservable inputs (Level 3) (2) Fair value based on NAV as practical expedient Total Assets (liabilities) Fixed maturities U.S. government and government sponsored enterprises $ — $ 1,736,952 $ — $ — $ 1,736,952 U.S. states, territories and municipalities — 8,850 42,792 — 51,642 Non-U.S. sovereign government, supranational and government related — 1,780,318 — — 1,780,318 Corporate bonds — 6,777,767 — — 6,777,767 Asset-backed securities — — 15,022 — 15,022 Residential mortgage-backed securities — 4,728,355 — — 4,728,355 Fixed maturities $ — $ 15,032,242 $ 57,814 $ — $ 15,090,056 Short-term investments $ — $ 1,020,257 $ — $ — $ 1,020,257 Equities Real estate $ 39,015 $ — $ 2,844 $ — $ 41,859 Diversified — — 15,823 — 15,823 Consumer non-cyclical 653 — 8,574 — 9,227 Consumer cyclical 3,095 — 28 — 3,123 Energy 2 — 1,698 — 1,700 Insurance — 140 — — 140 Finance — — 125 — 125 Industrials 4 — 6 — 10 Fund investments — — — 845,163 845,163 Equities $ 42,769 $ 140 $ 29,098 $ 845,163 $ 917,170 Other invested assets Derivative assets Foreign exchange forward contracts — 31,565 — — 31,565 Insurance-linked securities — — 7,235 — 7,235 Options and warrants — — 4,390 — 4,390 Other Corporate loans (1) — 1,141,657 231,189 — 1,372,846 Notes and loans receivable and notes securitization — — 1,664 — 1,664 Real estate company investment — — 471,156 — 471,156 Fund investments — — 43,198 1,347,876 1,391,074 Derivative liabilities Foreign exchange forward contracts — (27,669) — — (27,669) Interest rate swaps — (849) — — (849) Other invested assets $ — $ 1,144,704 $ 758,832 $ 1,347,876 $ 3,251,412 Total investments measured at fair value $ 42,769 $ 17,197,343 $ 845,744 $ 2,193,039 $ 20,278,895 Market risk benefits, net (3) $ — $ — $ 139,574 $ — $ 139,574 Net assets measured at fair value $ 42,769 $ 17,197,343 $ 985,318 $ 2,193,039 $ 20,418,469 (1) Corporate loans includes a portfolio of third-party, individually managed privately issued corporate loans that are managed under externally managed mandates with a fair value of $1.1 billion and $1.0 billion at December 31, 2023 and 2022, respectively. The mandates primarily invest in U.S. floating rate, first lien, senior secured broadly syndicated loans with a focus on facility sizes greater than $300 million. Corporate loans also includes $0.3 billion and $0.3 billion of other privately issued corporate loans at December 31, 2023 and 2022, respectively. (2) The reconciliations of the beginning and ending balances for investments measured at fair value using Level 3 inputs are presented in the succeeding tables. (3) Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. December 31, 2022 Quoted prices in Significant Significant Fair value based on NAV as practical expedient Total Assets (liabilities) Fixed maturities U.S. government and government sponsored enterprises $ — $ 1,797,934 $ — $ — $ 1,797,934 U.S. states, territories and municipalities — 10,126 48,747 — 58,873 Non-U.S. sovereign government, supranational and government related — 1,654,532 — — 1,654,532 Corporate bonds — 5,759,149 — — 5,759,149 Asset-backed securities — 12,434 15,930 — 28,364 Residential mortgage-backed securities — 3,723,062 — — 3,723,062 Fixed maturities $ — $ 12,957,237 $ 64,677 $ — $ 13,021,914 Short-term investments $ — $ 516,603 $ 6,907 $ — $ 523,510 Equities Real estate $ 61,754 $ — $ 1,814 $ — $ 63,568 Consumer non-cyclical — — 10,081 — 10,081 Diversified — — 9,667 — 9,667 Consumer cyclical 4,449 — 28 — 4,477 Energy 3 — 1,514 — 1,517 Finance — — 120 — 120 Industrials 20 — 76 — 96 Insurance — 42 — — 42 Fund investments — — — 840,318 840,318 Equities $ 66,226 $ 42 $ 23,300 $ 840,318 $ 929,886 Other invested assets Derivative assets Foreign exchange forward contracts $ — $ 13,705 $ — $ — $ 13,705 Interest rate swaps — 258 — — 258 Insurance-linked securities — — 6,657 — 6,657 Options and warrants — — 8,691 — 8,691 TBAs — 578 — — 578 Other Corporate loans — 1,015,529 287,278 — 1,302,807 Notes and loans receivable and notes securitization — — 3,166 — 3,166 Real estate company investment — — 491,602 — 491,602 Fund investments — — 36,274 1,271,612 1,307,886 Derivative liabilities Foreign exchange forward contracts — (17,336) — — (17,336) Interest rate swaps — (153) — — (153) Other invested assets $ — $ 1,012,581 $ 833,668 $ 1,271,612 $ 3,117,861 Total investments measured at fair value $ 66,226 $ 14,486,463 $ 928,552 $ 2,111,930 $ 17,593,171 Market risk benefits, net $ — $ — $ 122,016 $ — $ 122,016 Net assets measured at fair value $ 66,226 $ 14,486,463 $ 1,050,568 $ 2,111,930 $ 17,715,187 Other invested assets included in the fair value tables above at December 31, 2023 and 2022, exclude investments that are accounted for using the equity method of accounting of $213 million and $237 million, respectively (see Note 5(f) for further details). At December 31, 2023 and 2022, the carrying value of accrued investment income approximated fair value due to its short-term nature. At December 31, 2023 and 2022, the fair values of financial instrument assets recorded in the Consolidated Balance Sheets not described above approximate their carrying values. The reconciliations of the beginning and ending balances for investments measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022, were as follows (in thousands of U.S. dollars): For the year ended December 31, 2023 Balance at (Losses) gains Purchases Settlements and (1) Net transfers out of Level 3 Balance Change in Fixed maturities U.S. states, territories and municipalities $ 48,747 $ (340) $ — $ (5,615) $ — $ 42,792 $ (1,730) Asset-backed securities 15,930 — — (908) — 15,022 — Fixed maturities $ 64,677 $ (340) $ — $ (6,523) $ — $ 57,814 $ (1,730) Short-term investments $ 6,907 $ — $ — $ (6,907) $ — $ — $ — Equities Energy $ 1,514 $ 184 $ — $ — $ — $ 1,698 $ 184 Consumer non-cyclical 10,081 (1,507) — — — 8,574 (1,507) Real estate 1,814 1,030 — — — 2,844 1,030 Consumer cyclical 28 — — — — 28 — Finance 120 5 — — — 125 5 Industrials 76 (41) — (29) — 6 (41) Diversified 9,667 323 5,835 (2) — 15,823 321 Equities $ 23,300 $ (6) $ 5,835 $ (31) $ — $ 29,098 $ (8) Other invested assets Derivatives, net $ 15,348 $ 577 $ — $ (4,300) $ — $ 11,625 $ — Corporate loans 287,278 9,546 2,630 (24,843) (43,422) 231,189 7,792 Notes and loans receivable and notes securitization 3,166 90 — (1,592) — 1,664 49 Fund investments 36,274 8,257 — (1,333) — 43,198 8,257 Real estate company investment 491,602 (20,446) — — — 471,156 (20,446) Other invested assets $ 833,668 $ (1,976) $ 2,630 $ (32,068) $ (43,422) $ 758,832 $ (4,348) Total $ 928,552 $ (2,322) $ 8,465 $ (45,529) $ (43,422) $ 845,744 $ (6,086) (1) Included sales of Fixed maturities and Other invested assets of $6 million and $30 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $25 million, sales of derivatives of $4 million, and sales of notes and loans receivable and notes securitization of $1 million. For the year ended December 31, 2022 Balance at (Losses) gains Purchases Settlements and sales (1) Net transfers into Level 3 Balance Change in unrealized (losses) gains relating to assets held at end of year Fixed maturities U.S. states, territories and municipalities $ 95,181 $ (13,862) $ — $ (32,572) $ — $ 48,747 $ (14,108) Asset-backed securities 16,764 — — (834) — 15,930 — Fixed maturities $ 111,945 $ (13,862) $ — $ (33,406) $ — $ 64,677 $ (14,108) Short-term investments $ — $ — $ 6,907 $ — $ — $ 6,907 $ — Equities Energy $ 2,368 $ (854) $ — $ — $ — $ 1,514 $ (854) Consumer non-cyclical 10,081 — — — — 10,081 — Real estate 2,097 (283) — — — 1,814 (283) Consumer cyclical 1,394 (1,366) — — — 28 (1,366) Finance 128 (8) — — — 120 (8) Industrials 220 13 — (157) — 76 (53) Diversified 7,468 (223) 2,759 (337) — 9,667 (344) Equities $ 23,756 $ (2,721) $ 2,759 $ (494) $ — $ 23,300 $ (2,908) Other invested assets Derivatives, net $ 7,796 $ 1,929 $ 5,631 $ (8) $ — $ 15,348 $ 996 Corporate loans 287,527 1,443 34,543 (42,589) 6,354 287,278 2,166 Notes and loans receivable and notes securitization 6,575 (594) — (2,815) — 3,166 2,301 Fund investments 11,739 92 30,286 (5,843) — 36,274 322 Real estate company investment 560,687 (69,085) — — — 491,602 (69,085) Other invested assets $ 874,324 $ (66,215) $ 70,460 $ (51,255) $ 6,354 $ 833,668 $ (63,300) Total $ 1,010,025 $ (82,798) $ 80,126 $ (85,155) $ 6,354 $ 928,552 $ (80,316) (1) Included sales of Fixed maturities and Other invested assets of $32 million and $36 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $33 million and sales of notes and loans receivable and notes securitization of $3 million. During the year ended December 31, 2023, fifteen corporate loans valued at $43 million were transferred from Level 3 to Level 2 due to the availability of quoted prices for similar securities in active markets. During the year ended December 31, 2022, five corporate loans valued at $15 million were transferred from Level 2 to Level 3 due to the unavailability of quoted prices for similar securities in active markets, and five corporate loans valued at $9 million were transferred from Level 3 to Level 2 due to the availability of quoted prices for similar securities in active markets. The significant unobservable inputs used in the valuation of assets and liabilities measured at fair value using Level 3 inputs at December 31, 2023 and 2022 were as follows (fair value in thousands of U.S. dollars): December 31, 2023 Fair value Valuation techniques Unobservable inputs Range (Weighted average (1) ) Fixed maturities U.S. states, territories and municipalities $ 42,792 Discounted cash flow Credit spreads 2.5% – 2.7% (2.6%) Other invested assets Insurance-linked securities – longevity swaps 7,235 Discounted cash flow Credit spreads 6.0% (6.0%) Fund investments 4,529 Discounted cash flow Effective yield 0.7% (0.7%) Real estate company investment 471,156 Income capitalization Estimated rental value (per sq ft) $96 – $102 ($100) Net initial yield 3.6% – 5.4% (4.8%) Reversionary yield 5.0% – 6.4% (5.7%) Comparable method Sale value (per sq ft) $3,072 – $5,848 ($5,171) Market risk benefits, net 139,574 Option pricing techniques Mortality rates 0.02% – 100.0% (0.5%) Lapse rates 3.1% – 25.0% (5.0%) Equity implied long-term volatility 18.9% - 28.7% (22.5%) Swaption implied long-term volatility 54.6% - 77.7% (76.5%) December 31, 2022 Fair value Valuation techniques Unobservable inputs Range (Weighted average (1) ) Fixed maturities U.S. states, territories and municipalities $ 48,747 Discounted cash flow Credit spreads 2.7% – 3.6% (3.4%) Short-term investments 6,907 Discounted cash flow Credit spreads 2.5% (2.5%) Other invested assets Insurance-linked securities - longevity swaps 6,657 Discounted cash flow Credit spreads 5.7% (5.7%) Fund investments 6,008 Discounted cash flow Effective yield 0.6% (0.6%) Note securitization 188 Discounted cash flow Credit spreads 2.5% (2.5%) Real estate company investment 491,602 Income capitalization Estimated rental value (per sq ft) $84 – $90 ($87) Net initial yield 2.2% – 4.6% (3.9%) Reversionary yield 4.6% – 5.3% (4.9%) Comparable method Sale value (per sq ft) $1,617 – $5,459 ($4,836) Market risk benefits, net 122,016 Option pricing techniques Mortality rates 0.02% – 100.0% (0.5%) Lapse rates 3.2% – 25.7% (8.5%) Equity implied long-term volatility 21.6% - 29.7% (24.6%) Swaption implied long-term volatility 60.0% - 85.5% (82.8%) (1) Unobservable inputs were weighted by the relative fair value. The tables above do not include assets and liabilities that are measured using unobservable inputs (Level 3) where the unobservable inputs were obtained from external sources and used without adjustment. These include asset-backed securities (included in Fixed maturities); equities (included within Equities), certain notes and loans receivables and certain fund investments (included within Other invested assets), certain privately placed corporate loans (included within Other invested assets) and certain derivatives. Changes in the fair value of the Company’s assets and liabilities subject to the fair value option during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Fixed maturities and short-term investments $ 390,712 $ (1,807,048) $ (558,466) Equities 43,420 (505,072) 198,780 Other invested assets (29,064) (136,580) 184,209 Total included in net realized and unrealized investment gains (losses) $ 405,068 $ (2,448,700) $ (175,477) The change in the fair value of Other invested assets subject to the fair value option does not include certain derivatives. The following methods and assumptions were used by the Company in estimating the fair value of each class of assets and liabilities recorded in the Consolidated Balance Sheets. There have been no material changes in the Company’s valuation techniques during the periods presented. Fixed maturities • U.S. government and government sponsored enterprises —consists primarily of bonds issued by the U.S. Treasury and debt securities issued by government sponsored enterprises and federally owned or established corporations. These securities are generally priced by independent pricing services. The independent pricing services may use actual transaction prices for securities that have been actively traded. For securities that have not been actively traded, each pricing source has its own proprietary method to determine the fair value, which may incorporate option adjusted spreads (OAS), interest rate data and market news. The Company generally classifies these securities in Level 2. • U.S. states, territories and municipalities —consists primarily of bonds issued by U.S. states, territories and municipalities and the Federal Home Loan Mortgage Corporation. Certain of the bonds that are issued by municipal housing authorities and the Federal Home Loan Mortgage Corporation are not actively traded and are priced based on internal models using unobservable inputs (credit spreads). Accordingly, the Company classifies these securities in Level 3. A significant increase (decrease) in credit spreads in isolation could result in a significantly lower (higher) fair value measurement. The remaining securities are generally priced by independent pricing services using the techniques described for U.S. government and government sponsored enterprises above. The Company generally classifies these securities in Level 2. • Non-U.S. sovereign government, supranational and government related —consists primarily of bonds issued by non-U.S. national governments and their agencies, non-U.S. regional governments and supranational organizations. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government sponsored enterprises above. The Company generally classifies these securities in Level 2. • Corporate —consists primarily of bonds issued by U.S. and foreign corporations covering a variety of industries and issuing countries. Corporate securities also include real estate investment trusts, catastrophe bonds, longevity and mortality bonds and government guaranteed corporate debt. These securities are generally priced by independent pricing services and brokers. The pricing provider incorporates information including credit spreads, interest rate data and market news into the valuation of each security. The Company generally classifies these securities in Level 2. When a corporate security is inactively traded or the valuation model uses unobservable inputs, the Company classifies the security in Level 3. • Asset-backed securities —consists of special purpose financing securities. With the exception of special purpose financing, these asset-backed securities are generally priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. The Company generally classifies these securities in Level 2. Special purpose financing securities are generally inactively traded and are priced based on valuation models using unobservable inputs (credit spreads). The Company generally classifies these securities in Level 3. A significant increase (decrease) in credit spreads in isolation could result in a significantly lower (higher) fair value measurement. • Residential mortgage-backed securities —primarily consists of bonds issued by the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, as well as private, non-agency issuers. These residential mortgage-backed securities are generally priced by independent pricing services and brokers. When current market trades are not available, the pricing provider or the Company will employ proprietary models with observable inputs including other trade information, prepayment speeds, yield curves and credit spreads. The Company generally classifies these securities in Level 2. In general, the methods employed by the independent pricing services to determine the fair value of the securities that have not been actively traded primarily involve the use of “matrix pricing” in which the independent pricing source applies the credit spread for a comparable security that has traded recently to the current yield curve to determine a reasonable fair value. The Company generally uses one pricing source per security and uses a pricing service ranking to consistently select the most appropriate pricing service in instances where it receives multiple quotes on the same security. When fair values are unavailable from these independent pricing sources, quotes are obtained directly from broker-dealers who are active in the corresponding markets. Most of the Company’s fixed maturities are priced from the pricing services or dealer quotes. The Company will typically not make adjustments to prices received from pricing services or dealer quotes; however, in instances where the quoted external price for a security uses significant unobservable inputs, the Company will classify that security as Level 3. The methods used to develop and substantiate the unobservable inputs used are based on the Company’s valuation policy and are dependent upon the facts and circumstances surrounding the individual investments which are generally transaction specific. The Company’s inactively traded fixed maturities are classified as Level 3. For all fixed maturity investments, the bid price is used for estimating fair value. Short-term investments Short-term investments are valued in a manner similar to the Company’s fixed maturity investments and are generally classified in Level 2 or 3 depending on the inputs used in the valuation of the asset. Equities Equity securities include U.S. and foreign common and preferred stocks, real estate investment trusts and certain fund investments. Publicly traded equities are generally classified in Level 1 as the Company uses prices received from independent pricing sources based on quoted prices in active markets. Equities classified as Level 2 are preferred equities. Equities classified as Level 3 are generally inactively traded common stocks. For these investments, the Company utilizes prices from third-party sources without adjustment. Fund investments are valued using net asset valuations as a practical expedient as discussed in further detail below. Other invested assets The Company’s foreign exchange forward contracts, interest rate swaps, TBAs and certain privately placed corporate loans are generally classified as Level 2 within the fair value hierarchy and are priced by independent pricing services. Included in the Company’s Level 3 classification, in general, are certain derivatives, such as weather derivative insurance-linked securities; certain privately placed corporate loans; notes and loans receivable and note securitizations; certain fund investments; and a real estate company investment. For Level 3 instruments, the Company will generally (i) receive a price based on a manager’s or trustee’s valuation for the asset; (ii) develop an internal discounted cash flow model to measure fair value; (iii) use market return information, adjusted if necessary and weighted using management’s judgment, from comparable selected publicly traded equity funds in a similar region and of a similar size, or (iv) receive the valuation information and techniques used by real estate company investments. Where the Company receives prices from the manager or trustee, these prices are based on the manager’s or trustee’s estimate of fair value for the assets and are generally audited on an annual basis. Where the Company develops its own discounted cash flow models, the inputs will be specific to the asset in question, based on appropriate historical information, adjusted as necessary, and using appropriate discount rates. When the Company utilizes significant unobservable inputs including market return information, information is weighted using managements' judgement, obtained from comparable selected publicly traded companies in the same industry, in a similar region and of similar size and effective yields. Significant increases (decreases) in these inputs in isolation could result in a significantly higher (lower) fair value measurement for an asset. When the Company uses the valuation information and techniques used by real estate company investments, it independently evaluates the valuation techniques being utilized by the entity to ensure techniques are consistent with U.S. GAAP. Valuation techniques include the income capitalization technique or the comparable method and are based on the properties' highest and best use, with typical market based assumptions, such as estimated rental values, net initial yield, reversionary yield and sales values. A significant increase (decrease) in estimated rental values, reversionary yield and/or sales values could result in a significantly higher (lower) fair value measurement for an asset, while a significant increase (decrease) in net initial yield could result in a significantly lower (higher) fair value measurement for an asset. Significant unobservable inputs used in the fair value measurement of Other invested assets classified as Level 3 also include credit spreads. Significant increases (decreases) in this input in isolation could result in a significantly lower (higher) fair value measurement. Fund investments included in Other invested assets are generally valued using net asset valuations as a practical expedient as discussed in further detail below. As part of the Company’s modeling to determine the fair value of an investment, other than for those measured using net asset valuations as a practical expedient, the Company also uses credit risk as an input to models, however, the majority of the Company’s counterparties are investment grade rated institutions and the failure of any one counterparty would not have a significant impact on the Company’s Consolidated Financial Statements. Market risk benefit assets and liabilities MRBs are classified as Level 3 fair value measurements as the fair value is measured using an option-based valuation model based on certain unobservable inputs. The most significant unobservable inputs underlying the valuation of MRBs includes long-term implied volatility, mortality rates and lapse rates. Unobservable inputs for mortality rates are base mortality and mortality improvements assumptions. Base mortality assumptions differ by treaty and are derived from experience. Improvement mortality assumptions are based on the CMI Mortality Projections Model which is a publicly available tool from the UK Institute and Faculty of Actuaries. The net MRB asset increases as base mortality decreases and improvement mortality increases. Unobservable inputs for lapse rates refer to the assumptions reflecting the ability of the policyholders to actively manage their savings by withdrawing deposits on an in-force contract, either fully or partially. These assumptions are defined at treaty, age and policy duration level. These rates are derived from treaty experience of the policyholders' behaviors and updated on an annual basis. Increases in lapse rates will have a volume effect on the net MRB reserve, generally reducing the net asset (increasing the net liability). Unobservable inputs for equity long-term implied volatilities refer to the value towards which the equity implied volatilities converge beyond the last liquid point. An increase in long-term equity implied volatility means higher long-term projected equity risk and a higher probability of triggering the guaranteed minimum death benefit. This will generally lead to a decrease of the net MRB asset. Unobservable inputs for swaption long-term implied volatilities refer to the value towards which the swaption implied volatilities converge beyond the last liquid point. An increase in long-term swaption implied volatility means higher long-term projected interest rates risk and a higher probability of triggering the guaranteed minimum death benefit. This will generally lead to a decrease of the net MRB asset. Measuring the Fair Value of Investments Using Net Asset Valuations as the Practical Expedient The table below reflects the Company's portfolio of investments measured using net asset valuations as the practical expedient at December 31, 2023 and 2022 (in thousands of US dollars): December 31, 2023 December 31, 2022 Carrying Value (1) Remaining Unfunded Commitment Carrying Value (1) Remaining Unfunded Commitment Redemption Frequency Redemption Notice Period Public equity funds $ 648,080 $ — $ 629,125 $ — See below See below Private equity funds 452,387 106,060 389,736 150,458 See below See below Private credit funds 430,788 228,451 404,065 67,815 See below See below Multi-strategy funds 661,784 110,396 689,004 147,409 See below See below Total fund investments $ 2,193,039 $ 444,907 $ 2,111,930 $ 365,682 (1) The table above only reflects the Company's investments valued at fair value based on the NAV practical expedient, which includes fund investments of $845 million included in Equities and $1,348 million included in Other invested assets at December 31, 2023 and fund investments of $840 million included in Equities and $1,272 million included in Other invested assets at December 31, 2022. Investment Strategies and redemption terms and conditions of the various funds included in the above table are as follows: Public Equity Funds — The Company's investments in public equity funds include long/short funds and also funds invested in geographically diverse regions such as Asia, seeking higher risk-adjusted returns, that primarily invest in public equities. The Company generally has the right to redeem these funds during a quarterly redemption period with 30 - 60 days' prior notice, some of which are subject to redemption thresholds and redemption fees. During 2022, the Company agreed it would not sell certain investments for a three year period. The carrying value of these investments amount to $575 million and $422 million at December 31, 2023 and December 31, 2022, respectively. Private Equity Funds — The Company's investments in private equity funds include limited partnerships or similar interests that invest in private equity assets. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership. Private Credit Funds — The Company's investments in private credit funds include funds and limited partnerships or similar interests that invest in private credit instruments, including senior secured bank loan funds, secondaries, and mezzanine investments. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership. Multi-Strategy Funds — The Company's investments in multi-strategy funds include limited partnerships or similar interests that invest across diverse asset classes, including equities, bonds, credit markets, and real estate. For one multi-strategy fund with a carrying value of $235 million and $314 million at December 31, 2023 and 2022, respectively, the Company does have quarterly redemption rights subject to a 60 day notice period, gate policy and 36 month lock-up period which e |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments (a) Net Realized and Unrealized Investment Gains (Losses) The components of the net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Net realized investment (losses) gains on fixed maturities and short-term investments $ (4,041) $ 859 $ 19,893 Net realized investment gains on equities 121,378 461,041 78,501 Net realized investment (losses) gains on other invested assets (6,188) 9,781 103,011 Net realized investment gains $ 111,149 $ 471,681 $ 201,405 Change in net unrealized investment gains (losses) on fixed maturities and short-term investments $ 390,712 $ (1,807,048) $ (558,466) Change in net unrealized investment gains (losses) on equities 43,420 (505,072) 198,780 Change in net unrealized investment (losses) gains on other invested assets (20,975) (123,694) 196,926 Net other realized and unrealized investment losses (1,761) (2,672) (848) Change in net unrealized investment gains (losses) $ 411,396 $ (2,438,486) $ (163,608) Impairment loss on investments in real estate $ (5,119) $ (2,209) $ — Net realized and unrealized investment gains (losses) $ 517,426 $ (1,969,014) $ 37,797 (b) Net Investment Income The components of net investment income for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Fixed maturities $ 424,205 $ 310,152 $ 301,391 Short-term investments and cash and cash equivalents 75,467 17,477 4,860 Other invested assets 176,065 99,375 90,442 Equities 19,693 11,118 12,686 Funds held and other (1) 6,950 10,801 17,871 Investment expenses (56,695) (50,575) (50,781) Net investment income $ 645,685 $ 398,348 $ 376,469 (1) The Company generally earns investment income on funds held by reinsured companies based upon a predetermined interest rate, either fixed contractually at the inception of the contract or based upon a recognized index. Interest rates ranged from 0.2% to 10.5%, 0.1% to 10.9% and 0.1% to 7.3% for the years ended December 31, 2023, 2022 and 2021, respectively. (c) Pledged and Restricted Assets At December 31, 2023 and 2022, approximately $98 million and $138 million, respectively, of cash and cash equivalents and approximately $6,341 million and $5,258 million, respectively, of securities were deposited, pledged or held in escrow accounts in favor of ceding companies, intercompany agreements, and other counterparties or government authorities to comply with reinsurance contract provisions and insurance laws. (d) Receivables for Securities Sold and Payables for Securities Purchased At December 31, 2023 and 2022, receivables for securities sold of $187 million and $52 million, respectively, were recorded within Other assets. At December 31, 2023 and 2022, payables for securities purchased of $221 million and $149 million, respectively, were recorded within Accounts payable, accrued expenses and other in the Consolidated Balance Sheets. (e) Variable Interest Entities The Company holds variable interests in VIEs including certain limited liability companies or partnerships, trusts, fixed maturity investments and asset-backed securities. The holdings in these VIEs are reported within Fixed maturities and Other invested assets in the Company’s Consolidated Balance Sheets. The Company’s involvement in these entities is, for the most part, passive in nature. The Company’s maximum exposure to loss with respect to these investments is limited to the amounts invested in and advanced to the VIEs and any unfunded commitments (see Note 19(c)). As at December 31, 2023 and 2022, the Company did not have material consolidated VIEs. (f) Other Invested Assets At December 31, 2023 and 2022, the Company had carrying values of $1,883 million and $1,856 million respectively, of investments that were either accounted for under the equity method of accounting or would have been accounted for under the equity method if the Company had not chosen to apply the fair value option. At December 31, 2023 and 2022, the Company held a 36% shareholding in the privately held United Kingdom real estate investment and development group, Almacantar Group Limited (Almacantar). The total carrying value of this investment was $471 million and $492 million, at December 31, 2023 and 2022, respectively. This investment is accounted for under the fair value option and included within Other invested assets in the Consolidated Balance Sheets. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company’s objectives for holding or issuing derivatives are as follows: Foreign Exchange Forward Contracts —The Company utilizes foreign exchange forward contracts as part of its overall currency risk management and investment strategies. Insurance-linked Securities —The Company enters into various derivatives for which the underlying risks reference parametric weather risks, pandemic outbreaks and mortality, in addition to longevity total return swaps for which the underlying risks reference longevity risks. Total Return and Interest Rate Swaps —The Company enters into total return swaps referencing certain investments in Other invested assets. The Company enters into interest rate swaps to mitigate the interest rate risk on certain of the total return swaps and certain fixed maturity investments. To-Be-Announced Mortgage-Backed Securities (TBAs), Options and Warrants —The Company utilizes TBAs, options and warrants as part of its overall investment strategy and to enhance investment performance. There were no derivatives designated as hedges for the years ended December 31, 2023 and 2022. The net fair values of derivatives included in Other invested assets within the Company’s Consolidated Balance Sheets and the related net notional exposures at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): Asset Liability Net derivatives December 31, 2023 Fair value Net notional Derivatives not designated as hedges Foreign exchange forward contracts $ 31,565 $ (27,669) $ 3,896 $ 4,205,417 Insurance-linked securities (1) 7,235 — 7,235 9,700 Interest rate swaps (2) — (849) (849) — Options and warrants 4,390 — 4,390 8,898 Total derivatives not designated as hedges $ 43,190 $ (28,518) $ 14,672 Asset Liability Net derivatives December 31, 2022 Fair value Net notional Derivatives not designated as hedges Foreign exchange forward contracts $ 13,705 $ (17,336) $ (3,631) $ 4,277,894 Insurance-linked securities (1) 6,657 — 6,657 16,937 Interest rate swaps (2) 258 (153) 105 — TBAs 578 — 578 — Options and warrants 8,691 — 8,691 8,815 Total derivatives not designated as hedges $ 29,889 $ (17,489) $ 12,400 (1) Insurance-linked securities include longevity swaps for which the notional amounts are not reflective of the overall potential exposure of the swaps. The net notional exposure above includes the Company's best estimate of the present value of future expected claims. (2) The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. The net notional exposure for interest rate swaps above relates to fixed maturities. The gains and losses in the Consolidated Statements of Operations for derivatives not designated as hedges for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Foreign exchange forward contracts $ (38,858) $ (34,902) $ (16,788) Total included in Net foreign exchange losses $ (38,858) $ (34,902) $ (16,788) Insurance-linked securities $ (1,754) $ 2,049 $ 4,807 Total return swaps (5) 934 1,430 Interest rate swaps (951) 10,594 7,020 TBAs 448 (23) (56) Other — — (298) Total included in Net realized and unrealized investment (losses) gains $ (2,262) $ 13,554 $ 12,903 Total derivatives not designated as hedges $ (41,120) $ (21,348) $ (3,885) Offsetting of Derivatives The gross and net fair values of derivatives that are subject to offsetting in the Consolidated Balance Sheets at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): Gross Net amounts of Gross amounts not offset December 31, 2023 Gross amounts recognized (1) Financial Cash collateral Net amount Total derivative assets $ 43,190 $ — $ 43,190 $ — $ (41,747) $ 1,443 Total derivative liabilities $ (28,518) $ — $ (28,518) $ — $ 16,220 $ (12,298) December 31, 2022 Total derivative assets $ 29,889 $ — $ 29,889 $ (258) $ (37,262) $ (7,631) Total derivative liabilities $ (17,489) $ — $ (17,489) $ 258 $ 15,978 $ (1,253) (1) Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The Company’s goodwill related to the acquisitions of PartnerRe SA, Winterthur Re, Paris Re and Presidio and intangible assets related to the acquisitions of Paris Re, Presidio, Aurigen and Claims Analytics at December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): Goodwill Definite- Indefinite- Total Balance at December 31, 2020 $ 456,380 $ 98,114 $ 9,555 $ 107,669 Foreign currency translation — 10 — 10 Intangible assets amortization n/a (8,861) n/a (8,861) Balance at December 31, 2021 $ 456,380 $ 89,263 $ 9,555 $ 98,818 Foreign currency translation — (137) — (137) Intangible assets amortization n/a (8,912) n/a (8,912) Balance at December 31, 2022 $ 456,380 $ 80,214 $ 9,555 $ 89,769 Foreign currency translation — 50 — 50 Intangible assets amortization n/a (7,906) n/a (7,906) Balance at December 31, 2023 $ 456,380 $ 72,358 $ 9,555 $ 81,913 n/a: Not applicable The gross carrying value and accumulated amortization of intangible assets included in the Consolidated Balance Sheets at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Gross carrying Accumulated Net carrying value Gross carrying Accumulated Net carrying value Definite-lived intangible assets: Renewal rights $ 48,163 $ (44,985) $ 3,178 $ 48,163 $ (43,032) $ 5,131 Customer relationships 67,661 (60,532) 7,129 67,611 (56,850) 10,761 Life VOBA 75,583 (13,532) 62,051 75,583 (11,261) 64,322 Total definite-lived intangible assets $ 191,407 $ (119,049) $ 72,358 $ 191,357 $ (111,143) $ 80,214 Indefinite-lived intangible assets: Insurance licenses 9,555 n/a 9,555 9,555 n/a 9,555 Total intangible assets $ 200,962 $ (119,049) $ 81,913 $ 200,912 $ (111,143) $ 89,769 n/a: Not applicable Definite-lived intangible assets are amortized over a period of 10-13 years for renewal rights and customer relationships, and 100 years for life VOBA. The allocation of goodwill to the Company’s segments at December 31, 2023 and 2022 was as follows (in thousands of U.S. dollars): 2023 2022 P&C segment $ 242,376 $ 242,376 Specialty segment 196,047 196,047 Life and Health segment 17,957 17,957 Total $ 456,380 $ 456,380 The estimated future amortization expense related to the Company’s definite-lived intangible assets is as follows (in thousands of U.S. dollars): Year VOBA Other definite- Total definite- 2024 $ 2,296 $ 4,960 $ 7,256 2025 2,070 4,367 6,437 2026 1,892 402 2,294 2027 2,238 402 2,640 2028 2,247 176 2,423 Thereafter 51,308 — 51,308 Total $ 62,051 $ 10,307 $ 72,358 |
Deferred Acquisition Costs
Deferred Acquisition Costs | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Policy Acquisition Costs | Deferred Acquisition Costs Deferred acquisition costs comprises capitalized costs of $700 million and $701 million related to Non-life business and $321 million and $311 million related to Life and health business at December 31, 2023 and 2022, respectively. The reconciliation of beginning and ending balances of deferred acquisition costs for the Company's traditional and limited payment long-duration contracts within the Life and health business for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Long-term protection Balance at beginning of year $ 311,362 $ 298,783 $ 270,170 Capitalizations 38,056 67,432 69,548 Amortization expense (32,012) (31,467) (29,696) Foreign exchange effect 3,200 (23,386) (11,239) Balance at end of year $ 320,606 $ 311,362 $ 298,783 |
Non-life Reserves
Non-life Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Non-life Reserves | Non-life Reserves Non-life reserves are categorized into three types of reserves: case reserves, ACRs and IBNR reserves. Case reserves represent unpaid losses reported by the Company’s cedants and recorded by the Company. ACRs are established for particular circumstances where, on the basis of individual loss reports, the Company estimates that the particular loss or collection of losses covered by a treaty may be greater than those advised by the cedant. IBNR reserves represent a provision for claims that have been incurred but not yet reported to the Company, as well as future loss development on losses already reported, in excess of the case reserves and ACRs. See also Note 2(b). The Company’s gross liability for non-life reserves at December 31, 2023 and 2022 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Case reserves $ 5,148,325 $ 5,110,575 ACRs 190,071 159,821 IBNR reserves 7,812,913 7,455,235 Non-life reserves $ 13,151,309 $ 12,725,631 The reconciliation of the beginning and ending gross and net liability for non-life reserves for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Gross liability at beginning of year $ 12,725,631 $ 12,047,792 $ 11,395,321 Reinsurance recoverable at beginning of year 1,851,811 1,532,666 782,330 Net liability at beginning of year 10,873,820 10,515,126 10,612,991 Net incurred losses related to: Current year 3,229,633 3,533,087 3,637,671 Prior years (47,293) (219,853) (194,426) 3,182,340 3,313,234 3,443,245 Net paid losses related to: Current year (416,151) (419,633) (437,938) Prior years (2,316,451) (2,238,503) (2,535,057) (2,732,602) (2,658,136) (2,972,995) Retroactive reinsurance recoverable adjustment (93,378) (35,695) (357,864) Effects of foreign exchange rate changes and other 155,882 (260,709) (210,251) Net liability at end of year 11,386,062 10,873,820 10,515,126 Reinsurance recoverable at end of year 1,765,247 1,851,811 1,532,666 Gross liability at end of year $ 13,151,309 $ 12,725,631 $ 12,047,792 Prior Years' Reserve Development For the year ended December 31, 2023, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in both the P&C and Specialty segments. The favorable loss emergence within the P&C segment was across multiple accident years, mainly driven by the catastrophe and U.S. health business, partially offset by adverse loss emergence in the casualty business. The favorable loss emergence within the Specialty segment was across multiple accident years, predominantly from the financial risks, agriculture, and multiline business, which was partially offset by adverse loss emergence in the aviation and marine business. For the year ended December 31, 2022, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in both the P&C and Specialty segments and a reduction in unallocated loss adjustment expenses. The favorable loss emergence within the P&C segment was across multiple accident years, mainly driven by the motor, catastrophe, and casualty business. The favorable loss emergence within the Specialty segment was across multiple accident years, predominantly from the financial risks, engineering, marine, and property business, which was partially offset by adverse loss emergence in the aviation business. For the year ended December 31, 2021, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in both the P&C and Specialty segments. The favorable loss emergence within the Specialty segment was across multiple accident years, predominantly from financial risks lines. The favorable loss emergence within the P&C segment was primarily from a refinement of loss estimates for certain large catastrophic events from accident years 2017 - 2019. Retroactive Reinsurance Recoverable During the second quarter of 2021, the Company entered into a loss portfolio transfer and adverse development cover agreement related to prior underwriting years on the Company's U.S. casualty and auto business within the P&C segment. Premium paid for the loss portfolio transfer and adverse development cover agreement resulted in a cash transfer for the premium at inception of the agreement, and a reinsurance recoverable of $485 million at December 31, 2023 and $394 million at December 31, 2022. At December 31, 2023 and 2022, as a result of adverse prior years reserve development ceded under this agreement, a deferred gain of $99 million and $47 million, respectively, was recorded in Accounts payable, accrued expense and other in the Consolidated Balance Sheets. This transaction is presented retrospectively in the net loss and loss expenses incurred development table for the casualty business below. Reinsurance recoveries under this transaction are attributed to calendar year and accident year based on the underlying distribution of losses subject to the agreement. Asbestos and Environmental Claims The Company’s net non-life reserves at December 31, 2023 and 2022 included $40 million and $42 million, respectively, related to asbestos and environmental claims. The gross liability for such claims at December 31, 2023 and 2022 was $47 million and $49 million, respectively. Ultimate loss estimates for such claims cannot be estimated using traditional reserving techniques and there are significant uncertainties in estimating the Company’s potential losses for these claims. In view of the legal and tort environment that affect the development of such claims, the uncertainties inherent in estimating asbestos and environmental claims are not likely to be resolved in the near future. There can be no assurance that the reserves established by the Company will not be adversely affected by development of other latent exposures, and further, there can be no assurance that the reserves established by the Company will be adequate. The Company does, however, actively evaluate potential exposure to asbestos and environmental claims and establishes additional reserves as appropriate. The Company believes that it has made a reasonable provision for these exposures and is unaware of any specific issues that would materially affect its unpaid losses and loss expense reserves related to this exposure. Non-life reserving methods The reserving methods commonly employed by the Company are summarized as follows: Chain Ladder (CL) Development Methods (Reported or Paid) These methods use the underlying assumption that losses reported (paid) for each underwriting year at a particular development stage follow a stable pattern. The CL development method assumes that on average, every underwriting year will display the same percentage of ultimate liabilities reported by the Company’s cedants at 24 months after the inception of the underwriting year. The percentages reported (paid) are established for each development stage after examining historical averages from the loss development data. These are sometimes supplemented by external benchmark information. Ultimate liabilities are estimated by multiplying the actual reported (paid) losses by the reciprocal of the assumed reported (paid) percentage. Reserves are then calculated by subtracting paid claims from the estimated ultimate liabilities. Expected Loss Ratio (ELR) Method This method estimates ultimate losses for an underwriting year by applying an estimated loss ratio to the earned premium for that underwriting year. Although the method is insensitive to actual reported or paid losses, it can often be useful at the early stages of development when very few losses have been reported or paid, and the principal sources of information available to the Company consist of information obtained during pricing and qualitative information supplied by the cedant. However, the lack of sensitivity to reported or paid losses means that the method is usually inappropriate at later stages of development. Bornhuetter-Ferguson (B-F) Methods (Reported or Paid) These methods aim to address the variability at early stages of development and incorporates external information such as pricing. The B-F methods are more sensitive to reported and paid losses than the ELR method, and can be seen as a blend of the ELR and CL development methods. Unreported (unpaid) claims are calculated using an expected reporting (payment) pattern and an externally determined estimate of ultimate liabilities (usually determined by multiplying an a priori loss ratio with estimates of premium volume). The accuracy of the a priori loss ratio is a critical assumption in this method. Usually a priori loss ratios are initially determined on the basis of pricing information, but may also be adjusted to reflect other information that subsequently emerges about underlying loss experience. Loss Event Specific Method The ultimate losses estimated under this method are derived from estimates of specific events based on reported claims, client and broker discussions, review of potential exposures, market loss estimates, modeled analysis and other event specific criteria. Method Weights In determining the loss reserves, the Company often relies on a blend of the results from two or more methods (e.g., weighted averages). The judgment as to which of the above method(s) is most appropriate for a particular underwriting year and reserving cell could change over time as new information emerges regarding underlying loss activity and other data issues. Furthermore, as each line is typically composed of several reserving cells, it is likely that the reserves for the line will be dependent on several reserving methods. This is because reserves for a line are the result of aggregating the reserves for each constituent reserving cell and that a different method could be selected for each reserving cell. The principal reserving methods used for each of the Specialty segment and P&C segment were ELR, Reported/Paid B-F, and Reported/Paid CL, with the exception of catastrophe risks within the P&C segment where the principal reserving methods used were ELR based on exposure analysis and loss event specific methods. Non-life net incurred and paid losses and loss expense development The net incurred and paid losses and loss expenses development by accident year for each of the years ended December 31, 2014 through 2023, and the total of IBNR plus expected development on reported claims included within the net incurred claims amounts, as at each of the years ended December 31, 2014 through 2023, are presented in the tables below (in thousands of U.S. dollars). The tables below reflect losses incurred and paid losses translated to U.S. dollars at the exchange rate as of the balance sheet date whereas the Losses and loss expenses in the Consolidated Statements of Operations reflect losses incurred at the average exchange rate for the period. The reconciliation of the net incurred and paid claims development information below to the Non-life reserves in the Consolidated Balance Sheet at December 31, 2023 was as follows (in thousands of U.S. dollars): December 31, 2023 Total outstanding liability for unpaid claims Property $ 1,908,065 Casualty 6,176,122 Specialty 3,011,789 Total outstanding liabilities for unpaid claims $ 11,095,976 Unallocated loss expenses 130,717 U.S. health net reserves (1) 156,570 Other 2,799 Total other liabilities $ 290,086 Net liability at end of year $ 11,386,062 Reinsurance recoverable on unpaid claims Property $ 763,028 Casualty 698,223 Specialty 303,996 Reinsurance recoverable at end of year $ 1,765,247 Gross liability at end of year $ 13,151,309 (1) U.S. health business is not meaningful to include in the development tables as the estimated average duration of the health reserves is less than one year and substantially all claims are expected to be paid within two years, based on historical payout patterns. NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 2,481,720 $ 2,514,200 $ 2,368,967 $ 2,349,869 $ 2,353,759 $ 2,315,021 $ 2,277,135 $ 2,262,546 $ 2,232,454 $ 2,233,339 $ 50,959 2015 2,502,854 2,611,184 2,527,784 2,550,830 2,520,182 2,475,960 2,451,141 2,432,324 2,435,356 87,537 2016 2,451,204 2,559,851 2,516,126 2,486,199 2,467,920 2,484,069 2,476,383 2,472,778 95,112 2017 2,549,737 2,801,179 2,698,916 2,651,730 2,663,904 2,658,571 2,660,319 159,021 2018 2,596,552 2,974,243 2,969,810 2,972,766 3,009,359 3,015,217 334,532 2019 2,931,280 3,519,556 3,510,991 3,523,443 3,531,407 637,205 2020 4,186,395 3,586,462 3,499,097 3,480,994 859,604 2021 2,880,141 2,829,876 2,836,450 1,435,501 2022 3,410,844 3,374,321 1,723,904 2023 3,115,830 967,607 Total $ 29,156,011 $ 6,350,982 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 336,270 $ 1,291,273 $ 1,594,146 $ 1,810,171 $ 1,946,054 $ 2,044,804 $ 2,118,939 $ 2,164,676 $ 2,196,720 $ 2,243,258 2015 306,562 1,159,655 1,564,173 1,798,537 1,959,722 2,067,935 2,142,234 2,198,481 2,240,255 2016 321,351 1,272,443 1,627,697 1,893,694 2,030,728 2,123,169 2,211,977 2,302,984 2017 394,394 1,421,140 1,804,959 2,072,838 2,195,236 2,314,529 2,436,391 2018 271,827 1,276,542 1,811,055 2,093,543 2,283,931 2,490,887 2019 462,939 1,438,793 1,961,928 2,341,116 2,640,483 2020 480,122 1,277,034 1,805,063 2,106,017 2021 373,191 1,088,143 1,531,660 2022 394,598 914,038 2023 397,510 Total $ 19,303,483 Net reserves for accident years and exposures included in the triangles $ 9,852,528 All outstanding liabilities before accident year 2014, net of reinsurance 1,243,448 Total outstanding liabilities for unpaid claims $ 11,095,976 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - NON-LIFE (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Non-life 13% 29% 15% 10% 6% 5% 4% 3% 2% 2% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 469,568 $ 488,446 $ 463,409 $ 458,609 $ 452,907 $ 450,487 $ 447,816 $ 447,894 $ 444,808 $ 445,152 $ 298 2015 537,193 565,816 537,792 528,106 524,147 519,568 525,203 523,475 524,453 3,605 2016 663,490 681,050 644,349 625,873 622,562 624,375 623,593 620,491 8,045 2017 971,607 1,022,186 952,613 923,025 915,166 910,105 909,849 12,314 2018 805,960 820,675 799,735 778,867 766,591 766,684 16,456 2019 703,097 782,453 720,079 711,928 714,189 32,277 2020 1,252,575 1,070,935 1,061,772 1,056,274 132,920 2021 919,517 918,629 914,749 253,718 2022 944,920 859,807 457,178 2023 415,801 334,152 Total $ 7,227,449 $ 1,250,963 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 95,013 $ 323,309 $ 395,102 $ 423,339 $ 432,567 $ 438,152 $ 442,581 $ 444,798 $ 445,375 $ 448,276 2015 85,015 330,876 435,539 469,036 481,879 489,195 498,557 501,524 503,399 2016 132,914 446,804 538,988 579,381 595,159 604,980 609,257 613,854 2017 214,026 694,240 805,627 853,945 862,942 870,638 882,726 2018 81,830 494,608 628,458 666,919 687,439 709,211 2019 78,527 426,566 545,163 586,587 627,924 2020 115,165 515,030 681,851 772,952 2021 121,453 491,546 639,577 2022 103,876 279,970 2023 91,499 Total $ 5,569,388 Net reserves for accident years and exposures included in the triangles $ 1,658,061 All outstanding liabilities before accident year 2014, net of reinsurance 250,004 Total outstanding liabilities for unpaid claims $ 1,908,065 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - PROPERTY (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 15% 41% 16% 6% 3% 2% 1% 1% —% 1% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 804,571 $ 848,698 $ 814,622 $ 810,349 $ 826,000 $ 791,768 $ 766,415 $ 753,383 $ 739,605 $ 740,555 $ 34,090 2015 699,327 783,275 761,091 803,497 770,242 751,652 726,451 714,608 717,382 57,407 2016 670,767 756,954 767,366 747,814 740,047 750,268 747,402 747,434 61,476 2017 621,095 743,114 720,966 709,881 716,862 720,732 724,138 94,614 2018 767,559 905,491 895,978 903,353 920,169 927,658 236,104 2019 999,955 1,226,210 1,272,980 1,273,687 1,282,398 494,696 2020 1,344,430 1,115,751 1,094,890 1,086,082 601,415 2021 1,013,896 967,726 987,435 886,905 2022 1,495,131 1,561,575 888,080 2023 1,698,981 326,606 Total $ 10,473,638 $ 3,681,393 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 69,119 $ 189,458 $ 292,152 $ 387,182 $ 470,964 $ 536,883 $ 594,035 $ 631,367 $ 654,893 $ 692,148 2015 73,252 184,520 303,213 398,790 505,067 577,907 627,964 667,748 702,472 2016 28,304 140,081 244,560 369,651 455,982 520,069 586,050 667,058 2017 55,617 157,792 246,615 334,296 411,806 488,164 596,996 2018 59,105 201,190 323,510 425,887 532,717 699,190 2019 100,639 274,821 430,192 580,304 731,677 2020 112,281 176,740 304,592 410,337 2021 80,434 225,846 329,578 2022 120,660 173,769 2023 171,996 Total $ 5,175,221 Net reserves for accident years and exposures included in the triangles $ 5,298,417 All outstanding liabilities before accident year 2014, net of reinsurance 877,705 Total outstanding liabilities for unpaid claims $ 6,176,122 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - CASUALTY (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 9% 12% 13% 12% 12% 11% 10% 7% 4% 5% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 1,207,581 $ 1,177,056 $ 1,090,936 $ 1,080,911 $ 1,074,852 $ 1,072,766 $ 1,062,904 $ 1,061,269 $ 1,048,041 $ 1,047,632 $ 16,571 2015 1,266,334 1,262,093 1,228,901 1,219,227 1,225,793 1,204,740 1,199,487 1,194,241 1,193,521 26,525 2016 1,116,947 1,121,847 1,104,411 1,112,512 1,105,311 1,109,426 1,105,388 1,104,853 25,591 2017 957,035 1,035,879 1,025,337 1,018,824 1,031,876 1,027,734 1,026,332 52,093 2018 1,023,033 1,248,077 1,274,097 1,290,546 1,322,599 1,320,875 81,972 2019 1,228,228 1,510,893 1,517,932 1,537,828 1,534,820 110,232 2020 1,589,390 1,399,776 1,342,435 1,338,638 125,269 2021 946,728 943,521 934,266 294,878 2022 970,793 952,939 378,646 2023 1,001,048 306,849 Total $ 11,454,924 $ 1,418,626 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 172,138 $ 778,506 $ 906,892 $ 999,650 $ 1,042,523 $ 1,069,769 $ 1,082,323 $ 1,088,511 $ 1,096,452 $ 1,102,834 2015 148,295 644,259 825,421 930,711 972,776 1,000,833 1,015,713 1,029,209 1,034,384 2016 160,133 685,558 844,149 944,662 979,587 998,120 1,016,670 1,022,072 2017 124,751 569,108 752,717 884,597 920,488 955,727 956,669 2018 130,892 580,744 859,087 1,000,737 1,063,775 1,082,486 2019 283,773 737,406 986,573 1,174,225 1,280,882 2020 252,676 585,264 818,620 922,728 2021 171,304 370,751 562,505 2022 170,062 460,299 2023 134,015 Total $ 8,558,874 Net reserves for accident years and exposures included in the triangles $ 2,896,050 All outstanding liabilities before accident year 2014, net of reinsurance 115,739 Total outstanding liabilities for unpaid claims $ 3,011,789 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - SPECIALTY (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Specialty 15% 36% 17% 10% 4% 2% 1% 1% 1% 1% The Company is predominantly a reinsurer of primary insurers and does not have access to claim frequency information held by its cedants due to the majority of the Company’s business being written on a proportional basis. As such, the Company considers it impracticable to disclose information on the frequency of claims. |
Life and Health Reserves
Life and Health Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Future Policy Benefits Activity [Abstract] | |
Long-Duration Insurance Contracts Disclosure | Life and Health Reserves The Company's gross and net liability for life and health reserves at December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 December 31, 2021 Long-term protection $ 1,432,088 $ 1,249,661 $ 1,454,838 Longevity 466,037 304,318 323,489 Total traditional and limited payment long-duration life and health reserves $ 1,898,125 $ 1,553,979 $ 1,778,327 Other long-duration life and health reserves 116,918 127,752 122,532 Short-term life and health reserves 816,626 795,978 860,997 Total life and health reserves, net $ 2,831,669 $ 2,477,709 $ 2,761,856 Reinsurance recoverable 27,588 19,810 23,526 Life and health reserves, gross $ 2,859,257 $ 2,497,519 $ 2,785,382 Traditional and limited payment long-duration contracts The reconciliation of the beginning and ending net liability for the Company's life and health reserves for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Long-term Protection Longevity Long-term Protection Longevity Long-term Protection Longevity Present Value of Expected Net Premiums Balance, beginning of year $ 7,181,905 $ 6,859,347 $ 8,265,658 $ 9,450,775 $ 7,722,807 $ 8,710,380 Beginning balance at original discount rate 9,912,178 9,468,464 8,929,616 10,101,622 7,832,595 8,417,277 Effect of changes in cash flow assumptions (46,073) 1,341 124,380 — 132,056 (12,857) Effect of actual variances from expected experience 129,081 (100,539) 495,356 49,882 138,504 (46,910) Foreign exchange and other 7,693 (77,951) 61,698 (1,485) 12,107 702 Adjusted beginning of year balance 10,002,879 9,291,315 9,611,050 10,150,019 8,115,262 8,358,212 Issuances 907,176 3,106,448 1,100,371 813,865 1,271,419 2,249,974 Interest accrual 249,381 303,087 215,148 189,144 183,835 152,388 Net premiums collected (564,741) (1,012,723) (519,987) (668,228) (497,615) (601,195) Foreign exchange and other 157,390 632,042 (494,404) (1,016,336) (143,285) (57,757) Ending balance at original discount rate 10,752,085 12,320,169 9,912,178 9,468,464 8,929,616 10,101,622 Effect of changes in discount rate assumptions (2,238,887) (1,914,504) (2,730,273) (2,609,117) (663,958) (650,847) Balance, end of year $ 8,513,198 $ 10,405,665 $ 7,181,905 $ 6,859,347 $ 8,265,658 $ 9,450,775 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 8,444,212 $ 7,167,340 $ 9,735,516 $ 9,778,306 $ 9,197,194 $ 9,080,355 Beginning balance at original discount rate 11,279,091 9,735,709 10,405,240 10,400,475 9,253,956 8,758,460 Effect of changes in cash flow assumptions (29,989) 1,671 100,464 — 175,808 (17,855) Effect of actual variances from expected experience 124,864 (113,205) 520,942 47,215 198,217 (46,809) Foreign exchange and other 24,331 (89,722) 67,193 (2,935) 11,525 770 Adjusted beginning of year balance 11,398,297 9,534,453 11,093,839 10,444,755 9,639,506 8,694,566 Issuances 910,154 3,111,518 1,095,566 814,178 1,250,111 2,249,787 Interest accrual 269,802 308,484 235,775 194,485 207,736 160,408 Benefit payments (521,918) (885,792) (542,353) (666,887) (503,727) (643,565) Foreign exchange and other 201,607 656,619 (603,736) (1,050,822) (188,386) (60,721) Ending balance at original discount rate 12,257,942 12,725,282 11,279,091 9,735,709 10,405,240 10,400,475 Effect of changes in discount rate assumptions (2,309,437) (1,851,883) (2,834,879) (2,568,369) (669,724) (622,169) Balance, end of year $ 9,948,505 $ 10,873,399 $ 8,444,212 $ 7,167,340 $ 9,735,516 $ 9,778,306 Cumulative impact of flooring $ 4,037 $ 1,828 $ 2,367 $ — $ 194 $ 819 Liability for future policy benefits, after flooring adjustment $ 1,439,344 $ 469,562 $ 1,264,674 $ 307,993 $ 1,470,052 $ 328,350 Less: reinsurance recoverable 7,256 3,525 15,013 3,675 15,214 4,861 Net liability for future policy benefits, after reinsurance recoverable $ 1,432,088 $ 466,037 $ 1,249,661 $ 304,318 $ 1,454,838 $ 323,489 The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 December 31, 2021 Long-term Protection Undiscounted expected future gross premiums $ 22,577,821 $ 19,982,118 $ 17,229,187 Undiscounted expected future benefit payments $ 19,981,172 $ 17,642,176 $ 15,441,167 Discounted expected future gross premiums $ 10,835,854 $ 9,162,867 $ 10,592,914 Discounted expected future benefit payments $ 9,948,505 $ 8,444,212 $ 9,735,516 December 31, 2023 December 31, 2022 December 31, 2021 Longevity Undiscounted expected future gross premiums $ 17,998,514 $ 13,032,711 $ 13,647,768 Undiscounted expected future benefit payments $ 16,929,038 $ 12,199,575 $ 12,752,333 Discounted expected future gross premiums $ 11,284,884 $ 7,485,087 $ 10,331,411 Discounted expected future benefit payments $ 10,873,399 $ 7,167,340 $ 9,778,306 The total gross premiums and interest expense recognized in the Consolidated Statements of Operations for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): Gross Premiums Interest Expense 2023 2022 2021 2023 2022 2021 Long-term protection $ 744,428 $ 684,990 $ 662,496 $ 20,421 $ 20,627 $ 23,901 Longevity 1,094,934 742,542 692,000 5,397 5,341 8,020 Total $ 1,839,362 $ 1,427,532 $ 1,354,496 $ 25,818 $ 25,968 $ 31,921 The weighted-average interest rates for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Long-term Protection: Interest accretion rate 2.63 % 2.43 % 2.28 % Current discount rate 4.48 % 4.93 % 2.87 % 2023 2022 2021 Longevity: Interest accretion rate 2.95 % 2.06 % 1.94 % Current discount rate 4.83 % 5.48 % 2.48 % The weighted-average duration of reserves for long-term protection was 4.2 years, 4.4 years and 5.3 years for the years ended December 31, 2023, 2022 and 2021, respectively. The weighted average duration of reserves for Longevity has been split into the fixed premium leg and the floating claims leg, with the fixed premium leg having a duration of 7.6 years, 7.8 years and 9.8 years and the floating claims leg having a duration of 7.5 years, 7.7 years and 9.5 years, for the years ended December 31, 2023, 2022 and 2021, respectively. Long-term protection Significant assumptions used to calculate the LFPB for long-term protection include mortality, morbidity, and persistency, and both locked-in and current discount rates. In 2023, the Company undertook a review of significant assumptions and primarily made changes to mortality and morbidity. Mortality assumption updates primarily reflected mixed future mortality improvements and claims experience on certain treaties that largely offset. Morbidity assumption updates primarily reflected adverse claims experience on a specific treaty. Current discount rates were updated from 2022 resulting in a slight increase to the LFPB. In 2022, the Company undertook a review of significant assumptions and primarily made changes to mortality and morbidity. Mortality assumption updates largely reflected unfavorable claims experience on certain treaties. Morbidity assumption updates largely reflected adverse claims experience on a specific treaty. Current discount rates were updated from 2021 resulting in a significant decrease to the LFPB. In 2021, the Company undertook a review of significant assumptions and primarily made changes to mortality and morbidity. Mortality assumption updates primarily reflected unfavorable claims experience on certain treaties. Morbidity assumption updates primarily reflected adverse claims experience on specific treaties. Current discount rates were updated from 2020 resulting in a significant decrease to the LFPB. Impacts to expected net premiums and expected future policy benefits due to assumption changes in 2023, 2022 and 2021 can be observed in the LFPB rollforward tables at December 31, 2023, 2022 and 2021. Longevity Significant assumptions used to calculate the LFPB for Longevity include mortality, and both locked-in and current discount rates. In 2023, the Company undertook a review of significant assumptions and updated mortality improvement assumptions to reflect favorable developments prior to COVID-19. Current discount rates were updated from 2022, resulting in a slight decrease to the LFPB. In 2022, the Company reviewed actual experience but did not make any assumption updates. Current discount rates were updated from 2021, resulting in a slight increase to the LFPB. In 2021, the Company undertook a review of significant assumptions and made revisions to mortality improvement assumption model parameters to reflect industry trends. Current discount rates were updated from 2020, resulting in a slight decrease to the LFPB. Impacts to expected net premiums and expected future policy benefits due to assumption changes in 2023, 2022 and 2021 can be observed in the LFPB rollforward tables at December 31, 2023, 2022 and 2021. Life and health short-duration reserves The reconciliation of the beginning and ending gross and net liability of the life and health reserves for short-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Gross liability at beginning of year $ 797,100 $ 864,448 $ 960,198 Reinsurance recoverable at beginning of year 1,122 3,451 6,397 Net liability at beginning of year 795,978 860,997 953,801 Net incurred losses 187,078 157,572 184,872 Net losses paid (190,082) (172,043) (234,501) Effects of foreign exchange rate changes and other 23,652 (50,548) (43,175) Net liability at end of year 816,626 795,978 860,997 Reinsurance recoverable at end of year 16,807 1,122 3,451 Gross liability at end of year $ 833,433 $ 797,100 $ 864,448 |
Market Risk Benefits
Market Risk Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Market Risk Benefit [Abstract] | |
Market Risk Benefits | Market Risk Benefits MRBs, which relate to our GMDB business, are measured at fair value using an option-based valuation model based on current net amounts at risk, market data, Company experience and other factors. Declines in the equity markets, increased volatility, and a low interest rate environment increase the Company's exposure to liabilities under the guaranteed features. The net amount at risk for GMDB is defined as the current guaranteed benefit amount in excess of the current contract value. The reconciliation of beginning and ending balances of market risk benefits for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 GMDB Balance, beginning of year $ 122,016 $ (53,011) $ (77,590) Effect of changes in the instrument-specific credit risk 3,676 59,207 63,474 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 125,692 6,196 (14,116) Issuances 5,625 1,312 (14,931) Interest accrual 6,081 (1,819) (2,623) Attributed fees collected (29,273) (29,417) (34,371) Benefit payments 3,799 (897) 1,597 Actual policyholder behavior different from expected behaviors (8,415) 5,126 (14,565) Effect of changes in future expected policyholder behavior (12,111) (3,819) 10,776 Effect of changes in other future assumptions 5,844 4,318 (51,743) Effect of changes in interest rates (12,722) 197,277 82,422 Effect of changes in equity index volatility 11,716 (24,728) (4,634) Effect of changes in equity markets 14,550 (58,497) 31,222 Foreign exchange impact 5,501 (1,715) 439 Other 21,985 32,355 16,723 Balance, end of year, before effect of changes in the instrument-specific credit risk $ 138,272 $ 125,692 $ 6,196 Effect of changes in the instrument-specific credit risk 1,302 (3,676) (59,207) Balance, end of year $ 139,574 $ 122,016 $ (53,011) Net amount at risk $ 251,293 $ 603,656 $ 52,320 Weighted-average attained age of contract holders 61 years 61 years 61 years The reconciliation of market risk benefit asset (liability) to the Company's Consolidated Balance Sheets at December 31, 2023 and 2022 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Asset Liability Net Asset Liability Net Market risk benefits $ 144,636 $ 5,062 $ 139,574 $ 131,186 $ 9,170 $ 122,016 In 2023, the Company recognized market risk benefit gains primarily due to an increase in equity markets and a decrease in equity index volatility, both of which reduce the chance of GMDB being at risk and increases the net MRB asset. The Company also recognized the impacts of new business and actual and future expected policyholder activity. For 2022, the Company recognized market risk benefit gains primarily due to a steep increase in interest rates in the year which reduces the chance of GMDB being at risk and increases the net MRB asset, partially offset by a decrease in equity markets and an increase in equity index volatility which decreased the MRB net asset. For 2021, the Company recognized market risk benefit gains due to increases in interest rates and improvements in equity markets which reduced the chance of the GMDB being at risk and increased the net MRB asset, partially offset by the impact of changes in other future assumptions. See Note 4 for additional information related to the fair value measurement of MRBs. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance (a) Reinsurance Recoverable on Paid and Unpaid Losses The Company uses retrocessional agreements to reduce its exposure to risk of loss on reinsurance assumed. These agreements provide for recovery from retrocessionaires of a portion of losses and loss expenses. The Company remains liable to its cedants to the extent that the retrocessionaires do not meet their obligations under these agreements, and therefore the Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk on an ongoing basis. The Company actively manages its reinsurance exposures by generally selecting either collateralized retrocessionaires or counterparties that have a credit rating of A- or higher. The Company established Lorenz Re Ltd. (“Lorenz Re”), a special purpose insurer registered as a segregated accounts company in Bermuda, as part of its third party capital platform to provide third party investors with access to portfolios of risk in the global reinsurance markets. Lorenz Re operates by providing fully collateralized reinsurance capacity to certain of the Company's operating subsidiaries in respect of multiple lines of business. Lorenz Re raises capital primarily from third party investors seeking exposure to the global reinsurance markets by issuing non-voting redeemable preferred shares in its individual segregated accounts. The proceeds from issuance of these preferred shares are deposited into trust accounts collateralizing varying portfolios of potential reinsurance recoverables, which have established investment guidelines that generally require assets to be held as either cash and cash equivalents or in U.S. government issued securities of high credit quality. For the years ended December 31, 2023, 2022 and 2021, the Company ceded premium written to Lorenz Re’s segregated cells of $529 million, $664 million and $634 million, respectively, and recorded a Reinsurance recoverable on paid and unpaid losses from the segregated cells of $767 million and $921 million as at December 31, 2023 and 2022, respectively. In assessing an allowance for reinsurance recoverable balances, the Company considers historical information, financial strength and credit ratings of reinsurers, collateralization amounts and the remaining expected life of reinsurance recoverable balances to determine the appropriateness of the allowance. Historically, the Company has not experienced material credit losses from retrocessional agreements. In assessing future default for reinsurance recoverable balances, the Company evaluates the valuation allowance under the probability of default and loss given default method and utilizes counterparty credit ratings from major rating agencies, as well as assesses the current market conditions and reasonable and supportable forecasts for the likelihood of default. At December 31, 2023 and 2022, the Company's allowance for credit losses on its reinsurance recoverable balance was $3 million. (b) Ceded Reinsurance Net premiums written, net premiums earned and losses and loss expenses are reported net of reinsurance in the Company’s Consolidated Statements of Operations. Direct, assumed, ceded and net amounts for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 Premiums Premiums Losses and Loss Non-life $ 347,351 $ 372,230 $ 188,912 Life and Health — — — Direct $ 347,351 $ 372,230 $ 188,912 Non-life $ 6,646,273 $ 6,643,101 $ 3,346,078 Life and Health 2,108,734 2,108,711 1,838,714 Assumed $ 8,755,007 $ 8,751,812 $ 5,184,792 Non-life $ 1,145,301 $ 1,176,865 $ 352,650 Life and Health 28,145 28,417 30,846 Ceded $ 1,173,446 $ 1,205,282 $ 383,496 Non-life $ 5,848,323 $ 5,838,466 $ 3,182,340 Life and Health 2,080,589 2,080,294 1,807,868 Net $ 7,928,912 $ 7,918,760 $ 4,990,208 2022 Premiums Premiums Losses and Loss Expenses Non-life $ 393,186 $ 377,380 $ 207,301 Life and Health — — — Direct $ 393,186 $ 377,380 $ 207,301 Non-life $ 6,622,236 $ 6,319,389 $ 3,817,630 Life and Health 1,673,857 1,674,091 1,426,584 Assumed $ 8,296,093 $ 7,993,480 $ 5,244,214 Non-life $ 1,116,672 $ 1,085,317 $ 711,697 Life and Health 28,412 28,426 13,946 Ceded $ 1,145,084 $ 1,113,743 $ 725,643 Non-life $ 5,898,750 $ 5,611,452 $ 3,313,234 Life and Health 1,645,445 1,645,665 1,412,638 Net $ 7,544,195 $ 7,257,117 $ 4,725,872 2021 Premiums Premiums Losses and Loss Expenses Non-life $ 421,756 $ 318,058 $ 221,173 Life and Health — — — Direct $ 421,756 $ 318,058 $ 221,173 Non-life $ 6,135,299 $ 5,956,360 $ 3,991,292 Life and Health 1,646,870 1,651,485 1,423,826 Assumed $ 7,782,169 $ 7,607,845 $ 5,415,118 Non-life $ 1,046,227 $ 944,862 $ 769,220 Life and Health 23,680 24,519 16,031 Ceded $ 1,069,907 $ 969,381 $ 785,251 Non-life $ 5,510,828 $ 5,329,556 $ 3,443,245 Life and Health 1,623,190 1,626,966 1,407,795 Net $ 7,134,018 $ 6,956,522 $ 4,851,040 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The debt outstanding and the carrying value recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022 was comprised as follows (in thousands): December 31, 2023 December 31, 2022 Commitment Carrying Value Fair Value Carrying Value Fair Value Senior notes due 2029 $ 500,000 $ 497,525 $ 484,790 $ 497,073 $ 462,521 Senior notes due 2026 € 750,000 829,304 790,081 794,368 721,807 Junior subordinated notes due 2050 $ 500,000 494,832 432,685 494,638 428,250 Capital efficient notes due 2066 $ 61,924 61,924 55,237 61,924 54,247 Debt $ 1,883,585 $ 1,762,793 $ 1,848,003 $ 1,666,825 Senior notes due 2029 In June 2019, PartnerRe Finance B LLC, an indirect wholly-owned financing subsidiary of the Company, issued $500 million aggregate principal amount of 3.700% senior notes at a price of 99.783% of the principal amount. The net proceeds of the issuance, after consideration of the offering discount and underwriting expenses and commissions, totaled $496 million. These senior notes may be redeemed at the option of the issuer, in whole or in part, at any time, with early redemption requiring the payment of a make-whole premium. Commencing on January 2, 2020, interest on these notes is payable semi-annually at an annual fixed rate of 3.700%. Unless previously redeemed, the notes mature on July 2, 2029. These senior notes are ranked as senior unsecured obligations of PartnerRe Finance B LLC and PartnerRe Ltd. has fully and unconditionally guaranteed all obligations of PartnerRe Finance B LLC related to these senior notes. PartnerRe Ltd.’s obligations under this guarantee are senior and unsecured and rank equally with all other senior unsecured indebtedness. Senior notes due 2026 In September 2016, PartnerRe Ireland Finance DAC, an indirect wholly-owned financing subsidiary of the Company, issued €750 million aggregate principal amount of 1.250% senior notes at a price of 99.144% of the principal amount, which are listed in the main securities market of the Irish Stock Exchange. Interest is payable annually commencing on September 15, 2017. These senior notes may be redeemed at the option of the issuer, in whole or in part, at any time. Unless previously redeemed, the notes mature on September 15, 2026. These senior notes are ranked as senior unsecured obligations of PartnerRe Ireland Finance DAC. PartnerRe Ltd. has fully and unconditionally guaranteed all obligations of PartnerRe Ireland Finance DAC under these senior notes. PartnerRe Ltd.’s obligations under this guarantee are senior and unsecured and rank equally with all other senior unsecured indebtedness. Junior subordinated notes due 2050 In September 2020, PartnerRe Finance B LLC issued $500 million aggregate principal amount of 4.500% fixed-rate reset junior subordinated notes at par. The net proceeds of the issuance, after consideration of the underwriting expenses, commissions and other expenses, totaled $494 million. Commencing on April 1, 2021, interest on these notes is payable semi-annually at an annual fixed rate of 4.500% until the first reset date on October 1, 2030. From the first reset date, and resetting every five years thereafter, the notes will bear interest at an annual rate equal to the five-year treasury rate plus 3.815%. These junior subordinated notes may be redeemed at the option of the issuer, in whole or in part, at any time, with early redemption outside of a par call period requiring the payment of a make-whole premium. Par call periods occur between April 1 and October 1 in each year in which the interest rate resets. Early redemption prior to October 1, 2025 is subject to the Bermuda Monetary Authority's approval. Unless previously redeemed, the notes mature on October 1, 2050. These notes are ranked as unsecured junior subordinated obligations, and will rank junior in right of payment to all outstanding and future senior indebtedness of PartnerRe Finance B LLC. PartnerRe Ltd. has fully and unconditionally guaranteed all obligations of PartnerRe Finance B LLC related to these junior subordinated notes. PartnerRe Ltd.’s obligations under this guarantee are unsecured junior subordinated obligations and rank junior in right of payment to all its outstanding and future senior indebtedness, and equally in right of payment with all outstanding and future unsecured indebtedness that is by its terms equal in right of payment to the junior subordinated notes. Capital efficient notes due 2066 In November 2006, PartnerRe Finance II Inc., an indirect wholly-owned financing subsidiary of the Company, issued Fixed-to-Floating Rate Junior Subordinated Capital Efficient Notes (CENts) with a principal amount of $250 million. In March 2009, $187 million of the principal amount was extinguished, with an additional $900 thousand of the principal amount extinguished in June 2019 and $560 thousand in December 2022. As a result, the remaining aggregate principal amount of the CENts as at December 31, 2023 and 2022 was $62 million. Interest on the CENts is payable quarterly at an annual rate of 3-month SOFR plus a margin equal to 2.325%, and an additional spread adjustment of 0.26161% (due to the transition of the benchmark from LIBOR), reset quarterly. Since December 1, 2016, PartnerRe Finance II Inc. has had the right to defer one or more interest payments for up to ten years to December 1, 2026. The CENts are currently redeemable at the option of the issuer, in whole or in part, and are ranked as junior subordinated unsecured obligations of PartnerRe Finance II Inc. PartnerRe Ltd. has fully and unconditionally guaranteed all obligations of PartnerRe Finance II Inc. related to these junior subordinated notes. PartnerRe Ltd.’s obligations under this guarantee are unsecured junior subordinated obligations and rank junior in right of payment to all its outstanding and future senior indebtedness, and equally in right of payment with all outstanding and future unsecured indebtedness that is by its terms equal in right of payment to the junior subordinated notes. Debt repurchases We or our affiliates may, at any time and from time to time, seek to retire or purchase our outstanding debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Authorized Shares At December 31, 2023 and 2022, the total authorized share capital (common and preferred) of the Company was $200 million. Common Shares At December 31, 2022 and 2023, 100 million authorized and issued Class A common shares of $0.00000001 par value each were owned by Covéa Coopérations. See Note 17 for discussion of Class C common shares. Redeemable Preferred Shares On March 15, 2021, the Company issued 8,000,000 4.875% Series J fixed rate non-cumulative redeemable preferred shares at a par value of $1.00 per share and a redemption price of $200 million. The Company incurred issuance costs directly attributable to the new preferred shares of $6 million. The Series J preferred shares will remain outstanding into perpetuity, unless and until the Company decides to redeem them. The shares are not callable by the Company until March 15, 2026. On and after March 15, 2026, the Series J Preferred Shares will be redeemable at the Company’s option, in whole or from time to time in part, at a redemption price equal to $25 per Series J Preferred Share, plus declared and unpaid dividends. Dividends on the Series J preferred shares are non-cumulative and are payable quarterly in arrears. In the event of liquidation of the Company, the Series J preferred shares rank senior to the common shares, and the holders of the preferred shares would receive a distribution of $25 per share plus any declared but unpaid dividends. The Series J preferred shares were the only preferred shares issued and outstanding at December 31, 2023 and 2022. On May 3, 2021, the Company redeemed all outstanding Series G, Series H and Series I preferred shares at $25 per share for an aggregate liquidation value of $637 million. In addition, unpaid preferred dividends accrued to the redemption date totaling $7 million were paid. In connection with the redemption, the Company recognized a loss of $21 million related to the deferred issuance costs paid upon issuance which were included in Additional paid-in capital related to the Series G, H and I preferred shares. There was no additional gain or loss on redemption to recognize as the redemption price and the initial consideration received on the issue of preferred shares were both $25 per share. The loss of $21 million was recognized as a deemed preferred dividend in retained earnings and in determining the Net income available to common shareholder. |
Dividend Restrictions and Statu
Dividend Restrictions and Statutory Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure - Dividend Restrictions and Statutory Requirements [Abstract] | |
Dividend Restrictions and Statutory Requirements | Dividend Restrictions and Statutory Requirements The Company’s ability to pay common and preferred shareholders’ dividends and its corporate expenses is dependent mainly on cash dividends from PartnerRe Bermuda, PartnerRe Europe, PartnerRe U.S., PartnerRe Asia and PartnerRe Canada (collectively, the reinsurance subsidiaries), which are the Company’s most significant subsidiaries. The payment of such dividends by the reinsurance subsidiaries to the Company is limited under Bermuda, Irish, Canadian and Singapore laws and certain statutes of various U.S. states in which PartnerRe U.S. is domiciled. The restrictions are generally based on net income and/or certain levels of surplus as determined in accordance with the relevant statutory accounting practices. The Company’s dividend policy is to declare and pay a dividend on its common shares at consistent levels each quarter. On December 16, 2021, Exor signed a definitive agreement with Covéa Coopérations, under which Covéa Coopérations agreed to purchase all of the common shares of PartnerRe Ltd. from Exor. Consummation of this transaction occurred on July 12, 2022. During 2023, the Company declared and paid common share dividends totaling $200 million. In addition, a deemed dividend of $18 million was paid to Covéa Coopérations during 2023. At December 31, 2023, given the Company complied with its Bermuda solvency requirements, there were no other restrictions on the Company’s ability to pay common and preferred shareholders’ dividends from its retained earnings, except for the reinsurance subsidiaries’ dividend restrictions described below. The reinsurance subsidiaries are required to file annual statements with insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis), maintain minimum levels of solvency and liquidity and comply with risk-based capital requirements and licensing rules. At December 31, 2023, the reinsurance subsidiaries’ solvency, liquidity and risk-based capital amounts were in excess of the minimum levels required. The typical adjustments to insurance statutory basis amounts to convert to U.S. GAAP include the elimination of certain statutory reserves, deferral of certain acquisition costs, recognition of goodwill, intangible assets and deferred income taxes that are limited on a statutory basis, valuation of bonds at fair value, the deferral of gains on retroactive reinsurance on non-life business and presentation of ceded reinsurance balances gross of assumed balances. PartnerRe Bermuda may declare dividends subject to it continuing to meet its minimum solvency and minimum liquidity ratios, which are to hold statutory capital and surplus equal to or exceeding the Target Capital Level, which is equivalent to 120% of the Enhanced Capital Requirement (ECR) and to maintain a minimum general business liquidity ratio equal to the value of its relevant assets at not less than 75% of the amount of its relevant liabilities. The ECR is calculated with reference to the Bermuda Solvency Capital Requirement model, which is a risk-based capital model. During 2023, the maximum dividend that PartnerRe Bermuda can pay without prior regulatory approval is approximately $1,120 million. The reporting deadline for the annual submission is April 30, 2024. PartnerRe Europe is subject to the Solvency II European Directive (Solvency II Regulations). The Solvency II Regulations relate to the solvency standards applicable to insurers and reinsurers and lay down, at the level of PartnerRe Europe, the minimum amounts of financial resources required in order to cover the risks to which it is exposed and the principles that should guide its overall risk management and reporting. PartnerRe Europe may declare dividends subject to it continuing to meet its Solvency II requirements, which are to hold available capital, calculated on a Solvency II balance sheet basis, in excess of the solvency capital requirement (SCR). The maximum dividend is limited to “profits available for distribution”, which consist of accumulated realized profits less accumulated realized losses. The reporting deadline for the annual Solvency II submission is April 7, 2024. PartnerRe U.S. may declare dividends subject to it continuing to meet its minimum solvency and capital requirements and is generally limited to paying dividends from earned surplus. In connection with the acquisition by Covéa Coopérations, it was agreed that PartnerRe US would not take action to declare or distribute any dividend for the two year period from July 12, 2022 to July 12, 2024 without the prior approval of the New York State Department of Financial Services. The maximum dividend that can be declared and paid without prior approval is limited, to the lesser of adjusted net investment income or 10% of its total statutory capital and surplus as of the most recently filed annual statement. The reporting deadline for the annual filing is March 1, 2024. PartnerRe Asia may declare dividends from unappropriated profits subject to meeting the capital requirements, as laid out by the Monetary Authority of Singapore. As a licensed reinsurer, PartnerRe Asia is required to maintain minimum capital of SGD25 million. In addition, PartnerRe Asia is required to establish and maintain separate insurance funds for each class of business that it writes, for both Singapore and offshore policies. The solvency requirement in respect of each insurance fund shall at all times be not less than the total risk requirement of the fund (determined by reference to three components being insurance risks, asset portfolio risks and asset concentration risks) and above 120% of the total risk requirement on a Company basis. The declaration of a dividend by PartnerRe Asia is subject to conditions and requirements being met as specified under the Companies Act and the Insurance Act and its associated regulations. The filing date for the annual submission is March 31, 2024. PartnerRe Canada may declare dividends subject to it continuing to meet its capital requirements and maintaining adequate and appropriate forms of liquidity in addition to complying with related regulations. Dividends and capital distributions are subject to regulations under the Insurance Companies Act (Canada) and the requirements of the Office of the Superintendent of Financial Institutions (OSFI). The reporting deadline for the annual filing is February 29, 2024. The statutory financial statements and returns of the Company’s reinsurance subsidiaries as at, and for the year ended, December 31, 2023 are due to be submitted to the relevant regulatory authorities later in 2023, with different filing dates in each jurisdiction. In certain jurisdictions, the statutory financial statements and returns are subject to the review and final approval of the relevant regulatory authorities. As a result, the comparative figures in the tables below reflect final figures submitted to regulatory authorities for 2022 and 2021. The statutory net income (loss) of PartnerRe Bermuda, PartnerRe Europe, PartnerRe U.S., PartnerRe Asia and PartnerRe Canada for the years ended December 31, 2023, 2022 and 2021 was as follows (in millions of U.S. dollars): 2023 2022 2021 PartnerRe Bermuda $ 1,138 $ (139) $ 900 PartnerRe Europe $ 383 $ (329) $ 28 PartnerRe U.S. $ 220 $ 242 $ 68 PartnerRe Asia $ 48 $ (35) $ (6) PartnerRe Canada $ 13 $ (14) $ (12) The required and actual statutory capital and surplus of PartnerRe Bermuda, PartnerRe Europe, PartnerRe U.S., PartnerRe Asia and PartnerRe Canada at December 31, 2023 and 2022 was as follows (in millions of U.S. dollars): PartnerRe Bermuda (1) PartnerRe Europe PartnerRe U.S. PartnerRe Asia PartnerRe Canada 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Required statutory capital and surplus $ 2,824 $ 2,727 $ 1,564 $ 1,537 $ 1,472 $ 1,356 $ 56 $ 47 $ 1,221 $ 1,144 Actual statutory capital and surplus $ 7,108 $ 5,816 $ 2,971 $ 2,672 $ 2,182 $ 1,928 $ 265 $ 212 $ 1,606 $ 1,392 (1) Required statutory capital and surplus is calculated at the Target Capital Level In addition to the required statutory capital and surplus requirements for the reinsurance subsidiaries in the table above, the Company is required to assess its solvency capital needs both at a PartnerRe Group and subsidiary level. The Company’s capital requirements determine the amount of capital available to be declared as dividends to its shareholders. As Group Supervisor of the Company, the Bermuda Monetary Authority is tasked with assessing the financial condition of the PartnerRe Group and coordinates the dissemination of information to other relevant authorities for the purpose of assisting in their regulatory functions and the enforcement of regulatory action against the Company or any of its subsidiaries, including the power to impose restrictions on the ability of the relevant subsidiaries to declare dividends to the Company, and the ability of the Company to pay dividends to shareholders. In addition, the Company is required to maintain the Group ECR imposed by the BMA under Bermuda law. The Company is currently completing the 2023 PartnerRe Group BSCR, which must be filed with the BMA on or before May 31, 2024, and at this time, we expect we will exceed the ECR. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxation | Taxation The Company and its Bermuda domiciled subsidiaries are not subject to Bermuda income or profit tax, withholding tax, capital gains tax or capital transfer tax in Bermuda, under current Bermuda law. However, on December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (the “CIT Act”). Entities subject to tax under the CIT Act are the Bermuda constituent entities of multi-national groups. A multi-national group is defined under the CIT Act as a group with entities in more than one jurisdiction with consolidated revenues of at least €750 million for two of the four previous fiscal years. If Bermuda constituent entities of a multi-national group are subject to tax under the CIT Act, such tax is charged at a rate of 15 percent of the net income of such constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities). No tax is chargeable under the CIT Act until tax years starting on or after January 1, 2025. The CIT Act also includes a provision referred to as the economic transition adjustment, which is intended to provide a fair and equitable transition into the tax regime, and results in a deferred tax benefit for the Company. Pursuant to this legislation, the Company has estimated as of December 31, 2023, a $487 million deferred tax asset in relation to the economic transition adjustment and a $55 million deferred tax liability in relation to the future tax impact of temporary differences between book and tax value. Most of the net $432 million deferred tax asset is expected to be utilized predominantly over a 10-year period. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The significant jurisdictions in which the Company’s subsidiaries and branches are subject to tax are Canada, France, Hong Kong, Ireland, Singapore, Switzerland, United Kingdom and the U.S. Income tax returns are open for examination for the tax years 2018-2023 in the U.S. and Hong Kong; 2019-2023 in Canada, Ireland, United Kingdom and Singapore; 2021-2023 in France and Switzerland. As a global organization, the Company may be subject to a variety of transfer pricing or permanent establishment challenges by taxing authorities in various jurisdictions. While management believes that adequate provision has been made in the Consolidated Financial Statements for any potential assessments that may result from tax examinations for all open tax years, the completion of tax examinations for open years may result in changes to the amounts recognized in the Consolidated Financial Statements. Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Current income tax expense U.S. $ 40,840 $ 93,906 $ 31,216 Non U.S. 11,621 20,622 18,293 Total current income tax expense $ 52,461 $ 114,528 $ 49,509 Deferred income tax (benefit) expense U.S. $ 8,048 $ (14,428) $ (9,404) Non U.S. (390,065) (60,138) 61 Total deferred income tax (benefit) expense $ (382,017) $ (74,566) $ (9,343) Unrecognized tax expense (benefit) U.S. $ — $ — $ — Non U.S. 1,632 1,933 (199) Total unrecognized tax expense (benefit) $ 1,632 $ 1,933 $ (199) Total income tax (benefit) expense U.S. $ 48,888 $ 79,478 $ 21,812 Non U.S. (376,812) (37,583) 18,155 Total income tax (benefit) expense $ (327,924) $ 41,895 $ 39,967 Income (loss) before taxes attributable to the Company’s domestic and foreign operations and a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda (the Company’s domicile) law to income (loss) before taxes was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands of U.S. dollars): 2023 2022 2021 Domestic (Bermuda) $ 772,926 $ (95,063) $ 631,852 Foreign 1,217,269 (802,794) 172,303 Income (loss) before taxes $ 1,990,195 $ (897,857) $ 804,155 Reconciliation of effective tax rate (% of income (loss) before taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected tax rates 12.4 15.3 6.7 Impact of foreign exchange gains or losses (1.1) (0.3) (0.1) Unrecognized tax expense (benefit) 0.1 (0.2) — Tax-exempt income and expenses not deductible (3.8) 0.2 (0.3) Foreign branch tax 2.0 4.1 0.1 Valuation allowance (4.3) (20.8) 0.6 Tax legislation change (21.9) — (0.3) Other 0.1 (3.0) (1.7) Actual tax rate (16.5) % (4.7) % 5.0 % Following the enactment in 2023 of the CIT Act, a net $432 million deferred tax asset was recorded as described in further detail above. This had a 21.9 point reduction on the effective tax rate in 2023 and is included within the Tax legislation change line in the table above. The components of net tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Net tax assets $ 563,368 $ 160,634 Net tax liabilities (57,584) (38,576) Net tax assets $ 505,784 $ 122,058 December 31, 2023 December 31, 2022 Net current tax assets $ 109,538 $ 108,836 Net deferred tax assets (liabilities) 408,884 23,931 Net unrecognized tax benefit (12,638) (10,709) Net tax assets $ 505,784 $ 122,058 Deferred tax assets and liabilities reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Significant components of the net deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Deferred tax assets Foreign tax credit carryforwards $ 176,904 $ 211,023 Tax loss carryforwards 104,546 123,597 Unearned premiums 44,878 46,029 Coinsurance funds held 6,237 — Unrealized depreciation and timing differences on investments 96,108 170,720 Bermuda economic transition adjustment 487,265 — Other deferred tax assets 45,019 37,424 $ 960,957 $ 588,793 Valuation allowance (325,150) (386,525) Deferred tax assets $ 635,807 $ 202,268 Deferred tax liabilities Deferred acquisition costs $ 94,144 $ 92,459 Goodwill and other intangibles 55,067 55,882 Coinsurance reserves 16,065 — Discounting of loss reserves and adjustment to life policy reserves 44,406 7,928 Equalization reserves 13,732 8,235 Other deferred tax liabilities 3,509 13,833 Deferred tax liabilities $ 226,923 $ 178,337 Net deferred tax assets $ 408,884 $ 23,931 Realization of deferred tax assets is dependent on generating sufficient taxable income in future periods. Although realization is not assured, management believes that it is more likely than not that the deferred tax assets will be realized. The valuation allowance recorded at December 31, 2023 relates to a foreign tax credit carryforward of $177 million in Ireland, a net unrealized investment loss position in the United States generating a deferred tax asset of $114 million, and net deferred tax assets of $32 million in the United States. The valuation allowance recorded at December 31, 2022 relates to a foreign tax credit carryforward of $211 million in Ireland, a net unrealized investment loss position in the United States generating a deferred tax asset of $148 million, and net deferred tax assets of $12 million in the United States, $11 million in the United Kingdom and $5 million in Canada. At December 31, 2023, the deferred tax assets included $27 million in aggregate tax loss carryforwards (after valuation allowance) including: $15 million in Singapore, $6 million in the United Kingdom, $3 million in Switzerland and $3 million in the United States. At December 31, 2022, the deferred tax assets included $76 million in aggregate tax loss carryforwards (after valuation allowance) including: $26 million in Switzerland, $20 million in Singapore, $10 million in the United States, $2 million in Hong Kong, $2 million in United Kingdom and $1 million in Canada. The loss carryforwards at both December 31, 2023 and December 31, 2022 can be carried forward for an unlimited period of time except Canada which is limited to twenty years and Switzerland which is limited to seven years. The total amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Balance at January 1 $ 10,709 $ 9,276 $ 10,272 Changes in tax positions taken during a prior year 4,773 1,933 (200) Settlements (2,547) — — Impact of the change in foreign currency exchange rates (297) (500) (796) Balance at December 31 $ 12,638 $ 10,709 $ 9,276 For the years ended December 31, 2023, 2022 and 2021, there were no new uncertain tax positions taken. For the years ended December 31, 2023, 2022 and 2021, there were no unrecognized tax benefits that, if recognized, would create a temporary difference between the reported amount of an item in the Company’s Consolidated Balance Sheets and its tax basis. The Company recognizes interest and penalties as Income tax expense (benefit) in the Consolidated Statements of Operations. At December 31, 2023, $5 million of unrecognized tax benefits are expected to reverse within twelve months. |
Share-Based Incentives
Share-Based Incentives | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Incentives | Share-Based Incentives The Company is authorized to issue Class C common shares (Class C shares) and restricted share units to certain executives and directors of the Company. Prior to the adoption of the Class C shares and related restricted share unit plan in 2021, the Company was authorized to issue restricted Class B common shares (Class B shares) which ranked pari passu with Class C shares in all respects. Class C Shares and Restricted Share Unit Plan During 2021, the Company designated a new class of voting Class C shares and also adopted a related restricted share unit plan and French sub-plan (collectively the “RSU Plan”). The RSU Plan provides for the award of restricted share units to certain executives of the Company (each a “Participant”). Effective January 1, 2024, the Company's Board of Directors approved the Second Amended and Restated 2021 Restricted Share Unit Plan. Grants under the RSU Plan are split evenly between restricted share units and performance share units (collectively referred to as RSUs) which are adjusted for personal performance (range of 75% to 125% of target) and Company performance (range of 50% to 150% of target), respectively, after one year following the date of grant. RSUs are generally granted on March 1 of a given year, and the target number of RSUs initially granted is determined based on a long-term incentive (“LTI”) target award amount divided by the latest U.S. GAAP book value (or common shareholder’s equity) per share published as of December 31. The RSUs are granted at $nil consideration and cliff vest after a three year vesting period from the date of grant, in accordance with the terms set out in the RSU Agreement and the RSU Plan provided to the Participant. An acceleration of the vesting period will occur under certain circumstances, including death or permanent disability of the Participant or change of control for the Company. Notwithstanding these provisions, the Company's Board of Directors has authority to accelerate the vesting period at its own discretion. The RSUs are eligible for imputed dividends which are subject to the same forfeiture provisions as the related RSUs. RSUs do not entitle the holder to any voting rights for the Company. RSUs are settled in unrestricted Class C shares following the vesting date. Class C shares can also be purchased by or granted to certain executives or non-executive directors of the Company, provided requisite approvals have been granted, at the discretion of the Company's Board of Directors. Purchases of Class C shares are based on the latest U.S. GAAP book value as of the applicable valuation date. Unrestricted Class C shares can be sold back to the Company at a redemption price based on the Company’s U.S. GAAP book value per share as of the applicable valuation date, at the discretion of the Company as further defined in the RSU Agreement and RSU Plan. The RSU Plan requires that the Participant can only sell Class C shares back to the Company provided that the Participant at a minimum holds cumulative Class C shares and RSUs in the lesser amount of (i) two times their gross annual LTI target value or (ii) $1,000,000, unless otherwise agreed (the “Minimum Holding Requirement”). Class B Shares During 2017, the Company designated a class of voting Class B shares. Prior to the approval of the Class C shares and related RSU Plan in 2021, Class B shares could either be purchased by or granted to certain executives or non-executive directors of the Company at the discretion of the Company in line with the provisions set out in the Class B Certificate of Designation, or any sub-plan or addendum thereto. Effective 2021, the Company no longer grants Class B shares or authorizes new purchases of Class B shares. All Class B shares were extinguished in 2022 and there were no longer any Class B shares issued or outstanding for the years ended December 31, 2023 and 2022, respectively. Summary of Activity Restricted Class B shares, Class C shares and RSUs granted are recognized at fair value over the requisite service period. The Company has elected to recognize forfeitures as they occur rather than estimating service-based forfeitures over the requisite service period. In July 2022, Covéa Coopérations completed the acquisition of PartnerRe Ltd. from Exor. Upon the change of control, all Class B shares, Class C shares and RSUs vested and were repurchased by the Company, with the exception of Class C shares and RSUs issued in 2022. The repurchase price for all Class B shares, Class C shares and RSUs was based on a valuation utilizing the Covéa Coopérations acquisition purchase price per share of the Company. The Company's total settlement amount paid upon change of control was $43 million, net of $3 million of tax withholding, which included $40 million paid for granted shares and RSUs and $3 million for certain shares that were previously purchased by executives and directors of the Company. Included in Accounts payable, accrued expense and other in the Consolidated Balance Sheets was a liability of $27 million for Class C Shares and RSUs at December 31, 2023, and a liability of $7 million for Class C shares and RSUs at December 31, 2022. The compensation expense related to Class B shares, Class C shares and RSUs for the years ended December 31, 2023, 2022, and 2021 was $21 million, $29 million and $13 million, respectively, included in Other expenses in the Company's Consolidated Statements of Operations. The 2022 expense included the impact of accelerated vesting of Class B shares, Class C shares and RSUs due to the change of control. As of December 31, 2023, there was $16 million of total unrecognized compensation cost related to RSUs, which will be recognized on a weighted average basis during the next 1.5 years. The following tables provide activity summaries of the Company's Class B shares, Class C shares, and RSUs outstanding: RSUs (1) Outstanding December 31, 2020 — Granted 263,214 Outstanding December 31, 2021 263,214 Forfeitures (2,964) Accelerated vesting and repurchase upon change of control (260,250) Granted 265,805 Outstanding December 31, 2022 265,805 Forfeitures (29,044) Vested (42,838) Granted 222,093 Outstanding December 31, 2023 416,016 (1) For RSUs, the number of grants in the table are shown at the maximum number that can be attained if the performance conditions are fully met for personal and Company performance. Forfeitures represent adjustments to grants falling below the maximum attainable as a result of not fully meeting the performance conditions. Restricted Class C shares Unrestricted Class C shares Total Class C shares Outstanding December 31, 2020 — — — Granted 7,373 — 7,373 Purchased — 2,072 2,072 Outstanding December 31, 2021 7,373 2,072 9,445 Accelerated vesting and repurchase upon change of control (7,373) (5,819) (13,192) Granted 7,666 3,747 11,413 Outstanding December 31, 2022 7,666 — 7,666 Granted 7,722 — 7,722 RSUs and imputed dividends settled in Class C shares — 44,459 44,459 Outstanding December 31, 2023 15,388 44,459 59,847 Restricted Class B shares Unrestricted Class B shares Total Class B shares Outstanding December 31, 2020 189,166 85,498 274,664 Repurchased (29,048) (22,957) (52,005) Expiration of restricted period (20,298) 20,298 — Outstanding December 31, 2021 139,820 82,839 222,659 Expiration of restricted period (32,168) 32,168 — Accelerated vesting and repurchase upon change of control (107,652) (115,007) (222,659) Outstanding December 31, 2022 — — — Outstanding December 31, 2023 — — — |
Retirement Benefit Arrangements
Retirement Benefit Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Arrangements | Retirement Benefit Arrangements For employee retirement benefits, the Company maintains certain defined contribution plans and other active and frozen defined benefit plans. Defined Contribution Plans Contributions are made by the Company, and in some locations, these contributions are supplemented by the local plan participants. Contributions are based on a percentage of the participant’s base salary depending upon competitive local market practice and vesting provisions meeting legal compliance standards and market trends. The accumulated benefits for the majority of these plans vest immediately or over a period of up to four years. As required by law, certain retirement plans also provide for death and disability benefits and lump sum indemnities to employees upon retirement. The Company incurred expenses for these defined contribution arrangements of $14 million, $13 million, and $13 million for the years ended December 31, 2023, 2022 and 2021, respectively, included within Other expenses in the Company's Consolidated Statements of Operations. Active Defined Benefit Plan The majority of the defined benefit obligation at December 31, 2023 relates to a hybrid plan accounted for as a defined benefit plan under U.S. GAAP for the Company’s Zurich office employees (the Zurich Plan). At December 31, 2023 and 2022, the funded status of the Zurich Plan was as follows (in thousands of U.S. dollars): 2023 2022 Underfunded pension obligation at beginning of year $ 9,538 $ 32,636 Change in pension obligation Service cost $ 7,300 $ 8,746 Interest cost 3,707 373 Plan participants’ contributions 4,194 3,792 Actuarial losses (gains) 18,002 (37,992) Plan amendments (2,606) — Benefits paid 1,775 (4,576) Foreign currency adjustments 18,500 (3,736) Settlements (13,064) — Change in pension obligation $ 37,808 $ (33,393) Change in fair value of plan assets Actual return on plan assets $ 5,590 $ (14,936) Employer contributions 8,396 7,658 Plan participants’ contributions 4,194 3,792 Benefits paid 1,775 (4,576) Foreign currency adjustments 16,658 (2,233) Settlements (13,064) — Change in fair value of plan assets $ 23,549 $ (10,295) Underfunded pension obligation at end of year $ 23,797 $ 9,538 Additional information: Projected benefit obligation at end of year (1) $ 207,336 $ 169,527 Fair value of plan assets at end of year $ 183,539 $ 159,989 Underfunded pension obligation at end of year $ 23,797 $ 9,538 Accumulated pension obligation at end of year (2) $ 200,462 $ 167,560 (1) Represents the actuarial present value of all benefits attributed to employee service rendered to December 31, measured using assumptions as to future compensation levels (2) Represents the actuarial present value of benefits (whether vested or non-vested) attributed to employee service rendered and compensation to December 31, with no assumption about future compensation levels At December 31, 2023 and 2022, the underfunded pension obligation of $24 million and $10 million, respectively, was included in Accounts payable, accrued expenses and other in the Consolidated Balance Sheets. The amounts included in Accumulated other comprehensive income (loss) at December 31, 2023 and 2022 were cumulative losses of $8 million (net of $2 million of taxes) and cumulative gains of $6 million (net of $1 million of taxes), respectively. The net periodic benefit cost reported in Other expenses in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 was $3 million, $1 million and $8 million, respectively. The projected benefit obligation increased by $38 million during 2023, due primarily to an update of actuarial assumptions of $18 million to reflect a decline in discount rates, and foreign currency adjustments of $19 million due to the strengthening in the value of the Swiss Franc versus the U.S. dollar during the year, partially offset by $13 million of settlements. This was offset by increases of the fair value of plan assets of $24 million, driven by $17 million in foreign currency adjustments and $8 million in employer contributions, partially offset by $13 million of settlements. In 2022, the decrease in the projected benefit obligation was driven by an update of actuarial assumptions primarily to reflect an increase in discount rates during the year. This was offset by decreases to the fair value of plan assets of $10 million, due primarily to the actual return on plan assets during the year, partially offset by $8 million in employer contributions. The investment strategy for the plan is to achieve a consistent long-term return, which will provide sufficient funding for future pension obligations while limiting risk. The expected long-term rate of return on plan assets is based on the expected asset allocation and assumptions concerning long-term interest rates, inflation rates and risk premiums for equities above the risk-free rates of return. These assumptions take into consideration historical long-term rates of return for the relevant asset categories. The investment strategy is reviewed regularly. The Zurich Plan is a partially insured scheme participating in a single investment pool under the pension provider. As at December 31, 2023 and 2022, the coverage ratio was 103% and 101%, respectively, based on the performance of the assets. The fair value of the Zurich Plan’s assets, comprised of an investment pool of funds and including cash, at December 31, 2023 and 2022 was $184 million and $160 million, respectively. The partially insured funds comprise the accumulated pension plan contributions and investment returns thereon. These funds meet the definition of Level 2 inputs of the fair value hierarchy as defined in Note 4(a). The actual return on plan assets for the years ended December 31, 2023, 2022, and 2021 was a gain of $6 million, loss of $15 million, and gain of $7 million, respectively. The assumptions used to determine the Zurich Plan’s pension obligation and net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Pension Net periodic Pension Net periodic Pension Net periodic Discount rate 1.30 % 2.20 % 2.20 % 0.20 % 0.20 % 0.10 % Interest crediting rate 1.30 % 2.20 % 2.20 % 1.00 % 1.00 % 1.00 % Expected long-term return on plan assets — 5.00 % — 4.25 % — 3.50 % Rate of compensation increase 2.25 % 2.25 % 2.25 % 2.00 % 2.00 % 2.00 % At December 31, 2023, estimated employer contributions to be paid in 2024 related to the Zurich Plan were $8 million and future benefit payments were estimated to be paid as follows (in thousands of U.S. dollars): Year Amount 2024 $ 13,455 2025 $ 11,660 2026 $ 12,846 2027 $ 11,225 2028 $ 10,689 2029 to 2033 $ 57,052 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Concentration of Credit Risk Fixed maturities The Company’s investment portfolio is managed following prudent standards of diversification and a prudent investment philosophy. The Company is not exposed to any significant credit concentration risk on its investments, except for debt securities issued by the U.S. government and government sponsored enterprises and other highly rated non-U.S. sovereign governments’ securities. At December 31, 2023 and 2022, other than the U.S. government and U.S. government sponsored enterprises, the Company’s fixed maturity investment portfolio did not contain exposure to any non-U.S. sovereign government or any other issuer that accounted for more than 10% of the Company’s shareholders’ equity. The Company keeps cash and cash equivalents in several banks and ensures that there are no significant concentrations of credit risk in any one bank. Derivatives The Company’s investment strategy allows for the use of derivative instruments, subject to strict limitations. Derivative instruments may be used to replicate investment positions and for the purpose of managing overall currency risk, market exposures and portfolio duration, for hedging certain investments, or for enhancing investment performance that would be allowed under the Company’s investment policy if implemented in other ways. The Company is exposed to credit risk in the event of non-performance by the counterparties to the Company’s derivative contracts. However, the Company diversifies the counterparties to its derivative contracts to reduce credit risk, and because the counterparties to these contracts are high credit quality international banks, the Company does not anticipate non-performance. These contracts are generally of short duration and settle on a net basis. The difference between the contract amounts and the related market value represents the Company’s maximum credit exposure. Underwriting operations The Company is also exposed to credit risk in its underwriting operations, most notably in the credit/surety line. Loss experience in these lines of business is cyclical and is affected by the state of the general economic environment. The Company provides its clients in these lines of business with reinsurance protection against credit deterioration, defaults or other types of financial non-performance of or by the underlying credits that are the subject of the reinsurance provided and, accordingly, the Company is exposed to the credit risk of those credits. The Company mitigates the risks associated with these credit-sensitive lines of business through the use of risk management techniques such as risk diversification, careful monitoring of risk aggregations and accumulations and, at times, through the use of retrocessional reinsurance protection and the purchase of credit default, total return and interest rate swaps. The Company has exposure to credit risk as it relates to its business written through brokers, if any of the Company’s brokers is unable to fulfill their contractual obligations with respect to payments to the Company. In addition, in some jurisdictions, if the broker fails to make payments to the insured under the Company’s policy, the Company might remain liable to the insured for the deficiency. The Company’s exposure to such credit risk is somewhat mitigated in certain jurisdictions by contractual terms. The Company has exposure to credit risk related to reinsurance balances receivable, reinsurance recoverable on paid and unpaid losses, funds held by reinsured companies and deposit assets. The credit risk exposure related to these balances is mitigated by several factors, including but not limited to, credit checks performed as part of the underwriting process, monitoring of aged receivable balances and, in certain cases, the contractual right to offset amounts payable by the Company to the counterparty against amounts due to the Company from the counterparty. In assessing future default for reinsurance balances receivable, the Company evaluates the valuation allowance under the loss rate method and utilizes historic loss activity, adjusted for its assessment of current market conditions and reasonable and supportable forecasts on loss rates. At December 31, 2023 and 2022, the Company's allowance for credit losses for its reinsurance balances receivable was $11 million and $12 million, respectively. In assessing an allowance for funds held by reinsured companies and deposit assets, the Company considers historical information and the financial strength and credit ratings of counterparties to determine the appropriateness of the allowance. In assessing future default for these balances, the Company evaluates the valuation allowance under the probability of default and loss given default method and utilizes counterparty credit ratings from major rating agencies, as well as assessing the current market conditions and reasonable and supportable forecasts for the likelihood of default. At December 31, 2023 and 2022, the Company's allowance for credit losses was $4 million for funds held by reinsured companies and $1 million for deposit assets, respectively. See Note 12 for discussion of credit risk related to reinsurance recoverable on paid and unpaid losses. (b) Lease Arrangements The Company leases office space under operating leases expiring in various years through 2038. At the lease commencement, the Company determines the classification of each lease as either a finance lease or an operating lease. The Company currently only has leases classified as operating and the lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Variable lease payments are excluded from these lease payments to the extent they are not based on consumer price index or a market index and are recognized in the period in which the obligation for those payments is incurred. Many of the Company's lease terms include options to extend or terminate the lease at the discretion of the Company, and are reflected in the lease measurement only if the Company is reasonably certain of exercising those options. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company has lease agreements with lease and non-lease components, such as common-area maintenance costs. The Company has elected the practical expedient to account for lease components together with non-lease components as a single lease component for all real estate leases. As most leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The following table summarizes the balances related to the Company's total lease expense and provides supplemental other information related to operating leases for the year ended December 31, 2023 and 2022 (in thousands of U.S. dollars): 2023 2022 Operating lease costs $ 13,478 $ 12,437 Variable lease costs 1,660 1,292 Sublease income (140) — Total lease costs $ 14,998 $ 13,729 Other information: Operating lease right-of-use assets (1) $ 68,400 $ 71,174 Operating lease liabilities (2) $ 78,881 $ 79,925 Operating lease right-of-use assets obtained in exchange for lease obligations, non-cash $ 6,517 $ 4,016 Operating cash outflows from operating leases $ 13,834 $ 13,545 Weighted-average remaining lease term on operating leases (3) 7.4 Yrs 7.8 Yrs Weighted-average discount rate on operating leases (4) 2.5 % 2.3 % (1) Included in Other assets (2) Included in Accounts payable, accrued expenses and other (3) Weighted-average remaining lease term is calculated on the basis of the remaining lease term and the lease liability balance for each lease as of the reporting date (4) Weighted-average discount rate is calculated on the basis of the discount rate for the lease that was used to calculate the lease liability balance for each lease as of the reporting date and the remaining balance of the lease payments for each lease as of the reporting date The following table shows the contractual maturities of the Company's operating lease liabilities at December 31, 2023 (in thousands of U.S. dollars): Year Expected cash flows 2024 $ 14,806 2025 14,364 2026 14,203 2027 13,025 2028 8,796 2029 to 2038 20,499 Discount (6,812) Total discounted operating lease liabilities $ 78,881 (c) Other Agreements The Company has entered into maintenance agreements and service agreements that provide for business and information technology support and computer equipment. Future payments under these contracts amount to $34 million, with $23 million and $5 million to be paid during 2024 and 2025, respectively, and the remainder to be paid through to 2029. The Company has entered into certain investments, including investments in VIEs (see Note 5(e)), with unfunded capital commitments. As of December 31, 2023, the Company expects to fund capital commitments totaling $522 million with $230 million, $105 million, $66 million, $43 million, and $39 million expected to be paid during 2024, 2025, 2026, 2027 and 2028, respectively. In exchange for a fee, the Company has committed to provide statutory reserve support to a third party by funding loans if certain events occur. At December 31, 2023, the Company does not believe that it will be required to provide any funding under this commitment, as the occurrence of the defined events is considered remote. (d) Legal Proceedings Litigation The Company’s reinsurance subsidiaries, and the insurance and reinsurance industry in general, are subject to litigation and arbitration in the normal course of their business operations. In addition to claims litigation and disputes, the Company and its subsidiaries may be subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance contracts. While the outcome of any such litigation cannot be predicted with certainty, the Company will dispute all allegations against the Company and/or its subsidiaries that management believes are without merit. In March 2019, a cedant (“the Cedant”) brought a motion for a declaratory judgment against the Company seeking a declaration that the Cedant had properly exercised its right, pursuant to an agreement between the parties, to recapture certain portfolios of life reinsurance contracts that the Cedant had retroceded to the Company. In February 2021, the Company reached a settlement with the Cedant. |
Credit Agreements
Credit Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Line of Credit Facility [Abstract] | |
Credit Agreements | Credit Agreements In the normal course of its operations, the Company enters into agreements with financial institutions to obtain unsecured and secured letter of credit facilities. At December 31, 2023, the total amount of such credit facilities available to the Company was approximately $1,027 million, with the significant facilities as follows: • $400 million combined credit facility, with the first $100 million being unsecured and any further utilization secured. This credit facility matures each year on October 23, and automatically extends for a further year, unless canceled by either counterparty. • $250 million secured credit facility, that reduces to $150 million on and after March 31, 2024 and matures on December 31, 2024. • $200 million secured credit facility, that matures each year on December 21, and automatically extends for a further year unless canceled by either counterparty. • $175 million unsecured credit facility (of which $50 million is committed and $125 million is uncommitted), that matures on December 19, 2026. Under the terms of certain reinsurance agreements, irrevocable letters of credit were issued for a total of $130 million on an unsecured basis and $480 million on a secured basis at December 31, 2023 in respect of losses and unearned premium reserves. The committed secured credit facilities maintained by the Company are used for the issuance of letters of credit which must be fully secured with either cash, government bonds and/or investment grade bonds. The agreements include default covenants, which could require the Company to fully secure the outstanding letters of credit to the extent that the facility is not already fully secured and/or result in the Company not being allowed to issue any new letters of credit. At December 31, 2023, no conditions of default existed under these facilities. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The transactions between related parties discussed below were entered into at arm's-length. (a) Transactions with Covéa Group Covéa Coopérations is part of the Covéa Group, which meets the definition of a related party. In this context, the Covéa Group covers Covéa (the parent company of the Covéa Group, whose legal form is "SGAM" i.e. a mutual insurance group company), its affiliated mutual companies, Covéa Coopérations, and their subsidiaries and affiliates included in their consolidated financial statements. During 2023, the Company declared and paid to the Covéa Coopérations common share dividends totaling $200 million. During 2022, no common share dividends were declared and paid to Covéa Coopérations. In addition to the common share dividends, a deemed dividend was paid to Covéa Coopérations during 2023 of $18 million related to the Company acquiring renewal rights associated with an identified set of reinsurance treaties written by Covéa Coopérations. The Company is providing run-off services to Covéa Coopérations for the related in-force business until the natural expiry of those policies. For the year ended December 31, 2023, the Company earned $3 million related to services provided which was recognized as a receivable at the year end. In the normal course of its underwriting activities, the Company entered into assumed reinsurance agreements with certain affiliates of the Covéa Group. Included in the Consolidated Statements of Operations for the year ended December 31, 2023 were the following transactions related to the Covéa Group (in thousands of U.S. dollars): 2023 Gross premiums written $ 10,759 Net premiums written $ 10,759 Decrease in unearned premiums $ 305 Net premiums earned $ 11,064 Losses and loss expenses $ 21,697 Acquisition costs $ 33 Included in the Consolidated Balance Sheets at December 31, 2023 and 2022 were the following balances related to the Covéa Group (in thousands of U.S. dollars): 2023 2022 Reinsurance balances receivable $ 3,781 $ 3,169 Non-life reserves $ 107,736 $ 95,013 Life and health reserves $ 5,798 $ 1,175 Unearned premiums $ 335 $ 571 Other reinsurance balances payable $ 206 $ 106 Upon close of the acquisition of the Company's common shares by Covéa Coopérations in 2022, the Covéa Group sold its interest in the Company's third-party capital vehicles. (b) Transactions with EXOR Prior to the acquisition of the Company's common shares by Covéa Coopérations in 2022, EXOR was a related party to PartnerRe. The following transactions occurred during EXOR's ownership of the Company. During 2022 and 2021, the Company declared and paid to EXOR Nederland N.V. common share dividends totaling $178 million and $107 million, respectively. In the normal course of its investment operations, the Company bought or held securities of companies affiliated with the Company, including the following: • In 2021, the Company invested in two Exor managed funds. Net unrealized losses related to these funds of $72 million were recorded in the Consolidated Statements of Operations for the year ended December 31, 2022 (including $34 million pre-acquisition), compared to net unrealized gains of $115 million for the year ended December 31, 2021. • In 2018, the Company entered into an agreement with Exor to invest in a newly formed limited partnership, Exor Seeds L.P. During 2021, the Company sold its interest in Exor Seeds L.P. to Exor S.A. at a transaction price of $51 million. • In 2017, the Company invested $500 million in two Exor managed public equity funds. In conjunction with the acquisition of the Company by Covéa Coopérations in 2022, the Company sold a portion of these funds to EXOR for total consideration of $772 million, resulting in a realized gain of $450 million, the majority of which was included in unrealized gains in prior periods. Net realized and unrealized investment gains related to these funds of $40 million (including $24 million of losses pre-acquisition) and $115 million were recorded in the Consolidated Statements of Operations for the years ended December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, the Company was a party to various agreements with Exor whereby Exor provided services in exchange for fees as follows: • advisory services related to certain real estate investments where the Company paid approximately $265 thousand and $433 thousand for services rendered in 2022 and 2021, respectively. This agreement is terminated effective June 30, 2024. • investment advisory services and use of certain office space, where the Company paid $175 thousand related to services provided in 2021. This agreement was terminated in 2021. • certain advisory services for a fee of $184 thousand for 2022 and $350 thousand for 2021. This agreement terminated in 2022 in conjunction with the acquisition of the Company by Covéa Coopérations. • consulting services related to certain investments such as alternative fixed income, real estate, public equity and private equity funds as well as co-invest opportunities. The related consulting service agreement was effective April 1, 2021 and the Company paid $3.9 million and $2.6 million related to services provided in 2022 and 2021, respectively. This agreement was terminated effective March 31, 2023. Following the acquisition of the Company's common shares by Covéa Coopérations in 2022, EXOR is no longer a related party to PartnerRe. (c) Other |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company monitors the performance of its operations in three segments: Property and Casualty (P&C), Specialty and Life and Health. The business in the P&C and Specialty segments is collectively referred to as Non-life business. P&C, Specialty and Life and Health each separately represent markets that are reasonably homogeneous in terms of client types, buying patterns, underlying risk patterns and approach to risk management. The P&C segment is comprised of property and casualty business underwritten, including property catastrophe, facultative and U.S. health risks. The Specialty segment is comprised of specialty business underwritten, including treaty and facultative contracts. The Life and Health segment is comprised of mortality, morbidity, longevity and financial reinsurance solutions businesses. Management measures results for the P&C and Specialty segments on the basis of the loss ratio, acquisition ratio, technical ratio, other expense ratio and combined ratio (all defined below). Management measures results for the Life and Health segment on the basis of the allocated underwriting result, which includes underwriting result and net investment income allocated to life business. The segment results for the years ended December 31, 2023, 2022 and 2021 are presented below (in millions of U.S. dollars, except ratios). Segment Information For the year ended December 31, 2023 P&C Specialty Total Life Corporate Total Gross premiums written $ 4,771 $ 2,223 $ 6,994 $ 2,108 $ — $ 9,102 Net premiums written $ 3,909 $ 1,939 $ 5,848 $ 2,081 $ — $ 7,929 Decrease (increase) in unearned premiums 37 (47) (10) — — (10) Net premiums earned $ 3,946 $ 1,892 $ 5,838 $ 2,081 $ — $ 7,919 Losses and loss expenses (2,196) (986) (3,182) (1,808) — (4,990) Acquisition costs (960) (494) (1,454) (109) — (1,563) Technical result $ 790 $ 412 $ 1,202 $ 164 $ — $ 1,366 Other income — — — 40 1 41 Other expenses (92) (39) (131) (118) (214) (463) Underwriting result $ 698 $ 373 $ 1,071 $ 86 n/a $ 944 Net investment income 73 573 646 Allocated underwriting result $ 159 n/a n/a Market risk benefit gains 7 7 Net realized and unrealized investment gains 517 517 Interest expense (58) (58) Amortization of intangible assets (8) (8) Net foreign exchange losses (43) (43) Income tax benefit 328 328 Interest in losses of equity method investments (15) (15) Net income n/a $ 2,318 Loss ratio (1) 55.7 % 52.1 % 54.5 % Acquisition ratio (2) 24.3 26.1 24.9 Technical ratio (3) 80.0 % 78.2 % 79.4 % Other expense ratio (4) 2.3 2.1 2.2 Combined ratio (5) 82.3 % 80.3 % 81.6 % (1) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. (2) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. (3) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. (4) Other expense ratio is obtained by dividing other expenses by net premiums earned. (5) Combined ratio is defined as the sum of the technical ratio and the other expense ratio. Segment Information For the year ended December 31, 2022 P&C Specialty Total Life Corporate Total Gross premiums written $ 5,025 $ 1,990 $ 7,015 $ 1,674 $ — $ 8,689 Net premiums written $ 4,234 $ 1,665 $ 5,899 $ 1,645 $ — $ 7,544 (Increase) decrease in unearned premiums (293) 5 (288) 1 — (287) Net premiums earned $ 3,941 $ 1,670 $ 5,611 $ 1,646 $ — $ 7,257 Losses and loss expenses (2,410) (903) (3,313) (1,413) — (4,726) Acquisition costs (995) (435) (1,430) (107) — (1,537) Technical result $ 536 $ 332 $ 868 $ 126 $ — $ 994 Other income — — — 39 1 40 Other expenses (84) (35) (119) (93) (203) (415) Underwriting result $ 452 $ 297 $ 749 $ 72 n/a $ 619 Net investment income 74 324 398 Allocated underwriting result $ 146 n/a n/a Market risk benefit gains 121 121 Net realized and unrealized investment losses (1,969) (1,969) Interest expense (55) (55) Amortization of intangible assets (9) (9) Net foreign exchange losses (14) (14) Income tax expense (42) (42) Interest in earnings of equity method investments 11 11 Net loss n/a $ (940) Loss ratio 61.2 % 54.1 % 59.0 % Acquisition ratio 25.2 26.0 25.5 Technical ratio 86.4 % 80.1 % 84.5 % Other expense ratio 2.1 2.1 2.1 Combined ratio 88.5 % 82.2 % 86.6 % Segment Information For the year ended December 31, 2021 P&C Specialty Total Life Corporate Total Gross premiums written $ 4,541 $ 2,016 $ 6,557 $ 1,647 $ — $ 8,204 Net premiums written 3,722 1,789 5,511 1,623 — 7,134 (Increase) decrease in unearned premiums (194) 13 (181) 4 — (177) Net premiums earned $ 3,528 $ 1,802 $ 5,330 $ 1,627 $ — $ 6,957 Losses and loss expenses (2,391) (1,052) (3,443) (1,408) — (4,851) Acquisition costs (864) (415) (1,279) (113) — (1,392) Technical result $ 273 $ 335 $ 608 $ 106 $ — $ 714 Other income — — — 26 3 29 Other expenses (71) (30) (101) (88) (210) (399) Underwriting result $ 202 $ 305 $ 507 $ 44 n/a $ 344 Net investment income 81 295 376 Allocated underwriting result $ 125 n/a n/a Market risk benefit gains 20 20 Net realized and unrealized investment gains 38 38 Interest expense (56) (56) Amortization of intangible assets (9) (9) Net foreign exchange losses (36) (36) Income tax expense (40) (40) Interest in earnings of equity method investments 127 127 Net income n/a $ 764 Loss ratio 67.8 % 58.4 % 64.6 % Acquisition ratio 24.5 23.0 24.0 Technical ratio 92.3 % 81.4 % 88.6 % Other expense ratio 2.0 1.7 1.9 Combined ratio 94.3 % 83.1 % 90.5 % The following table provides the geographic distribution of gross premiums written by region for the years ended December 31, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages): 2023 2022 2021 North America $ 5,089 56 % $ 5,040 58 % $ 4,649 57 % Europe 2,916 32 2,592 30 2,410 29 Asia, Australia and New Zealand 744 8 720 8 814 10 Latin America and the Caribbean 249 3 223 3 189 2 Middle East, Africa, Russia and the Commonwealth of Independent States (CIS) 104 1 114 1 142 2 Total $ 9,102 100 % $ 8,689 100 % $ 8,204 100 % The following table provides the gross premiums written by segment and line of business for the years ended December 31, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages): 2023 2022 2021 P&C Casualty $ 2,391 $ 2,777 $ 2,145 Catastrophe 1,077 933 924 Property 783 764 809 U.S. health 355 355 351 Multiline and other 105 119 183 Motor 60 77 129 Total P&C $ 4,771 $ 5,025 $ 4,541 Specialty Financial risks $ 693 $ 634 $ 510 Property 449 240 277 Energy 406 346 314 Aviation and space 360 362 416 Marine 203 223 174 Agriculture 47 101 205 Engineering 34 39 100 Multiline and other 31 45 20 Total Specialty $ 2,223 $ 1,990 $ 2,016 Life and Health $ 2,108 $ 1,674 $ 1,647 Total $ 9,102 $ 8,689 $ 8,204 The Company produces its business both through brokers and through direct relationships with insurance company clients. None of the Company’s cedants individually accounted for more than 10% of total gross premiums written during each of the years ended December 31, 2023, 2022 and 2021. The Company has two brokers that individually accounted for 10% or more of its gross premiums written during the years ended December 31, 2023, 2022 and 2021, as follows: 2023 2022 2021 Aon PLC 26 % 26 % 24 % Marsh & McLennan Companies, Inc 25 % 30 % 28 % The following table summarizes the percentage of gross premiums written through these two brokers by segment for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 P&C 65 % 67 % 63 % Specialty 65 % 70 % 66 % Life and Health 5 % 6 % 6 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 15, 2024, the Company's Board of Directors declared a dividend for the period December 15, 2023 – March 14, 2024 of $0.3046875 per share on the Company’s 4.875% Fixed Rate Non-Cumulative Redeemable Preferred Shares, Series J. The dividend was payable on March 15, 2024 to shareholders of record on February 29, 2024. |
SCHEDULE I - Consolidated Summa
SCHEDULE I - Consolidated Summary of Investments Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Consolidated Summary of Investments Other Than Investments in Related Parties | PartnerRe Ltd. Consolidated Summary of Investments Other Than Investments in Related Parties at December 31, 2023 (Expressed in thousands of U.S. dollars) Type of investment Cost (1) Fair Value Amount at which shown in Fixed maturities U.S. government and government sponsored enterprises $ 1,972,264 $ 1,736,952 $ 1,736,952 U.S. states, territories and municipalities 51,350 51,642 51,642 Non-U.S. sovereign government, supranational and government related 1,909,275 1,780,318 1,780,318 Corporate bonds 7,309,854 6,777,767 6,777,767 Asset-backed securities 15,022 15,022 15,022 Residential mortgage-backed securities 5,346,928 4,728,355 4,728,355 Fixed maturities $ 16,604,693 $ 15,090,056 $ 15,090,056 Equities Common stocks Banks, trust and insurance companies $ 93,942 $ 39,141 $ 39,141 Industrial, miscellaneous and all other 423,149 860,189 860,189 Nonredeemable preferred stocks 15,393 17,840 17,840 Equities $ 532,484 $ 917,170 $ 917,170 Short-term investments $ 1,032,895 $ 1,020,257 $ 1,020,257 Other invested assets (2) $ 3,251,412 $ 3,464,839 Investments in real estate (3) $ — $ 56,188 Total $ 20,278,895 $ 20,548,510 (1) Original cost of fixed maturities reduced by repayments and adjusted for amortization of premiums or accrual of discounts. Original cost of equity securities. (2) Other invested assets shown in the Consolidated Balance Sheets in Item 18 also includes the Company’s investments accounted for using the equity method of accounting of $213 million. (3) Investments in real estate are carried at original cost less any impairments. |
SCHEDULE II - Condensed Financi
SCHEDULE II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only | SCHEDULE II PartnerRe Ltd. Condensed Financial Information of Registrant Condensed Balance Sheets—Parent Company Only (Expressed in thousands of U.S. dollars, except parenthetical share and per share data) December 31, 2023 December 31, 2022 Assets Fixed maturities, at fair value (amortized cost: 2023, $95,252; 2022, $90,171) $ 80,936 $ 73,642 Short-term investments, at fair value (amortized cost: 2023, $2,487; 2022, $nil) 2,487 — Cash and cash equivalents 3,052 3,814 Investments in subsidiaries 10,388,510 8,749,966 Intercompany loans and balances receivable 22,504 18,546 Other 18,873 21,042 Total assets $ 10,516,362 $ 8,867,010 Liabilities Intercompany loans and balances payable (1) $ 2,034,176 $ 2,423,951 Accounts payable, accrued expenses and other 57,765 45,740 Total liabilities 2,091,941 2,469,691 Shareholders’ Equity Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) — — Preferred shares (par value $1.00; issued and outstanding: 8,000,000 shares; aggregate liquidation value: $200,000) 8,000 8,000 Additional paid-in capital 1,929,934 1,929,934 Accumulated other comprehensive income 7,527 70,879 Retained earnings 6,478,960 4,388,506 Total shareholders’ equity 8,424,421 6,397,319 Total liabilities and shareholders’ equity $ 10,516,362 $ 8,867,010 (1) The parent has fully and unconditionally guaranteed all obligations of PartnerRe Finance B LLC and PartnerRe Finance Ireland DAC, a direct 100% owned subsidiary of the parent, related to the issuance of the 3.700% senior notes and 1.250% senior notes, respectively. The parent’s obligations under these guarantees are senior and unsecured and rank equally with all other senior unsecured indebtedness of the parent. The parent has also fully and unconditionally guaranteed all obligations of PartnerRe Finance II Inc. and PartnerRe Finance B LLC, both indirect 100% owned finance subsidiaries of the parent, related to the remaining $62 million aggregate principal amount of Fixed-to-Floating Rate junior subordinated CENts, with an annual rate of 3-month SOFR plus a margin equal to 2.325% and an additional spread adjustment of 0.26161% (due to the transition of the benchmark from LIBOR), and $500 million aggregate principal amount of 4.500% Fixed-Rate Reset junior subordinated notes, respectively. The parent’s obligations under these guarantees are unsecured junior subordinated obligations and rank junior in right of payment to all of the parent's outstanding and future senior indebtedness, and equally in right of payment with all outstanding and future unsecured indebtedness that is by its terms equal in right of payment to the junior subordinated notes. SCHEDULE II PartnerRe Ltd. Condensed Financial Information of Registrant - Continued Condensed Statements of Operations and Comprehensive Income (Loss) —Parent Company Only (Expressed in thousands of U.S. dollars) For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Revenues Net investment income $ 2,612 $ 1,851 $ 2,496 Net realized and unrealized investment gains (losses) 1,713 (15,406) (16,730) Other income 108 106 148 Total revenues 4,433 (13,449) (14,086) Expenses Other expenses 51,302 73,046 55,996 Interest expense on intercompany loans 46,993 33,408 35,204 Net foreign exchange losses (gains) 53,800 (65,165) (79,696) Total expenses 152,095 41,289 11,504 Loss before equity in net income (loss) of subsidiaries (147,662) (54,738) (25,590) Equity in net income (loss) of subsidiaries 2,465,781 (885,014) 789,778 Net income (loss) 2,318,119 (939,752) 764,188 Preferred dividends 9,750 9,750 22,693 Loss on redemption of preferred shares — — 21,234 Net income (loss) attributable to common shareholder $ 2,308,369 $ (949,502) $ 720,261 Comprehensive income (loss) Net income (loss) $ 2,318,119 $ (939,752) $ 764,188 Other comprehensive (loss) income (63,352) 167,287 124,217 Comprehensive income (loss) $ 2,254,767 $ (772,465) $ 888,405 SCHEDULE II PartnerRe Ltd. Condensed Financial Information of Registrant - Continued Condensed Statements of Cash Flows—Parent Company Only (Expressed in thousands of U.S. dollars) For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Cash flows from operating activities Net income (loss) $ 2,318,119 $ (939,752) $ 764,188 Adjustments to reconcile net income to net cash used in operating activities: Equity in net (income) loss of subsidiaries (2,465,781) 885,014 (789,778) Other, net 101,969 41,810 (51,783) Net cash used in operating activities (45,693) (12,928) (77,373) Cash flows from investing activities Advances to/from subsidiaries, net (1) 52,631 22,213 100,426 Sales and redemptions of fixed maturities 6,483 11,290 481,015 Sales and redemptions of short-term investments 940 5,173 — Purchases of fixed maturities (11,613) (15,984) (62,239) Purchases of short-term investments (3,868) (5,173) — Other, net (2,078) (3,341) (8,465) Net cash provided by investing activities 42,495 14,178 510,737 Cash flows from financing activities (1) Issuance of preferred shares (2) — — 193,887 Redemption of preferred shares (2) — — (637,241) Net cash used in financing activities — — (443,354) Effect of foreign exchange rate changes on cash 2,436 576 1,958 Increase (decrease) in cash and cash equivalents (762) 1,826 (8,032) Cash and cash equivalents—beginning of year 3,814 1,988 10,020 Cash and cash equivalents—end of year $ 3,052 $ 3,814 $ 1,988 (1) The following non-cash transactions were excluded from the Condensed Statement of Cash Flows - Parent Company Only: a. During 2023, 2022 and 2021, dividends paid to common and preferred shareholders of $228 million, $188 million and $129 million, respectively, were paid by a Bermuda subsidiary on behalf of the parent, with a corresponding increase to intercompany balances payable. b. During 2023, the parent recorded non-cash dividends received from subsidiaries of $850 million, non-cash capital contributions to subsidiaries of $103 million, and a corresponding decrease in intercompany loan payable of $747 million. c. During 2022, the parent recorded a non-cash exchange of certain intercompany balances payable for an intercompany loan payable of $744 million. d. During 2022, the parent recorded non-cash dividends received from subsidiaries of $630 million, non-cash capital contributions to subsidiaries of $527 million and a corresponding decrease in intercompany balances payable of $103 million. e. During 2021, the parent recorded a non-cash dividend received from a subsidiary of $350 million, with a corresponding change to intercompany balances payable. (2) During 2021, the parent issued 8 million 4.875% Series J fixed rate non-cumulative redeemable preferred shares at a par value of $1.00 per share and a redemption price of $200 million, and incurred preferred share issuance costs of $6 million. The parent also redeemed all outstanding Series G, H and I preferred shares at $25 per share for an aggregate liquidation value of $637 million during 2021. |
SCHEDULE III - Supplementary In
SCHEDULE III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | PartnerRe Ltd. Supplementary Insurance Information As of and for the years ended December 31, 2023, 2022 and 2021 (Expressed in thousands of U.S. dollars) Deferred Policy Acquisition Costs Non-life Reserves Unearned Premiums Life and Health Reserves Premium Revenue Net Investment Income (1) Losses Incurred Acquisition Costs Other Expenses (2) Net Premiums Written 2023 Non-life $ 700,090 $ 13,151,309 $ 2,739,585 $ — $ 5,838,466 $ N/A $ 3,182,340 $ 1,454,373 $ 130,733 $ 5,848,323 Life and Health 320,614 — 2,170 2,859,257 2,080,294 73,091 1,807,868 108,734 118,404 2,080,589 Corporate and Other — — — — — 572,594 — — 214,248 — Total $ 1,020,704 $ 13,151,309 $ 2,741,755 $ 2,859,257 $ 7,918,760 $ 645,685 $ 4,990,208 $ 1,563,107 $ 463,385 $ 7,928,912 2022 Non-life $ 700,694 $ 12,725,631 $ 2,743,406 $ — $ 5,611,452 $ N/A $ 3,313,234 $ 1,430,121 $ 119,274 $ 5,898,750 Life and Health 311,373 — 1,965 2,497,519 1,645,665 73,656 1,412,638 107,092 92,919 1,645,445 Corporate and Other — — — — — 324,692 — — 202,683 — Total $ 1,012,067 $ 12,725,631 $ 2,745,371 $ 2,497,519 $ 7,257,117 $ 398,348 $ 4,725,872 $ 1,537,213 $ 414,876 $ 7,544,195 2021 Non-life $ 617,537 $ 12,047,792 $ 2,498,426 $ — $ 5,329,556 $ N/A $ 3,443,245 $ 1,279,039 $ 100,635 $ 5,510,828 Life and Health 298,787 — 2,735 2,785,382 1,626,966 81,226 1,407,795 112,463 88,069 1,623,190 Corporate and Other — — — — — 295,243 — — 209,838 — Total $ 916,324 $ 12,047,792 $ 2,501,161 $ 2,785,382 $ 6,956,522 $ 376,469 $ 4,851,040 $ 1,391,502 $ 398,542 $ 7,134,018 (1) Because the Company does not manage its assets by segment, net investment income is not allocated to the Non-life business of the reinsurance operations. However, because of the interest-sensitive nature of some of the Company’s Life products, net investment income is considered in management’s assessment of the profitability of the Life and Health segment. (2) |
SCHEDULE IV - Reinsurance
SCHEDULE IV - Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Reinsurance | PartnerRe Ltd. Reinsurance For the years ended December 31, 2023, 2022 and 2021 (Expressed in thousands of U.S. dollars) Gross amount Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net 2023 Life reinsurance in force (1) $ — $ 26,041,527 $ 648,495,550 $ 622,454,023 104 % Premiums earned Life $ — $ 28,417 $ 2,075,330 $ 2,046,913 101 % Accident and health — — 33,381 33,381 100 % P&C (2) 372,230 1,176,865 6,643,101 5,838,466 114 % Total premiums $ 372,230 $ 1,205,282 $ 8,751,812 $ 7,918,760 111 % 2022 Life reinsurance in force (1) $ — $ 20,301,849 $ 529,438,861 $ 509,137,012 104 % Premiums earned Life $ — $ 28,426 $ 1,648,455 $ 1,620,029 102 % Accident and health — — 25,636 25,636 100 % P&C (2) 377,380 1,085,317 6,319,389 5,611,452 113 % Total premiums $ 377,380 $ 1,113,743 $ 7,993,480 $ 7,257,117 110 % 2021 Life reinsurance in force (1) $ — $ 19,383,794 $ 453,373,378 $ 433,989,584 104 % Premiums earned Life $ — $ 24,519 $ 1,620,130 $ 1,595,611 102 % Accident and health — — 31,355 31,355 100 % P&C (2) 318,058 944,862 5,956,360 5,329,556 112 % Total premiums $ 318,058 $ 969,381 $ 7,607,845 $ 6,956,522 109 % (1) Life reinsurance in force excludes products that do not pass risk transfer. (2) P&C includes Specialty and U.S. health premiums. |
SCHEDULE VI - Supplemental Info
SCHEDULE VI - Supplemental Information Concerning Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Supplemental Information Concerning Property-Casualty Insurance Operations | PartnerRe Ltd. Supplemental Information Concerning Property-Casualty Insurance Operations (1) For the years ended December 31, 2023, 2022 and 2021 (Expressed in thousands of U.S. dollars) Losses and Loss Expenses Incurred Related to Affiliation with Registrant Deferred Policy Acquisition Costs Liability for Unpaid Losses and Loss Expenses Unearned Premiums Premiums Earned Current year Prior year Acquisition Costs Paid Losses and Loss Expenses Premiums Written Consolidated subsidiaries 2023 $ 700,090 $ 13,151,309 $ 2,739,585 $ 5,838,466 $ 3,229,633 $ (47,293) $ 1,454,373 $ 2,732,602 $ 5,848,323 2022 $ 700,694 $ 12,725,631 $ 2,743,406 $ 5,611,452 $ 3,533,087 $ (219,853) $ 1,430,121 $ 2,658,136 $ 5,898,750 2021 $ 617,537 $ 12,047,792 $ 2,498,426 $ 5,329,556 $ 3,637,671 $ (194,426) $ 1,279,039 $ 2,972,995 $ 5,510,828 (1) Includes the Company's P&C and Specialty segments. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior period amounts to conform to the current year presentation. |
Use Of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • Non-life reserves; • Life and health reserves; • Reinsurance recoverable for unpaid losses; • Gross and net premiums written and net premiums earned; • Valuation and recoverability of deferred tax assets; • Fair value measurements of certain financial instrument assets; and • |
Premiums | Gross premiums written and earned are based upon reports received from ceding companies, supplemented by the Company’s own estimates of premiums written and earned for which ceding company reports have not been received. The determination of premium estimates requires a review of the Company’s experience with cedants, familiarity with each market, an understanding of the characteristics of each line of business and management’s assessment of the impact of various other factors on the volume of business written and ceded to the Company. Premium estimates are updated as new information is received from cedants and differences between such estimates and actual amounts are recorded in the period in which the estimates are changed or the actual amounts are determined. Net premiums written and earned are presented net of ceded premiums. Premiums related to non-life business are earned on a basis that is consistent with the risks covered under the terms of the reinsurance contracts, which is generally one to two years. Reinstatement premiums are recognized as written and earned at the time a loss event occurs, where coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The accrual of reinstatement premiums is based on management’s estimate of losses and loss expenses associated with the loss event. Unearned premiums represent the portion of premiums written which is applicable to the unexpired risks under contracts in force. Premiums related to traditional and limited payment long-duration contracts are recorded over the premium-paying period on the underlying policies. Premiums on contracts for which there is no significant mortality or critical illness risk are accounted for in a manner consistent with accounting for interest-bearing financial instruments and are not reported as revenues, but rather as direct deposits to the contract. Amounts assessed against annuity and universal life policyholders are recognized as revenue in the period assessed. Premiums related to life and health short-duration business are earned on a basis that is consistent with the risks covered under the terms of the reinsurance contracts, which is generally one to two years. |
Losses and Loss Expenses - Non-life reserves | Reserves for non-life business include amounts determined from loss reports on individual treaties (case reserves), additional case reserves when the Company’s loss estimate is higher than reported by the cedants (ACRs) and amounts for losses incurred but not yet reported to the Company (IBNR). Such reserves are estimated by management based upon reports received from ceding companies, supplemented by the Company’s own actuarial estimates of reserves for which ceding company reports have not been received, and based on the Company’s own historical experience. To the extent that the Company’s own historical experience is inadequate for estimating reserves, such estimates may be determined based upon industry experience and management’s judgment. The estimates are regularly reviewed and the ultimate liability may be materially in excess of, or less than, the amounts provided. Any adjustments are reflected in the periods in which they are determined, which may affect the Company’s operating results in future periods. See Note 9 fo r further details. |
Losses and Loss Expenses - Life and Health Reserves | Traditional and limited payment long-duration contracts For traditional and limited payment long-duration contracts, which includes long-term protection and longevity business, the Company accrues a liability for future policy benefits (LFPB) over time as revenue is recognized based on a net premium ratio. The net premium ratio is the proportion of present value of gross premiums required to provide for all benefits and certain expenses. The LFPB uses the Company's current best estimate assumption of future cash flows discounted at a rate that approximates a single A rated corporate bond yield. Contracts are generally grouped into cohorts by product type, issue year, geographical region, currency, and other factors. Each quarter, the Company reviews its estimate of cash flows expected over the entire life of a group of contracts using actual historical experience and current future best estimate assumptions, and if the cash flows change, the LFPB is updated using a net premium ratio. The revised net premium ratio is calculated as of contract inception. This revised net premium ratio will derive a remeasurement gain or loss that is presented as a component of Losses and loss expenses within the Consolidated Statements of Operations. If the net premium ratio exceeds 100% for a given cohort, a corresponding adjustment is recognized immediately in net income. The calculated LFPB cannot be less than zero for a given cohort. The net premium ratio is not updated for changes in discount rate assumptions, as the impact of changes in quarterly discount rates are recorded in Comprehensive income or loss. The current discount rate assumption for all contracts is derived from a yield curve based on upper-medium grade fixed income securities (single A rated credit). For unobservable discount rates, the Company uses estimates consistent with fair value guidance, maximizing the use of relevant, observable market prices and minimizing the use of unobservable inputs. The locked-in discount rate assumption is utilized for purposes of interest accretion recognized in Losses and loss expenses within the Consolidated Statements of Operations and for updating the net premium ratio. The locked-in discount rate assumption is based on the weighted average upper-medium grade fixed income yields during the first calendar year of the contract. The most significant cash flow assumptions used are mortality, morbidity and persistency. The Company has elected to lock-in claims expense assumptions at contract inception and those assumptions are not subsequently reviewed or updated. See Note 10 for further information of the effects of changes in assumptions on the remeasurement of the LFPB. Other long-duration contracts Reserves for other long-duration contracts primarily include interest-sensitive life and investment-type contract liabilities, which are carried at the accumulated contract holder values. Life and health short-duration contracts Reserves for life and health short-duration contracts have been established based upon information reported by ceding companies, supplemented by the Company’s actuarial estimates, which include mortality, morbidity, critical illness, and persistency with appropriate provision to reflect uncertainty. See Note 10 for further details. |
Market Risk Benefits | Market risk benefits (MRBs) are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features that provide minimum guarantees to policyholders, such as guaranteed minimum death benefits (GMDB). MRBs can be in either an asset or a liability position, and are presented separately on the Consolidated Balance Sheets as the criteria for right of offset is not met. MRBs are measured at fair value using an option-based valuation model based on current net amounts at risk, market data, Company experience, and other factors. Consistent with a fair value income approach, all contractual cash flows specified within the GMDB treaties and expense cash flows that are consistent with the expected expense levels, are projected on a prospective basis. Risk neutral scenarios are used to project and discount cash flows. Changes in fair value related to MRBs are recognized as Market risk benefit gains (losses) except for the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in Other comprehensive income or loss, both within the Consolidated Statements of Operations and Comprehensive Income (Loss). MRBs are derecognized in the financial statements upon contract termination. At that point, the Company records any amounts (i.e. instrument-specific credit risk changes in MRBs) previously recorded in OCI into net income. See Note 11 for further details. |
Deferred Acquisition Costs | Deferred acquisition costs are comprised of primarily incremental brokerage fees, commissions and excise taxes, which vary directly with, and are related to, the successful acquisition of reinsurance contracts. All other acquisition related costs, including indirect costs, are expensed as incurred. Acquisition costs are shown net of commissions earned on ceded reinsurance. Deferred acquisitions costs related to non-life contracts are amortized as the related premium is earned. The Company establishes a premium deficiency reserve to the extent the deferred acquisition costs are insufficient to cover the excess of expected losses and loss expenses, settlement costs and deferred acquisition costs over the related unearned premiums. Actual and anticipated losses and loss expenses, other costs, and investment income related to underlying premiums are considered in determining the recoverability of these deferred acquisition costs. Deferred acquisition costs related to traditional and limited payment long-duration contracts are amortized over the expected term of the underlying contracts, on a constant level basis, at the cohort level. Acquisition costs related to unexpected contract terminations are written off. Assumptions used to amortize these acquisition costs are consistent with the related liability for future policy benefits. These acquisition costs are not evaluated for recoverability and are not subject to impairment testing. Amortization of deferred acquisition costs is included in Acquisition costs within the Consolidated Statements of Operations. |
Reinsurance | The Company purchases retrocessional contracts to reduce its exposure to risk of losses on reinsurance assumed. Ceded premiums, which represent the cost of retrocessional protection purchased by the Company, are expensed over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded applicable to the unexpired term of policies in force. Reinsurance recoverable on paid and unpaid losses involves actuarial estimates consistent with those used to establish the associated liabilities for non-life and life and health reserves and are recorded net of a valuation allowance for estimated uncollectible recoveries. Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. Premiums payable for retroactive reinsurance coverage meeting the conditions of reinsurance accounting are reported as reinsurance recoverables. To the extent that recorded liabilities on an underlying reinsurance contract exceed premiums payable for retroactive coverage, a deferred gain is recognized in Accounts payable, accrued expenses and other on the Company's Consolidated Balance Sheets and amortized over estimated remaining settlement period of the underlying contract. Any such amortization is included in Losses and loss expenses in the Consolidated Statements of Operations. |
Funds Held by Reinsured Companies | The Company writes certain business on a funds held basis. Under such contractual arrangements, the cedant retains the premiums that would have otherwise been paid to the Company and the Company is credited with investment income on these funds. The Company generally earns investment income on the funds held balances based upon a predetermined interest rate, either fixed contractually at the inception of the contract or based upon a recognized index (e.g. SOFR). However, in certain circumstances, the Company may receive an investment return based upon either the result of a pool of assets held by the cedant, generally used to collateralize the funds held balance, or the investment return earned by the cedant on its entire investment portfolio. In these arrangements, investment returns are typically reflected in Net investment income in the Company’s Consolidated Statements of Operations. In these arrangements, the Company is exposed, to a limited extent, to the underlying credit risk of the pool of assets inasmuch as the underlying policies may have guaranteed minimum returns. In such cases, an embedded derivative exists and its fair value is recorded by the Company as an increase or decrease to the funds held balance. |
Deposit Assets and Liabilities | In the normal course of its operations, the Company writes certain contracts that do not meet the risk transfer provisions of U.S. GAAP. While these contracts do not meet risk transfer provisions for accounting purposes, there is a remote possibility that the Company will suffer a loss. The Company accounts for these contracts using the deposit accounting method originally recording deposit assets or liabilities for an amount equivalent to the consideration paid or received, respectively. The difference between the consideration received and the estimated liability for unpaid losses is determined upon entering into the contract and, if a loss, recognized into income immediately, and if a gain, the gain is deferred and earned over the expected settlement period of the contract, with the unearned portion recorded as a component of deposit liabilities. Actuarial studies are used to estimate the liabilities under these contracts and the appropriate accretion rates to increase or decrease the liabilities over the term of the contracts. The change in the estimated liability for the period is recorded in Other income or loss in the Consolidated Statements of Operations. Under some of these contracts, cedants retain the assets on a funds-held basis. In those cases, the Company records those assets as deposit assets and records the related income in Net investment income in the Consolidated Statements of Operations. Also included in Deposit assets are receivables included as an element of certain life reinsurance agreements that do not meet risk transfer. |
Investments | The Company elects the fair value option for Fixed maturities, Short-term investments and Equities with changes in fair value recorded in Net realized and unrealized investment gains or losses in the Consolidated Statements of Operations. Short-term investments comprise securities with a maturity greater than three months but less than one year from the date of purchase. Investments in real estate includes real estate that is directly held by the Company, which is recorded at cost less any write down for impairment, where applicable. Real estate assets held for investment are reviewed for impairment at least annually, or more frequently when events or changes in circumstances indicate the carrying value may not be recoverable and exceeds its estimated fair value. The Company recognizes Other invested assets at fair value, except for those that are accounted for using the equity method of accounting. Other invested assets consist of equity investments in non-publicly traded companies such as limited liability companies and limited partnerships (or similar structures); privately placed corporate loans, notes and loans receivable and notes securitization; and derivative financial instruments. Non-publicly traded entities in which the Company has significant influence, including an ownership of more than 20% and less than 50% of the voting rights, and limited partnerships (or similar structures) in which the Company has more than a minor interest (typically more than 3% to 5%), are accounted for using either the equity method or the fair value option. Where the equity method is used, the Company's share of profits or losses of the investee are recorded in Interest in earnings or losses of equity method investees in the Consolidated Statements of Operations. The Company has not elected the fair value option for these equity method investees as the carrying values already approximate fair value. Where the fair value option is elected, the investment is recognized in the Consolidated Balance Sheets at fair value with changes in fair value recorded in Net realized and unrealized investment gains or losses in the Consolidated Statements of Operations. See Note 2(o) below for significant accounting policy for derivatives. The Company defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company measures the fair value of financial instruments according to a fair value hierarchy that prioritizes the information used to measure fair value into three broad levels. The Company’s policy is to recognize transfers between the hierarchy levels at the beginning of the period. Refer to Note 4 for the valuation techniques used by the Company. The Company invests in various funds where the net asset value (NAV) is used as a basis for determining fair value. The Company applies the practical expedient relating to investments in certain entities that calculate NAV per share (or its equivalent) and therefore measure the fair value of these fund investments based on that NAV per share, or its equivalent. Refer to Note 4 for the valuation methods and assumptions used by the Company. Net investment income includes interest and dividend income, amortization of premiums and discounts on fixed maturities and short-term investments, and is net of investment expenses and withholding taxes. Investment income is recognized when earned and accrued to the balance sheet date. Realized gains or losses on the disposal of investments are determined on a first-in, first-out basis. Investment purchases and sales are recorded on a trade-date basis. |
Cash and Cash Equivalents | Cash equivalents are carried at fair value and include fixed income securities that, from the date of purchase, have a maturity of three months or less. |
Business Combinations | The Company accounts for transactions in which it obtains control over one or more businesses using the acquisition method. The purchase price is allocated to identifiable assets and liabilities, including any intangible assets, based on their estimated fair value at the acquisition date. The estimates of fair values for assets and liabilities acquired are determined based on various market and income analyses and appraisals. Any excess of the purchase price over the fair value of net assets acquired is recorded as Goodwill in the Company’s Consolidated Balance Sheets, while any excess of the fair value of net assets acquired over the purchase price is recorded as a gain in the Consolidated Statements of Operations. All costs associated with an acquisition are expensed as incurred. |
Goodwill | Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. The Company assesses the appropriateness of its valuation of goodwill on an annual basis (as of December 31) or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. If, as a result of the assessment, the Company determines that the value of its goodwill is impaired, goodwill will be written down in the period in which the determination is made. |
Intangible Assets | Intangible Assets Intangible assets represent the fair value adjustments related to renewal rights, and customer relationships; value of life business acquired; and U.S. licenses arising from acquisitions. Definite-lived intangible assets are amortized over their useful lives and the Amortization of intangible assets is recorded in the Consolidated Statement of Operations. Indefinite-lived intangible assets are not subject to amortization. The carrying values of indefinite-lived intangible assets are reviewed for indicators of impairment on an annual basis (as of December 31) or more frequently if events or changes in circumstances indicate that impairment may exist. Impairment is recognized if the carrying values of the intangible assets are not recoverable from their undiscounted cash flows and is measured as the difference between the carrying value and the fair value. |
Income Taxes | Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to Net income or loss or, in certain cases, to Accumulated other comprehensive income or loss, based upon enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities used in the Consolidated Balance Sheets and those used in the various jurisdictional tax returns. When management’s assessment indicates that it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets. Where appropriate, the valuation allowance assessment considers tax planning strategies. The Company recognizes a tax benefit relating to uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined. |
Foreign Exchange | In recording foreign currency transactions, revenue and expense items in a currency other than the functional currency are converted into the functional currency at the average rates of exchange for the period. Monetary assets and liabilities originating in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange in effect at the balance sheet dates. The resulting foreign exchange transaction gains or losses are included in Net foreign exchange gains or losses in the Consolidated Statements of Operations. Non-monetary assets and liabilities denominated in foreign currency are not subsequently remeasured. |
Derivatives | The Company’s investment strategy allows for the use of certain derivative instruments, subject to strict limitations. The Company may use derivative financial instruments such as foreign exchange forward contracts, foreign currency option contracts, futures contracts, to-be-announced mortgage-backed securities (TBAs), total return swaps, interest rate swaps, insurance-linked securities, and credit default swaps for the purpose of managing overall currency risk, market exposures and portfolio duration, for hedging certain investments, or for enhancing investment performance that would be allowed under the Company’s investment policy if implemented in other ways. On the date the Company enters into a derivative contract, management determines whether or not the derivative is to be used and designated as a hedge of an identified underlying risk exposure (a designated hedge). The Company’s derivative instruments are recorded in Other invested assets in the Consolidated Balance Sheets at fair value, with gains and losses associated with changes in fair value recognized in either Net realized and unrealized investment gains or losses or Net foreign exchange gains or losses in the Consolidated Statements of Operations, or in Other comprehensive income or loss, depending on the nature and designation of the derivative instrument (see also Note 6). The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. In this documentation, the Company specifically identifies the asset or liability that has been designated as a hedged item and states how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its designated hedging relationships both at the hedge inception and on an ongoing basis. The Company will discontinue hedge accounting prospectively if it is determined that the derivative is no longer effective in hedging the exposure to variability in expected future cash flows that is attributable to the risk it was meant to hedge; if the derivative instrument expires, is sold, or is otherwise terminated; or if the Company removes the designation of the hedge. To the extent that the Company discontinues hedge accounting because, based on management’s assessment, the derivative no longer qualifies as an effective hedge, or the Company otherwise de-designates the hedge, the derivative will continue to be carried in the Consolidated Balance Sheet at its fair value, with changes in its fair value recognized in in the Consolidated Statements of Operations, or in Other comprehensive income or loss, depending on the type of derivative held. |
Pensions | The Company recognizes an asset or a liability in the Consolidated Balance Sheets for the funded status of its defined benefit plans that are overfunded or underfunded, respectively, measured as the difference between the fair value of plan assets and the pension obligation and recognizes changes in the funded status of defined benefit plans in the year in which the changes occur as a component of Accumulated other comprehensive income or loss, net of tax. |
Variable Interest Entities | The Company is involved in the normal course of business with variable interest entities (VIEs). An assessment is performed as of the date the Company becomes initially involved in the VIE followed by a reassessment upon certain events related to its involvement in the VIE. The Company consolidates a VIE when it is the primary beneficiary having a controlling financial interest as a result of having the power 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, that could potentially be significant to the VIE. |
Segment Reporting | The Company monitors the performance of its operations in three segments: Property & Casualty (P&C), Specialty and Life and Health. Segments represent markets that are reasonably homogeneous in terms of client types, buying patterns, underlying risk patterns or approach to risk management. |
Share-based Incentives | The Company is authorized to issue Class C common shares and restricted share units to certain executives and directors. Prior to the adoption of the Class C common shares and related restricted share unit plan in 2021, the Company was authorized to issue restricted Class B common shares. The compensation cost for grants of Class B and C common shares and restricted share units is measured at fair value and expensed over the period for which the employee is required to provide services in exchange for the award, up to three years from the date of grant. The Company has elected to recognize forfeitures as they occur. Class B and C common shares and restricted share units are accounted for as liabilities and included in Accounts payable, accrued expenses and other on the Consolidated Balance Sheets. See Note 17 for further details. |
Recent Accounting Pronouncements | Recently adopted In August 2018, the Financial Accounting Standards Board’s (the “FASB”) issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted FASB targeted improvements to the accounting for long-duration contracts (LDTI) on January 1, 2023. The updated guidance has changed how the Company accounts for its long-duration insurance contracts. Refer to Note 3 for the impact of adoption. In accordance with the transition guidance, prior period consolidated financial statements and disclosures presented herein have been adjusted to reflect LDTI. Not yet adopted Reference Rate Reform In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying U.S. GAAP to modification of contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. In 2022, the sunset date of this guidance was deferred to December 31, 2024, and the guidance may be elected over time as reference rate reform activities occur. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures. Fair Value Measurement In June 2022, the FASB issued updated guidance to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures. Segment Disclosures In November 2023, the FASB issued an accounting standard update to address improvements to reportable segment disclosures. Improvements primarily include the following annual disclosures: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The guidance is effective for fiscal years beginning after December 15, 2023 and applies retrospectively unless impracticable, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statement disclosures. Income Tax Disclosures In December 2023, the FASB issued guidance to improve income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024 with the option to apply the standard retrospectively, and early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statement disclosures. |
Adoption of Accounting Pronou_2
Adoption of Accounting Pronouncement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of adoption on financial statements | The table below presents the effect of transition adjustments on shareholders’ equity as of January 1, 2021 due to adoption of the LDTI guidance (in thousands of U.S. dollars): January 1, 2021 Retained earnings Accumulated other comprehensive loss Total Life and health reserves (1) $ (171,047) $ (84,001) $ (255,048) Market risk benefits (1) 8,095 (63,474) (55,379) Tax impact of related LDTI adjustments 2,312 22,855 25,167 Total decrease to shareholders' equity $ (160,640) $ (124,620) $ (285,260) (1) GMDB reserves of $22 million were included within Life and health reserves on the Consolidated Balance Sheets prior to adoption of LDTI, and were subsequently reclassified to Market risk benefit assets and liabilities upon adoption of the new guidance. The table below summarizes the balance of and changes in the traditional and limited payment long-duration life and health reserves on January 1, 2021 due to adoption of the LDTI guidance (in thousands of U.S. dollars): Long-term Protection Longevity Balance, beginning of year, January 1, 2021 pre-adoption $ 1,243,251 $ 345,306 Change in discount rate assumptions 53,027 30,300 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 178,110 (5,631) Adjusted balance, beginning of year, January 1, 2021 $ 1,474,388 $ 369,975 Less: Reinsurance recoverable (28,190) (6,222) Adjusted balance, beginning of year January 1, 2021, net of reinsurance $ 1,446,198 $ 363,753 The table below summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 due to adoption of the LDTI guidance (in thousands of U.S. dollars): MRB, net liability position Balance, beginning of year January 1, 2021 pre-adoption (1) $ (22,211) Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk 8,095 Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance (63,474) Balance, beginning of year January 1, 2021 $ (77,590) (1) GMDB reserves were included within Life and health reserves on the Consolidated Balance Sheets prior to adoption of LDTI, and were subsequently reclassified to Market risk benefit assets and liabilities upon adoption of the new guidance. The following is a reconciliation of market risk benefit assets (liabilities) to the Consolidated Balance Sheet at January 1, 2021 (in thousands of US dollars): GMDB Market risk benefit assets at fair value $ 153,070 Market risk benefit liabilities, at fair value (230,660) Market risk benefits, net, January 1, 2021 $ (77,590) The impact of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Balance Sheet effective as of January 1, 2021 was as follows (in thousands of U.S. dollars): Pre-adoption, January 1, 2021 LDTI Impact Post-adoption, January 1, 2021 Reinsurance recoverable on paid and unpaid losses $ 901,063 $ 757 $ 901,820 Market risk benefit assets, at fair value — 153,070 153,070 Net tax assets 182,077 492 182,569 Total assets $ 26,898,575 $ 154,319 $ 27,052,894 Life and health reserves $ 2,704,229 $ 233,594 $ 2,937,823 Market risk benefit liabilities, at fair value — 230,660 230,660 Net tax liabilities 131,621 (24,675) 106,946 Total liabilities 19,571,578 439,579 20,011,157 Accumulated other comprehensive loss (96,005) (124,620) (220,625) Retained earnings 5,062,948 (160,640) 4,902,308 Total shareholders’ equity 7,326,997 (285,260) 7,041,737 Total liabilities and shareholders’ equity $ 26,898,575 $ 154,319 $ 27,052,894 Impact to Previously Reported Amounts The following represents the effects of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Balance Sheet as of December 31, 2022 (in thousands of U.S. dollars): As of December 31, 2022 As Previously Reported LDTI Impact As Adjusted for LDTI Reinsurance recoverable on paid and unpaid losses $ 1,959,652 $ (11,866) $ 1,947,786 Deferred acquisition costs 1,012,850 (783) 1,012,067 Market risk benefit assets — 131,186 131,186 Net tax assets 164,384 (3,750) 160,634 Total assets $ 27,272,413 $ 114,787 $ 27,387,200 Life and health reserves $ 2,510,293 $ (12,774) $ 2,497,519 Market risk benefit liabilities — 9,170 9,170 Net tax liabilities 29,154 9,422 38,576 Total liabilities 20,984,063 5,818 20,989,881 Accumulated other comprehensive income (loss) (7,669) 78,548 70,879 Retained earnings 4,358,085 30,421 4,388,506 Total shareholders’ equity 6,288,350 108,969 6,397,319 Total liabilities and shareholders’ equity $ 27,272,413 $ 114,787 $ 27,387,200 The following represents the effects of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2022 and 2021 (in thousands of U.S. dollars): For the Year Ended December 31, 2022 As Previously Reported LDTI Impact As Adjusted for LDTI Expenses Losses and loss expenses $ 4,747,403 $ (21,531) $ 4,725,872 Market risk benefit gains — (121,211) (121,211) Acquisition costs 1,540,681 (3,468) 1,537,213 Net foreign exchange losses 29,402 (14,628) 14,774 Total expenses 6,796,459 (160,838) 6,635,621 (Loss) income before taxes and interest in earnings of equity method investments (1,069,516) 160,838 (908,678) Income tax expense (31,334) (10,561) (41,895) Net (loss) income (1,090,029) 150,277 (939,752) Net (loss) income attributable to common shareholder $ (1,099,779) $ 150,277 $ (949,502) Comprehensive (loss) income Net (loss) income $ (1,090,029) $ 150,277 $ (939,752) Change in currency translation adjustment 9,464 (3,794) 5,670 Changes in discount rate for liability for future policy benefits, net of tax — 99,250 99,250 Changes in instrument-specific credit risk for market risk benefits, net of tax — 49,794 49,794 Comprehensive (loss) income $ (1,067,992) $ 295,527 $ (772,465) For the Year Ended December 31, 2021 As Previously Reported LDTI Impact As Adjusted for LDTI Expenses Losses and loss expenses $ 4,883,984 $ (32,944) $ 4,851,040 Market risk benefit gains — (19,873) (19,873) Acquisition costs 1,386,832 4,670 1,391,502 Net foreign exchange losses 30,883 5,615 36,498 Total expenses 6,764,708 (42,532) 6,722,176 Income before taxes and interest in earnings of equity method investments 634,828 42,532 677,360 Income tax expense (38,219) (1,748) (39,967) Net income 723,404 40,784 764,188 Net income attributable to common shareholder $ 679,477 $ 40,784 $ 720,261 Comprehensive income Net income $ 723,404 $ 40,784 $ 764,188 Change in currency translation adjustment 43,120 1,040 44,160 Changes in discount rate for liability for future policy benefits, net of tax — 53,053 53,053 Changes in instrument-specific credit risk for market risk benefits, net of tax — 3,825 3,825 Comprehensive income $ 789,703 $ 98,702 $ 888,405 The following represents the effects of LDTI adoption on the applicable financial statement lines of the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 (in thousands of U.S. dollars): For the Year Ended December 31, 2022 As Previously Reported LDTI Impact As Adjusted for LDTI Cash flows from operating activities: Net loss $ (1,090,029) $ 150,277 $ (939,752) Adjustments to reconcile net income to net cash provided by operating activities: Market risk benefit gains — (121,211) (121,211) Changes in: Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable (325,409) 28,239 (297,170) Deferred acquisition costs (131,236) (3,468) (134,704) Net tax assets and liabilities (72,452) 10,561 (61,891) Non-life and life and health reserves 1,009,439 (49,770) 959,669 Other net changes in operating assets and liabilities 63,433 (14,628) 48,805 Net cash provided by operating activities $ 1,468,409 $ — $ 1,468,409 For the Year Ended December 31, 2021 As Previously Reported LDTI Impact As Adjusted for LDTI Cash flows from operating activities: Net income $ 723,404 $ 40,784 $ 764,188 Adjustments to reconcile net income to net cash provided by operating activities: Market risk benefit gains — (19,873) (19,873) Changes in: Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable (637,908) (2,706) (640,614) Deferred acquisition costs (122,739) 4,670 (118,069) Net tax assets and liabilities 3,256 1,748 5,004 Non-life and life and health reserves 903,324 (30,239) 873,085 Other net changes in operating assets and liabilities 23,801 5,616 29,417 Net cash provided by operating activities $ 1,232,590 $ — $ 1,232,590 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial instruments measured at fair value and categorized between Levels 1, 2 and 3 | At December 31, 2023 and 2022, the Company’s assets and liabilities measured at fair value were classified between Levels 1, 2 and 3 as follows (in thousands of U.S. dollars): December 31, 2023 Quoted prices in Significant Significant unobservable inputs (Level 3) (2) Fair value based on NAV as practical expedient Total Assets (liabilities) Fixed maturities U.S. government and government sponsored enterprises $ — $ 1,736,952 $ — $ — $ 1,736,952 U.S. states, territories and municipalities — 8,850 42,792 — 51,642 Non-U.S. sovereign government, supranational and government related — 1,780,318 — — 1,780,318 Corporate bonds — 6,777,767 — — 6,777,767 Asset-backed securities — — 15,022 — 15,022 Residential mortgage-backed securities — 4,728,355 — — 4,728,355 Fixed maturities $ — $ 15,032,242 $ 57,814 $ — $ 15,090,056 Short-term investments $ — $ 1,020,257 $ — $ — $ 1,020,257 Equities Real estate $ 39,015 $ — $ 2,844 $ — $ 41,859 Diversified — — 15,823 — 15,823 Consumer non-cyclical 653 — 8,574 — 9,227 Consumer cyclical 3,095 — 28 — 3,123 Energy 2 — 1,698 — 1,700 Insurance — 140 — — 140 Finance — — 125 — 125 Industrials 4 — 6 — 10 Fund investments — — — 845,163 845,163 Equities $ 42,769 $ 140 $ 29,098 $ 845,163 $ 917,170 Other invested assets Derivative assets Foreign exchange forward contracts — 31,565 — — 31,565 Insurance-linked securities — — 7,235 — 7,235 Options and warrants — — 4,390 — 4,390 Other Corporate loans (1) — 1,141,657 231,189 — 1,372,846 Notes and loans receivable and notes securitization — — 1,664 — 1,664 Real estate company investment — — 471,156 — 471,156 Fund investments — — 43,198 1,347,876 1,391,074 Derivative liabilities Foreign exchange forward contracts — (27,669) — — (27,669) Interest rate swaps — (849) — — (849) Other invested assets $ — $ 1,144,704 $ 758,832 $ 1,347,876 $ 3,251,412 Total investments measured at fair value $ 42,769 $ 17,197,343 $ 845,744 $ 2,193,039 $ 20,278,895 Market risk benefits, net (3) $ — $ — $ 139,574 $ — $ 139,574 Net assets measured at fair value $ 42,769 $ 17,197,343 $ 985,318 $ 2,193,039 $ 20,418,469 (1) Corporate loans includes a portfolio of third-party, individually managed privately issued corporate loans that are managed under externally managed mandates with a fair value of $1.1 billion and $1.0 billion at December 31, 2023 and 2022, respectively. The mandates primarily invest in U.S. floating rate, first lien, senior secured broadly syndicated loans with a focus on facility sizes greater than $300 million. Corporate loans also includes $0.3 billion and $0.3 billion of other privately issued corporate loans at December 31, 2023 and 2022, respectively. (2) The reconciliations of the beginning and ending balances for investments measured at fair value using Level 3 inputs are presented in the succeeding tables. (3) Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. December 31, 2022 Quoted prices in Significant Significant Fair value based on NAV as practical expedient Total Assets (liabilities) Fixed maturities U.S. government and government sponsored enterprises $ — $ 1,797,934 $ — $ — $ 1,797,934 U.S. states, territories and municipalities — 10,126 48,747 — 58,873 Non-U.S. sovereign government, supranational and government related — 1,654,532 — — 1,654,532 Corporate bonds — 5,759,149 — — 5,759,149 Asset-backed securities — 12,434 15,930 — 28,364 Residential mortgage-backed securities — 3,723,062 — — 3,723,062 Fixed maturities $ — $ 12,957,237 $ 64,677 $ — $ 13,021,914 Short-term investments $ — $ 516,603 $ 6,907 $ — $ 523,510 Equities Real estate $ 61,754 $ — $ 1,814 $ — $ 63,568 Consumer non-cyclical — — 10,081 — 10,081 Diversified — — 9,667 — 9,667 Consumer cyclical 4,449 — 28 — 4,477 Energy 3 — 1,514 — 1,517 Finance — — 120 — 120 Industrials 20 — 76 — 96 Insurance — 42 — — 42 Fund investments — — — 840,318 840,318 Equities $ 66,226 $ 42 $ 23,300 $ 840,318 $ 929,886 Other invested assets Derivative assets Foreign exchange forward contracts $ — $ 13,705 $ — $ — $ 13,705 Interest rate swaps — 258 — — 258 Insurance-linked securities — — 6,657 — 6,657 Options and warrants — — 8,691 — 8,691 TBAs — 578 — — 578 Other Corporate loans — 1,015,529 287,278 — 1,302,807 Notes and loans receivable and notes securitization — — 3,166 — 3,166 Real estate company investment — — 491,602 — 491,602 Fund investments — — 36,274 1,271,612 1,307,886 Derivative liabilities Foreign exchange forward contracts — (17,336) — — (17,336) Interest rate swaps — (153) — — (153) Other invested assets $ — $ 1,012,581 $ 833,668 $ 1,271,612 $ 3,117,861 Total investments measured at fair value $ 66,226 $ 14,486,463 $ 928,552 $ 2,111,930 $ 17,593,171 Market risk benefits, net $ — $ — $ 122,016 $ — $ 122,016 Net assets measured at fair value $ 66,226 $ 14,486,463 $ 1,050,568 $ 2,111,930 $ 17,715,187 |
Reconciliation of beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs | The reconciliations of the beginning and ending balances for investments measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022, were as follows (in thousands of U.S. dollars): For the year ended December 31, 2023 Balance at (Losses) gains Purchases Settlements and (1) Net transfers out of Level 3 Balance Change in Fixed maturities U.S. states, territories and municipalities $ 48,747 $ (340) $ — $ (5,615) $ — $ 42,792 $ (1,730) Asset-backed securities 15,930 — — (908) — 15,022 — Fixed maturities $ 64,677 $ (340) $ — $ (6,523) $ — $ 57,814 $ (1,730) Short-term investments $ 6,907 $ — $ — $ (6,907) $ — $ — $ — Equities Energy $ 1,514 $ 184 $ — $ — $ — $ 1,698 $ 184 Consumer non-cyclical 10,081 (1,507) — — — 8,574 (1,507) Real estate 1,814 1,030 — — — 2,844 1,030 Consumer cyclical 28 — — — — 28 — Finance 120 5 — — — 125 5 Industrials 76 (41) — (29) — 6 (41) Diversified 9,667 323 5,835 (2) — 15,823 321 Equities $ 23,300 $ (6) $ 5,835 $ (31) $ — $ 29,098 $ (8) Other invested assets Derivatives, net $ 15,348 $ 577 $ — $ (4,300) $ — $ 11,625 $ — Corporate loans 287,278 9,546 2,630 (24,843) (43,422) 231,189 7,792 Notes and loans receivable and notes securitization 3,166 90 — (1,592) — 1,664 49 Fund investments 36,274 8,257 — (1,333) — 43,198 8,257 Real estate company investment 491,602 (20,446) — — — 471,156 (20,446) Other invested assets $ 833,668 $ (1,976) $ 2,630 $ (32,068) $ (43,422) $ 758,832 $ (4,348) Total $ 928,552 $ (2,322) $ 8,465 $ (45,529) $ (43,422) $ 845,744 $ (6,086) (1) Included sales of Fixed maturities and Other invested assets of $6 million and $30 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $25 million, sales of derivatives of $4 million, and sales of notes and loans receivable and notes securitization of $1 million. For the year ended December 31, 2022 Balance at (Losses) gains Purchases Settlements and sales (1) Net transfers into Level 3 Balance Change in unrealized (losses) gains relating to assets held at end of year Fixed maturities U.S. states, territories and municipalities $ 95,181 $ (13,862) $ — $ (32,572) $ — $ 48,747 $ (14,108) Asset-backed securities 16,764 — — (834) — 15,930 — Fixed maturities $ 111,945 $ (13,862) $ — $ (33,406) $ — $ 64,677 $ (14,108) Short-term investments $ — $ — $ 6,907 $ — $ — $ 6,907 $ — Equities Energy $ 2,368 $ (854) $ — $ — $ — $ 1,514 $ (854) Consumer non-cyclical 10,081 — — — — 10,081 — Real estate 2,097 (283) — — — 1,814 (283) Consumer cyclical 1,394 (1,366) — — — 28 (1,366) Finance 128 (8) — — — 120 (8) Industrials 220 13 — (157) — 76 (53) Diversified 7,468 (223) 2,759 (337) — 9,667 (344) Equities $ 23,756 $ (2,721) $ 2,759 $ (494) $ — $ 23,300 $ (2,908) Other invested assets Derivatives, net $ 7,796 $ 1,929 $ 5,631 $ (8) $ — $ 15,348 $ 996 Corporate loans 287,527 1,443 34,543 (42,589) 6,354 287,278 2,166 Notes and loans receivable and notes securitization 6,575 (594) — (2,815) — 3,166 2,301 Fund investments 11,739 92 30,286 (5,843) — 36,274 322 Real estate company investment 560,687 (69,085) — — — 491,602 (69,085) Other invested assets $ 874,324 $ (66,215) $ 70,460 $ (51,255) $ 6,354 $ 833,668 $ (63,300) Total $ 1,010,025 $ (82,798) $ 80,126 $ (85,155) $ 6,354 $ 928,552 $ (80,316) (1) Included sales of Fixed maturities and Other invested assets of $32 million and $36 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $33 million and sales of notes and loans receivable and notes securitization of $3 million. |
Summary of significant unobservable inputs used in the valuation of financial instruments | The significant unobservable inputs used in the valuation of assets and liabilities measured at fair value using Level 3 inputs at December 31, 2023 and 2022 were as follows (fair value in thousands of U.S. dollars): December 31, 2023 Fair value Valuation techniques Unobservable inputs Range (Weighted average (1) ) Fixed maturities U.S. states, territories and municipalities $ 42,792 Discounted cash flow Credit spreads 2.5% – 2.7% (2.6%) Other invested assets Insurance-linked securities – longevity swaps 7,235 Discounted cash flow Credit spreads 6.0% (6.0%) Fund investments 4,529 Discounted cash flow Effective yield 0.7% (0.7%) Real estate company investment 471,156 Income capitalization Estimated rental value (per sq ft) $96 – $102 ($100) Net initial yield 3.6% – 5.4% (4.8%) Reversionary yield 5.0% – 6.4% (5.7%) Comparable method Sale value (per sq ft) $3,072 – $5,848 ($5,171) Market risk benefits, net 139,574 Option pricing techniques Mortality rates 0.02% – 100.0% (0.5%) Lapse rates 3.1% – 25.0% (5.0%) Equity implied long-term volatility 18.9% - 28.7% (22.5%) Swaption implied long-term volatility 54.6% - 77.7% (76.5%) December 31, 2022 Fair value Valuation techniques Unobservable inputs Range (Weighted average (1) ) Fixed maturities U.S. states, territories and municipalities $ 48,747 Discounted cash flow Credit spreads 2.7% – 3.6% (3.4%) Short-term investments 6,907 Discounted cash flow Credit spreads 2.5% (2.5%) Other invested assets Insurance-linked securities - longevity swaps 6,657 Discounted cash flow Credit spreads 5.7% (5.7%) Fund investments 6,008 Discounted cash flow Effective yield 0.6% (0.6%) Note securitization 188 Discounted cash flow Credit spreads 2.5% (2.5%) Real estate company investment 491,602 Income capitalization Estimated rental value (per sq ft) $84 – $90 ($87) Net initial yield 2.2% – 4.6% (3.9%) Reversionary yield 4.6% – 5.3% (4.9%) Comparable method Sale value (per sq ft) $1,617 – $5,459 ($4,836) Market risk benefits, net 122,016 Option pricing techniques Mortality rates 0.02% – 100.0% (0.5%) Lapse rates 3.2% – 25.7% (8.5%) Equity implied long-term volatility 21.6% - 29.7% (24.6%) Swaption implied long-term volatility 60.0% - 85.5% (82.8%) (1) Unobservable inputs were weighted by the relative fair value. |
Change in fair value of financial instruments subject to fair value option | Changes in the fair value of the Company’s assets and liabilities subject to the fair value option during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Fixed maturities and short-term investments $ 390,712 $ (1,807,048) $ (558,466) Equities 43,420 (505,072) 198,780 Other invested assets (29,064) (136,580) 184,209 Total included in net realized and unrealized investment gains (losses) $ 405,068 $ (2,448,700) $ (175,477) |
Details of portfolio of investments using NAV as a practical expedient | The table below reflects the Company's portfolio of investments measured using net asset valuations as the practical expedient at December 31, 2023 and 2022 (in thousands of US dollars): December 31, 2023 December 31, 2022 Carrying Value (1) Remaining Unfunded Commitment Carrying Value (1) Remaining Unfunded Commitment Redemption Frequency Redemption Notice Period Public equity funds $ 648,080 $ — $ 629,125 $ — See below See below Private equity funds 452,387 106,060 389,736 150,458 See below See below Private credit funds 430,788 228,451 404,065 67,815 See below See below Multi-strategy funds 661,784 110,396 689,004 147,409 See below See below Total fund investments $ 2,193,039 $ 444,907 $ 2,111,930 $ 365,682 (1) The table above only reflects the Company's investments valued at fair value based on the NAV practical expedient, which includes fund investments of $845 million included in Equities and $1,348 million included in Other invested assets at December 31, 2023 and fund investments of $840 million included in Equities and $1,272 million included in Other invested assets at December 31, 2022. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Net Realized and Unrealized Investment Gains (Losses) | The components of the net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Net realized investment (losses) gains on fixed maturities and short-term investments $ (4,041) $ 859 $ 19,893 Net realized investment gains on equities 121,378 461,041 78,501 Net realized investment (losses) gains on other invested assets (6,188) 9,781 103,011 Net realized investment gains $ 111,149 $ 471,681 $ 201,405 Change in net unrealized investment gains (losses) on fixed maturities and short-term investments $ 390,712 $ (1,807,048) $ (558,466) Change in net unrealized investment gains (losses) on equities 43,420 (505,072) 198,780 Change in net unrealized investment (losses) gains on other invested assets (20,975) (123,694) 196,926 Net other realized and unrealized investment losses (1,761) (2,672) (848) Change in net unrealized investment gains (losses) $ 411,396 $ (2,438,486) $ (163,608) Impairment loss on investments in real estate $ (5,119) $ (2,209) $ — Net realized and unrealized investment gains (losses) $ 517,426 $ (1,969,014) $ 37,797 |
Net investment income | The components of net investment income for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Fixed maturities $ 424,205 $ 310,152 $ 301,391 Short-term investments and cash and cash equivalents 75,467 17,477 4,860 Other invested assets 176,065 99,375 90,442 Equities 19,693 11,118 12,686 Funds held and other (1) 6,950 10,801 17,871 Investment expenses (56,695) (50,575) (50,781) Net investment income $ 645,685 $ 398,348 $ 376,469 (1) The Company generally earns investment income on funds held by reinsured companies based upon a predetermined interest rate, either fixed contractually at the inception of the contract or based upon a recognized index. Interest rates ranged from 0.2% to 10.5%, 0.1% to 10.9% and 0.1% to 7.3% for the years ended December 31, 2023, 2022 and 2021, respectively. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair values and notional values of derivatives | The net fair values of derivatives included in Other invested assets within the Company’s Consolidated Balance Sheets and the related net notional exposures at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): Asset Liability Net derivatives December 31, 2023 Fair value Net notional Derivatives not designated as hedges Foreign exchange forward contracts $ 31,565 $ (27,669) $ 3,896 $ 4,205,417 Insurance-linked securities (1) 7,235 — 7,235 9,700 Interest rate swaps (2) — (849) (849) — Options and warrants 4,390 — 4,390 8,898 Total derivatives not designated as hedges $ 43,190 $ (28,518) $ 14,672 Asset Liability Net derivatives December 31, 2022 Fair value Net notional Derivatives not designated as hedges Foreign exchange forward contracts $ 13,705 $ (17,336) $ (3,631) $ 4,277,894 Insurance-linked securities (1) 6,657 — 6,657 16,937 Interest rate swaps (2) 258 (153) 105 — TBAs 578 — 578 — Options and warrants 8,691 — 8,691 8,815 Total derivatives not designated as hedges $ 29,889 $ (17,489) $ 12,400 (1) Insurance-linked securities include longevity swaps for which the notional amounts are not reflective of the overall potential exposure of the swaps. The net notional exposure above includes the Company's best estimate of the present value of future expected claims. (2) The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. The net notional exposure for interest rate swaps above relates to fixed maturities. |
Gains and losses for derivatives not designated as hedges | The gains and losses in the Consolidated Statements of Operations for derivatives not designated as hedges for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 2022 2021 Foreign exchange forward contracts $ (38,858) $ (34,902) $ (16,788) Total included in Net foreign exchange losses $ (38,858) $ (34,902) $ (16,788) Insurance-linked securities $ (1,754) $ 2,049 $ 4,807 Total return swaps (5) 934 1,430 Interest rate swaps (951) 10,594 7,020 TBAs 448 (23) (56) Other — — (298) Total included in Net realized and unrealized investment (losses) gains $ (2,262) $ 13,554 $ 12,903 Total derivatives not designated as hedges $ (41,120) $ (21,348) $ (3,885) |
Gross and net fair values of derivatives subject to offsetting | The gross and net fair values of derivatives that are subject to offsetting in the Consolidated Balance Sheets at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): Gross Net amounts of Gross amounts not offset December 31, 2023 Gross amounts recognized (1) Financial Cash collateral Net amount Total derivative assets $ 43,190 $ — $ 43,190 $ — $ (41,747) $ 1,443 Total derivative liabilities $ (28,518) $ — $ (28,518) $ — $ 16,220 $ (12,298) December 31, 2022 Total derivative assets $ 29,889 $ — $ 29,889 $ (258) $ (37,262) $ (7,631) Total derivative liabilities $ (17,489) $ — $ (17,489) $ 258 $ 15,978 $ (1,253) (1) Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The Company’s goodwill related to the acquisitions of PartnerRe SA, Winterthur Re, Paris Re and Presidio and intangible assets related to the acquisitions of Paris Re, Presidio, Aurigen and Claims Analytics at December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): Goodwill Definite- Indefinite- Total Balance at December 31, 2020 $ 456,380 $ 98,114 $ 9,555 $ 107,669 Foreign currency translation — 10 — 10 Intangible assets amortization n/a (8,861) n/a (8,861) Balance at December 31, 2021 $ 456,380 $ 89,263 $ 9,555 $ 98,818 Foreign currency translation — (137) — (137) Intangible assets amortization n/a (8,912) n/a (8,912) Balance at December 31, 2022 $ 456,380 $ 80,214 $ 9,555 $ 89,769 Foreign currency translation — 50 — 50 Intangible assets amortization n/a (7,906) n/a (7,906) Balance at December 31, 2023 $ 456,380 $ 72,358 $ 9,555 $ 81,913 n/a: Not applicable |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The gross carrying value and accumulated amortization of intangible assets included in the Consolidated Balance Sheets at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Gross carrying Accumulated Net carrying value Gross carrying Accumulated Net carrying value Definite-lived intangible assets: Renewal rights $ 48,163 $ (44,985) $ 3,178 $ 48,163 $ (43,032) $ 5,131 Customer relationships 67,661 (60,532) 7,129 67,611 (56,850) 10,761 Life VOBA 75,583 (13,532) 62,051 75,583 (11,261) 64,322 Total definite-lived intangible assets $ 191,407 $ (119,049) $ 72,358 $ 191,357 $ (111,143) $ 80,214 Indefinite-lived intangible assets: Insurance licenses 9,555 n/a 9,555 9,555 n/a 9,555 Total intangible assets $ 200,962 $ (119,049) $ 81,913 $ 200,912 $ (111,143) $ 89,769 n/a: Not applicable |
Allocation of goodwill by segment | The allocation of goodwill to the Company’s segments at December 31, 2023 and 2022 was as follows (in thousands of U.S. dollars): 2023 2022 P&C segment $ 242,376 $ 242,376 Specialty segment 196,047 196,047 Life and Health segment 17,957 17,957 Total $ 456,380 $ 456,380 |
Estimated future amortization expense | The estimated future amortization expense related to the Company’s definite-lived intangible assets is as follows (in thousands of U.S. dollars): Year VOBA Other definite- Total definite- 2024 $ 2,296 $ 4,960 $ 7,256 2025 2,070 4,367 6,437 2026 1,892 402 2,294 2027 2,238 402 2,640 2028 2,247 176 2,423 Thereafter 51,308 — 51,308 Total $ 62,051 $ 10,307 $ 72,358 |
Deferred Acquisition Costs (Tab
Deferred Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Policy Acquisition Costs [Table Text Block] | The reconciliation of beginning and ending balances of deferred acquisition costs for the Company's traditional and limited payment long-duration contracts within the Life and health business for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Long-term protection Balance at beginning of year $ 311,362 $ 298,783 $ 270,170 Capitalizations 38,056 67,432 69,548 Amortization expense (32,012) (31,467) (29,696) Foreign exchange effect 3,200 (23,386) (11,239) Balance at end of year $ 320,606 $ 311,362 $ 298,783 |
Non-life Reserves (Tables)
Non-life Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Components of non-life reserves | The Company’s gross liability for non-life reserves at December 31, 2023 and 2022 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Case reserves $ 5,148,325 $ 5,110,575 ACRs 190,071 159,821 IBNR reserves 7,812,913 7,455,235 Non-life reserves $ 13,151,309 $ 12,725,631 |
Reconciliation of the beginning and ending gross and net liability for non-life reserves | The reconciliation of the beginning and ending gross and net liability for non-life reserves for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Gross liability at beginning of year $ 12,725,631 $ 12,047,792 $ 11,395,321 Reinsurance recoverable at beginning of year 1,851,811 1,532,666 782,330 Net liability at beginning of year 10,873,820 10,515,126 10,612,991 Net incurred losses related to: Current year 3,229,633 3,533,087 3,637,671 Prior years (47,293) (219,853) (194,426) 3,182,340 3,313,234 3,443,245 Net paid losses related to: Current year (416,151) (419,633) (437,938) Prior years (2,316,451) (2,238,503) (2,535,057) (2,732,602) (2,658,136) (2,972,995) Retroactive reinsurance recoverable adjustment (93,378) (35,695) (357,864) Effects of foreign exchange rate changes and other 155,882 (260,709) (210,251) Net liability at end of year 11,386,062 10,873,820 10,515,126 Reinsurance recoverable at end of year 1,765,247 1,851,811 1,532,666 Gross liability at end of year $ 13,151,309 $ 12,725,631 $ 12,047,792 |
Reconciliation of net incurred and paid claims development to Non-life reserves | The reconciliation of the net incurred and paid claims development information below to the Non-life reserves in the Consolidated Balance Sheet at December 31, 2023 was as follows (in thousands of U.S. dollars): December 31, 2023 Total outstanding liability for unpaid claims Property $ 1,908,065 Casualty 6,176,122 Specialty 3,011,789 Total outstanding liabilities for unpaid claims $ 11,095,976 Unallocated loss expenses 130,717 U.S. health net reserves (1) 156,570 Other 2,799 Total other liabilities $ 290,086 Net liability at end of year $ 11,386,062 Reinsurance recoverable on unpaid claims Property $ 763,028 Casualty 698,223 Specialty 303,996 Reinsurance recoverable at end of year $ 1,765,247 Gross liability at end of year $ 13,151,309 (1) U.S. health business is not meaningful to include in the development tables as the estimated average duration of the health reserves is less than one year and substantially all claims are expected to be paid within two years, based on historical payout patterns. |
Incurred and paid claims development and average annual percentage payout of incurred claims by age, net of reinsurance | NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 2,481,720 $ 2,514,200 $ 2,368,967 $ 2,349,869 $ 2,353,759 $ 2,315,021 $ 2,277,135 $ 2,262,546 $ 2,232,454 $ 2,233,339 $ 50,959 2015 2,502,854 2,611,184 2,527,784 2,550,830 2,520,182 2,475,960 2,451,141 2,432,324 2,435,356 87,537 2016 2,451,204 2,559,851 2,516,126 2,486,199 2,467,920 2,484,069 2,476,383 2,472,778 95,112 2017 2,549,737 2,801,179 2,698,916 2,651,730 2,663,904 2,658,571 2,660,319 159,021 2018 2,596,552 2,974,243 2,969,810 2,972,766 3,009,359 3,015,217 334,532 2019 2,931,280 3,519,556 3,510,991 3,523,443 3,531,407 637,205 2020 4,186,395 3,586,462 3,499,097 3,480,994 859,604 2021 2,880,141 2,829,876 2,836,450 1,435,501 2022 3,410,844 3,374,321 1,723,904 2023 3,115,830 967,607 Total $ 29,156,011 $ 6,350,982 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 336,270 $ 1,291,273 $ 1,594,146 $ 1,810,171 $ 1,946,054 $ 2,044,804 $ 2,118,939 $ 2,164,676 $ 2,196,720 $ 2,243,258 2015 306,562 1,159,655 1,564,173 1,798,537 1,959,722 2,067,935 2,142,234 2,198,481 2,240,255 2016 321,351 1,272,443 1,627,697 1,893,694 2,030,728 2,123,169 2,211,977 2,302,984 2017 394,394 1,421,140 1,804,959 2,072,838 2,195,236 2,314,529 2,436,391 2018 271,827 1,276,542 1,811,055 2,093,543 2,283,931 2,490,887 2019 462,939 1,438,793 1,961,928 2,341,116 2,640,483 2020 480,122 1,277,034 1,805,063 2,106,017 2021 373,191 1,088,143 1,531,660 2022 394,598 914,038 2023 397,510 Total $ 19,303,483 Net reserves for accident years and exposures included in the triangles $ 9,852,528 All outstanding liabilities before accident year 2014, net of reinsurance 1,243,448 Total outstanding liabilities for unpaid claims $ 11,095,976 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - NON-LIFE (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Non-life 13% 29% 15% 10% 6% 5% 4% 3% 2% 2% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 469,568 $ 488,446 $ 463,409 $ 458,609 $ 452,907 $ 450,487 $ 447,816 $ 447,894 $ 444,808 $ 445,152 $ 298 2015 537,193 565,816 537,792 528,106 524,147 519,568 525,203 523,475 524,453 3,605 2016 663,490 681,050 644,349 625,873 622,562 624,375 623,593 620,491 8,045 2017 971,607 1,022,186 952,613 923,025 915,166 910,105 909,849 12,314 2018 805,960 820,675 799,735 778,867 766,591 766,684 16,456 2019 703,097 782,453 720,079 711,928 714,189 32,277 2020 1,252,575 1,070,935 1,061,772 1,056,274 132,920 2021 919,517 918,629 914,749 253,718 2022 944,920 859,807 457,178 2023 415,801 334,152 Total $ 7,227,449 $ 1,250,963 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 95,013 $ 323,309 $ 395,102 $ 423,339 $ 432,567 $ 438,152 $ 442,581 $ 444,798 $ 445,375 $ 448,276 2015 85,015 330,876 435,539 469,036 481,879 489,195 498,557 501,524 503,399 2016 132,914 446,804 538,988 579,381 595,159 604,980 609,257 613,854 2017 214,026 694,240 805,627 853,945 862,942 870,638 882,726 2018 81,830 494,608 628,458 666,919 687,439 709,211 2019 78,527 426,566 545,163 586,587 627,924 2020 115,165 515,030 681,851 772,952 2021 121,453 491,546 639,577 2022 103,876 279,970 2023 91,499 Total $ 5,569,388 Net reserves for accident years and exposures included in the triangles $ 1,658,061 All outstanding liabilities before accident year 2014, net of reinsurance 250,004 Total outstanding liabilities for unpaid claims $ 1,908,065 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - PROPERTY (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 15% 41% 16% 6% 3% 2% 1% 1% —% 1% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 804,571 $ 848,698 $ 814,622 $ 810,349 $ 826,000 $ 791,768 $ 766,415 $ 753,383 $ 739,605 $ 740,555 $ 34,090 2015 699,327 783,275 761,091 803,497 770,242 751,652 726,451 714,608 717,382 57,407 2016 670,767 756,954 767,366 747,814 740,047 750,268 747,402 747,434 61,476 2017 621,095 743,114 720,966 709,881 716,862 720,732 724,138 94,614 2018 767,559 905,491 895,978 903,353 920,169 927,658 236,104 2019 999,955 1,226,210 1,272,980 1,273,687 1,282,398 494,696 2020 1,344,430 1,115,751 1,094,890 1,086,082 601,415 2021 1,013,896 967,726 987,435 886,905 2022 1,495,131 1,561,575 888,080 2023 1,698,981 326,606 Total $ 10,473,638 $ 3,681,393 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 69,119 $ 189,458 $ 292,152 $ 387,182 $ 470,964 $ 536,883 $ 594,035 $ 631,367 $ 654,893 $ 692,148 2015 73,252 184,520 303,213 398,790 505,067 577,907 627,964 667,748 702,472 2016 28,304 140,081 244,560 369,651 455,982 520,069 586,050 667,058 2017 55,617 157,792 246,615 334,296 411,806 488,164 596,996 2018 59,105 201,190 323,510 425,887 532,717 699,190 2019 100,639 274,821 430,192 580,304 731,677 2020 112,281 176,740 304,592 410,337 2021 80,434 225,846 329,578 2022 120,660 173,769 2023 171,996 Total $ 5,175,221 Net reserves for accident years and exposures included in the triangles $ 5,298,417 All outstanding liabilities before accident year 2014, net of reinsurance 877,705 Total outstanding liabilities for unpaid claims $ 6,176,122 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - CASUALTY (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 9% 12% 13% 12% 12% 11% 10% 7% 4% 5% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY For the year ended December 31, December 31, 2023 Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total of IBNR plus expected development on reported claims (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 1,207,581 $ 1,177,056 $ 1,090,936 $ 1,080,911 $ 1,074,852 $ 1,072,766 $ 1,062,904 $ 1,061,269 $ 1,048,041 $ 1,047,632 $ 16,571 2015 1,266,334 1,262,093 1,228,901 1,219,227 1,225,793 1,204,740 1,199,487 1,194,241 1,193,521 26,525 2016 1,116,947 1,121,847 1,104,411 1,112,512 1,105,311 1,109,426 1,105,388 1,104,853 25,591 2017 957,035 1,035,879 1,025,337 1,018,824 1,031,876 1,027,734 1,026,332 52,093 2018 1,023,033 1,248,077 1,274,097 1,290,546 1,322,599 1,320,875 81,972 2019 1,228,228 1,510,893 1,517,932 1,537,828 1,534,820 110,232 2020 1,589,390 1,399,776 1,342,435 1,338,638 125,269 2021 946,728 943,521 934,266 294,878 2022 970,793 952,939 378,646 2023 1,001,048 306,849 Total $ 11,454,924 $ 1,418,626 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY For the year ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2014 $ 172,138 $ 778,506 $ 906,892 $ 999,650 $ 1,042,523 $ 1,069,769 $ 1,082,323 $ 1,088,511 $ 1,096,452 $ 1,102,834 2015 148,295 644,259 825,421 930,711 972,776 1,000,833 1,015,713 1,029,209 1,034,384 2016 160,133 685,558 844,149 944,662 979,587 998,120 1,016,670 1,022,072 2017 124,751 569,108 752,717 884,597 920,488 955,727 956,669 2018 130,892 580,744 859,087 1,000,737 1,063,775 1,082,486 2019 283,773 737,406 986,573 1,174,225 1,280,882 2020 252,676 585,264 818,620 922,728 2021 171,304 370,751 562,505 2022 170,062 460,299 2023 134,015 Total $ 8,558,874 Net reserves for accident years and exposures included in the triangles $ 2,896,050 All outstanding liabilities before accident year 2014, net of reinsurance 115,739 Total outstanding liabilities for unpaid claims $ 3,011,789 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - SPECIALTY (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Specialty 15% 36% 17% 10% 4% 2% 1% 1% 1% 1% |
Life and Health Reserves (Table
Life and Health Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Future Policy Benefits Activity [Abstract] | |
Liability for Future Policy Benefit, Activity | The Company's gross and net liability for life and health reserves at December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 December 31, 2021 Long-term protection $ 1,432,088 $ 1,249,661 $ 1,454,838 Longevity 466,037 304,318 323,489 Total traditional and limited payment long-duration life and health reserves $ 1,898,125 $ 1,553,979 $ 1,778,327 Other long-duration life and health reserves 116,918 127,752 122,532 Short-term life and health reserves 816,626 795,978 860,997 Total life and health reserves, net $ 2,831,669 $ 2,477,709 $ 2,761,856 Reinsurance recoverable 27,588 19,810 23,526 Life and health reserves, gross $ 2,859,257 $ 2,497,519 $ 2,785,382 Traditional and limited payment long-duration contracts The reconciliation of the beginning and ending net liability for the Company's life and health reserves for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Long-term Protection Longevity Long-term Protection Longevity Long-term Protection Longevity Present Value of Expected Net Premiums Balance, beginning of year $ 7,181,905 $ 6,859,347 $ 8,265,658 $ 9,450,775 $ 7,722,807 $ 8,710,380 Beginning balance at original discount rate 9,912,178 9,468,464 8,929,616 10,101,622 7,832,595 8,417,277 Effect of changes in cash flow assumptions (46,073) 1,341 124,380 — 132,056 (12,857) Effect of actual variances from expected experience 129,081 (100,539) 495,356 49,882 138,504 (46,910) Foreign exchange and other 7,693 (77,951) 61,698 (1,485) 12,107 702 Adjusted beginning of year balance 10,002,879 9,291,315 9,611,050 10,150,019 8,115,262 8,358,212 Issuances 907,176 3,106,448 1,100,371 813,865 1,271,419 2,249,974 Interest accrual 249,381 303,087 215,148 189,144 183,835 152,388 Net premiums collected (564,741) (1,012,723) (519,987) (668,228) (497,615) (601,195) Foreign exchange and other 157,390 632,042 (494,404) (1,016,336) (143,285) (57,757) Ending balance at original discount rate 10,752,085 12,320,169 9,912,178 9,468,464 8,929,616 10,101,622 Effect of changes in discount rate assumptions (2,238,887) (1,914,504) (2,730,273) (2,609,117) (663,958) (650,847) Balance, end of year $ 8,513,198 $ 10,405,665 $ 7,181,905 $ 6,859,347 $ 8,265,658 $ 9,450,775 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 8,444,212 $ 7,167,340 $ 9,735,516 $ 9,778,306 $ 9,197,194 $ 9,080,355 Beginning balance at original discount rate 11,279,091 9,735,709 10,405,240 10,400,475 9,253,956 8,758,460 Effect of changes in cash flow assumptions (29,989) 1,671 100,464 — 175,808 (17,855) Effect of actual variances from expected experience 124,864 (113,205) 520,942 47,215 198,217 (46,809) Foreign exchange and other 24,331 (89,722) 67,193 (2,935) 11,525 770 Adjusted beginning of year balance 11,398,297 9,534,453 11,093,839 10,444,755 9,639,506 8,694,566 Issuances 910,154 3,111,518 1,095,566 814,178 1,250,111 2,249,787 Interest accrual 269,802 308,484 235,775 194,485 207,736 160,408 Benefit payments (521,918) (885,792) (542,353) (666,887) (503,727) (643,565) Foreign exchange and other 201,607 656,619 (603,736) (1,050,822) (188,386) (60,721) Ending balance at original discount rate 12,257,942 12,725,282 11,279,091 9,735,709 10,405,240 10,400,475 Effect of changes in discount rate assumptions (2,309,437) (1,851,883) (2,834,879) (2,568,369) (669,724) (622,169) Balance, end of year $ 9,948,505 $ 10,873,399 $ 8,444,212 $ 7,167,340 $ 9,735,516 $ 9,778,306 Cumulative impact of flooring $ 4,037 $ 1,828 $ 2,367 $ — $ 194 $ 819 Liability for future policy benefits, after flooring adjustment $ 1,439,344 $ 469,562 $ 1,264,674 $ 307,993 $ 1,470,052 $ 328,350 Less: reinsurance recoverable 7,256 3,525 15,013 3,675 15,214 4,861 Net liability for future policy benefits, after reinsurance recoverable $ 1,432,088 $ 466,037 $ 1,249,661 $ 304,318 $ 1,454,838 $ 323,489 |
Undiscounted Expected Gross Premiums And Expected Future Policy Benefit Payments | The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 December 31, 2021 Long-term Protection Undiscounted expected future gross premiums $ 22,577,821 $ 19,982,118 $ 17,229,187 Undiscounted expected future benefit payments $ 19,981,172 $ 17,642,176 $ 15,441,167 Discounted expected future gross premiums $ 10,835,854 $ 9,162,867 $ 10,592,914 Discounted expected future benefit payments $ 9,948,505 $ 8,444,212 $ 9,735,516 December 31, 2023 December 31, 2022 December 31, 2021 Longevity Undiscounted expected future gross premiums $ 17,998,514 $ 13,032,711 $ 13,647,768 Undiscounted expected future benefit payments $ 16,929,038 $ 12,199,575 $ 12,752,333 Discounted expected future gross premiums $ 11,284,884 $ 7,485,087 $ 10,331,411 Discounted expected future benefit payments $ 10,873,399 $ 7,167,340 $ 9,778,306 |
Gross Premiums And Interest Accretion Recognized In Statement Of Operations | The total gross premiums and interest expense recognized in the Consolidated Statements of Operations for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): Gross Premiums Interest Expense 2023 2022 2021 2023 2022 2021 Long-term protection $ 744,428 $ 684,990 $ 662,496 $ 20,421 $ 20,627 $ 23,901 Longevity 1,094,934 742,542 692,000 5,397 5,341 8,020 Total $ 1,839,362 $ 1,427,532 $ 1,354,496 $ 25,818 $ 25,968 $ 31,921 |
Weighted Average Interest Rates | The weighted-average interest rates for traditional and limited payment long-duration contracts for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Long-term Protection: Interest accretion rate 2.63 % 2.43 % 2.28 % Current discount rate 4.48 % 4.93 % 2.87 % 2023 2022 2021 Longevity: Interest accretion rate 2.95 % 2.06 % 1.94 % Current discount rate 4.83 % 5.48 % 2.48 % |
Reconciliation of the beginning and ending gross and net liability for life and health reserves | The reconciliation of the beginning and ending gross and net liability of the life and health reserves for short-duration contracts for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Gross liability at beginning of year $ 797,100 $ 864,448 $ 960,198 Reinsurance recoverable at beginning of year 1,122 3,451 6,397 Net liability at beginning of year 795,978 860,997 953,801 Net incurred losses 187,078 157,572 184,872 Net losses paid (190,082) (172,043) (234,501) Effects of foreign exchange rate changes and other 23,652 (50,548) (43,175) Net liability at end of year 816,626 795,978 860,997 Reinsurance recoverable at end of year 16,807 1,122 3,451 Gross liability at end of year $ 833,433 $ 797,100 $ 864,448 |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Market Risk Benefit [Abstract] | |
Market Risk Benefit, Activity | The reconciliation of beginning and ending balances of market risk benefits for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 GMDB Balance, beginning of year $ 122,016 $ (53,011) $ (77,590) Effect of changes in the instrument-specific credit risk 3,676 59,207 63,474 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 125,692 6,196 (14,116) Issuances 5,625 1,312 (14,931) Interest accrual 6,081 (1,819) (2,623) Attributed fees collected (29,273) (29,417) (34,371) Benefit payments 3,799 (897) 1,597 Actual policyholder behavior different from expected behaviors (8,415) 5,126 (14,565) Effect of changes in future expected policyholder behavior (12,111) (3,819) 10,776 Effect of changes in other future assumptions 5,844 4,318 (51,743) Effect of changes in interest rates (12,722) 197,277 82,422 Effect of changes in equity index volatility 11,716 (24,728) (4,634) Effect of changes in equity markets 14,550 (58,497) 31,222 Foreign exchange impact 5,501 (1,715) 439 Other 21,985 32,355 16,723 Balance, end of year, before effect of changes in the instrument-specific credit risk $ 138,272 $ 125,692 $ 6,196 Effect of changes in the instrument-specific credit risk 1,302 (3,676) (59,207) Balance, end of year $ 139,574 $ 122,016 $ (53,011) Net amount at risk $ 251,293 $ 603,656 $ 52,320 Weighted-average attained age of contract holders 61 years 61 years 61 years The reconciliation of market risk benefit asset (liability) to the Company's Consolidated Balance Sheets at December 31, 2023 and 2022 was as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Asset Liability Net Asset Liability Net Market risk benefits $ 144,636 $ 5,062 $ 139,574 $ 131,186 $ 9,170 $ 122,016 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Ceded reinsurance | Direct, assumed, ceded and net amounts for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands of U.S. dollars): 2023 Premiums Premiums Losses and Loss Non-life $ 347,351 $ 372,230 $ 188,912 Life and Health — — — Direct $ 347,351 $ 372,230 $ 188,912 Non-life $ 6,646,273 $ 6,643,101 $ 3,346,078 Life and Health 2,108,734 2,108,711 1,838,714 Assumed $ 8,755,007 $ 8,751,812 $ 5,184,792 Non-life $ 1,145,301 $ 1,176,865 $ 352,650 Life and Health 28,145 28,417 30,846 Ceded $ 1,173,446 $ 1,205,282 $ 383,496 Non-life $ 5,848,323 $ 5,838,466 $ 3,182,340 Life and Health 2,080,589 2,080,294 1,807,868 Net $ 7,928,912 $ 7,918,760 $ 4,990,208 2022 Premiums Premiums Losses and Loss Expenses Non-life $ 393,186 $ 377,380 $ 207,301 Life and Health — — — Direct $ 393,186 $ 377,380 $ 207,301 Non-life $ 6,622,236 $ 6,319,389 $ 3,817,630 Life and Health 1,673,857 1,674,091 1,426,584 Assumed $ 8,296,093 $ 7,993,480 $ 5,244,214 Non-life $ 1,116,672 $ 1,085,317 $ 711,697 Life and Health 28,412 28,426 13,946 Ceded $ 1,145,084 $ 1,113,743 $ 725,643 Non-life $ 5,898,750 $ 5,611,452 $ 3,313,234 Life and Health 1,645,445 1,645,665 1,412,638 Net $ 7,544,195 $ 7,257,117 $ 4,725,872 2021 Premiums Premiums Losses and Loss Expenses Non-life $ 421,756 $ 318,058 $ 221,173 Life and Health — — — Direct $ 421,756 $ 318,058 $ 221,173 Non-life $ 6,135,299 $ 5,956,360 $ 3,991,292 Life and Health 1,646,870 1,651,485 1,423,826 Assumed $ 7,782,169 $ 7,607,845 $ 5,415,118 Non-life $ 1,046,227 $ 944,862 $ 769,220 Life and Health 23,680 24,519 16,031 Ceded $ 1,069,907 $ 969,381 $ 785,251 Non-life $ 5,510,828 $ 5,329,556 $ 3,443,245 Life and Health 1,623,190 1,626,966 1,407,795 Net $ 7,134,018 $ 6,956,522 $ 4,851,040 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of debt outstanding | The debt outstanding and the carrying value recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022 was comprised as follows (in thousands): December 31, 2023 December 31, 2022 Commitment Carrying Value Fair Value Carrying Value Fair Value Senior notes due 2029 $ 500,000 $ 497,525 $ 484,790 $ 497,073 $ 462,521 Senior notes due 2026 € 750,000 829,304 790,081 794,368 721,807 Junior subordinated notes due 2050 $ 500,000 494,832 432,685 494,638 428,250 Capital efficient notes due 2066 $ 61,924 61,924 55,237 61,924 54,247 Debt $ 1,883,585 $ 1,762,793 $ 1,848,003 $ 1,666,825 |
Dividend Restrictions and Sta_2
Dividend Restrictions and Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure - Dividend Restrictions and Statutory Requirements [Abstract] | |
Statutory measurements | The statutory net income (loss) of PartnerRe Bermuda, PartnerRe Europe, PartnerRe U.S., PartnerRe Asia and PartnerRe Canada for the years ended December 31, 2023, 2022 and 2021 was as follows (in millions of U.S. dollars): 2023 2022 2021 PartnerRe Bermuda $ 1,138 $ (139) $ 900 PartnerRe Europe $ 383 $ (329) $ 28 PartnerRe U.S. $ 220 $ 242 $ 68 PartnerRe Asia $ 48 $ (35) $ (6) PartnerRe Canada $ 13 $ (14) $ (12) The required and actual statutory capital and surplus of PartnerRe Bermuda, PartnerRe Europe, PartnerRe U.S., PartnerRe Asia and PartnerRe Canada at December 31, 2023 and 2022 was as follows (in millions of U.S. dollars): PartnerRe Bermuda (1) PartnerRe Europe PartnerRe U.S. PartnerRe Asia PartnerRe Canada 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Required statutory capital and surplus $ 2,824 $ 2,727 $ 1,564 $ 1,537 $ 1,472 $ 1,356 $ 56 $ 47 $ 1,221 $ 1,144 Actual statutory capital and surplus $ 7,108 $ 5,816 $ 2,971 $ 2,672 $ 2,182 $ 1,928 $ 265 $ 212 $ 1,606 $ 1,392 (1) Required statutory capital and surplus is calculated at the Target Capital Level |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of income tax expense | Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Current income tax expense U.S. $ 40,840 $ 93,906 $ 31,216 Non U.S. 11,621 20,622 18,293 Total current income tax expense $ 52,461 $ 114,528 $ 49,509 Deferred income tax (benefit) expense U.S. $ 8,048 $ (14,428) $ (9,404) Non U.S. (390,065) (60,138) 61 Total deferred income tax (benefit) expense $ (382,017) $ (74,566) $ (9,343) Unrecognized tax expense (benefit) U.S. $ — $ — $ — Non U.S. 1,632 1,933 (199) Total unrecognized tax expense (benefit) $ 1,632 $ 1,933 $ (199) Total income tax (benefit) expense U.S. $ 48,888 $ 79,478 $ 21,812 Non U.S. (376,812) (37,583) 18,155 Total income tax (benefit) expense $ (327,924) $ 41,895 $ 39,967 |
Income before taxes attributable to domestic and foreign operations | Income (loss) before taxes attributable to the Company’s domestic and foreign operations and a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda (the Company’s domicile) law to income (loss) before taxes was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands of U.S. dollars): 2023 2022 2021 Domestic (Bermuda) $ 772,926 $ (95,063) $ 631,852 Foreign 1,217,269 (802,794) 172,303 Income (loss) before taxes $ 1,990,195 $ (897,857) $ 804,155 |
Reconciliation of effective tax rate | Reconciliation of effective tax rate (% of income (loss) before taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected tax rates 12.4 15.3 6.7 Impact of foreign exchange gains or losses (1.1) (0.3) (0.1) Unrecognized tax expense (benefit) 0.1 (0.2) — Tax-exempt income and expenses not deductible (3.8) 0.2 (0.3) Foreign branch tax 2.0 4.1 0.1 Valuation allowance (4.3) (20.8) 0.6 Tax legislation change (21.9) — (0.3) Other 0.1 (3.0) (1.7) Actual tax rate (16.5) % (4.7) % 5.0 % |
Components of net tax assets and liabilities | The components of net tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Net tax assets $ 563,368 $ 160,634 Net tax liabilities (57,584) (38,576) Net tax assets $ 505,784 $ 122,058 December 31, 2023 December 31, 2022 Net current tax assets $ 109,538 $ 108,836 Net deferred tax assets (liabilities) 408,884 23,931 Net unrecognized tax benefit (12,638) (10,709) Net tax assets $ 505,784 $ 122,058 |
Significant components of net deferred tax assets and liabilities | Significant components of the net deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars): December 31, 2023 December 31, 2022 Deferred tax assets Foreign tax credit carryforwards $ 176,904 $ 211,023 Tax loss carryforwards 104,546 123,597 Unearned premiums 44,878 46,029 Coinsurance funds held 6,237 — Unrealized depreciation and timing differences on investments 96,108 170,720 Bermuda economic transition adjustment 487,265 — Other deferred tax assets 45,019 37,424 $ 960,957 $ 588,793 Valuation allowance (325,150) (386,525) Deferred tax assets $ 635,807 $ 202,268 Deferred tax liabilities Deferred acquisition costs $ 94,144 $ 92,459 Goodwill and other intangibles 55,067 55,882 Coinsurance reserves 16,065 — Discounting of loss reserves and adjustment to life policy reserves 44,406 7,928 Equalization reserves 13,732 8,235 Other deferred tax liabilities 3,509 13,833 Deferred tax liabilities $ 226,923 $ 178,337 Net deferred tax assets $ 408,884 $ 23,931 |
Total amount of unrecognized tax benefits | The total amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 2023 2022 2021 Balance at January 1 $ 10,709 $ 9,276 $ 10,272 Changes in tax positions taken during a prior year 4,773 1,933 (200) Settlements (2,547) — — Impact of the change in foreign currency exchange rates (297) (500) (796) Balance at December 31 $ 12,638 $ 10,709 $ 9,276 |
Share-Based Incentives (Tables)
Share-Based Incentives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Activity summary of share-based incentives | The following tables provide activity summaries of the Company's Class B shares, Class C shares, and RSUs outstanding: RSUs (1) Outstanding December 31, 2020 — Granted 263,214 Outstanding December 31, 2021 263,214 Forfeitures (2,964) Accelerated vesting and repurchase upon change of control (260,250) Granted 265,805 Outstanding December 31, 2022 265,805 Forfeitures (29,044) Vested (42,838) Granted 222,093 Outstanding December 31, 2023 416,016 (1) For RSUs, the number of grants in the table are shown at the maximum number that can be attained if the performance conditions are fully met for personal and Company performance. Forfeitures represent adjustments to grants falling below the maximum attainable as a result of not fully meeting the performance conditions. Restricted Class C shares Unrestricted Class C shares Total Class C shares Outstanding December 31, 2020 — — — Granted 7,373 — 7,373 Purchased — 2,072 2,072 Outstanding December 31, 2021 7,373 2,072 9,445 Accelerated vesting and repurchase upon change of control (7,373) (5,819) (13,192) Granted 7,666 3,747 11,413 Outstanding December 31, 2022 7,666 — 7,666 Granted 7,722 — 7,722 RSUs and imputed dividends settled in Class C shares — 44,459 44,459 Outstanding December 31, 2023 15,388 44,459 59,847 Restricted Class B shares Unrestricted Class B shares Total Class B shares Outstanding December 31, 2020 189,166 85,498 274,664 Repurchased (29,048) (22,957) (52,005) Expiration of restricted period (20,298) 20,298 — Outstanding December 31, 2021 139,820 82,839 222,659 Expiration of restricted period (32,168) 32,168 — Accelerated vesting and repurchase upon change of control (107,652) (115,007) (222,659) Outstanding December 31, 2022 — — — Outstanding December 31, 2023 — — — |
Retirement Benefit Arrangemen_2
Retirement Benefit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Funded status | At December 31, 2023 and 2022, the funded status of the Zurich Plan was as follows (in thousands of U.S. dollars): 2023 2022 Underfunded pension obligation at beginning of year $ 9,538 $ 32,636 Change in pension obligation Service cost $ 7,300 $ 8,746 Interest cost 3,707 373 Plan participants’ contributions 4,194 3,792 Actuarial losses (gains) 18,002 (37,992) Plan amendments (2,606) — Benefits paid 1,775 (4,576) Foreign currency adjustments 18,500 (3,736) Settlements (13,064) — Change in pension obligation $ 37,808 $ (33,393) Change in fair value of plan assets Actual return on plan assets $ 5,590 $ (14,936) Employer contributions 8,396 7,658 Plan participants’ contributions 4,194 3,792 Benefits paid 1,775 (4,576) Foreign currency adjustments 16,658 (2,233) Settlements (13,064) — Change in fair value of plan assets $ 23,549 $ (10,295) Underfunded pension obligation at end of year $ 23,797 $ 9,538 Additional information: Projected benefit obligation at end of year (1) $ 207,336 $ 169,527 Fair value of plan assets at end of year $ 183,539 $ 159,989 Underfunded pension obligation at end of year $ 23,797 $ 9,538 Accumulated pension obligation at end of year (2) $ 200,462 $ 167,560 (1) Represents the actuarial present value of all benefits attributed to employee service rendered to December 31, measured using assumptions as to future compensation levels (2) Represents the actuarial present value of benefits (whether vested or non-vested) attributed to employee service rendered and compensation to December 31, with no assumption about future compensation levels |
Assumptions used | The assumptions used to determine the Zurich Plan’s pension obligation and net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Pension Net periodic Pension Net periodic Pension Net periodic Discount rate 1.30 % 2.20 % 2.20 % 0.20 % 0.20 % 0.10 % Interest crediting rate 1.30 % 2.20 % 2.20 % 1.00 % 1.00 % 1.00 % Expected long-term return on plan assets — 5.00 % — 4.25 % — 3.50 % Rate of compensation increase 2.25 % 2.25 % 2.25 % 2.00 % 2.00 % 2.00 % |
Expected future benefit payments | At December 31, 2023, estimated employer contributions to be paid in 2024 related to the Zurich Plan were $8 million and future benefit payments were estimated to be paid as follows (in thousands of U.S. dollars): Year Amount 2024 $ 13,455 2025 $ 11,660 2026 $ 12,846 2027 $ 11,225 2028 $ 10,689 2029 to 2033 $ 57,052 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Additional information related to operating leases | The following table summarizes the balances related to the Company's total lease expense and provides supplemental other information related to operating leases for the year ended December 31, 2023 and 2022 (in thousands of U.S. dollars): 2023 2022 Operating lease costs $ 13,478 $ 12,437 Variable lease costs 1,660 1,292 Sublease income (140) — Total lease costs $ 14,998 $ 13,729 Other information: Operating lease right-of-use assets (1) $ 68,400 $ 71,174 Operating lease liabilities (2) $ 78,881 $ 79,925 Operating lease right-of-use assets obtained in exchange for lease obligations, non-cash $ 6,517 $ 4,016 Operating cash outflows from operating leases $ 13,834 $ 13,545 Weighted-average remaining lease term on operating leases (3) 7.4 Yrs 7.8 Yrs Weighted-average discount rate on operating leases (4) 2.5 % 2.3 % (1) Included in Other assets (2) Included in Accounts payable, accrued expenses and other (3) Weighted-average remaining lease term is calculated on the basis of the remaining lease term and the lease liability balance for each lease as of the reporting date (4) Weighted-average discount rate is calculated on the basis of the discount rate for the lease that was used to calculate the lease liability balance for each lease as of the reporting date and the remaining balance of the lease payments for each lease as of the reporting date |
Contractual maturities of operating lease liabilities | The following table shows the contractual maturities of the Company's operating lease liabilities at December 31, 2023 (in thousands of U.S. dollars): Year Expected cash flows 2024 $ 14,806 2025 14,364 2026 14,203 2027 13,025 2028 8,796 2029 to 2038 20,499 Discount (6,812) Total discounted operating lease liabilities $ 78,881 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Included in the Consolidated Statements of Operations for the year ended December 31, 2023 were the following transactions related to the Covéa Group (in thousands of U.S. dollars): 2023 Gross premiums written $ 10,759 Net premiums written $ 10,759 Decrease in unearned premiums $ 305 Net premiums earned $ 11,064 Losses and loss expenses $ 21,697 Acquisition costs $ 33 Included in the Consolidated Balance Sheets at December 31, 2023 and 2022 were the following balances related to the Covéa Group (in thousands of U.S. dollars): 2023 2022 Reinsurance balances receivable $ 3,781 $ 3,169 Non-life reserves $ 107,736 $ 95,013 Life and health reserves $ 5,798 $ 1,175 Unearned premiums $ 335 $ 571 Other reinsurance balances payable $ 206 $ 106 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment reporting table | The segment results for the years ended December 31, 2023, 2022 and 2021 are presented below (in millions of U.S. dollars, except ratios). Segment Information For the year ended December 31, 2023 P&C Specialty Total Life Corporate Total Gross premiums written $ 4,771 $ 2,223 $ 6,994 $ 2,108 $ — $ 9,102 Net premiums written $ 3,909 $ 1,939 $ 5,848 $ 2,081 $ — $ 7,929 Decrease (increase) in unearned premiums 37 (47) (10) — — (10) Net premiums earned $ 3,946 $ 1,892 $ 5,838 $ 2,081 $ — $ 7,919 Losses and loss expenses (2,196) (986) (3,182) (1,808) — (4,990) Acquisition costs (960) (494) (1,454) (109) — (1,563) Technical result $ 790 $ 412 $ 1,202 $ 164 $ — $ 1,366 Other income — — — 40 1 41 Other expenses (92) (39) (131) (118) (214) (463) Underwriting result $ 698 $ 373 $ 1,071 $ 86 n/a $ 944 Net investment income 73 573 646 Allocated underwriting result $ 159 n/a n/a Market risk benefit gains 7 7 Net realized and unrealized investment gains 517 517 Interest expense (58) (58) Amortization of intangible assets (8) (8) Net foreign exchange losses (43) (43) Income tax benefit 328 328 Interest in losses of equity method investments (15) (15) Net income n/a $ 2,318 Loss ratio (1) 55.7 % 52.1 % 54.5 % Acquisition ratio (2) 24.3 26.1 24.9 Technical ratio (3) 80.0 % 78.2 % 79.4 % Other expense ratio (4) 2.3 2.1 2.2 Combined ratio (5) 82.3 % 80.3 % 81.6 % (1) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. (2) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. (3) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. (4) Other expense ratio is obtained by dividing other expenses by net premiums earned. (5) Combined ratio is defined as the sum of the technical ratio and the other expense ratio. Segment Information For the year ended December 31, 2022 P&C Specialty Total Life Corporate Total Gross premiums written $ 5,025 $ 1,990 $ 7,015 $ 1,674 $ — $ 8,689 Net premiums written $ 4,234 $ 1,665 $ 5,899 $ 1,645 $ — $ 7,544 (Increase) decrease in unearned premiums (293) 5 (288) 1 — (287) Net premiums earned $ 3,941 $ 1,670 $ 5,611 $ 1,646 $ — $ 7,257 Losses and loss expenses (2,410) (903) (3,313) (1,413) — (4,726) Acquisition costs (995) (435) (1,430) (107) — (1,537) Technical result $ 536 $ 332 $ 868 $ 126 $ — $ 994 Other income — — — 39 1 40 Other expenses (84) (35) (119) (93) (203) (415) Underwriting result $ 452 $ 297 $ 749 $ 72 n/a $ 619 Net investment income 74 324 398 Allocated underwriting result $ 146 n/a n/a Market risk benefit gains 121 121 Net realized and unrealized investment losses (1,969) (1,969) Interest expense (55) (55) Amortization of intangible assets (9) (9) Net foreign exchange losses (14) (14) Income tax expense (42) (42) Interest in earnings of equity method investments 11 11 Net loss n/a $ (940) Loss ratio 61.2 % 54.1 % 59.0 % Acquisition ratio 25.2 26.0 25.5 Technical ratio 86.4 % 80.1 % 84.5 % Other expense ratio 2.1 2.1 2.1 Combined ratio 88.5 % 82.2 % 86.6 % Segment Information For the year ended December 31, 2021 P&C Specialty Total Life Corporate Total Gross premiums written $ 4,541 $ 2,016 $ 6,557 $ 1,647 $ — $ 8,204 Net premiums written 3,722 1,789 5,511 1,623 — 7,134 (Increase) decrease in unearned premiums (194) 13 (181) 4 — (177) Net premiums earned $ 3,528 $ 1,802 $ 5,330 $ 1,627 $ — $ 6,957 Losses and loss expenses (2,391) (1,052) (3,443) (1,408) — (4,851) Acquisition costs (864) (415) (1,279) (113) — (1,392) Technical result $ 273 $ 335 $ 608 $ 106 $ — $ 714 Other income — — — 26 3 29 Other expenses (71) (30) (101) (88) (210) (399) Underwriting result $ 202 $ 305 $ 507 $ 44 n/a $ 344 Net investment income 81 295 376 Allocated underwriting result $ 125 n/a n/a Market risk benefit gains 20 20 Net realized and unrealized investment gains 38 38 Interest expense (56) (56) Amortization of intangible assets (9) (9) Net foreign exchange losses (36) (36) Income tax expense (40) (40) Interest in earnings of equity method investments 127 127 Net income n/a $ 764 Loss ratio 67.8 % 58.4 % 64.6 % Acquisition ratio 24.5 23.0 24.0 Technical ratio 92.3 % 81.4 % 88.6 % Other expense ratio 2.0 1.7 1.9 Combined ratio 94.3 % 83.1 % 90.5 % |
Segment geographic distribution of premiums table | The following table provides the geographic distribution of gross premiums written by region for the years ended December 31, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages): 2023 2022 2021 North America $ 5,089 56 % $ 5,040 58 % $ 4,649 57 % Europe 2,916 32 2,592 30 2,410 29 Asia, Australia and New Zealand 744 8 720 8 814 10 Latin America and the Caribbean 249 3 223 3 189 2 Middle East, Africa, Russia and the Commonwealth of Independent States (CIS) 104 1 114 1 142 2 Total $ 9,102 100 % $ 8,689 100 % $ 8,204 100 % |
Premiums by segment and line of business | The following table provides the gross premiums written by segment and line of business for the years ended December 31, 2023, 2022 and 2021 (in millions of U.S. dollars, except percentages): 2023 2022 2021 P&C Casualty $ 2,391 $ 2,777 $ 2,145 Catastrophe 1,077 933 924 Property 783 764 809 U.S. health 355 355 351 Multiline and other 105 119 183 Motor 60 77 129 Total P&C $ 4,771 $ 5,025 $ 4,541 Specialty Financial risks $ 693 $ 634 $ 510 Property 449 240 277 Energy 406 346 314 Aviation and space 360 362 416 Marine 203 223 174 Agriculture 47 101 205 Engineering 34 39 100 Multiline and other 31 45 20 Total Specialty $ 2,223 $ 1,990 $ 2,016 Life and Health $ 2,108 $ 1,674 $ 1,647 Total $ 9,102 $ 8,689 $ 8,204 |
Percentage of premiums through brokers | The Company has two brokers that individually accounted for 10% or more of its gross premiums written during the years ended December 31, 2023, 2022 and 2021, as follows: 2023 2022 2021 Aon PLC 26 % 26 % 24 % Marsh & McLennan Companies, Inc 25 % 30 % 28 % The following table summarizes the percentage of gross premiums written through these two brokers by segment for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 P&C 65 % 67 % 63 % Specialty 65 % 70 % 66 % Life and Health 5 % 6 % 6 % |
Organization (Details)
Organization (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Common shares, shares issued | 100,000,000 | 100,000,000 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Accounting Policies [Abstract] | |
Number of segments | 3 |
Requisite service period | 3 years |
Adoption of Accounting Pronou_3
Adoption of Accounting Pronouncement - Effect of transition adjustment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | $ 8,424,421 | $ 6,397,319 | $ 7,357,428 | $ 7,041,737 | ||||
Life and health reserves, gross | 2,859,257 | [1] | 2,497,519 | [1] | 2,937,823 | |||
Guaranteed Minimum Death Benefit | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Life and health reserves, gross | $ 22,000 | |||||||
Retained earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | 6,478,960 | 4,388,506 | 5,515,902 | |||||
Accumulated other comprehensive loss | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | $ 7,527 | 70,879 | (96,408) | (96,005) | ||||
LDTI Impact | Retained earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | 0 | $ 0 | $ (160,640) | |||||
LDTI Impact | Accounting Standards Update 2018-12 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | 108,969 | (285,260) | ||||||
Life and health reserves, gross | $ (12,774) | 233,594 | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Life and health reserves | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | [2] | (255,048) | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Market risk benefits | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | [2] | (55,379) | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Tax impact of related LDTI adjustments | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | 25,167 | |||||||
LDTI Impact | Accounting Standards Update 2018-12 | Retained earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | (160,640) | |||||||
LDTI Impact | Accounting Standards Update 2018-12 | Retained earnings | Life and health reserves | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | [2] | (171,047) | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Retained earnings | Market risk benefits | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | [2] | 8,095 | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Retained earnings | Tax impact of related LDTI adjustments | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | 2,312 | |||||||
LDTI Impact | Accounting Standards Update 2018-12 | Accumulated other comprehensive loss | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | (124,620) | |||||||
LDTI Impact | Accounting Standards Update 2018-12 | Accumulated other comprehensive loss | Life and health reserves | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | [2] | (84,001) | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Accumulated other comprehensive loss | Market risk benefits | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | [2] | (63,474) | ||||||
LDTI Impact | Accounting Standards Update 2018-12 | Accumulated other comprehensive loss | Tax impact of related LDTI adjustments | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Total increase (decrease) to shareholders' equity | $ 22,855 | |||||||
[1] See Note 21 for additional information regarding related party transactions. |
Adoption of Accounting Pronou_4
Adoption of Accounting Pronouncement - Impact of adoption on life and health reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | $ 2,859,257 | [1] | $ 2,497,519 | [1] | $ 2,937,823 | ||
Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | 2,510,293 | $ 2,704,229 | |||||
LDTI Impact | Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | (12,774) | 233,594 | |||||
Life and Health | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | 2,859,257 | 2,497,519 | $ 2,785,382 | ||||
Less: reinsurance recoverable | (27,588) | (19,810) | (23,526) | ||||
Adjusted balance, beginning of year January 1, 2021, net of reinsurance | 2,831,669 | 2,477,709 | 2,761,856 | ||||
Life and Health | Long-term protection | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | 1,439,344 | 1,264,674 | 1,470,052 | 1,474,388 | |||
Effect of changes in discount rate assumptions | (2,309,437) | (2,834,879) | (669,724) | ||||
Effect of changes in cash flow assumptions | (46,073) | 124,380 | 132,056 | ||||
Less: reinsurance recoverable | (7,256) | (15,013) | (15,214) | (28,190) | |||
Adjusted balance, beginning of year January 1, 2021, net of reinsurance | 1,432,088 | 1,249,661 | 1,454,838 | 1,446,198 | |||
Life and Health | Long-term protection | Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | 1,243,251 | ||||||
Life and Health | Long-term protection | LDTI Impact | Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Effect of changes in discount rate assumptions | 53,027 | ||||||
Effect of changes in cash flow assumptions | 178,110 | ||||||
Life and Health | Longevity | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | 469,562 | 307,993 | 328,350 | 369,975 | |||
Effect of changes in discount rate assumptions | (1,851,883) | (2,568,369) | (622,169) | ||||
Effect of changes in cash flow assumptions | 1,341 | 0 | (12,857) | ||||
Less: reinsurance recoverable | (3,525) | (3,675) | (4,861) | (6,222) | |||
Adjusted balance, beginning of year January 1, 2021, net of reinsurance | $ 466,037 | $ 304,318 | $ 323,489 | 363,753 | |||
Life and Health | Longevity | Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Life and health reserves, gross | $ 345,306 | ||||||
Life and Health | Longevity | LDTI Impact | Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Effect of changes in discount rate assumptions | 30,300 | ||||||
Effect of changes in cash flow assumptions | $ (5,631) | ||||||
[1] See Note 21 for additional information regarding related party transactions. |
Adoption of Accounting Pronou_5
Adoption of Accounting Pronouncement - Effect of transition adjustment, MRB (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Balance, end of year December 31, 2020 | $ 122,016 | ||||||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | 7,079 | $ 121,211 | $ 19,873 | ||||
Balance, beginning of year January 1, 2021 | $ (77,590) | 139,574 | [1] | 122,016 | |||
Reconciliation to balance sheet | |||||||
Market risk benefit assets, at fair value | 153,070 | 144,636 | 131,186 | ||||
Market risk benefit liabilities, at fair value | (230,660) | (5,062) | (9,170) | ||||
Net | (77,590) | $ 139,574 | [1] | 122,016 | |||
Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | 0 | 0 | |||||
Reconciliation to balance sheet | |||||||
Market risk benefit assets, at fair value | 0 | $ 0 | |||||
Market risk benefit liabilities, at fair value | 0 | 0 | |||||
Previously Reported | Liability for Future Policy Benefits Member | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Balance, end of year December 31, 2020 | [2] | (22,211) | (22,211) | ||||
Reconciliation to balance sheet | |||||||
Net | [2] | $ (22,211) | |||||
LDTI Impact | Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk | 8,095 | 121,211 | $ 19,873 | ||||
Adjustment for the cumulative effect of changes in the instrument-specific credit risk since issuance | (63,474) | ||||||
Reconciliation to balance sheet | |||||||
Market risk benefit assets, at fair value | 153,070 | 131,186 | |||||
Market risk benefit liabilities, at fair value | $ (230,660) | $ (9,170) | |||||
[1] Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. |
Adoption of Accounting Pronou_6
Adoption of Accounting Pronouncement - Effect of adoption on previously reported amounts - Balance sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverable on paid and unpaid losses | $ 1,921,231 | $ 1,947,786 | $ 901,820 | ||||
Deferred acquisition costs | 1,020,704 | 1,012,067 | |||||
Market risk benefit assets, at fair value | 144,636 | 131,186 | 153,070 | ||||
Net tax assets | 563,368 | 160,634 | 182,569 | ||||
Assets | 30,488,489 | 27,387,200 | 27,052,894 | ||||
Life and health reserves, gross | 2,859,257 | [1] | 2,497,519 | [1] | 2,937,823 | ||
Market risk benefit liabilities, at fair value | 5,062 | 9,170 | 230,660 | ||||
Net tax liabilities | 57,584 | 38,576 | 106,946 | ||||
Liabilities | 22,064,068 | 20,989,881 | 20,011,157 | ||||
Accumulated other comprehensive income | 7,527 | 70,879 | (220,625) | ||||
Retained earnings | 6,478,960 | 4,388,506 | 4,902,308 | ||||
Total shareholders’ equity | 8,424,421 | 6,397,319 | $ 7,357,428 | 7,041,737 | |||
Total liabilities and shareholders’ equity | $ 30,488,489 | 27,387,200 | 27,052,894 | ||||
Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverable on paid and unpaid losses | 1,959,652 | $ 901,063 | |||||
Deferred acquisition costs | 1,012,850 | ||||||
Market risk benefit assets, at fair value | 0 | 0 | |||||
Net tax assets | 164,384 | 182,077 | |||||
Assets | 27,272,413 | 26,898,575 | |||||
Life and health reserves, gross | 2,510,293 | 2,704,229 | |||||
Market risk benefit liabilities, at fair value | 0 | 0 | |||||
Net tax liabilities | 29,154 | 131,621 | |||||
Liabilities | 20,984,063 | 19,571,578 | |||||
Accumulated other comprehensive income | (7,669) | (96,005) | |||||
Retained earnings | 4,358,085 | 5,062,948 | |||||
Total shareholders’ equity | 6,288,350 | 7,326,997 | |||||
Total liabilities and shareholders’ equity | 27,272,413 | $ 26,898,575 | |||||
LDTI Impact | Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverable on paid and unpaid losses | (11,866) | 757 | |||||
Deferred acquisition costs | (783) | ||||||
Market risk benefit assets, at fair value | 131,186 | 153,070 | |||||
Net tax assets | (3,750) | 492 | |||||
Assets | 114,787 | 154,319 | |||||
Life and health reserves, gross | (12,774) | 233,594 | |||||
Market risk benefit liabilities, at fair value | 9,170 | 230,660 | |||||
Net tax liabilities | 9,422 | (24,675) | |||||
Liabilities | 5,818 | 439,579 | |||||
Accumulated other comprehensive income | 78,548 | (124,620) | |||||
Retained earnings | 30,421 | (160,640) | |||||
Total shareholders’ equity | 108,969 | (285,260) | |||||
Total liabilities and shareholders’ equity | $ 114,787 | $ 154,319 | |||||
[1] See Note 21 for additional information regarding related party transactions. |
Adoption of Accounting Pronou_7
Adoption of Accounting Pronouncement - Effect of adoption on previously reported amounts - Income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net losses and loss expenses | [1] | $ 4,990,208 | $ 4,725,872 | $ 4,851,040 | |
Market risk benefit gains | (7,079) | (121,211) | (19,873) | ||
Acquisition costs (1) | [1] | 1,563,107 | 1,537,213 | 1,391,502 | |
Net foreign exchange losses | 42,542 | 14,774 | 36,498 | ||
Total expenses | 7,117,601 | 6,635,621 | 6,722,176 | ||
(Loss) income before taxes and interest in earnings of equity method investments | 2,005,235 | (908,678) | 677,360 | ||
Income tax benefit (expense) | 327,924 | (41,895) | (39,967) | ||
Net income (loss) | 2,318,119 | (939,752) | 764,188 | ||
Net income (loss) attributable to common shareholder | 2,308,369 | (949,502) | 720,261 | ||
Change in currency translation adjustment | (3,180) | 5,670 | 44,160 | ||
Change in discount rate for liability for future policy benefits, net of tax | (49,984) | 99,250 | 53,053 | ||
Change in instrument-specific credit risk for market risk benefits, net of tax | 4,843 | 49,794 | 3,825 | ||
Comprehensive income (loss) | $ 2,254,767 | (772,465) | 888,405 | ||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net losses and loss expenses | 4,747,403 | 4,883,984 | |||
Market risk benefit gains | 0 | 0 | |||
Acquisition costs (1) | 1,540,681 | 1,386,832 | |||
Net foreign exchange losses | 29,402 | 30,883 | |||
Total expenses | 6,796,459 | 6,764,708 | |||
(Loss) income before taxes and interest in earnings of equity method investments | (1,069,516) | 634,828 | |||
Income tax benefit (expense) | (31,334) | (38,219) | |||
Net income (loss) | (1,090,029) | 723,404 | |||
Net income (loss) attributable to common shareholder | (1,099,779) | 679,477 | |||
Change in currency translation adjustment | 9,464 | 43,120 | |||
Change in discount rate for liability for future policy benefits, net of tax | 0 | 0 | |||
Change in instrument-specific credit risk for market risk benefits, net of tax | 0 | 0 | |||
Comprehensive income (loss) | (1,067,992) | 789,703 | |||
Accounting Standards Update 2018-12 | LDTI Impact | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net losses and loss expenses | (21,531) | (32,944) | |||
Market risk benefit gains | $ (8,095) | (121,211) | (19,873) | ||
Acquisition costs (1) | (3,468) | 4,670 | |||
Net foreign exchange losses | (14,628) | 5,615 | |||
Total expenses | (160,838) | (42,532) | |||
(Loss) income before taxes and interest in earnings of equity method investments | 160,838 | 42,532 | |||
Income tax benefit (expense) | (10,561) | (1,748) | |||
Net income (loss) | 150,277 | 40,784 | |||
Net income (loss) attributable to common shareholder | 150,277 | 40,784 | |||
Change in currency translation adjustment | (3,794) | 1,040 | |||
Change in discount rate for liability for future policy benefits, net of tax | 99,250 | 53,053 | |||
Change in instrument-specific credit risk for market risk benefits, net of tax | 49,794 | 3,825 | |||
Comprehensive income (loss) | $ 295,527 | $ 98,702 | |||
[1] See Note 21 for additional information regarding related party transactions. |
Adoption of Accounting Pronou_8
Adoption of Accounting Pronouncement - Effect of adoption on previously reported amounts - Cash flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income (loss) | $ 2,318,119 | $ (939,752) | $ 764,188 | |
Market risk benefit gains | (7,079) | (121,211) | (19,873) | |
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | 39,753 | (297,170) | (640,614) | |
Increase (Decrease) in Deferred Policy Acquisition Costs | 568 | (134,704) | (118,069) | |
Net tax assets and liabilities | (381,549) | (61,891) | 5,004 | |
Non-life and life and health reserves | 658,698 | 959,669 | 873,085 | |
Other, net | 182,400 | 48,805 | 29,417 | |
Net cash provided by operating activities | $ 2,235,681 | 1,468,409 | 1,232,590 | |
Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income (loss) | (1,090,029) | 723,404 | ||
Market risk benefit gains | 0 | 0 | ||
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | (325,409) | (637,908) | ||
Increase (Decrease) in Deferred Policy Acquisition Costs | (131,236) | (122,739) | ||
Net tax assets and liabilities | (72,452) | 3,256 | ||
Non-life and life and health reserves | 1,009,439 | 903,324 | ||
Other, net | 63,433 | 23,801 | ||
Net cash provided by operating activities | 1,468,409 | 1,232,590 | ||
LDTI Impact | Accounting Standards Update 2018-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income (loss) | 150,277 | 40,784 | ||
Market risk benefit gains | $ (8,095) | (121,211) | (19,873) | |
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | 28,239 | (2,706) | ||
Increase (Decrease) in Deferred Policy Acquisition Costs | (3,468) | 4,670 | ||
Net tax assets and liabilities | 10,561 | 1,748 | ||
Non-life and life and health reserves | (49,770) | (30,239) | ||
Other, net | (14,628) | 5,616 | ||
Net cash provided by operating activities | $ 0 | $ 0 |
Fair Value - Hierarchy table (D
Fair Value - Hierarchy table (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Assets | ||||
Fixed maturities, at fair value | $ 15,090,056 | $ 13,021,914 | ||
Short-term investments | 1,020,257 | 523,510 | ||
Equities | 917,170 | 929,886 | ||
Other invested assets | 3,251,412 | 3,117,861 | ||
Total | 20,278,895 | 17,593,171 | ||
Market risk benefits, net | 139,574 | [1] | 122,016 | $ (77,590) |
Assets, Fair Value Disclosure | 20,418,469 | 17,715,187 | ||
Real estate | ||||
Assets | ||||
Equities | 41,859 | 63,568 | ||
Diversified | ||||
Assets | ||||
Equities | 15,823 | 9,667 | ||
Consumer noncyclical | ||||
Assets | ||||
Equities | 9,227 | 10,081 | ||
Consumer cyclical | ||||
Assets | ||||
Equities | 3,123 | 4,477 | ||
Energy | ||||
Assets | ||||
Equities | 1,700 | 1,517 | ||
Insurance | ||||
Assets | ||||
Equities | 140 | 42 | ||
Finance | ||||
Assets | ||||
Equities | 125 | 120 | ||
Industrials | ||||
Assets | ||||
Equities | 10 | 96 | ||
Fund investments | ||||
Assets | ||||
Equities | 845,163 | 840,318 | ||
Other invested assets | 1,391,074 | 1,307,886 | ||
U.S. government and government sponsored enterprises | ||||
Assets | ||||
Fixed maturities, at fair value | 1,736,952 | 1,797,934 | ||
U.S. states, territories and municipalities | ||||
Assets | ||||
Fixed maturities, at fair value | 51,642 | 58,873 | ||
Non US sovereign government supranational and government related | ||||
Assets | ||||
Fixed maturities, at fair value | 1,780,318 | 1,654,532 | ||
Corporate bonds | ||||
Assets | ||||
Fixed maturities, at fair value | 6,777,767 | 5,759,149 | ||
Asset-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 15,022 | 28,364 | ||
Residential mortgage-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 4,728,355 | 3,723,062 | ||
Derivative assets | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 31,565 | 13,705 | ||
Derivative assets | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 258 | |||
Derivative assets | Insurance-linked securities | ||||
Assets | ||||
Other invested assets | 7,235 | 6,657 | ||
Derivative assets | Options and warrants | ||||
Assets | ||||
Other invested assets | 4,390 | 8,691 | ||
Derivative assets | TBAs | ||||
Assets | ||||
Other invested assets | 578 | |||
Real estate company investment | ||||
Assets | ||||
Other invested assets | 471,156 | 491,602 | ||
Corporate loans | ||||
Assets | ||||
Other invested assets | 1,372,846 | [2] | 1,302,807 | |
Notes and loan receivables and notes securitization | ||||
Assets | ||||
Other invested assets | 1,664 | 3,166 | ||
Derivative liabilities | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | (27,669) | (17,336) | ||
Derivative liabilities | Interest rate swaps | ||||
Assets | ||||
Other invested assets | (849) | (153) | ||
Quoted prices in active markets for identical assets (Level 1) | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Equities | 42,769 | 66,226 | ||
Other invested assets | 0 | 0 | ||
Total | 42,769 | 66,226 | ||
Market risk benefits, net | 0 | [1] | 0 | |
Assets, Fair Value Disclosure | 42,769 | 66,226 | ||
Quoted prices in active markets for identical assets (Level 1) | Real estate | ||||
Assets | ||||
Equities | 39,015 | 61,754 | ||
Quoted prices in active markets for identical assets (Level 1) | Diversified | ||||
Assets | ||||
Equities | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Consumer noncyclical | ||||
Assets | ||||
Equities | 653 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Consumer cyclical | ||||
Assets | ||||
Equities | 3,095 | 4,449 | ||
Quoted prices in active markets for identical assets (Level 1) | Energy | ||||
Assets | ||||
Equities | 2 | 3 | ||
Quoted prices in active markets for identical assets (Level 1) | Insurance | ||||
Assets | ||||
Equities | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Finance | ||||
Assets | ||||
Equities | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Industrials | ||||
Assets | ||||
Equities | 4 | 20 | ||
Quoted prices in active markets for identical assets (Level 1) | Fund investments | ||||
Assets | ||||
Equities | 0 | 0 | ||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | U.S. government and government sponsored enterprises | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | U.S. states, territories and municipalities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Non US sovereign government supranational and government related | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Corporate bonds | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Asset-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Residential mortgage-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Derivative assets | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Derivative assets | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 0 | |||
Quoted prices in active markets for identical assets (Level 1) | Derivative assets | Insurance-linked securities | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Derivative assets | Options and warrants | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Derivative assets | TBAs | ||||
Assets | ||||
Other invested assets | 0 | |||
Quoted prices in active markets for identical assets (Level 1) | Real estate company investment | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Corporate loans | ||||
Assets | ||||
Other invested assets | 0 | [2] | 0 | |
Quoted prices in active markets for identical assets (Level 1) | Notes and loan receivables and notes securitization | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Significant other observable inputs (Level 2) | ||||
Assets | ||||
Fixed maturities, at fair value | 15,032,242 | 12,957,237 | ||
Short-term investments | 1,020,257 | 516,603 | ||
Equities | 140 | 42 | ||
Other invested assets | 1,144,704 | 1,012,581 | ||
Total | 17,197,343 | 14,486,463 | ||
Market risk benefits, net | 0 | [1] | 0 | |
Assets, Fair Value Disclosure | 17,197,343 | 14,486,463 | ||
Significant other observable inputs (Level 2) | Real estate | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Diversified | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Consumer noncyclical | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Consumer cyclical | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Energy | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Insurance | ||||
Assets | ||||
Equities | 140 | 42 | ||
Significant other observable inputs (Level 2) | Finance | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Industrials | ||||
Assets | ||||
Equities | 0 | 0 | ||
Significant other observable inputs (Level 2) | Fund investments | ||||
Assets | ||||
Equities | 0 | 0 | ||
Other invested assets | 0 | 0 | ||
Significant other observable inputs (Level 2) | U.S. government and government sponsored enterprises | ||||
Assets | ||||
Fixed maturities, at fair value | 1,736,952 | 1,797,934 | ||
Significant other observable inputs (Level 2) | U.S. states, territories and municipalities | ||||
Assets | ||||
Fixed maturities, at fair value | 8,850 | 10,126 | ||
Significant other observable inputs (Level 2) | Non US sovereign government supranational and government related | ||||
Assets | ||||
Fixed maturities, at fair value | 1,780,318 | 1,654,532 | ||
Significant other observable inputs (Level 2) | Corporate bonds | ||||
Assets | ||||
Fixed maturities, at fair value | 6,777,767 | 5,759,149 | ||
Significant other observable inputs (Level 2) | Asset-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 12,434 | ||
Significant other observable inputs (Level 2) | Residential mortgage-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 4,728,355 | 3,723,062 | ||
Significant other observable inputs (Level 2) | Derivative assets | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 31,565 | 13,705 | ||
Significant other observable inputs (Level 2) | Derivative assets | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 258 | |||
Significant other observable inputs (Level 2) | Derivative assets | Insurance-linked securities | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Significant other observable inputs (Level 2) | Derivative assets | Options and warrants | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Significant other observable inputs (Level 2) | Derivative assets | TBAs | ||||
Assets | ||||
Other invested assets | 578 | |||
Significant other observable inputs (Level 2) | Real estate company investment | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Significant other observable inputs (Level 2) | Corporate loans | ||||
Assets | ||||
Other invested assets | 1,141,657 | [2] | 1,015,529 | |
Significant other observable inputs (Level 2) | Notes and loan receivables and notes securitization | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Significant other observable inputs (Level 2) | Derivative liabilities | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | (27,669) | (17,336) | ||
Significant other observable inputs (Level 2) | Derivative liabilities | Interest rate swaps | ||||
Assets | ||||
Other invested assets | (849) | (153) | ||
Significant unobservable inputs (Level 3) (2) | ||||
Assets | ||||
Fixed maturities, at fair value | 57,814 | [3] | 64,677 | |
Short-term investments | 0 | [3] | 6,907 | |
Equities | 29,098 | [3] | 23,300 | |
Other invested assets | 758,832 | [3] | 833,668 | |
Total | 845,744 | [3] | 928,552 | |
Market risk benefits, net | 139,574 | [1],[3] | 122,016 | |
Assets, Fair Value Disclosure | 985,318 | [3] | 1,050,568 | |
Significant unobservable inputs (Level 3) (2) | Real estate | ||||
Assets | ||||
Equities | 2,844 | [3] | 1,814 | |
Significant unobservable inputs (Level 3) (2) | Diversified | ||||
Assets | ||||
Equities | 15,823 | [3] | 9,667 | |
Significant unobservable inputs (Level 3) (2) | Consumer noncyclical | ||||
Assets | ||||
Equities | 8,574 | [3] | 10,081 | |
Significant unobservable inputs (Level 3) (2) | Consumer cyclical | ||||
Assets | ||||
Equities | 28 | [3] | 28 | |
Significant unobservable inputs (Level 3) (2) | Energy | ||||
Assets | ||||
Equities | 1,698 | [3] | 1,514 | |
Significant unobservable inputs (Level 3) (2) | Insurance | ||||
Assets | ||||
Equities | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | Finance | ||||
Assets | ||||
Equities | 125 | [3] | 120 | |
Significant unobservable inputs (Level 3) (2) | Industrials | ||||
Assets | ||||
Equities | 6 | [3] | 76 | |
Significant unobservable inputs (Level 3) (2) | Fund investments | ||||
Assets | ||||
Equities | 0 | [3] | 0 | |
Other invested assets | 43,198 | [3] | 36,274 | |
Significant unobservable inputs (Level 3) (2) | U.S. government and government sponsored enterprises | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | U.S. states, territories and municipalities | ||||
Assets | ||||
Fixed maturities, at fair value | 42,792 | [3] | 48,747 | |
Significant unobservable inputs (Level 3) (2) | Non US sovereign government supranational and government related | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | Corporate bonds | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | Asset-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 15,022 | [3] | 15,930 | |
Significant unobservable inputs (Level 3) (2) | Residential mortgage-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | Derivative assets | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | Derivative assets | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 0 | |||
Significant unobservable inputs (Level 3) (2) | Derivative assets | Insurance-linked securities | ||||
Assets | ||||
Other invested assets | 7,235 | [3] | 6,657 | |
Significant unobservable inputs (Level 3) (2) | Derivative assets | Options and warrants | ||||
Assets | ||||
Other invested assets | 4,390 | [3] | 8,691 | |
Significant unobservable inputs (Level 3) (2) | Derivative assets | TBAs | ||||
Assets | ||||
Other invested assets | 0 | |||
Significant unobservable inputs (Level 3) (2) | Real estate company investment | ||||
Assets | ||||
Other invested assets | 471,156 | [3] | 491,602 | |
Significant unobservable inputs (Level 3) (2) | Corporate loans | ||||
Assets | ||||
Other invested assets | 231,189 | [2],[3] | 287,278 | |
Significant unobservable inputs (Level 3) (2) | Notes and loan receivables and notes securitization | ||||
Assets | ||||
Other invested assets | 1,664 | [3] | 3,166 | |
Significant unobservable inputs (Level 3) (2) | Derivative liabilities | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 0 | [3] | 0 | |
Significant unobservable inputs (Level 3) (2) | Derivative liabilities | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 0 | [3] | 0 | |
Fair value based on NAV as practical expedient | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Equities | 845,163 | 840,318 | ||
Other invested assets | 1,347,876 | 1,271,612 | ||
Total | 2,193,039 | 2,111,930 | ||
Market risk benefits, net | 0 | [1] | 0 | |
Assets, Fair Value Disclosure | 2,193,039 | 2,111,930 | ||
Fair value based on NAV as practical expedient | Real estate | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Diversified | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Consumer noncyclical | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Consumer cyclical | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Energy | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Insurance | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Finance | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Industrials | ||||
Assets | ||||
Equities | 0 | 0 | ||
Fair value based on NAV as practical expedient | Fund investments | ||||
Assets | ||||
Equities | 845,163 | 840,318 | ||
Other invested assets | 1,347,876 | 1,271,612 | ||
Fair value based on NAV as practical expedient | U.S. government and government sponsored enterprises | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Fair value based on NAV as practical expedient | U.S. states, territories and municipalities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Fair value based on NAV as practical expedient | Non US sovereign government supranational and government related | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Fair value based on NAV as practical expedient | Corporate bonds | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Fair value based on NAV as practical expedient | Asset-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Fair value based on NAV as practical expedient | Residential mortgage-backed securities | ||||
Assets | ||||
Fixed maturities, at fair value | 0 | 0 | ||
Fair value based on NAV as practical expedient | Derivative assets | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Derivative assets | Interest rate swaps | ||||
Assets | ||||
Other invested assets | 0 | |||
Fair value based on NAV as practical expedient | Derivative assets | Insurance-linked securities | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Derivative assets | Options and warrants | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Derivative assets | TBAs | ||||
Assets | ||||
Other invested assets | 0 | |||
Fair value based on NAV as practical expedient | Real estate company investment | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Corporate loans | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Notes and loan receivables and notes securitization | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Derivative liabilities | Foreign exchange forward contracts | ||||
Assets | ||||
Other invested assets | 0 | 0 | ||
Fair value based on NAV as practical expedient | Derivative liabilities | Interest rate swaps | ||||
Assets | ||||
Other invested assets | $ 0 | $ 0 | ||
[1] Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. Corporate loans includes a portfolio of third-party, individually managed privately issued corporate loans that are managed under externally managed mandates with a fair value of $1.1 billion and $1.0 billion at December 31, 2023 and 2022, respectively. The mandates primarily invest in U.S. floating rate, first lien, senior secured broadly syndicated loans with a focus on facility sizes greater than $300 million. Corporate loans also includes $0.3 billion and $0.3 billion of other privately issued corporate loans at December 31, 2023 and 2022, respectively. The reconciliations of the beginning and ending balances for investments measured at fair value using Level 3 inputs are presented in the succeeding tables. |
Fair Value - Level 3 rollforwar
Fair Value - Level 3 rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | $ 928,552 | $ 1,010,025 | ||
(Losses) gains included in net income | (2,322) | (82,798) | ||
Purchases | 8,465 | 80,126 | ||
Settlements and sales | (45,529) | [1] | (85,155) | [2] |
Level 3 transfers, Net | (43,422) | 6,354 | ||
Balance, end of year | 845,744 | 928,552 | ||
Change in unrealized (losses) gains relating to assets held at end of year | $ (6,086) | $ (80,316) | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net income (loss) | Net income (loss) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized and unrealized investment gains (losses) | Net realized and unrealized investment gains (losses) | ||
Fixed maturities | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | $ 64,677 | $ 111,945 | ||
(Losses) gains included in net income | (340) | (13,862) | ||
Purchases | 0 | 0 | ||
Settlements and sales | (6,523) | [1] | (33,406) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 57,814 | 64,677 | ||
Change in unrealized (losses) gains relating to assets held at end of year | (1,730) | (14,108) | ||
Sales | 6,000 | 32,000 | ||
Fixed maturities | U.S. states, territories and municipalities | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 48,747 | 95,181 | ||
(Losses) gains included in net income | (340) | (13,862) | ||
Purchases | 0 | 0 | ||
Settlements and sales | (5,615) | [1] | (32,572) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 42,792 | 48,747 | ||
Change in unrealized (losses) gains relating to assets held at end of year | (1,730) | (14,108) | ||
Fixed maturities | Asset-backed securities | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 15,930 | 16,764 | ||
(Losses) gains included in net income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Settlements and sales | (908) | [1] | (834) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 15,022 | 15,930 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 0 | 0 | ||
Short-term investments | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 6,907 | 0 | ||
(Losses) gains included in net income | 0 | 0 | ||
Purchases | 0 | 6,907 | ||
Settlements and sales | (6,907) | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 0 | 6,907 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 0 | 0 | ||
Equities | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 23,300 | 23,756 | ||
(Losses) gains included in net income | (6) | (2,721) | ||
Purchases | 5,835 | 2,759 | ||
Settlements and sales | (31) | [1] | (494) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 29,098 | 23,300 | ||
Change in unrealized (losses) gains relating to assets held at end of year | (8) | (2,908) | ||
Equities | Energy | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 1,514 | 2,368 | ||
(Losses) gains included in net income | 184 | (854) | ||
Purchases | 0 | 0 | ||
Settlements and sales | 0 | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 1,698 | 1,514 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 184 | (854) | ||
Equities | Consumer noncyclical | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 10,081 | 10,081 | ||
(Losses) gains included in net income | (1,507) | 0 | ||
Purchases | 0 | 0 | ||
Settlements and sales | 0 | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 8,574 | 10,081 | ||
Change in unrealized (losses) gains relating to assets held at end of year | (1,507) | 0 | ||
Equities | Real estate | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 1,814 | 2,097 | ||
(Losses) gains included in net income | 1,030 | (283) | ||
Purchases | 0 | 0 | ||
Settlements and sales | 0 | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 2,844 | 1,814 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 1,030 | (283) | ||
Equities | Consumer cyclical | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 28 | 1,394 | ||
(Losses) gains included in net income | 0 | (1,366) | ||
Purchases | 0 | 0 | ||
Settlements and sales | 0 | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 28 | 28 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 0 | (1,366) | ||
Equities | Finance | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 120 | 128 | ||
(Losses) gains included in net income | 5 | (8) | ||
Purchases | 0 | 0 | ||
Settlements and sales | 0 | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 125 | 120 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 5 | (8) | ||
Equities | Industrials | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 76 | 220 | ||
(Losses) gains included in net income | (41) | 13 | ||
Purchases | 0 | 0 | ||
Settlements and sales | (29) | [1] | (157) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 6 | 76 | ||
Change in unrealized (losses) gains relating to assets held at end of year | (41) | (53) | ||
Equities | Diversified | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 9,667 | 7,468 | ||
(Losses) gains included in net income | 323 | (223) | ||
Purchases | 5,835 | 2,759 | ||
Settlements and sales | (2) | [1] | (337) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 15,823 | 9,667 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 321 | (344) | ||
Other invested assets | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 833,668 | 874,324 | ||
(Losses) gains included in net income | (1,976) | (66,215) | ||
Purchases | 2,630 | 70,460 | ||
Settlements and sales | (32,068) | [1] | (51,255) | [2] |
Level 3 transfers, Net | (43,422) | 6,354 | ||
Balance, end of year | 758,832 | 833,668 | ||
Change in unrealized (losses) gains relating to assets held at end of year | (4,348) | (63,300) | ||
Sales | 30,000 | 36,000 | ||
Other invested assets | Derivatives, net | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 15,348 | 7,796 | ||
(Losses) gains included in net income | 577 | 1,929 | ||
Purchases | 0 | 5,631 | ||
Settlements and sales | (4,300) | [1] | (8) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 11,625 | 15,348 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 0 | 996 | ||
Sales | 4,000 | |||
Other invested assets | Corporate loans | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 287,278 | 287,527 | ||
(Losses) gains included in net income | 9,546 | 1,443 | ||
Purchases | 2,630 | 34,543 | ||
Settlements and sales | (24,843) | [1] | (42,589) | [2] |
Level 3 transfers, Net | (43,422) | 6,354 | ||
Balance, end of year | 231,189 | 287,278 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 7,792 | 2,166 | ||
Sales | 25,000 | 33,000 | ||
Other invested assets | Notes and loan receivables and notes securitization | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 3,166 | 6,575 | ||
(Losses) gains included in net income | 90 | (594) | ||
Purchases | 0 | 0 | ||
Settlements and sales | (1,592) | [1] | (2,815) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 1,664 | 3,166 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 49 | 2,301 | ||
Sales | 1,000 | 3,000 | ||
Other invested assets | Fund investments | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 36,274 | 11,739 | ||
(Losses) gains included in net income | 8,257 | 92 | ||
Purchases | 0 | 30,286 | ||
Settlements and sales | (1,333) | [1] | (5,843) | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 43,198 | 36,274 | ||
Change in unrealized (losses) gains relating to assets held at end of year | 8,257 | 322 | ||
Other invested assets | Real estate company investment | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of year | 491,602 | 560,687 | ||
(Losses) gains included in net income | (20,446) | (69,085) | ||
Purchases | 0 | 0 | ||
Settlements and sales | 0 | [1] | 0 | [2] |
Level 3 transfers, Net | 0 | 0 | ||
Balance, end of year | 471,156 | 491,602 | ||
Change in unrealized (losses) gains relating to assets held at end of year | $ (20,446) | $ (69,085) | ||
[1] Included sales of Fixed maturities and Other invested assets of $6 million and $30 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $25 million, sales of derivatives of $4 million, and sales of notes and loans receivable and notes securitization of $1 million. Included sales of Fixed maturities and Other invested assets of $32 million and $36 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $33 million and sales of notes and loans receivable and notes securitization of $3 million. |
Fair Value - Valuation Techniqu
Fair Value - Valuation Technique and Inputs (Details) $ in Thousands | Dec. 31, 2023 USD ($) $ / ft² | Dec. 31, 2022 USD ($) $ / sqft $ / ft² | Jan. 01, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, at fair value | $ 15,090,056 | $ 13,021,914 | ||
Short-term investments, at fair value (amortized cost: 2023, $2,487; 2022, $nil) | 1,020,257 | 523,510 | ||
Other invested assets carried at fair value | 3,251,412 | 3,117,861 | ||
Market risk benefits, net | 139,574 | [1] | 122,016 | $ (77,590) |
Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, at fair value | 57,814 | [2] | 64,677 | |
Short-term investments, at fair value (amortized cost: 2023, $2,487; 2022, $nil) | 0 | [2] | 6,907 | |
Other invested assets carried at fair value | 758,832 | [2] | 833,668 | |
Market risk benefits, net | $ 139,574 | [1],[2] | $ 122,016 | |
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Mortality rates | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 0.0002 | 0.0002 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Mortality rates | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 1 | 1 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Mortality rates | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 0.005 | 0.005 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Lapse rates | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 0.031 | 0.032 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Lapse rates | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 0.250 | 0.257 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Lapse rates | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 0.050 | 0.085 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Measurement Input, Equity implied long-term volatility | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 18.9 | 21.6 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Measurement Input, Equity implied long-term volatility | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 28.7 | 29.7 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | Measurement Input, Equity implied long-term volatility | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 22.5 | 24.6 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | measurement Input, Swaption implied long-term volatility | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 54.6 | 60 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | measurement Input, Swaption implied long-term volatility | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 77.7 | 85.5 | ||
Significant unobservable inputs (Level 3) (2) | Proprietary option model | measurement Input, Swaption implied long-term volatility | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Market Risk Benefit, Measurement Input | 76.5 | 82.8 | ||
U.S. states, territories and municipalities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, at fair value | $ 51,642 | $ 58,873 | ||
U.S. states, territories and municipalities | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, at fair value | 42,792 | [2] | 48,747 | |
Real estate company investment | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets carried at fair value | 471,156 | 491,602 | ||
Real estate company investment | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets carried at fair value | 471,156 | [2] | 491,602 | |
Fixed maturities | U.S. states, territories and municipalities | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, at fair value | $ 42,792 | $ 48,747 | ||
Fixed maturities | U.S. states, territories and municipalities | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, measurement input | 0.025 | 0.027 | ||
Fixed maturities | U.S. states, territories and municipalities | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, measurement input | 0.027 | 0.036 | ||
Fixed maturities | U.S. states, territories and municipalities | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fixed maturities, measurement input | 0.026 | 0.034 | ||
Short-term investments | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Short-term investments, at fair value (amortized cost: 2023, $2,487; 2022, $nil) | $ 6,907 | |||
Short-term investments | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Short-Term Investments Measurement Input | 0.025 | |||
Short-term investments | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Short-Term Investments Measurement Input | 0.025 | |||
Short-term investments | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Short-Term Investments Measurement Input | 0.025 | |||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets carried at fair value | $ 471,156 | $ 491,602 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Estimated rental value | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | $ / ft² | 96 | 84 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Estimated rental value | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | $ / ft² | 102 | 90 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Estimated rental value | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | $ / ft² | 100 | 87 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Reversionary yield | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.050 | 0.046 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Reversionary yield | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.064 | 0.053 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Reversionary yield | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.057 | 0.049 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Net initial yield | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.036 | 0.022 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Net initial yield | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.054 | 0.046 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation, Income Approach | Net initial yield | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.048 | 0.039 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation Technique Comparable Method | Sale value (per sq ft) | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 3,072 | 1,617 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation Technique Comparable Method | Sale value (per sq ft) | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 5,848 | 5,459 | ||
Other invested assets | Real estate company investment | Significant unobservable inputs (Level 3) (2) | Valuation Technique Comparable Method | Sale value (per sq ft) | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 5,171 | 4,836 | ||
Other invested assets | Fund investments | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets carried at fair value | $ 4,529 | $ 6,008 | ||
Other invested assets | Fund investments | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Effective yield | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.007 | 0.006 | ||
Other invested assets | Fund investments | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Effective yield | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.007 | 0.006 | ||
Other invested assets | Fund investments | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Effective yield | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.007 | 0.006 | ||
Other invested assets | Note securitization | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets carried at fair value | $ 188 | |||
Other invested assets | Note securitization | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.025 | |||
Other invested assets | Note securitization | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.025 | |||
Other invested assets | Note securitization | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets, measurement input | 0.025 | |||
Other invested assets | Insurance-linked securities longevity swaps | Significant unobservable inputs (Level 3) (2) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other invested assets carried at fair value | $ 7,235 | $ 6,657 | ||
Other invested assets | Insurance-linked securities longevity swaps | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.060 | 0.057 | ||
Other invested assets | Insurance-linked securities longevity swaps | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.060 | 0.057 | ||
Other invested assets | Insurance-linked securities longevity swaps | Significant unobservable inputs (Level 3) (2) | Discounted cash flow | Credit spreads | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.060 | 0.057 | ||
[1] Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. The reconciliations of the beginning and ending balances for investments measured at fair value using Level 3 inputs are presented in the succeeding tables. |
Fair Value - Change in fair val
Fair Value - Change in fair value option table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Change in unrealized gain/loss | $ 405,068 | $ (2,448,700) | $ (175,477) |
Fixed maturities and short term investments | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Change in unrealized gain/loss | 390,712 | (1,807,048) | (558,466) |
Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Change in unrealized gain/loss | 43,420 | (505,072) | 198,780 |
Other invested assets | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Change in unrealized gain/loss | $ (29,064) | $ (136,580) | $ 184,209 |
Fair Value - Investments measur
Fair Value - Investments measured at fair value using NAV as a practical expedient (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | [1] | $ 2,193,039 | $ 2,111,930 |
Remaining unfunded commitment | 444,907 | 365,682 | |
Equities | 917,170 | 929,886 | |
Other invested assets | 3,251,412 | 3,117,861 | |
Fair value based on NAV as practical expedient | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Equities | 845,163 | 840,318 | |
Other invested assets | 1,347,876 | 1,271,612 | |
Fund investments | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Equities | 845,163 | 840,318 | |
Other invested assets | 1,391,074 | 1,307,886 | |
Fund investments | Fair value based on NAV as practical expedient | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Equities | 845,163 | 840,318 | |
Other invested assets | 1,347,876 | 1,271,612 | |
Public equity funds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | [1] | 648,080 | 629,125 |
Remaining unfunded commitment | 0 | 0 | |
Public equity funds | Three years | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | $ 575,000 | 422,000 | |
Public equity funds | Minimum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Notice period | 30 days | ||
Public equity funds | Maximum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Notice period | 60 days | ||
Private equity funds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | [1] | $ 452,387 | 389,736 |
Remaining unfunded commitment | $ 106,060 | 150,458 | |
Private equity funds | Minimum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Liquidating investment, period | 5 years | ||
Private equity funds | Maximum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Liquidating investment, period | 10 years | ||
Private credit funds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | [1] | $ 430,788 | 404,065 |
Remaining unfunded commitment | $ 228,451 | 67,815 | |
Private credit funds | Minimum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Liquidating investment, period | 5 years | ||
Private credit funds | Maximum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Liquidating investment, period | 10 years | ||
Multi-strategy funds | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | [1] | $ 661,784 | 689,004 |
Remaining unfunded commitment | 110,396 | 147,409 | |
Multi-strategy funds | Quarterly Redemption Rights | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Total fund investments | $ 235,000 | $ 314,000 | |
Notice period | 60 days | ||
Redemption restriction period | 36 months | ||
Multi-strategy funds | Minimum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Liquidating investment, period | 5 years | ||
Multi-strategy funds | Maximum | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Liquidating investment, period | 10 years | ||
[1] The table above only reflects the Company's investments valued at fair value based on the NAV practical expedient, which includes fund investments of $845 million included in Equities and $1,348 million included in Other invested assets at December 31, 2023 and fund investments of $840 million included in Equities and $1,272 million included in Other invested assets at December 31, 2022. |
Fair Value - Narrative items (D
Fair Value - Narrative items (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) securities | Dec. 31, 2022 USD ($) securities | |||
Fair Value - Other Details [Line Items] | ||||
Other invested assets carried at fair value | $ 3,251,412 | $ 3,117,861 | ||
Total fund investments | [1] | 2,193,039 | 2,111,930 | |
Corporate loans | ||||
Fair Value - Other Details [Line Items] | ||||
Other invested assets carried at fair value | 1,372,846 | [2] | 1,302,807 | |
Individually managed private issue corporate loans | ||||
Fair Value - Other Details [Line Items] | ||||
Other invested assets carried at fair value | 1,100,000 | 1,000,000 | ||
Minimum threshold for inclusion in managed loan portfolio | 300,000 | 300,000 | ||
Other private issue corporate loans | ||||
Fair Value - Other Details [Line Items] | ||||
Other invested assets carried at fair value | 300,000 | 300,000 | ||
Public equity funds | ||||
Fair Value - Other Details [Line Items] | ||||
Total fund investments | [1] | 648,080 | 629,125 | |
Public equity funds | Three years | ||||
Fair Value - Other Details [Line Items] | ||||
Total fund investments | 575,000 | 422,000 | ||
Multi-strategy funds | ||||
Fair Value - Other Details [Line Items] | ||||
Total fund investments | [1] | 661,784 | 689,004 | |
Multi-strategy funds | Quarterly Redemption Rights | ||||
Fair Value - Other Details [Line Items] | ||||
Total fund investments | 235,000 | $ 314,000 | ||
Other invested assets | ||||
Fair Value - Other Details [Line Items] | ||||
Equity method investments | $ 213,000 | |||
Other invested assets | Corporate loans | ||||
Fair Value - Other Details [Line Items] | ||||
Number of securities transferred into level 3 | securities | 5 | |||
Transfers into level 3 | $ 15,000 | |||
Number of securities transferred out of level 3 | securities | 15 | 5 | ||
Transfers out of level 3 | $ 43,000 | $ 9,000 | ||
[1] The table above only reflects the Company's investments valued at fair value based on the NAV practical expedient, which includes fund investments of $845 million included in Equities and $1,348 million included in Other invested assets at December 31, 2023 and fund investments of $840 million included in Equities and $1,272 million included in Other invested assets at December 31, 2022. Corporate loans includes a portfolio of third-party, individually managed privately issued corporate loans that are managed under externally managed mandates with a fair value of $1.1 billion and $1.0 billion at December 31, 2023 and 2022, respectively. The mandates primarily invest in U.S. floating rate, first lien, senior secured broadly syndicated loans with a focus on facility sizes greater than $300 million. Corporate loans also includes $0.3 billion and $0.3 billion of other privately issued corporate loans at December 31, 2023 and 2022, respectively. |
Investments - Net Realized and
Investments - Net Realized and Unrealized Investment (Losses) Gains (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments [Abstract] | |||
Net realized investment (losses) gains on fixed maturities and short-term investments | $ (4,041) | $ 859 | $ 19,893 |
Net realized investment gains on equities | 121,378 | 461,041 | 78,501 |
Net realized investment (losses) gains on other invested assets | (6,188) | 9,781 | 103,011 |
Net realized investment gains | 111,149 | 471,681 | 201,405 |
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments | 390,712 | (1,807,048) | (558,466) |
Change in net unrealized investment gains (losses) on equities | 43,420 | (505,072) | 198,780 |
Change in net unrealized investment (losses) gains on other invested assets | (20,975) | (123,694) | 196,926 |
Net other realized and unrealized investment losses | (1,761) | (2,672) | (848) |
Change in net unrealized investment gains (losses) | 411,396 | (2,438,486) | (163,608) |
Impairment loss on investments in real estate | (5,119) | (2,209) | 0 |
Net realized and unrealized investment gains (losses) | $ 517,426 | $ (1,969,014) | $ 37,797 |
Investments - Investment Income
Investments - Investment Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net Investment Income [Line Items] | ||||
Net investment income | $ 645,685 | $ 398,348 | $ 376,469 | |
Funds held interest rate, low end of range | 0.20% | 0.10% | 0.10% | |
Funds held interest rate, high end of range | 10.50% | 10.90% | 7.30% | |
Fixed maturities | ||||
Net Investment Income [Line Items] | ||||
Net investment income | $ 424,205 | $ 310,152 | $ 301,391 | |
Short-term investments and cash and cash equivalents | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 75,467 | 17,477 | 4,860 | |
Other invested assets | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 176,065 | 99,375 | 90,442 | |
Equities | ||||
Net Investment Income [Line Items] | ||||
Net investment income | 19,693 | 11,118 | 12,686 | |
Funds held and other (1) | ||||
Net Investment Income [Line Items] | ||||
Net investment income | [1] | 6,950 | 10,801 | 17,871 |
Investment Expenses | ||||
Net Investment Income [Line Items] | ||||
Net investment income | $ (56,695) | $ (50,575) | $ (50,781) | |
[1] The Company generally earns investment income on funds held by reinsured companies based upon a predetermined interest rate, either fixed contractually at the inception of the contract or based upon a recognized index. Interest rates ranged from 0.2% to 10.5%, 0.1% to 10.9% and 0.1% to 7.3% for the years ended December 31, 2023, 2022 and 2021, respectively. |
Investments - Pledged assets an
Investments - Pledged assets and net payable receivable for securities purchased sold (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pledged assets and net payable for securities purchased [Line Items] | ||
Restricted cash and cash equivalents | $ 97,620 | $ 137,782 |
Restricted securities | 6,341,000 | 5,258,000 |
Other assets | ||
Pledged assets and net payable for securities purchased [Line Items] | ||
Receivable for securities sold | 187,000 | 52,000 |
Accounts payable, accrued expenses, and other | ||
Pledged assets and net payable for securities purchased [Line Items] | ||
Payable for securities purchased | $ 221,000 | $ 149,000 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method And Other Shareholdings, Carrying Value | $ 1,883,000 | $ 1,856,000 |
Other invested assets | 3,251,412 | 3,117,861 |
Proceeds from Equity Method Investment, Distribution | 3,000 | 2,000 |
Real estate company investment | ||
Schedule of Equity Method Investments [Line Items] | ||
Other invested assets | 471,156 | 491,602 |
Almacantar Group S.A. | Real estate company investment | ||
Schedule of Equity Method Investments [Line Items] | ||
Other invested assets | 471,000 | 492,000 |
Other invested assets | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 213,000 | $ 237,000 |
Other invested assets | Almacantar Group S.A. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 36% | 36% |
Derivatives - Balance Sheet (De
Derivatives - Balance Sheet (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Asset derivatives at fair value | [1] | $ 43,190,000 | $ 29,889,000 |
Liability derivatives at fair value | [1] | (28,518,000) | (17,489,000) |
Derivatives designated as hedges | |||
Derivative [Line Items] | |||
Net notional exposure | 0 | 0 | |
Derivatives not designated as hedges | |||
Derivative [Line Items] | |||
Asset derivatives at fair value | 43,190,000 | 29,889,000 | |
Liability derivatives at fair value | (28,518,000) | (17,489,000) | |
Fair value | 14,672,000 | 12,400,000 | |
Derivatives not designated as hedges | Foreign exchange forward contracts | |||
Derivative [Line Items] | |||
Asset derivatives at fair value | 31,565,000 | 13,705,000 | |
Liability derivatives at fair value | (27,669,000) | (17,336,000) | |
Fair value | 3,896,000 | (3,631,000) | |
Net notional exposure | 4,205,417,000 | 4,277,894,000 | |
Derivatives not designated as hedges | Insurance-linked securities | |||
Derivative [Line Items] | |||
Asset derivatives at fair value | [2] | 7,235,000 | 6,657,000 |
Liability derivatives at fair value | [2] | 0 | 0 |
Fair value | [2] | 7,235,000 | 6,657,000 |
Net notional exposure | [2] | 9,700,000 | 16,937,000 |
Derivatives not designated as hedges | Interest rate swaps | |||
Derivative [Line Items] | |||
Asset derivatives at fair value | [3] | 0 | 258,000 |
Liability derivatives at fair value | [3] | (849,000) | (153,000) |
Fair value | [3] | (849,000) | 105,000 |
Net notional exposure | [3] | 0 | 0 |
Derivatives not designated as hedges | TBAs | |||
Derivative [Line Items] | |||
Asset derivatives at fair value | 578,000 | ||
Liability derivatives at fair value | 0 | ||
Fair value | 578,000 | ||
Net notional exposure | 0 | ||
Derivatives not designated as hedges | Options and warrants | |||
Derivative [Line Items] | |||
Asset derivatives at fair value | 4,390,000 | 8,691,000 | |
Liability derivatives at fair value | 0 | 0 | |
Fair value | 4,390,000 | 8,691,000 | |
Net notional exposure | $ 8,898,000 | $ 8,815,000 | |
[1] Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. Insurance-linked securities include longevity swaps for which the notional amounts are not reflective of the overall potential exposure of the swaps. The net notional exposure above includes the Company's best estimate of the present value of future expected claims. The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. The net notional exposure for interest rate swaps above relates to fixed maturities. |
Derivatives - Income Statement
Derivatives - Income Statement (Details) - Derivatives not designated as hedges - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net foreign exchange losses | $ (38,858) | $ (34,902) | $ (16,788) |
Total included in Net realized and unrealized investment (losses) gains | (2,262) | 13,554 | 12,903 |
Total derivatives not designated as hedges | (41,120) | (21,348) | (3,885) |
Foreign exchange forward contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net foreign exchange losses | (38,858) | (34,902) | (16,788) |
Insurance-linked securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net realized and unrealized investment (losses) gains | (1,754) | 2,049 | 4,807 |
Total return swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net realized and unrealized investment (losses) gains | (5) | 934 | 1,430 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net realized and unrealized investment (losses) gains | (951) | 10,594 | 7,020 |
TBAs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net realized and unrealized investment (losses) gains | 448 | (23) | (56) |
Other | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total included in Net realized and unrealized investment (losses) gains | $ 0 | $ 0 | $ (298) |
Derivatives - Offsetting (Detai
Derivatives - Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Gross amounts of recognized, asset | [1] | $ 43,190 | $ 29,889 |
Gross amount offset in the balance sheet | 0 | 0 | |
Net amounts of asset/ liabilities presented in the balance sheet, asset | 43,190 | 29,889 | |
Gross amounts not offset in the balance sheet, financial instruments, asset | 0 | (258) | |
Gross amounts not offset in the balance sheet, cash collateral received/ pledged | (41,747) | (37,262) | |
Net amount, asset | 1,443 | (7,631) | |
Gross amounts of recognized, liability | [1] | (28,518) | (17,489) |
Gross amount offset in the balance sheet | 0 | 0 | |
Net amounts presented in the balance sheet, liability | (28,518) | (17,489) | |
Gross amounts not offset in the balance sheet, financial instruments, liability | 0 | 258 | |
Gross amounts not offset in the balance sheet, cash collateral received | 16,220 | 15,978 | |
Net amount, liability | $ (12,298) | $ (1,253) | |
[1] Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill And Intangible Assets [Line Items] | |||
Balance at beginning of year | $ 456,380 | $ 456,380 | $ 456,380 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of year | 456,380 | 456,380 | 456,380 |
Balance at beginning of year | 89,769 | 98,818 | 107,669 |
Total foreign currency translation | 50 | (137) | 10 |
Amortization of intangible assets | (7,906) | (8,912) | (8,861) |
Balance at end of year | 81,913 | 89,769 | 98,818 |
Definite-lived intangible assets | |||
Goodwill And Intangible Assets [Line Items] | |||
Balance at beginning of year | 80,214 | 89,263 | 98,114 |
Foreign currency translation | 50 | (137) | 10 |
Amortization of intangible assets | (7,906) | (8,912) | (8,861) |
Balance at end of year | 72,358 | 80,214 | 89,263 |
Indefinite-lived intangible assets | |||
Goodwill And Intangible Assets [Line Items] | |||
Balance at beginning of year | 9,555 | 9,555 | 9,555 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of year | $ 9,555 | $ 9,555 | $ 9,555 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Gross Values And Amortization Of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets [Line Items] | ||||
Gross intangible assets excluding goodwill | $ 200,962 | $ 200,912 | ||
Accumulated amortization | (119,049) | (111,143) | ||
Intangible assets | 81,913 | 89,769 | $ 98,818 | $ 107,669 |
Definite-lived intangible assets | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Gross intangible assets excluding goodwill | 191,407 | 191,357 | ||
Accumulated amortization | (119,049) | (111,143) | ||
Intangible assets | 72,358 | 80,214 | 89,263 | 98,114 |
Definite-lived intangible assets | Renewal rights | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Gross intangible assets excluding goodwill | 48,163 | 48,163 | ||
Accumulated amortization | (44,985) | (43,032) | ||
Intangible assets | 3,178 | 5,131 | ||
Definite-lived intangible assets | Customer relationships | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Gross intangible assets excluding goodwill | 67,661 | 67,611 | ||
Accumulated amortization | (60,532) | (56,850) | ||
Intangible assets | 7,129 | 10,761 | ||
Definite-lived intangible assets | Life VOBA | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Gross intangible assets excluding goodwill | 75,583 | 75,583 | ||
Accumulated amortization | (13,532) | (11,261) | ||
Intangible assets | $ 62,051 | 64,322 | ||
Estimated useful life of intangible assets | 100 years | |||
Indefinite-lived intangible assets | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Intangible assets | $ 9,555 | 9,555 | $ 9,555 | $ 9,555 |
Indefinite-lived intangible assets | Licensing Agreements | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Gross intangible assets excluding goodwill | 9,555 | 9,555 | ||
Intangible assets | $ 9,555 | $ 9,555 | ||
Minimum | Definite-lived intangible assets | Renewal rights | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 10 years | |||
Minimum | Definite-lived intangible assets | Customer relationships | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 10 years | |||
Maximum | Definite-lived intangible assets | Renewal rights | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 13 years | |||
Maximum | Definite-lived intangible assets | Customer relationships | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 13 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Allocation to Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill allocation to segments | ||||
Goodwill | $ 456,380 | $ 456,380 | $ 456,380 | $ 456,380 |
P&C | ||||
Goodwill allocation to segments | ||||
Goodwill | 242,376 | 242,376 | ||
Specialty | ||||
Goodwill allocation to segments | ||||
Goodwill | 196,047 | 196,047 | ||
Life and Health | ||||
Goodwill allocation to segments | ||||
Goodwill | $ 17,957 | $ 17,957 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Future Amortization of Finite Intangibles (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Estimated amortization expense | |
2024 | $ 7,256 |
2025 | 6,437 |
2026 | 2,294 |
2027 | 2,640 |
2028 | 2,423 |
Thereafter | 51,308 |
Total | 72,358 |
VOBA | |
Estimated amortization expense | |
2024 | 2,296 |
2025 | 2,070 |
2026 | 1,892 |
2027 | 2,238 |
2028 | 2,247 |
Thereafter | 51,308 |
Total | 62,051 |
Other definite- lived intangible assets | |
Estimated amortization expense | |
2024 | 4,960 |
2025 | 4,367 |
2026 | 402 |
2027 | 402 |
2028 | 176 |
Thereafter | 0 |
Total | $ 10,307 |
Deferred Acquisition Costs (Det
Deferred Acquisition Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Deferred Policy Acquisition Cost [Line Items] | ||||
Deferred Policy Acquisition Cost, Beginning Balance | $ 1,012,067 | |||
Acquisition costs | [1] | (1,563,107) | $ (1,537,213) | $ (1,391,502) |
Deferred Policy Acquisition Cost, Ending Balance | 1,020,704 | 1,012,067 | ||
Life and Health | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Deferred Policy Acquisition Cost, Beginning Balance | 311,000 | |||
Deferred Policy Acquisition Cost, Ending Balance | 321,000 | 311,000 | ||
Life and Health | Long-term protection | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Deferred Policy Acquisition Cost, Beginning Balance | 311,362 | 298,783 | 270,170 | |
Capitalizations | 38,056 | 67,432 | 69,548 | |
Acquisition costs | (32,012) | (31,467) | (29,696) | |
Foreign exchange effect | 3,200 | (23,386) | (11,239) | |
Deferred Policy Acquisition Cost, Ending Balance | 320,606 | 311,362 | $ 298,783 | |
Non Life | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Deferred Policy Acquisition Cost, Beginning Balance | 701,000 | |||
Deferred Policy Acquisition Cost, Ending Balance | $ 700,000 | $ 701,000 | ||
[1] See Note 21 for additional information regarding related party transactions. |
Non-life Reserves - Components
Non-life Reserves - Components of Non-life reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of non-life reserves [Line Items] | |||||
Non-life reserves | [1] | $ 13,151,309 | $ 12,725,631 | ||
Non Life | |||||
Components of non-life reserves [Line Items] | |||||
Case reserves | 5,148,325 | 5,110,575 | |||
ACRs | 190,071 | 159,821 | |||
IBNR reserves | 7,812,913 | 7,455,235 | |||
Non-life reserves | $ 13,151,309 | $ 12,725,631 | $ 12,047,792 | $ 11,395,321 | |
[1] See Note 21 for additional information regarding related party transactions. |
Non-life Reserves - Non Life lo
Non-life Reserves - Non Life loss and loss expenses rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross liability at beginning of year | [1] | $ 12,725,631 | ||
Reinsurance recoverable at beginning of year | 1,947,786 | |||
Net paid losses related to: | ||||
Reinsurance recoverable at end of year | 1,921,231 | $ 1,947,786 | ||
Gross liability at end of year | [1] | 13,151,309 | 12,725,631 | |
Non Life | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross liability at beginning of year | 12,725,631 | 12,047,792 | $ 11,395,321 | |
Reinsurance recoverable at beginning of year | 1,851,811 | 1,532,666 | 782,330 | |
Net liability at beginning of year | 10,873,820 | 10,515,126 | 10,612,991 | |
Net incurred losses related to: | ||||
Current year | 3,229,633 | 3,533,087 | 3,637,671 | |
Prior years | (47,293) | (219,853) | (194,426) | |
Net incurred losses | 3,182,340 | 3,313,234 | 3,443,245 | |
Net paid losses related to: | ||||
Current year | (416,151) | (419,633) | (437,938) | |
Prior years | (2,316,451) | (2,238,503) | (2,535,057) | |
Total Non-life Claims Paid | (2,732,602) | (2,658,136) | (2,972,995) | |
Retroactive reinsurance recoverable | (93,378) | (35,695) | (357,864) | |
Effects of foreign exchange rate changes and other | 155,882 | (260,709) | (210,251) | |
Net liability at end of year | 11,386,062 | 10,873,820 | 10,515,126 | |
Reinsurance recoverable at end of year | 1,765,247 | 1,851,811 | 1,532,666 | |
Gross liability at end of year | 13,151,309 | 12,725,631 | $ 12,047,792 | |
Loss portfolio transfer, reinsurance recoverable, amount | 485,000 | 394,000 | ||
Loss portfolio transfer and adverse development cover agreement deferred gain | $ 99,000 | $ 47,000 | ||
[1] See Note 21 for additional information regarding related party transactions. |
Non-life Reserves - Asbestos, a
Non-life Reserves - Asbestos, and environmental claims (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ||
Net non-life reserves related to asbestos and environmental claims | $ 40 | $ 42 |
Gross non-life reserves related to asbestos and environmental claims | $ 47 | $ 49 |
Non-life Reserves - Reconciliat
Non-life Reserves - Reconciliation of claims development to liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Reinsurance recoverable on paid and unpaid losses | $ 1,921,231 | $ 1,947,786 | $ 901,820 | |||
Gross liability at end of year | [1] | 13,151,309 | 12,725,631 | |||
Non Life | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Total outstanding liability for unpaid claims | 11,095,976 | |||||
Other liabilities | 290,086 | |||||
Net liability at end of year | 11,386,062 | 10,873,820 | $ 10,515,126 | $ 10,612,991 | ||
Reinsurance recoverable on paid and unpaid losses | 1,765,247 | 1,851,811 | 1,532,666 | 782,330 | ||
Gross liability at end of year | 13,151,309 | $ 12,725,631 | $ 12,047,792 | $ 11,395,321 | ||
Non Life | Unallocated loss expenses | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Other liabilities | 130,717 | |||||
Non Life | US Health net reserves | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Other liabilities | [2] | 156,570 | ||||
Non Life | Other | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Other liabilities | 2,799 | |||||
Non Life | Property | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Total outstanding liability for unpaid claims | 1,908,065 | |||||
Reinsurance recoverable on paid and unpaid losses | 763,028 | |||||
Non Life | Casualty | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Total outstanding liability for unpaid claims | 6,176,122 | |||||
Reinsurance recoverable on paid and unpaid losses | 698,223 | |||||
Non Life | Specialty | ||||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||||
Total outstanding liability for unpaid claims | 3,011,789 | |||||
Reinsurance recoverable on paid and unpaid losses | $ 303,996 | |||||
[1] See Note 21 for additional information regarding related party transactions. |
Non-life Reserves - Claims deve
Non-life Reserves - Claims development (Details) - Non Life - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | $ 29,156,011 | |||||||||
Net paid losses and loss expenses | 19,303,483 | |||||||||
Net reserves for accident years and exposures included in the triangles | 9,852,528 | |||||||||
All outstanding liabilities before accident year 2014, net of reinsurance | 1,243,448 | |||||||||
Net liability at end of year | 11,095,976 | |||||||||
Total of IBNR plus expected development on reported claims | $ 6,350,982 | |||||||||
Average annual percentage payout of incurred claims by age: | ||||||||||
Year One | 13% | |||||||||
Year Two | 29% | |||||||||
Year Three | 15% | |||||||||
Year Four | 10% | |||||||||
Year Five | 6% | |||||||||
Year Six | 5% | |||||||||
Year Seven | 4% | |||||||||
Year Eight | 3% | |||||||||
Year Nine | 2% | |||||||||
Year Ten | 2% | |||||||||
2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | $ 2,233,339 | $ 2,232,454 | $ 2,262,546 | $ 2,277,135 | $ 2,315,021 | $ 2,353,759 | $ 2,349,869 | $ 2,368,967 | $ 2,514,200 | $ 2,481,720 |
Net paid losses and loss expenses | 2,243,258 | 2,196,720 | 2,164,676 | 2,118,939 | 2,044,804 | 1,946,054 | 1,810,171 | 1,594,146 | 1,291,273 | 336,270 |
Total of IBNR plus expected development on reported claims | 50,959 | |||||||||
2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 2,435,356 | 2,432,324 | 2,451,141 | 2,475,960 | 2,520,182 | 2,550,830 | 2,527,784 | 2,611,184 | 2,502,854 | |
Net paid losses and loss expenses | 2,240,255 | 2,198,481 | 2,142,234 | 2,067,935 | 1,959,722 | 1,798,537 | 1,564,173 | 1,159,655 | 306,562 | |
Total of IBNR plus expected development on reported claims | 87,537 | |||||||||
2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 2,472,778 | 2,476,383 | 2,484,069 | 2,467,920 | 2,486,199 | 2,516,126 | 2,559,851 | 2,451,204 | ||
Net paid losses and loss expenses | 2,302,984 | 2,211,977 | 2,123,169 | 2,030,728 | 1,893,694 | 1,627,697 | 1,272,443 | 321,351 | ||
Total of IBNR plus expected development on reported claims | 95,112 | |||||||||
2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 2,660,319 | 2,658,571 | 2,663,904 | 2,651,730 | 2,698,916 | 2,801,179 | 2,549,737 | |||
Net paid losses and loss expenses | 2,436,391 | 2,314,529 | 2,195,236 | 2,072,838 | 1,804,959 | 1,421,140 | 394,394 | |||
Total of IBNR plus expected development on reported claims | 159,021 | |||||||||
2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 3,015,217 | 3,009,359 | 2,972,766 | 2,969,810 | 2,974,243 | 2,596,552 | ||||
Net paid losses and loss expenses | 2,490,887 | 2,283,931 | 2,093,543 | 1,811,055 | 1,276,542 | 271,827 | ||||
Total of IBNR plus expected development on reported claims | 334,532 | |||||||||
2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 3,531,407 | 3,523,443 | 3,510,991 | 3,519,556 | 2,931,280 | |||||
Net paid losses and loss expenses | 2,640,483 | 2,341,116 | 1,961,928 | 1,438,793 | 462,939 | |||||
Total of IBNR plus expected development on reported claims | 637,205 | |||||||||
2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 3,480,994 | 3,499,097 | 3,586,462 | 4,186,395 | ||||||
Net paid losses and loss expenses | 2,106,017 | 1,805,063 | 1,277,034 | 480,122 | ||||||
Total of IBNR plus expected development on reported claims | 859,604 | |||||||||
2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 2,836,450 | 2,829,876 | 2,880,141 | |||||||
Net paid losses and loss expenses | 1,531,660 | 1,088,143 | 373,191 | |||||||
Total of IBNR plus expected development on reported claims | 1,435,501 | |||||||||
2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 3,374,321 | 3,410,844 | ||||||||
Net paid losses and loss expenses | 914,038 | 394,598 | ||||||||
Total of IBNR plus expected development on reported claims | 1,723,904 | |||||||||
2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 3,115,830 | |||||||||
Net paid losses and loss expenses | 397,510 | |||||||||
Total of IBNR plus expected development on reported claims | 967,607 | |||||||||
Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 7,227,449 | |||||||||
Net paid losses and loss expenses | 5,569,388 | |||||||||
Net reserves for accident years and exposures included in the triangles | 1,658,061 | |||||||||
All outstanding liabilities before accident year 2014, net of reinsurance | 250,004 | |||||||||
Net liability at end of year | 1,908,065 | |||||||||
Total of IBNR plus expected development on reported claims | $ 1,250,963 | |||||||||
Average annual percentage payout of incurred claims by age: | ||||||||||
Year One | 15% | |||||||||
Year Two | 41% | |||||||||
Year Three | 16% | |||||||||
Year Four | 6% | |||||||||
Year Five | 3% | |||||||||
Year Six | 2% | |||||||||
Year Seven | 1% | |||||||||
Year Eight | 1% | |||||||||
Year Nine | 0% | |||||||||
Year Ten | 1% | |||||||||
Property | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | $ 445,152 | 444,808 | 447,894 | 447,816 | 450,487 | 452,907 | 458,609 | 463,409 | 488,446 | 469,568 |
Net paid losses and loss expenses | 448,276 | 445,375 | 444,798 | 442,581 | 438,152 | 432,567 | 423,339 | 395,102 | 323,309 | 95,013 |
Total of IBNR plus expected development on reported claims | 298 | |||||||||
Property | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 524,453 | 523,475 | 525,203 | 519,568 | 524,147 | 528,106 | 537,792 | 565,816 | 537,193 | |
Net paid losses and loss expenses | 503,399 | 501,524 | 498,557 | 489,195 | 481,879 | 469,036 | 435,539 | 330,876 | 85,015 | |
Total of IBNR plus expected development on reported claims | 3,605 | |||||||||
Property | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 620,491 | 623,593 | 624,375 | 622,562 | 625,873 | 644,349 | 681,050 | 663,490 | ||
Net paid losses and loss expenses | 613,854 | 609,257 | 604,980 | 595,159 | 579,381 | 538,988 | 446,804 | 132,914 | ||
Total of IBNR plus expected development on reported claims | 8,045 | |||||||||
Property | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 909,849 | 910,105 | 915,166 | 923,025 | 952,613 | 1,022,186 | 971,607 | |||
Net paid losses and loss expenses | 882,726 | 870,638 | 862,942 | 853,945 | 805,627 | 694,240 | 214,026 | |||
Total of IBNR plus expected development on reported claims | 12,314 | |||||||||
Property | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 766,684 | 766,591 | 778,867 | 799,735 | 820,675 | 805,960 | ||||
Net paid losses and loss expenses | 709,211 | 687,439 | 666,919 | 628,458 | 494,608 | 81,830 | ||||
Total of IBNR plus expected development on reported claims | 16,456 | |||||||||
Property | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 714,189 | 711,928 | 720,079 | 782,453 | 703,097 | |||||
Net paid losses and loss expenses | 627,924 | 586,587 | 545,163 | 426,566 | 78,527 | |||||
Total of IBNR plus expected development on reported claims | 32,277 | |||||||||
Property | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,056,274 | 1,061,772 | 1,070,935 | 1,252,575 | ||||||
Net paid losses and loss expenses | 772,952 | 681,851 | 515,030 | 115,165 | ||||||
Total of IBNR plus expected development on reported claims | 132,920 | |||||||||
Property | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 914,749 | 918,629 | 919,517 | |||||||
Net paid losses and loss expenses | 639,577 | 491,546 | 121,453 | |||||||
Total of IBNR plus expected development on reported claims | 253,718 | |||||||||
Property | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 859,807 | 944,920 | ||||||||
Net paid losses and loss expenses | 279,970 | 103,876 | ||||||||
Total of IBNR plus expected development on reported claims | 457,178 | |||||||||
Property | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 415,801 | |||||||||
Net paid losses and loss expenses | 91,499 | |||||||||
Total of IBNR plus expected development on reported claims | 334,152 | |||||||||
Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 10,473,638 | |||||||||
Net paid losses and loss expenses | 5,175,221 | |||||||||
Net reserves for accident years and exposures included in the triangles | 5,298,417 | |||||||||
All outstanding liabilities before accident year 2014, net of reinsurance | 877,705 | |||||||||
Net liability at end of year | 6,176,122 | |||||||||
Total of IBNR plus expected development on reported claims | $ 3,681,393 | |||||||||
Average annual percentage payout of incurred claims by age: | ||||||||||
Year One | 9% | |||||||||
Year Two | 12% | |||||||||
Year Three | 13% | |||||||||
Year Four | 12% | |||||||||
Year Five | 12% | |||||||||
Year Six | 11% | |||||||||
Year Seven | 10% | |||||||||
Year Eight | 7% | |||||||||
Year Nine | 4% | |||||||||
Year Ten | 5% | |||||||||
Casualty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | $ 740,555 | 739,605 | 753,383 | 766,415 | 791,768 | 826,000 | 810,349 | 814,622 | 848,698 | 804,571 |
Net paid losses and loss expenses | 692,148 | 654,893 | 631,367 | 594,035 | 536,883 | 470,964 | 387,182 | 292,152 | 189,458 | 69,119 |
Total of IBNR plus expected development on reported claims | 34,090 | |||||||||
Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 717,382 | 714,608 | 726,451 | 751,652 | 770,242 | 803,497 | 761,091 | 783,275 | 699,327 | |
Net paid losses and loss expenses | 702,472 | 667,748 | 627,964 | 577,907 | 505,067 | 398,790 | 303,213 | 184,520 | 73,252 | |
Total of IBNR plus expected development on reported claims | 57,407 | |||||||||
Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 747,434 | 747,402 | 750,268 | 740,047 | 747,814 | 767,366 | 756,954 | 670,767 | ||
Net paid losses and loss expenses | 667,058 | 586,050 | 520,069 | 455,982 | 369,651 | 244,560 | 140,081 | 28,304 | ||
Total of IBNR plus expected development on reported claims | 61,476 | |||||||||
Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 724,138 | 720,732 | 716,862 | 709,881 | 720,966 | 743,114 | 621,095 | |||
Net paid losses and loss expenses | 596,996 | 488,164 | 411,806 | 334,296 | 246,615 | 157,792 | 55,617 | |||
Total of IBNR plus expected development on reported claims | 94,614 | |||||||||
Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 927,658 | 920,169 | 903,353 | 895,978 | 905,491 | 767,559 | ||||
Net paid losses and loss expenses | 699,190 | 532,717 | 425,887 | 323,510 | 201,190 | 59,105 | ||||
Total of IBNR plus expected development on reported claims | 236,104 | |||||||||
Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,282,398 | 1,273,687 | 1,272,980 | 1,226,210 | 999,955 | |||||
Net paid losses and loss expenses | 731,677 | 580,304 | 430,192 | 274,821 | 100,639 | |||||
Total of IBNR plus expected development on reported claims | 494,696 | |||||||||
Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,086,082 | 1,094,890 | 1,115,751 | 1,344,430 | ||||||
Net paid losses and loss expenses | 410,337 | 304,592 | 176,740 | 112,281 | ||||||
Total of IBNR plus expected development on reported claims | 601,415 | |||||||||
Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 987,435 | 967,726 | 1,013,896 | |||||||
Net paid losses and loss expenses | 329,578 | 225,846 | 80,434 | |||||||
Total of IBNR plus expected development on reported claims | 886,905 | |||||||||
Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,561,575 | 1,495,131 | ||||||||
Net paid losses and loss expenses | 173,769 | 120,660 | ||||||||
Total of IBNR plus expected development on reported claims | 888,080 | |||||||||
Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,698,981 | |||||||||
Net paid losses and loss expenses | 171,996 | |||||||||
Total of IBNR plus expected development on reported claims | 326,606 | |||||||||
Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 11,454,924 | |||||||||
Net paid losses and loss expenses | 8,558,874 | |||||||||
Net reserves for accident years and exposures included in the triangles | 2,896,050 | |||||||||
All outstanding liabilities before accident year 2014, net of reinsurance | 115,739 | |||||||||
Net liability at end of year | 3,011,789 | |||||||||
Total of IBNR plus expected development on reported claims | $ 1,418,626 | |||||||||
Average annual percentage payout of incurred claims by age: | ||||||||||
Year One | 15% | |||||||||
Year Two | 36% | |||||||||
Year Three | 17% | |||||||||
Year Four | 10% | |||||||||
Year Five | 4% | |||||||||
Year Six | 2% | |||||||||
Year Seven | 1% | |||||||||
Year Eight | 1% | |||||||||
Year Nine | 1% | |||||||||
Year Ten | 1% | |||||||||
Specialty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | $ 1,047,632 | 1,048,041 | 1,061,269 | 1,062,904 | 1,072,766 | 1,074,852 | 1,080,911 | 1,090,936 | 1,177,056 | 1,207,581 |
Net paid losses and loss expenses | 1,102,834 | 1,096,452 | 1,088,511 | 1,082,323 | 1,069,769 | 1,042,523 | 999,650 | 906,892 | 778,506 | $ 172,138 |
Total of IBNR plus expected development on reported claims | 16,571 | |||||||||
Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,193,521 | 1,194,241 | 1,199,487 | 1,204,740 | 1,225,793 | 1,219,227 | 1,228,901 | 1,262,093 | 1,266,334 | |
Net paid losses and loss expenses | 1,034,384 | 1,029,209 | 1,015,713 | 1,000,833 | 972,776 | 930,711 | 825,421 | 644,259 | $ 148,295 | |
Total of IBNR plus expected development on reported claims | 26,525 | |||||||||
Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,104,853 | 1,105,388 | 1,109,426 | 1,105,311 | 1,112,512 | 1,104,411 | 1,121,847 | 1,116,947 | ||
Net paid losses and loss expenses | 1,022,072 | 1,016,670 | 998,120 | 979,587 | 944,662 | 844,149 | 685,558 | $ 160,133 | ||
Total of IBNR plus expected development on reported claims | 25,591 | |||||||||
Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,026,332 | 1,027,734 | 1,031,876 | 1,018,824 | 1,025,337 | 1,035,879 | 957,035 | |||
Net paid losses and loss expenses | 956,669 | 955,727 | 920,488 | 884,597 | 752,717 | 569,108 | $ 124,751 | |||
Total of IBNR plus expected development on reported claims | 52,093 | |||||||||
Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,320,875 | 1,322,599 | 1,290,546 | 1,274,097 | 1,248,077 | 1,023,033 | ||||
Net paid losses and loss expenses | 1,082,486 | 1,063,775 | 1,000,737 | 859,087 | 580,744 | $ 130,892 | ||||
Total of IBNR plus expected development on reported claims | 81,972 | |||||||||
Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,534,820 | 1,537,828 | 1,517,932 | 1,510,893 | 1,228,228 | |||||
Net paid losses and loss expenses | 1,280,882 | 1,174,225 | 986,573 | 737,406 | $ 283,773 | |||||
Total of IBNR plus expected development on reported claims | 110,232 | |||||||||
Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,338,638 | 1,342,435 | 1,399,776 | 1,589,390 | ||||||
Net paid losses and loss expenses | 922,728 | 818,620 | 585,264 | $ 252,676 | ||||||
Total of IBNR plus expected development on reported claims | 125,269 | |||||||||
Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 934,266 | 943,521 | 946,728 | |||||||
Net paid losses and loss expenses | 562,505 | 370,751 | $ 171,304 | |||||||
Total of IBNR plus expected development on reported claims | 294,878 | |||||||||
Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 952,939 | 970,793 | ||||||||
Net paid losses and loss expenses | 460,299 | $ 170,062 | ||||||||
Total of IBNR plus expected development on reported claims | 378,646 | |||||||||
Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net incurred losses and loss expenses | 1,001,048 | |||||||||
Net paid losses and loss expenses | 134,015 | |||||||||
Total of IBNR plus expected development on reported claims | $ 306,849 |
Life and Health Reserves - Gros
Life and Health Reserves - Gross and net liability for life and health reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Life and health reserves, gross | $ 2,859,257 | [1] | $ 2,497,519 | [1] | $ 2,937,823 | ||
Life and Health | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total life and health reserves, net | 2,831,669 | 2,477,709 | $ 2,761,856 | ||||
Reinsurance recoverable | 27,588 | 19,810 | 23,526 | ||||
Life and health reserves, gross | 2,859,257 | 2,497,519 | 2,785,382 | ||||
Life and Health | Traditional and limited payment long duration contracts | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total life and health reserves, net | 1,898,125 | 1,553,979 | 1,778,327 | ||||
Life and Health | Long-term protection | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total life and health reserves, net | 1,432,088 | 1,249,661 | 1,454,838 | 1,446,198 | |||
Reinsurance recoverable | 7,256 | 15,013 | 15,214 | 28,190 | |||
Life and health reserves, gross | 1,439,344 | 1,264,674 | 1,470,052 | 1,474,388 | |||
Life and Health | Longevity | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total life and health reserves, net | 466,037 | 304,318 | 323,489 | 363,753 | |||
Reinsurance recoverable | 3,525 | 3,675 | 4,861 | 6,222 | |||
Life and health reserves, gross | 469,562 | 307,993 | 328,350 | $ 369,975 | |||
Life and Health | Other long-duration life and health reserves | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total life and health reserves, net | 116,918 | 127,752 | 122,532 | ||||
Life and Health | Short-duration life and heath contracts | |||||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||||
Total life and health reserves, net | 816,626 | 795,978 | 860,997 | $ 953,801 | |||
Reinsurance recoverable | 16,807 | 1,122 | 3,451 | 6,397 | |||
Life and health reserves, gross | $ 833,433 | $ 797,100 | $ 864,448 | $ 960,198 | |||
[1] See Note 21 for additional information regarding related party transactions. |
Life and Health Reserves - Reco
Life and Health Reserves - Reconciliation of beginning and ending net liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |||
Present Value of Expected Future Policy Benefits | ||||||
Liability for future policy benefits, after flooring adjustment | $ 2,859,257 | [1] | $ 2,497,519 | [1] | $ 2,937,823 | |
Life and Health | ||||||
Present Value of Expected Future Policy Benefits | ||||||
Liability for future policy benefits, after flooring adjustment | 2,859,257 | 2,497,519 | $ 2,785,382 | |||
Less: reinsurance recoverable | 27,588 | 19,810 | 23,526 | |||
Net liability for future policy benefits, after reinsurance recoverable | 2,831,669 | 2,477,709 | 2,761,856 | |||
Life and Health | Traditional and limited payment long duration contracts | ||||||
Present Value of Expected Future Policy Benefits | ||||||
Net liability for future policy benefits, after reinsurance recoverable | 1,898,125 | 1,553,979 | 1,778,327 | |||
Life and Health | Long-term protection | ||||||
Present Value of Expected Net Premiums | ||||||
Balance, beginning of year | 7,181,905 | 8,265,658 | 7,722,807 | |||
Beginning balance at original discount rate | 9,912,178 | 8,929,616 | 7,832,595 | |||
Effect of changes in cash flow assumptions | (46,073) | 124,380 | 132,056 | |||
Effect of changes in cash flow assumptions | 129,081 | 495,356 | 138,504 | |||
Foreign exchange and other | 7,693 | 61,698 | 12,107 | |||
Adjusted beginning of year balance | 10,002,879 | 9,611,050 | 8,115,262 | |||
Issuances | 907,176 | 1,100,371 | 1,271,419 | |||
Interest accrual | 249,381 | 215,148 | 183,835 | |||
Net premiums collected | (564,741) | (519,987) | (497,615) | |||
Foreign exchange effect | 157,390 | (494,404) | (143,285) | |||
Ending balance at original discount rate | 10,752,085 | 9,912,178 | 8,929,616 | |||
Effect of changes in discount rate assumptions | (2,238,887) | (2,730,273) | (663,958) | |||
Balance, end of year | 8,513,198 | 7,181,905 | 8,265,658 | |||
Present Value of Expected Future Policy Benefits | ||||||
Balance, beginning of year | 8,444,212 | 9,735,516 | 9,197,194 | |||
Beginning balance at original discount rate | 11,279,091 | 10,405,240 | 9,253,956 | |||
Effect of changes in cash flow assumptions | (29,989) | 100,464 | 175,808 | |||
Effect of changes in cash flow assumptions | 124,864 | 520,942 | 198,217 | |||
Foreign exchange and other | 24,331 | 67,193 | 11,525 | |||
Adjusted beginning of year balance | 11,398,297 | 11,093,839 | 9,639,506 | |||
Issuances | 910,154 | 1,095,566 | 1,250,111 | |||
Interest accrual | 269,802 | 235,775 | 207,736 | |||
Benefit payments | (521,918) | (542,353) | (503,727) | |||
Foreign exchange effect | 201,607 | (603,736) | (188,386) | |||
Ending balance at original discount rate | 12,257,942 | 11,279,091 | 10,405,240 | |||
Effect of changes in discount rate assumptions | (2,309,437) | (2,834,879) | (669,724) | |||
Balance, end of year | 9,948,505 | 8,444,212 | 9,735,516 | |||
Cumulative impact of flooring | 4,037 | 2,367 | 194 | |||
Liability for future policy benefits, after flooring adjustment | 1,439,344 | 1,264,674 | 1,470,052 | 1,474,388 | ||
Less: reinsurance recoverable | 7,256 | 15,013 | 15,214 | 28,190 | ||
Net liability for future policy benefits, after reinsurance recoverable | 1,432,088 | 1,249,661 | 1,454,838 | 1,446,198 | ||
Life and Health | Longevity | ||||||
Present Value of Expected Net Premiums | ||||||
Balance, beginning of year | 6,859,347 | 9,450,775 | 8,710,380 | |||
Beginning balance at original discount rate | 9,468,464 | 10,101,622 | 8,417,277 | |||
Effect of changes in cash flow assumptions | 1,341 | 0 | (12,857) | |||
Effect of changes in cash flow assumptions | (100,539) | 49,882 | (46,910) | |||
Foreign exchange and other | (77,951) | (1,485) | 702 | |||
Adjusted beginning of year balance | 9,291,315 | 10,150,019 | 8,358,212 | |||
Issuances | 3,106,448 | 813,865 | 2,249,974 | |||
Interest accrual | 303,087 | 189,144 | 152,388 | |||
Net premiums collected | (1,012,723) | (668,228) | (601,195) | |||
Foreign exchange effect | 632,042 | (1,016,336) | (57,757) | |||
Ending balance at original discount rate | 12,320,169 | 9,468,464 | 10,101,622 | |||
Effect of changes in discount rate assumptions | (1,914,504) | (2,609,117) | (650,847) | |||
Balance, end of year | 10,405,665 | 6,859,347 | 9,450,775 | |||
Present Value of Expected Future Policy Benefits | ||||||
Balance, beginning of year | 7,167,340 | 9,778,306 | 9,080,355 | |||
Beginning balance at original discount rate | 9,735,709 | 10,400,475 | 8,758,460 | |||
Effect of changes in cash flow assumptions | 1,671 | 0 | (17,855) | |||
Effect of changes in cash flow assumptions | (113,205) | 47,215 | (46,809) | |||
Foreign exchange and other | (89,722) | (2,935) | 770 | |||
Adjusted beginning of year balance | 9,534,453 | 10,444,755 | 8,694,566 | |||
Issuances | 3,111,518 | 814,178 | 2,249,787 | |||
Interest accrual | 308,484 | 194,485 | 160,408 | |||
Benefit payments | (885,792) | (666,887) | (643,565) | |||
Foreign exchange effect | 656,619 | (1,050,822) | (60,721) | |||
Ending balance at original discount rate | 12,725,282 | 9,735,709 | 10,400,475 | |||
Effect of changes in discount rate assumptions | (1,851,883) | (2,568,369) | (622,169) | |||
Balance, end of year | 10,873,399 | 7,167,340 | 9,778,306 | |||
Cumulative impact of flooring | 1,828 | 0 | 819 | |||
Liability for future policy benefits, after flooring adjustment | 469,562 | 307,993 | 328,350 | 369,975 | ||
Less: reinsurance recoverable | 3,525 | 3,675 | 4,861 | 6,222 | ||
Net liability for future policy benefits, after reinsurance recoverable | $ 466,037 | $ 304,318 | $ 323,489 | $ 363,753 | ||
[1] See Note 21 for additional information regarding related party transactions. |
Life and Health Reserves - Expe
Life and Health Reserves - Expected future gross premiums and future benefit payments (Details) - Life and Health - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term protection | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future gross premiums | $ 22,577,821 | $ 19,982,118 | $ 17,229,187 |
Undiscounted expected future benefit payments | 19,981,172 | 17,642,176 | 15,441,167 |
Longevity | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future gross premiums | 17,998,514 | 13,032,711 | 13,647,768 |
Undiscounted expected future benefit payments | $ 16,929,038 | $ 12,199,575 | $ 12,752,333 |
Life and Health Reserves - Gr_2
Life and Health Reserves - Gross premiums and interest accretion (Details) - Life and Health - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Traditional and limited payment long duration contracts | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Gross Premium Income | $ 1,839,362 | $ 1,427,532 | $ 1,354,496 |
Liability for Future Policy Benefit, Interest Expense | 25,818 | 25,968 | 31,921 |
Long-term protection | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Gross Premium Income | 744,428 | 684,990 | 662,496 |
Liability for Future Policy Benefit, Interest Expense | 20,421 | 20,627 | 23,901 |
Longevity | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Gross Premium Income | 1,094,934 | 742,542 | 692,000 |
Liability for Future Policy Benefit, Interest Expense | $ 5,397 | $ 5,341 | $ 8,020 |
Life and Health Reserves - Weig
Life and Health Reserves - Weighted-average interest rates (Details) - Life and Health - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term protection | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Interest accretion rate | 2.63% | 2.43% | 2.28% | |
Current discount rate | 4.48% | 4.93% | 2.87% | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 9,948,505 | $ 8,444,212 | $ 9,735,516 | $ 9,197,194 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 10,835,854 | $ 9,162,867 | $ 10,592,914 | |
Longevity | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Interest accretion rate | 2.95% | 2.06% | 1.94% | |
Current discount rate | 4.83% | 5.48% | 2.48% | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 10,873,399 | $ 7,167,340 | $ 9,778,306 | $ 9,080,355 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 11,284,884 | $ 7,485,087 | $ 10,331,411 |
Life and Health Reserves - Shor
Life and Health Reserves - Short duration rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Reconciliation of Loss and Loss Expenses Including Life Policy Benefits [Line Items] | |||||
Gross liability at beginning of period | [1] | $ 2,497,519 | |||
Gross liability at end of period | [1] | 2,859,257 | $ 2,497,519 | ||
Life and Health | |||||
Reconciliation of Loss and Loss Expenses Including Life Policy Benefits [Line Items] | |||||
Gross liability at beginning of period | 2,497,519 | 2,785,382 | |||
Net liability at beginning of year | 2,477,709 | 2,761,856 | |||
Net liability at end of year | 2,831,669 | 2,477,709 | $ 2,761,856 | ||
Gross liability at end of period | 2,859,257 | 2,497,519 | 2,785,382 | ||
Less: reinsurance recoverable | 27,588 | 19,810 | 23,526 | ||
Life and Health | Short-duration life and heath contracts | |||||
Reconciliation of Loss and Loss Expenses Including Life Policy Benefits [Line Items] | |||||
Gross liability at beginning of period | 797,100 | 864,448 | 960,198 | ||
Net liability at beginning of year | 795,978 | 860,997 | 953,801 | ||
Net incurred losses | 187,078 | 157,572 | 184,872 | ||
Net losses paid | (190,082) | (172,043) | (234,501) | ||
Effects of foreign exchange rate changes and other | 23,652 | (50,548) | (43,175) | ||
Net liability at end of year | 816,626 | 795,978 | 860,997 | ||
Gross liability at end of period | 833,433 | 797,100 | 864,448 | ||
Less: reinsurance recoverable | $ 16,807 | $ 1,122 | $ 3,451 | $ 6,397 | |
[1] See Note 21 for additional information regarding related party transactions. |
Life and Health Reserves - Narr
Life and Health Reserves - Narrative (Details) - Life and Health | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term protection | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 4 years 2 months 12 days | 4 years 4 months 24 days | 5 years 3 months 18 days |
Longevity - Fixed premium leg | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 7 years 7 months 6 days | 7 years 9 months 18 days | 9 years 9 months 18 days |
Longevity - Floating claims leg | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 7 years 6 months | 7 years 8 months 12 days | 9 years 6 months |
Market Risk Benefits - Reconcil
Market Risk Benefits - Reconciliation of beginning and ending balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Market Risk Benefit [Line Items] | ||||
Balance, beginning of year | $ (122,016) | |||
Balance, end of year | (139,574) | [1] | $ (122,016) | |
Life and Health | Guaranteed Minimum Death Benefit | ||||
Market Risk Benefit [Line Items] | ||||
Balance, beginning of year | 122,016 | (53,011) | $ (77,590) | |
Effect of changes in the instrument-specific credit risk | 3,676 | 59,207 | 63,474 | |
Balance, beginning of year, before effect of changes in the instrument-specific credit risk | 125,692 | 6,196 | (14,116) | |
Issuances | 5,625 | 1,312 | (14,931) | |
Market Risk Benefit, Interest Expense | 6,081 | (1,819) | (2,623) | |
Attributed fees collected | (29,273) | (29,417) | (34,371) | |
Benefit payments | 3,799 | (897) | 1,597 | |
Actual policyholder behavior different from expected behaviors | (8,415) | 5,126 | (14,565) | |
Effect of changes in future expected policyholder behavior | (12,111) | (3,819) | 10,776 | |
Effect of changes in other future assumptions | 5,844 | 4,318 | (51,743) | |
Effect of changes in interest rates | (12,722) | 197,277 | 82,422 | |
Effect of changes in equity index volatility | 11,716 | (24,728) | (4,634) | |
Effect of changes in equity markets | 14,550 | (58,497) | 31,222 | |
Foreign exchange impact | 5,501 | (1,715) | 439 | |
Other | 21,985 | 32,355 | 16,723 | |
Balance, end of year, before effect of changes in the instrument-specific credit risk | 138,272 | 125,692 | 6,196 | |
Effect of changes in the instrument-specific credit risk | 1,302 | (3,676) | (59,207) | |
Balance, end of year | 139,574 | 122,016 | (53,011) | |
Net amount at risk | $ 251,293 | $ 603,656 | $ 52,320 | |
Weighted-average attained age of contract holders | 61 years | 61 years | 61 years | |
[1] Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. |
Market Risk Benefits - Reconc_2
Market Risk Benefits - Reconciliation to Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Market Risk Benefit [Abstract] | ||||
Market risk benefit assets, at fair value | $ 144,636 | $ 131,186 | $ 153,070 | |
Market risk benefit liabilities, at fair value | 5,062 | 9,170 | 230,660 | |
Net | $ 139,574 | [1] | $ 122,016 | $ (77,590) |
[1] Refer to Note 11 for details on the changes in the MRBs measured at fair value for the years ended December 31, 2023 and 2022. |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Effects of Reinsurance [Line Items] | ||||
Ceded premiums written | $ 1,173,446 | $ 1,145,084 | $ 1,069,907 | |
Reinsurance recoverable on paid and unpaid losses | 1,921,231 | 1,947,786 | $ 901,820 | |
Allowance for credit loss on reinsurance recoverable | 3,000 | 3,000 | ||
Affiliated Entity | Lorenz Re | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded premiums written | 529,000 | 664,000 | $ 634,000 | |
Reinsurance recoverable on paid and unpaid losses | $ 767,000 | $ 921,000 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Premiums Written | ||||
Direct premiums written | $ 347,351 | $ 393,186 | $ 421,756 | |
Assumed premiums written | 8,755,007 | 8,296,093 | 7,782,169 | |
Ceded premiums written | 1,173,446 | 1,145,084 | 1,069,907 | |
Net premiums written | [1] | 7,928,912 | 7,544,195 | 7,134,018 |
Premiums Earned | ||||
Direct premiums earned | 372,230 | 377,380 | 318,058 | |
Assumed premiums earned | 8,751,812 | 7,993,480 | 7,607,845 | |
Ceded premiums earned | 1,205,282 | 1,113,743 | 969,381 | |
Net premiums earned (1) | [1] | 7,918,760 | 7,257,117 | 6,956,522 |
Losses and Loss Expenses | ||||
Direct losses and loss expenses | 188,912 | 207,301 | 221,173 | |
Assumed losses and loss expenses | 5,184,792 | 5,244,214 | 5,415,118 | |
Ceded losses and loss expenses | 383,496 | 725,643 | 785,251 | |
Net losses and loss expenses | [1] | 4,990,208 | 4,725,872 | 4,851,040 |
Non Life | ||||
Premiums Written | ||||
Direct premiums written | 347,351 | 393,186 | 421,756 | |
Assumed premiums written | 6,646,273 | 6,622,236 | 6,135,299 | |
Ceded premiums written | 1,145,301 | 1,116,672 | 1,046,227 | |
Net premiums written | 5,848,323 | 5,898,750 | 5,510,828 | |
Premiums Earned | ||||
Direct premiums earned | 372,230 | 377,380 | 318,058 | |
Assumed premiums earned | 6,643,101 | 6,319,389 | 5,956,360 | |
Ceded premiums earned | 1,176,865 | 1,085,317 | 944,862 | |
Net premiums earned (1) | 5,838,466 | 5,611,452 | 5,329,556 | |
Losses and Loss Expenses | ||||
Direct losses and loss expenses | 188,912 | 207,301 | 221,173 | |
Assumed losses and loss expenses | 3,346,078 | 3,817,630 | 3,991,292 | |
Ceded losses and loss expenses | 352,650 | 711,697 | 769,220 | |
Net losses and loss expenses | 3,182,340 | 3,313,234 | 3,443,245 | |
Life and Health | ||||
Premiums Written | ||||
Direct premiums written | 0 | 0 | 0 | |
Assumed premiums written | 2,108,734 | 1,673,857 | 1,646,870 | |
Ceded premiums written | 28,145 | 28,412 | 23,680 | |
Net premiums written | 2,080,589 | 1,645,445 | 1,623,190 | |
Premiums Earned | ||||
Direct premiums earned | 0 | 0 | 0 | |
Assumed premiums earned | 2,108,711 | 1,674,091 | 1,651,485 | |
Ceded premiums earned | 28,417 | 28,426 | 24,519 | |
Net premiums earned (1) | 2,080,294 | 1,645,665 | 1,626,966 | |
Losses and Loss Expenses | ||||
Direct losses and loss expenses | 0 | 0 | 0 | |
Assumed losses and loss expenses | 1,838,714 | 1,426,584 | 1,423,826 | |
Ceded losses and loss expenses | 30,846 | 13,946 | 16,031 | |
Net losses and loss expenses | $ 1,807,868 | $ 1,412,638 | $ 1,407,795 | |
[1] See Note 21 for additional information regarding related party transactions. |
Debt - Summary of debt outstand
Debt - Summary of debt outstanding (Details) € in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2019 USD ($) | Sep. 30, 2016 EUR (€) | Nov. 30, 2006 USD ($) |
Debt Instrument [Line Items] | ||||||
Debt | $ 1,883,585 | $ 1,848,003 | ||||
Fair Value | ||||||
Debt Instrument [Line Items] | ||||||
Debt | 1,762,793 | 1,666,825 | ||||
Carrying Value | ||||||
Debt Instrument [Line Items] | ||||||
Debt | 1,883,585 | 1,848,003 | ||||
Senior Notes | 3.7% notes maturing 2029 Issued By PartnerRe Finance B LLC | ||||||
Debt Instrument [Line Items] | ||||||
Commitment | $ 500,000 | |||||
Senior Notes | 3.7% notes maturing 2029 Issued By PartnerRe Finance B LLC | Fair Value | ||||||
Debt Instrument [Line Items] | ||||||
Debt related to senior notes | 484,790 | 462,521 | ||||
Senior Notes | 3.7% notes maturing 2029 Issued By PartnerRe Finance B LLC | Carrying Value | ||||||
Debt Instrument [Line Items] | ||||||
Debt related to senior notes | 497,525 | 497,073 | ||||
2016 Euro Senior Notes | Notes Issued By PartnerRe Ireland Finance DAC | ||||||
Debt Instrument [Line Items] | ||||||
Commitment | € | € 750,000 | |||||
2016 Euro Senior Notes | Notes Issued By PartnerRe Ireland Finance DAC | Fair Value | ||||||
Debt Instrument [Line Items] | ||||||
Debt related to senior notes | 790,081 | 721,807 | ||||
2016 Euro Senior Notes | Notes Issued By PartnerRe Ireland Finance DAC | Carrying Value | ||||||
Debt Instrument [Line Items] | ||||||
Debt related to senior notes | 829,304 | 794,368 | ||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance B LLC | ||||||
Debt Instrument [Line Items] | ||||||
Commitment | $ 500,000 | |||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance B LLC | Fair Value | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Notes | 432,685 | 428,250 | ||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance B LLC | Carrying Value | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Notes | 494,832 | 494,638 | ||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance II Inc | ||||||
Debt Instrument [Line Items] | ||||||
Commitment | 61,924 | 62,000 | $ 250,000 | |||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance II Inc | Fair Value | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Notes | 55,237 | 54,247 | ||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance II Inc | Carrying Value | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Notes | $ 61,924 | $ 61,924 |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 01, 2016 | Dec. 31, 2022 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2019 USD ($) | Mar. 31, 2009 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2016 EUR (€) | Nov. 30, 2006 USD ($) | |
Senior Notes | 3.7% notes maturing 2029 Issued By PartnerRe Finance B LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment | $ 500,000 | |||||||
Stated interest rate of debt instrument | 3.70% | 3.70% | ||||||
Debt issuance percentage of fair value | 99.783% | |||||||
Issuance of senior notes | $ 496,000 | |||||||
Maturity date | Jul. 02, 2029 | |||||||
Payment frequency | semi-annually | |||||||
Date of first required interest payment | Jan. 02, 2020 | |||||||
2016 Euro Senior Notes | Notes Issued By PartnerRe Ireland Finance DAC | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment | € | € 750,000 | |||||||
Stated interest rate of debt instrument | 1.25% | |||||||
Debt issuance percentage of fair value | 99.144% | |||||||
Maturity date | Sep. 15, 2026 | |||||||
Payment frequency | annually | |||||||
Date of first required interest payment | Sep. 15, 2017 | |||||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance B LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment | $ 500,000 | |||||||
Stated interest rate of debt instrument | 4.50% | |||||||
Maturity date | Oct. 01, 2050 | |||||||
Payment frequency | semi-annually | |||||||
Date of first required interest payment | Apr. 01, 2021 | |||||||
Maturity date range start | Oct. 01, 2030 | |||||||
Proceeds from issuance of subordinated debt | $ 494,000 | |||||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance B LLC | October 1, 2030 To October 1, 2050 | ||||||||
Debt Instrument [Line Items] | ||||||||
Reference rate for variable rate interest payments | five-year treasury rate | |||||||
Spread on variable rate (as a percent) | 3.815% | |||||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance B LLC | April 1, 2021 - October 1, 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate of debt instrument | 4.50% | |||||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance II Inc | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment | $ 62,000 | $ 61,924 | $ 250,000 | |||||
Amount of debt extinguished | $ 560 | $ 900 | $ 187,000 | |||||
Interest payment deferral period | 10 years | |||||||
Junior Subordinated Debt [Member] | Notes Issued By PartnerRe Finance II Inc | December 1, 2016 - December 1, 2066 | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment frequency | quarterly | |||||||
Reference rate for variable rate interest payments | 3-month SOFR | |||||||
Spread on variable rate (as a percent) | 2.325% | |||||||
Spread on variable rate, adjustment factor (as a percent) | 0.26161% |
Shareholders' Equity - Authoriz
Shareholders' Equity - Authorized share capital and common shares (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Common shares, shares issued | 100,000,000 | 100,000,000 |
Common shares, par value | $ 0.00 | $ 0.00 |
Authorized Shares | ||
Authorized Share Capital Value | $ 200 | $ 200 |
Class A shares | ||
Class of Stock [Line Items] | ||
Common shares, shares issued | 100,000,000 | 100,000,000 |
Common shares, par value | $ 0.00 | $ 0.00 |
Shareholders' Equity - Redeemab
Shareholders' Equity - Redeemable preferred shares (Details) - USD ($) $ / shares in Units, $ in Thousands | May 03, 2021 | Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||||
Preferred shares, par value per share | $ 1 | $ 1 | ||
Underwriting discounts and commissions | $ 21,000 | |||
Aggregate liquidation preference | 637,000 | $ 200,000 | $ 200,000 | |
Accrued dividends at redemption | $ 7,000 | |||
Series J Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Shares issued during the period (in shares) | 8,000,000 | |||
Annual dividend rate | 4.875% | |||
Preferred shares, par value per share | $ 1 | |||
Underwriting discounts and commissions | $ 6,000 | |||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | |||
Aggregate liquidation preference | $ 200,000 | |||
Liquidation preference per share | $ 25 | |||
Preferred Stock, Call or Exercise Features | March 15, 2026 | |||
Series G 6.5% cumulative | ||||
Class of Stock [Line Items] | ||||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | |||
Preferred shares, redemption date | May 03, 2021 | |||
Series H 7.25% cumulative | ||||
Class of Stock [Line Items] | ||||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | |||
Preferred shares, redemption date | May 03, 2021 | |||
Series I 5.875% non-cumulative | ||||
Class of Stock [Line Items] | ||||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | |||
Preferred shares, redemption date | May 03, 2021 |
Dividend Restrictions and Sta_3
Dividend Restrictions and Statutory Requirements (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 SGD ($) | ||
PartnerRe Bermuda | |||||
Statutory Accounting Practices [Line Items] | |||||
Percentage of statutory capital and surplus requirement for payment of dividends | 120% | 120% | |||
Minimum required liquidity ratio (as a percent) | 75% | 75% | |||
Amount available for dividends without regulatory approval | $ 1,120 | ||||
Statutory net income (loss) | 1,138 | $ (139) | $ 900 | ||
Required statutory capital and surplus | [1] | 2,824 | 2,727 | ||
Actual statutory capital and surplus | 7,108 | 5,816 | |||
PartnerRe Europe | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory net income (loss) | 383 | (329) | 28 | ||
Required statutory capital and surplus | 1,564 | 1,537 | |||
Actual statutory capital and surplus | $ 2,971 | 2,672 | |||
PartnerRe U.S. | |||||
Statutory Accounting Practices [Line Items] | |||||
Percentage of statutory capital and surplus requirement for payment of dividends | 10% | 10% | |||
Restrictions on payment of dividends | two year | ||||
Statutory net income (loss) | $ 220 | 242 | 68 | ||
Required statutory capital and surplus | 1,472 | 1,356 | |||
Actual statutory capital and surplus | $ 2,182 | 1,928 | |||
PartnerRe Asia | |||||
Statutory Accounting Practices [Line Items] | |||||
Percentage of basic capital requirement for payment of dividends | 120% | 120% | |||
Statutory net income (loss) | $ 48 | (35) | (6) | ||
Required statutory capital and surplus | 56 | 47 | |||
Actual statutory capital and surplus | 265 | 212 | |||
PartnerRe Asia | Minimum | |||||
Statutory Accounting Practices [Line Items] | |||||
Required statutory capital and surplus | $ 25 | ||||
PartnerRe Canada | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory net income (loss) | 13 | (14) | $ (12) | ||
Required statutory capital and surplus | 1,221 | 1,144 | |||
Actual statutory capital and surplus | 1,606 | 1,392 | |||
Majority Shareholder | Covea | Retained earnings | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends on common shares | 200 | $ 0 | |||
Deemed Dividend | $ 18 | ||||
[1] Required statutory capital and surplus is calculated at the Target Capital Level |
Taxation - Components of income
Taxation - Components of income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax expense | |||
Current income tax expense | $ 52,461 | $ 114,528 | $ 49,509 |
Deferred income tax expense (benefit) | |||
Deferred income tax (benefit) expense | (382,017) | (74,566) | (9,343) |
Unrecognized tax expense (benefit) | |||
Unrecognized tax expense (benefit) | 1,632 | 1,933 | (199) |
Total income tax expense | |||
Income tax benefit (expense) | (327,924) | 41,895 | 39,967 |
Income before taxes by jurisdiction | |||
Domestic (Bermuda) | 772,926 | (95,063) | 631,852 |
Foreign | 1,217,269 | (802,794) | 172,303 |
Income (loss) before taxes | 1,990,195 | (897,857) | 804,155 |
US | |||
Current income tax expense | |||
Current income tax expense | 40,840 | 93,906 | 31,216 |
Deferred income tax expense (benefit) | |||
Deferred income tax (benefit) expense | 8,048 | (14,428) | (9,404) |
Unrecognized tax expense (benefit) | |||
Unrecognized tax expense (benefit) | 0 | 0 | 0 |
Total income tax expense | |||
Income tax benefit (expense) | 48,888 | 79,478 | 21,812 |
Non-US | |||
Current income tax expense | |||
Current income tax expense | 11,621 | 20,622 | 18,293 |
Deferred income tax expense (benefit) | |||
Deferred income tax (benefit) expense | (390,065) | (60,138) | 61 |
Unrecognized tax expense (benefit) | |||
Unrecognized tax expense (benefit) | 1,632 | 1,933 | (199) |
Total income tax expense | |||
Income tax benefit (expense) | $ (376,812) | $ (37,583) | $ 18,155 |
Taxation - Reconciliation of ef
Taxation - Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of effective tax rate (% of income before taxes) | |||
Expected tax rate | 0% | 0% | 0% |
Foreign taxes at local expected tax rates | 12.40% | 15.30% | 6.70% |
Impact of foreign exchange gains or losses | (1.10%) | (0.30%) | (0.10%) |
Unrecognized tax expense (benefit) | 0.10% | (0.20%) | 0% |
Tax-exempt income and expenses not deductible | (3.80%) | 0.20% | (0.30%) |
Foreign branch tax | 2% | 4.10% | 0.10% |
Valuation allowance | (4.30%) | (20.80%) | 0.60% |
Tax legislation change | (21.90%) | 0% | (0.30%) |
Other | 0.10% | (3.00%) | (1.70%) |
Actual tax rate | (16.50%) | (4.70%) | 5% |
Taxation - Components of net ta
Taxation - Components of net tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Components Of Net Tax Assets And Liabilities [Abstract] | |||||
Net tax assets | $ 563,368 | $ 160,634 | $ 182,569 | ||
Net tax liabilities | (57,584) | (38,576) | $ (106,946) | ||
Net tax assets | 505,784 | 122,058 | |||
Net Tax Liabilities By Type [Abstract] | |||||
Net current tax assets | 109,538 | 108,836 | |||
Net deferred tax assets | 408,884 | 23,931 | |||
Net unrecognized tax benefit | (12,638) | (10,709) | $ (9,276) | $ (10,272) | |
Net tax assets | $ 505,784 | $ 122,058 |
Taxation - Components of net de
Taxation - Components of net deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Foreign tax credit carryforwards | $ 176,904 | $ 211,023 |
Tax loss carryforwards | 104,546 | 123,597 |
Unearned premiums | 44,878 | 46,029 |
Coinsurance funds held | 6,237 | 0 |
Unrealized depreciation and timing differences on investments | 96,108 | 170,720 |
Bermuda economic transition adjustment | 487,265 | 0 |
Other deferred tax assets | 45,019 | 37,424 |
Deferred tax assets before valuation allowance | 960,957 | 588,793 |
Valuation allowance | (325,150) | (386,525) |
Deferred tax assets | 635,807 | 202,268 |
Deferred tax liabilities | ||
Deferred acquisition costs | 94,144 | 92,459 |
Goodwill and other intangibles | 55,067 | 55,882 |
Coinsurance reserves | 16,065 | 0 |
Discounting of loss reserves and adjustment to life policy reserves | 44,406 | 7,928 |
Equalization reserves | 13,732 | 8,235 |
Other deferred tax liabilities | 3,509 | 13,833 |
Deferred tax liabilities | 226,923 | 178,337 |
Net deferred tax assets | $ 408,884 | $ 23,931 |
Taxation - Income tax uncertain
Taxation - Income tax uncertainties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized tax benefits, rollforward | |||
Balance at January 1 | $ 10,709 | $ 9,276 | $ 10,272 |
Changes in tax positions taken during a prior period - increase | 4,773 | 1,933 | |
Changes in tax positions taken during a prior period - decrease | (200) | ||
Settlements | (2,547) | 0 | 0 |
Impact of change in foreign currency exchange rates - Decrease | (297) | (500) | (796) |
Balance at December 31 | 12,638 | 10,709 | 9,276 |
Unrecognized tax benefits impacting effective tax rate | 0 | $ 0 | $ 0 |
Amount of unrecognized tax benefit expected to reverse within 12 months | $ 5,000 |
Taxation - Narrative (Details)
Taxation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Taxation - Other Details [Line Items] | ||
Valuation allowance on deferred tax assets | $ 325,150 | $ 386,525 |
Deferred tax asset on tax loss carryforwards | 27,000 | 76,000 |
Unrealized depreciation and timing differences on investments | 96,108 | 170,720 |
Deferred tax liabilities | 226,923 | 178,337 |
Net deferred tax assets | 408,884 | 23,931 |
Bermuda economic transition adjustment | 487,265 | 0 |
Ireland | ||
Taxation - Other Details [Line Items] | ||
Valuation allowance of foreign tax credit carryforwards | 177,000 | 211,000 |
Hong Kong | ||
Taxation - Other Details [Line Items] | ||
Deferred tax asset on tax loss carryforwards | 2,000 | |
Singapore | ||
Taxation - Other Details [Line Items] | ||
Deferred tax asset on tax loss carryforwards | 15,000 | 20,000 |
US | ||
Taxation - Other Details [Line Items] | ||
Valuation allowance on deferred tax assets | 32,000 | 12,000 |
Deferred tax asset on tax loss carryforwards | 3,000 | 10,000 |
Unrealized depreciation and timing differences on investments | $ 114,000 | 148,000 |
Canada | ||
Taxation - Other Details [Line Items] | ||
Valuation allowance on deferred tax assets | 5,000 | |
Deferred tax asset on tax loss carryforwards | 1,000 | |
Tax Loss Carryforward, Maximum Carryforward Period | 20 years | |
United Kingdom | ||
Taxation - Other Details [Line Items] | ||
Valuation allowance on deferred tax assets | 11,000 | |
Deferred tax asset on tax loss carryforwards | $ 6,000 | 2,000 |
Switzerland | ||
Taxation - Other Details [Line Items] | ||
Deferred tax asset on tax loss carryforwards | $ 3,000 | $ 26,000 |
Tax Loss Carryforward, Maximum Carryforward Period | 7 years | |
BERMUDA | ||
Taxation - Other Details [Line Items] | ||
Deferred Tax Asset, Utilization Period | 10 years | |
Deferred tax liabilities | $ 55,000 | |
Net deferred tax assets | 432,000 | |
Bermuda economic transition adjustment | $ 487,000 |
Share-Based Incentives - Rollfo
Share-Based Incentives - Rollforward (Details) - shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 100,000,000 | |||
Shares outstanding, end of year | 100,000,000 | 100,000,000 | ||
Class B Shares | ||||
RSUs | ||||
Accelerated vesting and repurchase upon change of control | (222,659) | |||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 0 | 222,659 | 274,664 | |
Accelerated vesting and repurchase upon change of control | (222,659) | |||
Repurchased | (52,005) | |||
Net expirations and exercises | 0 | 0 | ||
Shares outstanding, end of year | 0 | 0 | 222,659 | |
Class B Shares | Restricted Shares | ||||
RSUs | ||||
Accelerated vesting and repurchase upon change of control | (107,652) | |||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 0 | 139,820 | 189,166 | |
Accelerated vesting and repurchase upon change of control | (107,652) | |||
Repurchased | (29,048) | |||
Expiration of restricted period | (32,168) | (20,298) | ||
Shares outstanding, end of year | 0 | 0 | 139,820 | |
Class B Shares | Unrestricted shares | ||||
RSUs | ||||
Accelerated vesting and repurchase upon change of control | (115,007) | |||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 0 | 82,839 | 85,498 | |
Accelerated vesting and repurchase upon change of control | (115,007) | |||
Repurchased | (22,957) | |||
Exercised | 32,168 | 20,298 | ||
Shares outstanding, end of year | 0 | 0 | 82,839 | |
Common Class C | ||||
RSUs | ||||
Vested | (44,459) | |||
Accelerated vesting and repurchase upon change of control | (13,192) | |||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 7,666 | 9,445 | 0 | |
Accelerated vesting and repurchase upon change of control | (13,192) | |||
Granted | 7,722 | 11,413 | 7,373 | |
Purchased | 2,072 | |||
RSUs and imputed dividends settled in Class C shares | 44,459 | |||
Shares outstanding, end of year | 59,847 | 7,666 | 9,445 | |
Common Class C | Restricted Shares | ||||
RSUs | ||||
Vested | 0 | |||
Accelerated vesting and repurchase upon change of control | (7,373) | |||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 7,666 | 7,373 | 0 | |
Accelerated vesting and repurchase upon change of control | (7,373) | |||
Granted | 7,722 | 7,666 | 7,373 | |
Purchased | 0 | |||
RSUs and imputed dividends settled in Class C shares | 0 | |||
Shares outstanding, end of year | 15,388 | 7,666 | 7,373 | |
Common Class C | Unrestricted shares | ||||
RSUs | ||||
Vested | (44,459) | |||
Accelerated vesting and repurchase upon change of control | (5,819) | |||
Class B and Class C Shares | ||||
Shares outstanding, beginning of year | 0 | 2,072 | 0 | |
Accelerated vesting and repurchase upon change of control | (5,819) | |||
Granted | 0 | 3,747 | 0 | |
Purchased | 2,072 | |||
RSUs and imputed dividends settled in Class C shares | 44,459 | |||
Shares outstanding, end of year | 44,459 | 0 | 2,072 | |
Restricted Stock Units (RSUs) | ||||
RSUs | ||||
RSUs outstanding at beginning of period | 265,805 | 263,214 | 0 | |
Forfeitures | (29,044) | (2,964) | ||
Vested | (42,838) | |||
Accelerated vesting and repurchase upon change of control | (260,250) | |||
Granted | 222,093 | [1] | 265,805 | 263,214 |
RSUs outstanding at end of period | 416,016 | 265,805 | 263,214 | |
Class B and Class C Shares | ||||
Accelerated vesting and repurchase upon change of control | (260,250) | |||
RSUs and imputed dividends settled in Class C shares | 42,838 | |||
[1] For RSUs, the number of grants in the table are shown at the maximum number that can be attained if the performance conditions are fully met for personal and Company performance. Forfeitures represent adjustments to grants falling below the maximum attainable as a result of not fully meeting the performance conditions. |
Share-Based Incentives - Narrat
Share-Based Incentives - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service period | 3 years | |||
Share-based compensation, settlement amount | $ 43,000 | |||
Share-based compensation settlement, tax withholding | 3,000 | |||
Accounts payable, accrued expenses and other | 704,267 | $ 488,594 | ||
Redemption of unrestricted Class B common shares (1) | [1] | $ 0 | 6,346 | $ 581 |
Class C shares and RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum target multiplier, as a percent | 200% | |||
Minimum target multiplier, dollar value | $ 1,000 | |||
Accounts payable, accrued expenses and other | 27,000 | 7,000 | ||
Share based compensation expense | $ 21,000 | $ 29,000 | $ 13,000 | |
Restricted Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 1 year | |||
Exercise price of share based awards | $ 0 | |||
Requisite service period | 3 years | |||
Share-based compensation, settlement amount | $ 40,000 | |||
Share-based payments, unrecognized compensation cost | $ 16,000 | |||
Share-based payments, weighted average period for recognition | 1 year 6 months | |||
Restricted Shares | Minimum | Personal Performance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target percentage | 75% | |||
Restricted Shares | Minimum | Company performance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target percentage | 50% | |||
Restricted Shares | Maximum | Personal Performance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target percentage | 125% | |||
Restricted Shares | Maximum | Company performance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target percentage | 150% | |||
Unrestricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, settlement amount | $ 3,000 | |||
[1] Class B shares are liability-accounted on the Company's Consolidated Balance Sheet. See Note 17 for further details. |
Retirement Benefit Arrangemen_3
Retirement Benefit Arrangements - Active Defined Benefit Plan (Details) - Zurich Plan - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Funded status: | ||||
Unfunded pension obligation at beginning of year | $ 9,538 | $ 32,636 | ||
Change in pension obligation: | ||||
Service cost | 7,300 | 8,746 | ||
Interest cost | 3,707 | 373 | ||
Plan participants’ contributions | 4,194 | 3,792 | ||
Actuarial losses (gains) | 18,002 | (37,992) | ||
Plan amendments | (2,606) | 0 | ||
Benefits paid | 1,775 | (4,576) | ||
Foreign currency adjustments | 18,500 | (3,736) | ||
Settlements | (13,064) | 0 | ||
Change in pension obligation | 37,808 | (33,393) | ||
Change in fair value of plan assets: | ||||
Actual return on plan assets | 5,590 | (14,936) | $ 7,000 | |
Employer contributions | 8,396 | 7,658 | ||
Plan participants’ contributions | 4,194 | 3,792 | ||
Benefits paid | 1,775 | (4,576) | ||
Foreign currency adjustments | 16,658 | (2,233) | ||
Settlements | (13,064) | 0 | ||
Change in fair value of plan assets | 23,549 | (10,295) | ||
Funded status: | ||||
Unfunded pension obligation at end of year | 23,797 | 9,538 | $ 32,636 | |
Additional information: | ||||
Projected benefit obligation at end of year | [1] | 207,336 | 169,527 | |
Accumulated pension obligation at end of year | [2] | $ 200,462 | $ 167,560 | |
Pension obligation - assumptions used | ||||
Discount rate | 1.30% | 2.20% | 0.20% | |
Interest crediting rate | 1.30% | 2.20% | 1% | |
Rate of compensation increase | 2.25% | 2.25% | 2% | |
Net periodic benefit cost - assumptions used | ||||
Discount rate | 2.20% | 0.20% | 0.10% | |
Interest crediting rate | 2.20% | 1% | 1% | |
Expected return on plan assets | 5% | 4.25% | 3.50% | |
Rate of compensation increase | 2.25% | 2% | 2% | |
Defined Benefit Plan Estimated Future Benefit Payments Abstract | ||||
2024 | $ 13,455 | |||
2025 | 11,660 | |||
2026 | 12,846 | |||
2027 | 11,225 | |||
2028 | 10,689 | |||
2029 to 2033 | 57,052 | |||
Significant other observable inputs (Level 2) | Insured funds | ||||
Additional information: | ||||
Fair value of plan assets at end of year | $ 183,539 | $ 159,989 | ||
[1] Represents the actuarial present value of all benefits attributed to employee service rendered to December 31, measured using assumptions as to future compensation levels Represents the actuarial present value of benefits (whether vested or non-vested) attributed to employee service rendered and compensation to December 31, with no assumption about future compensation levels |
Retirement Benefit Arrangemen_4
Retirement Benefit Arrangements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expense for defined contribution arrangements | $ 14,000 | $ 13,000 | $ 13,000 |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plans, Accumulated Benefits, Vesting Period | 4 years | ||
Zurich Plan | |||
Additional information: | |||
Unfunded pension obligation | $ (23,797) | (9,538) | (32,636) |
Amounts recognized in AOCI, gain (loss) | (8,000) | 6,000 | |
Unfunded pension obligation, tax impact | 2,000 | 1,000 | |
Net periodic benefit cost | 3,000 | 1,000 | 8,000 |
Projected benefit obligation, increase (decrease) during the period | 37,808 | (33,393) | |
Actuarial losses (gains), PBO | 18,002 | (37,992) | |
Foreign currency adjustments, PBO | 18,500 | (3,736) | |
Settlements, PBO | 13,064 | 0 | |
Change in fair value of plan assets | 23,549 | (10,295) | |
Foreign currency adjustments, plan assets | 16,658 | (2,233) | |
Employer contributions during the period | 8,396 | 7,658 | |
Settlements, plan assets | $ 13,064 | $ 0 | |
Coverage ratio on partially insured pension scheme | 103% | 101% | |
Actual return on plan assets | $ 5,590 | $ (14,936) | $ 7,000 |
Expected employer contributions in 2023 | 8,000 | ||
Zurich Plan | Significant other observable inputs (Level 2) | Insured funds | |||
Additional information: | |||
Fair value of plan assets at end of year | $ 183,539 | $ 159,989 |
Commitments and Contingencies -
Commitments and Contingencies - Concentrations of Credit Risk (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Concentration Risk [Line Items] | ||
Provision for uncollectible premiums receivable | $ 11 | $ 12 |
Funds held, allowance for credit loss | 4 | 4 |
Deposit contracts, allowance for credit loss | $ 1 | $ 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease costs | $ 13,478 | $ 12,437 | |
Variable lease costs | 1,660 | 1,292 | |
Sublease Income | (140) | 0 | |
Total lease costs | 14,998 | 13,729 | |
Operating lease right-of-use assets | 68,400 | [1] | 71,174 |
Operating lease right-of-use assets obtained in exchange for lease obligations, non-cash | 6,517 | 4,016 | |
Operating cash outflows from operating leases | $ 13,834 | $ 13,545 | |
Weighted-average remaining lease term on operating leases | 7 years 4 months 24 days | [2] | 7 years 9 months 18 days |
Weighted-average discount rate on operating leases | 2.50% | [3] | 2.30% |
Right-of-use asset, balance sheet location | Other assets | Other assets | |
Operating lease liability, balance sheet location | Accounts payable, accrued expenses and other | Accounts payable, accrued expenses and other | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2024 | $ 14,806 | ||
2025 | 14,364 | ||
2026 | 14,203 | ||
2027 | 13,025 | ||
2028 | 8,796 | ||
2029 to 2038 | 20,499 | ||
Discount | (6,812) | ||
Total discounted operating lease liabilities | $ 78,881 | [4] | $ 79,925 |
[1] Included in Other assets Weighted-average remaining lease term is calculated on the basis of the remaining lease term and the lease liability balance for each lease as of the reporting date Weighted-average discount rate is calculated on the basis of the discount rate for the lease that was used to calculate the lease liability balance for each lease as of the reporting date and the remaining balance of the lease payments for each lease as of the reporting date Included in Accounts payable, accrued expenses and other |
Commitments and Contingencies_3
Commitments and Contingencies - Other Agreements (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Investment commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | $ 230 |
2025 | 105 |
2026 | 66 |
2027 | 43 |
2028 | 39 |
Total | 522 |
Technology support and equipment | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | 23 |
2025 | 5 |
Total | $ 34 |
Credit Agreements (Details)
Credit Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | $ 1,027 | |
Combined Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | 400 | |
Amount of unsecured borrowing capacity | 100 | |
Committed Secured Letter Of Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | 250 | |
Committed Secured Letter Of Credit Facility | Forecast | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | $ 150 | |
Committed Secured Letter Of Credit Facility B | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | 200 | |
Unsecured Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | 175 | |
Unsecured, Committed | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | 50 | |
Unsecured, Uncommitted | ||
Line of Credit Facility [Line Items] | ||
Total amount of credit facilities available | 125 | |
Outstanding Unsecured Letter Of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding amount | 130 | |
Outstanding Secured Letter Of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding amount | $ 480 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Jan. 01, 2021 | ||||
Related Party Transaction [Line Items] | |||||||||
Gross premiums written (1) | [1] | $ 9,102,358 | $ 8,689,279 | $ 8,203,925 | |||||
Net premiums written | [1] | 7,928,912 | 7,544,195 | 7,134,018 | |||||
Increase in unearned premiums (1) | [1] | (10,152) | (287,078) | (177,496) | |||||
Net premiums earned | [1] | 7,918,760 | 7,257,117 | 6,956,522 | |||||
Losses and loss expenses (liability remeasurement loss (gain): 2023, $7,102; 2022,$(1,267); 2021, $98,937) (1) | [1] | 4,990,208 | 4,725,872 | 4,851,040 | |||||
Acquisition costs (1) | [1] | 1,563,107 | 1,537,213 | 1,391,502 | |||||
Reinsurance balances receivable (1) | [1] | 3,377,324 | 3,342,612 | ||||||
Non-life reserves (1) | [1] | 13,151,309 | 12,725,631 | ||||||
Life and health reserves (1) | 2,859,257 | [1] | 2,497,519 | [1] | $ 2,937,823 | ||||
Unearned premiums (1) | [1] | 2,741,755 | 2,745,371 | ||||||
Other reinsurance balances payable (1) | [1] | 655,240 | 632,336 | ||||||
Majority Shareholder | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Advisory services agreement | 184 | 350 | |||||||
Majority Shareholder | Covea | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Services Agreement | 3,000 | ||||||||
Majority Shareholder | Real estate services | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Consulting and advisory services agreement | 265 | 433 | |||||||
Majority Shareholder | Investment advisory services | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Advisory services agreement | 175 | ||||||||
Consulting and advisory services agreement | 3,900 | 2,600 | |||||||
Majority Shareholder | Underwriting Activities | Covea | |||||||||
Related Party Transaction [Line Items] | |||||||||
Gross premiums written (1) | 10,759 | ||||||||
Net premiums written | 10,759 | ||||||||
Increase in unearned premiums (1) | 305 | ||||||||
Net premiums earned | 11,064 | ||||||||
Losses and loss expenses (liability remeasurement loss (gain): 2023, $7,102; 2022,$(1,267); 2021, $98,937) (1) | 21,697 | ||||||||
Acquisition costs (1) | 33 | ||||||||
Reinsurance balances receivable (1) | 3,781 | 3,169 | |||||||
Non-life reserves (1) | 107,736 | 95,013 | |||||||
Life and health reserves (1) | 5,798 | 1,175 | |||||||
Unearned premiums (1) | 335 | 571 | |||||||
Other reinsurance balances payable (1) | 206 | 106 | |||||||
Majority Shareholder | Private equity funds | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Net realized and unrealized gain (loss) on related party investment | $ (34,000) | (72,000) | 115,000 | ||||||
Majority Shareholder | Other invested assets | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Transaction amount | 51,000 | ||||||||
Majority Shareholder | Public equity funds | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Net realized and unrealized gain (loss) on related party investment | (24,000) | 40,000 | 115,000 | ||||||
Transaction amount | 772,000 | ||||||||
Payments to acquire investments | $ 500,000 | ||||||||
Realized gain (loss) on related party investment | $ 450,000 | ||||||||
Retained earnings | Majority Shareholder | Exor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Dividends on common shares | 178,000 | $ 107,000 | |||||||
Retained earnings | Majority Shareholder | Covea | |||||||||
Related Party Transaction [Line Items] | |||||||||
Dividends on common shares | 200,000 | $ 0 | |||||||
Deemed Dividend | $ 18,000 | ||||||||
[1] See Note 21 for additional information regarding related party transactions. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of worldwide business segments | 3 |
Segment Information (Results by
Segment Information (Results by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting [Line Items] | ||||
Gross premiums written (1) | [1] | $ 9,102,358 | $ 8,689,279 | $ 8,203,925 |
Net premiums written | [1] | 7,928,912 | 7,544,195 | 7,134,018 |
(Increase) decrease in unearned premiums | [1] | (10,152) | (287,078) | (177,496) |
Net premiums earned | [1] | 7,918,760 | 7,257,117 | 6,956,522 |
Losses and loss expenses | (4,990,000) | (4,726,000) | (4,851,000) | |
Acquisition costs | [1] | (1,563,107) | (1,537,213) | (1,391,502) |
Technical result | 1,366,000 | 994,000 | 714,000 | |
Other income | 40,965 | 40,492 | 28,748 | |
Other expenses | (463,385) | (414,876) | (398,542) | |
Underwriting result | 944,000 | 619,000 | 344,000 | |
Net investment income | 645,685 | 398,348 | 376,469 | |
Market risk benefit gains | 7,079 | 121,211 | 19,873 | |
Net realized and unrealized investment gains (losses) | 517,426 | (1,969,014) | 37,797 | |
Interest expense | (57,532) | (55,185) | (55,606) | |
Amortization of intangible assets | (7,906) | (8,912) | (8,861) | |
Net foreign exchange losses | (42,542) | (14,774) | (36,498) | |
Income tax benefit (expense) | 327,924 | (41,895) | (39,967) | |
Interest in (losses) earnings of equity method investments | (15,040) | 10,821 | 126,795 | |
Net income (loss) | 2,318,119 | (939,752) | 764,188 | |
Corporate, Non-Segment | ||||
Segment Reporting [Line Items] | ||||
Gross premiums written (1) | 0 | 0 | 0 | |
Net premiums written | 0 | 0 | 0 | |
(Increase) decrease in unearned premiums | 0 | 0 | 0 | |
Net premiums earned | 0 | 0 | 0 | |
Losses and loss expenses | 0 | 0 | 0 | |
Acquisition costs | 0 | 0 | 0 | |
Technical result | 0 | 0 | 0 | |
Other income | 1,000 | 1,000 | 3,000 | |
Other expenses | (214,000) | (203,000) | (210,000) | |
Net investment income | 573,000 | 324,000 | 295,000 | |
Market risk benefit gains | 7,000 | 121,000 | 20,000 | |
Net realized and unrealized investment gains (losses) | 517,000 | (1,969,000) | 38,000 | |
Interest expense | (58,000) | (55,000) | (56,000) | |
Amortization of intangible assets | (8,000) | (9,000) | (9,000) | |
Net foreign exchange losses | (43,000) | (14,000) | (36,000) | |
Income tax benefit (expense) | 328,000 | (42,000) | (40,000) | |
Interest in (losses) earnings of equity method investments | (15,000) | 11,000 | 127,000 | |
Non Life | ||||
Segment Reporting [Line Items] | ||||
Net premiums written | 5,848,323 | 5,898,750 | 5,510,828 | |
Net premiums earned | 5,838,466 | 5,611,452 | 5,329,556 | |
Non Life | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Gross premiums written (1) | 6,994,000 | 7,015,000 | 6,557,000 | |
Net premiums written | 5,848,000 | 5,899,000 | 5,511,000 | |
(Increase) decrease in unearned premiums | (10,000) | (288,000) | (181,000) | |
Net premiums earned | 5,838,000 | 5,611,000 | 5,330,000 | |
Losses and loss expenses | (3,182,000) | (3,313,000) | (3,443,000) | |
Acquisition costs | (1,454,000) | (1,430,000) | (1,279,000) | |
Technical result | 1,202,000 | 868,000 | 608,000 | |
Other income | 0 | 0 | 0 | |
Other expenses | (131,000) | (119,000) | (101,000) | |
Underwriting result | $ 1,071,000 | $ 749,000 | $ 507,000 | |
Reinsurance Ratios [Abstract] | ||||
Loss ratio | [2] | 54.50% | 59% | 64.60% |
Acquisition ratio | [3] | 24.90% | 25.50% | 24% |
Technical ratio | [4] | 79.40% | 84.50% | 88.60% |
Other expense ratio | [5] | 2.20% | 2.10% | 1.90% |
Combined Ratio | [6] | 81.60% | 86.60% | 90.50% |
Non Life | P&C | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Gross premiums written (1) | $ 4,771,000 | $ 5,025,000 | $ 4,541,000 | |
Net premiums written | 3,909,000 | 4,234,000 | 3,722,000 | |
(Increase) decrease in unearned premiums | 37,000 | (293,000) | (194,000) | |
Net premiums earned | 3,946,000 | 3,941,000 | 3,528,000 | |
Losses and loss expenses | (2,196,000) | (2,410,000) | (2,391,000) | |
Acquisition costs | (960,000) | (995,000) | (864,000) | |
Technical result | 790,000 | 536,000 | 273,000 | |
Other income | 0 | 0 | 0 | |
Other expenses | (92,000) | (84,000) | (71,000) | |
Underwriting result | $ 698,000 | $ 452,000 | $ 202,000 | |
Reinsurance Ratios [Abstract] | ||||
Loss ratio | [2] | 55.70% | 61.20% | 67.80% |
Acquisition ratio | [3] | 24.30% | 25.20% | 24.50% |
Technical ratio | [4] | 80% | 86.40% | 92.30% |
Other expense ratio | [5] | 2.30% | 2.10% | 2% |
Combined Ratio | [6] | 82.30% | 88.50% | 94.30% |
Non Life | Specialty | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Gross premiums written (1) | $ 2,223,000 | $ 1,990,000 | $ 2,016,000 | |
Net premiums written | 1,939,000 | 1,665,000 | 1,789,000 | |
(Increase) decrease in unearned premiums | (47,000) | 5,000 | 13,000 | |
Net premiums earned | 1,892,000 | 1,670,000 | 1,802,000 | |
Losses and loss expenses | (986,000) | (903,000) | (1,052,000) | |
Acquisition costs | (494,000) | (435,000) | (415,000) | |
Technical result | 412,000 | 332,000 | 335,000 | |
Other income | 0 | 0 | 0 | |
Other expenses | (39,000) | (35,000) | (30,000) | |
Underwriting result | $ 373,000 | $ 297,000 | $ 305,000 | |
Reinsurance Ratios [Abstract] | ||||
Loss ratio | [2] | 52.10% | 54.10% | 58.40% |
Acquisition ratio | [3] | 26.10% | 26% | 23% |
Technical ratio | [4] | 78.20% | 80.10% | 81.40% |
Other expense ratio | [5] | 2.10% | 2.10% | 1.70% |
Combined Ratio | [6] | 80.30% | 82.20% | 83.10% |
Life and Health | ||||
Segment Reporting [Line Items] | ||||
Net premiums written | $ 2,080,589 | $ 1,645,445 | $ 1,623,190 | |
Net premiums earned | 2,080,294 | 1,645,665 | 1,626,966 | |
Life and Health | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Gross premiums written (1) | 2,108,000 | 1,674,000 | 1,647,000 | |
Net premiums written | 2,081,000 | 1,645,000 | 1,623,000 | |
(Increase) decrease in unearned premiums | 0 | 1,000 | 4,000 | |
Net premiums earned | 2,081,000 | 1,646,000 | 1,627,000 | |
Losses and loss expenses | (1,808,000) | (1,413,000) | (1,408,000) | |
Acquisition costs | (109,000) | (107,000) | (113,000) | |
Technical result | 164,000 | 126,000 | 106,000 | |
Other income | 40,000 | 39,000 | 26,000 | |
Other expenses | (118,000) | (93,000) | (88,000) | |
Underwriting result | 86,000 | 72,000 | 44,000 | |
Net investment income | 73,000 | 74,000 | 81,000 | |
Allocated underwriting result | $ 159,000 | $ 146,000 | $ 125,000 | |
[1] See Note 21 for additional information regarding related party transactions. |
Segment Information (Distributi
Segment Information (Distribution of gross and net written premium) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | [1] | $ 9,102,358 | $ 8,689,279 | $ 8,203,925 |
Percentage Distribution of gross premiums written | 100% | 100% | 100% | |
North America | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 5,089,000 | $ 5,040,000 | $ 4,649,000 | |
Percentage Distribution of gross premiums written | 56% | 58% | 57% | |
Europe | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 2,916,000 | $ 2,592,000 | $ 2,410,000 | |
Percentage Distribution of gross premiums written | 32% | 30% | 29% | |
Asia, Australia and New Zealand | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 744,000 | $ 720,000 | $ 814,000 | |
Percentage Distribution of gross premiums written | 8% | 8% | 10% | |
Latin America and the Caribbean | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 249,000 | $ 223,000 | $ 189,000 | |
Percentage Distribution of gross premiums written | 3% | 3% | 2% | |
Middle East, Africa, Russia and the Commonwealth of Independent States (CIS) | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 104,000 | $ 114,000 | $ 142,000 | |
Percentage Distribution of gross premiums written | 1% | 1% | 2% | |
P&C | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 4,771,000 | $ 5,025,000 | $ 4,541,000 | |
P&C | Casualty | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 2,391,000 | 2,777,000 | 2,145,000 | |
P&C | Catastrophe | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 1,077,000 | 933,000 | 924,000 | |
P&C | Property | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 783,000 | 764,000 | 809,000 | |
P&C | US Health | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 355,000 | 355,000 | 351,000 | |
P&C | Multiline & Other | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 105,000 | 119,000 | 183,000 | |
P&C | Motor | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 60,000 | 77,000 | 129,000 | |
Specialty | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 2,223,000 | 1,990,000 | 2,016,000 | |
Specialty | Financial Risks | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 693,000 | 634,000 | 510,000 | |
Specialty | Property | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 449,000 | 240,000 | 277,000 | |
Specialty | Energy Reinsurance | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 406,000 | 346,000 | 314,000 | |
Specialty | Aviation & space | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 360,000 | 362,000 | 416,000 | |
Specialty | Marine | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 203,000 | 223,000 | 174,000 | |
Specialty | Agriculture | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 47,000 | 101,000 | 205,000 | |
Specialty | Engineering | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 34,000 | 39,000 | 100,000 | |
Specialty | Multiline & Other | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | 31,000 | 45,000 | 20,000 | |
Life and Health | Operating Segments | ||||
Distribution Of Gross Premiums Written [Line Items] | ||||
Gross premiums written (1) | $ 2,108,000 | $ 1,674,000 | $ 1,647,000 | |
[1] See Note 21 for additional information regarding related party transactions. |
Segment Information (Broker det
Segment Information (Broker details) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Economic Dependence [Line Items] | |||
Cedant Percentage Of Gross Written Premium | 10% | 10% | 10% |
Gross Premiums Written | Customer Concentration Risk | Aon PLC | |||
Economic Dependence [Line Items] | |||
Concentration Risk, Percentage | 26% | 26% | 24% |
Gross Premiums Written | Customer Concentration Risk | Marsh & McLennan Companies, Inc | |||
Economic Dependence [Line Items] | |||
Concentration Risk, Percentage | 25% | 30% | 28% |
Gross Premiums Written | Customer Concentration Risk | Non Life | P&C | Two Significant Brokers | |||
Economic Dependence [Line Items] | |||
Concentration Risk, Percentage | 65% | 67% | 63% |
Gross Premiums Written | Customer Concentration Risk | Non Life | Specialty | Two Significant Brokers | |||
Economic Dependence [Line Items] | |||
Concentration Risk, Percentage | 65% | 70% | 66% |
Gross Premiums Written | Customer Concentration Risk | Life and Health | Two Significant Brokers | |||
Economic Dependence [Line Items] | |||
Concentration Risk, Percentage | 5% | 6% | 6% |
Subsequent Events (Details)
Subsequent Events (Details) - Series J Preferred Stock - $ / shares | Feb. 15, 2024 | Mar. 15, 2021 |
Subsequent Event [Line Items] | ||
Preferred shares, dividend rate | 4.875% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Dividends declared (per share) | $ 0.3046875 | |
Preferred shares, dividend rate | 4.875% |
SCHEDULE I - Consolidated Sum_2
SCHEDULE I - Consolidated Summary of Investments Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Fair Value | $ 20,278,895 | |
Amount at which shown in the balance sheet | 20,548,510 | |
Fixed maturities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 16,604,693 | |
Fair Value | 15,090,056 | |
Amount at which shown in the balance sheet | 15,090,056 | |
U.S. government and government sponsored enterprises | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 1,972,264 | [1] |
Fair Value | 1,736,952 | |
Amount at which shown in the balance sheet | 1,736,952 | |
U.S. states, territories and municipalities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 51,350 | [1] |
Fair Value | 51,642 | |
Amount at which shown in the balance sheet | 51,642 | |
Non US sovereign government supranational and government related | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 1,909,275 | [1] |
Fair Value | 1,780,318 | |
Amount at which shown in the balance sheet | 1,780,318 | |
Corporate bonds | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 7,309,854 | [1] |
Fair Value | 6,777,767 | |
Amount at which shown in the balance sheet | 6,777,767 | |
Asset-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 15,022 | [1] |
Fair Value | 15,022 | |
Amount at which shown in the balance sheet | 15,022 | |
Residential mortgage-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 5,346,928 | [1] |
Fair Value | 4,728,355 | |
Amount at which shown in the balance sheet | 4,728,355 | |
Equities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 532,484 | [1] |
Fair Value | 917,170 | |
Amount at which shown in the balance sheet | 917,170 | |
Banks, trust and insurance companies | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 93,942 | [1] |
Fair Value | 39,141 | |
Amount at which shown in the balance sheet | 39,141 | |
Industrial, miscellaneous and all other | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 423,149 | [1] |
Fair Value | 860,189 | |
Amount at which shown in the balance sheet | 860,189 | |
Nonredeemable preferred stocks | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 15,393 | [1] |
Fair Value | 17,840 | |
Amount at which shown in the balance sheet | 17,840 | |
Short-term investments | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | 1,032,895 | [1] |
Fair Value | 1,020,257 | |
Amount at which shown in the balance sheet | 1,020,257 | |
Other invested assets | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Fair Value | 3,251,412 | [2] |
Amount at which shown in the balance sheet | 3,464,839 | |
Equity method investments | 213,000 | |
Investments in real estate | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Fair Value | 0 | [3] |
Amount at which shown in the balance sheet | $ 56,188 | [3] |
[1] Original cost of fixed maturities reduced by repayments and adjusted for amortization of premiums or accrual of discounts. Original cost of equity securities. Other invested assets shown in the Consolidated Balance Sheets in Item 18 also includes the Company’s investments accounted for using the equity method of accounting of $213 million. Investments in real estate are carried at original cost less any impairments. |
SCHEDULE II - Condensed Balance
SCHEDULE II - Condensed Balance Sheets - Parent Company Only (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 03, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Nov. 30, 2006 | ||
Assets | |||||||||
Fixed maturities, at fair value (amortized cost: 2023, $95,252; 2022, $90,171) | $ 15,090,056 | $ 13,021,914 | |||||||
Short-term investments, at fair value (amortized cost: 2023, $2,487; 2022, $nil) | 1,020,257 | 523,510 | |||||||
Other assets | 324,639 | 203,119 | |||||||
Total assets | 30,488,489 | 27,387,200 | $ 27,052,894 | ||||||
Liabilities | |||||||||
Accounts payable, accrued expenses and other | 704,267 | 488,594 | |||||||
Total liabilities | 22,064,068 | 20,989,881 | 20,011,157 | ||||||
Liabilities and Equity | |||||||||
Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) | 0 | 0 | |||||||
Preferred shares (par value $1.00; issued and outstanding: 8,000,000 shares; aggregate liquidation value: $200,000) | 8,000 | 8,000 | |||||||
Additional paid-in capital | 1,929,934 | 1,929,934 | |||||||
Accumulated other comprehensive income | 7,527 | 70,879 | (220,625) | ||||||
Retained earnings | 6,478,960 | 4,388,506 | 4,902,308 | ||||||
Total shareholders’ equity | 8,424,421 | 6,397,319 | $ 7,357,428 | 7,041,737 | |||||
Total liabilities and shareholders’ equity | 30,488,489 | 27,387,200 | $ 27,052,894 | ||||||
Other information | |||||||||
Amortized cost of trading securities, debt | 16,604,693 | 14,925,319 | |||||||
Short-term investments, amortized cost | $ 1,032,895 | $ 536,139 | |||||||
Common shares, par value | $ 0.00 | $ 0.00 | |||||||
Common shares, shares issued | 100,000,000 | 100,000,000 | |||||||
Common stock, shares outstanding | 100,000,000 | 100,000,000 | |||||||
Preferred shares, par value per share | $ 1 | $ 1 | |||||||
Preferred shares, shares issued | 8,000,000 | 8,000,000 | |||||||
Preferred shares, shares outstanding | 8,000,000 | 8,000,000 | |||||||
Aggregate liquidation preference | $ 200,000 | $ 200,000 | $ 637,000 | ||||||
Junior subordinated notes | Notes Issued By PartnerRe Finance II Inc | |||||||||
Other information | |||||||||
Commitment | $ 61,924 | 62,000 | $ 250,000 | ||||||
Junior subordinated notes | Notes Issued By PartnerRe Finance II Inc | December 1, 2016 - December 1, 2066 | |||||||||
Other information | |||||||||
Spread on variable rate (as a percent) | 2.325% | ||||||||
Spread on variable rate, adjustment factor (as a percent) | 0.26161% | ||||||||
Junior subordinated notes | Notes Issued By PartnerRe Finance B LLC | |||||||||
Other information | |||||||||
Stated interest rate of debt instrument | 4.50% | ||||||||
Commitment | $ 500,000 | ||||||||
Parent Company | |||||||||
Assets | |||||||||
Fixed maturities, at fair value (amortized cost: 2023, $95,252; 2022, $90,171) | $ 80,936 | 73,642 | |||||||
Short-term investments, at fair value (amortized cost: 2023, $2,487; 2022, $nil) | 2,487 | 0 | |||||||
Cash and cash equivalents | 3,052 | 3,814 | $ 1,988 | $ 10,020 | |||||
Investment in subsidiaries | 10,388,510 | 8,749,966 | |||||||
Intercompany loans and balances receivable | 22,504 | 18,546 | |||||||
Other assets | 18,873 | 21,042 | |||||||
Total assets | 10,516,362 | 8,867,010 | |||||||
Liabilities | |||||||||
Intercompany loans and balances payable | [1] | 2,034,176 | 2,423,951 | ||||||
Accounts payable, accrued expenses and other | 57,765 | 45,740 | |||||||
Total liabilities | 2,091,941 | 2,469,691 | |||||||
Liabilities and Equity | |||||||||
Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) | 0 | 0 | |||||||
Preferred shares (par value $1.00; issued and outstanding: 8,000,000 shares; aggregate liquidation value: $200,000) | 8,000 | 8,000 | |||||||
Additional paid-in capital | 1,929,934 | 1,929,934 | |||||||
Accumulated other comprehensive income | 7,527 | 70,879 | |||||||
Retained earnings | 6,478,960 | 4,388,506 | |||||||
Total shareholders’ equity | 8,424,421 | 6,397,319 | |||||||
Total liabilities and shareholders’ equity | 10,516,362 | 8,867,010 | |||||||
Other information | |||||||||
Amortized cost of trading securities, debt | 95,252 | 90,171 | |||||||
Short-term investments, amortized cost | $ 2,487 | $ 0 | |||||||
Common shares, par value | $ 0.00 | $ 0.00 | |||||||
Common shares, shares issued | 100,000,000 | 100,000,000 | |||||||
Common stock, shares outstanding | 100,000,000 | 100,000,000 | |||||||
Preferred shares, par value per share | $ 1 | $ 1 | |||||||
Preferred shares, shares issued | 8,000,000 | 8,000,000 | |||||||
Preferred shares, shares outstanding | 8,000,000 | 8,000,000 | |||||||
Aggregate liquidation preference | $ 200,000 | $ 200,000 | |||||||
Subsidiary Issuer | Junior subordinated notes | Notes Issued By PartnerRe Finance II Inc | |||||||||
Other information | |||||||||
Aggregate principal amount of guarantee obligations | $ 62,000 | ||||||||
Subsidiary Issuer | Junior subordinated notes | Notes Issued By PartnerRe Finance II Inc | December 1, 2016 - December 1, 2066 | |||||||||
Other information | |||||||||
Spread on variable rate (as a percent) | 2.325% | ||||||||
Spread on variable rate, adjustment factor (as a percent) | 0.26161% | ||||||||
Subsidiary Issuer | Junior subordinated notes | Notes Issued By PartnerRe Finance B LLC | |||||||||
Other information | |||||||||
Stated interest rate of debt instrument | 4.50% | ||||||||
Commitment | $ 500,000 | ||||||||
Subsidiary Issuer | PartnerRe Finance B LLC | |||||||||
Other information | |||||||||
Percentage ownership | 100% | ||||||||
Subsidiary Issuer | PartnerRe Finance B LLC | Senior Notes | 3.7% notes maturing 2029 Issued By PartnerRe Finance B LLC | |||||||||
Other information | |||||||||
Stated interest rate of debt instrument | 3.70% | ||||||||
Subsidiary Issuer | PartnerRe Finance Ireland DAC | |||||||||
Other information | |||||||||
Percentage ownership | 100% | ||||||||
Subsidiary Issuer | PartnerRe Finance Ireland DAC | Senior Notes | 2016 Euro Senior Notes | |||||||||
Other information | |||||||||
Stated interest rate of debt instrument | 1.25% | ||||||||
Subsidiary Issuer | PartnerRe Finance II Inc | |||||||||
Other information | |||||||||
Percentage ownership | 100% | ||||||||
[1] The parent has fully and unconditionally guaranteed all obligations of PartnerRe Finance B LLC and PartnerRe Finance Ireland DAC, a direct 100% owned subsidiary of the parent, related to the issuance of the 3.700% senior notes and 1.250% senior notes, respectively. The parent’s obligations under these guarantees are senior and unsecured and rank equally with all other senior unsecured indebtedness of the parent. The parent has also fully and unconditionally guaranteed all obligations of PartnerRe Finance II Inc. and PartnerRe Finance B LLC, both indirect 100% owned finance subsidiaries of the parent, related to the remaining $62 million aggregate principal amount of Fixed-to-Floating Rate junior subordinated CENts, with an annual rate of 3-month SOFR plus a margin equal to 2.325% and an additional spread adjustment of 0.26161% (due to the transition of the benchmark from LIBOR), and $500 million aggregate principal amount of 4.500% Fixed-Rate Reset junior subordinated notes, respectively. The parent’s obligations under these guarantees are unsecured junior subordinated obligations and rank junior in right of payment to all of the parent's outstanding and future senior indebtedness, and equally in right of payment with all outstanding and future unsecured indebtedness that is by its terms equal in right of payment to the junior subordinated notes. |
SCHEDULE II - Condensed Stateme
SCHEDULE II - Condensed Statements of Operations - Parent Company Only (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||
Net investment income | $ 645,685 | $ 398,348 | $ 376,469 |
Net realized and unrealized investment gains (losses) | 517,426 | (1,969,014) | 37,797 |
Other income | 40,965 | 40,492 | 28,748 |
Total revenues | 9,122,836 | 5,726,943 | 7,399,536 |
Other expenses | 463,385 | 414,876 | 398,542 |
Interest expense | 57,532 | 55,185 | 55,606 |
Net foreign exchange losses | 42,542 | 14,774 | 36,498 |
Net income (loss) | 2,318,119 | (939,752) | 764,188 |
Preferred dividends | 9,750 | 9,750 | 22,693 |
Loss on redemption of preferred shares | 0 | 0 | 21,234 |
Net income (loss) attributable to common shareholder | 2,308,369 | (949,502) | 720,261 |
Other comprehensive (loss) income | (63,352) | 167,287 | 124,217 |
Comprehensive income (loss) | 2,254,767 | (772,465) | 888,405 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Net investment income | 2,612 | 1,851 | 2,496 |
Net realized and unrealized investment gains (losses) | 1,713 | (15,406) | (16,730) |
Other income | 108 | 106 | 148 |
Total revenues | 4,433 | (13,449) | (14,086) |
Other expenses | 51,302 | 73,046 | 55,996 |
Interest expense | 46,993 | 33,408 | 35,204 |
Net foreign exchange losses | 53,800 | (65,165) | (79,696) |
Total expenses | 152,095 | 41,289 | 11,504 |
Loss before equity in net income (loss) of subsidiaries | (147,662) | (54,738) | (25,590) |
Equity in net income (loss) of subsidiaries | 2,465,781 | (885,014) | 789,778 |
Net income (loss) | 2,318,119 | (939,752) | 764,188 |
Preferred dividends | 9,750 | 9,750 | 22,693 |
Loss on redemption of preferred shares | 0 | 0 | 21,234 |
Net income (loss) attributable to common shareholder | 2,308,369 | (949,502) | 720,261 |
Other comprehensive (loss) income | (63,352) | 167,287 | 124,217 |
Comprehensive income (loss) | $ 2,254,767 | $ (772,465) | $ 888,405 |
SCHEDULE II - Condensed State_2
SCHEDULE II - Condensed Statements of Cash Flows - Parent Company Only (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 03, 2021 | |||
Cash flows from operating activities | |||||||
Net income (loss) | $ 2,318,119 | $ (939,752) | $ 764,188 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Other, net | 182,400 | 48,805 | 29,417 | ||||
Net cash provided by operating activities | 2,235,681 | 1,468,409 | 1,232,590 | ||||
Cash flows from investing activities | |||||||
Purchases of fixed maturities | (4,038,399) | (2,940,597) | (8,141,246) | ||||
Purchases of short-term investments | (1,513,449) | (867,605) | (372,901) | ||||
Other, net | (79,717) | 11,679 | (31,903) | ||||
Net cash used in investing activities | (2,173,006) | (664,825) | (2,329,122) | ||||
Cash flows from financing activities | |||||||
Redemption of Class B common shares | [1] | 0 | (6,346) | (581) | |||
Issuance of preferred shares | 0 | 0 | 193,887 | ||||
Redemption of preferred shares | 0 | 0 | (637,241) | ||||
Net cash used in financing activities | (227,665) | (194,550) | (573,295) | ||||
Effect of foreign exchange rate changes on cash | 10,817 | (18,335) | (20,109) | ||||
(Decrease) increase in cash and cash equivalents | (154,173) | 590,699 | (1,689,936) | ||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Non-cash exchange of intercompany balances | 103,000 | ||||||
Non-cash exchange intercompany loan | $ 747,000 | $ 744,000 | |||||
Preferred shares, par value per share | $ 1 | $ 1 | |||||
Aggregate liquidation preference | $ 200,000 | $ 200,000 | $ 637,000 | ||||
Underwriting discounts and commissions | $ 21,000 | ||||||
Series J Preferred Stock | |||||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Shares issued during the period (in shares) | 8,000,000 | ||||||
Annual dividend rate | 4.875% | ||||||
Preferred shares, par value per share | $ 1 | ||||||
Aggregate liquidation preference | $ 200,000 | ||||||
Underwriting discounts and commissions | $ 6,000 | ||||||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | ||||||
Series G 6.5% cumulative | |||||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | ||||||
Series I 5.875% non-cumulative | |||||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Preferred shares, redemption price per share (in dollars per share) | 25 | ||||||
Series H 7.25% cumulative | |||||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Preferred shares, redemption price per share (in dollars per share) | $ 25 | ||||||
Parent Company | |||||||
Cash flows from operating activities | |||||||
Net income (loss) | 2,318,119 | (939,752) | 764,188 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Equity in net (income) loss of subsidiaries | (2,465,781) | 885,014 | (789,778) | ||||
Other, net | 101,969 | 41,810 | (51,783) | ||||
Net cash provided by operating activities | (45,693) | (12,928) | (77,373) | ||||
Cash flows from investing activities | |||||||
Advances to/from subsidiaries, net (1) | [2] | 52,631 | 22,213 | 100,426 | |||
Sales and redemptions of fixed maturities | 6,483 | 11,290 | 481,015 | ||||
Sales and redemptions of short-term investments | 940 | 5,173 | 0 | ||||
Purchases of fixed maturities | (11,613) | (15,984) | (62,239) | ||||
Purchases of short-term investments | (3,868) | (5,173) | 0 | ||||
Other, net | (2,078) | (3,341) | (8,465) | ||||
Net cash used in investing activities | 42,495 | 14,178 | 510,737 | ||||
Cash flows from financing activities | |||||||
Issuance of preferred shares | 0 | 0 | 193,887 | [3] | |||
Redemption of preferred shares | 0 | 0 | (637,241) | [3] | |||
Net cash used in financing activities | 0 | 0 | (443,354) | ||||
Effect of foreign exchange rate changes on cash | 2,436 | 576 | 1,958 | ||||
(Decrease) increase in cash and cash equivalents | (762) | 1,826 | (8,032) | ||||
Cash and cash equivalents—beginning of year | 3,814 | 1,988 | 10,020 | ||||
Cash and cash equivalents—end of year | $ 3,052 | $ 3,814 | 1,988 | ||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Preferred shares, par value per share | $ 1 | $ 1 | |||||
Aggregate liquidation preference | $ 200,000 | $ 200,000 | |||||
Subsidiaries | |||||||
Non-cash transactions excluded from Condensed Statement of Cash Flows - Parent Company Only: | |||||||
Payment of dividends by subsidiary on behalf of parent | 228,000 | 188,000 | 129,000 | ||||
Non-cash dividends received from subsidiaries | 850,000 | 630,000 | $ 350,000 | ||||
Non-cash capital contributions to subsidiaries | $ 103,000 | $ 527,000 | |||||
[1] Class B shares are liability-accounted on the Company's Consolidated Balance Sheet. See Note 17 for further details. The following non-cash transactions were excluded from the Condensed Statement of Cash Flows - Parent Company Only: a. During 2023, 2022 and 2021, dividends paid to common and preferred shareholders of $228 million, $188 million and $129 million, respectively, were paid by a Bermuda subsidiary on behalf of the parent, with a corresponding increase to intercompany balances payable. b. During 2023, the parent recorded non-cash dividends received from subsidiaries of $850 million, non-cash capital contributions to subsidiaries of $103 million, and a corresponding decrease in intercompany loan payable of $747 million. c. During 2022, the parent recorded a non-cash exchange of certain intercompany balances payable for an intercompany loan payable of $744 million. d. During 2022, the parent recorded non-cash dividends received from subsidiaries of $630 million, non-cash capital contributions to subsidiaries of $527 million and a corresponding decrease in intercompany balances payable of $103 million. e. During 2021, the parent recorded a non-cash dividend received from a subsidiary of $350 million, with a corresponding change to intercompany balances payable. During 2021, the parent issued 8 million 4.875% Series J fixed rate non-cumulative redeemable preferred shares at a par value of $1.00 per share and a redemption price of $200 million, and incurred preferred share issuance costs of $6 million. The parent also redeemed all outstanding Series G, H and I preferred shares at $25 per share for an aggregate liquidation value of $637 million during 2021. |
SCHEDULE III - Supplementary _2
SCHEDULE III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred Policy Acquisition Costs | $ 1,020,704 | $ 1,012,067 | $ 916,324 | |
Non-life Reserves | 13,151,309 | 12,725,631 | 12,047,792 | |
Unearned Premiums | 2,741,755 | 2,745,371 | 2,501,161 | |
Life and Health Reserves | 2,859,257 | 2,497,519 | 2,785,382 | |
Premium Revenue | 7,918,760 | 7,257,117 | 6,956,522 | |
Net Investment Income (1) | [1] | 645,685 | 398,348 | 376,469 |
Losses Incurred | 4,990,208 | 4,725,872 | 4,851,040 | |
Acquisition Costs | 1,563,107 | 1,537,213 | 1,391,502 | |
Other Expenses (2) | [2] | 463,385 | 414,876 | 398,542 |
Net Premiums Written | 7,928,912 | 7,544,195 | 7,134,018 | |
Non Life | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred Policy Acquisition Costs | 700,090 | 700,694 | 617,537 | |
Non-life Reserves | 13,151,309 | 12,725,631 | 12,047,792 | |
Unearned Premiums | 2,739,585 | 2,743,406 | 2,498,426 | |
Life and Health Reserves | 0 | 0 | 0 | |
Premium Revenue | 5,838,466 | 5,611,452 | 5,329,556 | |
Losses Incurred | 3,182,340 | 3,313,234 | 3,443,245 | |
Acquisition Costs | 1,454,373 | 1,430,121 | 1,279,039 | |
Other Expenses (2) | [2] | 130,733 | 119,274 | 100,635 |
Net Premiums Written | 5,848,323 | 5,898,750 | 5,510,828 | |
Life and Health | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred Policy Acquisition Costs | 320,614 | 311,373 | 298,787 | |
Non-life Reserves | 0 | 0 | 0 | |
Unearned Premiums | 2,170 | 1,965 | 2,735 | |
Life and Health Reserves | 2,859,257 | 2,497,519 | 2,785,382 | |
Premium Revenue | 2,080,294 | 1,645,665 | 1,626,966 | |
Net Investment Income (1) | [1] | 73,091 | 73,656 | 81,226 |
Losses Incurred | 1,807,868 | 1,412,638 | 1,407,795 | |
Acquisition Costs | 108,734 | 107,092 | 112,463 | |
Other Expenses (2) | [2] | 118,404 | 92,919 | 88,069 |
Net Premiums Written | 2,080,589 | 1,645,445 | 1,623,190 | |
Corporate and Other | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred Policy Acquisition Costs | 0 | 0 | 0 | |
Non-life Reserves | 0 | 0 | 0 | |
Unearned Premiums | 0 | 0 | 0 | |
Life and Health Reserves | 0 | 0 | 0 | |
Premium Revenue | 0 | 0 | 0 | |
Net Investment Income (1) | [1] | 572,594 | 324,692 | 295,243 |
Losses Incurred | 0 | 0 | 0 | |
Acquisition Costs | 0 | 0 | 0 | |
Other Expenses (2) | [2] | 214,248 | 202,683 | 209,838 |
Net Premiums Written | $ 0 | $ 0 | $ 0 | |
[1] Because the Company does not manage its assets by segment, net investment income is not allocated to the Non-life business of the reinsurance operations. However, because of the interest-sensitive nature of some of the Company’s Life products, net investment income is considered in management’s assessment of the profitability of the Life and Health segment. |
SCHEDULE IV - Reinsurance (Deta
SCHEDULE IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Life reinsurance in force | ||||
Gross amount | [1] | $ 0 | $ 0 | $ 0 |
Ceded to other companies | [1] | 26,041,527 | 20,301,849 | 19,383,794 |
Assumed from other companies | [1] | 648,495,550 | 529,438,861 | 453,373,378 |
Net amount | [1] | $ 622,454,023 | $ 509,137,012 | $ 433,989,584 |
Percentage of amount assumed to net | [1] | 104% | 104% | 104% |
Reinsurance Premiums For Insurance Companies By Product Segment Net Amount [Abstract] | ||||
Gross amount | $ 372,230 | $ 377,380 | $ 318,058 | |
Ceded to other companies | 1,205,282 | 1,113,743 | 969,381 | |
Assumed from other companies | 8,751,812 | 7,993,480 | 7,607,845 | |
Net premiums earned | [2] | $ 7,918,760 | $ 7,257,117 | $ 6,956,522 |
Percentage of amount assumed to net | 111% | 110% | 109% | |
Life | ||||
Reinsurance Premiums For Insurance Companies By Product Segment Net Amount [Abstract] | ||||
Gross amount | $ 0 | $ 0 | $ 0 | |
Ceded to other companies | 28,417 | 28,426 | 24,519 | |
Assumed from other companies | 2,075,330 | 1,648,455 | 1,620,130 | |
Net premiums earned | $ 2,046,913 | $ 1,620,029 | $ 1,595,611 | |
Percentage of amount assumed to net | 101% | 102% | 102% | |
Accident and health | ||||
Reinsurance Premiums For Insurance Companies By Product Segment Net Amount [Abstract] | ||||
Gross amount | $ 0 | $ 0 | $ 0 | |
Ceded to other companies | 0 | 0 | 0 | |
Assumed from other companies | 33,381 | 25,636 | 31,355 | |
Net premiums earned | $ 33,381 | $ 25,636 | $ 31,355 | |
Percentage of amount assumed to net | 100% | 100% | 100% | |
Property and casualty | ||||
Reinsurance Premiums For Insurance Companies By Product Segment Net Amount [Abstract] | ||||
Gross amount | [3] | $ 372,230 | $ 377,380 | $ 318,058 |
Ceded to other companies | [3] | 1,176,865 | 1,085,317 | 944,862 |
Assumed from other companies | [3] | 6,643,101 | 6,319,389 | 5,956,360 |
Net premiums earned | [3] | $ 5,838,466 | $ 5,611,452 | $ 5,329,556 |
Percentage of amount assumed to net | [3] | 114% | 113% | 112% |
[1]Life reinsurance in force excludes products that do not pass risk transfer.[2] See Note 21 for additional information regarding related party transactions. |
SCHEDULE VI - Supplemental In_2
SCHEDULE VI - Supplemental Information Concerning Property-Casualty Insurance Operations (Details) - Consolidated subsidiaries - Non Life - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Supplemental Information Concerning Property-Casualty Insurance Operations [Line Items] | ||||
Deferred Policy Acquisition Costs | [1] | $ 700,090 | $ 700,694 | $ 617,537 |
Liability for Unpaid Losses and Loss Expenses | [1] | 13,151,309 | 12,725,631 | 12,047,792 |
Unearned Premiums | [1] | 2,739,585 | 2,743,406 | 2,498,426 |
Premiums Earned | [1] | 5,838,466 | 5,611,452 | 5,329,556 |
Losses and Loss Expenses Incurred Related to - Current year | [1] | 3,229,633 | 3,533,087 | 3,637,671 |
Losses and Loss Expenses Incurred Related to - Prior year | [1] | (47,293) | (219,853) | (194,426) |
Acquisition Costs | [1] | 1,454,373 | 1,430,121 | 1,279,039 |
Paid Losses and Loss Expenses | [1] | 2,732,602 | 2,658,136 | 2,972,995 |
Premiums Written | [1] | $ 5,848,323 | $ 5,898,750 | $ 5,510,828 |
[1] (1) Includes the Company's P&C and Specialty segments. |