Chubb Ltd
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Reinsurance
- Reinsurance
Reinsurance recoverable on ceded reinsurance
| March 31, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| (in millions of U.S. dollars) | Net Reinsurance Recoverable (1) | Valuation allowance | Net Reinsurance Recoverable (1) | Valuation allowance |
| Reinsurance recoverable on unpaid losses and loss expenses | $17,163 | $290 | $17,884 | $285 |
| Reinsurance recoverable on paid losses and loss expenses | 1,946 | 85 | 2,068 | 82 |
| Reinsurance recoverable on losses and loss expenses | $19,109 | $375 | $19,952 | $367 |
| Reinsurance recoverable on policy benefits | $272 | $— | $280 | $— |
The decrease in Reinsurance recoverable on losses and loss expenses was primarily due to a seasonal decrease in crop recoverables and a commutation in connection with a large structured transaction during the quarter.
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:
| Three Months Ended | ||
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2024 | 2023 |
| Valuation allowance for uncollectible reinsurance - beginning of period | $367 | $351 |
| Provision for uncollectible reinsurance | 8 | 5 |
| Write-offs charged against the valuation allowance | — | (5) |
| Valuation allowance for uncollectible reinsurance - end of period | $375 | $351 |
For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2023 Form 10-K.
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