Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 182

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 182
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urers are backed by collateral arrangements and comprise the majority of the voluntary reinsurance receivables within the B- to B++ rating distribution in the table above. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral, limited by the balance of open recoverables, was approximately $3.4 billion and $3.6 billion at December 31, 2024 and 2023.

154

CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2024 were approximately $1.8 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $559 million from Cavello Bay Reinsurance Limited and $371 million from the Swiss Reinsurance Group. These amounts are substantially collateralized or otherwise secured. The recoverable from subsidiaries of the Berkshire Hathaway Insurance Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 8.The effects of reinsurance on earned premiums are presented in the following table:    Assumed/  DirectAssumedCededNetNet % (In millions)         Year Ended December 31, 2024         Property and casualty$14,629 $252 $5,107 $9,774 2.6 %Long-term care396 41 4379.4 Earned premiums$15,025 $293 $5,107 $10,211 2.9 % Year Ended December 31, 2023 Property and casualty$13,908 $223 $5,102 $9,029 2.5 %Long-term care407 44 451 9.8 Earned premiums$14,315 $267 $5,102 $9,480 2.8 % Year Ended December 31, 2022 Property and casualty$13,097 $231 $5,134 $8,194 2.8 %Long-term care427 46 473 9.7 Earned premiums$13,524 $277 $5,134 $8,667 3.2 %Included in the direct and ceded earned premiums for the years ended December 31, 2024, 2023 and 2022 are $2.7 billion, $2