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Reserve for Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 2020
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances | The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Reserve for losses and loss adjustment expenses at beginning of period | $ | 15,044,874 |  |  | $ | 12,230,316 |  |  | $ | 13,891,842 |  |  | $ | 11,853,297 |
Unpaid losses and loss adjustment expenses recoverable | 4,156,157 |  |  | 3,024,797 |  |  | 4,082,650 |  |  | 2,814,291 |
Net reserve for losses and loss adjustment expenses at beginning of period | 10,888,717 |  |  | 9,205,519 |  |  | 9,809,192 |  |  | 9,039,006 |
Net incurred losses and loss adjustment expenses relating to losses occurring in: |  |  |  |  |  |  |
Current year | 1,264,315 |  |  | 855,352 |  |  | 3,673,346 |  |  | 2,419,044 |
Prior years | (48,042) |  |  | (52,897) |  |  | (111,132) |  |  | (130,514) |
Total net incurred losses and loss adjustment expenses | 1,216,273 |  |  | 802,455 |  |  | 3,562,214 |  |  | 2,288,530 |
Retroactive reinsurance transactions (1) | — |  |  | — |  |  | 60,635 |  |  | (225,500) |
Net foreign exchange (gains) losses | 114,122 |  |  | (73,200) |  |  | 22,706 |  |  | (74,981) |
Net paid losses and loss adjustment expenses relating to losses occurring in: |  |  |  |  |  |  |
Current year | (189,961) |  |  | (175,611) |  |  | (359,395) |  |  | (301,099) |
Prior years | (512,263) |  |  | (399,948) |  |  | (1,578,464) |  |  | (1,366,741) |
Total net paid losses and loss adjustment expenses | (702,224) |  |  | (575,559) |  |  | (1,937,859) |  |  | (1,667,840) |
Net reserve for losses and loss adjustment expenses at end of period | 11,516,888 |  |  | 9,359,215 |  |  | 11,516,888 |  |  | 9,359,215 |
Unpaid losses and loss adjustment expenses recoverable | 4,383,638 |  |  | 3,030,169 |  |  | 4,383,638 |  |  | 3,030,169 |
Reserve for losses and loss adjustment expenses at end of period | $ | 15,900,526 |  |  | $ | 12,389,384 |  |  | $ | 15,900,526 |  |  | $ | 12,389,384 |
(1) During 2020 first quarter, a subsidiary of the Company entered into a reinsurance to close agreement of the 2017 and prior years of account previously covered by a third party arrangement, while in the 2019 first quarter, a subsidiary of the Company entered into a retroactive reinsurance transaction with third party reinsurer to reinsure run-off liabilities associated with certain U.S. insurance exposures.

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- References No definition available. + Details
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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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