Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
	2020		2019		2018
Reserve for losses and loss adjustment expenses at beginning of year	$	13,891,842	$	11,853,297	$	11,383,792
Unpaid losses and loss adjustment expenses recoverable	4,082,650		2,814,291		2,464,910
Net reserve for losses and loss adjustment expenses at beginning of year	9,809,192		9,039,006		8,918,882

Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year	4,851,051		3,297,037		3,162,818
Prior years	(161,452)		(163,585)		(272,712)
Total net incurred losses and loss adjustment expenses	4,689,599		3,133,452		2,890,106

Net losses and loss adjustment expense reserves of acquired business (1)	—		209,486		—

Retroactive reinsurance transactions	182,210		(225,500)		(420,404)

Foreign exchange (gains) losses and other	179,190		36,003		(143,414)

Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year	(661,529)		(621,202)		(524,048)
Prior years	(1,999,588)		(1,762,053)		(1,682,116)
Total net paid losses and loss adjustment expenses	(2,661,117)		(2,383,255)		(2,206,164)

Net reserve for losses and loss adjustment expenses at end of year	12,199,074		9,809,192		9,039,006
Unpaid losses and loss adjustment expenses recoverable	4,314,855		4,082,650		2,814,291
Reserve for losses and loss adjustment expenses at end of year	$	16,513,929	$	13,891,842	$	11,853,297

(1) Primarily related to the acquisition of Barbican. See Note 2.