Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Reserve for losses and loss adjustment expenses at beginning of period	$	16,443,952	$	14,309,580	$	16,513,929	$	13,891,842
Unpaid losses and loss adjustment expenses recoverable	3,916,650		4,070,114		4,314,855		4,082,650
Net reserve for losses and loss adjustment expenses at beginning of period	12,527,302		10,239,466		12,199,074		9,809,192

Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year	1,219,081		1,274,589		2,463,853		2,409,031
Prior years	(59,250)		(44,067)		(100,922)		(63,090)
Total net incurred losses and loss adjustment expenses	1,159,831		1,230,522		2,362,931		2,345,941

Retroactive reinsurance transactions (1)	—		—		(183,893)		60,635

Net foreign exchange (gains) losses	135,847		51,157		88,970		(91,416)

Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year	(164,441)		(128,174)		(223,425)		(169,434)
Prior years	(607,911)		(504,254)		(1,193,029)		(1,066,201)
Total net paid losses and loss adjustment expenses	(772,352)		(632,428)		(1,416,454)		(1,235,635)

Net reserve for losses and loss adjustment expenses at end of period	13,050,628		10,888,717		13,050,628		10,888,717
Unpaid losses and loss adjustment expenses recoverable	4,146,020		4,156,157		4,146,020		4,156,157
Reserve for losses and loss adjustment expenses at end of period	$	17,196,648	$	15,044,874	$	17,196,648	$	15,044,874

(1) During the 2021 first quarter, the Company entered into a reinsurance to close and other related agreements with Premia Managing Agency Limited (“Premia”), in connection with the 2018 and prior years of account related to the acquisition of Barbican Group Holdings Limited (“Barbican”). During the 2020 first quarter, the Company entered into a reinsurance to close agreement of the 2017 and prior years of account previously covered by a third party arrangement.