XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Reserve for Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Reserve for losses and loss adjustment expenses at beginning of period | $ | 18,194,324 |  |  | $ | 17,196,648 |  |  | $ | 17,757,156 |  |  | $ | 16,513,929 |
Unpaid losses and loss adjustment expenses recoverable | 5,686,348 |  |  | 4,146,020 |  |  | 5,599,231 |  |  | 4,314,855 |
Net reserve for losses and loss adjustment expenses at beginning of period | 12,507,976 |  |  | 13,050,628 |  |  | 12,157,925 |  |  | 12,199,074 |
Net incurred losses and loss adjustment expenses relating to losses occurring in: |  |  |  |  |  |  |
Current year | 1,863,519 |  |  | 1,348,528 |  |  | 4,280,048 |  |  | 3,812,381 |
Prior years | (180,823) |  |  | (122,509) |  |  | (493,861) |  |  | (223,431) |
Total net incurred losses and loss adjustment expenses | 1,682,696 |  |  | 1,226,019 |  |  | 3,786,187 |  |  | 3,588,950 |
Net losses and loss adjustment expense reserves of acquired business (1) | — |  |  | 104,307 |  |  | — |  |  | 104,307 |
Retroactive reinsurance transactions (2) | — |  |  | — |  |  | — |  |  | (183,893) |
Impact of deconsolidation of Somers (3) | — |  |  | (1,460,611) |  |  | — |  |  | (1,460,611) |
Net foreign exchange (gains) losses and other | (243,387) |  |  | (78,152) |  |  | (524,682) |  |  | 10,818 |
Net paid losses and loss adjustment expenses relating to losses occurring in: |  |  |  |  |  |  |
Current year | (226,575) |  |  | (208,923) |  |  | (463,847) |  |  | (432,348) |
Prior years | (538,967) |  |  | (417,368) |  |  | (1,773,840) |  |  | (1,610,397) |
Total net paid losses and loss adjustment expenses | (765,542) |  |  | (626,291) |  |  | (2,237,687) |  |  | (2,042,745) |
Net reserve for losses and loss adjustment expenses at end of period | 13,181,743 |  |  | 12,215,900 |  |  | 13,181,743 |  |  | 12,215,900 |
Unpaid losses and loss adjustment expenses recoverable | 6,106,548 |  |  | 5,115,147 |  |  | 6,106,548 |  |  | 5,115,147 |
Reserve for losses and loss adjustment expenses at end of period | $ | 19,288,291 |  |  | $ | 17,331,047 |  |  | $ | 19,288,291 |  |  | $ | 17,331,047 |
(1) Represents activity related to the Company’s acquisitions in the 2021 period of the Westpac Lenders Mortgage Insurance Limited and Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates. (2) 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”). (3) See note 1 1.

X
- References No definition available. + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpenseAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
Name: | us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration