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Reserve for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
Reserve for losses and loss adjustment expenses at beginning of year | $ | 20,032 |  |  | $ | 17,757 |  |  | $ | 16,514 |
Unpaid losses and loss adjustment expenses recoverable | 6,280 |  |  | 5,599 |  |  | 4,315 |
Net reserve for losses and loss adjustment expenses at beginning of year | 13,752 |  |  | 12,158 |  |  | 12,199 |
Net incurred losses and loss adjustment expenses relating to losses occurring in: |  |  |  |  |
Current year | 6,784 |  |  | 5,797 |  |  | 4,940 |
Prior years | (538) |  |  | (769) |  |  | (355) |
Total net incurred losses and loss adjustment expenses | 6,246 |  |  | 5,028 |  |  | 4,585 |
Net losses and loss adjustment expense reserves of acquired business (1) | — |  |  | — |  |  | 104 |
Retroactive reinsurance transactions (2) | — |  |  | — |  |  | (444) |
Impact of deconsolidation of Somers (3) | — |  |  | — |  |  | (1,461) |
Foreign exchange (gains) losses and other | 157 |  |  | (293) |  |  | 2 |
Net paid losses and loss adjustment expenses relating to losses occurring in: |  |  |  |  |
Current year | (1,081) |  |  | (888) |  |  | (734) |
Prior years | (3,012) |  |  | (2,253) |  |  | (2,093) |
Total net paid losses and loss adjustment expenses | (4,093) |  |  | (3,141) |  |  | (2,827) |
Net reserve for losses and loss adjustment expenses at end of year | 16,062 |  |  | 13,752 |  |  | 12,158 |
Unpaid losses and loss adjustment expenses recoverable | 6,690 |  |  | 6,280 |  |  | 5,599 |
Reserve for losses and loss adjustment expenses at end of year | $ | 22,752 |  |  | $ | 20,032 |  |  | $ | 17,757 |
(1) Represents activity related to the Company’s acquisitions in the 2021 period. See note 2, “Acquisitions.” (2) See ‘Retroactive Reinsurance Transactions’ section. (3) See note 12, “Variable Interest Entity and Noncontrolling Interests.”

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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