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Short Duration Contracts (Tables)
12 Months Ended
Dec. 31, 2025
Short Duration Contracts Disclosure [Abstract]  
Levels of disaggregation
The Company’s reserves for losses and loss adjustment expenses primarily relate to short-duration contracts with various characteristics (e.g., type of coverage, geography, claims duration). The Company considered such information in determining the level of disaggregation for disclosures related to its short-duration contracts, as detailed in the table below:
Reportable segmentLevel of disaggregationIncluded lines of business
InsuranceProperty energy, marine and aviationProperty energy, marine and aviation
Third party occurrence business
Excess and surplus casualty (excluding contract binding); construction and national accounts; and other (including alternative market risks, excess workers’ compensation and employer’s liability insurance coverages)
Third party claims-made businessProfessional lines
Multi-line and other specialty
Programs; contract binding (part of excess and surplus casualty); travel, accident and health; warranty and lenders solutions; and other (contract and commercial surety coverages); MCE business1
ReinsuranceCasualtyCasualty
Property catastropheProperty catastrophe
Property excluding property catastropheProperty excluding property catastrophe
Marine and aviationMarine and aviation
SpecialtySpecialty
MortgageDirect mortgage insurance in the U.S.Mortgage insurance on U.S. primary exposures
(1) Includes business underwritten under a new business reinsurance agreement related to the MCE Acquisition. See note 2.
Reconciliation of claims development to liability
The following table represents a reconciliation of the disclosures of net incurred and paid loss development tables to the reserve for losses and loss adjustment expenses at December 31, 2025:
December 31, 2025
Net outstanding liabilities
Insurance
Property, energy, marine and aviation$975 
Third party occurrence business4,454 
Third party claims-made business2,814 
Multi-line and other specialty2,827 
Reinsurance
Casualty3,785 
Property catastrophe920 
Property excluding property catastrophe2,103 
Marine and aviation612 
Specialty3,669 
Mortgage
U.S. primary311 
Other short duration lines not included in disclosures (1)1,436 
Total for short duration lines23,906 
Unpaid losses and loss adjustment expenses recoverable
Insurance
Property, energy, marine and aviation456 
Third party occurrence business2,893 
Third party claims-made business907 
Multi-line and other specialty436 
Reinsurance
Casualty861 
Property catastrophe911 
Property excluding property catastrophe362 
Marine and aviation549 
Specialty1,386 
Mortgage
U.S. primary42 
Other short duration lines not included in disclosures (2)271 
Intercompany eliminations(20)
Total for short duration lines9,054 
Lines other than short duration136 
Discounting(78)
Unallocated claims adjustment expenses529 
587 
Reserve for losses and loss adjustment expenses$33,547 

(1)    Includes amounts primarily associated with the loss portfolio reinsurance agreement related to the MCE Acquisition. See note 2.
(2)    Includes unpaid loss and loss adjustment expenses recoverable of $121 million related to the loss portfolio transfer reinsurance agreements.
Insurance  
Claims Development [Line Items]  
Claims development tables
The following tables present information on the insurance segment’s short-duration insurance contracts:
Property, energy, marine and aviation (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$104 $101 $105 $100 $96 $92 $87 $87 $86 $86 $— 6,189 
2017281 246 236 230 231 225 225 224 225 — 6,512 
2018181 186 174 170 170 172 170 171 — 5,091 
2019179 179 165 161 159 156 156 (2)7,518 
2020359 329 336 333 337 335 8,558 
2021427 429 423 421 420 12 10,380 
2022522 495 576 679 91 16,853 
2023571 510 483 48 22,016 
2024703 607 142 25,054 
2025693 327 21,693 
Total$3,855 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$25 $83 $98 $97 $94 $91 $87 $87 $86 $86 
201730 140 195 212 216 218 220 221 223 
201830 102 135 143 150 154 157 162 
201926 105 134 139 148 153 155 
202056 194 251 293 306 317 
202190 268 343 365 396 
2022100 276 337 547 
2023146 271 378 
2024195 363 
2025267 
Total2,894 
All outstanding liabilities before 2016, net of reinsurance14 
Liabilities for losses and loss adjustment expenses, net of reinsurance$975 
Third party occurrence business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$389 $394 $406 $399 $375 $367 $363 $352 $345 $331 $49 78,399 
2017417 417 422 412 407 406 404 408 398 72 84,591 
2018430 453 450 451 459 461 448 435 84 79,101 
2019456 487 480 471 470 451 439 80 87,700 
2020606 616 640 632 606 594 91 92,035 
2021622 662 659 671 688 66 94,124 
2022687 726 735 737 300 95,570 
2023877 936 936 482 100,702 
20241,001 1,038 756 103,711 
20251,153 1,022 79,110 
Total$6,749 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$12 $42 $87 $137 $164 $195 $215 $230 $246 $252 
201713 52 100 135 165 221 247 271 289 
201817 64 115 154 200 247 271 289 
201918 73 122 173 214 255 282 
202024 76 155 235 318 374 
202126 91 174 323 444 
202224 85 186 294 
202332 156 264 
202437 136 
202546 
Total2,670 
All outstanding liabilities before 2016, net of reinsurance375 
Liabilities for losses and loss adjustment expenses, net of reinsurance$4,454 
Third party claims-made business (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$275 $291 $308 $314 $322 $327 $329 $327 $329 $325 $15,135 
2017270 285 311 308 323 316 337 339 326 23 15,712 
2018272 314 319 335 347 366 366 362 22 17,304 
2019288 317 317 321 329 329 326 34 17,428 
2020383 412 423 445 432 419 54 17,580 
2021514 517 498 461 446 119 19,120 
2022668 654 589 570 186 21,348 
2023809 895 901 375 26,037 
2024736 777 432 29,857 
2025882 736 29,188 
Total$5,334 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$11 $68 $127 $158 $205 $242 $257 $295 $296 $304 
201767 113 143 196 232 257 276 284 
201812 68 118 158 208 258 285 305 
201912 65 122 154 196 235 254 
202017 87 151 214 265 309 
202123 90 162 223 269 
202225 100 218 307 
202364 200 332 
202456 196 
202549 
Total2,609 
All outstanding liabilities before 2016, net of reinsurance89 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,814 
Multi-line and other specialty (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$408 $430 $427 $416 $410 $408 $408 $406 $404 $403 $196,531 
2017482 500 491 500 504 512 515 514 516 235,002 
2018512 564 562 564 564 564 564 566 265,421 
2019566 611 639 650 656 670 666 247,961 
2020616 567 513 515 519 519 22 170,515 
2021634 618 613 634 643 33 137,791 
2022677 640 639 624 64 156,572 
2023815 809 823 133 176,315 
20241,419 1,442 508 200,279 
20251,987 1,195 140,332 
Total$8,189 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$176 $304 $341 $362 $379 $385 $390 $391 $396 $397 
2017181 342 380 423 446 472 479 493 499 
2018211 388 442 479 508 526 543 550 
2019212 385 486 548 576 611 629 
2020171 308 358 405 450 469 
2021157 334 427 511 557 
2022177 370 439 491 
2023253 489 588 
2024336 727 
2025493 
Total5,400 
All outstanding liabilities before 2016, net of reinsurance38 
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,827 
Percentage annual payout by age
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Property, energy, marine and aviation23.0 %41.4 %18.2 %8.9 %3.3 %1.0 %— %1.1 %(0.1)%0.1 %
Third party occurrence business3.7 %10.1 %12.4 %13.4 %11.3 %10.5 %6.1 %5.0 %4.6 %2.0 %
Third party claims-made business4.7 %16.1 %16.3 %12.0 %13.3 %11.8 %6.4 %7.7 %1.3 %2.4 %
Multi-line and other specialty31.2 %29.0 %11.0 %8.5 %5.6 %3.7 %2.1 %1.4 %1.1 %0.4 %
Reinsurance  
Claims Development [Line Items]  
Claims development tables
The following tables present information on the reinsurance segment’s short-duration insurance contracts:
Casualty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$216 $228 $252 $267 $274 $273 $277 $285 $287 $289 $45 N/A
2017271 258 274 302 314 321 336 343 346 55 N/A
2018281 295 286 291 304 314 328 332 53 N/A
2019336 346 372 384 406 405 402 65 N/A
2020389 377 360 379 399 365 108 N/A
2021444 438 428 428 464 163 N/A
2022552 533 546 539 241 N/A
2023664 669 695 385 N/A
2024734 776 624 N/A
20251,002 928 N/A
Total$5,210 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$$26 $52 $87 $114 $133 $158 $174 $188 $197 
201730 64 113 138 165 190 224 239 
201831 107 129 155 183 207 224 
201916 58 97 131 220 258 287 
202018 51 90 132 178 202 
202115 54 103 191 236 
202218 62 114 182 
202319 88 173 
202414 66 
202525 
Total1,831 
All outstanding liabilities before 2016, net of reinsurance406 
Liabilities for losses and loss adjustment expenses, net of reinsurance$3,785 
Property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$23 $16 $12 $$$$$$$$— N/A
201786 54 50 36 24 21 21 21 20 — N/A
201869 44 25 12 — (2)(4)— N/A
201912 (4)(11)(7)(8)N/A
2020272 337 341 330 319 321 N/A
2021323 318 305 307 302 11 N/A
2022306 298 273 262 30 N/A
2023272 272 227 18 N/A
2024512 441 67 N/A
2025415 84 N/A
Total$1,980 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$(7)$$$$$$$$$
201731 32 37 27 14 16 17 17 17 
201827 12 (17)(14)(13)(11)(12)
2019(17)(16)(25)(26)
202057 158 208 251 262 271 
202166 177 230 239 243 
202270 169 211 219 
202384 120 
202460 145 
202582 
Total1,062 
All outstanding liabilities before 2016, net of reinsurance
Liabilities for losses and loss adjustment expenses, net of reinsurance$920 
Property excluding property catastrophe (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$174 $144 $136 $135 $138 $135 $129 $130 $127 $124 $N/A
2017267 250 237 230 213 205 202 201 197 N/A
2018223 239 235 212 202 203 203 197 N/A
2019216 206 195 190 190 196 193 11 N/A
2020368 339 319 320 322 313 (1)N/A
2021546 497 491 499 500 14 N/A
2022745 670 660 656 70 N/A
2023839 740 744 117 N/A
20241,212 1,056 325 N/A
20251,170 648 N/A
Total$5,150 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$33 $94 $98 $103 $111 $113 $114 $114 $117 $116 
201728 124 155 164 178 182 186 186 186 
201830 107 151 167 175 177 177 181 
201943 124 150 162 169 170 174 
2020101 207 243 266 280 291 
2021136 269 363 424 457 
2022142 360 468 526 
2023151 382 489 
2024144 445 
2025190 
Total3,055 
All outstanding liabilities before 2016, net of reinsurance
Liabilities for losses and loss adjustment expenses, net of reinsurance$2,103 
Marine and aviation (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$27 $23 $23 $19 $17 $15 $12 $11 $11 $10 $N/A
201729 26 24 21 20 17 15 15 15 N/A
201827 25 24 24 21 21 20 19 N/A
201948 55 60 61 62 63 60 N/A
202083 76 80 80 82 81 N/A
2021110 96 82 79 86 N/A
2022126 138 134 167 38 N/A
2023161 170 156 44 N/A
2024233 220 100 N/A
2025227 172 N/A
Total$1,041 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$(7)$(2)$— $$$$$$$
201711 12 12 12 12 12 
201811 13 14 15 16 16 
201911 22 29 35 43 49 49 
202026 42 60 66 71 
202124 45 53 68 
202212 37 63 86 
202313 43 77 
202418 44 
202516 
Total447 
All outstanding liabilities before 2016, net of reinsurance18 
Liabilities for losses and loss adjustment expenses, net of reinsurance$612 
Specialty (in millions)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of reported claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$338 $335 $328 $319 $326 $321 $318 $319 $312 $315 $N/A
2017412 405 385 386 384 379 376 372 378 11 N/A
2018431 423 417 442 438 438 431 425 16 N/A
2019441 418 412 408 418 413 398 25 N/A
2020607 536 531 551 543 532 36 N/A
2021628 629 630 637 638 33 N/A
2022962 942 991 950 108 N/A
20231,303 1,230 1,321 330 N/A
20241,696 1,647 623 N/A
20251,960 1,275 N/A
Total$8,564 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
2016$113 $213 $251 $271 $288 $295 $301 $305 $304 $305 
2017141 266 309 325 339 350 360 361 362 
2018135 286 326 348 366 389 393 392 
2019126 217 286 313 335 355 354 
2020138 299 377 413 453 471 
2021156 319 443 508 546 
2022186 465 627 698 
2023207 502 714 
2024331 705 
2025383 
Total4,930 
All outstanding liabilities before 2016, net of reinsurance35 
Liabilities for losses and loss adjustment expenses, net of reinsurance$3,669 
Percentage annual payout by age
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Casualty2.9 %8.2 %11.8 %12.1 %11.5 %7.8 %7.6 %6.8 %4.7 %3.0 %
Property catastrophe(62.4)%110.1 %(23.8)%138.8 %(24.8)%17.4 %(4.8)%1.0 %2.2 %5.7 %
Property excluding property catastrophe20.9 %37.0 %14.5 %7.3 %5.4 %1.8 %1.2 %0.7 %1.1 %(0.7)%
Marine and aviation1.8 %24.3 %19.8 %15.0 %12.2 %6.4 %2.0 %1.1 %1.1 %6.2 %
Specialty26.2 %28.2 %14.6 %6.7 %5.4 %3.8 %1.2 %0.5 %— %0.1 %
Mortgage  
Claims Development [Line Items]  
Claims development tables
The following table presents information on the mortgage segment’s short-duration insurance contracts:
U.S. primary mortgage insurance (in millions except claim count)
Incurred losses and allocated loss adjustment expenses, net of reinsuranceDecember 31, 2025
Total of IBNR liabilities plus expected development on reported claimsCumulative
number of paid claims
Year ended December 31,
Accident year2016
unaudited
2017
unaudited
2018
unaudited
2019
unaudited
2020
unaudited
2021
unaudited
2022
unaudited
2023
unaudited
2024
unaudited
2025
2016$184 $171 $149 $141 $142 $142 $137 $136 $136 $136 — 3,564 
2017179 132 107 108 109 102 99 99 97 — 2,723 
2018132 96 89 88 72 69 69 66 — 1,990 
2019108 119 110 63 51 52 48 — 1,491 
2020420 374 78 33 31 26 — 904 
2021144 77 20 17 13 — 443 
2022173 55 30 22 — 604 
2023182 71 36 — 727 
2024180 86 — 509 
2025191 87 
Total$721 
Cumulative paid losses and allocated loss adjustment expenses, net of reinsurance
201611 72 113 127 131 132 132 133 134 135 
201748 79 87 90 92 93 95 95 
201831 50 56 59 60 63 64 
201920 29 34 39 42 44 
202013 19 21 
2021— 10 
2022— 10 14 
2023— 18 
202416 
2025
Total419 
All outstanding liabilities before 2016, net of reinsurance
Liabilities for losses and loss adjustment expenses, net of reinsurance$311 
Percentage annual payout by age
The following table presents the average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance, as of December 31, 2025:
Average annual percentage payout of incurred losses and allocated loss adjustment expenses by age, net of reinsurance
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
U.S. Primary4.1 %26.0 %26.0 %14.3 %9.6 %4.2 %2.6 %1.3 %0.7 %0.5 %