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Reserves for Loss and Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Reserve Balances

The table below provides a reconciliation of the beginning and ending reserve balances:

			June 30,
(In thousands)			2024						2023
Net reserves at beginning of period			$	15,661,820					$	14,248,879
Net provision for losses and loss expenses:
Claims occurring during the current year (1)			3,411,888						3,064,046
Increase in estimates for claims occurring in prior years (2) (3)			14,700						28,853
Loss reserve discount accretion			17,786						15,510
Total			3,444,374						3,108,409
Net payments for claims:
Current year			383,639						375,365
Prior years			2,205,566						2,019,371
Total			2,589,205						2,394,736
Foreign currency translation			(56,143)						5,929
Net reserves at end of period			16,460,846						14,968,481
Ceded reserves at end of period			3,106,344						2,951,515
Gross reserves at end of period			$	19,567,190					$	17,919,996

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(1) Claims occurring during the current year are net of loss reserve discounts of $26 million and $22 million for the six months ended June 30, 2024 and 2023, respectively.

(2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $7 million and decreased by $6 million for the six months ended June 30, 2024 and 2023, respectively.

(3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $2 million and adverse development was $21 million for the six months ended June 30, 2024 and 2023, respectively.

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- References

No definition available.

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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

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