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Reserves for Loss and Loss Expenses (Tables) | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances:
| September 30, |  |
(In thousands) | 2025 |  | 2024 |  |
Net reserves at beginning of period | $ | 17,166,641 |  |  | $ | 15,661,820 |  |  |
Net provision for losses and loss expenses: |  |  |  |  |
Claims occurring during the current year (1) | 5,776,795 |  |  | 5,229,468 |  |  |
Increase in estimates for claims occurring in prior years (2) (3) | 23,129 |  |  | 15,279 |  |  |
Loss reserve discount accretion | 25,149 |  |  | 25,587 |  |  |
Total | 5,825,073 |  |  | 5,270,334 |  |  |
Net payments for claims: |  |  |  |  |
Current year | 857,360 |  |  | 795,792 |  |  |
Prior years | 3,684,444 |  |  | 3,164,720 |  |  |
Total | 4,541,804 |  |  | 3,960,512 |  |  |
Foreign currency translation | 151,822 |  |  | 19,659 |  |  |
Net reserves at end of period | 18,601,732 |  |  | 16,991,301 |  |  |
Ceded reserves at end of period | 3,155,303 |  |  | 3,164,009 |  |  |
Gross reserves at end of period | $ | 21,757,035 |  |  | $ | 20,155,310 |  |  |
_______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $42 million and $37 million for the nine months ended September 30, 2025 and 2024, 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 $19 million and $12 million for the nine months ended September 30, 2025 and 2024, 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 $3 million for the nine months ended September 30, 2025 and 2024, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -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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