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Reserves for Loss and Loss Expenses (Tables)

9 Months Ended

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

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(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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- 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://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

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