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Unpaid Losses And Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2020

Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]

Reconciliation Of Consolidated Reserves For Losses And Loss Adjustment Expenses

The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses.

			Six Months Ended June 30,
(dollars in thousands)			2020						2019
Net reserves for losses and loss adjustment expenses, beginning of year			$	9,475,261					$	9,214,443
Effect of foreign currency rate changes on beginning of year balance			(75,037)						(2,866)
Effect of adoption of ASC 326 (see note 2)			3,849						—
Adjusted net reserves for losses and loss adjustment expenses, beginning of year			9,404,073						9,211,577
Incurred losses and loss adjustment expenses:
Current accident year			2,057,729						1,554,682
Prior accident years			(268,220)						(188,949)
Total incurred losses and loss adjustment expenses			1,789,509						1,365,733
Payments:
Current accident year			217,466						206,461
Prior accident years			1,033,176						1,173,743
Total payments			1,250,642						1,380,204
Effect of foreign currency rate changes on current year activity			(1,997)						760
Net reserves for losses and loss adjustment expenses, end of period			9,940,943						9,197,866
Reinsurance recoverables on unpaid losses			5,304,562						5,137,917
Gross reserves for losses and loss adjustment expenses, end of period			$	15,245,505					$	14,335,783

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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