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Unpaid Losses And Loss Adjustment Expenses (Tables) | 6 Months Ended
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Jun. 30, 2023
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) | 2023 |  | 2022
Gross reserves for losses and loss adjustment expenses, beginning of year | $ | 20,947,898 |  |  | $ | 18,178,894 |
Reinsurance recoverables on unpaid losses, beginning of year | 7,994,884 |  |  | 6,876,317 |
Net reserves for losses and loss adjustment expenses, beginning of year | 12,953,014 |  |  | 11,302,577 |
Effect of foreign currency rate changes on beginning of year balance | 46,000 |  |  | (149,383) |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 12,999,014 |  |  | 11,153,194 |
Incurred losses and loss adjustment expenses: |  |  |
Current accident year | 2,500,098 |  |  | 2,153,910 |
Prior accident years | (139,208) |  |  | (122,728) |
Total incurred losses and loss adjustment expenses | 2,360,890 |  |  | 2,031,182 |
Payments: |  |  |
Current accident year | 164,713 |  |  | 167,262 |
Prior accident years | 1,461,051 |  |  | 1,291,318 |
Total payments | 1,625,764 |  |  | 1,458,580 |
Effect of foreign currency rate changes on current year activity | (2,949) |  |  | 221 |
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 11) | (131,874) |  |  | 465,196 |
Reinsurance recoverable for retroactive reinsurance transaction | (125,067) |  |  | — |
Net reserves for losses and loss adjustment expenses, end of period | 13,474,250 |  |  | 12,191,213 |
Reinsurance recoverables on unpaid losses | 7,900,563 |  |  | 6,871,547 |
Gross reserves for losses and loss adjustment expenses, end of period | $ | 21,374,813 |  |  | $ | 19,062,760 |

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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 + Details
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