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Unpaid Losses And Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2024

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.

			Three Months Ended March 31,
(dollars in thousands)			2024						2023
Gross reserves for losses and loss adjustment expenses, beginning of year			$	23,483,321					$	20,947,898
Reinsurance recoverables on unpaid losses, beginning of year			8,820,567						7,994,884
Net reserves for losses and loss adjustment expenses, beginning of year			14,662,754						12,953,014
Effect of foreign currency rate changes on beginning of year balance			(33,620)						36,637
Adjusted net reserves for losses and loss adjustment expenses, beginning of year			14,629,134						12,989,651
Incurred losses and loss adjustment expenses:
Current accident year			1,364,770						1,244,331
Prior accident years			(77,023)						(71,317)
Total incurred losses and loss adjustment expenses			1,287,747						1,173,014
Payments:
Current accident year			75,509						72,167
Prior accident years			819,185						708,115
Total payments			894,694						780,282
Effect of foreign currency rate changes on current year activity			(1,018)						(3,649)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 10)			(16,338)						(115,141)
Reinsurance recoverable for retroactive reinsurance transaction			—						(125,067)
Net reserves for losses and loss adjustment expenses, end of period			15,004,831						13,138,526
Reinsurance recoverables on unpaid losses			9,140,124						8,168,267
Gross reserves for losses and loss adjustment expenses, end of period			$	24,144,955					$	21,306,793

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- References

No definition available.

+ Details

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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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