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Unpaid Losses And Loss Adjustment Expenses | 6 Months Ended
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Jun. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] |
Unpaid Losses And Loss Adjustment Expenses | Unpaid 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) | 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 | (41,045) |  |  | 46,000 |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 14,621,709 |  |  | 12,999,014 |
Incurred losses and loss adjustment expenses: |  |  |
Current accident year | 2,741,620 |  |  | 2,500,098 |
Prior accident years | (221,298) |  |  | (139,208) |
Total incurred losses and loss adjustment expenses | 2,520,322 |  |  | 2,360,890 |
Payments: |  |  |
Current accident year | 196,079 |  |  | 164,713 |
Prior accident years | 1,639,765 |  |  | 1,461,051 |
Total payments | 1,835,844 |  |  | 1,625,764 |
Effect of foreign currency rate changes on current year activity | (1,272) |  |  | (2,949) |
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 12) | (25,726) |  |  | (131,874) |
Reinsurance recoverable for retroactive reinsurance transaction | — |  |  | (125,067) |
Net reserves for losses and loss adjustment expenses, end of period | 15,279,189 |  |  | 13,474,250 |
Reinsurance recoverables on unpaid losses | 9,367,429 |  |  | 7,900,563 |
Gross reserves for losses and loss adjustment expenses, end of period | $ | 24,646,618 |  |  | $ | 21,374,813 |
For the six months ended June 30, 2024, prior accident years losses and loss adjustment expenses included $221.3 million of favorable development on prior years loss reserves, which included $190.7 million of favorable development on the Company's international professional liability, marine and energy, credit and surety and general liability product lines within its Insurance segment. For the six months ended June 30, 2023, prior accident years losses and loss adjustment expenses included $139.2 million of favorable development on prior years loss reserves, which included $169.6 million of favorable development on the Company's professional liability, property, marine and energy and workers' compensation product lines within its Insurance segment and $20.9 million of favorable development on the Company's professional liability and property product lines within its Reinsurance segment. Favorable development on prior years loss reserves for the six months ended June 30, 2023 was partially offset by $53.0 million of adverse development on the Company's general liability product lines within its Insurance segment. In March 2023, the Company completed a retroactive reinsurance transaction to cede its portfolio of policies comprised of liabilities for its run-off book of United Kingdom motor casualty business in exchange for payments totaling $125.1 million, which approximated the carrying value of the Company's reserves for losses and loss adjustment expenses on the ceded policies.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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