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Unpaid Losses And Loss Adjustment Expenses
 6 Months Ended
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)20242023
Gross reserves for losses and loss adjustment expenses, beginning of year$23,483,321 $20,947,898 
Reinsurance recoverables on unpaid losses, beginning of year8,820,567 7,994,884 
Net reserves for losses and loss adjustment expenses, beginning of year14,662,754 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 year14,621,709 12,999,014 
Incurred losses and loss adjustment expenses:
Current accident year2,741,620 2,500,098 
Prior accident years(221,298)(139,208)
Total incurred losses and loss adjustment expenses2,520,322 2,360,890 
Payments:
Current accident year196,079 164,713 
Prior accident years1,639,765 1,461,051 
Total payments1,835,844 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 period15,279,189 13,474,250 
Reinsurance recoverables on unpaid losses9,367,429 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.