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Unpaid Losses And Loss Adjustment Expenses | 3 Months Ended
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Mar. 31, 2025
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.
| Three Months Ended March 31,
(dollars in thousands) | 2025 |  | 2024
Gross reserves for losses and loss adjustment expenses, beginning of year | $ | 26,633,094 |  |  | $ | 23,483,321 |
Reinsurance recoverables on unpaid losses, beginning of year | 11,120,367 |  |  | 8,820,567 |
Net reserves for losses and loss adjustment expenses, beginning of year | 15,512,727 |  |  | 14,662,754 |
Effect of foreign currency rate changes on beginning of year balance | 56,701 |  |  | (33,620) |
Adjusted net reserves for losses and loss adjustment expenses, beginning of year | 15,569,428 |  |  | 14,629,134 |
Incurred losses and loss adjustment expenses: |  |  |
Current accident year | 1,404,772 |  |  | 1,364,770 |
Prior accident years | (150,107) |  |  | (77,023) |
Total incurred losses and loss adjustment expenses | 1,254,665 |  |  | 1,287,747 |
Payments: |  |  |
Current accident year | 50,284 |  |  | 75,509 |
Prior accident years | 901,098 |  |  | 819,185 |
Total payments | 951,382 |  |  | 894,694 |
Effect of foreign currency rate changes on current year activity | 54 |  |  | (1,018) |
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re | (121) |  |  | (16,338) |
Net reserves for losses and loss adjustment expenses, end of period | 15,872,644 |  |  | 15,004,831 |
Reinsurance recoverables on unpaid losses | 12,015,613 |  |  | 9,140,124 |
Gross reserves for losses and loss adjustment expenses, end of period | $ | 27,888,257 |  |  | $ | 24,144,955 |
For the three months ended March 31, 2025, current accident year losses and loss adjustment expenses included $66.1 million of net losses and loss adjustment expenses attributed to the series of wildfires that occurred in southern California in January 2025 (California Wildfires). The net losses and loss adjustment expenses attributed to the California Wildfires as of March 31, 2025 represent the Company's best estimate based upon information currently available. This loss estimate was based on claims received, policy level reviews and an analysis of ceded reinsurance contracts. The Company's estimate is based on various assumptions about coverage and liability and is therefore subject to change. While the Company believes its net reserves for the California Wildfires as of March 31, 2025 are adequate, it continues to closely monitor reported claims and may adjust the estimate of ultimate net losses as new information becomes available. For the three months ended March 31, 2025, prior accident years losses and loss adjustment expenses included $150.1 million of favorable development on prior years loss reserves, which included $109.2 million of favorable development on the Company's professional liability and general liability product lines across both its underwriting segments. For the three months ended March 31, 2024, prior accident years losses and loss adjustment expenses included $77.0 million of favorable development on prior years loss reserves, which included $64.8 million of favorable development on the Company's international professional liability and marine and energy product lines within its Insurance segment.

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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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