XML 18 R35.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables)
12 Months Ended
Dec. 31, 2019
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract]  
Summary Of Activity In The Reserve For Losses And LAE

 

Years Ended December 31,

(Dollars in thousands)

2019

 

2018

 

2017

Gross reserves beginning of period

$

13,119,090

 

$

11,884,321

 

 

10,312,313

Less reinsurance recoverables

 

(1,619,641)

 

 

(1,212,649)

 

 

(990,862)

Net reserves beginning of period

 

11,499,449

 

 

10,671,672

 

 

9,321,451

 

 

 

 

 

 

 

 

 

Incurred related to:

 

 

 

 

 

 

 

 

Current year

 

4,986,456

 

 

5,264,327

 

 

4,815,967

Prior years

 

(63,558)

 

 

387,076

 

 

(293,386)

Total incurred losses and LAE

 

4,922,898

 

 

5,651,403

 

 

4,522,581

 

 

 

 

 

 

 

 

 

Paid related to:

 

 

 

 

 

 

 

 

Current year

 

2,042,246

 

 

1,700,765

 

 

1,280,605

Prior years

 

2,460,825

 

 

3,011,175

 

 

2,062,634

Total paid losses and LAE

 

4,503,071

 

 

4,711,940

 

 

3,343,239

 

 

 

 

 

 

 

 

 

Foreign exchange/translation adjustment

 

51,325

 

 

(111,686)

 

 

170,879

 

 

 

 

 

 

 

 

 

Net reserves end of period

 

11,970,601

 

 

11,499,449

 

 

10,671,672

Plus reinsurance recoverables

 

1,640,712

 

 

1,619,641

 

 

1,212,649

Gross reserves end of period

$

13,611,313

 

$

13,119,090

 

 

11,884,321

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

Ultimate Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance

U.S. Reinsurance – Casualty Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

401,018

 

$

395,794

 

$

329,084

 

$

325,134

 

$

321,099

 

$

320,958

 

$

324,139

 

$

312,483

 

 

1,539

 

 

N/A

2013

 

 

 

 

310,935

 

 

388,323

 

 

385,643

 

 

388,287

 

 

372,409

 

 

362,781

 

 

355,118

 

 

3,851

 

 

N/A

2014

 

 

 

 

 

 

 

367,492

 

 

383,657

 

 

392,379

 

 

375,404

 

 

357,608

 

 

351,033

 

 

2,232

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

326,346

 

 

354,265

 

 

352,983

 

 

350,790

 

 

337,332

 

 

10,184

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

330,362

 

 

354,822

 

 

355,804

 

 

343,004

 

 

56,353

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

346,836

 

 

347,147

 

 

342,896

 

 

105,550

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

484,218

 

 

472,532

 

 

259,800

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

767,529

 

 

488,182

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,281,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

9,986

 

$

38,496

 

$

82,995

 

$

143,510

 

$

187,286

 

$

218,653

 

$

272,046

 

$

286,409

2013

 

 

 

 

14,842

 

 

48,929

 

 

108,801

 

 

170,868

 

 

211,273

 

 

285,756

 

 

310,168

2014

 

 

 

 

 

 

 

18,809

 

 

54,255

 

 

110,249

 

 

164,552

 

 

254,077

 

 

294,533

2015

 

 

 

 

 

 

 

 

 

 

19,902

 

 

53,621

 

 

107,458

 

 

206,397

 

 

257,511

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

18,927

 

 

58,310

 

 

137,219

 

 

193,804

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,800

 

 

73,023

 

 

142,335

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63,140

 

 

104,690

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

103,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,692,901

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

607,385

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

$

2,196,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

U.S. Reinsurance – Property Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

937,720

 

$

723,851

 

$

723,151

 

$

715,961

 

$

713,237

 

$

706,782

 

$

692,079

 

$

694,576

 

 

1,112

 

 

N/A

2013

 

 

 

 

622,108

 

 

405,338

 

 

352,687

 

 

314,637

 

 

310,942

 

 

308,557

 

 

310,199

 

 

1,099

 

 

N/A

2014

 

 

 

 

 

 

 

603,258

 

 

516,189

 

 

437,409

 

 

402,129

 

 

396,641

 

 

397,683

 

 

2,674

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

673,913

 

 

534,178

 

 

476,348

 

 

451,694

 

 

456,195

 

 

5,655

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

972,881

 

 

816,765

 

 

797,339

 

 

788,551

 

 

10,293

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,564,165

 

 

2,117,747

 

 

2,231,384

 

 

16,538

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,728,705

 

 

1,572,138

 

 

88,063

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

970,831

 

 

329,576

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,421,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

(unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

242,315

 

$

402,305

 

$

520,244

 

$

598,289

 

$

621,013

 

$

646,572

 

$

651,550

 

$

666,768

2013

 

 

 

 

234,464

 

 

250,850

 

 

269,014

 

 

289,130

 

 

296,074

 

 

300,708

 

 

302,756

2014

 

 

 

 

 

 

 

189,598

 

 

289,430

 

 

338,030

 

 

362,825

 

 

373,060

 

 

375,988

2015

 

 

 

 

 

 

 

 

 

 

225,655

 

 

320,310

 

 

378,235

 

 

405,614

 

 

419,757

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

291,462

 

 

582,985

 

 

681,502

 

 

735,678

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

545,551

 

 

1,422,328

 

 

1,744,822

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

409,225

 

 

1,064,431

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

568,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,878,758

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

 

 

 

29,929

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

 

 

 

$

1,572,727

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

International – Casualty Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

224,614

 

$

146,421

 

$

135,234

 

$

135,230

 

$

117,350

 

$

118,941

 

$

116,283

 

 

101,872

 

 

6,225

 

 

N/A

2013

 

 

 

 

184,497

 

 

168,277

 

 

164,973

 

 

144,869

 

 

141,645

 

 

138,355

 

 

130,124

 

 

13,641

 

 

N/A

2014

 

 

 

 

 

 

 

195,753

 

 

187,451

 

 

168,865

 

 

166,576

 

 

166,605

 

 

158,117

 

 

27,302

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

193,714

 

 

179,392

 

 

172,811

 

 

172,061

 

 

167,290

 

 

30,299

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

184,267

 

 

180,284

 

 

177,979

 

 

178,255

 

 

46,648

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

191,492

 

 

139,214

 

 

150,276

 

 

48,308

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

309,673

 

 

319,752

 

 

148,582

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

291,237

 

 

189,506

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,496,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

18,875

 

$

30,090

 

$

46,015

 

$

56,420

 

$

66,234

 

$

76,921

 

$

83,253

 

$

88,278

2013

 

 

 

 

17,865

 

 

41,481

 

 

54,619

 

 

67,605

 

 

75,964

 

 

86,851

 

 

95,799

2014

 

 

 

 

 

 

 

25,910

 

 

44,805

 

 

62,508

 

 

73,955

 

 

86,607

 

 

99,522

2015

 

 

 

 

 

 

 

 

 

 

24,237

 

 

48,806

 

 

69,674

 

 

82,465

 

 

96,180

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

26,446

 

 

50,824

 

 

70,108

 

 

87,191

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,541

 

 

52,774

 

 

77,614

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,962

 

 

97,222

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

694,615

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

116,104

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

$

918,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

International – Property Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

437,946

 

$

397,747

 

$

338,496

 

$

346,116

 

$

342,251

 

$

340,618

 

$

344,626

 

$

358,428

 

 

754

 

 

N/A

2013

 

 

 

 

473,767

 

 

413,959

 

 

374,216

 

 

366,182

 

 

365,106

 

 

362,370

 

 

369,876

 

 

920

 

 

N/A

2014

 

 

 

 

 

 

 

589,489

 

 

541,484

 

 

497,317

 

 

443,210

 

 

445,914

 

 

446,412

 

 

3,613

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

545,360

 

 

393,027

 

 

388,795

 

 

384,816

 

 

385,980

 

 

4,466

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

539,447

 

 

543,428

 

 

593,567

 

 

595,512

 

 

15,930

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

857,100

 

 

954,835

 

 

970,874

 

 

15,997

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

544,258

 

 

574,521

 

 

84,717

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

879,698

 

 

389,242

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,581,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

126,001

 

$

230,203

 

$

279,611

 

$

303,002

 

$

311,706

 

$

319,112

 

$

324,936

 

$

355,887

2013

 

 

 

 

121,461

 

 

246,893

 

 

294,024

 

 

325,155

 

 

337,087

 

 

341,831

 

 

354,102

2014

 

 

 

 

 

 

 

162,647

 

 

295,731

 

 

360,679

 

 

392,731

 

 

410,715

 

 

416,735

2015

 

 

 

 

 

 

 

 

 

 

127,511

 

 

235,921

 

 

299,773

 

 

334,271

 

 

345,693

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

159,425

 

 

316,190

 

 

447,094

 

 

481,029

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

247,895

 

 

641,832

 

 

773,790

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,429

 

 

330,681

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

151,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,209,811

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

54,040

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

$

1,425,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Bermuda – Casualty Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

284,509

 

$

262,122

 

$

240,949

 

$

230,441

 

$

236,883

 

$

237,315

 

$

241,312

 

$

241,631

 

 

30,273

 

 

N/A

2013

 

 

 

 

228,258

 

 

258,432

 

 

252,704

 

 

261,259

 

 

250,627

 

 

234,668

 

 

230,654

 

 

33,689

 

 

N/A

2014

 

 

 

 

 

 

 

211,439

 

 

244,163

 

 

261,523

 

 

257,904

 

 

234,196

 

 

226,434

 

 

48,168

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

273,468

 

 

301,791

 

 

307,957

 

 

308,042

 

 

309,983

 

 

82,925

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

292,353

 

 

351,182

 

 

349,522

 

 

357,169

 

 

114,651

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

354,391

 

 

365,767

 

 

365,823

 

 

181,139

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

547,267

 

 

546,367

 

 

376,744

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

667,150

 

 

551,529

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,945,212

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

12,864

 

$

29,660

 

$

51,278

 

$

75,680

 

$

102,019

 

$

130,159

 

$

149,629

 

$

164,775

2013

 

 

 

 

16,996

 

 

33,951

 

 

52,270

 

 

77,270

 

 

102,866

 

 

124,708

 

 

144,010

2014

 

 

 

 

 

 

 

13,580

 

 

24,915

 

 

42,872

 

 

67,716

 

 

91,981

 

 

115,098

2015

 

 

 

 

 

 

 

 

 

 

13,643

 

 

58,956

 

 

93,220

 

 

127,930

 

 

153,080

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

45,671

 

 

84,152

 

 

121,553

 

 

155,397

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,904

 

 

64,197

 

 

103,915

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,678

 

 

93,727

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

991,242

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

 

 

 

356,351

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

 

 

 

$

2,310,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

Bermuda – Property Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

238,152

 

$

180,775

 

$

119,168

 

$

117,221

 

$

117,909

 

$

118,999

 

$

117,734

 

$

120,824

 

 

593

 

 

N/A

2013

 

 

 

 

217,531

 

 

142,666

 

 

124,191

 

 

115,029

 

 

114,252

 

 

114,800

 

 

112,900

 

 

272

 

 

N/A

2014

 

 

 

 

 

 

 

186,492

 

 

164,139

 

 

138,381

 

 

134,776

 

 

137,389

 

 

136,813

 

 

1,092

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

192,520

 

 

157,711

 

 

143,625

 

 

146,196

 

 

143,266

 

 

2,204

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

206,279

 

 

181,593

 

 

186,735

 

 

187,607

 

 

4,619

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

393,969

 

 

365,405

 

 

346,472

 

 

10,115

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

394,542

 

 

396,488

 

 

85,786

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343,602

 

 

184,640

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,787,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

45,573

 

$

85,175

 

$

90,147

 

$

108,172

 

$

111,772

 

$

113,508

 

$

113,816

 

$

116,429

2013

 

 

 

 

34,745

 

 

64,560

 

 

101,614

 

 

108,535

 

 

110,378

 

 

111,655

 

 

111,833

2014

 

 

 

 

 

 

 

32,813

 

 

86,611

 

 

106,564

 

 

126,552

 

 

129,891

 

 

131,455

2015

 

 

 

 

 

 

 

 

 

 

33,814

 

 

73,041

 

 

109,401

 

 

131,387

 

 

134,862

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

26,737

 

 

78,499

 

 

130,319

 

 

167,562

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,106

 

 

137,127

 

 

250,661

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,580

 

 

170,831

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,150,003

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

26,236

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

$

664,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Insurance – Casualty Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

349,597

 

$

351,402

 

$

346,953

 

$

348,180

 

$

353,320

 

$

343,931

 

$

346,882

 

$

351,320

 

 

20,199

 

 

15,769

2013

 

 

 

 

393,539

 

 

393,390

 

 

392,827

 

 

393,035

 

 

351,295

 

 

344,388

 

 

350,815

 

 

23,120

 

 

21,350

2014

 

 

 

 

 

 

 

431,068

 

 

457,043

 

 

454,576

 

 

460,642

 

 

397,061

 

 

397,834

 

 

38,872

 

 

25,188

2015

 

 

 

 

 

 

 

 

 

 

519,509

 

 

528,050

 

 

535,671

 

 

542,176

 

 

468,584

 

 

54,740

 

 

26,896

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

553,437

 

 

551,321

 

 

580,323

 

 

615,168

 

 

166,117

 

 

31,517

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

612,967

 

 

602,985

 

 

625,039

 

 

226,898

 

 

34,701

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

705,789

 

 

711,001

 

 

353,806

 

 

33,817

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

850,832

 

 

653,255

 

 

30,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,370,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

33,185

 

$

101,288

 

$

157,897

 

$

213,451

 

$

246,407

 

$

272,055

 

$

294,380

 

$

306,833

2013

 

 

 

 

33,311

 

 

117,037

 

 

176,312

 

 

224,611

 

 

260,184

 

 

285,822

 

 

303,726

2014

 

 

 

 

 

 

 

41,190

 

 

124,915

 

 

201,646

 

 

256,807

 

 

297,644

 

 

325,856

2015

 

 

 

 

 

 

 

 

 

 

44,311

 

 

134,730

 

 

218,853

 

 

291,943

 

 

353,232

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

54,731

 

 

164,225

 

 

268,909

 

 

342,325

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,898

 

 

172,200

 

 

280,797

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63,492

 

 

208,081

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,193,224

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

 

 

 

300,347

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

 

 

 

$

2,477,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

Insurance – Property Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBNR Liabilites

 

 

 

Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance

 

Plus Expected

 

 

 

Years Ended December 31,

 

Development

 

Cumulative

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

on Reported

 

Number of

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Claims

 

Reported Claims

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

106,325

 

$

89,000

 

$

81,747

 

$

82,448

 

$

82,019

 

$

81,802

 

$

81,979

 

$

82,526

 

 

68

 

 

N/A

2013

 

 

 

 

112,037

 

 

98,106

 

 

91,251

 

 

92,144

 

 

92,233

 

 

92,393

 

 

92,246

 

 

471

 

 

N/A

2014

 

 

 

 

 

 

 

131,679

 

 

123,668

 

 

119,928

 

 

119,464

 

 

119,282

 

 

119,413

 

 

407

 

 

N/A

2015

 

 

 

 

 

 

 

 

 

 

172,904

 

 

152,895

 

 

143,944

 

 

146,780

 

 

144,769

 

 

405

 

 

N/A

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

290,264

 

 

275,154

 

 

280,170

 

 

291,672

 

 

736

 

 

N/A

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

496,905

 

 

501,407

 

 

494,844

 

 

13,043

 

 

N/A

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

407,855

 

 

401,900

 

 

14,862

 

 

N/A

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

348,590

 

 

81,655

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,975,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

Years Ended December 31,

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

Accident Year

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

$

56,504

 

$

81,772

 

$

80,469

 

$

81,749

 

$

81,891

 

$

81,682

 

$

81,820

 

$

82,457

2013

 

 

 

 

68,695

 

 

93,110

 

 

91,841

 

 

92,110

 

 

91,720

 

 

91,759

 

 

91,777

2014

 

 

 

 

 

 

 

81,827

 

 

116,037

 

 

118,220

 

 

118,211

 

 

118,545

 

 

118,660

2015

 

 

 

 

 

 

 

 

 

 

102,170

 

 

141,280

 

 

142,437

 

 

145,225

 

 

146,719

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

162,548

 

 

249,517

 

 

271,938

 

 

289,194

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

178,666

 

 

424,181

 

 

458,811

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

244,772

 

 

358,324

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

227,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,773,329

All outstanding liabilities prior to 2012, net of reinsurance

 

 

 

 

 

 

 

 

644

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

 

 

 

 

$

203,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance

U.S. Reinsurance – Casualty Business

 

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Casualty

 

8.4

%

 

10.3

%

 

17.7

%

 

19.6

%

 

16.6

%

 

14.4

%

 

11.7

%

 

4.6

%

U.S. Reinsurance – Property Business

 

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Property

 

36.5

%

 

34.0

%

 

13.6

%

 

7.7

%

 

2.9

%

 

2.4

%

 

0.7

%

 

2.2

%

International – Casualty Business

 

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Casualty

 

16.7

%

 

13.9

%

 

12.6

%

 

8.8

%

 

8.0

%

 

8.8

%

 

6.6

%

 

4.9

%

International – Property Business

 

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Property

 

25.9

%

 

34.1

%

 

15.6

%

 

7.2

%

 

3.2

%

 

1.5

%

 

2.5

%

 

8.6

%

Bermuda – Casualty Business

 

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Casualty

 

7.8

%

 

9.7

%

 

9.8

%

 

10.5

%

 

10.0

%

 

10.5

%

 

8.2

%

 

6.3

%

Bermuda – Property Business

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

 

4

 

5

 

6

 

 

7

 

8

Property

 

19.6

%

 

28.5

%

 

25.2

%

 

14.9

%

 

2.4

%

 

1.2

%

 

0.2

%

 

2.2

%

Insurance – Casualty Business

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Casualty

 

9.1

%

 

19.8

%

 

17.4

%

 

14.0

%

 

10.9

%

 

7.2

%

 

6.7

%

 

3.3

%

Insurance – Property Business

 

 

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

Property

 

56.8

%

 

35.0

%

 

4.7

%

 

3.0

%

 

0.4

%

 

-

%

 

0.1

%

 

-

%

Reconciliation of the Net Incurred and Paid Claims Development

 

December 31, 2019

(Dollars in thousands)

 

 

Net outstanding liabilities

 

 

U.S. Reinsurance Casualty

$

2,196,410

U.S. Reinsurance Property

 

1,572,727

International Casualty

 

918,411

International Property

 

1,425,530

Bermuda Casualty

 

2,310,321

Bermuda Property

 

664,204

Insurance Casualty

 

2,477,716

Insurance Property

 

203,277

Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance

 

11,768,596

 

 

 

Reinsurance recoverable on unpaid claims

 

 

U.S. Reinsurance Casualty

 

363,925

U.S. Reinsurance Property

 

207,967

International Casualty

 

91,193

International Property

 

149,803

Bermuda Casualty

 

9,975

Bermuda Property

 

68,639

Insurance Casualty

 

631,827

Insurance Property

 

117,382

Total reinsurance recoverable on unpaid claims

 

1,640,712

 

 

 

Insurance lines other than short-duration

 

-

Unallocated claims adjustment expenses

 

163,563

Other

 

38,442

 

 

202,005

 

 

 

Total gross liability for unpaid claims and claim adjustment expense

$

13,611,313

 

 

 

(Some amounts may not reconcile due to rounding.)

Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis

 

At December 31,

(Dollars in thousands)

2019

 

2018

 

2017

Gross basis:

 

 

 

 

 

 

 

 

Beginning of period reserves

$

347,495

 

$

448,994

 

$

441,111

Incurred losses

 

2,070

 

 

(2,473)

 

 

90,009

Paid losses

 

(91,644)

 

 

(99,026)

 

 

(82,126)

End of period reserves

$

257,921

 

$

347,495

 

$

448,994

 

 

 

 

 

 

 

 

 

Net basis:

 

 

 

 

 

 

 

 

Beginning of period reserves

$

261,456

 

$

318,081

 

$

319,072

Incurred losses

 

-

 

 

-

 

 

37,137

Paid losses

 

(32,756)

 

 

(56,624)

 

 

(38,128)

End of period reserves

$

228,701

 

$

261,456

 

$

318,081

Summary Of Activity In The Reserve For Future Policy Benefits

 

At December 31,

(Dollars in thousands)

2019

 

2018

 

2017

Balance at beginning of year

$

46,778

 

$

51,014

 

$

55,074

Liabilities assumed

 

53

 

 

110

 

 

115

Adjustments to reserves

 

350

 

 

806

 

 

(437)

Benefits paid in the current year

 

(4,589)

 

 

(5,151)

 

 

(3,738)

Balance at end of year

$

42,592

 

$

46,778

 

$

51,014

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)