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Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020			2019			2018
Gross reserves beginning of period	$	13,611,313		$	13,119,090			11,884,321
Less reinsurance recoverables		(1,640,712)			(1,619,641)			(1,212,649)
Net reserves beginning of period		11,970,601			11,499,449			10,671,672
Incurred related to:
Current year		6,149,410			4,986,456			5,264,327
Prior years		401,427			(63,558)			387,076
Total incurred losses and LAE		6,550,837			4,922,898			5,651,403
Paid related to:
Current year		2,046,260			2,042,246			1,700,765
Prior years		2,080,816			2,460,825			3,011,175
Total paid losses and LAE		4,127,076			4,503,071			4,711,940
Foreign exchange/translation adjustment		160,944			51,325			(111,686)
Net reserves end of period		14,555,306			11,970,601			11,499,449
Plus reinsurance recoverables		1,843,691			1,640,712			1,619,641
Gross reserves end of period	$	16,398,997		$	13,611,313			13,119,090
(Some amounts may not reconcile due to rounding.)

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

Reinsurance – Casualty Business

																													At December 31, 2020
																													Total of
																													IBNR Liabilities
		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			2020			on Reported			Number of
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)						Claims			Reported Claims
(Dollars in thousands)
2012		$	917,560		$	811,282		$	712,407		$	698,212		$	682,333		$	684,537		$	689,068		$	663,308		$	641,893			43,700			N/A
2013						730,202			821,395			809,631			800,451			770,745			741,873			721,961			721,902			56,597			N/A
2014									780,730			820,870			828,341			805,087			763,611			740,786			753,967			72,825			N/A
2015												805,551			845,303			840,659			837,802			821,513			858,157			113,144			N/A
2016															818,293			895,558			892,576			887,698			963,300			195,650			N/A
2017																		903,896			863,306			870,174			951,461			319,560			N/A
2018																					1,356,788			1,354,279			1,431,276			639,205			N/A
2019																								1,740,245			1,810,434			1,118,428			N/A
2020																											1,963,469			1,497,536			N/A
																										$	10,095,859
(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			2020
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
(Dollars in thousands)
2012		$	42,576			99,763			182,550			278,492			358,953			429,165			509,020			543,688			555,736
2013						50,506			125,739			217,243			317,744			392,503			500,316			552,824			579,350
2014									58,833			124,433			216,441			307,587			434,450			511,143			557,209
2015												58,406			165,005			273,896			421,223			511,414			581,942
2016															94,154			196,746			333,163			441,325			558,379
2017																		83,286			192,547			327,625			475,472
2018																					159,215			299,369			465,181
2019																								219,229			354,292
2020																											194,704
																										$	4,322,265
All outstanding liabilities prior to 2012, net of reinsurance																											940,597
Liabilities for claims and claim adjustment expenses, net of reinsurance																										$	6,714,191
(Some amounts may not reconcile due to rounding.)

  Reinsurance – Property Business

																													At December 31, 2020
																													Total of
																													IBNR Liabilities
		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			2020			on Reported			Number of
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)						Claims			Reported Claims
(Dollars in thousands)
2012		$	1,625,024			1,311,752			1,188,304			1,187,096			1,181,200			1,174,224			1,162,252			1,181,653			1,184,476			7,419			N/A
2013						1,326,814			969,175			857,241			801,457			795,978			791,400			798,652			797,047			1,722			N/A
2014									1,388,249			1,230,656			1,080,269			987,401			987,230			988,193			980,449			3,325			N/A
2015												1,420,523			1,090,474			1,014,531			988,469			991,202			983,478			2,384			N/A
2016															1,730,936			1,557,262			1,593,116			1,587,145			1,564,702			20,676			N/A
2017																		2,825,218			3,447,971			3,558,713			3,687,487			28,865			N/A
2018																					2,684,311			2,559,953			2,561,852			121,379			N/A
2019																								2,165,898			2,192,239			434,700			N/A
2020																											2,487,352			1,341,994			N/A
																											16,439,082
(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			2020
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
(Dollars in thousands)
2012		$	417,397			723,394			896,372			1,016,689			1,051,968			1,086,813			1,098,004			1,120,273			1,126,302
2013						394,228			567,616			670,369			728,570			749,345			759,925			768,490			770,215
2014									388,263			678,897			812,441			889,561			921,183			931,451			937,437
2015												390,284			633,428			792,018			876,356			905,281			926,388
2016															480,453			986,043			1,269,622			1,394,284			1,447,824
2017																		835,042			2,207,048			2,775,818			3,161,267
2018																					576,573			1,579,781			1,969,117
2019																								770,686			1,250,409
2020																											616,160
																											12,205,119
All outstanding liabilities prior to 2012, net of reinsurance																											105,209
Liabilities for claims and claim adjustment expenses, net of reinsurance																											4,339,172
(Some amounts may not reconcile due to rounding.)

Insurance – Casualty Business

																													At December 31, 2020
																													Total of
																													IBNR Liabilities
		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			2020			on Reported			Number of
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)						Claims			Reported Claims
(Dollars in thousands)
2012		$	349,724			351,529			347,068			348,262			353,395			344,008			346,983			351,444			353,945			11,283			15,780
2013						393,710			393,539			392,976			393,148			351,399			344,498			350,947			349,985			20,093			21,385
2014									431,323			457,296			454,827			460,888			397,334			398,153			399,048			38,361			25,221
2015												519,917			528,517			536,155			542,687			469,132			472,125			80,007			26,996
2016															554,253			552,192			581,273			617,051			554,621			138,312			31,673
2017																		614,949			605,062			628,149			660,114			180,513			35,020
2018																					708,808			715,008			754,053			275,213			34,884
2019																								852,767			856,466			444,603			37,597
2020																											990,982			649,288			26,068
																											5,391,340
(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			2020
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
(Dollars in thousands)
2012		$	33,194			101,301			157,924			213,488			246,455			272,114			294,444			306,937			311,865
2013						33,314			117,046			176,326			224,633			260,223			285,873			303,786			310,928
2014									41,194			124,937			201,689			256,886			297,762			326,011			339,487
2015												44,317			134,761			218,990			292,115			353,445			382,748
2016															54,740			164,384			269,163			343,020			402,693
2017																		53,922			172,476			281,500			381,442
2018																					63,614			208,531			319,858
2019																								72,399			235,087
2020																											63,878
																											2,747,987
All outstanding liabilities prior to 2012, net of reinsurance																											224,752
Liabilities for claims and claim adjustment expenses, net of reinsurance																										$	2,868,104
(Some amounts may not reconcile due to rounding.)

Insurance – Property Business

																													At December 31, 2020
																													Total of
																													IBNR Liabilities
		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			2020			on Reported			Number of
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)						Claims			Reported Claims
(Dollars in thousands)
2012		$	106,364			89,039			81,774			82,476			82,045			81,828			82,006			82,553			82,614			1			N/A
2013						112,083			98,206			91,336			92,224			92,313			92,473			92,328			91,895			29			N/A
2014									131,754			123,745			119,991			119,525			119,346			119,483			119,139			57			N/A
2015												173,062			153,031			144,084			146,934			144,923			146,630			286			N/A
2016															291,370			275,812			280,872			292,986			295,364			308			N/A
2017																		498,359			502,935			496,583			499,724			6,358			N/A
2018																					409,527			403,294			398,616			5,436			N/A
2019																								349,177			352,038			14,100			N/A
2020																											623,267			255,707			N/A
																											2,609,287
(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			2020
Accident Year		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
(Dollars in thousands)
2012		$	56,506			81,798			80,496			81,777			81,918			81,708			81,847			82,483			82,613
2013						68,712			93,181			91,921			92,191			91,800			91,840			91,857			91,866
2014									81,853			116,090			118,278			118,271			118,606			118,726			118,801
2015												102,241			141,396			142,563			145,371			146,870			146,958
2016															162,916			250,073			272,583			290,476			293,457
2017																		179,432			425,607			460,412			483,178
2018																					245,944			359,452			379,937
2019																								227,639			317,960
2020																											293,269
																											2,208,038
All outstanding liabilities prior to 2012, net of reinsurance																											39
Liabilities for claims and claim adjustment expenses, net of reinsurance																										$	401,287
(Some amounts may not reconcile due to rounding.)

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

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			9
Casualty		9.5	%		9.7	%		12.9	%		14.1	%		12.4	%		10.9	%		8.4	%		4.5	%		1.9	%

  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			9
Property		29.6	%		31.3	%		15.4	%		9.2	%		3.1	%		1.9	%		0.9	%		1.2	%		0.5	%

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			9
Casualty		8.5	%		19.6	%		17.0	%		14.6	%		10.8	%		6.9	%		4.9	%		2.8	%		1.4	%

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			9
Property		54.4	%		33.2	%		4.8	%		3.6	%		2.8	%		-	%		0.6	%		0.4	%		0.2	%

Reconciliation of the Net Incurred and Paid Claims Development

	December 31, 2020
(Dollars in thousands)
Net outstanding liabilities
Reinsurance Casualty	$	6,714,191
Reinsurance Property		4,339,172
Insurance Casualty		2,868,104
Insurance Property		401,287
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance		14,322,754
Reinsurance recoverable on unpaid claims
Reinsurance Casualty		399,865
Reinsurance Property		456,062
Insurance Casualty		818,701
Insurance Property		169,062
Total reinsurance recoverable on unpaid claims		1,843,691
Insurance lines other than short-duration		-
Unallocated claims adjustment expenses		194,111
Other		38,441
		232,552
Total gross liability for unpaid claims and claim adjustment expense	$	16,398,997
(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)	2020			2019			2018
Gross basis:
Beginning of period reserves	$	257,921		$	347,495		$	448,994
Incurred losses		1,540			2,070			(2,473)
Paid losses		(40,120)			(91,644)			(99,026)
End of period reserves	$	219,341		$	257,921		$	347,495
Net basis:
Beginning of period reserves	$	228,701		$	261,456		$	318,081
Incurred losses		(772)			-			-
Paid losses		(29,674)			(32,756)			(56,624)
End of period reserves	$	198,255		$	228,701		$	261,456

Summary Of Activity In The Reserve For Future Policy Benefits

	At December 31,
(Dollars in thousands)	2020			2019			2018
Balance at beginning of year	$	42,592		$	46,778		$	51,014
Liabilities assumed		35			53			110
Adjustments to reserves		(1,113)			350			806
Benefits paid in the current year		(3,791)			(4,589)			(5,151)
Balance at end of year	$	37,723		$	42,592		$	46,778
(Some amounts may not reconcile due to rounding.)

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- Definition

Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract]

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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.

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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

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