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Reserve For Losses, LAE And Future Policy Benefit Reserve

3 Months Ended

Mar. 31, 2021

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

Reserve For Losses LAE And Future Policy Benefit Reserve

4. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE

Activity in the reserve for losses and LAE is summarized for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Gross reserves beginning of period	$	16,398,997	$	13,611,313
Less reinsurance recoverables		(1,843,691)		(1,640,712)
Net reserves beginning of period		14,555,306		11,970,601

Incurred related to:
Current year		1,713,253		1,433,440
Prior years		(1,834)		(2,600)
Total incurred losses and LAE		1,711,419		1,430,840

Paid related to:
Current year		215,302		168,528
Prior years		837,051		907,790
Total paid losses and LAE		1,052,353		1,076,318

Foreign exchange/translation adjustment		(5,841)		(156,565)

Net reserves end of period		15,208,531		12,168,558
Plus reinsurance recoverables		1,882,113		1,651,946
Gross reserves end of period	$	17,090,644	$	13,820,504

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $1,713,253 thousand and $1,433,440 thousand for the three months ended March 31, 2021 and 2020, respectively. The increase in current year incurred losses in 2021 compared to 2020 was primarily due to a $240,000 thousand increase in catastrophe losses and the impact of the increase in premiums earned.