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Reserve For Losses, LAE And Future Policy Benefit Reserve

9 Months Ended

Sep. 30, 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:

	Nine Months Ended
	September 30,
(Dollars in thousands)	2021		2020
Gross reserves beginning of period	$	16,398,997	$	13,611,313
Less reinsurance recoverables on unpaid losses		(1,843,691)		(1,640,712)
Net reserves beginning of period		14,555,306		11,970,601

Incurred related to:
Current year		5,577,911		4,572,640
Prior years		(6,050)		1,426
Total incurred losses and LAE		5,571,861		4,574,066

Paid related to:
Current year		1,375,665		1,015,538
Prior years		1,786,393		2,042,712
Total paid losses and LAE		3,162,058		3,058,250

Foreign exchange/translation adjustment		(41,000)		(28,024)

Net reserves end of period		16,924,109		13,458,393
Plus reinsurance recoverables on unpaid losses		2,032,844		1,774,732
Gross reserves end of period	$	18,956,953	$	15,233,125

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $5,577.9 million and $4,572.6 million for the nine months ended September 30, 2021 and 2020, respectively. Gross and net reserves increased for the nine months ended September 30, 2021, reflecting an increase in underlying exposure due to premium growth and catastrophe losses of $1,010.0 million and $355.0 million for the nine months ended September 30, 2021 and 2020, respectively. In addition, current year incurred losses for the nine months ended September 30, 2020 included $434.9 million of losses associated with the COVID-19 Pandemic which did not recur in 2021.