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Reserve For Losses, LAE And Future Policy Benefit Reserve

3 Months Ended

Mar. 31, 2022

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)	2022		2021
Gross reserves beginning of period	$	19,009,486	$	16,322,143
Less reinsurance recoverables on unpaid losses		(1,946,365)		(1,843,691)
Net reserves beginning of period		17,063,121		14,478,452

Incurred related to:
Current year		1,790,798		1,713,253
Prior years		(935)		(1,834)
Total incurred losses and LAE		1,789,863		1,711,419

Paid related to:
Current year		307,661		215,302
Prior years		918,834		837,035
Total paid losses and LAE		1,226,495		1,052,337

Foreign exchange/translation adjustment		(121,934)		(5,841)

Net reserves end of period		17,504,555		15,131,694
Plus reinsurance recoverables on unpaid losses		1,991,082		1,882,112
Gross reserves end of period	$	19,495,637	$	17,013,806

(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $1.8 billion and $1.7 billion for the three months ended March 31, 2022 and 2021, respectively. Gross and net reserves increased for the three months ended March 31, 2022, reflecting an increase in underlying exposure due to premium growth, partially offset by a reduction of $155.0 million in current year catastrophe losses.