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Reserve For Losses, LAE And Future Policy Benefit Reserve | 12 Months Ended
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Dec. 31, 2022
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 3. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Reserves for losses and LAE. The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE is summarized for the periods indicated: Years Ended December 31, (Dollars in millions) 2022 2021 2020 Gross reserves beginning of period $ 19,009 $ 16,322 $ 13,531 Less reinsurance recoverables on unpaid losses (1,946) (1,844) (1,641) Net reserves beginning of period 17,063 14,478 11,891 Incurred related to: Current year 8,102 7,400 6,149 Prior years (2) (9) 401 Total incurred losses and LAE 8,100 7,391 6,551 Paid related to: Current year 1,220 2,491 2,046 Prior years 3,740 2,226 2,078 Total paid losses and LAE 4,960 4,717 4,124 Foreign exchange/translation adjustment (243) (89) 161 Net reserves end of period 19,960 17,063 14,478 Plus reinsurance recoverables on unpaid losses 2,105 1,946 1,844 Gross reserves end of period $ 22,065 $ 19,009 $ 16,322 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 8.1 billion, $ 7.4 billion and $ 6.1 billion in 2022, 2021 and 2020, respectively. Gross and net reserves increased in 2022, reflecting an increase in underlying exposure due to earned premium growth, year over year, the impact of $ 45 million of incurred losses related to the Ukraine/Russia war, partially offset by decrease of $ 80 million in 2022 current year catastrophe losses compared to 2021. The war in the Ukraine is ongoing and an evolving event. Economic and legal sanctions have been levied against Russia, specific named individuals and entities connected to the Russian government, as well as businesses located in the Russian Federation and/or owned by Russian nationals by numerous countries, including the United States. The significant political and economic uncertainty surrounding the war and associated sanctions have impacted economic and investment markets both within Russia and around the world. The increase in current year incurred losses from 2020 to 2021 was primarily related to an increase of $ 710 million in current year catastrophe losses and an increase of $ 541 million in current year attritional losses. The increase in current year attritional losses was mainly due to the growth in premiums earned, partially mitigated by $ 511 million of losses related to COVID-19 in 2020 which did not recur in 2021. Incurred prior years losses were $( 2 ) million in 2022, ($ 9 ) million in 2021 and $ 401 million in 2020. The favorable development on prior year reserves of ($ 2 ) million in 2022 is primarily driven by better than expected loss emergence in workers’ compensation and surety lines of business, as well as attritional property. The favorable development on prior year reserves of ($ 9 ) million in 2021 is primarily driven by a commutation and reserve releases within the reinsurance segment. The increase for 2020 primarily related to higher ultimate loss estimates for long-tail casualty business in the reinsurance segment for accident years 2015 to 2018, notably general liability, professional lines, and auto liability. The reserve charge also includes actions on non-CAT property lines, primarily for the 2017 to 2019 accident years and driven by a few large losses to aggregate programs. The following is information about incurred and paid claims development as of December 31, 2022, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2013 to December 31, 2021 is presented as supplementary information. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impractical to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. The following tables present the ultimate loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. Reinsurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 710 $ 801 $ 788 $ 779 $ 748 $ 719 $ 699 $ 699 $ 694 $ 684 $ 11 N/A 2014 762 800 807 783 741 719 732 730 720 13 N/A 2015 777 818 814 811 795 832 832 829 47 N/A 2016 790 865 862 857 933 935 965 91 N/A 2017 870 830 837 918 926 982 132 N/A 2018 1,311 1,309 1,386 1,416 1,485 354 N/A 2019 1,683 1,748 1,751 1,775 727 N/A 2020 1,896 1,867 1,846 1,178 N/A 2021 2,454 2,449 1,829 N/A 2022 2,818 2,133 N/A $ 14,554 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 48 $ 121 $ 211 $ 310 $ 383 $ 489 $ 540 $ 565 $ 593 $ 603 2014 57 122 212 301 426 501 545 585 607 2015 57 157 263 408 497 565 611 647 2016 88 187 320 426 539 614 690 2017 80 185 316 455 575 677 2018 154 284 456 616 803 2019 208 338 511 718 2020 190 300 489 2021 214 318 2022 200 $ 5,754 All outstanding liabilities prior to 2013, net of reinsurance 916 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 9,715 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.9 % 7.8 % 11.7 % 12.7 % 12.5 % 10.2 % 6.8 % 4.5 % 3.6 % 1.5 % Reinsurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 1,275 $ 930 $ 819 $ 763 $ 757 $ 753 $ 760 $ 758 $ 758 $ 757 $ 2 N/A 2014 1,343 1,181 1,030 937 933 937 930 930 928 3 N/A 2015 1,386 1,053 976 950 952 945 946 943 2 N/A 2016 1,695 1,518 1,554 1,548 1,526 1,527 1,523 10 N/A 2017 2,784 3,407 3,518 3,647 3,692 3,703 3 N/A 2018 2,611 2,486 2,488 2,426 2,379 24 N/A 2019 2,038 2,070 2,015 1,899 29 N/A 2020 2,408 2,481 2,425 240 N/A 2021 2,754 2,780 476 N/A 2022 3,257 1,898 N/A $ 20,594 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 375 $ 510 $ 638 $ 693 $ 713 $ 723 $ 732 $ 733 $ 733 $ 735 2014 366 641 769 842 874 884 891 892 893 2015 377 607 759 842 869 891 900 905 2016 469 961 1,249 1,367 1,421 1,441 1,454 2017 819 2,180 2,744 3,130 3,332 3,426 2018 545 1,525 1,878 2,065 2,136 2019 730 1,185 1,505 1,667 2020 584 1,321 1,733 2021 684 1,534 2022 652 $ 15,134 All outstanding liabilities prior to 2013, net of reinsurance 103 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,562 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 27.2 % 31.8 % 16.1 % 8.8 % 4.0 % 2.0 % 0.9 % 0.3 % 0.1 % 0.1 % Insurance – Casualty Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 393 $ 393 $ 393 $ 393 $ 351 $ 344 $ 351 $ 350 $ 350 $ 347 $ 25 $ 22,031 2014 431 457 454 460 396 397 398 397 398 32 26,449 2015 519 527 535 541 467 471 471 477 40 29,020 2016 552 550 579 612 549 538 540 53 34,164 2017 610 600 620 652 628 629 85 38,344 2018 701 705 742 755 769 154 39,029 2019 848 844 876 885 204 42,006 2020 993 1,049 1,043 416 39,545 2021 1,189 1,246 732 44,274 2022 1,367 865 37,739 $ 7,703 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 33 $ 117 $ 176 $ 225 $ 260 $ 286 $ 304 $ 311 $ 317 $ 321 2014 41 125 202 257 297 325 339 350 360 2015 44 135 219 292 353 382 413 435 2016 55 164 268 341 400 443 481 2017 54 172 280 378 453 529 2018 63 207 317 443 594 2019 72 234 397 551 2020 66 236 388 2021 109 261 2022 85 $ 4,003 All outstanding liabilities prior to 2013, net of reinsurance 127 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,828 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.1 % 17.6 % 16.8 % 15.5 % 13.4 % 8.4 % 5.7 % 3.3 % 2.1 % 1.3 % Insurance – Property Business At December 31, 2022 Total of IBNR Liabilities Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in millions) 2013 $ 112 $ 98 $ 91 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ - N/A 2014 132 123 120 119 119 119 119 119 120 1 N/A 2015 173 153 144 146 144 146 146 150 1 N/A 2016 288 274 279 289 292 294 294 - N/A 2017 494 499 492 495 489 504 - N/A 2018 405 400 394 407 422 1 N/A 2019 347 347 351 363 1 N/A 2020 599 507 498 27 N/A 2021 646 579 66 N/A 2022 767 273 N/A $ 3,789 (Some amounts may not reconcile due to rounding.) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in millions) 2013 $ 69 $ 93 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 $ 92 2014 82 116 118 118 118 119 119 119 119 2015 102 141 142 145 146 146 147 147 2016 162 249 271 287 290 293 293 2017 179 423 457 479 496 499 2018 245 357 376 404 418 2019 227 315 339 357 2020 293 416 453 2021 328 473 2022 372 $ 3,223 All outstanding liabilities prior to 2013, net of reinsurance - Liabilities for claims and claim adjustment expenses, net of reinsurance 566 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Loss by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 54.3 % 31.5 % 5.7 % 4.5 % 2.3 % 1.0 % 0.6 % 0.1 % 0.1 % - % Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2022 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 9,715 Reinsurance Property 5,562 Insurance Casualty 3,828 Insurance Property 566 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 19,671 Reinsurance recoverable on unpaid claims Reinsurance Casualty 150 Reinsurance Property 576 Insurance Casualty 1,220 Insurance Property 160 Total reinsurance recoverable on unpaid claims 2,105 Insurance lines other than short-duration - Unallocated claims adjustment expenses 244 Other 45 289 Total gross liability for unpaid claims and claim adjustment expense $ 22,065 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded in the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handle individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. Casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatility than those for the longer tail lines. The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter -Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the management’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted. Certain reserves, including losses from widespread catastrophic events and COVID -19 related losses, cannot be estimated using traditional actuarial methods. These types of events are reserved for separately using a variety of statistical and actuarial techniques. We estimate losses for these types of events based on information derived from catastrophe models, quantitative and qualitative exposure analyses, reports and communications from ceding companies and development patterns for historically similar events, where available. The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from Mt. McKinley Insurance Company’s, a former wholly owned subsidiary that was sold in 2015, direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in millions) 2022 2021 2020 Gross basis: Beginning of period reserves $ 175 $ 219 $ 258 Incurred losses 144 11 2 Paid losses (42) (55) (40) End of period reserves $ 278 $ 175 $ 219 Net basis: Beginning of period reserves $ 156 $ 198 $ 229 Incurred losses 138 - (1) Paid losses (37) (42) (30) End of period reserves $ 257 $ 156 $ 198 (Some amounts may not reconcile due to rounding.) In 2015, the Company sold Mt. McKinley to Clearwater Insurance Company, a subsidiary of Fairfax Financial. Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater Insurance Company. Per the retrocession treaty, the Company retroceded 100 % of the liabilities associated with certain Mt. McKinley policies, which related entirely to A&E business and had been reinsured by Bermuda Re. As consideration for entering into the retrocession treaty, Everest Re Bermuda transferred cash of $ 140 million, an amount equal to the net loss reserves as of the closing date. The maximum liability retroceded under the retrocession treaty will be $ 440 million, equal to the retrocession payment plus $ 300 million. The Company will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty. On December 20, 2019, the retrocession treaty was amended and included a partial commutation. As a result of this amendment and partial commutation, gross A&E reserves and correspondingly reinsurance receivable were reduced by $ 43 million. In addition, the maximum liability permitted to be retroceded increased to $ 450 million. In 2022 the Company posted additional A&E reserves of $ 138 m, following a comprehensive actuarial reserving review. This increase in reserves brings the Company A&E position in line with the overall industry survival ratios. Reinsurance Recoverables. Reinsurance recoverables for both paid and unpaid losses totaled $ 2.2 billion and $ 2.1 billion at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022, $ 520 million, or 23.2 %, was receivable from Mt. Logan Re collateralized segregated accounts; $ 283 million, or 12.6 %, was receivable from Munich Reinsurance America, Inc. and $ 148 million, or 6.6 %, was recoverable from Endurance Reinsurance Corporation of America. No other retrocessionaire accounted for more than 5 % of our receivables. Future Policy Benefit Reserve. Activity in the reserve for future policy benefits is summarized for the periods indicated: At December 31, (Dollars in thousands) 2022 2021 2020 Balance at beginning of year $ 36 $ 38 $ 43 Liabilities assumed - - - Adjustments to reserves (3) 1 (1) Benefits paid in the current year (4) (3) (4) Balance at end of year $ 29 $ 36 $ 38 (Some amounts may not reconcile due to rounding.)

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- Definition Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI https://asc.fasb.org/subtopic&trid=2560295 + Details
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