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RESERVE FOR LOSSES AND LAE (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Schedule of Roll Forward of the Company’s Beginning and Ending Reserve for Losses and LAE | The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:
| Years Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Gross reserves beginning of period | $ | 22,065 |  |  | $ | 19,009 |  |  | $ | 16,322 |
Less reinsurance recoverables on unpaid losses | (2,105) |  |  | (1,946) |  |  | (1,844) |
Net reserves beginning of period | 19,960 |  |  | 17,063 |  |  | 14,478 |
Incurred related to: |  |  |  |  |
Current year | 8,432 |  |  | 8,102 |  |  | 7,400 |
Prior years | (5) |  |  | (2) |  |  | (9) |
Total incurred losses and LAE | 8,427 |  |  | 8,100 |  |  | 7,391 |
Paid related to: |  |  |  |  |
Current year | 1,379 |  |  | 1,220 |  |  | 2,491 |
Prior years | 4,731 |  |  | 3,740 |  |  | 2,226 |
Total paid losses and LAE | 6,110 |  |  | 4,960 |  |  | 4,717 |
Foreign exchange/translation adjustment | 229 |  |  | (243) |  |  | (89) |
Net reserves end of period | 22,506 |  |  | 19,960 |  |  | 17,063 |
Plus reinsurance recoverables on unpaid losses | 2,098 |  |  | 2,105 |  |  | 1,946 |
Gross reserves end of period | $ | 24,604 |  |  | $ | 22,065 |  |  | $ | 19,009 |
(Some amounts may not reconcile due to rounding.)
Schedule of Reconciliation of the Net Incurred and Paid Claims and Ultimate Loss and ALAE and Paid Loss and ALAE, Net of Reinsurance | 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, 2023
(Dollars in millions) |
Net outstanding liabilities |
Reinsurance Casualty | $ | 11,493 |
Reinsurance Property | 5,379 |
Insurance Casualty | 4,629 |
Insurance Property | 690 |
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 22,192 |
Reinsurance recoverable on unpaid claims |
Reinsurance Casualty | 89 |
Reinsurance Property | 551 |
Insurance Casualty | 1,300 |
Insurance Property | 157 |
Total reinsurance recoverable on unpaid claims | 2,098 |
Insurance lines other than short-duration | — |
Unallocated claims adjustment expenses | 269 |
Other | 45 |
| 314 |
Total gross liability for unpaid claims and claim adjustment expense | $ | 24,604 |
(Some amounts may not reconcile due to rounding.) 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, 2023
|  | Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31, |  | Total of IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023 |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 881 |  |  | $ | 928 |  |  | $ | 815 |  |  | $ | 792 |  |  | $ | 750 |  |  | $ | 727 |  |  | $ | 740 |  |  | $ | 738 |  |  | $ | 728 |  |  | $ | 720 |  |  | $ | — |  |  | N/A
2015 |  |  |  | 900 |  |  | 828 |  |  | 824 |  |  | 822 |  |  | 805 |  |  | 842 |  |  | 842 |  |  | 840 |  |  | 839 |  |  | 42 |  |  | N/A
2016 |  |  |  |  |  | 800 |  |  | 877 |  |  | 874 |  |  | 869 |  |  | 945 |  |  | 946 |  |  | 977 |  |  | 1,007 |  |  | 79 |  |  | N/A
2017 |  |  |  |  |  |  |  | 883 |  |  | 843 |  |  | 849 |  |  | 931 |  |  | 939 |  |  | 995 |  |  | 1,059 |  |  | 78 |  |  | N/A
2018 |  |  |  |  |  |  |  |  |  | 1,388 |  |  | 1,385 |  |  | 1,462 |  |  | 1,493 |  |  | 1,561 |  |  | 1,658 |  |  | 320 |  |  | N/A
2019 |  |  |  |  |  |  |  |  |  |  |  | 1,734 |  |  | 1,799 |  |  | 1,801 |  |  | 1,826 |  |  | 1,867 |  |  | 520 |  |  | N/A
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,947 |  |  | 1,919 |  |  | 1,898 |  |  | 1,859 |  |  | 799 |  |  | N/A
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,497 |  |  | 2,492 |  |  | 2,433 |  |  | 1,496 |  |  | N/A
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,764 |  |  | 2,722 |  |  | 2,049 |  |  | N/A
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,023 |  |  | 2,537 |  |  | N/A
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,185 |  |  |  |  |
(Some amounts may not reconcile due to rounding.)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 58 |  |  | $ | 123 |  |  | $ | 214 |  |  | $ | 304 |  |  | $ | 429 |  |  | $ | 505 |  |  | $ | 550 |  |  | $ | 591 |  |  | $ | 613 |  |  | $ | 635 |
2015 |  |  |  | 58 |  |  | 160 |  |  | 267 |  |  | 413 |  |  | 502 |  |  | 571 |  |  | 618 |  |  | 654 |  |  | 682 |
2016 |  |  |  |  |  | 90 |  |  | 191 |  |  | 326 |  |  | 432 |  |  | 546 |  |  | 622 |  |  | 699 |  |  | 767 |
2017 |  |  |  |  |  |  |  | 81 |  |  | 189 |  |  | 321 |  |  | 462 |  |  | 585 |  |  | 687 |  |  | 796 |
2018 |  |  |  |  |  |  |  |  |  | 170 |  |  | 294 |  |  | 480 |  |  | 636 |  |  | 819 |  |  | 998 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 224 |  |  | 354 |  |  | 523 |  |  | 728 |  |  | 957 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 199 |  |  | 312 |  |  | 496 |  |  | 729 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |  |  | 322 |  |  | 547 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 188 |  |  | 353 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 223 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,687 |
All outstanding liabilities prior to 2014, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 995 |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,493 |
(Some amounts may not reconcile due to rounding.) Reinsurance - Property Business
|  |  |  | At December 31, 2023
|  | Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31, |  | Total of IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023 |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 1,511 |  |  | $ | 1,214 |  |  | $ | 1,019 |  |  | $ | 926 |  |  | $ | 925 |  |  | $ | 926 |  |  | $ | 919 |  |  | $ | 919 |  |  | $ | 917 |  |  | $ | 917 |  |  | $ | 8 |  |  | N/A
2015 |  |  |  | 1,522 |  |  | 1,044 |  |  | 964 |  |  | 938 |  |  | 941 |  |  | 933 |  |  | 935 |  |  | 932 |  |  | 929 |  |  | 1 |  |  | N/A
2016 |  |  |  |  |  | 1,689 |  |  | 1,510 |  |  | 1,546 |  |  | 1,540 |  |  | 1,517 |  |  | 1,518 |  |  | 1,515 |  |  | 1,517 |  |  | 16 |  |  | N/A
2017 |  |  |  |  |  |  |  | 2,781 |  |  | 3,404 |  |  | 3,515 |  |  | 3,643 |  |  | 3,689 |  |  | 3,699 |  |  | 3,713 |  |  | 9 |  |  | N/A
2018 |  |  |  |  |  |  |  |  |  | 2,615 |  |  | 2,491 |  |  | 2,493 |  |  | 2,431 |  |  | 2,384 |  |  | 2,369 |  |  | (1) |  |  | N/A
2019 |  |  |  |  |  |  |  |  |  |  |  | 2,014 |  |  | 2,045 |  |  | 1,991 |  |  | 1,875 |  |  | 1,879 |  |  | (13) |  |  | N/A
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,397 |  |  | 2,470 |  |  | 2,414 |  |  | 2,386 |  |  | 58 |  |  | N/A
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,751 |  |  | 2,777 |  |  | 2,699 |  |  | 152 |  |  | N/A
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,247 |  |  | 2,926 |  |  | 822 |  |  | N/A
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,791 |  |  | 1,537 |  |  | N/A
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 22,126 |  |  |  |  |
(Some amounts may not reconcile due to rounding.)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 361 |  |  | $ | 632 |  |  | $ | 756 |  |  | $ | 830 |  |  | $ | 862 |  |  | $ | 872 |  |  | $ | 879 |  |  | $ | 881 |  |  | $ | 882 |  |  | $ | 882 |
2015 |  |  |  | 372 |  |  | 596 |  |  | 746 |  |  | 829 |  |  | 857 |  |  | 878 |  |  | 887 |  |  | 893 |  |  | 896 |
2016 |  |  |  |  |  | 461 |  |  | 951 |  |  | 1,239 |  |  | 1,357 |  |  | 1,410 |  |  | 1,429 |  |  | 1,442 |  |  | 1,453 |
2017 |  |  |  |  |  |  |  | 813 |  |  | 2,174 |  |  | 2,739 |  |  | 3,124 |  |  | 3,326 |  |  | 3,420 |  |  | 3,495 |
2018 |  |  |  |  |  |  |  |  |  | 541 |  |  | 1,520 |  |  | 1,865 |  |  | 2,061 |  |  | 2,133 |  |  | 2,198 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 716 |  |  | 1,167 |  |  | 1,489 |  |  | 1,651 |  |  | 1,778 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 576 |  |  | 1,302 |  |  | 1,711 |  |  | 1,993 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 676 |  |  | 1,528 |  |  | 2,024 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 638 |  |  | 1,389 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 612 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,720 |
All outstanding liabilities prior to 2014, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | (24) |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,379 |
(Some amounts may not reconcile due to rounding.) Insurance - Casualty Business
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | At December 31, 2023
|  | Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31, |  | Total of IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023 |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 431 |  |  | $ | 457 |  |  | $ | 454 |  |  | $ | 460 |  |  | $ | 397 |  |  | $ | 398 |  |  | $ | 399 |  |  | $ | 398 |  |  | $ | 400 |  |  | $ | 399 |  |  | $ | 21 |  |  | 26,359 |
2015 |  |  |  | 519 |  |  | 528 |  |  | 535 |  |  | 542 |  |  | 468 |  |  | 472 |  |  | 472 |  |  | 479 |  |  | 482 |  |  | 25 |  |  | 28,556 |
2016 |  |  |  |  |  | 552 |  |  | 550 |  |  | 579 |  |  | 613 |  |  | 550 |  |  | 539 |  |  | 542 |  |  | 551 |  |  | 36 |  |  | 33,104 |
2017 |  |  |  |  |  |  |  | 610 |  |  | 601 |  |  | 621 |  |  | 653 |  |  | 629 |  |  | 631 |  |  | 668 |  |  | 74 |  |  | 37,077 |
2018 |  |  |  |  |  |  |  |  |  | 702 |  |  | 706 |  |  | 743 |  |  | 756 |  |  | 771 |  |  | 867 |  |  | 139 |  |  | 37,914 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 849 |  |  | 846 |  |  | 877 |  |  | 887 |  |  | 1,076 |  |  | 211 |  |  | 41,579 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 994 |  |  | 1,050 |  |  | 1,045 |  |  | 1,035 |  |  | 304 |  |  | 39,785 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,190 |  |  | 1,248 |  |  | 1,258 |  |  | 546 |  |  | 46,257 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,369 |  |  | 1,364 |  |  | 805 |  |  | 47,484 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,567 |  |  | 964 |  |  | 36,849 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,266 |  |  |  |  |
(Some amounts may not reconcile due to rounding.)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 41 |  |  | $ | 125 |  |  | $ | 202 |  |  | $ | 257 |  |  | $ | 298 |  |  | $ | 326 |  |  | $ | 339 |  |  | $ | 351 |  |  | $ | 360 |  |  | $ | 368 |
2015 |  |  |  | 44 |  |  | 135 |  |  | 219 |  |  | 292 |  |  | 353 |  |  | 382 |  |  | 413 |  |  | 435 |  |  | 448 |
2016 |  |  |  |  |  | 55 |  |  | 164 |  |  | 269 |  |  | 342 |  |  | 401 |  |  | 443 |  |  | 481 |  |  | 504 |
2017 |  |  |  |  |  |  |  | 54 |  |  | 172 |  |  | 280 |  |  | 379 |  |  | 454 |  |  | 529 |  |  | 571 |
2018 |  |  |  |  |  |  |  |  |  | 63 |  |  | 208 |  |  | 317 |  |  | 444 |  |  | 594 |  |  | 696 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 72 |  |  | 235 |  |  | 397 |  |  | 551 |  |  | 729 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 67 |  |  | 236 |  |  | 388 |  |  | 556 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 110 |  |  | 261 |  |  | 483 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85 |  |  | 309 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,762 |
All outstanding liabilities prior to 2014, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | 125 |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,629 |
(Some amounts may not reconcile due to rounding.) Insurance - Property Business
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | At December 31, 2023
|  | Ultimate Incurred Loss and Allocated Loss Adjustment Expenses, Net of reinsurance Years Ended December 31, |  | Total of IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023 |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 140 |  |  | $ | 143 |  |  | $ | 137 |  |  | $ | 135 |  |  | $ | 135 |  |  | $ | 135 |  |  | $ | 135 |  |  | $ | 135 |  |  | $ | 135 |  |  | $ | 135 |  |  | $ | — |  |  | N/A
2015 |  |  |  | 188 |  |  | 171 |  |  | 162 |  |  | 163 |  |  | 164 |  |  | 165 |  |  | 166 |  |  | 168 |  |  | 167 |  |  | 1 |  |  | N/A
2016 |  |  |  |  |  | 296 |  |  | 292 |  |  | 295 |  |  | 304 |  |  | 309 |  |  | 311 |  |  | 311 |  |  | 314 |  |  | 2 |  |  | N/A
2017 |  |  |  |  |  |  |  | 498 |  |  | 507 |  |  | 498 |  |  | 506 |  |  | 508 |  |  | 520 |  |  | 522 |  |  | 4 |  |  | N/A
2018 |  |  |  |  |  |  |  |  |  | 412 |  |  | 408 |  |  | 410 |  |  | 419 |  |  | 438 |  |  | 446 |  |  | 6 |  |  | N/A
2019 |  |  |  |  |  |  |  |  |  |  |  | 360 |  |  | 367 |  |  | 364 |  |  | 379 |  |  | 395 |  |  | 9 |  |  | N/A
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 614 |  |  | 519 |  |  | 514 |  |  | 521 |  |  | 30 |  |  | N/A
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 660 |  |  | 595 |  |  | 609 |  |  | 41 |  |  | N/A
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 783 |  |  | 806 |  |  | 141 |  |  | N/A
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 734 |  |  | 215 |  |  | N/A
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,648 |  |  |  |  |
(Some amounts may not reconcile due to rounding.)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31,
Accident Year |  | 2014 (unaudited) |  | 2015 (unaudited) |  | 2016 (unaudited) |  | 2017 (unaudited) |  | 2018 (unaudited) |  | 2019 (unaudited) |  | 2020 (unaudited) |  | 2021 (unaudited) |  | 2022 (unaudited) |  | 2023
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 86 |  |  | $ | 127 |  |  | $ | 133 |  |  | $ | 134 |  |  | $ | 134 |  |  | $ | 134 |  |  | $ | 134 |  |  | $ | 134 |  |  | $ | 134 |  |  | $ | 134 |
2015 |  |  |  | 108 |  |  | 153 |  |  | 158 |  |  | 161 |  |  | 163 |  |  | 164 |  |  | 165 |  |  | 166 |  |  | 166 |
2016 |  |  |  |  |  | 168 |  |  | 259 |  |  | 283 |  |  | 302 |  |  | 308 |  |  | 310 |  |  | 310 |  |  | 311 |
2017 |  |  |  |  |  |  |  | 181 |  |  | 429 |  |  | 465 |  |  | 489 |  |  | 507 |  |  | 516 |  |  | 517 |
2018 |  |  |  |  |  |  |  |  |  | 246 |  |  | 364 |  |  | 385 |  |  | 418 |  |  | 433 |  |  | 439 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 233 |  |  | 325 |  |  | 350 |  |  | 369 |  |  | 378 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 301 |  |  | 427 |  |  | 467 |  |  | 483 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 332 |  |  | 488 |  |  | 550 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 381 |  |  | 576 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 405 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,959 |
All outstanding liabilities prior to 2014, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | 690 |
(Some amounts may not reconcile due to rounding.)
Schedule of Average Annual Percentage Payout Incurred Loss by Age, Net of Reinsurance |
| 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 | 8.8 | % |  | 7.2 | % |  | 10.7 | % |  | 12.0 | % |  | 12.1 | % |  | 9.5 | % |  | 7.6 | % |  | 5.7 | % |  | 3.3 | % |  | 2.9 | %
| 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 | 26.1 | % |  | 31.6 | % |  | 16.5 | % |  | 9.5 | % |  | 4.5 | % |  | 2.2 | % |  | 1.5 | % |  | 0.6 | % |  | 0.3 | % |  | 0.1 | %
| 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 | 7.4 | % |  | 16.3 | % |  | 16.1 | % |  | 14.8 | % |  | 14.0 | % |  | 9.3 | % |  | 6.0 | % |  | 3.9 | % |  | 2.5 | % |  | 2.0 | %
| 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 | 52.5 | % |  | 31.6 | % |  | 7.1 | % |  | 4.6 | % |  | 2.5 | % |  | 1.2 | % |  | 0.2 | % |  | 0.2 | % |  | 0.1 | % |  | — | %
Schedule of Incurred Losses with Respect to A&E Reserve on both Gross and Net of Reinsurance Basis | 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) | 2023 |  | 2022 |  | 2021
Gross basis: |  |  |  |  |
Beginning of period reserves | $ | 278 |  |  | $ | 175 |  |  | $ | 219 |
Incurred losses | — |  |  | 144 |  |  | 11 |
Paid losses | (31) |  |  | (42) |  |  | (55) |
End of period reserves | $ | 247 |  |  | $ | 278 |  |  | $ | 175 |
Net basis: |  |  |  |  |
Beginning of period reserves | $ | 257 |  |  | $ | 156 |  |  | $ | 198 |
Incurred losses | — |  |  | 138 |  |  | — |
Paid losses | (25) |  |  | (37) |  |  | (42) |
End of period reserves | $ | 232 |  |  | $ | 257 |  |  | $ | 156 |

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