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RESERVE FOR LOSSES AND LAE | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
RESERVE FOR LOSSES AND LAE | 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:
| Three Months Ended March 31,
| 2025 |  | 2024
(Dollars in millions) |  |  |
Gross reserves beginning of period | $ | 29,889 |  |  | $ | 24,604 |
Less reinsurance recoverables on unpaid losses | (2,915) |  |  | (2,098) |
Net reserves beginning of period | 26,975 |  |  | 22,506 |
Incurred related to: |  |  |
Current year | 2,893 |  |  | 2,237 |
Prior years | — |  |  | — |
Total incurred losses and LAE | 2,893 |  |  | 2,237 |
Paid related to: |  |  |
Current year | 410 |  |  | 319 |
Prior years | 1,346 |  |  | 1,183 |
Total paid losses and LAE | 1,755 |  |  | 1,502 |
Foreign exchange/translation adjustment | 224 |  |  | (114) |
Net reserves end of period | 28,337 |  |  | 23,127 |
Plus reinsurance recoverables on unpaid losses | 3,175 |  |  | 2,084 |
Gross reserves end of period | $ | 31,512 |  |  | $ | 25,211 |
(Some amounts may not reconcile due to rounding.) Current year incurred losses were $2.9 billion and $2.2 billion for the three months ended March 31, 2025 and 2024, respectively. Gross and net reserves increased for the three months ended March 31, 2025, reflecting an increase in underlying exposure due to earned premium growth, year over year, amounting to approximately $208 million of current year attritional losses in 2025 which includes $83 million of losses from the Washington D.C. aviation accident, compared to 2024, as well as an increase of $449 million in 2025 current year catastrophe losses.

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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