Reserve for Claims and Claim Expenses (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Liability for Unpaid Claims and Claim Expenses

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:




Six months ended June 30,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods - actual reported claims lower than expected claims	$	(21,762	)	$	(5,755	)
Ogden Rate change	33,481			—
Actuarial assumption changes	(2,462		)	(6,118		)
Total adverse (favorable) development of prior accident years net claims and claim expenses	$	9,257		$	(11,873	)

The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:




Six months ended June 30,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(24,800	)	$	(18,989	)
Casualty and Specialty	9,257			(11,873		)
Other	(555		)	3
Total favorable development of prior accident years net claims and claim expenses	$	(16,098	)	$	(30,859	)

The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:




At June 30, 2017	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	221,898	$	167,510	$	216,163	$	605,571
Casualty and Specialty	635,834		111,021		1,619,915		2,366,770
Other	2,532		—		14,933		17,465
Total	$	860,264	$	278,531	$	1,851,011	$	2,989,806

At December 31, 2016
Property	$	214,954	$	186,308	$	226,512	$	627,774
Casualty and Specialty	591,705		105,419		1,498,002		2,195,126
Other	6,935		—		18,459		25,394
Total	$	813,594	$	291,727	$	1,742,973	$	2,848,294

Activity in the liability for unpaid claims and claim expenses is summarized as follows:




Six months ended June 30,	2017			2016
Net reserves as of January 1	$	2,568,730		$	2,632,519
Net incurred related to:
Current year	351,766			325,214
Prior years	(16,098		)	(30,859		)
Total net incurred	335,668			294,355
Net paid related to:
Current year	19,885			11,070
Prior years	285,046			297,716
Total net paid	304,931			308,786
Foreign exchange	19,753			4,149
Net reserves as of June 30	2,619,220			2,622,237
Reinsurance recoverable as of June 30	370,586			222,006
Gross reserves as of June 30	$	2,989,806		$	2,844,243

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:




Six months ended June 30,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
New Zealand Earthquake (2011)	$	5,807		$	—
New Zealand Earthquake (2010)	4,061			2,962
April and May U.S. Tornadoes (2011)	(4,153		)	(1,408		)
Other	(3,864		)	(500		)
Total large catastrophe events	1,851			1,054
Small catastrophe events
Fort McMurray Wildfire (2016)	(5,848		)	—
Tianjin Explosion (2015)	(4,896		)	—
U.S. PCS 13/14 Wind and Thunderstorm (2013)	(3,906		)	(6,260		)
Other	(12,844		)	(13,783		)
Total small catastrophe events	(27,494		)	(20,043		)
Total catastrophe net claims and claim expenses	(25,643		)	(18,989		)
Actuarial assumption changes	843			—
Total net favorable development of prior accident years net claims and claim expenses	$	(24,800	)	$	(18,989	)