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Reserve for Claims and Claim Expenses (Tables) | 9 Months Ended
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Sep. 30, 2018
Insurance Loss Reserves [Abstract] |
Schedule of Liability for Unpaid Claims and Claim Expenses | The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:
| Nine months ended September 30, | 2018 |  | 2017 |
|  | (Favorable) adverse development |  | (Favorable) adverse development |
| Property | $ | (172,872 | ) |  | $ | (16,968 | ) |
| Casualty and Specialty | (24,020 | ) |  | 14,015 |  |
| Other | (88 | ) |  | (710 | ) |
| Total favorable development of prior accident years net claims and claim expenses | $ | (196,980 | ) |  | $ | (3,663 | ) |
The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:
| Nine months ended September 30, | 2018 |  | 2017 |
|  | (Favorable) adverse development |  | (Favorable) adverse development |
| Actuarial methods | $ | (16,234 | ) |  | $ | (17,004 | ) |
| Ogden Rate change | — |  |  | 33,481 |  |
| Actuarial assumption changes | (7,786 | ) |  | (2,462 | ) |
| Total (favorable) adverse development of prior accident years net claims and claim expenses | $ | (24,020 | ) |  | $ | 14,015 |  |
The following tables detail 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:
| Nine months ended September 30, | 2018 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2017 Catastrophe Events | $ | (151,155 | ) |
| Other | (7,313 | ) |
| Total large catastrophe events | (158,468 | ) |
| Small catastrophe events and attritional loss movements |  |
| Other small catastrophe events and attritional loss movements | (8,722 | ) |
| Total small catastrophe events and attritional loss movements | (8,722 | ) |
| Total catastrophe and attritional net claims and claim expenses | (167,190 | ) |
| Actuarial assumption changes | (5,682 | ) |
| Total net favorable development of prior accident years net claims and claim expenses | $ | (172,872 | ) |
| Nine months ended September 30, | 2017 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| New Zealand Earthquake (2011) | $ | 5,807 |  |
| New Zealand Earthquake (2010) | 5,001 |  |
| April and May U.S. Tornadoes (2011) | (4,163 | ) |
| Other | (3,881 | ) |
| Total large catastrophe events | 2,764 |  |
| Small catastrophe events and attritional loss movements |  |
| Fort McMurray Wildfire (2016) | (6,386 | ) |
| Tianjin Explosion (2015) | (4,896 | ) |
| Other small catastrophe events and attritional loss movements | (9,293 | ) |
| Total small catastrophe events and attritional loss movements | (20,575 | ) |
| Total catastrophe and attritional net claims and claim expenses | (17,811 | ) |
| Actuarial assumption changes | 843 |  |
| Total net favorable development of prior accident years net claims and claim expenses | $ | (16,968 | ) |
The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:
| At September 30, 2018 | Case Reserves |  | Additional Case Reserves |  | IBNR |  | Total |
| Property | $ | 610,932 |  |  | $ | 744,391 |  |  | $ | 774,220 |  |  | $ | 2,129,543 |  |
| Casualty and Specialty | 773,732 |  |  | 102,631 |  |  | 1,940,244 |  |  | 2,816,607 |  |
| Other | 3,240 |  |  | — |  |  | 3,108 |  |  | 6,348 |  |
| Total | $ | 1,387,904 |  |  | $ | 847,022 |  |  | $ | 2,717,572 |  |  | $ | 4,952,498 |  |
| At December 31, 2017 |  |  |  |  |  |  |  |
| Property | $ | 696,285 |  |  | $ | 896,522 |  |  | $ | 893,583 |  |  | $ | 2,486,390 |  |
| Casualty and Specialty | 689,962 |  |  | 124,923 |  |  | 1,760,607 |  |  | 2,575,492 |  |
| Other | 6,605 |  |  | — |  |  | 11,921 |  |  | 18,526 |  |
| Total | $ | 1,392,852 |  |  | $ | 1,021,445 |  |  | $ | 2,666,111 |  |  | $ | 5,080,408 |  |
Activity in the liability for unpaid claims and claim expenses is summarized as follows:
| Nine months ended September 30, | 2018 |  | 2017 |
| Net reserves as of January 1 | $ | 3,493,778 |  |  | $ | 2,568,730 |  |
| Net incurred related to: |  |  |  |
| Current year | 839,360 |  |  | 1,561,027 |  |
| Prior years | (196,980 | ) |  | (3,663 | ) |
| Total net incurred | 642,380 |  |  | 1,557,364 |  |
| Net paid related to: |  |  |  |
| Current year | 48,075 |  |  | 158,685 |  |
| Prior years | 326,692 |  |  | 396,411 |  |
| Total net paid | 374,767 |  |  | 555,096 |  |
| Foreign exchange | (12,952 | ) |  | 33,011 |  |
| Net reserves as of September 30 | 3,748,439 |  |  | 3,604,009 |  |
| Reinsurance recoverable as of September 30 | 1,204,059 |  |  | 1,588,304 |  |
| Gross reserves as of September 30 | $ | 4,952,498 |  |  | $ | 5,192,313 |  |

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99382578&loc=d3e14764-158437 + Details
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