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Reserve for Claims and Claim Expenses (Tables)

9 Months Ended

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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- References

No definition available.

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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

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