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Reserve for Claims and Claim Expenses (Tables)

3 Months Ended

Mar. 31, 2019

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:

	Three months ended March 31,	2019				2018
		(Favorable) adverse development				(Favorable) adverse development
	Property	$	1,877			$	(27,562	)
	Casualty and Specialty	(6,202		)		(3,791		)
	Other	19				18
	Total favorable development of prior accident years net claims and claim expenses	$	(4,306	)		$	(31,335	)

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

	Three months ended March 31,	2019				2018
		(Favorable) adverse development				(Favorable) adverse development
	Actuarial methods	$	(6,202	)		$	(3,791	)
	Total favorable development of prior accident years net claims and claim expenses	$	(6,202	)		$	(3,791	)

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

	At March 31, 2019	Case Reserves				Additional Case Reserves				IBNR				Total
	Property	$	1,243,455			$	1,598,283			$	844,681			$	3,686,419
	Casualty and Specialty	1,454,164				121,165				3,125,166				4,700,495
	Other	1,404				—				3,166				4,570
	Total (1)	$	2,699,023			$	1,719,448			$	3,973,013			$	8,391,484
	At December 31, 2018
	Property	$	690,718			$	1,308,307			$	1,087,229			$	3,086,254
	Casualty and Specialty	771,537				116,877				2,096,979				2,985,393
	Other	1,458				—				3,166				4,624
	Total	$	1,463,713			$	1,425,184			$	3,187,374			$	6,076,271

(1) Included in the Company’s reserves for claims and claim expenses balance at March 31, 2019 is $2.4 billion of gross reserves for claims and claim expenses, at fair value, acquired as a result of the acquisition of the TMR Group Entities. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.

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

	Three months ended March 31,	2019				2018
	Net reserves as of January 1	$	3,704,050			$	3,493,778
	Net incurred related to:
	Current year	231,341				203,038
	Prior years	(4,306		)		(31,335		)
	Total net incurred	227,035				171,703
	Net paid related to:
	Current year	8,149				9,050
	Prior years	300,120				328,129
	Total net paid	308,269				337,179
	Amounts acquired (1)	1,858,775				—
	Foreign exchange	1,550				12,104
	Net reserves as of March 31	5,483,141				3,340,406
	Reinsurance recoverable as of March 31	2,908,343				1,572,321
	Gross reserves as of March 31	$	8,391,484			$	4,912,727

(1)    Represents the fair value of the TMR Group Entities reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.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:

	Three months ended March 31,	2019
		(Favorable) adverse development
	Catastrophe net claims and claim expenses
	Large catastrophe events
	2017 Large Loss Events	$	(10,918	)
	Other	(1,374		)
	Total large catastrophe events	(12,292		)
	Small catastrophe events and attritional loss movements
	Other small catastrophe events and attritional loss movements	14,169
	Total small catastrophe events and attritional loss movements	14,169
	Total net adverse development of prior accident years net claims and claim expenses	$	1,877

	Three months ended March 31,	2018
		(Favorable) adverse development
	Catastrophe net claims and claim expenses
	Large catastrophe events
	2017 Large Loss Events	$	(27,109	)
	Other	(4,258		)
	Total large catastrophe events	(31,367		)
	Small catastrophe events and attritional loss movements
	Other small catastrophe events and attritional loss movements	3,805
	Total small catastrophe events and attritional loss movements	3,805
	Total net favorable development of prior accident years net claims and claim expenses	$	(27,562	)

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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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