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Reserve for Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Insurance Loss Reserves [Abstract]

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:

	Nine months ended September 30,	2019				2018
		(Favorable) adverse development				(Favorable) adverse development
	Actuarial methods	$	(54,527	)		$	(16,234	)
	Actuarial assumption changes	34,809				(7,786		)
	Total net favorable development of prior accident years net claims and claim expenses	$	(19,718	)		$	(24,020	)

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, 2019	Case Reserves				Additional Case Reserves				IBNR				Total
	Property	$	1,170,009			$	1,493,600			$	916,314			$	3,579,923
	Casualty and Specialty	1,475,505				151,555				3,389,344				5,016,404
	Other	2,944				—				3,166				6,110
	Total	$	2,648,458			$	1,645,155			$	4,308,824			$	8,602,437
	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

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

	Nine months ended September 30,	2019				2018
	Net reserves as of beginning of period	$	3,704,050			$	3,493,778
	Net incurred related to:
	Current year	1,349,448				839,360
	Prior years	(14,520		)		(196,980		)
	Total net incurred	1,334,928				642,380
	Net paid related to:
	Current year	128,471				48,075
	Prior years	563,539				326,692
	Total net paid	692,010				374,767
	Amounts acquired (1)	1,858,775				—
	Foreign exchange (2)	(41,605		)		(12,952		)
	Net reserves as of end of period	6,164,138				3,748,439
	Reinsurance recoverable as of end of period	2,438,299				1,204,059
	Gross reserves as of end of period	$	8,602,437			$	4,952,498

(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.

(2)    Reflects the impact of the foreign exchange revaluation of net reserves denominated in non-U.S. dollars as at the balance sheet date.

	Nine months ended September 30,	2018
		(Favorable) adverse development
	Catastrophe net claims and claim expenses
	Large catastrophe events
	2017 Large Loss 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	)

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,	2019
		(Favorable) adverse development
	Catastrophe net claims and claim expenses
	Large catastrophe events
	2017 Large Loss Events	$	(90,817	)
	New Zealand Earthquake (2011)	(7,497		)
	Tohoku Earthquake and Tsunami (2011)	(4,693		)
	New Zealand Earthquake (2010)	46,741
	2018 Large Loss Events	61,592
	Other	(10,717		)
	Total large catastrophe events	(5,391		)
	Small catastrophe events and attritional loss movements
	Other small catastrophe events and attritional loss movements	1,166
	Total small catastrophe events and attritional loss movements	1,166
	Total catastrophe and attritional net claims and claim expenses	(4,225		)
	Actuarial assumption changes	9,245
	Total net adverse development of prior accident years net claims and claim expenses	$	5,020

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,	2019				2018
		(Favorable) adverse development				(Favorable) adverse development
	Property	$	5,020			$	(172,872	)
	Casualty and Specialty	(19,718		)		(24,020		)
	Other	178				(88		)
	Total net favorable development of prior accident years net claims and claim expenses	$	(14,520	)		$	(196,980	)

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- References

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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=116884095&loc=d3e14764-158437

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