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Reserve for Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claim Expenses

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, 2020			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,037,526					$	1,752,260					$	1,238,478					$	4,028,264
			Casualty and Specialty			1,625,554						123,001						4,123,464						5,872,019
			Other			332						—						—						332
			Total			$	2,663,412					$	1,875,261					$	5,361,942					$	9,900,615
			At December 31, 2019
			Property			$	1,253,406					$	1,631,223					$	1,189,221					$	4,073,850
			Casualty and Specialty			1,596,426						129,720						3,583,913						5,310,059
			Other			440						—						—						440
			Total			$	2,850,272					$	1,760,943					$	4,773,134					$	9,384,349

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

			Nine months ended September 30,			2020						2019
			Net reserves as of beginning of period			$	6,593,052					$	3,704,050
			Net incurred related to:
			Current year			2,078,639						1,349,448
			Prior years			(55,383)						(14,520)
			Total net incurred			2,023,256						1,334,928
			Net paid related to:
			Current year			191,213						128,471
			Prior years			1,293,014						563,539
			Total net paid			1,484,227						692,010
			Foreign exchange (1)			39,904						(41,605)
			Amounts disposed of (2)			(155,178)						—
			Amounts acquired (3)			—						1,858,775
			Net reserves as of end of period			7,016,807						6,164,138
			Reinsurance recoverable as of end of period			2,883,808						2,438,299
			Gross reserves as of end of period			$	9,900,615					$	8,602,437

(1)    Reflects the impact of the foreign exchange revaluation of the net reserve for claims and claim expenses denominated in non-U.S. dollars as at the balance sheet date.

(2)    Represents the fair value of RenaissanceRe UK's reserve for claims and claim expenses, net of reinsurance recoverables, disposed of on August 18, 2020.

(3)    Represents the fair value of TMR's reserve for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.

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,			2020						2019
						(Favorable) adverse development						(Favorable) adverse development
			Property			$	(31,425)					$	5,020
			Casualty and Specialty			(23,827)						(19,718)
			Other			(131)						178
			Total net favorable development of prior accident years net claims and claim expenses			$	(55,383)					$	(14,520)

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,			2020
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2019 Large Loss Events			$	(13,435)
			2018 Large Loss Events			(12,306)
			2017 Large Loss Events			(9,101)
			Other			11,265
			Total large catastrophe events			(23,577)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(13,293)
			Total small catastrophe events and attritional loss movements			(13,293)
			Total catastrophe and attritional net claims and claim expenses			(36,870)
			Actuarial assumption changes			5,445
			Total net favorable development of prior accident years net claims and claim expenses			$	(31,425)

			Nine months ended September 30,			2019
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2017 Large Loss Events			$	(90,817)
			2018 Large Loss Events			61,592
			Other			23,834
			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 development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:

			Nine months ended September 30,			2020						2019
						(Favorable) adverse development						(Favorable) adverse development
			Actuarial methods			$	(27,944)					$	(54,527)
			Actuarial assumption changes			4,117						34,809
			Total net favorable development of prior accident years net claims and claim expenses			$	(23,827)					$	(19,718)

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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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