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Reserve for Claims and Claim Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [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 December 31, 2020			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,127,201					$	1,617,003					$	1,627,541					$	4,371,745
			Casualty and Specialty			1,651,150						133,843						4,223,692						6,008,685
			Other			708						—						—						708
			Total			$	2,779,059					$	1,750,846					$	5,851,233					$	10,381,138
			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:

			Year ended December 31,			2020						2019						2018
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period			$	6,593,052					$	3,704,050					$	3,493,778
			Net incurred related to:
			Current year			3,108,421						2,123,876						1,390,767
			Prior years			(183,812)						(26,855)						(270,749)
			Total net incurred			2,924,609						2,097,021						1,120,018
			Net paid related to:
			Current year			412,172						265,649						391,061
			Prior years			1,592,456						832,405						503,708
			Total net paid			2,004,628						1,098,054						894,769
			Foreign exchange (1)			97,273						31,260						(14,977)
			Amounts disposed (2)			(155,178)						—						—
			Amounts acquired (3)			—						1,858,775						—
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period			7,455,128						6,593,052						3,704,050
			Reinsurance recoverable as of end of period			2,926,010						2,791,297						2,372,221
			Reserve for claims and claim expenses as of end of period			$	10,381,138					$	9,384,349					$	6,076,271

(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, 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 recoverable, disposed of on August 18, 2020.

(3)    Represents the fair value of TMR's reserve for claims and claim expenses, net of reinsurance recoverable, acquired at March 22, 2019. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR.

The following table details the Company’s prior year net development by segment of its liability for net unpaid claims and claim expenses:

			Year ended December 31,			2020						2019						2018
						(Favorable) adverse development						(Favorable) adverse development						(Favorable) adverse development
			Property			$	(157,261)					$	(2,933)					$	(221,290)
			Casualty and Specialty			(26,763)						(23,882)						(49,262)
			Other			212						(40)						(197)
			Total net favorable development of prior accident years net claims and claim expenses			$	(183,812)					$	(26,855)					$	(270,749)

The following tables detail the development of the Company’s liability for net 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:

			Year ended December 31,			2020
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2019 Large Loss Events			$	(44,389)
			2018 Large Loss Events			(43,991)
			2017 Large Loss Events			(32,649)
			Other			124
			Total large catastrophe events			(120,905)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(41,801)
			Total small catastrophe events and attritional loss movements			(41,801)
			Total catastrophe and attritional net claims and claim expenses			(162,706)
			Actuarial assumption changes			5,445
			Total net favorable development of prior accident years net claims and claim expenses			$	(157,261)

			Year ended December 31,			2019
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2017 Large Loss Events			$	(101,572)
			New Zealand Earthquake (2011)			(7,497)
			Tohoku Earthquake and Tsunami (2011)			(5,198)
			New Zealand Earthquake (2010)			47,071
			2018 Large Loss Events			81,555
			Other			(31,916)
			Total large catastrophe events			(17,557)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			5,379
			Total small catastrophe events and attritional loss movements			5,379
			Total catastrophe and attritional net claims and claim expenses			(12,178)
			Actuarial assumption changes			9,245
			Total net favorable development of prior accident years net claims and claim expenses			$	(2,933)

			Year ended December 31,			2018
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2017 Large Loss Events			$	(172,512)
			Other			(9,517)
			Total large catastrophe events			(182,029)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(33,579)
			Total small catastrophe events and attritional loss movements			(33,579)
			Total catastrophe and attritional net claims and claim expenses			(215,608)
			Actuarial assumption changes			(5,682)
			Total net favorable development of prior accident years net claims and claim expenses			$	(221,290)

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

			Year ended December 31,			2020						2019						2018
						(Favorable) adverse development						(Favorable) adverse development						(Favorable) adverse development
			Actuarial methods - actual reported claims less than expected claims			$	(29,280)					$	(52,796)					$	(41,476)
			Actuarial assumption changes			2,517						28,914						(7,786)
			Total net favorable development of prior accident years net claims and claim expenses			$	(26,763)					$	(23,882)					$	(49,262)

The reconciliation of the net incurred and paid claims development tables to the reserve for claims and claim expenses in the consolidated balance sheet is as follows:

			At December 31, 2020
			Net Reserve for Claims and Claim Expenses
			Property			$	2,936,257
			Casualty and Specialty			4,518,363
			Other			508
			Total net reserve for claims and claim expenses			7,455,128
			Reinsurance Recoverable
			Property			$	1,435,488
			Casualty and Specialty			1,490,322
			Other			200
			Total reinsurance recoverable			2,926,010
			Total reserve for claims and claim expenses			$	10,381,138

Schedule of Short-duration Insurance Contracts, Claims Development

The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2020, net of reinsurance, as well as IBNR plus additional case reserve (“ACR”) included within the net incurred claims amounts.

									Incurred Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,																																																												At December 31, 2020
			Accident Year						2011						2012						2013						2014						2015						2016						2017						2018						2019						2020						IBNR and ACR
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2011						$	2,057,531					$	2,003,446					$	1,905,502					$	1,845,827					$	1,814,478					$	1,775,879					$	1,760,870					$	1,753,974					$	1,741,868					$	1,739,044					$	42,682
			2012						—						1,142,390						1,026,595						962,397						930,761						902,432						904,408						910,998						916,065						900,001						33,600
			2013						—						—						921,455						896,904						845,473						798,648						774,095						755,412						738,973						736,657						22,627
			2014						—						—						—						1,010,256						982,016						972,429						948,224						929,248						926,802						892,597						62,812
			2015						—						—						—						—						1,146,737						1,151,413						1,167,569						1,136,753						1,132,034						1,145,196						111,924
			2016						—						—						—						—						—						1,429,056						1,475,540						1,457,825						1,454,217						1,403,513						136,821
			2017						—						—						—						—						—						—						2,966,271						2,761,844						2,691,020						2,685,050						543,257
			2018						—						—						—						—						—						—						—						2,225,968						2,380,979						2,394,667						656,507
			2019						—						—						—						—						—						—						—						—						2,234,727						2,229,128						1,167,735
			2020						—						—						—						—						—						—						—						—						—						2,980,390						2,462,366
			Total																																																												$	17,106,243					$	5,240,331
									Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,
			Accident Year						2011						2012						2013						2014						2015						2016						2017						2018						2019						2020
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2011						$	370,083					$	766,658					$	1,204,812					$	1,398,853					$	1,521,666					$	1,566,774					$	1,606,091					$	1,626,868					$	1,642,690					$	1,654,513
			2012						—						268,952						419,242						525,208						599,696						651,403						726,192						758,265						789,281						798,486
			2013						—						—						133,356						345,709						440,266						503,603						562,764						596,950						625,156						645,255
			2014						—						—						—						231,666						438,641						561,274						637,889						699,620						747,069						777,240
			2015						—						—						—						—						263,046						499,116						664,213						780,987						877,359						948,787
			2016						—						—						—						—						—						288,221						629,894						837,022						978,676						1,089,800
			2017						—						—						—						—						—						—						748,714						1,077,845						1,377,696						1,732,228
			2018						—						—						—						—						—						—						—						589,357						819,173						1,257,609
			2019						—						—						—						—						—						—						—						—						288,435						701,982
			2020						—						—						—						—						—						—						—						—						—						390,725
			Total																																																												$	9,996,625
			Outstanding liabilities from accident year 2010 and prior, net of reinsurance																																																												365,294
			Claims and claim expenses, net of reinsurance, from the Company's former Bermuda-based insurance operations																																																												508
			Adjustment for unallocated loss adjustment expenses																																																												57,538
			Unamortized fair value adjustments recorded in connection with acquisitions																																																												(77,830)
			Liability for claims and claim expenses, net of reinsurance																																																												$	7,455,128

The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2020, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts.

									Incurred Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,																																																												At December 31, 2020
			Accident Year						2011						2012						2013						2014						2015						2016						2017						2018						2019						2020						IBNR and ACR
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2011						$	1,628,699					$	1,571,670					$	1,501,089					$	1,470,521					$	1,446,398					$	1,415,459					$	1,412,109					$	1,398,038					$	1,379,645					$	1,380,673					$	23,635
			2012						—						562,094						431,482						397,075						376,811						359,890						348,108						340,218						335,699						327,407						3,286
			2013						—						—						323,743						300,349						277,641						255,322						243,839						240,007						240,252						246,855						1,177
			2014						—						—						—						305,033						281,496						267,795						262,696						261,522						258,791						250,617						1,442
			2015						—						—						—						—						375,399						359,662						336,705						325,719						314,389						310,317						5,495
			2016						—						—						—						—						—						460,422						473,708						457,052						438,040						419,308						18,718
			2017						—						—						—						—						—						—						1,649,071						1,467,835						1,360,897						1,364,285						276,858
			2018						—						—						—						—						—						—						—						957,622						1,062,871						1,051,617						183,781
			2019						—						—						—						—						—						—						—						—						1,014,100						978,600						427,179
			2020						—						—						—						—						—						—						—						—						—						1,552,079						1,246,937
			Total																																																												$	7,881,758					$	2,188,508
									Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,
			Accident Year						2011						2012						2013						2014						2015						2016						2017						2018						2019						2020
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2011						$	305,318					$	627,932					$	1,025,947					$	1,188,978					$	1,278,942					$	1,303,092					$	1,326,439					$	1,332,319					$	1,339,798					$	1,346,335
			2012						—						166,143						206,440						254,924						281,594						293,008						307,845						311,179						316,691						317,291
			2013						—						—						81,344						158,689						196,171						212,431						220,333						223,822						227,412						232,882
			2014						—						—						—						107,075						185,934						224,960						236,789						243,862						247,578						247,165
			2015						—						—						—						—						127,314						228,285						262,702						282,362						293,140						297,004
			2016						—						—						—						—						—						120,478						260,902						329,543						354,088						374,565
			2017						—						—						—						—						—						—						534,752						665,330						823,683						958,207
			2018						—						—						—						—						—						—						—						432,075						454,553						667,336
			2019						—						—						—						—						—						—						—						—						160,915						377,564
			2020						—						—						—						—						—						—						—						—						—						242,624
			Total																																																												$	5,060,973
			Outstanding liabilities from accident year 2010 and prior, net of reinsurance																																																												113,550
			Adjustment for unallocated loss adjustment expenses																																																												13,717
			Unamortized fair value adjustments recorded in connection with acquisitions																																																												(11,795)
			Liability for claims and claim expenses, net of reinsurance																																																												$	2,936,257

The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2020, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts.

									Incurred Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,																																																												At December 31, 2020
			Accident Year						2011						2012						2013						2014						2015						2016						2017						2018						2019						2020						IBNR and ACR
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2011						$	428,832					$	431,776					$	404,413					$	375,306					$	368,080					$	360,420					$	348,761					$	355,936					$	362,223					$	358,371					$	19,047
			2012						—						580,296						595,113						565,322						553,950						542,542						556,300						570,780						580,366						572,594						30,314
			2013						—						—						597,712						596,555						567,832						543,326						530,256						515,405						498,721						489,802						21,450
			2014						—						—						—						705,223						700,520						704,634						685,528						667,726						668,011						641,980						61,370
			2015						—						—						—						—						771,338						791,751						830,864						811,034						817,645						834,879						106,429
			2016						—						—						—						—						—						968,634						1,001,832						1,000,773						1,016,177						984,205						118,103
			2017						—						—						—						—						—						—						1,317,200						1,294,009						1,330,123						1,320,765						266,399
			2018						—						—						—						—						—						—						—						1,268,346						1,318,108						1,343,050						472,726
			2019						—						—						—						—						—						—						—						—						1,220,627						1,250,528						740,556
			2020						—						—						—						—						—						—						—						—						—						1,428,311						1,215,429
			Total																																																												$	9,224,485					$	3,051,823
									Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,
			Accident Year						2011						2012						2013						2014						2015						2016						2017						2018						2019						2020
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2011						$	64,765					$	138,726					$	178,865					$	209,875					$	242,724					$	263,682					$	279,652					$	294,549					$	302,892					$	308,178
			2012						—						102,809						212,802						270,284						318,102						358,395						418,347						447,086						472,590						481,195
			2013						—						—						52,012						187,020						244,095						291,172						342,431						373,128						397,744						412,373
			2014						—						—						—						124,591						252,707						336,314						401,100						455,758						499,491						530,075
			2015						—						—						—						—						135,732						270,831						401,511						498,625						584,219						651,783
			2016						—						—						—						—						—						167,743						368,992						507,479						624,588						715,235
			2017						—						—						—						—						—						—						213,962						412,515						554,013						774,021
			2018						—						—						—						—						—						—						—						157,282						364,620						590,273
			2019						—						—						—						—						—						—						—						—						127,520						324,418
			2020						—						—						—						—						—						—						—						—						—						148,101
			Total																																																												$	4,935,652
			Outstanding liabilities from accident year 2010 and prior, net of reinsurance																																																												251,744
			Adjustment for unallocated loss adjustment expenses																																																												43,821
			Unamortized fair value adjustments recorded in connection with acquisitions																																																												(66,035)
			Liability for claims and claim expenses, net of reinsurance																																																												$	4,518,363

The following table details the Company's cumulative number of reported claims for its excess of loss reinsurance contracts allocated by segment:

									At December 31, 2020
									Cumulative Number of Reported Claims
			Accident Year						Property						Casualty and Specialty
			2011						1,394						2,014
			2012						922						2,402
			2013						803						2,877
			2014						762						3,666
			2015						772						4,090
			2016						1,178						4,600
			2017						2,529						3,934
			2018						2,418						2,973
			2019						1,493						2,080
			2020						1,297						612

Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration

The following is unaudited supplementary information about average historical claims duration by segment:

						Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Number of Years)
			At December 31, 2020			1						2						3						4						5						6						7						8						9						10
			Property			28.9		%				17.9		%				18.6		%				9.2		%				5.0		%				2.0		%				1.4		%				0.9		%				0.5		%				0.5		%
			Casualty and Specialty			14.0		%				17.8		%				13.4		%				12.0		%				9.2		%				7.7		%				4.8		%				3.9		%				1.8		%				1.5		%

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No definition available.

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X

- 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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X

- Definition

Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=116884468&loc=SL65671311-158438

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- Definition

Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4G
-URI http://asc.fasb.org/extlink&oid=116884468&loc=SL65671329-158438

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