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Reserve for Claims and Claim Expenses (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,292,683					$	1,333,734					$	2,145,953					$	4,772,370
			Casualty and Specialty			1,801,362						147,822						4,231,829						6,181,013
			Total			$	3,094,045					$	1,481,556					$	6,377,782					$	10,953,383
			At December 31, 2020
			Property			$	1,127,909					$	1,617,003					$	1,627,541					$	4,372,453
			Casualty and Specialty			1,651,150						133,843						4,223,692						6,008,685
			Total			$	2,779,059					$	1,750,846					$	5,851,233					$	10,381,138

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

			Three months ended March 31			2021						2020
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period			$	7,455,128					$	6,593,052
			Net incurred related to:
			Current year			876,083						557,054
			Prior years			(9,032)						13,900
			Total net incurred			867,051						570,954
			Net paid related to:
			Current year			14,751						31,201
			Prior years			486,488						436,286
			Total net paid			501,239						467,487
			Foreign exchange (1)			(28,224)						(55,395)
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period			7,792,716						6,641,124
			Reinsurance recoverable as of end of period			3,160,667						2,765,583
			Reserve for claims and claim expenses as of end of period			$	10,953,383					$	9,406,707

(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.

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

			Three months ended March 31			2021						2020
						(Favorable) adverse development						(Favorable) adverse development
			Property			$	(5,162)					$	13,901
			Casualty and Specialty			(3,870)						(1)
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(9,032)					$	13,900

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:

			Three months ended March 31			2021
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2019 Large Loss Events			(4,742)
			2018 Large Loss Events			(3,263)
			2017 Large Loss Events			(5,508)
			Other			(679)
			Total large catastrophe events			(14,192)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			9,030
			Total small catastrophe events and attritional loss movements			9,030
			Total catastrophe and attritional net claims and claim expenses			(5,162)
			Total net favorable development of prior accident years net claims and claim expenses			$	(5,162)

			Three months ended March 31			2020
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2019 Large Loss Events			$	(19,681)
			2018 Large Loss Events			(14,200)
			2017 Large Loss Events			(6,237)
			Other			8,027
			Total large catastrophe events			(32,091)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			45,992
			Total small catastrophe events and attritional loss movements			45,992
			Total net adverse development of prior accident years net claims and claim expenses			$	13,901

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			2021						2020
						(Favorable) adverse development						(Favorable) adverse development
			Actuarial methods - actual reported claims less than expected claims			$	(3,870)					$	(1)
			Total net favorable development of prior accident years net claims and claim expenses			$	(3,870)					$	(1)

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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=116884095&loc=d3e14764-158437

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