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Reserve for Claims and Claim Expenses (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,383,754					$	1,513,549					$	1,773,492					$	4,670,795
			Casualty and Specialty			1,727,051						133,041						4,413,855						6,273,947
			Total			$	3,110,805					$	1,646,590					$	6,187,347					$	10,944,742
			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:

			Six months ended June 30			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			1,448,133						1,082,732
			Prior years			(61,061)						(1,506)
			Total net incurred			1,387,072						1,081,226
			Net paid related to:
			Current year			65,278						61,625
			Prior years			995,826						1,007,916
			Total net paid			1,061,104						1,069,541
			Foreign exchange (1)			(23,992)						(13,626)
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period			7,757,104						6,591,111
			Reinsurance recoverable as of end of period			3,187,638						2,774,358
			Reserve for claims and claim expenses as of end of period			$	10,944,742					$	9,365,469

(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:

			Six months ended June 30			2021						2020
						(Favorable) adverse development						(Favorable) adverse development
			Property			$	(56,145)					$	7,293
			Casualty and Specialty			(4,916)						(8,799)
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(61,061)					$	(1,506)

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:

			Six months ended June 30			2021
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2020 Large Loss Events			$	16,932
			2019 Large Loss Events			(1,424)
			2018 Large Loss Events			(37,910)
			2017 Large Loss Events			(5,708)
			Other			(2,993)
			Total large catastrophe events			(31,103)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(25,042)
			Total small catastrophe events and attritional loss movements			(25,042)
			Total catastrophe and attritional net claims and claim expenses			(56,145)
			Total net favorable development of prior accident years net claims and claim expenses			$	(56,145)

			Six months ended June 30			2020
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2019 Large Loss Events			$	(19,940)
			2018 Large Loss Events			(12,306)
			2017 Large Loss Events			(3,825)
			Other			7,004
			Total large catastrophe events			(29,067)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			36,360
			Total small catastrophe events and attritional loss movements			36,360
			Total net adverse development of prior accident years net claims and claim expenses			$	7,293

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

			Six months ended June 30			2021						2020
						Favorable development						Favorable development
			Actuarial methods - actual reported claims less than expected claims			$	(4,916)					$	(8,799)
			Total net favorable development of prior accident years net claims and claim expenses			$	(4,916)					$	(8,799)

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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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