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Reserve for Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 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 September 30, 2021			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,265,040					$	1,319,022					$	4,005,279					$	6,589,341
			Casualty and Specialty			1,768,649						151,263						4,723,991						6,643,903
			Total			$	3,033,689					$	1,470,285					$	8,729,270					$	13,233,244
			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:

			Nine months ended September 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			3,393,828						2,078,639
			Prior years			(208,711)						(55,383)
			Total net incurred			3,185,117						2,023,256
			Net paid related to:
			Current year			250,395						191,213
			Prior years			1,282,895						1,293,014
			Total net paid			1,533,290						1,484,227
			Foreign exchange (1)			(66,469)						39,904
			Amounts disposed (2)			—						(155,178)
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period			9,040,486						7,016,807
			Reinsurance recoverable as of end of period			4,192,758						2,883,808
			Reserve for claims and claim expenses as of end of period			$	13,233,244					$	9,900,615

(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) Limited’s (“RenaissanceRe UK”) reserve for claims and claim expenses, net of reinsurance recoverables, disposed of on August 18, 2020.

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

			Nine months ended September 30,			2021						2020
						(Favorable) development						(Favorable) development
			Property			$	(202,080)					$	(31,556)
			Casualty and Specialty			(6,631)						(23,827)
			Total net (favorable) development of prior accident years net claims and claim expenses			$	(208,711)					$	(55,383)

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:

			Nine months ended September 30,			2021
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2020 Large Loss Events			$	16,939
			2019 Large Loss Events			(40,582)
			2018 Large Loss Events			(99,337)
			2017 Large Loss Events			(38,220)
			Other			614
			Total large catastrophe events			(160,586)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(41,494)
			Total small catastrophe events and attritional loss movements			(41,494)
			Total catastrophe and attritional net claims and claim expenses			(202,080)
			Total net favorable development of prior accident years net claims and claim expenses			$	(202,080)

			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			(13,424)
			Total small catastrophe events and attritional loss movements			(13,424)
			Total catastrophe and attritional net claims and claim expenses			(37,001)
			Actuarial assumption changes			5,445
			Total net favorable development of prior accident years net claims and claim expenses			$	(31,556)

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,			2021						2020
						(Favorable) adverse development						(Favorable) adverse development
			Actuarial methods - actual reported claims less than expected claims			$	(9,612)					$	(27,944)
			Actuarial assumption changes			2,981						4,117
			Total net favorable development of prior accident years net claims and claim expenses			$	(6,631)					$	(23,827)

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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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