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Reserve for Claims and Claim Expenses (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,555,210					$	1,996,760					$	2,825,718					$	6,377,688
			Casualty and Specialty			1,784,334						128,065						5,004,543						6,916,942
			Total			$	3,339,544					$	2,124,825					$	7,830,261					$	13,294,630
			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:

			Year ended December 31,			2021						2020						2019
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period			$	7,455,128					$	6,593,052					$	3,704,050
			Net incurred related to:
			Current year			4,125,557						3,108,421						2,123,876
			Prior years			(249,470)						(183,812)						(26,855)
			Total net incurred			3,876,087						2,924,609						2,097,021
			Net paid related to:
			Current year			574,230						412,172						265,649
			Prior years			1,649,872						1,592,456						832,405
			Total net paid			2,224,102						2,004,628						1,098,054
			Foreign exchange (1)			(81,152)						97,273						31,260
			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			9,025,961						7,455,128						6,593,052
			Reinsurance recoverable as of end of period			4,268,669						2,926,010						2,791,297
			Reserve for claims and claim expenses as of end of period			$	13,294,630					$	10,381,138					$	9,384,349

(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,			2021						2020						2019
						(Favorable) adverse development						(Favorable) adverse development						(Favorable) adverse development
			Property			$	(233,373)					$	(157,049)					$	(2,973)
			Casualty and Specialty			(16,097)						(26,763)						(23,882)
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(249,470)					$	(183,812)					$	(26,855)

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,			2021
						(Favorable) adverse development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2020 Weather-Related Large Loss Events			$	17,140
			2019 Large Loss Events			(61,634)
			2018 Large Loss Events			(101,096)
			2017 Large Loss Events			(49,090)
			Other			(9,392)
			Total large catastrophe events			(204,072)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(34,751)
			Total small catastrophe events and attritional loss movements			(34,751)
			Total catastrophe and attritional net claims and claim expenses			(238,823)
			Actuarial assumption changes			5,450
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(233,373)

			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			(41,589)
			Total small catastrophe events and attritional loss movements			(41,589)
			Total catastrophe and attritional net claims and claim expenses			(162,494)
			Actuarial assumption changes			5,445
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(157,049)

			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			5,339
			Total small catastrophe events and attritional loss movements			5,339
			Total catastrophe and attritional net claims and claim expenses			(12,218)
			Actuarial assumption changes			9,245
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(2,973)

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,			2021						2020						2019
						(Favorable) adverse development						(Favorable) adverse development						(Favorable) adverse development
			Actuarial methods - actual reported claims less than expected claims			$	(19,078)					$	(29,280)					$	(52,796)
			Actuarial assumption changes			2,981						2,517						28,914
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(16,097)					$	(26,763)					$	(23,882)

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, 2021
			Net Reserve for Claims and Claim Expenses
			Property			$	3,829,192
			Casualty and Specialty			5,196,769
			Other			—
			Total net reserve for claims and claim expenses			9,025,961
			Reinsurance Recoverable
			Property			$	2,548,496
			Casualty and Specialty			1,720,173
			Other			—
			Total reinsurance recoverable			4,268,669
			Total reserve for claims and claim expenses			$	13,294,630

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, 2021, 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, 2021
			Accident Year						2012						2013						2014						2015						2016						2017						2018						2019						2020						2021						IBNR  and ACR
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2012						$	1,138,478					$	1,022,338					$	958,667					$	927,397					$	899,241					$	901,147					$	907,765					$	911,821					$	894,228					$	893,612					$	28,520
			2013						—						912,458						887,176						836,813						790,498						766,453						747,939						726,212						720,503						726,277						16,529
			2014						—						—						1,002,755						974,640						965,706						941,733						922,659						932,269						897,645						888,622						57,970
			2015						—						—						—						1,139,588						1,144,947						1,161,202						1,130,597						1,105,473						1,117,250						1,111,987						73,388
			2016						—						—						—						—						1,418,381						1,464,953						1,447,703						1,420,715						1,366,532						1,373,871						59,360
			2017						—						—						—						—						—						2,954,415						2,748,704						2,664,387						2,603,328						2,559,381						342,654
			2018						—						—						—						—						—						—						2,198,790						2,342,952						2,297,920						2,188,749						371,723
			2019						—						—						—						—						—						—						—						2,255,467						2,213,257						2,154,462						834,344
			2020						—						—						—						—						—						—						—						—						3,090,954						3,076,722						1,562,397
			2021						—						—						—						—						—						—						—						—						—						4,080,591						3,091,130
			Total																																																												$	19,054,274					$	6,438,015
									Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,
			Accident Year						2012						2013						2014						2015						2016						2017						2018						2019						2020						2021
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2012						$	267,808					$	417,140					$	522,714					$	597,103					$	648,754					$	723,431					$	754,527					$	785,271					$	792,519					$	808,734
			2013						—						132,207						341,769						434,633						497,296						556,485						589,784						617,109						633,689						648,716
			2014						—						—						231,084						435,331						557,091						633,294						694,155						741,271						767,927						788,590
			2015						—						—						—						262,301						496,234						660,456						775,007						870,708						934,337						982,966
			2016						—						—						—						—						287,753						625,995						831,642						973,074						1,087,441						1,184,679
			2017						—						—						—						—						—						747,272						1,073,216						1,370,642						1,735,535						1,905,621
			2018						—						—						—						—						—						—						590,671						800,773						1,172,692						1,452,144
			2019						—						—						—						—						—						—						—						285,660						692,429						986,835
			2020						—						—						—						—						—						—						—						—						410,482						1,023,330
			2021						—						—						—						—						—						—						—						—						—						572,076
			Total																																																												$	10,353,691
			Outstanding liabilities from accident year 2011 and prior, net of reinsurance																																																												341,797
			Adjustment for unallocated loss adjustment expenses																																																												61,251
			Unamortized fair value adjustments recorded in connection with acquisitions																																																												(77,670)
			Liability for claims and claim expenses, net of reinsurance																																																												$	9,025,961

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, 2021, 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, 2021
			Accident Year						2012						2013						2014						2015						2016						2017						2018						2019						2020						2021						IBNR  and ACR
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2012						$	560,348					$	429,885					$	395,605					$	375,439					$	358,509					$	346,756					$	338,877					$	334,347					$	325,042					$	322,871					$	1,180
			2013						—						318,033						294,315						272,191						250,014						238,734						235,016						235,356						238,404						240,779						1,113
			2014						—						—						302,158						278,813						265,569						260,542						259,379						256,845						250,647						247,708						372
			2015						—						—						—						372,338						357,065						334,099						323,211						311,964						305,847						295,081						71
			2016						—						—						—						—						455,503						469,120						452,922						434,706						415,572						411,698						16,889
			2017						—						—						—						—						—						1,644,982						1,461,953						1,350,684						1,328,419						1,273,461						217,210
			2018						—						—						—						—						—						—						938,309						1,020,102						979,598						857,217						105,483
			2019						—						—						—						—						—						—						—						992,526						956,445						898,472						254,099
			2020						—						—						—						—						—						—						—						—						1,580,564						1,600,743						585,134
			2021						—						—						—						—						—						—						—						—						—						2,370,891						1,552,621
			Total																																																												$	8,518,921					$	2,734,172
									Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,
			Accident Year						2012						2013						2014						2015						2016						2017						2018						2019						2020						2021
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2012						$	165,951					$	205,814					$	254,000					$	280,519					$	291,901					$	306,718					$	309,133					$	314,418					$	314,720					$	318,295
			2013						—						80,397						156,204						192,225						207,963						215,758						218,446						221,255						226,035						226,353
			2014						—						—						106,781						184,711						223,197						234,933						241,266						244,721						243,885						246,690
			2015						—						—						—						126,972						226,722						260,858						278,452						288,678						292,033						294,651
			2016						—						—						—						—						120,506						259,131						327,034						351,523						374,160						384,932
			2017						—						—						—						—						—						534,631						663,381						820,148						946,934						972,239
			2018						—						—						—						—						—						—						434,358						439,783						611,268						638,149
			2019						—						—						—						—						—						—						—						160,141						364,761						526,314
			2020						—						—						—						—						—						—						—						—						255,268						676,472
			2021						—						—						—						—						—						—						—						—						—						499,796
			Total																																																												$	4,783,891
			Outstanding liabilities from accident year 2011 and prior, net of reinsurance																																																												89,538
			Adjustment for unallocated loss adjustment expenses																																																												16,266
			Unamortized fair value adjustments recorded in connection with acquisitions																																																												(11,642)
			Liability for claims and claim expenses, net of reinsurance																																																												$	3,829,192

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, 2021, 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, 2021
			Accident Year						2012						2013						2014						2015						2016						2017						2018						2019						2020						2021						IBNR  and ACR
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2012						$	578,130					$	592,453					$	563,062					$	551,958					$	540,732					$	554,391					$	568,888					$	577,474					$	569,186					$	570,741					$	27,340
			2013						—						594,425						592,861						564,622						540,484						527,719						512,923						490,856						482,099						485,498						15,416
			2014						—						—						700,597						695,827						700,137						681,191						663,280						675,424						646,998						640,914						57,598
			2015						—						—						—						767,250						787,882						827,103						807,386						793,509						811,403						816,906						73,317
			2016						—						—						—						—						962,878						995,833						994,781						986,009						950,960						962,173						42,471
			2017						—						—						—						—						—						1,309,433						1,286,751						1,313,703						1,274,909						1,285,920						125,444
			2018						—						—						—						—						—						—						1,260,481						1,322,850						1,318,322						1,331,532						266,240
			2019						—						—						—						—						—						—						—						1,262,941						1,256,812						1,255,990						580,245
			2020						—						—						—						—						—						—						—						—						1,510,390						1,475,979						977,263
			2021						—						—						—						—						—						—						—						—						—						1,709,700						1,538,509
			Total																																																												$	10,535,353					$	3,703,843
									Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
									For the year ended December 31,
			Accident Year						2012						2013						2014						2015						2016						2017						2018						2019						2020						2021
									(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
			2012						$	101,857					$	211,326					$	268,714					$	316,584					$	356,853					$	416,713					$	445,394					$	470,853					$	477,799					$	490,439
			2013						—						51,810						185,565						242,408						289,333						340,727						371,338						395,854						407,654						422,363
			2014						—						—						124,303						250,620						333,894						398,361						452,889						496,550						524,042						541,900
			2015						—						—						—						135,329						269,512						399,598						496,555						582,030						642,304						688,315
			2016						—						—						—						—						167,247						366,864						504,608						621,551						713,281						799,747
			2017						—						—						—						—						—						212,641						409,835						550,494						788,601						933,382
			2018						—						—						—						—						—						—						156,313						360,990						561,424						813,995
			2019						—						—						—						—						—						—						—						125,519						327,668						460,521
			2020						—						—						—						—						—						—						—						—						155,214						346,858
			2021						—						—						—						—						—						—						—						—						—						72,280
			Total																																																												$	5,569,800
			Outstanding liabilities from accident year 2011 and prior, net of reinsurance																																																												252,259
			Adjustment for unallocated loss adjustment expenses																																																												44,985
			Unamortized fair value adjustments recorded in connection with acquisitions																																																												(66,028)
			Liability for claims and claim expenses, net of reinsurance																																																												$	5,196,769

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, 2021
									Cumulative Number of Reported Claims
			Accident Year						Property						Casualty and Specialty
			2012						922						2,559
			2013						812						3,030
			2014						762						3,914
			2015						783						4,419
			2016						1,206						5,164
			2017						2,596						4,753
			2018						2,516						3,921
			2019						1,704						3,392
			2020						2,298						1,777
			2021						1,203						725

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, 2021			1						2						3						4						5						6						7						8						9						10
			Property			29.2		%				19.4		%				15.7		%				6.8		%				3.0		%				2.3		%				0.6		%				1.6		%				0.1		%				1.1		%
			Casualty and Specialty			12.4		%				17.0		%				12.8		%				14.2		%				9.8		%				8.1		%				5.0		%				3.2		%				2.1		%				2.2		%

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- References

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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- 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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X

- 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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