XML 59 R41.htm IDEA: XBRL DOCUMENT
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Reserve for Claims and Claim Expenses (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Schedule of Liability for Unpaid Claims and Claim Expenses | The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:
| At December 31, 2023 | Case Reserves |  | Additional Case Reserves |  | IBNR |  | Total |
| Property | $ | 2,461,580 |  |  | $ | 1,459,010 |  |  | $ | 3,913,030 |  |  | $ | 7,833,620 |  |
| Casualty and Specialty | 2,801,016 |  |  | 203,560 |  |  | 9,648,673 |  |  | 12,653,249 |  |
| Total (1) | $ | 5,262,596 |  |  | $ | 1,662,570 |  |  | $ | 13,561,703 |  |  | $ | 20,486,869 |  |
| At December 31, 2022 |  |  |  |  |  |  |  |
| Property | $ | 1,956,688 |  |  | $ | 2,008,891 |  |  | $ | 3,570,253 |  |  | $ | 7,535,832 |  |
| Casualty and Specialty | 1,864,365 |  |  | 167,993 |  |  | 6,324,383 |  |  | 8,356,741 |  |
| Total | $ | 3,821,053 |  |  | $ | 2,176,884 |  |  | $ | 9,894,636 |  |  | $ | 15,892,573 |  |
(1)Included in the Company’s reserves for claims and claim expenses balance at December 31, 2023 was $4.5 billion of gross reserves for claims and claim expenses, at fair value, acquired as a result of the Validus Acquisition. Activity in the liability for unpaid claims and claim expenses is summarized as follows:
| Year ended December 31, | 2023 |  | 2022 |  | 2021 |
| Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period | $ | 11,181,648 |  |  | $ | 9,025,961 |  |  | $ | 7,455,128 |  |
| Net incurred related to: |  |  |  |  |  |
| Current year | 4,024,116 |  |  | 4,586,422 |  |  | 4,125,557 |  |
| Prior years | (450,607) |  |  | (247,582) |  |  | (249,470) |  |
| Total net incurred | 3,573,509 |  |  | 4,338,840 |  |  | 3,876,087 |  |
| Net paid related to: |  |  |  |  |  |
| Current year | 364,793 |  |  | 105,885 |  |  | 574,230 |  |
| Prior years | 2,630,885 |  |  | 1,924,271 |  |  | 1,649,872 |  |
| Total net paid | 2,995,678 |  |  | 2,030,156 |  |  | 2,224,102 |  |
| Foreign exchange (1) | 62,902 |  |  | (152,997) |  |  | (81,152) |  |
| Amounts acquired (2) | 3,320,202 |  |  | — |  |  | — |  |
| Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period | 15,142,583 |  |  | 11,181,648 |  |  | 9,025,961 |  |
| Reinsurance recoverable as of end of period | 5,344,286 |  |  | 4,710,925 |  |  | 4,268,669 |  |
| Reserve for claims and claim expenses as of end of period | $ | 20,486,869 |  |  | $ | 15,892,573 |  |  | $ | 13,294,630 |  |
(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 Validus’ reserves for claims and claim expenses, net of reinsurance recoverables, acquired on November 1, 2023. The following table details the Company’s prior year net development by segment of its net claims and claim expenses:
| Year ended December 31, | 2023 |  | 2022 |  | 2021 |
|  | (Favorable) adverse development |  | (Favorable) adverse development |  | (Favorable) adverse development |
| Property | $ | (408,905) |  |  | $ | (205,741) |  |  | $ | (233,373) |  |
| Casualty and Specialty | (41,702) |  |  | (41,841) |  |  | (16,097) |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (450,607) |  |  | $ | (247,582) |  |  | $ | (249,470) |  |
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 catastrophe events and small catastrophe events and attritional loss movements, included in the other line item:
| Year ended December 31, | 2023 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2022 Weather-Related Large Losses (1) | $ | (85,653) |  |
| 2021 Weather-Related Large Losses (2) | (36,949) |  |
| 2020 Weather-Related Large Loss Events (3) | (42,577) |  |
| 2019 Large Loss Events (4) | (43,850) |  |
| 2018 Large Loss Events (5) | (40,050) |  |
| 2017 Large Loss Events (6) | (46,404) |  |
| Other | (14,337) |  |
| Total large catastrophe events | (309,820) |  |
| Small catastrophe events and attritional loss movements |  |
| Other small catastrophe events and attritional loss movements | (99,925) |  |
| Actuarial assumption changes | 840 |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (408,905) |  |
(1)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events. (2)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts. (3) “2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts. (4) “2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts. (5)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts. (6)“2017 Large Loss Events includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.
| Year ended December 31, | 2022 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2021 Weather-Related Large Losses | $ | (12,387) |  |
| 2020 Weather-Related Large Loss Events | (24,589) |  |
| 2019 Large Loss Events | (97,034) |  |
| 2018 Large Loss Events | (20,318) |  |
| 2017 Large Loss Events | (39,481) |  |
| Other | (4,755) |  |
| Total large catastrophe events | (198,564) |  |
| Small catastrophe events and attritional loss movements |  |
| Other small catastrophe events and attritional loss movements | (31,024) |  |
| Total small catastrophe events and attritional loss movements | (31,024) |  |
| Total catastrophe and attritional net claims and claim expenses | (229,588) |  |
| Actuarial assumption changes | 23,847 |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (205,741) |  |
| 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) |  |
The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:
| Year ended December 31, | 2023 |  | 2022 |  | 2021 |
|  | (Favorable) adverse development |  | (Favorable) adverse development |  | (Favorable) adverse development |
| Actuarial methods - actual reported claims less than expected claims | $ | (44,612) |  |  | $ | (63,353) |  |  | $ | (19,078) |  |
| Actuarial assumption changes | 2,910 |  |  | 21,512 |  |  | 2,981 |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (41,702) |  |  | $ | (41,841) |  |  | $ | (16,097) |  |
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, 2023 |  |
| Net Reserve for Claims and Claim Expenses |  |
| Property | $ | 5,096,974 |  |
| Casualty and Specialty | 10,045,609 |  |
| Total net reserve for claims and claim expenses | 15,142,583 |  |
| Reinsurance Recoverable |  |
| Property | $ | 2,736,646 |  |
| Casualty and Specialty | 2,607,640 |  |
| Total reinsurance recoverable | 5,344,286 |  |
| Total reserve for claims and claim expenses | $ | 20,486,869 |  |
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, 2023, 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, 2023 |
| Accident Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | IBNR and ACR |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2014 |  | $ | 1,349,682 |  |  | $ | 1,292,051 |  |  | $ | 1,261,814 |  |  | $ | 1,231,639 |  |  | $ | 1,216,176 |  |  | $ | 1,229,153 |  |  | $ | 1,199,667 |  |  | $ | 1,189,016 |  |  | $ | 1,180,232 |  |  | $ | 1,168,571 |  |  | $ | 37,966 |  |
| 2015 |  | — |  |  | 1,682,812 |  |  | 1,612,942 |  |  | 1,580,294 |  |  | 1,534,787 |  |  | 1,512,704 |  |  | 1,502,100 |  |  | 1,504,626 |  |  | 1,497,021 |  |  | 1,495,256 |  |  | 33,929 |  |
| 2016 |  | — |  |  | — |  |  | 1,897,875 |  |  | 1,907,527 |  |  | 1,870,041 |  |  | 1,837,107 |  |  | 1,755,166 |  |  | 1,770,150 |  |  | 1,804,992 |  |  | 1,782,676 |  |  | 18,118 |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | 3,697,137 |  |  | 3,443,204 |  |  | 3,357,851 |  |  | 3,285,056 |  |  | 3,255,713 |  |  | 3,190,159 |  |  | 3,180,295 |  |  | 201,303 |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,030,203 |  |  | 3,266,784 |  |  | 3,205,113 |  |  | 3,075,000 |  |  | 3,081,439 |  |  | 3,112,753 |  |  | 406,074 |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,765,868 |  |  | 2,754,429 |  |  | 2,669,111 |  |  | 2,600,638 |  |  | 2,613,203 |  |  | 355,502 |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,435,130 |  |  | 4,429,197 |  |  | 4,423,413 |  |  | 4,408,976 |  |  | 1,079,825 |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,552,945 |  |  | 5,378,071 |  |  | 5,178,965 |  |  | 1,413,339 |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,966,078 |  |  | 5,680,547 |  |  | 3,271,322 |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,303,895 |  |  | 4,281,188 |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 33,925,137 |  |  | $ | 11,098,566 |  |
|  |  | Cumulative Paid Claims and Claim Expenses, Net of Reinsurance |  |  |
|  |  | For the year ended December 31, |  |  |
| Accident Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2014 |  | $ | 351,514 |  |  | $ | 651,426 |  |  | $ | 800,559 |  |  | $ | 886,043 |  |  | $ | 953,310 |  |  | $ | 1,008,653 |  |  | $ | 1,037,804 |  |  | $ | 1,067,201 |  |  | $ | 1,085,206 |  |  | $ | 1,090,421 |  |  |  |
| 2015 |  | — |  |  | 458,736 |  |  | 792,149 |  |  | 1,015,747 |  |  | 1,144,296 |  |  | 1,246,427 |  |  | 1,311,496 |  |  | 1,361,819 |  |  | 1,399,216 |  |  | 1,425,849 |  |  |  |
| 2016 |  | — |  |  | — |  |  | 473,090 |  |  | 907,567 |  |  | 1,118,420 |  |  | 1,296,066 |  |  | 1,432,356 |  |  | 1,537,961 |  |  | 1,603,460 |  |  | 1,633,339 |  |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | 973,719 |  |  | 1,513,515 |  |  | 1,878,698 |  |  | 2,248,481 |  |  | 2,436,312 |  |  | 2,600,250 |  |  | 2,745,342 |  |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | 676,031 |  |  | 1,300,839 |  |  | 1,719,662 |  |  | 2,029,342 |  |  | 2,252,816 |  |  | 2,374,401 |  |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 386,711 |  |  | 1,019,032 |  |  | 1,390,797 |  |  | 1,723,144 |  |  | 2,042,749 |  |  |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 761,877 |  |  | 1,773,193 |  |  | 2,296,810 |  |  | 2,788,153 |  |  |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 892,239 |  |  | 2,116,223 |  |  | 2,966,887 |  |  |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 285,530 |  |  | 1,463,927 |  |  |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 522,685 |  |  |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19,053,753 |  |  |  |
| Outstanding liabilities from accident year 2013 and prior, net of reinsurance |  | 403,209 |  |  |  |
| Adjustment for unallocated loss adjustment expenses |  | 90,185 |  |  |  |
| Unamortized fair value adjustments recorded in connection with acquisitions |  | (222,195) |  |  |  |
| Liability for claims and claim expenses, net of reinsurance |  | $ | 15,142,583 |  |  |  |
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, 2023, 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, 2023 |
| Accident Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | IBNR and ACR |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2014 |  | $ | 380,622 |  |  | $ | 352,583 |  |  | $ | 331,455 |  |  | $ | 326,513 |  |  | $ | 331,610 |  |  | $ | 331,347 |  |  | $ | 325,325 |  |  | $ | 319,529 |  |  | $ | 317,076 |  |  | $ | 315,158 |  |  | $ | 1,284 |  |
| 2015 |  | — |  |  | 511,360 |  |  | 459,762 |  |  | 416,585 |  |  | 399,498 |  |  | 389,650 |  |  | 384,744 |  |  | 375,769 |  |  | 377,861 |  |  | 376,792 |  |  | 3,095 |  |
| 2016 |  | — |  |  | — |  |  | 588,366 |  |  | 607,340 |  |  | 576,902 |  |  | 554,287 |  |  | 526,318 |  |  | 522,330 |  |  | 541,396 |  |  | 530,843 |  |  | 3,114 |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | 2,018,855 |  |  | 1,824,613 |  |  | 1,698,844 |  |  | 1,681,670 |  |  | 1,624,156 |  |  | 1,559,925 |  |  | 1,532,082 |  |  | 127,946 |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,374,423 |  |  | 1,465,633 |  |  | 1,408,253 |  |  | 1,280,066 |  |  | 1,267,732 |  |  | 1,216,792 |  |  | 171,088 |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,203,828 |  |  | 1,191,214 |  |  | 1,103,449 |  |  | 1,017,085 |  |  | 953,986 |  |  | 123,856 |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,989,861 |  |  | 2,098,289 |  |  | 2,092,021 |  |  | 2,036,200 |  |  | 428,120 |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,744,649 |  |  | 2,713,942 |  |  | 2,628,136 |  |  | 301,855 |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,584,543 |  |  | 2,463,435 |  |  | 1,134,057 |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,473,736 |  |  | 1,046,791 |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,527,160 |  |  | $ | 3,341,206 |  |
|  |  | Cumulative Paid Claims and Claim Expenses, Net of Reinsurance |  |  |
|  |  | For the year ended December 31, |  |  |
| Accident Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2014 |  | $ | 125,296 |  |  | $ | 229,525 |  |  | $ | 276,964 |  |  | $ | 292,484 |  |  | $ | 301,017 |  |  | $ | 308,616 |  |  | $ | 308,420 |  |  | $ | 311,708 |  |  | $ | 311,424 |  |  | $ | 313,571 |  |  |  |
| 2015 |  | — |  |  | 142,694 |  |  | 279,692 |  |  | 324,960 |  |  | 348,033 |  |  | 359,414 |  |  | 363,600 |  |  | 366,340 |  |  | 369,281 |  |  | 373,247 |  |  |  |
| 2016 |  | — |  |  | — |  |  | 146,671 |  |  | 332,918 |  |  | 415,348 |  |  | 449,190 |  |  | 475,616 |  |  | 486,482 |  |  | 491,344 |  |  | 487,678 |  |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | 663,451 |  |  | 939,895 |  |  | 1,123,051 |  |  | 1,232,669 |  |  | 1,252,995 |  |  | 1,300,750 |  |  | 1,323,458 |  |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | 454,838 |  |  | 776,630 |  |  | 954,175 |  |  | 990,041 |  |  | 1,032,771 |  |  | 971,282 |  |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 165,811 |  |  | 475,613 |  |  | 660,693 |  |  | 748,804 |  |  | 813,107 |  |  |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 283,840 |  |  | 836,501 |  |  | 1,109,201 |  |  | 1,317,414 |  |  |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 580,026 |  |  | 1,366,213 |  |  | 1,862,525 |  |  |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79,480 |  |  | 772,239 |  |  |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 235,139 |  |  |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,469,660 |  |  |  |
| Outstanding liabilities from accident year 2013 and prior, net of reinsurance |  | 77,214 |  |  |  |
| Adjustment for unallocated loss adjustment expenses |  | 13,949 |  |  |  |
| Unamortized fair value adjustments recorded in connection with acquisitions |  | (51,689) |  |  |  |
| Liability for claims and claim expenses, net of reinsurance |  | $ | 5,096,974 |  |  |  |
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, 2023, 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, 2023 |
| Accident Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | IBNR and ACR |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2014 |  | $ | 969,060 |  |  | $ | 939,468 |  |  | $ | 930,359 |  |  | $ | 905,126 |  |  | $ | 884,566 |  |  | $ | 897,806 |  |  | $ | 874,342 |  |  | $ | 869,487 |  |  | $ | 863,156 |  |  | $ | 853,413 |  |  | $ | 36,682 |  |
| 2015 |  | — |  |  | 1,171,452 |  |  | 1,153,180 |  |  | 1,163,709 |  |  | 1,135,289 |  |  | 1,123,054 |  |  | 1,117,356 |  |  | 1,128,857 |  |  | 1,119,160 |  |  | 1,118,464 |  |  | 30,834 |  |
| 2016 |  | — |  |  | — |  |  | 1,309,509 |  |  | 1,300,187 |  |  | 1,293,139 |  |  | 1,282,820 |  |  | 1,228,848 |  |  | 1,247,820 |  |  | 1,263,596 |  |  | 1,251,833 |  |  | 15,004 |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | 1,678,282 |  |  | 1,618,591 |  |  | 1,659,007 |  |  | 1,603,386 |  |  | 1,631,557 |  |  | 1,630,234 |  |  | 1,648,213 |  |  | 73,357 |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,655,780 |  |  | 1,801,151 |  |  | 1,796,860 |  |  | 1,794,934 |  |  | 1,813,707 |  |  | 1,895,961 |  |  | 234,986 |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,562,040 |  |  | 1,563,215 |  |  | 1,565,662 |  |  | 1,583,553 |  |  | 1,659,217 |  |  | 231,646 |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,445,269 |  |  | 2,330,908 |  |  | 2,331,392 |  |  | 2,372,776 |  |  | 651,705 |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,808,296 |  |  | 2,664,129 |  |  | 2,550,829 |  |  | 1,111,484 |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,381,535 |  |  | 3,217,112 |  |  | 2,137,265 |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,830,159 |  |  | 3,234,397 |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,397,977 |  |  | $ | 7,757,360 |  |
|  |  | Cumulative Paid Claims and Claim Expenses, Net of Reinsurance |  |  |
|  |  | For the year ended December 31, |  |  |
| Accident Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2014 |  | $ | 226,218 |  |  | $ | 421,901 |  |  | $ | 523,595 |  |  | $ | 593,559 |  |  | $ | 652,293 |  |  | $ | 700,037 |  |  | $ | 729,384 |  |  | $ | 755,493 |  |  | $ | 773,782 |  |  | $ | 776,850 |  |  |  |
| 2015 |  | — |  |  | 316,042 |  |  | 512,457 |  |  | 690,787 |  |  | 796,263 |  |  | 887,013 |  |  | 947,896 |  |  | 995,479 |  |  | 1,029,935 |  |  | 1,052,602 |  |  |  |
| 2016 |  | — |  |  | — |  |  | 326,419 |  |  | 574,649 |  |  | 703,072 |  |  | 846,876 |  |  | 956,740 |  |  | 1,051,479 |  |  | 1,112,116 |  |  | 1,145,661 |  |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | 310,268 |  |  | 573,620 |  |  | 755,647 |  |  | 1,015,812 |  |  | 1,183,317 |  |  | 1,299,500 |  |  | 1,421,884 |  |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | 221,193 |  |  | 524,209 |  |  | 765,487 |  |  | 1,039,301 |  |  | 1,220,045 |  |  | 1,403,119 |  |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 220,900 |  |  | 543,419 |  |  | 730,104 |  |  | 974,340 |  |  | 1,229,642 |  |  |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 478,037 |  |  | 936,692 |  |  | 1,187,609 |  |  | 1,470,739 |  |  |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 312,213 |  |  | 750,010 |  |  | 1,104,362 |  |  |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 206,050 |  |  | 691,688 |  |  |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 287,546 |  |  |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,584,093 |  |  |  |
| Outstanding liabilities from accident year 2013 and prior, net of reinsurance |  | 325,995 |  |  |  |
| Adjustment for unallocated loss adjustment expenses |  | 76,236 |  |  |  |
| Unamortized fair value adjustments recorded in connection with acquisitions |  | (170,506) |  |  |  |
| Liability for claims and claim expenses, net of reinsurance |  | $ | 10,045,609 |  |  |  |
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, 2023 | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10 |
| Property | 21.3 | % |  | 27.9 | % |  | 15.5 | % |  | 7.4 | % |  | 3.5 | % |  | 0.2 | % |  | 1.1 | % |  | 0.2 | % |  | 0.5 | % |  | 0.7 | % |
| Casualty and Specialty | 14.2 | % |  | 17.6 | % |  | 12.2 | % |  | 12.8 | % |  | 10.2 | % |  | 7.4 | % |  | 5.3 | % |  | 2.9 | % |  | 2.1 | % |  | 0.4 | % |

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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