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Reserve for Claims and Claim Expenses (Tables)

12 Months Ended

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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- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-4B

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- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 4G
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-4G

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