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RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)

9 Months Ended

Sep. 30, 2024

Insurance Loss Reserves [Abstract]

Schedule of 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 September 30, 2024			Case Reserves						Additional Case Reserves						IBNR						Total
			Property			$	1,998,266					$	1,988,935					$	2,952,955					$	6,940,156
			Casualty and Specialty			2,994,087						285,466						11,001,485						14,281,038
			Total			$	4,992,353					$	2,274,401					$	13,954,440					$	21,221,194
			At December 31, 2023
			Property (1)			$	2,461,580					$	2,401,911					$	2,970,129					$	7,833,620
			Casualty and Specialty (1)			2,801,016						331,345						9,520,888						12,653,249
			Total			$	5,262,596					$	2,733,256					$	12,491,017					$	20,486,869

(1)The previously reported amount has been adjusted to reclassify certain reserves from IBNR to additional case reserves.

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

			Nine months ended September 30,			2024						2023
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period			$	15,142,583					$	11,181,648
			Net incurred related to:
			Current year			4,347,097						2,888,784
			Prior years			(497,858)						(294,797)
			Total net incurred			3,849,239						2,593,987
			Net paid related to:
			Current year			252,103						181,155
			Prior years			2,336,002						1,880,700
			Total net paid			2,588,105						2,061,855
			Foreign exchange and other (1)			78,840						(11,874)
			Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period			16,482,557						11,701,906
			Reinsurance recoverable as of end of period			4,738,637						4,253,259
			Reserve for claims and claim expenses as of end of period			$	21,221,194					$	15,955,165

(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, as well as deals accounted for under retroactive reinsurance accounting.

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

			Nine months ended September 30,			2024						2023
						(Favorable) Adverse Development						(Favorable) Adverse Development
			Property			$	(470,801)					$	(257,209)
			Casualty and Specialty			(27,057)						(37,588)
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(497,858)					$	(294,797)

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 other small catastrophe events and attritional loss movements:

			Nine months ended September 30,			2024
						(Favorable) Adverse Development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2023 Large Loss Events (1)			$	(21,316)
			2022 Weather-Related Large Losses (2)			(137,657)
			2021 Weather-Related Large Losses (3)			(69,618)
			2020 Weather-Related Large Loss Events (4)			(35,514)
			2019 Large Loss Events (5)			(15,864)
			2018 Large Loss Events (6)			(32,448)
			2017 Large Loss Events (7)			(17,631)
			Total large catastrophe events			(330,048)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(150,715)
			Actuarial assumption changes			9,962
			Total small catastrophe events and attritional loss movements			(140,753)
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(470,801)

(1)“2023 Large Loss Events” includes earthquakes in Southern and Central Turkey, Cyclone Gabrielle, flooding in northern New Zealand, various wind and thunderstorm events in both the Southern and Midwest U.S, severe weather events in Texas and other Southern and Central U.S. states, wildfires in Hawaii, Hurricanes Idalia and Otis, Storm Ciaran, and certain aggregate loss contracts triggered during 2023.

(2)“2022 Weather-Related Large Losses” includes Hurricanes Ian, Fiona and Nicole, floods in Eastern Australia, Storm Eunice, severe weather in France, typhoons in Asia, Winter Storm Elliott, and loss estimates associated with certain aggregate loss contracts.

(3)“2021 Weather-Related Large Losses” includes Winter Storm Uri, European Floods, Hurricane Ida, hail storm in Europe, wildfires in California, tornadoes in the Central and Midwest U.S., the Midwest Derecho, and losses associated with aggregate loss contracts.

(4)“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.

(5)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(6)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, wildfires in California, Hurricane Michael and certain losses associated with aggregate loss contracts.

(7)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, wildfires in California, and certain losses associated with aggregate loss contracts.

			Nine months ended September 30,			2023
						(Favorable) Adverse Development
			Catastrophe net claims and claim expenses
			Large catastrophe events
			2022 Weather-Related Large Losses			$	6,501
			2021 Weather-Related Large Losses			(24,931)
			2020 Weather-Related Large Loss Events			(28,824)
			2019 Large Loss Events			(37,934)
			2018 Large Loss Events			(37,847)
			2017 Large Loss Events			(31,922)
			New Zealand Earthquake (2010)			(10,397)
			Other			696
			Total large catastrophe events			(164,658)
			Small catastrophe events and attritional loss movements
			Other small catastrophe events and attritional loss movements			(93,391)
			Actuarial assumption changes			840
			Total small catastrophe events and attritional loss movements			(92,551)
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(257,209)

The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:

			Nine months ended September 30,			2024						2023
						(Favorable) Adverse Development						(Favorable) Adverse Development
			Actuarial methods - actual reported claims less than expected claims			$	(62,170)					$	(40,498)
			Actuarial assumption changes			35,113						2,910
			Total net (favorable) adverse development of prior accident years net claims and claim expenses			$	(27,057)					$	(37,588)

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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://www.xbrl.org/2003/role/disclosureRef
-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

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