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RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables) | 12 Months Ended
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Dec. 31, 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, ACR and IBNR:
| At December 31, 2024 | Case Reserves |  | Additional Case Reserves |  | IBNR |  | Total |
| Property | $ | 1,845,228 |  |  | $ | 1,905,553 |  |  | $ | 2,821,958 |  |  | $ | 6,572,739 |  |
| Casualty and Specialty | 3,081,081 |  |  | 295,074 |  |  | 11,354,597 |  |  | 14,730,752 |  |
| Total | $ | 4,926,309 |  |  | $ | 2,200,627 |  |  | $ | 14,176,555 |  |  | $ | 21,303,491 |  |
| 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 ACR. Activity in the reserve for claims and claim expenses is summarized as follows:
| Year ended December 31, | 2024 |  | 2023 |  | 2022 |
| Reserve for claims and claim expenses, net of reinsurance recoverable, beginning of period | $ | 15,142,583 |  |  | $ | 11,181,648 |  |  | $ | 9,025,961 |  |
| Net incurred related to: |  |  |  |  |  |
| Current year | 6,184,315 |  |  | 4,024,116 |  |  | 4,586,422 |  |
| Prior years | (851,334) |  |  | (450,607) |  |  | (247,582) |  |
| Total net incurred | 5,332,981 |  |  | 3,573,509 |  |  | 4,338,840 |  |
| Net paid related to: |  |  |  |  |  |
| Current year | 488,450 |  |  | 364,793 |  |  | 105,885 |  |
| Prior years | 3,109,360 |  |  | 2,630,885 |  |  | 1,924,271 |  |
| Total net paid | 3,597,810 |  |  | 2,995,678 |  |  | 2,030,156 |  |
| Foreign exchange and other (1) | (55,653) |  |  | 62,902 |  |  | (152,997) |  |
| Amounts acquired (2) | — |  |  | 3,320,202 |  |  | — |  |
| Reserve for claims and claim expenses, net of reinsurance recoverable, end of period | 16,822,101 |  |  | 15,142,583 |  |  | 11,181,648 |  |
| Reinsurance recoverable, end of period | 4,481,390 |  |  | 5,344,286 |  |  | 4,710,925 |  |
| Reserve for claims and claim expenses, end of period | $ | 21,303,491 |  |  | $ | 20,486,869 |  |  | $ | 15,892,573 |  |
(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 reinsurance transactions accounted for under retroactive reinsurance accounting. (2)Represents the fair value of Validus’ reserve for claims and claim expenses, net of reinsurance recoverable, 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:
|  | (Favorable) Adverse Development |
| Year ended December 31, | 2024 |  | 2023 |  | 2022 |
| Property | $ | (818,852) |  |  | $ | (408,905) |  |  | $ | (205,741) |  |
| Casualty and Specialty | (32,482) |  |  | (41,702) |  |  | (41,841) |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (851,334) |  |  | $ | (450,607) |  |  | $ | (247,582) |  |
The following tables detail the prior year net 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:
| Year ended December 31, | 2024 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2023 Large Loss Events (1) | $ | (31,899) |  |
| 2022 Weather-Related Large Losses (2) | (284,327) |  |
| 2021 Weather-Related Large Losses (3) | (180,028) |  |
| 2020 Weather-Related Large Loss Events (4) | (47,512) |  |
| 2019 Large Loss Events (5) | (14,445) |  |
| 2018 Large Loss Events (6) | (38,295) |  |
| 2017 Large Loss Events (7) | (25,692) |  |
| Total large catastrophe events | (622,198) |  |
| Small catastrophe events and attritional loss movements |  |
| Other small catastrophe events and attritional loss movements | (206,616) |  |
| Total small catastrophe events and attritional loss movements | (206,616) |  |
| Total catastrophe and attritional net claims and claim expenses | (828,814) |  |
| Actuarial assumption changes | 9,962 |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (818,852) |  |
(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.
| Year ended December 31, | 2023 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2022 Weather-Related Large Losses | $ | (85,653) |  |
| 2021 Weather-Related Large Losses | (36,949) |  |
| 2020 Weather-Related Large Loss Events | (42,577) |  |
| 2019 Large Loss Events | (43,850) |  |
| 2018 Large Loss Events | (40,050) |  |
| 2017 Large Loss Events | (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) |  |
| Total small catastrophe events and attritional loss movements | (99,925) |  |
| Total catastrophe and attritional net claims and claim expenses | (409,745) |  |
| Actuarial assumption changes | 840 |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (408,905) |  |
| Year ended December 31, | 2022 |
|  | (Favorable) adverse development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2021 Weather-Related Large Loss Events | $ | (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) |  |
The following table details the net development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:
|  | (Favorable) Adverse Development |
| Year ended December 31, | 2024 |  | 2023 |  | 2022 |
| Actuarial methods - actual reported claims less than expected claims | $ | (67,595) |  |  | $ | (44,612) |  |  | $ | (63,353) |  |
| Actuarial assumption changes | 35,113 |  |  | 2,910 |  |  | 21,512 |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (32,482) |  |  | $ | (41,702) |  |  | $ | (41,841) |  |
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, 2024 |  |
| Net Reserve for Claims and Claim Expenses |  |
| Property | $ | 4,906,841 |  |
| Casualty and Specialty | 11,915,260 |  |
| Total net reserve for claims and claim expenses | 16,822,101 |  |
| Reinsurance Recoverable |  |
| Property | $ | 1,665,898 |  |
| Casualty and Specialty | 2,815,492 |  |
| Total reinsurance recoverable | 4,481,390 |  |
| Total reserve for claims and claim expenses | $ | 21,303,491 |  |
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, 2024, net of reinsurance, as well as IBNR and 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, 2024 |
| Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | IBNR and ACR |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2015 |  | $ | 1,670,190 |  |  | $ | 1,603,613 |  |  | $ | 1,572,065 |  |  | $ | 1,527,011 |  |  | $ | 1,505,261 |  |  | $ | 1,494,406 |  |  | $ | 1,497,311 |  |  | $ | 1,489,897 |  |  | $ | 1,487,053 |  |  | $ | 1,485,686 |  |  | $ | 51,310 |  |
| 2016 |  | — |  |  | 1,872,508 |  |  | 1,882,586 |  |  | 1,843,984 |  |  | 1,811,320 |  |  | 1,734,299 |  |  | 1,752,579 |  |  | 1,784,035 |  |  | 1,762,581 |  |  | 1,768,120 |  |  | 31,713 |  |
| 2017 |  | — |  |  | — |  |  | 3,606,410 |  |  | 3,423,131 |  |  | 3,340,805 |  |  | 3,262,344 |  |  | 3,230,732 |  |  | 3,168,653 |  |  | 3,160,015 |  |  | 3,171,839 |  |  | 106,741 |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | 2,912,949 |  |  | 3,132,829 |  |  | 3,065,222 |  |  | 2,934,773 |  |  | 2,926,168 |  |  | 2,965,944 |  |  | 2,980,818 |  |  | 178,549 |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,706,854 |  |  | 2,680,637 |  |  | 2,591,017 |  |  | 2,554,243 |  |  | 2,564,553 |  |  | 2,620,761 |  |  | 249,622 |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,393,340 |  |  | 4,392,922 |  |  | 4,397,548 |  |  | 4,370,007 |  |  | 4,301,296 |  |  | 761,291 |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,534,493 |  |  | 5,388,056 |  |  | 5,176,258 |  |  | 4,906,690 |  |  | 1,018,009 |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,902,647 |  |  | 5,627,982 |  |  | 5,128,208 |  |  | 2,231,524 |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,277,384 |  |  | 5,200,462 |  |  | 3,144,564 |  |
| 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,077,913 |  |  | 5,042,190 |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 37,641,793 |  |  | $ | 12,815,513 |  |
|  |  | Cumulative Paid Claims and Claim Expenses, Net of Reinsurance |  |  |
|  |  | For the year ended December 31, |  |  |
| Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2015 |  | $ | 456,673 |  |  | $ | 787,860 |  |  | $ | 1,009,810 |  |  | $ | 1,137,612 |  |  | $ | 1,239,336 |  |  | $ | 1,303,717 |  |  | $ | 1,353,866 |  |  | $ | 1,391,122 |  |  | $ | 1,417,548 |  |  | $ | 1,430,775 |  |  |  |
| 2016 |  | — |  |  | 469,972 |  |  | 895,958 |  |  | 1,103,921 |  |  | 1,280,778 |  |  | 1,416,750 |  |  | 1,522,045 |  |  | 1,586,304 |  |  | 1,615,296 |  |  | 1,653,636 |  |  |  |
| 2017 |  | — |  |  | — |  |  | 922,620 |  |  | 1,503,737 |  |  | 1,864,861 |  |  | 2,229,595 |  |  | 2,416,297 |  |  | 2,579,980 |  |  | 2,726,059 |  |  | 2,850,754 |  |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | 672,825 |  |  | 1,190,862 |  |  | 1,593,543 |  |  | 1,900,077 |  |  | 2,118,511 |  |  | 2,238,238 |  |  | 2,382,009 |  |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | 382,173 |  |  | 991,137 |  |  | 1,350,356 |  |  | 1,678,643 |  |  | 1,996,128 |  |  | 2,225,414 |  |  |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 756,409 |  |  | 1,810,464 |  |  | 2,323,405 |  |  | 2,795,075 |  |  | 3,239,789 |  |  |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 886,330 |  |  | 2,092,957 |  |  | 2,922,881 |  |  | 3,356,124 |  |  |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 280,032 |  |  | 1,446,448 |  |  | 2,260,464 |  |  |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 516,063 |  |  | 1,289,115 |  |  |  |
| 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 475,609 |  |  |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,163,689 |  |  |  |
| Outstanding liabilities from accident year 2014 and prior, net of reinsurance |  | 386,060 |  |  |  |
| Adjustment for unallocated loss adjustment expenses |  | 114,425 |  |  |  |
| Unamortized fair value and other adjustments recorded in connection with acquisitions |  | (156,488) |  |  |  |
| Liability for claims and claim expenses, net of reinsurance |  | $ | 16,822,101 |  |  |  |
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, 2024, net of reinsurance, as well as IBNR and 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, 2024 |
| Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | IBNR and ACR |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2015 |  | $ | 506,243 |  |  | $ | 456,920 |  |  | $ | 414,379 |  |  | $ | 397,750 |  |  | $ | 388,076 |  |  | $ | 383,214 |  |  | $ | 374,258 |  |  | $ | 376,457 |  |  | $ | 375,420 |  |  | $ | 373,895 |  |  | $ | 511 |  |
| 2016 |  | — |  |  | 572,814 |  |  | 592,915 |  |  | 564,880 |  |  | 544,624 |  |  | 517,878 |  |  | 514,263 |  |  | 532,556 |  |  | 522,917 |  |  | 522,370 |  |  | 3,361 |  |
| 2017 |  | — |  |  | — |  |  | 1,951,429 |  |  | 1,813,187 |  |  | 1,687,873 |  |  | 1,670,648 |  |  | 1,613,614 |  |  | 1,550,274 |  |  | 1,521,356 |  |  | 1,496,890 |  |  | 76,065 |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | 1,271,912 |  |  | 1,348,628 |  |  | 1,286,032 |  |  | 1,158,452 |  |  | 1,147,450 |  |  | 1,098,897 |  |  | 1,072,994 |  |  | 64,246 |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,162,088 |  |  | 1,135,337 |  |  | 1,042,748 |  |  | 976,162 |  |  | 914,252 |  |  | 912,496 |  |  | 35,810 |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,966,826 |  |  | 2,075,320 |  |  | 2,076,315 |  |  | 2,010,634 |  |  | 1,972,883 |  |  | 265,855 |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,759,175 |  |  | 2,758,871 |  |  | 2,655,570 |  |  | 2,440,274 |  |  | 143,701 |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,544,022 |  |  | 2,431,989 |  |  | 2,045,341 |  |  | 597,038 |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,469,539 |  |  | 1,376,749 |  |  | 577,889 |  |
| 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,928,913 |  |  | 1,407,007 |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,142,805 |  |  | $ | 3,171,483 |  |
|  |  | Cumulative Paid Claims and Claim Expenses, Net of Reinsurance |  |  |
|  |  | For the year ended December 31, |  |  |
| Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2015 |  | $ | 141,410 |  |  | $ | 277,662 |  |  | $ | 322,118 |  |  | $ | 344,855 |  |  | $ | 356,090 |  |  | $ | 360,172 |  |  | $ | 362,864 |  |  | $ | 365,875 |  |  | $ | 369,874 |  |  | $ | 370,585 |  |  |  |
| 2016 |  | — |  |  | 144,973 |  |  | 324,607 |  |  | 405,317 |  |  | 438,693 |  |  | 465,432 |  |  | 476,483 |  |  | 481,117 |  |  | 477,703 |  |  | 480,030 |  |  |  |
| 2017 |  | — |  |  | — |  |  | 619,039 |  |  | 935,017 |  |  | 1,115,451 |  |  | 1,223,434 |  |  | 1,243,652 |  |  | 1,291,080 |  |  | 1,313,624 |  |  | 1,323,316 |  |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | 453,864 |  |  | 675,404 |  |  | 838,513 |  |  | 872,831 |  |  | 917,391 |  |  | 852,022 |  |  | 853,609 |  |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | 164,785 |  |  | 457,281 |  |  | 632,491 |  |  | 718,321 |  |  | 777,272 |  |  | 818,617 |  |  |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 284,033 |  |  | 878,467 |  |  | 1,139,605 |  |  | 1,332,331 |  |  | 1,517,898 |  |  |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 585,175 |  |  | 1,371,613 |  |  | 1,852,117 |  |  | 1,984,325 |  |  |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 76,656 |  |  | 764,636 |  |  | 1,157,016 |  |  |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 232,849 |  |  | 536,495 |  |  |  |
| 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 224,606 |  |  |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,266,497 |  |  |  |
| Outstanding liabilities from accident year 2014 and prior, net of reinsurance |  | 49,601 |  |  |  |
| Adjustment for unallocated loss adjustment expenses |  | 15,115 |  |  |  |
| Unamortized fair value and other adjustments recorded in connection with acquisitions |  | (34,183) |  |  |  |
| Liability for claims and claim expenses, net of reinsurance |  | $ | 4,906,841 |  |  |  |
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, 2024, net of reinsurance, as well as IBNR and 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, 2024 |
| Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | IBNR and ACR |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2015 |  | $ | 1,163,947 |  |  | $ | 1,146,693 |  |  | $ | 1,157,686 |  |  | $ | 1,129,261 |  |  | $ | 1,117,185 |  |  | $ | 1,111,192 |  |  | $ | 1,123,053 |  |  | $ | 1,113,440 |  |  | $ | 1,111,633 |  |  | $ | 1,111,791 |  |  | $ | 50,799 |  |
| 2016 |  | — |  |  | 1,299,694 |  |  | 1,289,671 |  |  | 1,279,104 |  |  | 1,266,696 |  |  | 1,216,421 |  |  | 1,238,316 |  |  | 1,251,479 |  |  | 1,239,664 |  |  | 1,245,750 |  |  | 28,352 |  |
| 2017 |  | — |  |  | — |  |  | 1,654,981 |  |  | 1,609,944 |  |  | 1,652,932 |  |  | 1,591,696 |  |  | 1,617,118 |  |  | 1,618,379 |  |  | 1,638,659 |  |  | 1,674,949 |  |  | 30,676 |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | 1,641,037 |  |  | 1,784,201 |  |  | 1,779,190 |  |  | 1,776,321 |  |  | 1,778,718 |  |  | 1,867,047 |  |  | 1,907,824 |  |  | 114,303 |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,544,766 |  |  | 1,545,300 |  |  | 1,548,269 |  |  | 1,578,081 |  |  | 1,650,301 |  |  | 1,708,265 |  |  | 213,812 |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,426,514 |  |  | 2,317,602 |  |  | 2,321,233 |  |  | 2,359,373 |  |  | 2,328,413 |  |  | 495,436 |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,775,318 |  |  | 2,629,185 |  |  | 2,520,688 |  |  | 2,466,416 |  |  | 874,308 |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,358,625 |  |  | 3,195,993 |  |  | 3,082,867 |  |  | 1,634,486 |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,807,845 |  |  | 3,823,713 |  |  | 2,566,675 |  |
| 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,149,000 |  |  | 3,635,183 |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 23,498,988 |  |  | $ | 9,644,030 |  |
|  |  | Cumulative Paid Claims and Claim Expenses, Net of Reinsurance |  |  |
|  |  | For the year ended December 31, |  |  |
| Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |
|  |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  |  |  |  |
| 2015 |  | $ | 315,263 |  |  | $ | 510,198 |  |  | $ | 687,692 |  |  | $ | 792,757 |  |  | $ | 883,246 |  |  | $ | 943,545 |  |  | $ | 991,002 |  |  | $ | 1,025,247 |  |  | $ | 1,047,674 |  |  | $ | 1,060,190 |  |  |  |
| 2016 |  | — |  |  | 324,999 |  |  | 571,351 |  |  | 698,604 |  |  | 842,085 |  |  | 951,318 |  |  | 1,045,562 |  |  | 1,105,187 |  |  | 1,137,593 |  |  | 1,173,606 |  |  |  |
| 2017 |  | — |  |  | — |  |  | 303,581 |  |  | 568,720 |  |  | 749,410 |  |  | 1,006,161 |  |  | 1,172,645 |  |  | 1,288,900 |  |  | 1,412,435 |  |  | 1,527,438 |  |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | 218,961 |  |  | 515,458 |  |  | 755,030 |  |  | 1,027,246 |  |  | 1,201,120 |  |  | 1,386,216 |  |  | 1,528,400 |  |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | 217,388 |  |  | 533,856 |  |  | 717,865 |  |  | 960,322 |  |  | 1,218,856 |  |  | 1,406,797 |  |  |  |
| 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 472,376 |  |  | 931,997 |  |  | 1,183,800 |  |  | 1,462,744 |  |  | 1,721,891 |  |  |  |
| 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 301,155 |  |  | 721,344 |  |  | 1,070,764 |  |  | 1,371,799 |  |  |  |
| 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 203,376 |  |  | 681,812 |  |  | 1,103,448 |  |  |  |
| 2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 283,214 |  |  | 752,620 |  |  |  |
| 2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 251,003 |  |  |  |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,897,192 |  |  |  |
| Outstanding liabilities from accident year 2014 and prior, net of reinsurance |  | 336,459 |  |  |  |
| Adjustment for unallocated loss adjustment expenses |  | 99,310 |  |  |  |
| Unamortized fair value and other adjustments recorded in connection with acquisitions |  | (122,305) |  |  |  |
| Liability for claims and claim expenses, net of reinsurance |  | $ | 11,915,260 |  |  |  |
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, 2024 | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10 |
| Property | 20.7 | % |  | 28.8 | % |  | 16.4 | % |  | 6.9 | % |  | 5.5 | % |  | 0.9 | % |  | 0.9 | % |  | 0.4 | % |  | 0.7 | % |  | 0.2 | % |
| Casualty and Specialty | 12.3 | % |  | 16.3 | % |  | 12.4 | % |  | 12.9 | % |  | 10.6 | % |  | 8.4 | % |  | 6.3 | % |  | 4.5 | % |  | 2.5 | % |  | 1.1 | % |

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