XML 64 R45.htm IDEA: XBRL DOCUMENT v3.25.0.1

RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)

12 Months Ended

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		%

X

- References

No definition available.

+ Details

Name:	us-gaap_InsuranceLossReservesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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://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

+ Details

Name:	us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 9E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-9E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-4E

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-4B

+ Details

Name:	us-gaap_ShortdurationInsuranceContractsClaimsDevelopmentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 4G
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-4G

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 9F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-9F

+ Details

Name:	us-gaap_ShortdurationInsuranceContractsScheduleOfHistoricalClaimsDurationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration