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RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 | Case Reserves |  | ACR |  | IBNR |  | Total |
| Property | $ | 1,991,539 |  |  | $ | 1,841,944 |  |  | $ | 3,703,176 |  |  | $ | 7,536,659 |  |
| Casualty and Specialty | 3,147,473 |  |  | 282,534 |  |  | 11,890,465 |  |  | 15,320,472 |  |
| Total | $ | 5,139,012 |  |  | $ | 2,124,478 |  |  | $ | 15,593,641 |  |  | $ | 22,857,131 |  |
| At December 31, 2024 |  |  |  |  |  |  |  |
| 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 |  |
Activity in the reserve for claims and claim expenses is summarized as follows:
|  | Three months ended |
|  | March 31, 2025 |  | March 31, 2024 |
| Reserve for claims and claim expenses, net of reinsurance recoverable, beginning of period | $ | 16,822,101 |  |  | $ | 15,142,583 |  |
| Net incurred related to: |  |  |  |
| Current year | 2,939,632 |  |  | 1,263,204 |  |
| Prior years | (195,874) |  |  | (97,081) |  |
| Total net incurred | 2,743,758 |  |  | 1,166,123 |  |
| Net paid related to: |  |  |  |
| Current year | 492,114 |  |  | 40,657 |  |
| Prior years | 888,032 |  |  | 872,205 |  |
| Total net paid | 1,380,146 |  |  | 912,862 |  |
| Foreign exchange and other (1) | 93,523 |  |  | (19,914) |  |
| Reserve for claims and claim expenses, net of reinsurance recoverable, end of period | 18,279,236 |  |  | 15,375,930 |  |
| Reinsurance recoverable, end of period | 4,577,895 |  |  | 4,993,680 |  |
| Reserve for claims and claim expenses, end of period | $ | 22,857,131 |  |  | $ | 20,369,610 |  |
(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. The following table details the Company’s prior year net development by segment of its net claims and claim expenses:
|  | (Favorable) Adverse Development |
| Three months ended March 31, | 2025 |  | 2024 |
| Property | $ | (187,058) |  |  | $ | (94,667) |  |
| Casualty and Specialty | (8,816) |  |  | (2,414) |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (195,874) |  |  | $ | (97,081) |  |
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:
| Three months ended March 31, | 2025 |
|  | (Favorable) Adverse Development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2024 Large Loss Events (1) | $ | 460 |  |
| 2023 Large Loss Events (2) | (10,936) |  |
| 2022 Weather-Related Large Losses (3) | (25,570) |  |
| 2021 Weather-Related Large Losses (4) | (18,143) |  |
| 2020 Weather-Related Large Loss Events (5) | (1,536) |  |
| 2019 Large Loss Events (6) | 613 |  |
| 2018 Large Loss Events (7) | (5,388) |  |
| 2017 Large Loss Events (8) | (9,164) |  |
| Total large catastrophe events | (69,664) |  |
| Total small catastrophe events and attritional loss movements | (117,394) |  |
| Total catastrophe and attritional net claims and claim expenses | (187,058) |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (187,058) |  |
(1)“2024 Large Loss Events” includes Hurricane Milton, Hurricane Helene, the Baltimore Bridge Collapse, a series of severe convective storms impacting the Southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, a severe hailstorm which impacted Calgary in August 2024, Hurricane Debby, Hurricane Beryl, and certain aggregate loss contracts triggered during 2024. (2)“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. (3)“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. (4)“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. (5)“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. (6)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts. (7)“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. (8)“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.
| Three months ended March 31, | 2024 |
|  | (Favorable) Adverse Development |
| Catastrophe net claims and claim expenses |  |
| Large catastrophe events |  |
| 2023 Large Loss Events | $ | 1,569 |  |
| 2022 Weather-Related Large Losses | (8,574) |  |
| 2021 Weather-Related Large Losses | (36,228) |  |
| 2020 Weather-Related Large Loss Events | (6,128) |  |
| 2019 Large Loss Events | (4,053) |  |
| 2018 Large Loss Events | (9,461) |  |
| 2017 Large Loss Events | (7,288) |  |
| Total large catastrophe events | (70,163) |  |
| Total small catastrophe events and attritional loss movements | (24,504) |  |
| Total catastrophe and attritional net claims and claim expenses | (94,667) |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (94,667) |  |
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 |
| Three months ended March 31, | 2025 |  | 2024 |
| Actuarial methods - actual reported claims less than expected claims | $ | (8,816) |  |  | $ | (2,414) |  |
| Actuarial assumption changes | — |  |  | — |  |
| Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (8,816) |  |  | $ | (2,414) |  |

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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 + Details
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