

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



	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.



	(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)