

At June 30, 2025	Case Reserves		ACR		IBNR		Total
Property	$	2,067,007	$	2,099,468	$	2,813,905	$	6,980,380
Casualty and Specialty	3,303,372		226,786		12,403,225		15,933,383
Total	$	5,370,379	$	2,326,254	$	15,217,130	$	22,913,763

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



	Six months ended
	June 30, 2025		June 30, 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	4,251,465		2,680,977
Prior years	(465,584)		(205,352)
Total net incurred	3,785,881		2,475,625
Net paid related to:
Current year	678,357		100,022
Prior years	1,598,704		1,614,571
Total net paid	2,277,061		1,714,593
Foreign exchange and other (1)	281,869		(17,422)
Reserve for claims and claim expenses, net of reinsurance recoverable, end of period	18,612,790		15,886,193
Reinsurance recoverable, end of period	4,300,973		4,854,735
Reserve for claims and claim expenses, end of period	$	22,913,763	$	20,740,928

(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
Six months ended June 30,	2025		2024
Property	$	(453,634)	$	(179,058)
Casualty and Specialty	(11,950)		(26,294)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(465,584)	$	(205,352)

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 catastrophe events and attritional loss movements:



Six months ended June 30,	2025
	(Favorable) Adverse Development
Catastrophe net claims and claim expenses
Large catastrophe events
2024 Large Loss Events (1)	$	(10,415)
2023 Large Loss Events (2)	(52,710)
2022 Weather-Related Large Losses (3)	(63,586)
2021 Weather-Related Large Losses (4)	(27,372)
2020 Weather-Related Large Loss Events (5)	(144)
2019 Large Loss Events (6)	(1,074)
2018 Large Loss Events (7)	(4,874)
2017 Large Loss Events (8)	(14,664)

Total large catastrophe events	(174,839)
Total other catastrophe events and attritional loss movements	(245,695)
Total catastrophe and attritional net claims and claim expenses	(420,534)
Actuarial assumption changes	(33,100)
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(453,634)

(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.

(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.



Six months ended June 30,	2024
	(Favorable) Adverse Development
Catastrophe net claims and claim expenses
Large catastrophe events
2023 Large Loss Events	$	(20,720)
2022 Weather-Related Large Losses	(29,577)
2021 Weather-Related Large Losses	(56,537)
2020 Weather-Related Large Loss Events	(5,303)
2019 Large Loss Events	(5,724)
2018 Large Loss Events	(12,408)
2017 Large Loss Events	(14,756)


Total large catastrophe events	(145,025)
Total other catastrophe events and attritional loss movements	(43,995)
Total catastrophe and attritional net claims and claim expenses	(189,020)
Actuarial assumption changes	9,962
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(179,058)

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
Six months ended June 30,	2025		2024
Actuarial methods - actual reported claims less than expected claims	$	(31,789)	$	(49,665)
Actuarial assumption changes	19,839		23,371
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(11,950)	$	(26,294)