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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

12 Months Ended

Dec. 31, 2019

SCHEDULE OF THE LINES OF BUSINESS CATEGORIES AND THE EXPECTED CLAIM TAILS

The following tables map the Company's lines of business to reserve classes and the expected claim tails:



Insurance segment
	Reserve class and tail

	Property and other	Marine	Aviation	Credit and political risk	Professional lines	Liability

	Short	Short	Short/Medium	Medium	Medium	Long

Reported lines of business
Property	X
Marine		X
Terrorism	X
Aviation			X
Credit and political risk				X
Professional lines					X
Liability						X
Accident and health	X
Discontinued lines - Novae	X				X	X



Reinsurance segment
	Reserve class and tail

	Property and other	Credit and surety	Professional lines	Motor	Liability

	Short	Medium	Medium	Long	Long

Reported lines of business
Catastrophe	X
Property	X
Credit and surety		X
Professional lines			X
Motor				X
Liability					X
Engineering	X
Agriculture	X
Marine and other	X
Accident and health	X
Discontinued lines - Novae	X			X	X

COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES

Reserve for losses and loss expenses comprise the following:




At December 31,	2019		2018

Reserve for reported losses and loss expenses	$	4,860,916	$	4,626,204
Reserve for losses incurred but not reported	7,891,165		7,654,565
Reserve for losses and loss expenses	$	12,752,081	$	12,280,769

RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES

The following table presents a reconciliation of the Company's beginning and ending gross reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses:




Year ended December 31,	2019			2018			2017

Gross reserve for losses and loss expenses, beginning of year	$	12,280,769		$	12,997,553		$	9,697,827
Less reinsurance recoverable on unpaid losses, beginning of year	(3,501,669		)	(3,159,514		)	(2,276,109		)
Net reserve for unpaid losses and loss expenses, beginning of year	8,779,100			9,838,039			7,421,718

Net incurred losses and loss expenses related to:
Current year	3,123,698			3,389,949			3,487,826
Prior years	(78,900		)	(199,662		)	(200,054		)
	3,044,798			3,190,287			3,287,772
Net paid losses and loss expenses related to:
Current year	(598,988		)	(724,199		)	(703,796		)
Prior years	(2,371,637		)	(2,368,615		)	(1,880,882		)
	(2,970,625		)	(3,092,814		)	(2,584,678		)

Foreign exchange and other	21,052			(1,156,412		)	1,713,227

Net reserve for unpaid losses and loss expenses, end of year	8,874,325			8,779,100			9,838,039
Reinsurance recoverable on unpaid losses, end of year	3,877,756			3,501,669			3,159,514
Gross reserve for losses and loss expenses, end of year	$	12,752,081		$	12,280,769		$	12,997,553

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

The following table presents net prior year reserve development by segment:




	Insurance		Reinsurance		Total

Year ended December 31, 2019	$	53,302	$	25,598	$	78,900
Year ended December 31, 2018	92,806		106,856		199,662
Year ended December 31, 2017	60,459		139,595		200,054

NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR



Reinsurance motor
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	100,219	$	107,538	$	108,183	$	107,264	$	101,343	$	96,235	$	86,803	$	83,112	$	80,901	$	80,028	$	21,660
2011			158,475		162,069		166,112		172,062		168,225		159,626		148,536		143,846		136,077		18,030
2012					180,137		170,848		159,446		151,899		147,041		137,585		134,685		126,507		15,534
2013							164,927		162,475		150,620		141,237		137,791		135,003		126,050		13,828
2014									185,279		186,947		182,237		179,510		174,719		171,403		6,302
2015											225,974		222,178		226,319		227,844		216,610		12,291
2016													249,616		268,525		270,264		259,959		21,855
2017															370,778		380,509		362,721		50,597
2018																	363,917		363,733		83,024
2019																			339,476		165,127
																	Total		$	2,182,564



Reinsurance motor
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	7,201	$	12,601	$	18,149	$	21,713	$	25,153	$	29,429	$	32,717	$	33,769	$	34,839	$	37,041
2011			23,943		47,991		62,861		73,562		80,349		86,466		91,165		92,201		94,155
2012					29,381		53,959		68,970		78,880		85,488		89,646		91,982		93,194
2013							34,133		54,274		68,502		78,744		84,512		90,165		93,234
2014									43,628		75,543		95,563		103,909		114,300		124,157
2015											58,231		95,172		115,903		133,528		149,813
2016													61,321		106,934		131,606		150,004
2017															72,859		137,217		168,855
2018																	84,564		145,561
2019																			90,291
Total																			1,146,305

All outstanding liabilities before 2010, net of reinsurance																			193,345

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,229,604



Insurance liability
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims		Cumulative number of reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	79,398	$	94,222	$	98,642	$	98,853	$	100,133	$	98,529	$	105,438	$	104,465	$	104,042	$	107,420	$	12,287	4,029
2011			72,580		75,329		83,925		87,770		85,792		84,079		82,312		82,657		85,036		14,042		3,571
2012					70,887		71,683		74,134		71,474		68,658		75,697		72,727		67,237		18,015		3,188
2013							93,233		95,306		95,174		88,241		93,681		95,981		91,941		16,997		3,568
2014									107,133		124,303		129,764		130,672		132,019		131,474		22,710		4,865
2015											128,437		127,353		137,568		165,073		183,088		43,822		6,225
2016													124,323		130,188		128,911		127,528		53,401		7,068
2017															162,446		166,573		183,793		76,834		6,710
2018																	168,146		167,614		95,288		5,454
2019																			191,121		165,431		3,714
																	Total		$	1,336,252



Insurance liability
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	1,030	$	15,977	$	30,800	$	53,594	$	61,044	$	66,129	$	71,803	$	86,454	$	88,007	$	88,476
2011			2,761		10,540		20,190		38,377		46,074		54,996		60,261		62,150		67,114
2012					1,663		5,514		15,411		30,145		37,139		42,740		46,540		48,034
2013							2,359		23,280		33,319		42,049		60,004		66,963		71,982
2014									1,414		18,640		49,836		71,595		84,374		93,574
2015											5,438		22,392		39,637		92,664		120,216
2016													6,319		23,280		36,385		56,446
2017															5,439		29,564		59,356
2018																	9,027		35,612
2019																			7,337
Total																			648,147

All outstanding liabilities before 2010, net of reinsurance																			50,617

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	738,722



Insurance professional lines
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims		Cumulative number of reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	232,002	$	237,156	$	234,655	$	206,406	$	183,237	$	158,729	$	180,704	$	167,917	$	187,464	$	185,116	$	17,194	5,698
2011			313,520		315,326		333,914		326,663		330,773		343,911		352,309		352,792		350,066		28,007		7,229
2012					328,397		375,164		376,603		375,549		362,534		364,443		353,182		351,283		34,964		8,326
2013							383,432		396,819		398,059		364,851		354,190		356,261		334,398		49,144		9,439
2014									412,523		411,232		421,093		391,952		371,407		353,994		76,580		9,802
2015											377,129		376,865		382,679		357,646		344,239		87,707		10,453
2016													349,030		351,990		358,368		359,813		105,971		11,763
2017															378,746		397,760		437,528		197,748		13,418
2018																	361,490		374,683		217,867		15,584
2019																			399,585		348,212		11,747
																	Total		$	3,490,705



Insurance professional lines
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	7,807	$	27,806	$	53,493	$	72,592	$	88,558	$	99,039	$	109,540	$	114,520	$	136,510	$	142,788
2011			7,402		32,897		74,461		108,598		165,806		238,401		283,510		294,678		302,151
2012					7,818		41,328		100,089		184,191		230,913		253,958		273,383		281,715
2013							17,690		73,077		129,671		175,835		213,225		242,860		263,325
2014									23,529		70,662		130,039		192,405		223,838		242,899
2015											20,197		67,725		137,738		169,555		203,542
2016													15,859		71,245		147,370		192,459
2017															20,946		71,779		139,143
2018																	20,091		81,986
2019																			25,911
Total																			1,875,919

All outstanding liabilities before 2010, net of reinsurance																			65,486

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,680,272



Insurance property and other
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims			Cumulative number of reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	173,118	$	155,512	$	148,126	$	122,897	$	117,406	$	116,477	$	116,172	$	115,712	$	114,614	$	114,355	$	684		4,423
2011			348,001		327,787		307,305		286,896		283,852		282,663		283,096		281,389		280,491		(18		)	6,350
2012					391,031		400,995		383,228		363,171		358,598		352,879		352,048		342,017		497			29,931
2013							309,937		299,498		272,642		268,704		268,350		278,790		275,074		1,505			53,191
2014									360,874		355,495		344,878		329,251		328,252		326,638		3,990			62,356
2015											278,554		270,793		259,725		255,392		252,560		4,077			48,424
2016													351,075		377,820		369,508		356,353		6,011			93,717
2017															885,486		829,016		808,602		2,992			697,983
2018																	721,266		759,300		41,900			705,592
2019																			429,987		113,754			445,460
																	Total		$	3,945,377



Insurance property and other
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	48,995	$	87,604	$	95,726	$	106,531	$	110,745	$	110,819	$	110,612	$	110,656	$	110,990	$	110,970
2011			85,346		193,949		250,251		272,530		271,483		271,287		271,960		272,402		272,372
2012					77,461		213,961		277,909		300,845		308,368		313,529		313,602		315,703
2013							75,831		198,955		237,714		248,746		259,787		262,819		264,607
2014									132,872		259,679		306,221		313,360		317,697		318,866
2015											99,120		202,649		227,237		241,586		242,270
2016													123,640		289,711		329,709		338,243
2017															253,400		628,364		744,285
2018																	284,651		577,243
2019																			187,430
Total																			3,371,989

All outstanding liabilities before 2010, net of reinsurance																			6,225

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	579,613



Insurance aviation
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims		Cumulative number of reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	12,917	$	11,698	$	11,420	$	9,745	$	8,766	$	8,695	$	8,741	$	8,525	$	8,868	$	8,836	$	48	663
2011			17,724		15,391		12,781		9,555		8,424		7,277		7,234		7,192		6,952		118		4,202
2012					12,793		10,677		10,801		8,718		7,769		7,712		7,599		7,392		83		2,857
2013							15,652		16,330		15,205		15,249		15,585		15,470		16,763		255		3,017
2014									20,435		23,033		24,349		21,789		21,847		19,088		493		3,529
2015											29,782		28,502		29,833		29,567		27,512		299		4,140
2016													29,173		33,502		33,658		31,723		606		4,062
2017															55,581		62,035		66,896		3,747		4,272
2018																	57,990		63,753		6,841		4,258
2019																			42,360		11,632		2,305
																	Total		$	291,275



Insurance aviation
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	1,032	$	4,126	$	6,309	$	6,883	$	7,548	$	7,666	$	8,109	$	8,198	$	8,391	$	8,574
2011			639		2,822		4,513		5,030		5,564		5,814		6,035		6,177		6,222
2012					954		2,861		4,152		5,948		6,831		7,053		7,166		7,102
2013							4,400		7,328		9,749		11,450		13,560		14,167		14,487
2014									3,988		8,023		11,692		13,849		14,485		14,848
2015											8,085		16,159		20,959		23,217		24,676
2016													10,412		19,279		26,259		27,820
2017															21,105		40,159		50,642
2018																	21,442		40,368
2019																			16,856
Total																			211,595

All outstanding liabilities before 2010, net of reinsurance																			7,260

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	86,940



Insurance credit and political risk
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims		Cumulative number of reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	62,415	$	63,179	$	63,259	$	65,597	$	64,980	$	65,014	$	72,104	$	90,888	$	99,423	$	99,633	$	339	6
2011			58,154		48,665		47,706		48,361		48,333		45,036		33,609		27,904		27,904		268		4
2012					32,602		15,672		12,435		12,447		10,322		46		198		198		155		4
2013							26,439		25,684		9,759		9,880		14,942		14,067		12,377		4,070		1
2014									38,825		70,713		67,109		68,324		69,589		71,274		2,822		6
2015											30,329		30,368		27,524		26,012		25,930		2,621		2
2016													45,391		44,891		42,401		42,972		18,275		1
2017															36,751		34,765		28,209		17,808		3
2018																	47,215		36,618		12,576		1
2019																			50,609		33,702		5
																	Total		$	395,724



Insurance credit and political risk
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	50,000	$	85,418	$	90,729	$	106,768	$	101,789	$	101,951	$	102,157	$	102,203	$	102,522	$	101,262
2011			32,788		37,205		27,636		27,636		27,636		27,636		27,636		27,636		27,636
2012					—		—		—		—		39		41		43		43
2013							745		2,235		3,726		5,216		11,769		13,828		13,828
2014									1,924		39,952		61,108		57,858		57,858		64,050
2015											—		23,309		23,309		23,309		23,309
2016													—		24,697		24,697		24,697
2017															1,523		5,593		11,019
2018																	4,937		13,545
2019																			15,528
Total																			294,917

All outstanding liabilities before 2010, net of reinsurance																			(2,588		)

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	98,219



Reinsurance liability
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	172,823	$	171,775	$	183,347	$	183,715	$	202,007	$	190,921	$	181,962	$	165,983	$	159,230	$	156,113	$	13,119
2011			172,189		172,201		173,984		191,668		197,766		194,604		193,784		191,873		189,014		16,614
2012					166,386		162,945		167,366		172,341		173,501		170,979		164,309		158,342		16,994
2013							171,271		175,174		182,201		184,240		183,915		177,112		157,236		24,545
2014									199,433		202,939		204,657		200,557		199,340		197,187		53,905
2015											214,735		215,099		216,061		215,889		213,662		67,030
2016													240,440		245,820		250,868		254,154		99,784
2017															276,929		270,589		279,172		133,392
2018																	264,570		268,506		168,425
2019																			263,525		214,542
																	Total		$	2,136,911



Reinsurance liability
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	2,479	$	17,652	$	46,199	$	62,287	$	83,792	$	97,430	$	108,748	$	119,678	$	128,386	$	130,566
2011			5,197		21,291		40,009		70,083		92,477		112,347		123,403		135,627		141,483
2012					3,541		12,800		28,384		58,777		78,235		101,164		115,618		125,979
2013							5,971		22,235		52,328		69,055		88,262		102,593		113,127
2014									7,083		28,661		48,420		70,138		89,412		109,974
2015											7,270		27,455		54,517		80,865		108,961
2016													11,874		37,703		69,558		111,870
2017															12,438		42,147		78,477
2018																	19,303		49,795
2019																			19,157
Total																			989,389

All outstanding liabilities before 2010, net of reinsurance																			80,768

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,228,290



Insurance marine
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims		Cumulative number of reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	68,519	$	70,314	$	66,359	$	53,458	$	51,482	$	48,618	$	47,226	$	45,482	$	45,064	$	44,696	$	262	3,197
2011			90,776		78,807		72,875		65,973		65,921		66,156		68,318		69,011		68,330		976		3,830
2012					89,712		83,138		69,075		71,211		72,238		74,797		73,002		62,447		2,718		4,134
2013							79,578		100,757		96,164		97,250		82,487		82,073		81,070		1,174		2,353
2014									59,686		44,576		48,586		44,420		46,030		47,574		4,249		2,163
2015											160,063		141,317		137,180		129,914		117,587		3,079		2,228
2016													86,386		78,762		76,511		71,161		4,020		2,841
2017															173,222		170,775		166,796		27,726		3,976
2018																	182,232		191,005		45,347		4,232
2019																			169,381		94,818		3,525
																	Total		$	1,020,047



Insurance marine
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	18,017	$	28,603	$	33,296	$	42,325	$	45,159	$	45,944	$	46,918	$	43,286	$	43,372	$	43,377
2011			26,453		44,274		55,029		58,132		59,976		60,689		65,000		67,046		67,523
2012					10,708		38,594		44,884		49,631		50,448		52,841		54,863		55,950
2013							18,856		43,958		54,777		63,034		65,717		76,753		76,900
2014									6,357		15,179		26,905		26,930		36,020		40,895
2015											21,433		54,958		108,312		111,212		112,617
2016													12,487		31,817		57,314		63,333
2017															14,515		68,411		92,773
2018																	25,153		84,834
2019																			35,449
Total																			673,651

All outstanding liabilities before 2010, net of reinsurance																			4,296

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	350,692



Reinsurance property and other
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	614,748	$	601,243	$	570,057	$	581,838	$	584,942	$	578,740	$	570,796	$	568,725	$	567,879	$	566,112	$	3,070
2011			1,111,563		1,116,669		1,116,042		1,084,197		1,067,100		1,041,136		1,039,379		1,040,759		1,041,771		7,782
2012					555,459		523,208		507,619		476,989		461,152		456,127		457,531		454,281		2,860
2013							578,725		560,658		529,856		509,526		503,539		503,026		499,736		1,904
2014									542,601		560,775		534,618		522,102		520,299		519,529		40,234
2015											477,301		464,588		459,487		454,225		450,182		6,030
2016													616,621		635,164		622,331		618,643		11,017
2017															1,076,967		1,081,415		1,107,597		75,459
2018																	882,829		1,008,505		166,887
2019																			959,771		729,042
																	Total		$	7,226,127



Reinsurance property and other
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	116,132	$	311,052	$	404,287	$	434,908	$	480,734	$	509,769	$	534,590	$	540,312	$	542,590	$	546,691
2011			251,855		587,047		794,575		893,746		923,166		996,481		1,011,283		1,013,858		1,019,917
2012					122,823		294,298		366,968		389,373		403,926		413,594		415,634		428,152
2013							107,628		324,839		441,138		471,380		481,066		482,480		483,105
2014									102,356		352,883		434,769		452,193		458,350		463,342
2015											71,477		265,896		368,698		400,980		413,477
2016													128,126		376,920		520,779		563,781
2017															252,360		723,826		868,458
2018																	195,707		648,622
2019																			161,293
Total																			5,596,838

All outstanding liabilities before 2010, net of reinsurance																			14,757

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,644,046



Reinsurance credit and surety
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	119,180	$	99,460	$	92,848	$	90,029	$	85,856	$	78,247	$	76,937	$	74,913	$	73,672	$	71,911	$	1,751
2011			120,572		106,495		104,616		111,485		109,662		101,236		99,412		98,885		95,813		2,439
2012					159,507		147,627		150,137		147,406		139,097		131,120		127,576		124,552		3,883
2013							164,207		152,467		143,719		139,886		135,762		124,533		124,674		3,546
2014									136,419		135,525		142,703		139,015		127,683		126,397		6,726
2015											160,132		165,861		160,675		156,635		137,848		8,335
2016													141,639		141,128		148,943		123,366		9,849
2017															135,040		132,618		126,786		22,830
2018																	111,692		120,289		38,357
2019																			74,689		39,291
																	Total		$	1,126,325



Reinsurance credit and surety
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	28,190	$	48,274	$	59,074	$	59,804	$	61,466	$	62,585	$	64,020	$	65,024	$	65,346	$	65,781
2011			22,411		53,392		69,851		77,392		81,930		84,106		86,419		87,799		88,615
2012					49,482		85,228		99,046		104,876		108,391		110,150		111,441		113,402
2013							32,399		76,743		91,486		98,039		105,692		107,555		112,520
2014									35,552		61,076		85,984		95,079		102,670		107,082
2015											32,907		81,685		99,774		116,756		118,670
2016													42,028		73,201		92,187		101,822
2017															37,295		73,944		90,495
2018																	38,990		68,505
2019																			19,281
Total																			886,173

All outstanding liabilities before 2010, net of reinsurance																			16,847

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	256,999



Reinsurance professional lines
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2019
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	209,934	$	210,173	$	211,361	$	214,417	$	214,185	$	196,939	$	189,415	$	179,762	$	166,044	$	167,376	$	5,701
2011			201,013		201,364		202,620		211,367		209,088		208,219		200,437		177,405		166,951		6,047
2012					209,548		216,088		221,544		223,926		222,626		212,594		213,984		206,791		18,318
2013							209,292		214,396		215,562		213,745		213,182		205,733		181,563		35,871
2014									219,376		219,415		219,345		219,242		233,611		230,042		27,940
2015											212,031		212,024		214,344		225,139		231,980		63,050
2016													195,190		196,293		200,020		227,952		67,496
2017															155,137		155,759		162,116		72,727
2018																	146,387		148,921		132,683
2019																			139,150		130,571
																	Total		$	1,862,842



Reinsurance professional lines
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018 unaudited		2019
2010	$	1,757	$	12,026	$	31,243	$	52,138	$	76,798	$	107,363	$	123,981	$	130,610	$	138,047	$	142,994
2011			1,510		11,822		30,272		57,230		84,845		103,052		119,767		130,059		136,492
2012					778		10,392		29,622		53,629		85,972		107,224		131,853		145,866
2013							1,064		12,073		30,491		64,958		81,630		104,904		123,282
2014									2,019		13,073		48,854		74,577		109,239		147,194
2015											3,134		13,505		41,539		79,296		112,042
2016													1,768		20,534		52,617		95,283
2017															2,813		14,921		39,915
2018																	271		2,593
2019																			335
Total																			945,996

All outstanding liabilities before 2010, net of reinsurance																			52,321

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	969,167

AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE



Insurance aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
24.8%	27.4%	19.4%	10.4%	8.1%	2.7%	2.9%	0.7%	1.4%	2.1%



Reinsurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
0.8%	5.5%	12.4%	15.1%	14.2%	13.8%	10.5%	5.7%	4.2%	3.0%



Reinsurance property and other
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
20.9%	40.8%	18.8%	6.2%	3.3%	3.1%	1.6%	1.3%	0.5%	0.7%



Insurance marine
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
21.1%	29.2%	21.3%	7.7%	5.7%	6.1%	3.0%	(1.1)%	0.5%	—%



Reinsurance motor
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
22.3%	16.4%	10.1%	6.9%	5.5%	4.7%	3.0%	1.0%	1.4%	2.8%



Reinsurance credit and surety
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
30.2%	28.8%	14.6%	6.6%	3.9%	2.1%	2.4%	1.5%	0.7%	0.6%



Insurance credit and political risk
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
22.6%	33.6%	4.0%	3.4%	11.3%	5.3%	0.3%	—%	0.2%	(1.3)%



Insurance property and other
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
35.0%	40.9%	13.7%	5.5%	1.9%	0.6%	0.2%	0.3%	0.2%	—%



Insurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
3.1%	12.9%	13.8%	19.3%	11.8%	7.6%	5.7%	6.0%	3.6%	0.4%



Reinsurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
4.1%	9.6%	13.2%	13.7%	12.2%	10.6%	7.2%	6.7%	4.4%	1.4%



Insurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
4.7%	12.8%	16.6%	13.9%	11.4%	9.5%	7.6%	2.8%	7.0%	3.4%

RECONCILIATION OF DEVELOPMENT TABLES TO CONSOLIDATED BALANCE SHEET

The following table reconciles the reserve for losses and loss expenses at December 31, 2019 included in the loss development tables to the reserve for losses and loss expenses reported in the consolidated balance sheet:



Reconciliation of the disclosure of incurred and paid claims development to the liability for unpaid claims and claim adjustment expenses

	At December 31, 2019
	Net outstanding liabilities		Reinsurance recoverable on unpaid claims		Gross outstanding liabilities

Insurance segment
Property and other	$	579,613	$	358,193	$	937,806
Marine	350,692		164,005		514,697
Aviation	86,940		36,094		123,034
Credit and political risk	98,219		34,615		132,834
Professional lines	1,680,272		1,105,684		2,785,956
Liability	738,722		1,108,382		1,847,104
Total insurance segment	3,534,458		2,806,973		6,341,431

Reinsurance segment
Property and other	1,644,046		448,885		2,092,931
Credit and surety	256,999		64,475		321,474
Professional lines	969,167		135,505		1,104,672
Motor	1,229,604		209,495		1,439,099
Liability	1,228,290		212,423		1,440,713
Total reinsurance segment	5,328,106		1,070,783		6,398,889
Total	$	8,862,564	$	3,877,756	12,740,320
Unallocated claims adjustment expenses					140,650
Foreign exchange and other⁽¹⁾					27,202
(Ceded)/assumed reserves related to retroactive transactions					(156,091		)

Total liability for unpaid claims and claims adjustment expense					$	12,752,081

(1)

Non-U.S. dollar denominated loss data is converted to U.S dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in currency exchange rates may cause material shifts in loss development. Reserves for losses and loss expenses disclosed in the consolidated balance sheets are also remeasured using rates of exchange in effect at the balance sheet date.