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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2020
Insurance Loss Reserves [Abstract]  
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 otherMarineAviationCredit and political riskProfessional linesLiability
ShortShortShort/MediumMediumMediumLong
Reported lines of business
PropertyX
MarineX
TerrorismX
AviationX
Credit and political riskX
Professional linesX
LiabilityX
Accident and healthX
Discontinued lines - NovaeXXX
Reinsurance segment
Reserve class and tail
Property and otherCredit and suretyProfessional linesMotorLiability
ShortMediumMediumLongLong
Reported lines of business
CatastropheX
PropertyX
Credit and suretyX
Professional linesX
MotorX
LiabilityX
EngineeringX
AgricultureX
Marine and aviationX
Accident and healthX
Discontinued lines - NovaeXXX
COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES
Reserve for losses and loss expenses comprise the following:
At December 31,20202019
Reserve for reported losses and loss expenses$5,331,900 $4,860,916 
Reserve for losses incurred but not reported8,594,866 7,891,165 
Reserve for losses and loss expenses$13,926,766 $12,752,081 
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 31,202020192018
Gross reserve for losses and loss expenses, beginning of year$12,752,081 $12,280,769 $12,997,553 
Less reinsurance recoverable on unpaid losses, beginning of year(3,877,756)(3,501,669)(3,159,514)
Net reserve for unpaid losses and loss expenses, beginning of year8,874,325 8,779,100 9,838,039 
Net incurred losses and loss expenses related to:
Current year3,297,161 3,123,698 3,389,949 
Prior years(15,909)(78,900)(199,662)
 3,281,252 3,044,798 3,190,287 
Net paid losses and loss expenses related to:
Current year(571,442)(598,988)(724,199)
Prior years(2,365,959)(2,371,637)(2,368,615)
 (2,937,401)(2,970,625)(3,092,814)
Foreign exchange and other211,949 21,052 (1,156,412)
Net reserve for unpaid losses and loss expenses, end of year9,430,125 8,874,325 8,779,100 
Reinsurance recoverable on unpaid losses, end of year4,496,641 3,877,756 3,501,669 
Gross reserve for losses and loss expenses, end of year$13,926,766 $12,752,081 $12,280,769 
NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT The following table presents net prior year reserve development by segment:
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Insurance ReinsuranceTotal
Year ended December 31, 2020$8,937 $6,972 $15,909 
Year ended December 31, 201953,302 25,598 78,900 
Year ended December 31, 201892,806 106,856 199,662 
NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR
The following sections provide further details on net prior year reserve development by segment, reserving class and accident year.
Insurance Segment:
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Years ended December 31,202020192018
Property and other$46,791 $11,042 $64,781 
Marine16,780 33,260 17,913 
Aviation6,416 3,741 (2,938)
Credit and political risk(745)18,810 3,609 
Professional lines(35,661)11,721 31,687 
Liability(24,644)(25,272)(22,246)
Total$8,937 $53,302 $92,806 
Reinsurance Segment:

Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Years ended December 31,202020192018
Property and other$(5,935)$(133,448)$6,012 
Credit and surety36,829 53,223 33,497 
Professional lines(15,352)3,668 21,310 
Motor21,086 70,872 22,932 
Liability(29,656)31,283 23,105 
Total$6,972 $25,598 $106,856 
Insurance property and other
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$347,569 $325,274 $304,702 $284,201 $281,155 $279,964 $280,395 $278,688 $277,792 $277,515 $(231)6,367
2012393,170 403,254 385,068 364,667 360,525 354,801 353,971 343,934 343,619 (21)29,942
2013310,601 300,682 273,775 269,831 269,490 279,922 276,229 275,712 1,135 53,204
2014362,684 357,885 347,227 331,142 330,011 328,404 323,736 4,334 62,371
2015280,489 273,606 262,733 258,190 255,319 257,419 1,763 48,469
2016355,771 384,230 375,260 362,103 356,016 3,427 93,792
2017911,274 838,640 824,039 813,005 (5,501)698,289
2018742,601 775,861 754,741 10,217 731,142
2019454,386 448,467 11,186 659,908
2020733,794 308,515 524,539
Total$4,584,024 
Insurance property and other
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$83,511 $191,823 $248,346 $270,636 $269,626 $269,423 $270,104 $270,546 $270,516 $270,507 
201277,794 214,771 279,588 302,638 310,171 315,391 315,466 317,574 317,803 
201376,179 199,930 238,808 249,852 260,895 263,930 265,749 269,598 
2014133,451 261,155 308,010 315,212 319,414 320,597 317,306 
2015100,483 204,862 229,901 244,205 244,916 251,758 
2016126,232 294,777 335,173 343,839 345,188 
2017256,136 634,649 751,394 781,152 
2018292,977 592,507 693,287 
2019197,703 330,268 
2020219,395 
Total3,796,262 
All outstanding liabilities before 2011, net of reinsurance7,141 
Liabilities for claims and claim adjustment expenses, net of reinsurance$794,903 
Insurance marine
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$90,960 $79,215 $73,257 $66,351 $66,320 $66,560 $68,860 $69,555 $68,861 $67,054 $(1,250)3,830
201289,889 83,431 69,484 71,663 72,708 75,326 73,581 63,067 66,026 7,249 4,135
201380,641 102,110 97,660 98,759 83,984 83,594 82,622 81,774 846 2,354
201459,786 44,936 49,238 44,979 46,705 48,470 42,221 (2,231)2,166
2015160,793 142,383 138,704 131,483 118,861 123,836 7,507 2,231
201686,464 78,953 76,805 71,694 70,491 3,300 2,857
2017207,378 172,077 160,919 158,812 13,932 4,005
2018186,550 194,257 183,415 34,579 4,370
2019170,489 168,318 47,064 4,475
2020170,763 107,624 3,558
Total$1,132,710 

Insurance marine
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$26,467 $44,483 $55,329 $58,465 $60,340 $61,063 $65,512 $67,560 $68,051 $68,022 
201210,752 38,820 45,197 50,028 50,865 53,309 55,387 56,524 56,689 
201319,577 44,931 56,126 64,497 67,196 78,245 78,396 79,683 
20146,365 15,418 27,529 27,462 36,681 41,788 42,945 
201521,467 55,425 109,431 112,390 113,818 115,391 
201612,498 31,890 57,552 63,829 64,645 
201714,634 68,709 92,848 117,253 
201827,218 87,150 117,629 
201936,354 76,175 
202038,433 
Total776,865 
All outstanding liabilities before 2011, net of reinsurance6,786 
Liabilities for claims and claim adjustment expenses, net of reinsurance$362,631 
Insurance aviation
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$17,727 $15,407 $12,799 $9,576 $8,447 $7,301 $7,259 $7,217 $6,976 $6,582 $56 4,203
201212,808 10,705 10,832 8,752 7,804 7,747 7,635 7,428 7,346 59 2,859
201315,657 16,349 15,234 15,278 15,615 15,502 16,793 16,700 149 3,020
201420,438 23,050 24,373 21,818 21,876 19,118 17,370 58 3,534
201529,796 28,534 29,877 29,613 27,557 28,038 86 4,155
201629,194 33,553 33,728 31,796 32,525 812 4,091
201756,102 62,643 67,644 70,029 (1,046)4,347
201858,340 64,250 62,696 3,262 4,405
201944,653 42,786 5,387 2,785
202037,092 22,625 1,297
Total$321,164 
Insurance aviation
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$639 $2,834 $4,527 $5,047 $5,584 $5,836 $6,057 $6,199 $6,244 $6,252 
2012958 2,872 4,166 5,966 6,863 7,087 7,201 7,136 7,134 
20134,402 7,339 9,767 11,474 13,585 14,195 14,516 15,976 
20143,990 8,035 11,711 13,871 14,509 14,874 15,044 
20158,092 16,182 20,990 23,253 24,716 26,026 
201610,424 19,310 26,311 27,879 29,117 
201721,458 40,811 51,512 59,895 
201821,544 40,713 48,088 
201918,465 29,808 
20206,311 
Total243,651 
All outstanding liabilities before 2011, net of reinsurance6,511 
Liabilities for claims and claim adjustment expenses, net of reinsurance$84,024 
Insurance credit and political risk
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$58,154 $48,665 $47,706 $48,361 $48,333 $45,036 $33,609 $27,904 $27,904 $27,754 $118 4
201232,602 15,672 12,435 12,447 10,323 47 199 199 199 155 4
201326,439 25,684 9,759 9,880 14,942 14,067 12,377 12,739 4,432 2
201438,825 70,713 67,109 68,324 69,589 71,275 70,747 2,123 6
201530,329 30,368 27,524 26,012 25,930 24,851 1,542 2
201647,736 43,746 41,256 41,826 25,612 2,061 1
201748,086 33,524 26,552 18,744 8,163 3
201845,047 34,116 32,740 12,279 1
201951,638 80,181 23,821 14
202060,501 48,752 24
Total$354,068 

Insurance credit and political risk
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$32,788 $37,205 $27,636 $27,636 $27,636 $27,636 $27,636 $27,636 $27,636 $27,636 
2012— — — — 40 42 44 44 44 
2013745 2,235 3,726 5,216 11,769 13,828 13,828 13,828 
20141,924 39,952 61,108 57,858 57,858 64,051 70,224 
2015— 23,309 23,309 23,309 23,309 23,309 
2016— 23,551 23,551 23,551 23,551 
2017396 4,305 9,615 12,103 
20185,751 14,095 16,152 
201916,260 46,797 
20209,823 
Total243,467 
All outstanding liabilities before 2011, net of reinsurance(3,957)
Liabilities for claims and claim adjustment expenses, net of reinsurance$106,644 
Insurance professional lines
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$314,835 $316,639 $335,265 $327,971 $331,903 $344,964 $353,336 $353,862 $351,191 $345,862 $22,156 7,239
2012330,010 377,296 378,793 377,895 365,291 367,369 355,893 353,860 335,671 22,818 8,334
2013385,460 399,136 400,434 367,072 356,643 358,938 336,933 340,078 41,955 9,457
2014414,720 413,840 423,998 394,748 374,397 356,930 350,182 63,136 9,825
2015379,378 379,036 384,477 359,619 346,488 329,502 54,530 10,493
2016351,055 353,679 360,116 361,799 372,198 76,612 11,836
2017396,543 403,257 439,134 435,827 154,318 13,670
2018365,577 378,822 432,338 196,909 16,453
2019407,043 429,729 248,218 16,369
2020439,054 384,984 9,284
Total$3,810,441 

Insurance professional lines
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$7,464 $33,058 $74,932 $109,183 $166,417 $239,092 $284,246 $295,434 $303,147 $318,439 
20127,830 41,586 100,608 185,091 231,960 255,108 274,615 282,970 299,719 
201317,732 73,347 130,341 176,846 214,481 244,566 265,346 278,086 
201423,616 71,224 131,018 193,659 225,591 244,832 254,655 
201520,376 67,994 138,369 170,331 204,480 243,519 
201615,924 71,316 147,958 193,151 235,346 
201721,039 72,501 140,047 207,157 
201821,346 83,623 156,052 
201928,265 99,594 
202026,489 
Total2,119,056 
All outstanding liabilities before 2011, net of reinsurance94,767 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,786,152 
Insurance liability
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$72,584 $75,329 $83,925 $87,771 $85,792 $84,079 $82,313 $82,658 $85,037 $85,085 $12,780 3,691
201270,883 71,711 74,136 71,475 68,659 75,698 72,728 67,239 64,543 14,803 3,312
201393,238 95,315 95,181 88,248 93,688 95,989 91,949 89,908 11,899 3,693
2014107,161 124,368 129,828 130,688 132,034 131,490 132,596 18,701 5,087
2015128,438 127,423 137,718 165,202 182,959 188,296 34,876 6,351
2016124,331 130,249 129,069 127,691 120,442 36,430 7,262
2017167,648 167,673 183,746 200,362 47,636 8,542
2018169,557 167,564 190,741 78,563 8,255
2019192,320 193,686 109,765 7,119
2020225,025 204,825 3,977
Total$1,490,684 
Insurance liability
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$2,761 $10,540 $20,190 $38,377 $46,074 $54,996 $60,261 $62,151 $67,114 $72,023 
20121,631 5,515 15,412 30,146 37,140 42,741 46,541 48,035 48,317 
20132,364 23,287 33,326 42,056 60,011 66,970 71,989 73,320 
20141,419 18,665 49,861 71,609 84,389 93,589 103,063 
20155,440 22,441 39,718 92,753 120,357 141,062 
20166,333 23,326 36,404 56,497 66,437 
20175,481 29,687 59,432 116,232 
20189,554 35,056 72,604 
20197,900 40,047 
20208,156 
Total741,261 
All outstanding liabilities before 2011, net of reinsurance53,506 
Liabilities for claims and claim adjustment expenses, net of reinsurance$802,929 
Reinsurance property and other
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$1,147,558 $1,156,022 $1,156,008 $1,113,395 $1,096,469 $1,070,969 $1,069,295 $1,070,875 $1,072,109 $1,068,938 $4,016 
2012558,114 526,700 511,157 480,467 464,567 459,625 461,000 457,777 457,372 747 
2013583,687 567,292 536,423 516,164 510,134 509,582 506,213 505,548 738 
2014544,212 565,279 539,285 526,767 524,785 524,099 521,230 39,729 
2015481,328 470,515 465,427 459,819 455,873 461,382 6,756 
2016623,624 644,393 630,447 626,868 628,910 2,351 
20171,101,428 1,080,866 1,098,312 1,106,201 47,451 
2018889,102 1,020,689 1,025,683 68,161 
2019966,716 977,194 183,064 
2020855,632 442,418 
Total$7,608,090 

Reinsurance property and other
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$261,198 $605,668 $817,211 $919,965 $950,247 $1,024,187 $1,039,375 $1,042,203 $1,048,430 $1,052,937 
2012123,594 296,496 369,726 392,448 407,161 416,897 418,995 431,573 437,895 
2013107,883 328,273 446,221 477,155 487,161 488,626 489,337 494,554 
2014102,394 355,383 438,269 456,267 462,510 467,589 469,836 
201571,438 268,037 372,981 405,736 418,506 429,278 
2016128,439 381,965 527,359 570,973 592,463 
2017251,905 720,708 860,241 929,367 
2018196,512 654,299 798,684 
2019161,854 593,715 
2020184,340 
Total5,983,069 
All outstanding liabilities before 2011, net of reinsurance14,996 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,640,017 
Reinsurance credit and surety
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$124,676 $113,314 $111,684 $119,067 $117,020 $108,220 $106,414 $105,776 $102,612 $100,503 $1,102 
2012164,496 154,131 156,952 153,928 145,254 136,944 133,199 130,049 127,775 2,141 
2013168,742 158,105 149,059 145,059 140,569 128,951 128,982 131,791 2,600 
2014139,551 140,462 147,688 143,931 132,014 130,638 126,854 3,602 
2015164,357 172,064 166,901 162,359 142,908 143,946 4,697 
2016145,370 145,838 153,816 127,556 119,640 3,335 
2017142,334 137,372 131,559 122,789 4,399 
2018114,691 125,256 120,639 30,189 
201977,203 72,559 17,807 
202077,143 39,026 
Total$1,143,639 
Reinsurance credit and surety
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$22,714 $56,811 $75,122 $83,199 $87,860 $90,181 $92,557 $94,208 $95,042 $95,734 
201250,749 88,745 103,866 109,765 113,340 115,187 116,559 118,514 118,948 
201332,786 79,432 94,952 101,765 109,528 111,532 116,501 118,730 
201435,910 63,361 89,356 98,712 106,341 110,768 111,316 
201533,105 84,626 103,810 121,482 123,365 127,130 
201642,410 75,646 95,624 105,444 106,658 
201737,531 76,621 94,020 106,016 
201839,333 71,157 76,834 
201919,535 33,521 
202025,366 
Total920,253 
All outstanding liabilities before 2011, net of reinsurance20,223 
Liabilities for claims and claim adjustment expenses, net of reinsurance$243,609 
Reinsurance professional lines
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$202,330 $202,548 $203,632 $212,362 $209,993 $209,133 $201,175 $178,046 $167,553 $163,620 $8,396 
2012210,543 217,148 222,578 224,912 223,661 213,805 215,159 207,936 204,530 10,839 
2013210,173 215,431 216,716 215,064 214,668 207,425 183,035 170,614 17,670 
2014220,070 220,132 220,120 220,167 234,567 231,153 230,034 21,710 
2015212,683 213,076 215,362 226,092 233,056 230,331 37,004 
2016195,753 196,922 200,808 229,187 257,160 55,800 
2017156,074 157,025 163,474 180,501 64,159 
2018148,348 151,299 158,552 86,571 
2019141,702 142,176 101,309 
2020141,457 123,152 
Total$1,878,975 

Reinsurance professional lines
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$1,510 $11,836 $30,342 $57,404 $85,065 $103,322 $120,088 $130,411 $136,934 $138,436 
2012780 10,453 29,747 53,827 86,240 107,641 132,392 146,517 156,191 
20131,069 12,132 30,676 65,218 81,967 105,398 123,927 129,296 
20142,020 13,089 48,957 74,799 109,581 147,649 159,457 
20153,134 13,507 41,600 79,330 112,228 132,417 
20161,786 20,646 52,820 95,727 125,847 
20172,815 15,082 40,082 63,183 
2018272 2,702 31,594 
2019377 13,843 
20203,824 
Total954,088 
All outstanding liabilities before 2011, net of reinsurance65,680 
Liabilities for claims and claim adjustment expenses, net of reinsurance$990,567 
Reinsurance motor
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$164,847 $169,341 $173,561 $179,943 $176,048 $166,869 $155,648 $150,105 $142,017 $139,182 $17,768 
2012188,256 179,151 166,747 158,734 153,524 143,492 140,251 131,573 131,937 13,920 
2013172,316 171,275 158,838 148,804 145,148 141,827 132,624 129,238 12,486 
2014192,457 196,133 191,121 187,883 183,197 179,646 175,871 6,713 
2015233,605 231,712 235,796 237,299 225,413 223,532 11,590 
2016257,429 279,115 281,659 270,554 261,473 11,999 
2017379,810 396,370 377,292 378,976 37,506 
2018375,513 378,515 391,410 55,538 
2019354,221 354,568 79,778 
2020221,276 152,472 
Total$2,407,463 

Reinsurance motor
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$24,346 $49,721 $65,351 $76,441 $83,615 $89,952 $94,893 $95,946 $98,020 $100,394 
201229,851 55,800 71,305 81,695 88,535 92,812 95,269 96,508 98,316 
201334,780 56,692 71,790 82,510 88,589 94,498 97,715 100,213 
201444,432 78,589 99,642 108,374 119,252 129,566 139,456 
201559,120 98,431 120,135 138,317 155,110 169,838 
201662,171 110,605 136,449 155,493 175,311 
201773,759 141,599 174,770 209,888 
201885,701 150,276 200,801 
201991,189 159,461 
202025,631 
Total1,379,309 
All outstanding liabilities before 2011, net of reinsurance233,087 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,261,241 
Reinsurance liability
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2020
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$174,639 $174,227 $175,605 $193,629 $200,328 $197,061 $196,289 $194,372 $191,594 $193,320 $6,656 
2012168,766 164,844 169,091 173,932 175,105 172,431 165,296 159,163 161,267 10,642 
2013173,637 177,377 184,048 186,062 185,681 178,529 157,813 156,342 16,314 
2014201,352 204,684 206,463 202,487 201,313 199,173 189,296 28,929 
2015216,431 216,838 217,784 217,535 215,250 215,178 48,999 
2016242,579 248,194 253,506 256,767 267,235 73,124 
2017278,204 273,664 281,677 290,621 95,966 
2018267,162 272,102 277,824 127,342 
2019265,317 275,090 186,427 
2020283,901 239,574 
Total$2,310,074 
Reinsurance liability
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2011 unaudited2012 unaudited2013 unaudited2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020
2011$5,202 $21,305 $40,027 $70,339 $92,760 $112,649 $123,781 $136,200 $142,173 $150,790 
20123,545 12,812 28,426 58,881 78,405 101,391 115,874 126,298 134,789 
20135,977 22,262 52,364 69,100 88,334 102,678 113,217 123,774 
20147,112 28,700 48,503 70,400 89,760 110,511 131,002 
20157,274 27,476 54,640 81,010 109,349 131,327 
201611,886 37,831 69,903 112,434 143,917 
201712,448 42,218 78,830 121,535 
201819,369 50,223 85,671 
201919,334 45,511 
202016,948 
Total1,085,264 
All outstanding liabilities before 2011, net of reinsurance95,411 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,320,221 
AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE
Insurance property and other
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
34.0%40.8%14.6%4.7%1.3%1.1%—%0.7%0.1%—%
Insurance marine
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
19.8%29.7%22.5%7.0%5.3%6.3%3.2%2.1%0.5%—%
Insurance aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
25.8%26.8%18.1%11.4%7.6%3.5%2.0%3.3%0.4%0.1%
Insurance credit and political risk
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
18.3%39.1%5.2%2.9%11.9%5.2%2.4%—%—%—%
Insurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
4.9%13.3%17.2%14.8%12.1%10.8%7.0%3.1%3.6%4.4%
Insurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
3.3%13.0%14.5%20.5%12.1%9.0%6.2%2.0%3.1%5.8%
Reinsurance property and other
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
20.8%41.8%18.4%6.3%2.6%2.5%0.6%1.4%1.0%0.4%
Reinsurance credit and surety
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
29.7%29.1%13.9%7.9%3.6%2.3%1.9%1.6%0.6%0.7%
Reinsurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
1.0%5.8%13.0%15.1%13.9%12.1%9.6%5.4%4.4%0.9%
Reinsurance motor
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
22.1%18.2%11.0%7.7%6.1%5.0%3.4%1.2%1.5%1.7%
Reinsurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
4.5%9.5%12.4%14.3%11.9%11.0%8.1%6.6%4.2%4.5%
RECONCILIATION OF DEVELOPMENT TABLES TO CONSOLIDATED BALANCE SHEET
The following table reconciles the reserve for losses and loss expenses at December 31, 2020, 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, 2020
Net outstanding liabilitiesReinsurance recoverable on unpaid claimsGross outstanding liabilities
Insurance segment
Property and other$794,903 $508,225 $1,303,128 
Marine362,631 162,396 525,027 
Aviation84,024 64,252 148,276 
Credit and political risk106,644 51,667 158,311 
Professional lines1,786,152 1,227,183 3,013,335 
Liability802,929 1,182,644 1,985,573 
Total insurance segment3,937,283 3,196,367 7,133,650 
Reinsurance segment
Property and other1,640,017 497,211 2,137,228 
Credit and surety243,609 70,143 313,752 
Professional lines990,567 186,245 1,176,812 
Motor1,261,241 228,453 1,489,694 
Liability1,320,221 318,222 1,638,443 
Total reinsurance segment5,455,655 1,300,274 6,755,929 
Total$9,392,938 $4,496,641 13,889,579 
Unallocated claims adjustment expenses140,245 
Foreign exchange and other(1)
49,072 
(Ceded)/assumed reserves related to retroactive transactions (152,130)
Total liability for unpaid claims and claims adjustment expense$13,926,766 
(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.