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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

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 reserve for losses and loss expenses and net reserves for unpaid losses and loss expenses:

						Three months ended March 31,
						2021						2020
			Gross reserve for losses and loss expenses, beginning of period			$	13,926,766					$	12,752,081
			Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period			(4,496,641)						(3,877,756)
			Net reserve for unpaid losses and loss expenses, beginning of period			9,430,125						8,874,325
			Net incurred losses and loss expenses related to:
			Current year			720,035						914,186
			Prior years			(5,317)						(6,113)
						714,718						908,073
			Net paid losses and loss expenses related to:
			Current year			(26,944)						(19,081)
			Prior years			(666,139)						(652,014)
						(693,083)						(671,095)
			Foreign exchange and other			40,282						(130,609)
			Net reserve for unpaid losses and loss expenses, end of period			9,492,042						8,980,694
			Reinsurance recoverable on unpaid losses and loss expenses, end of period			4,533,232						4,101,579
			Gross reserve for losses and loss expenses, end of period			$	14,025,274					$	13,082,273

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

The Company's net favorable prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment:

						Three months ended March 31,
						2021						2020
						Favorable (Adverse)						Favorable (Adverse)
			Insurance			$	1,505					$	3,832
			Reinsurance			3,812						2,281
			Total			$	5,317					$	6,113

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

The following table maps 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

The following table maps lines of business to reserve classes and the expected claim tails:

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 aviation

X

Accident and health

X

Discontinued lines - Novae

X

X

X

NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR

Prior year reserve development by reserve class was as follows:

						Three months ended March 31,
						2021						2020
						Favorable (Adverse)						Favorable (Adverse)
			Property and other			$	15,391					$	12,491
			Marine			11,875						(2,202)
			Aviation			1,035						3,991
			Credit and political risk			(5,371)						(916)
			Professional lines			(14,593)						(5,087)
			Liability			(6,832)						(4,445)
			Total			$	1,505					$	3,832

Prior year reserve development by reserve class was as follows:

						Three months ended March 31,
						2021						2020
			Property and other			$	969					$	(3,905)
			Credit and surety			(4,939)						4,854
			Professional lines			(2,204)						5,162
			Motor			17,140						13,085
			Liability			(7,154)						(16,915)
			Total			$	3,812					$	2,281

X

- Definition

Schedule showing, by segment, the provision in the period for claims incurred in prior reporting periods and related claims settlement costs.

+ References

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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

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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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