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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2022 | 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, |  |
|  | 2022 |  | 2021 |  |
| Gross reserve for losses and loss expenses, beginning of period | $ | 14,653,094 |  |  | $ | 13,926,766 |  |  |
| Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period | (5,017,611) |  |  | (4,496,641) |  |  |
| Net reserve for unpaid losses and loss expenses, beginning of period | 9,635,483 |  |  | 9,430,125 |  |  |
| Net incurred losses and loss expenses related to: |  |  |  |  |
| Current year | 741,655 |  |  | 720,035 |  |  |
| Prior years | (8,956) |  |  | (5,317) |  |  |
|  | 732,699 |  |  | 714,718 |  |  |
| Net paid losses and loss expenses related to: |  |  |  |  |
| Current year | (32,477) |  |  | (26,944) |  |  |
| Prior years | (750,969) |  |  | (666,139) |  |  |
|  | (783,446) |  |  | (693,083) |  |  |
| Foreign exchange and other | (71,661) |  |  | 40,282 |  |  |
| Net reserve for unpaid losses and loss expenses, end of period | 9,513,075 |  |  | 9,492,042 |  |  |
| Reinsurance recoverable on unpaid losses and loss expenses, end of period | 4,957,080 |  |  | 4,533,232 |  |  |
| Gross reserve for losses and loss expenses, end of period | $ | 14,470,155 |  |  | $ | 14,025,274 |  |  |
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, |  |  |  |
|  | 2022 |  | 2021 |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |
| Insurance | $ | 7,062 |  |  | $ | 1,505 |  |  |  |  |  |  |
| Reinsurance | 1,894 |  |  | 3,812 |  |  |  |  |  |  |
| Total | $ | 8,956 |  |  | $ | 5,317 |  |  |  |  |  |  |
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 |  |  |  |  |  |
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 |  |  |  |  |
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, |  |  |  |
|  | 2022 |  | 2021 |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |
| Property and other | $ | 11,692 |  |  | $ | 15,391 |  |  |  |  |  |  |
| Marine | 11,666 |  |  | 11,875 |  |  |  |  |  |  |
| Aviation | 2,980 |  |  | 1,035 |  |  |  |  |  |  |
| Credit and political risk | 895 |  |  | (5,371) |  |  |  |  |  |  |
| Professional lines | (6,622) |  |  | (14,593) |  |  |  |  |  |  |
| Liability | (13,549) |  |  | (6,832) |  |  |  |  |  |  |
| Total | $ | 7,062 |  |  | $ | 1,505 |  |  |  |  |  |  |
Prior year reserve development by reserve class was as follows:
|  | Three months ended March 31, |  |  |  |
|  | 2022 |  | 2021 |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |
| Property and other | $ | 24,786 |  |  | $ | 969 |  |  |  |  |  |  |
| Credit and surety | 7,465 |  |  | (4,939) |  |  |  |  |  |  |
| Professional lines | (24,522) |  |  | (2,204) |  |  |  |  |  |  |
| Motor | (1,730) |  |  | 17,140 |  |  |  |  |  |  |
| Liability | (4,105) |  |  | (7,154) |  |  |  |  |  |  |
| Total | $ | 1,894 |  |  | $ | 3,812 |  |  |  |  |  |  |
Net favorable (adverse) prior year reserve development | $ 8,956 | $ 5,317

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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