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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

X

- Definition

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

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Amount, after effects of reinsurance, of expense (reversal of expense) for claims incurred in prior reporting periods and related claims settlement costs.

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