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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables) | 3 Months Ended
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Mar. 31, 2023
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 reserve for unpaid losses and loss expenses:
|  | Three months ended March 31, |  |
|  | 2023 |  | 2022 |  |
| Gross reserve for losses and loss expenses, beginning of period | $ | 15,168,863 |  |  | $ | 14,653,094 |  |  |
| Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period | (5,831,172) |  |  | (5,017,611) |  |  |
| Net reserve for unpaid losses and loss expenses, beginning of period | 9,337,691 |  |  | 9,635,483 |  |  |
| Net incurred losses and loss expenses related to: |  |  |  |  |
| Current year | 724,680 |  |  | 741,655 |  |  |
| Prior years | (4,038) |  |  | (8,956) |  |  |
|  | 720,642 |  |  | 732,699 |  |  |
| Net paid losses and loss expenses related to: |  |  |  |  |
| Current year | (38,662) |  |  | (32,477) |  |  |
| Prior years | (574,538) |  |  | (750,969) |  |  |
|  | (613,200) |  |  | (783,446) |  |  |
| Foreign exchange and other | 46,094 |  |  | (71,661) |  |  |
| Net reserve for unpaid losses and loss expenses, end of period | 9,491,227 |  |  | 9,513,075 |  |  |
| Reinsurance recoverable on unpaid losses and loss expenses, end of period | 5,823,417 |  |  | 4,957,080 |  |  |
| Gross reserve for losses and loss expenses, end of period | $ | 15,314,644 |  |  | $ | 14,470,155 |  |  |
SCHEDULE OF THE LINE OF BUSINESS CATEGORIES AND THE EXPECTED CLAIM TAILS | The following table maps the Company's lines of business to expected claim tails:
| Insurance segment |  |  |  |  |  |
|  | Expected claims tail |
|  | Short | Medium | Long |  |  |  |
| Lines of business |  |  |  |  |  |  |
| Property | X |  |  |  |  |  |
| Accident and health | X |  |  |  |  |  |
| Marine and aviation | X |  |  |  |  |  |
| Cyber |  | X |  |  |  |  |
| Professional lines |  | X |  |  |  |  |
| Credit and political risk |  | X |  |  |  |  |
| Liability |  |  | X |  |  |  |
The following table maps the Company's lines of business to expected claim tails:
| Reinsurance segment |  |  |
|  | Expected claims tail |
|  | Short | Medium | Long |
| Lines of business |  |  |  |
| Accident and health | X |  |  |
| Agriculture | X |  |  |
| Marine and aviation | X |  |  |
| Professional lines |  | X |  |
| Credit and surety |  | X |  |
| Motor |  |  | X |
| Liability |  |  | X |
| Run-off lines |  |  |  |
| Catastrophe | X |  |  |
| Property | X |  |  |
| Engineering | X |  |  |
SCHEDULE OF PRIOR YEAR DEVELOPMENT BY SEGMENT AND LINE OF BUSINESS | The following table presents net prior year reserve development by segment:
|  | Net Favorable Prior Year Reserve Development |
|  | Insurance |  | Reinsurance |  | Total |
| Three months ended March 31, 2023 | $ | 1,041 |  |  | $ | 2,997 |  |  | $ | 4,038 |  |
| Three months ended March 31, 2022 | $ | 7,062 |  |  | $ | 1,894 |  |  | $ | 8,956 |  |
Prior year reserve development by line of business was as follows:
|  | Three months ended March 31, |  |  |  |  |  |
|  | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |  |  |  |  |
| Property | $ | 5,900 |  |  | $ | 8,060 |  |  |  |  |  |  |  |  |  |  |
| Accident and health | (304) |  |  | 3,632 |  |  |  |  |  |  |  |  |  |  |
| Marine and aviation | 13,221 |  |  | 14,647 |  |  |  |  |  |  |  |  |  |  |
| Cyber | 8,452 |  |  | (687) |  |  |  |  |  |  |  |  |  |  |
| Professional lines | (12,594) |  |  | (5,936) |  |  |  |  |  |  |  |  |  |  |
| Credit and political risk | 4,519 |  |  | 895 |  |  |  |  |  |  |  |  |  |  |
| Liability | (18,153) |  |  | (13,549) |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 1,041 |  |  | $ | 7,062 |  |  |  |  |  |  |  |  |  |  |
Prior year reserve development by line of business was as follows:
|  | Three months ended March 31, |  |  |  |  |  |
|  | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |  |  |  |  |
| Accident and health | $ | 6,988 |  |  | $ | (499) |  |  |  |  |  |  |  |  |  |  |
| Agriculture | 11,891 |  |  | 1,231 |  |  |  |  |  |  |  |  |  |  |
| Marine and aviation | (250) |  |  | 497 |  |  |  |  |  |  |  |  |  |  |
| Professional lines | (3,225) |  |  | (24,522) |  |  |  |  |  |  |  |  |  |  |
| Credit and surety | (546) |  |  | 7,465 |  |  |  |  |  |  |  |  |  |  |
| Motor | (17,122) |  |  | (1,730) |  |  |  |  |  |  |  |  |  |  |
| Liability | (32,853) |  |  | (4,105) |  |  |  |  |  |  |  |  |  |  |
| Run-off lines |  |  |  |  |  |  |  |  |  |  |  |  |
| Catastrophe | 31,058 |  |  | (246) |  |  |  |  |  |  |  |  |  |  |
| Property | 6,883 |  |  | 22,539 |  |  |  |  |  |  |  |  |  |  |
| Engineering | 173 |  |  | 1,264 |  |  |  |  |  |  |  |  |  |  |
| Total run-off lines | 38,114 |  |  | 23,557 |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 2,997 |  |  | $ | 1,894 |  |  |  |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. + 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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -URI https://asc.fasb.org/extlink&oid=27015833&loc=d3e570705-122907 + Details
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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 https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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