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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

3 Months Ended

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

X

- Definition

Schedule of The Lines of Business Categories and The Expected Claim Tails [Table Text Block]

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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

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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

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