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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)
12 Months Ended
Dec. 31, 2023
Insurance Loss Reserves [Abstract]  
Summary of Reserve for Losses and Loss Expenses
Reserve for losses and loss expenses comprise the following:
At December 31,20232022
Reserve for reported losses and loss expenses$5,559,261 $5,555,865 
Reserve for losses incurred but not reported10,874,757 9,612,998 
Reserve for losses and loss expenses$16,434,018 $15,168,863 
Summary of 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 reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses:
Year ended December 31,202320222021
Gross reserve for losses and loss expenses, beginning of year$15,168,863 $14,653,094 $13,926,766 
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of year(5,831,172)(5,017,611)(4,496,641)
Net reserve for unpaid losses and loss expenses, beginning of year9,337,691 9,635,483 9,430,125 
Net incurred losses and loss expenses related to:
Current year2,981,220 3,267,943 3,041,193 
Prior years411,882 (25,533)(32,410)
 3,393,102 3,242,410 3,008,783 
Net paid losses and loss expenses related to:
Current year(488,016)(457,857)(490,011)
Prior years(2,185,588)(2,397,213)(2,274,240)
 (2,673,604)(2,855,070)(2,764,251)
Foreign exchange and other53,746 (685,132)(39,174)
Net reserve for unpaid losses and loss expenses, end of year10,110,935 9,337,691 9,635,483 
Reinsurance recoverable on unpaid losses and loss expenses, end of year6,323,083 5,831,172 5,017,611 
Gross reserve for losses and loss expenses, end of year$16,434,018 $15,168,863 $14,653,094 
Summary of Prior Year Loss Development The following table presents net prior year reserve development by segment:
Favorable (Adverse)
Insurance ReinsuranceTotal
Year ended December 31, 2023$(176,353)$(235,529)$(411,882)
Year ended December 31, 2022$16,350 $9,183 $25,533 
Year ended December 31, 2021$18,360 $14,049 $32,410 
The following sections provide further details on net prior year reserve development by segment, line of business and accident year.
Insurance Segment:
Favorable (Adverse)
Years ended December 31,202320222021
Property $16,195 $52,512 $71,032 
Accident and health(10,236)(12,856)15,844 
Marine and aviation26,977 27,927 42,535 
Cyber35,579 8,416 (7,329)
Professional lines(41,243)(29,093)(71,258)
Credit and political risk31,691 24,361 10,363 
Liability(235,316)(54,917)(42,827)
Total$(176,353)$16,350 $18,360 
Reinsurance Segment:
Favorable (Adverse)
Years ended December 31,202320222021
Accident and health$29,947 $14,199 $5,861 
Agriculture10,781 11,703 423 
Marine and aviation12,595 2,597 (10,767)
Professional lines(92,181)(54,820)(23,718)
Credit and surety8,306 43,567 3,436 
Motor(9,653)18,161 43,968 
Liability(262,114)(58,148)(17,919)
Run-off lines
Catastrophe46,297 (504)(36)
Property15,225 42,523 17,651 
Engineering5,268 (10,095)(4,850)
Total run-off lines66,790 31,924 12,765 
Total$(235,529)$9,183 $14,049 
Summary of Net Incurred and Paid Claims Development Tables by Accident Year
Insurance property
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$289,270 $287,431 $277,183 $262,701 $262,173 $259,792 $255,887 $253,279 $253,203 $253,414 $775 4,174
2015207,711 200,398 192,736 190,310 186,952 189,066 179,075 181,323 181,928 85 4,194
2016263,762 287,858 279,532 265,152 259,319 260,370 259,786 264,976 1,951 6,668
2017794,042 700,638 688,755 679,243 675,085 675,409 669,951 6,375 10,096
2018608,422 639,465 618,888 611,057 609,977 600,596 12,492 9,659
2019374,678 364,350 359,092 369,962 353,671 4,503 9,561
2020654,495 635,344 584,921 593,780 24,336 12,417
2021378,554 375,607 372,223 9,213 7,730
2022414,743 419,139 49,138 7,410
2023399,165 188,657 5,732
Total$4,108,843 
Insurance property
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$100,736 $201,931 $244,372 $250,321 $254,051 $254,858 $251,701 $252,772 $252,787 $252,526 
201567,621 145,027 166,211 179,727 179,409 186,010 177,227 182,038 181,716 
201682,583 206,979 243,050 250,662 250,822 256,476 253,891 260,115 
2017190,861 513,044 622,040 650,218 645,841 635,493 647,610 
2018221,345 468,431 563,191 573,034 590,739 577,000 
2019148,181 257,515 306,415 343,463 332,848 
2020182,611 425,893 481,646 531,448 
2021134,273 286,801 323,656 
202297,622 262,381 
202390,855 
Total3,460,155 
All outstanding liabilities before 2014, net of reinsurance14,248 
Liabilities for claims and claim adjustment expenses, net of reinsurance$662,936 
Insurance accident and health
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$71,520 $67,380 $66,874 $65,347 $64,973 $65,710 $64,938 $64,070 $62,703 $64,392 $1,621 58,081
201570,622 69,494 66,013 64,219 64,771 64,441 63,772 64,433 61,759 1,049 44,138
201685,244 85,892 86,338 87,470 87,154 88,180 87,972 87,399 2,179 87,001
2017113,921 121,146 118,949 117,050 117,131 117,012 118,125 36 688,000
2018111,119 115,977 115,077 113,118 114,134 114,844 291 745,012
201973,926 75,093 65,623 69,203 68,344 121 675,634
202069,679 63,963 67,525 64,297 1,275 718,512
202169,543 72,044 78,478 3,605 433,643
202298,796 100,629 9,807 380,675
2023172,795 67,393 222,537
Total$931,062 
Insurance accident and health
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$31,662 $56,693 $60,682 $61,855 $62,513 $62,844 $62,716 $61,588 $61,996 $62,660 
201531,518 56,988 60,168 61,051 62,065 61,926 62,584 62,677 60,575 
201641,583 79,237 83,077 83,929 85,010 85,413 86,123 85,272 
201763,285 109,312 114,555 115,981 117,100 116,280 118,138 
201861,849 106,748 109,194 112,884 113,787 114,595 
201945,133 61,526 63,046 68,088 68,030 
202036,317 52,290 60,804 59,240 
202139,185 61,593 69,661 
202246,568 82,209 
202395,951 
Total816,331 
All outstanding liabilities before 2014, net of reinsurance(238)
Liabilities for claims and claim adjustment expenses, net of reinsurance$114,493 
Insurance marine and aviation
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$80,064 $66,878 $71,051 $64,768 $65,913 $63,693 $55,526 $53,013 $52,286 $52,308 $830 3,566
2015187,067 165,908 161,465 153,737 140,673 146,174 145,447 145,394 143,900 111 4,312
2016115,520 111,878 109,478 101,928 101,351 100,488 101,388 102,345 2,038 4,836
2017262,628 229,801 227,355 225,397 217,443 217,232 215,683 6,867 8,577
2018238,117 255,652 241,715 234,901 228,369 229,903 14,910 8,742
2019215,911 210,536 213,480 226,586 224,914 14,884 7,697
2020208,542 180,156 163,700 164,808 14,618 6,439
2021240,182 221,864 204,483 34,829 6,754
2022265,181 257,637 92,387 7,159
2023298,845 210,136 5,172
Total$1,894,826 
Insurance marine and aviation
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$10,336 $22,874 $36,805 $39,439 $48,583 $52,793 $53,941 $48,435 $50,255 $50,383 
201529,498 69,563 125,369 130,290 133,087 135,881 142,268 142,437 142,432 
201622,886 50,976 83,039 90,273 92,239 94,184 97,274 97,951 
201735,415 106,527 140,126 172,205 180,904 184,824 196,724 
201847,525 123,434 159,948 173,667 185,455 197,961 
201954,028 103,253 145,927 171,372 178,967 
202044,655 84,391 106,403 119,063 
202126,924 69,687 108,772 
202230,101 101,228 
202336,613 
Total1,230,094 
All outstanding liabilities before 2014, net of reinsurance13,750 
Liabilities for claims and claim adjustment expenses, net of reinsurance$678,482 
Insurance cyber
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$70,557 $69,690 $69,955 $57,876 $47,342 $42,887 $39,516 $43,576 $39,832 $40,743 $604 1,159
201565,231 63,595 63,066 51,250 50,357 50,758 52,526 49,795 48,042 2,046 1,427
201658,741 56,565 58,261 40,266 37,322 29,929 27,873 25,258 1,072 1,667
201753,187 50,794 56,783 51,931 50,905 48,685 48,333 3,234 1,817
201833,429 31,966 33,962 31,111 26,732 24,495 4,574 2,152
201954,444 58,717 81,982 82,006 73,152 14,109 2,900
2020114,209 106,333 103,175 126,457 25,132 2,856
2021125,460 134,382 105,642 20,662 2,432
2022129,361 120,494 71,510 1,730
2023128,252 102,582 1,503
Total$740,868 
Insurance cyber
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$3,136 $12,162 $23,330 $29,962 $31,260 $33,819 $33,732 $35,440 $36,070 $38,043 
20155,572 15,333 25,544 28,501 30,865 39,470 42,515 43,635 45,432 
20161,348 4,637 14,141 18,502 21,333 23,136 23,207 24,054 
20179,354 19,165 28,331 35,897 38,031 40,557 39,995 
20182,171 7,327 9,874 14,810 19,267 18,334 
20192,787 20,950 32,608 60,961 57,318 
202017,732 50,344 63,813 82,625 
202124,108 65,577 75,369 
20227,830 37,861 
20239,237 
Total428,268 
All outstanding liabilities before 2014, net of reinsurance9,471 
Liabilities for claims and claim adjustment expenses, net of reinsurance$322,071 
Insurance professional lines
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$338,378 $338,670 $348,064 $331,044 $321,027 $308,193 $305,201 $304,657 $301,289 $305,060 $35,601 8,881
2015309,864 310,926 317,455 304,062 291,176 274,091 272,909 283,894 282,238 20,475 9,341
2016288,595 293,399 297,852 316,592 329,270 339,513 340,465 356,814 32,954 10,590
2017339,231 343,055 376,569 376,993 394,154 392,002 396,732 53,138 12,605
2018325,926 342,931 392,819 423,162 449,212 468,504 76,008 15,333
2019347,810 363,998 378,899 412,150 460,120 83,773 14,606
2020322,386 321,530 302,097 293,935 130,739 9,318
2021378,660 369,587 326,128 198,067 8,127
2022461,196 447,359 371,912 8,041
2023441,477 414,023 7,251
Total$3,778,367 
Insurance professional lines
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$20,263 $57,536 $105,155 $160,677 $190,560 $206,982 $216,811 $238,969 $244,776 $253,033 
201514,353 51,709 111,149 139,574 171,000 200,892 213,465 225,062 249,916 
201614,428 66,048 131,831 172,360 210,701 235,136 276,175 290,732 
201711,515 51,823 109,107 167,645 198,859 269,668 291,943 
201818,446 74,859 143,248 204,941 265,501 336,329 
201925,061 76,711 133,453 206,462 289,475 
20208,729 44,076 97,847 125,713 
20219,781 38,605 83,605 
202210,983 46,224 
202312,183 
Total1,979,153 
All outstanding liabilities before 2014, net of reinsurance131,134 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,930,348 
Insurance credit and political risk
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$38,825 $70,712 $67,109 $68,323 $69,589 $71,274 $70,748 $69,113 $69,677 $69,677 $— 6
201530,329 30,368 27,524 26,012 25,930 24,851 24,189 23,309 23,309 — 2
201645,006 45,079 42,589 43,160 26,946 25,965 24,885 24,885 — 2
201748,181 32,808 26,044 18,269 16,022 11,068 8,566 2,086 4
201842,976 33,747 32,738 24,845 21,182 24,356 5,584 2
201953,332 81,470 75,610 74,066 71,270 11,546 31
202061,928 70,428 62,235 50,987 19,594 43
202142,417 37,104 26,322 13,363 23
202245,444 44,450 37,463 24
202359,258 54,333 19
Total$403,080 
Insurance credit and political risk
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$1,924 $39,952 $61,108 $57,857 $57,857 $64,050 $70,224 $70,224 $69,677 $69,677 
2015— 23,309 23,309 23,309 23,309 23,309 23,309 23,309 23,309 
2016— 24,885 24,885 24,885 24,885 24,885 24,885 24,885 
2017403 4,035 9,251 11,710 10,925 10,394 8,666 
20185,370 13,488 15,517 11,851 19,963 23,841 
201916,026 46,456 53,750 56,956 55,067 
20209,825 90,299 58,492 53,786 
20212,769 (370)8,228 
20222,796 8,115 
20232,743 
Total278,317 
All outstanding liabilities before 2014, net of reinsurance592 
Liabilities for claims and claim adjustment expenses, net of reinsurance$125,355 
Insurance liability
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$107,126 $124,289 $129,750 $130,666 $132,013 $131,469 $132,565 $132,043 $132,474 $131,210 $9,697 5,820
2015128,436 127,299 137,477 164,982 182,690 188,004 186,931 188,261 189,795 18,423 6,769
2016124,313 130,160 128,854 127,451 120,199 120,187 125,614 124,969 17,081 7,648
2017167,334 166,052 184,781 200,391 204,533 214,707 250,887 37,518 8,812
2018167,552 167,672 190,639 204,519 216,038 251,875 38,901 8,644
2019192,468 193,435 222,885 238,035 300,584 66,863 8,183
2020224,616 225,038 230,921 249,189 88,543 6,180
2021232,051 245,585 302,023 141,022 6,748
2022323,261 357,574 246,679 7,365
2023364,604 331,464 5,168
Total$2,522,710 
Insurance liability
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$1,411 $18,633 $49,829 $71,589 $84,369 $93,569 $103,041 $106,205 $113,150 $116,384 
20155,438 22,353 39,581 92,598 120,136 140,809 150,640 159,004 162,656 
20166,315 23,260 36,356 56,403 66,290 79,519 95,787 102,773 
20175,463 29,432 58,988 115,568 143,440 168,615 190,475 
20189,374 34,860 72,219 119,152 158,622 188,910 
20197,833 39,846 83,692 139,077 192,435 
20208,148 25,174 75,907 118,306 
202113,397 51,859 103,892 
202213,212 53,507 
20239,855 
Total1,239,193 
All outstanding liabilities before 2014, net of reinsurance49,217 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,332,734 
Reinsurance accident and health
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident Year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$101,409 $102,403 $89,303 $86,833 $86,843 $86,846 $87,806 $88,095 $87,978 $87,664 $125 
201593,831 100,522 94,047 93,807 93,081 93,422 92,431 92,388 93,133 105 
2016170,687 191,299 188,454 190,067 189,538 190,574 190,534 190,662 16 
2017183,937 189,610 183,574 182,477 183,513 183,484 182,479 (16)
2018193,749 200,576 198,365 201,133 200,467 197,493 766 
2019217,477 212,307 207,794 205,403 199,419 1,328 
2020226,883 220,969 213,960 199,958 1,757 
2021232,091 227,326 222,718 9,765 
2022267,525 264,615 40,396 
2023243,174 91,280 
Total$1,881,315 
Reinsurance accident and health
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident Year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$36,571 $79,974 $85,931 $86,332 $86,534 $86,622 $87,302 $86,384 $86,771 $87,202 
201523,409 77,316 88,728 91,935 92,036 92,497 93,921 93,735 92,468 
201650,046 149,959 181,072 187,251 189,234 188,836 189,815 189,409 
201779,252 157,157 172,111 178,943 179,462 180,121 179,889 
201872,899 165,323 191,832 191,400 194,524 195,018 
201967,810 169,608 195,954 196,694 194,800 
202081,875 172,178 210,665 192,491 
202168,652 179,626 210,115 
2022101,596 214,611 
2023130,949 
Total1,686,952 
All outstanding liabilities before 2014, net of reinsurance(213)
Liabilities for claims and claim adjustment expenses, net of reinsurance$194,150 
Reinsurance agriculture
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident Year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$183,260 $164,351 $162,820 $162,388 $162,314 $162,327 $162,245 $162,068 $162,762 $162,927 $482 
2015103,199 95,608 95,346 95,332 95,339 95,516 95,503 95,634 96,251 (27)
2016124,229 117,960 111,045 109,633 109,863 109,068 109,012 109,763 (72)
2017151,768 144,401 138,439 139,510 138,984 137,516 136,658 (60)
2018141,040 147,359 140,883 140,618 139,989 142,760 646 
2019185,560 185,345 187,770 183,384 183,092 93 
202062,678 62,837 63,874 61,986 1,130 
202169,823 61,437 57,857 6,144 
2022101,082 91,534 16,972 
2023103,489 81,193 
Total$1,146,317 
Reinsurance agriculture
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident Year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$15,615 $133,137 $162,349 $161,575 $161,498 $162,011 $160,516 $161,167 $162,068 $162,194 
20151,716 65,870 92,979 94,535 94,873 95,468 95,457 95,612 96,224 
20169,489 62,530 108,378 109,922 109,410 109,172 109,211 109,762 
20177,444 124,528 137,502 138,640 137,482 137,429 136,605 
20185,115 127,577 135,674 141,768 138,398 144,070 
201928,854 154,533 174,250 178,264 177,760 
202017,454 47,377 54,269 55,359 
20212,953 32,846 46,117 
202215,347 55,508 
202314,633 
Total998,232 
All outstanding liabilities before 2014, net of reinsurance(463)
Liabilities for claims and claim adjustment expenses, net of reinsurance$147,622 
Reinsurance marine and aviation
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident Year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$10,192 $9,162 $8,019 $7,209 $9,192 $8,535 $8,786 $9,025 $9,530 $9,841 $368 
201510,366 9,242 10,836 15,019 12,652 12,281 12,046 11,998 12,054 527 
201632,453 35,965 36,130 37,519 36,052 36,371 36,773 36,263 52 
201755,299 42,961 41,363 46,612 43,243 40,900 40,827 43 
201818,906 27,454 27,006 43,540 47,066 48,477 35 
201969,806 82,194 79,801 81,628 84,756 5,560 
202040,298 41,766 37,892 37,098 308 
202143,763 40,830 35,672 2,976 
202268,907 59,227 32,375 
202340,951 34,539 
Total$405,166 
Reinsurance marine and aviation
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident Year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$1,121 $2,307 $4,388 $5,256 $6,320 $6,499 $7,003 $7,370 $7,563 $8,477 
2015416 2,665 6,443 8,662 10,220 11,017 10,843 10,925 11,058 
20162,765 19,544 26,673 30,619 33,399 34,450 35,044 35,256 
20172,803 23,620 28,954 33,912 36,978 37,091 37,996 
20181,783 10,880 24,325 30,763 34,435 37,829 
201910,763 27,167 34,317 52,763 67,800 
20204,024 16,730 24,006 29,862 
20215,478 12,341 20,486 
20227,817 18,588 
20231,473 
Total268,825 
All outstanding liabilities before 2014, net of reinsurance1,923 
Liabilities for claims and claim adjustment expenses, net of reinsurance$138,264 
Reinsurance professional lines
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$219,162 $219,123 $219,052 $218,847 $233,169 $229,556 $228,193 $226,234 $234,311 $246,043 $13,578 
2015211,820 211,774 213,993 224,649 231,352 228,410 235,131 241,113 252,022 16,515 
2016195,019 196,073 199,715 227,468 255,088 255,012 266,979 278,699 26,195 
2017154,889 155,470 161,694 177,819 187,761 210,303 239,324 38,070 
2018145,994 148,458 155,390 165,981 173,954 195,575 24,160 
2019138,048 137,723 141,610 146,088 157,572 36,200 
2020140,886 141,559 136,107 134,478 69,314 
2021148,950 140,737 136,381 93,845 
2022169,576 153,853 125,013 
2023136,051 124,516 
Total$1,929,998 
Reinsurance professional lines
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$2,019 $13,062 $48,791 $74,479 $109,048 $146,917 $158,388 $178,058 $189,874 $196,444 
20153,134 13,504 41,512 79,208 111,743 131,543 152,328 170,555 184,073 
20161,765 20,487 52,540 95,084 124,881 153,575 181,141 202,925 
20172,813 14,871 39,857 62,723 88,791 116,293 137,492 
2018271 2,572 31,198 56,882 81,729 113,771 
2019368 13,614 33,628 53,221 76,094 
20203,823 13,969 26,926 40,718 
20214,337 11,366 22,619 
20223,234 11,713 
20233,435 
Total989,284 
All outstanding liabilities before 2014, net of reinsurance113,403 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,054,117 
Reinsurance credit and surety
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$134,434 $134,527 $141,621 $137,973 $126,744 $125,477 $121,780 $120,482 $120,790 $111,511 $1,914 
2015159,274 164,350 159,148 155,217 136,568 137,528 138,726 132,989 129,333 1,447 
2016140,892 140,188 147,955 122,495 114,957 112,631 110,316 112,465 35 
2017137,832 131,630 125,763 117,044 114,412 114,131 114,612 2,647 
2018111,022 119,227 113,535 110,531 105,503 94,229 4,053 
201974,101 67,825 67,759 65,573 57,322 6,315 
202076,917 83,559 68,987 94,943 8,385 
202152,005 43,967 41,463 13,732 
202263,653 51,231 33,129 
202386,367 64,350 
Total$893,476 
Reinsurance credit and surety
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$35,450 $60,597 $85,266 $94,274 $101,859 $106,267 $106,708 $106,519 $107,713 $98,533 
201532,863 81,001 98,709 115,549 117,462 121,115 121,975 120,617 118,116 
201641,937 72,691 91,490 101,065 102,149 100,682 100,426 102,558 
201737,246 73,362 89,715 101,337 99,463 102,390 103,252 
201838,868 67,839 72,096 83,736 85,505 87,073 
201919,301 30,985 44,702 46,835 49,050 
202025,339 34,050 39,495 43,888 
20214,471 9,170 17,175 
20226,883 11,302 
202310,335 
Total641,282 
All outstanding liabilities before 2014, net of reinsurance26,307 
Liabilities for claims and claim adjustment expenses, net of reinsurance$278,501 
Reinsurance motor
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$181,056 $180,792 $175,983 $173,139 $168,796 $165,481 $162,212 $161,835 $162,730 $161,844 $2,346 
2015221,182 215,201 219,055 220,820 209,908 208,620 205,780 206,090 204,673 8,979 
2016244,395 259,912 261,592 251,675 243,353 240,717 244,553 245,098 4,366 
2017361,782 368,517 357,741 358,286 359,026 354,392 361,134 22,422 
2018355,561 353,384 364,664 360,907 348,323 361,117 17,400 
2019338,031 336,957 337,404 328,522 332,952 12,894 
2020215,257 218,224 215,572 197,439 10,872 
2021180,372 182,010 184,244 25,813 
2022160,697 173,870 35,986 
2023125,498 60,323 
Total$2,347,869 
Reinsurance motor
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$43,148 $73,129 $92,183 $100,071 $109,989 $119,355 $114,654 $135,455 $138,281 $141,456 
201557,638 92,382 112,128 129,175 144,878 145,593 168,295 173,373 175,479 
201660,689 103,868 127,404 145,160 158,004 182,077 189,563 198,144 
201772,143 133,447 163,724 198,778 221,060 244,440 262,741 
201883,831 141,391 205,874 215,988 240,535 260,818 
201990,328 183,841 201,210 223,167 242,207 
202043,752 96,208 115,689 127,881 
202141,869 76,338 94,500 
202235,213 52,971 
202326,040 
Total1,582,237 
All outstanding liabilities before 2014, net of reinsurance255,320 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,020,952 
Reinsurance liability
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$199,575 $202,526 $204,240 $200,138 $198,893 $196,747 $187,245 $183,101 $189,047 $193,578 $14,361 
2015214,346 214,689 215,633 215,461 213,256 213,485 203,268 206,204 217,019 22,070 
2016239,971 245,286 250,247 253,525 263,195 267,241 274,615 315,793 46,678 
2017275,306 270,080 279,262 287,818 297,380 306,648 343,290 62,419 
2018264,003 268,812 274,110 286,876 307,032 352,697 72,183 
2019263,522 272,513 274,393 272,905 331,729 103,836 
2020283,606 284,216 278,743 306,011 148,977 
2021304,160 311,735 346,161 185,421 
2022347,387 343,773 232,850 
2023275,232 241,263 
Total$3,025,283 
Reinsurance liability
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$7,075 $28,652 $48,397 $70,069 $89,328 $109,859 $129,802 $137,103 $148,342 $156,421 
20157,269 27,451 54,486 80,822 108,857 130,767 141,519 151,919 166,842 
201611,868 37,666 69,445 111,698 142,837 166,645 189,536 216,534 
201712,449 42,144 78,574 120,747 158,653 193,274 224,655 
201819,357 49,938 85,207 127,946 166,378 207,016 
201919,311 45,269 79,728 120,266 159,068 
202016,940 49,059 82,389 119,678 
202110,931 58,540 99,228 
202218,066 52,197 
202315,003 
Total1,416,642 
All outstanding liabilities before 2014, net of reinsurance130,039 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,738,680 
Reinsurance run-off
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2023
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$242,347 $246,616 $236,768 $227,865 $224,135 $223,970 $219,953 $219,748 $218,896 $219,012 $201 
2015267,709 256,648 256,665 247,377 246,266 251,245 249,050 247,183 244,790 475 
2016286,264 285,973 282,705 277,349 280,836 281,204 281,137 274,291 2,838 
2017705,205 702,378 740,074 741,278 739,258 729,812 722,172 19,886 
2018523,351 614,222 628,722 614,573 600,516 600,640 15,506 
2019448,745 432,299 411,886 395,134 387,944 17,304 
2020520,537 553,538 548,846 553,124 41,243 
2021430,820 441,530 438,082 39,301 
2022265,797 225,697 47,820 
202364,191 28,272 
Total$3,729,943 
Reinsurance run-off
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2014 unaudited2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023
2014$49,217 $136,404 $180,580 $197,284 $202,114 $206,234 $203,726 $210,435 $211,708 $213,063 
201546,199 119,103 178,596 203,661 213,978 218,469 232,671 234,318 235,258 
201665,343 141,975 201,290 232,366 246,602 253,543 258,939 257,802 
2017163,254 417,693 528,640 586,833 611,106 646,826 657,803 
2018116,816 331,848 427,126 479,911 526,746 548,005 
201954,985 214,066 274,503 310,612 335,546 
2020105,245 240,193 324,105 392,613 
202187,860 235,617 302,383 
202250,250 103,881 
202322,862 
Total3,069,216 
All outstanding liabilities before 2014, net of reinsurance37,075 
Liabilities for claims and claim adjustment expenses, net of reinsurance$697,802 
Summary of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Insurance property
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
32.9%41.2%13.4%5.3%0.1%0.4%(1.3%)1.8%(0.1%)(0.1%)
Insurance accident and health
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
53.0%34.9%6.0%1.9%0.9%0.2%0.8%(0.9%)(1.4%)1.0%
Insurance marine and aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
18.8%26.6%22.5%7.9%5.6%3.8%3.8%(3.2%)1.8%0.2%
Insurance cyber
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
10.7%23.5%19.0%18.5%6.2%6.5%1.3%3.3%2.6%4.8%
Insurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
3.9%11.3%16.1%13.3%11.7%11.1%6.2%5.2%5.4%2.7%
Insurance credit and political risk
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
9.3%59.0%10.0%0.6%3.6%3.7%(2.8%)—%(0.4%)—%
Insurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
3.2%10.8%15.3%19.6%12.8%10.1%8.5%4.1%3.6%2.5%
Reinsurance accident and health
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
37.1%48.7%12.9%0.3%0.4%0.2%0.7%(0.5%)(0.5%)0.5%
Reinsurance agriculture
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
10.9%63.5%18.5%1.7%(0.6%)0.9%(0.4%)0.4%0.6%0.1%
Reinsurance marine and aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
8.9%26.4%20.5%14.4%10.7%3.7%1.9%1.7%1.6%9.3%
Reinsurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
1.5%5.3%11.6%12.3%12.6%12.3%7.9%7.7%5.1%2.7%
Reinsurance credit and surety
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
26.5%22.1%15.0%8.6%2.3%2.0%0.4%0.2%(0.4%)(8.2%)
Reinsurance motor
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
23.6%18.8%10.3%6.5%6.3%5.6%4.1%6.3%1.4%2.0%
Reinsurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
4.5%9.8%10.8%12.2%11.1%10.0%7.9%5.7%6.4%4.2%
Reinsurance run-off
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
21.8%32.4%17.9%9.7%4.9%2.9%2.1%1.1%0.5%0.6%
Summary of Reconciliation of Development Tables to Consolidated Balance Sheet
The following table reconciles the reserve for losses and loss expenses at December 31, 2023, included in the loss development tables to the reserve for losses and loss expenses reported in the consolidated balance sheet:
Reconciliation of the disclosure of incurred and paid claims development to the liability
for unpaid claims and claim adjustment expenses
At December 31, 2023
Net outstanding liabilitiesReinsurance recoverable on unpaid claimsGross outstanding liabilities
Insurance segment
Property$662,936 $402,222 $1,065,158 
Accident and health114,493 3,006 117,499 
Marine and aviation678,482 278,215 956,697 
Cyber322,071 430,627 752,698 
Professional lines1,930,348 1,442,546 3,372,894 
Credit and political risk125,355 35,191 160,546 
Liability1,332,734 1,885,232 3,217,966 
Total insurance segment5,166,419 4,477,039 9,643,458 
Reinsurance segment
Accident and health194,150 49,314 243,464 
Agriculture147,622 8,343 155,965 
Marine and aviation138,264 33,185 171,449 
Professional lines1,054,117 370,345 1,424,462 
Credit and surety278,501 103,174 381,675 
Motor1,020,952 315,344 1,336,296 
Liability1,738,680 690,141 2,428,821 
Run-off lines697,802 276,198 974,000 
Total reinsurance segment5,270,088 1,846,044 7,116,132 
Total$10,436,507 $6,323,083 16,759,590 
Unallocated claims adjustment expenses183,260 
Foreign exchange and other(1)
12,442 
Ceded reserves related to retroactive transactions (521,274)
Total liability for unpaid claims and claims adjustment expense$16,434,018 
(1)    Non-U.S. dollar denominated loss data is converted to U.S dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in currency exchange rates may cause material shifts in loss development. Reserves for losses and loss expenses disclosed in the consolidated balance sheets are also remeasured using rates of exchange in effect at the balance sheet date.