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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

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 reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:

						Three months ended March 31,
						2024						2023
			Gross reserve for losses and loss expenses, beginning of period			$	16,434,018					$	15,168,863
			Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period			(6,323,083)						(5,831,172)
			Net reserve for unpaid losses and loss expenses, beginning of period			10,110,935						9,337,691
			Net incurred losses and loss expenses related to:
			Current year			728,671						724,680
			Prior years			—						(4,038)
						728,671						720,642
			Net paid losses and loss expenses related to:
			Current year			(50,724)						(38,662)
			Prior years			(612,571)						(574,538)
						(663,295)						(613,200)
			Foreign exchange and other			(48,602)						46,094
			Net reserve for unpaid losses and loss expenses, end of period			10,127,709						9,491,227
			Reinsurance recoverable on unpaid losses and loss expenses, end of period			6,503,188						5,823,417
			Gross reserve for losses and loss expenses, end of period			$	16,630,897					$	15,314,644

Summary of Prior Year Loss Development

The following table presents net prior year reserve development by segment:

						Three months ended March 31,
						2024						2023
						Favorable (Adverse)						Favorable (Adverse)
			Insurance			$	—					$	1,041
			Reinsurance			—						2,997
			Total			$	—					$	4,038

Prior year reserve development by line of business was as follows:

						Three months ended March 31,
						2024						2023
						Favorable (Adverse)						Favorable (Adverse)
			Property			$	8,011					$	5,900
			Accident and health			—						(304)
			Marine and aviation			(8,011)						13,221
			Cyber			—						8,452
			Professional lines			—						(12,594)
			Credit and political risk			—						4,519
			Liability			—						(18,153)
			Total			$	—					$	1,041

Prior year reserve development by line of business was as follows:

						Three months ended March 31,
						2024						2023
						Favorable (Adverse)						Favorable (Adverse)
			Accident and health			$	—					$	6,988
			Agriculture			—						11,891
			Marine and aviation			—						(250)
			Professional lines			—						(3,225)
			Credit and surety			—						(546)
			Motor			—						(17,122)
			Liability			—						(32,853)
			Run-off lines
			Catastrophe			—						31,058
			Property			—						6,883
			Engineering			—						173
			Total run-off lines			—						38,114
			Total			$	—					$	2,997

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- References

No definition available.

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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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479583/944-40-S99-1

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X

- 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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

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