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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | Nine months ended September 30, |  |
|  | 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 | 2,334,543 |  |  | 2,253,958 |  |  |
| Prior years | (8,011) |  |  | (13,118) |  |  |
|  | 2,326,532 |  |  | 2,240,840 |  |  |
| Net paid losses and loss expenses related to: |  |  |  |  |
| Current year | (308,581) |  |  | (272,260) |  |  |
| Prior years | (1,769,278) |  |  | (1,730,640) |  |  |
|  | (2,077,859) |  |  | (2,002,900) |  |  |
| Foreign exchange and other | 124,792 |  |  | (51,902) |  |  |
| Net reserve for unpaid losses and loss expenses, end of period | 10,484,400 |  |  | 9,523,729 |  |  |
| Reinsurance recoverable on unpaid losses and loss expenses, end of period | 6,810,929 |  |  | 6,031,527 |  |  |
| Gross reserve for losses and loss expenses, end of period | $ | 17,295,329 |  |  | $ | 15,555,256 |  |  |
Summary of Prior Year Loss Development | The following table presents net prior year reserve development by segment:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  | Favorable (Adverse) |  | Favorable (Adverse) |
| Insurance | $ | 4,009 |  |  | $ | 1,609 |  |  | $ | 4,008 |  |  | $ | 5,433 |  |
| Reinsurance | 4,003 |  |  | 1,153 |  |  | 4,003 |  |  | 7,685 |  |
| Total | $ | 8,012 |  |  | $ | 2,762 |  |  | $ | 8,011 |  |  | $ | 13,118 |  |
Insurance Segment: Prior year reserve development by line of business was as follows:
|  | Three months ended September 30, |  | Nine months ended September 30, |  |  |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |
| Property | $ | 2,043 |  |  | $ | (10,068) |  |  | $ | 10,053 |  |  | $ | (4,376) |  |  |  |  |  |  |
| Accident and health | 1,966 |  |  | (5,213) |  |  | 1,966 |  |  | (5,765) |  |  |  |  |  |  |
| Marine and aviation | — |  |  | 19,472 |  |  | (8,011) |  |  | 35,374 |  |  |  |  |  |  |
| Cyber | — |  |  | 10,869 |  |  | — |  |  | 19,997 |  |  |  |  |  |  |
| Professional lines | — |  |  | (4,383) |  |  | — |  |  | (20,475) |  |  |  |  |  |  |
| Credit and political risk | — |  |  | 3,374 |  |  | — |  |  | 16,323 |  |  |  |  |  |  |
| Liability | — |  |  | (12,442) |  |  | — |  |  | (35,645) |  |  |  |  |  |  |
| Total | $ | 4,009 |  |  | $ | 1,609 |  |  | $ | 4,008 |  |  | $ | 5,433 |  |  |  |  |  |  |
Reinsurance Segment: Prior year reserve development by line of business was as follows:
|  | Three months ended September 30, |  | Nine months ended September 30, |  |  |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |
| Accident and health | $ | — |  |  | $ | 5,842 |  |  | $ | — |  |  | $ | 20,115 |  |  |  |  |  |  |
| Agriculture | — |  |  | 729 |  |  | — |  |  | 14,741 |  |  |  |  |  |  |
| Marine and aviation | — |  |  | 3,576 |  |  | — |  |  | 8,523 |  |  |  |  |  |  |
| Professional lines | — |  |  | (9,044) |  |  | — |  |  | (22,772) |  |  |  |  |  |  |
| Credit and surety | 4,003 |  |  | 9,625 |  |  | 4,003 |  |  | 8,498 |  |  |  |  |  |  |
| Motor | — |  |  | (1,302) |  |  | — |  |  | (23,248) |  |  |  |  |  |  |
| Liability | — |  |  | (15,222) |  |  | — |  |  | (55,092) |  |  |  |  |  |  |
| Run-off lines |  |  |  |  |  |  |  |  |  |  |  |  |
| Catastrophe | — |  |  | 1,436 |  |  | — |  |  | 39,982 |  |  |  |  |  |  |
| Property | — |  |  | 3,421 |  |  | — |  |  | 12,568 |  |  |  |  |  |  |
| Engineering | — |  |  | 2,092 |  |  | — |  |  | 4,370 |  |  |  |  |  |  |
| Total run-off lines | — |  |  | 6,949 |  |  | — |  |  | 56,920 |  |  |  |  |  |  |
| Total | $ | 4,003 |  |  | $ | 1,153 |  |  | $ | 4,003 |  |  | $ | 7,685 |  |  |  |  |  |  |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + 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://www.xbrl.org/2003/role/disclosureRef -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 + Details
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