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Loss and Loss Adjustment Expense Reserves | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
Loss and Loss Adjustment Expense Reserves | Loss and Loss Adjustment Expense Reserves P&C Insurance and Reinsurance The following table summarizes the loss and loss adjustment expense (“LAE”) reserve activity of the Ark/WM Outrigger segment for the three months ended March 31, 2025 and 2024:
|  |  |  | Three Months Ended March 31,
Millions |  |  |  |  |  | 2025 |  | 2024
Gross beginning balance |  |  |  |  |  | $ | 2,127.5 |  |  | $ | 1,605.1 |
Less: beginning reinsurance recoverable on unpaid losses |  |  |  |  |  | (434.4) |  |  | (340.8) |
Net loss and LAE reserves |  |  |  |  |  | 1,693.1 |  |  | 1,264.3 |
Loss and LAE incurred relating to: |  |  |  |  |  |  |  |
Current year losses |  |  |  |  |  | 286.3 |  |  | 180.3 |
Prior year losses |  |  |  |  |  | (52.8) |  |  | (.3) |
Net incurred loss and LAE |  |  |  |  |  | 233.5 |  |  | 180.0 |
Loss and LAE paid relating to: |  |  |  |  |  |  |  |
Current year losses |  |  |  |  |  | (83.2) |  |  | (4.0) |
Prior year losses |  |  |  |  |  | (75.8) |  |  | (96.7) |
Net paid loss and LAE |  |  |  |  |  | (159.0) |  |  | (100.7) |
Foreign currency translation and other adjustments to loss and LAE reserves |  |  |  |  |  | 5.7 |  |  | (3.6) |
Net ending balance |  |  |  |  |  | 1,773.3 |  |  | 1,340.0 |
Plus: ending reinsurance recoverable on unpaid losses |  |  |  |  |  | 480.6 |  |  | 404.5 |
Gross ending balance |  |  |  |  |  | $ | 2,253.9 |  |  | $ | 1,744.5 |
For the three months ended March 31, 2025, the Ark/WM Outrigger segment recognized $52.8 million of net favorable prior year loss reserve development, driven primarily by the marine & energy and property lines of business. For the three months ended March 31, 2024, the Ark/WM Outrigger segment recognized $0.3 million of net favorable prior year loss reserve development. Financial Guarantee As of March 31, 2025 and December 31, 2024, HG Re did not have any outstanding loss and LAE reserves. For the three months ended March 31, 2025 and 2024, HG Re did not recognize any incurred loss and LAE. P&C Insurance Distribution As of March 31, 2025 and December 31, 2024, the Bamboo Captive recorded loss and LAE reserves of $23.2 million and $17.8 million. For the three months ended March 31, 2025 and 2024, the Bamboo Captive recognized incurred loss and LAE of $10.9 million and $5.8 million. Other Operations As of March 31, 2025 and December 31, 2024, the Bamboo CRV recorded loss and LAE reserves of $13.4 million and $12.1 million. For the three months ended March 31, 2025, the Bamboo CRV recognized incurred loss and LAE of $17.4 million.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 + Details
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