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Reserves for Losses and Adjustment Expenses | 12 Months Ended
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Dec. 31, 2017
Insurance [Abstract] |
Reserves for Losses and Adjustment Expenses | Reserves for Losses and Loss Adjustment Expenses The following table represents a reconciliation of beginning and ending consolidated loss and LAE reserves for the twelve months ended December 31, 2017, 2016 and 2015:
|  | As at December 31,
|  | 2017 |  | 2016 |  | 2015
|  | ($ in millions)
Provision for losses and LAE at the start of the year |  | $ | 5,319.9 |  |  | $ | 4,938.2 |  |  | $ | 4,750.8 |
Less reinsurance recoverable |  | (560.7 | ) |  | (354.8 | ) |  | (350.0 | )
Net loss and LAE at the start of the year |  | 4,759.2 |  |  | 4,583.4 |  |  | 4,400.8 |
Net loss and LAE expenses (disposed) |  | (125.5 | ) |  | (80.1 | ) |  | — |
Movement in provision for losses and LAE for claims incurred: |  |  |  |  |  |
Current year |  | 2,100.1 |  |  | 1,705.4 |  |  | 1,522.7 |
Prior years |  | (105.4 | ) |  | (129.3 | ) |  | (156.5 | )
Total incurred |  | 1,994.7 |  |  | 1,576.1 |  |  | 1,366.2 |
Losses and LAE payments for claims incurred: |  |  |  |  |  |
Current year |  | (397.5 | ) |  | (241.0 | ) |  | (178.8 | )
Prior years |  | (1,157.6 | ) |  | (981.8 | ) |  | (929.7 | )
Total paid |  | (1,555.1 | ) |  | (1,222.8 | ) |  | (1,108.5 | )
Foreign exchange losses/(gains) |  | 161.0 |  |  | (97.4 | ) |  | (75.1 | )
Net losses and LAE reserves at the end of the year |  | 5,234.3 |  |  | 4,759.2 |  |  | 4,583.4 |
Plus reinsurance recoverable on unpaid losses at the end of the year |  | 1,515.2 |  |  | 560.7 |  |  | 354.8 |
Provision for losses and LAE at the end of the year |  | $ | 6,749.5 |  |  | $ | 5,319.9 |  |  | $ | 4,938.2 |
For the twelve months ended December 31, 2017, there was a reduction of $105.4 million in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years compared to $129.3 million for the twelve months ended December 31, 2016. The Company assumed $5.7 million of additional loss reserves in 2016 as a result of its acquisition of AgriLogic in January 2016. The Company ceded $125.5 million of reserves as part of a loss portfolio transfer agreement which includes an upper coverage limit in excess of the amount transferred, during the twelve months ended December 31, 2017 (December 31, 2016 — $85.8 million related to an adverse development cover purchased, December 31, 2015 — $Nil). For additional information on reserve releases, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reserves for Losses and Loss Adjustment Expenses” above. The following tables show an analysis of incurred claims and allocated loss adjustment expenses, net of reinsurance and cumulative paid claims and allocated claim adjustment expenses, net of reinsurance as at December 31, 2017, 2016, 2015, 2014 2013 and 2012. The loss development triangles are derived from all business written by the Company as although a limited number of contracts are written which have durations of greater than one year the contracts do not meet the definition of a long duration contract.
|  | Property Insurance Lines |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 170.7 |  |  | 168.6 |  |  | 167.3 |  |  | 166.2 |  |  | 160.6 |  |  | 154.7 |  |  | 0.3 |  |  | 6,872 |
2013 |  |  |  | 130.8 |  |  | 117.9 |  |  | 117.5 |  |  | 113.3 |  |  | 114.3 |  |  | 4.9 |  |  | 5,100 |
2014 |  |  |  |  |  | 166.2 |  |  | 157.9 |  |  | 134.7 |  |  | 135.4 |  |  | 3.0 |  |  | 8,779 |
2015 |  |  |  |  |  |  |  | 241.9 |  |  | 207.3 |  |  | 201.8 |  |  | 4.7 |  |  | 10,431 |
2016 |  |  |  |  |  |  |  |  |  | 239.9 |  |  | 250.7 |  |  | 14.7 |  |  | 9,514 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 297.7 |  |  | 51.3 |  |  | 6,249 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,154.6 |  |  |  |  |
|  | Property Insurance Lines
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 41.5 |  |  | 129.6 |  |  | 139.2 |  |  | 153.4 |  |  | 157.5 |  |  | 154.9 |
2013 |  |  |  | 39.2 |  |  | 76.4 |  |  | 89.7 |  |  | 101.8 |  |  | 106.4 |
2014 |  |  |  |  |  | 40.5 |  |  | 87.0 |  |  | 114.5 |  |  | 124.2 |
2015 |  |  |  |  |  |  |  | 57.5 |  |  | 144.0 |  |  | 172.1 |
2016 |  |  |  |  |  |  |  |  |  | 67.3 |  |  | 169.7 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 97.2 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 824.5 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | $ | 330.1 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 2.9 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 333.0 |
|  | Casualty Insurance Lines |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 78.6 |  |  | 63.4 |  |  | 70.5 |  |  | 61.7 |  |  | 69.6 |  |  | 67.2 |  |  | 5.2 |  |  | 3,536 |
2013 |  |  |  | 134.1 |  |  | 117.5 |  |  | 115.9 |  |  | 121.4 |  |  | 104.4 |  |  | 13.6 |  |  | 3,852 |
2014 |  |  |  |  |  | 146.4 |  |  | 128.6 |  |  | 140.5 |  |  | 130.9 |  |  | 20.4 |  |  | 4,312 |
2015 |  |  |  |  |  |  |  | 205.5 |  |  | 225.5 |  |  | 188.0 |  |  | 64.7 |  |  | 4,954 |
2016 |  |  |  |  |  |  |  |  |  | 219.4 |  |  | 190.6 |  |  | 117.9 |  |  | 5,084 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 183.4 |  |  | 153.0 |  |  | 4,447 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 864.5 |  |  |  |  |
|  | Casualty Insurance Lines
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 1.3 |  |  | 6.7 |  |  | 14.3 |  |  | 30.0 |  |  | 41.3 |  |  | 49.7 |
2013 |  |  |  | 2.3 |  |  | 26.0 |  |  | 39.8 |  |  | 53.5 |  |  | 69.0 |
2014 |  |  |  |  |  | 2.7 |  |  | 13.6 |  |  | 33.1 |  |  | 60.4 |
2015 |  |  |  |  |  |  |  | 3.2 |  |  | 17.2 |  |  | 57.0 |
2016 |  |  |  |  |  |  |  |  |  | 4.2 |  |  | 23.1 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 3.6 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 262.8 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | $ | 601.7 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 43.0 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 644.7 |
|  | Marine, Aviation and Energy Insurance Lines |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 269.8 |  |  | 307.2 |  |  | 326.7 |  |  | 347.3 |  |  | 333.0 |  |  | 329.0 |  |  | 33.8 |  |  | 4,593 |
2013 |  |  |  | 321.4 |  |  | 334.2 |  |  | 342.9 |  |  | 326.3 |  |  | 333.3 |  |  | 17.4 |  |  | 4,979 |
2014 |  |  |  |  |  | 310.1 |  |  | 314.5 |  |  | 299.3 |  |  | 310.9 |  |  | 45.3 |  |  | 4,768 |
2015 |  |  |  |  |  |  |  | 297.9 |  |  | 301.0 |  |  | 283.3 |  |  | 37.9 |  |  | 4,356 |
2016 |  |  |  |  | — |  |  |  |  |  | 219.4 |  |  | 231.9 |  |  | 49.5 |  |  | 4,572 |
2017 |  |  |  |  | — |  |  |  |  |  |  |  | 211.5 |  |  | 70.0 |  |  | 3,993 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,699.9 |  |  |  |  |
|  | Marine, Aviation and Energy Insurance Lines
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 52.2 |  |  | 133.2 |  |  | 175.7 |  |  | 212.0 |  |  | 240.8 |  |  | 251.7 |
2013 |  |  |  | 41.6 |  |  | 131.8 |  |  | 205.3 |  |  | 235.7 |  |  | 265.0 |
2014 |  |  |  |  |  | 53.6 |  |  | 117.0 |  |  | 189.5 |  |  | 210.2 |
2015 |  |  |  |  |  |  |  | 45.1 |  |  | 123.7 |  |  | 174.9 |
2016 |  |  |  |  |  |  |  |  |  | 30.9 |  |  | 83.2 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 40.4 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,025.4 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | $ | 674.5 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 61.4 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 735.9 |
|  | Financial and Professional Insurance Lines |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 88.8 |  |  | 90.1 |  |  | 94.0 |  |  | 97.6 |  |  | 94.5 |  |  | 90.0 |  |  | 9.7 |  |  | 593 |
2013 |  |  |  | 106.6 |  |  | 101.2 |  |  | 105.6 |  |  | 102.3 |  |  | 101.6 |  |  | 15.2 |  |  | 603 |
2014 |  |  |  |  |  | 136.4 |  |  | 132.6 |  |  | 131.3 |  |  | 121.4 |  |  | 35.2 |  |  | 852 |
2015 |  |  |  |  |  |  |  | 175.9 |  |  | 177.2 |  |  | 187.2 |  |  | 76.7 |  |  | 1,138 |
2016 |  |  |  |  |  |  |  |  |  | 193.0 |  |  | 213.6 |  |  | 121.1 |  |  | 1,365 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 208.6 |  |  | 159.4 |  |  | 1,743 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 922.4 |  |  |  |  |
|  | Financial and Professional Insurance Lines
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 22.8 |  |  | 39.6 |  |  | 50.8 |  |  | 59.5 |  |  | 65.4 |  |  | 70.7 |
2013 |  |  |  | 8.1 |  |  | 21.5 |  |  | 31.6 |  |  | 66.0 |  |  | 64.5 |
2014 |  |  |  |  |  | 3.0 |  |  | 30.9 |  |  | 54.1 |  |  | 72.8 |
2015 |  |  |  |  |  |  |  | 13.9 |  |  | 43.7 |  |  | 70.4 |
2016 |  |  |  |  |  |  |  |  |  | 15.4 |  |  | 71.7 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 27.3 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 377.4 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | $ | 545.0 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 27.4 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 572.4 |
|  | Property Catastrophe and Other Property Reinsurance |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 281.3 |  |  | 304.2 |  |  | 287.2 |  |  | 280.0 |  |  | 283.4 |  |  | 280.4 |  |  | 19.3 |  |  | 797 |
2013 |  |  |  | 220.5 |  |  | 203.0 |  |  | 193.9 |  |  | 182.3 |  |  | 180.8 |  |  | 4.4 |  |  | 945 |
2014 |  |  |  |  |  | 191.7 |  |  | 180.4 |  |  | 164.0 |  |  | 152.4 |  |  | 4.1 |  |  | 1,016 |
2015 |  |  |  |  |  |  |  | 219.4 |  |  | 191.4 |  |  | 181.6 |  |  | 18.7 |  |  | 1,135 |
2016 |  |  |  |  |  |  |  |  |  | 277.9 |  |  | 277.8 |  |  | 35.1 |  |  | 1,297 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 564.8 |  |  | 216.1 |  |  | 1,366 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,637.8 |  |  |  |  |
|  | Property Catastrophe and Other Property Reinsurance
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 35.7 |  |  | 136.2 |  |  | 189.5 |  |  | 209.9 |  |  | 217.5 |  |  | 228.6 |
2013 |  |  |  | 34.9 |  |  | 100.3 |  |  | 149.7 |  |  | 162.0 |  |  | 166.8 |
2014 |  |  |  |  |  | 37.8 |  |  | 102.3 |  |  | 129.2 |  |  | 139.4 |
2015 |  |  |  |  |  |  |  | 36.2 |  |  | 96.9 |  |  | 130.0 |
2016 |  |  |  |  |  |  |  |  |  | 58.0 |  |  | 167.2 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 124.2 |
|  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 956.2 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | 681.6 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 47.9 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 729.5 |
|  | Casualty Reinsurance |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 236.9 |  |  | 235.2 |  |  | 246.6 |  |  | 238.0 |  |  | 234.8 |  |  | 235.6 |  |  | 66.1 |  |  | 2,173 |
2013 |  |  |  | 217.5 |  |  | 232.9 |  |  | 228.4 |  |  | 225.8 |  |  | 208.4 |  |  | 62.2 |  |  | 2,034 |
2014 |  |  |  |  |  | 208.7 |  |  | 212.0 |  |  | 220.8 |  |  | 214.0 |  |  | 84.5 |  |  | 1,842 |
2015 |  |  |  |  |  |  |  | 197.9 |  |  | 205.3 |  |  | 214.6 |  |  | 103.0 |  |  | 1,648 |
2016 |  |  |  |  |  |  |  |  |  | 237.7 |  |  | 250.5 |  |  | 156.2 |  |  | 1,151 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  | 249.5 |  |  | 215.9 |  |  | 476 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,372.6 |  |  |  |  |
|  | Casualty Reinsurance
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 2.2 |  |  | 17.9 |  |  | 42.2 |  |  | 65.8 |  |  | 97.1 |  |  | 118.5 |
2013 |  |  |  | 3.5 |  |  | 16.0 |  |  | 43.2 |  |  | 65.5 |  |  | 93.7 |
2014 |  |  |  |  |  | 2.6 |  |  | 14.1 |  |  | 38.2 |  |  | 60.9 |
2015 |  |  |  |  |  |  |  | 3.6 |  |  | 18.5 |  |  | 39.2 |
2016 |  |  |  |  |  |  |  |  |  | 9.6 |  |  | 34.3 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 9.1 |
|  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 355.7 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | 1,016.9 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 575.6 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 1,592.5 |
|  | Specialty Reinsurance |  |  |  |
|  | Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance |  | As at December 31, 2017
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total of IBNR Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | For the Years Ended December 31, |  |
|  | Unaudited Prior Years |  |  |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 178.5 |  |  | 201.7 |  |  | 191.1 |  |  | 177.4 |  |  | 176.0 |  |  | 176.3 |  |  | 10.5 |  |  | 739 |
2013 |  |  |  | 146.9 |  |  | 141.9 |  |  | 134.5 |  |  | 122.5 |  |  | 121.7 |  |  | 7.7 |  |  | 620 |
2014 |  |  |  |  |  | 154.4 |  |  | 143.4 |  |  | 135.2 |  |  | 126.0 |  |  | 15.6 |  |  | 667 |
2015 |  |  |  |  |  |  |  | 169.7 |  |  | 174.3 |  |  | 168.8 |  |  | 29.4 |  |  | 826 |
2016 |  |  |  |  |  |  |  |  |  | 243.2 |  |  | 244.6 |  |  | 49.5 |  |  | 844 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 385.2 |  |  | 211.6 |  |  | 763 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,222.6 |  |  |  |  |
|  | Specialty Reinsurance
|  | Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
|  | For the Years Ended December 31,
|  | Unaudited Prior Years |  |  |  |
Accident Year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
|  | ($ in millions)
2012 |  | 25.7 |  |  | 95.8 |  |  | 131.2 |  |  | 141.4 |  |  | 146.9 |  |  | 152.2 |
2013 |  |  |  | 25.4 |  |  | 72.7 |  |  | 89.1 |  |  | 96.4 |  |  | 103.5 |
2014 |  |  |  |  |  | 17.0 |  |  | 57.9 |  |  | 83.1 |  |  | 91.3 |
2015 |  |  |  |  |  |  |  | 18.1 |  |  | 58.1 |  |  | 106.5 |
2016 |  |  |  |  |  |  |  |  |  | 59.6 |  |  | 153.1 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 95.7 |
|  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 702.3 |
|  |  |  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | 520.3 |
|  |  |  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 55.4 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 575.7 |
Reconciliation of Incurred and Paid Claims Development to total Provision for Losses and LAE
| Twelve Months Ended December 31, 2017
| ($ in millions)
Net outstanding liabilities: |
Insurance lines |
- Property insurance lines | 333.0 |
- Casualty insurance lines | 644.7 |
- Marine, aviation and energy insurance lines | 735.9 |
- Financial and professional insurance lines | 572.4 |
Total insurance lines | 2,286.0 |
Reinsurance lines |
- Property catastrophe and other property reinsurance | 729.5 |
- Casualty reinsurance | 1,592.5 |
- Specialty reinsurance | 575.7 |
Total reinsurance lines | 2,897.7 |
Net loss and LAE | 5,183.7 |
Reinsurance recoverable on unpaid losses: |
Insurance lines | 1,245.9 |
Reinsurance lines | 269.3 |
Total reinsurance recoverable on unpaid losses | 1,515.2 |
Insurance lines other than short-duration | — |
Unallocated claims incurred | 49.2 |
Other | 1.4 |
| 50.6 |
Provision for losses and LAE at the end of the year | 6,749.5 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6
Insurance |  | 15.4 | % |  | 25.3 | % |  | 16.3 | % |  | 12.2 | % |  | 7.6 | % |  | 3.4 | %
Reinsurance |  | 13.2 | % |  | 25.0 | % |  | 17.0 | % |  | 8.1 | % |  | 7.1 | % |  | 5.5 | %

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