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Reserves for Losses and Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table represents a reconciliation of beginning and ending consolidated loss and LAE reserves for the six months at June 30, 2023 and June 30, 2022:

 

						As at June 30,						As at June 30,
						2023						2022
						($ in millions)
Provision for losses and LAE at the start of the period						$	7,710.9					$	7,611.8
Less reinsurance recoverable						(4,897.7)						(3,298.1)
Net loss and LAE at the start of the period						2,813.2						4,313.7
Net loss and LAE expenses transferred (1)						—						(1,840.1)
Movement in net provision for losses and LAE for claims incurred:
Current year						723.5						775.0
Prior years						(6.4)						(7.3)
Total incurred						717.1						767.7
Net Losses and LAE payments for claims incurred:
Current year						(30.8)						(35.5)
Prior years						(438.6)						(616.9)
Total paid						(469.4)						(652.4)
Foreign exchange losses/(gains)						22.0						(83.6)
Net losses and LAE reserves at the end of the period						3,082.9						2,505.3
Plus reinsurance recoverable on unpaid losses at the end of the period						4,658.0						5,006.5
Provision for losses and LAE at the end of the period						$	7,740.9					$	7,511.8

 ______________ 

(1) Net loss and LAE expenses transferred of $1,840.1 million relates to the LPT with Enstar and represents the net loss reserves as at May 20, 2022 (“Closing Date”) for losses in relation to 2019 and prior accident years, in addition to the $770.0 million of ceded reserves under the previous ADC agreement, recognizing a total recoverable of $2,610.1 million. These reserves were rolled forward from the initial effective date of September 30, 2021, at which time the net losses reserves were $3,120.0 million.

As at June 30, 2023 the total amount recoverable from Enstar under the LPT was $1,877.3 million (As at December 31, 2022 — $2,132.0 million) which includes claims paid and reserve development since the Closing Date.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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