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Reserves for Losses and Adjustment Expenses (Tables) | 6 Months Ended
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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 twelve months ended December 31, 2022, 2021 and 2020:
| As at December 31,
| 2022 |  | 2021 |  | 2020
| ($ in millions)
Provision for losses and LAE at the start of the year | $ | 7,611.8 |  |  | $ | 7,165.3 |  |  | $ | 6,951.8 |
Less reinsurance recoverable | (3,298.1) |  |  | (3,195.2) |  |  | (2,319.8) |
Net loss and LAE at the start of the year | 4,313.7 |  |  | 3,970.1 |  |  | 4,632.0 |
Net loss and LAE expenses disposed (1) | (1,840.1) |  |  | — |  |  | (818.5) |
Movement in net provision for losses and LAE for claims incurred: |  |  |  |  |
Current year | 1,651.9 |  |  | 1,648.2 |  |  | 1,841.7 |
Prior years | 28.1 |  |  | 45.1 |  |  | (0.9) |
Total incurred | 1,680.0 |  |  | 1,693.3 |  |  | 1,840.8 |
Net Losses and LAE payments for claims incurred: |  |  |  |  |
Current year | (192.7) |  |  | (729.1) |  |  | (404.9) |
Prior years | (1,098.4) |  |  | (580.7) |  |  | (1,359.7) |
Total paid | (1,291.1) |  |  | (1,309.8) |  |  | (1,764.6) |
Foreign exchange (gains)/losses | (49.3) |  |  | (39.9) |  |  | 80.4 |
Net losses and LAE reserves at the end of the year | 2,813.2 |  |  | 4,313.7 |  |  | 3,970.1 |
Plus reinsurance recoverable on unpaid losses at the end of the year | 4,897.7 |  |  | 3,298.1 |  |  | 3,195.2 |
Provision for losses and LAE at the end of the year | $ | 7,710.9 |  |  | $ | 7,611.8 |  |  | $ | 7,165.3 |
________________ (1)Net loss and LAE expenses disposed of $1,840.1 million represent 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 $770.0 million of ceded reserves under the previous The following table represents a reconciliation of beginning and ending consolidated loss and LAE reserves for the six months at June 30, 2023 and June 30, 2022:
| As at June 30, |  | As at June 30,
| 2023 |  | 2022
| ($ 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.

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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 + Details
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