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Reserves for Losses and Adjustment Expenses

6 Months Ended

Jun. 30, 2023

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, 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 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 December 31, 2022 the total amount recoverable from Enstar under the LPT was $2,132.0 million (As at December 31, 2021 recoverable from Enstar on the ADC was — $838.1 million) which includes claims paid and reserve development since the Closing Date.

Net loss and LAE expenses disposed in 2020 includes the transfer of reserves under the ADC agreement providing $770.0 million of cover and the loss portfolio transfer transactions for our surety insurance book of $42.0 million and our U.S. accident and health book of $6.5 million.

For the twelve months ended December 31, 2022, there was an increase of $28.1 million in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years compared to an increase of $45.1 million for the twelve months ended December 31, 2021.

Overall, prior year reserve strengthening totaled $28.1 million in 2022, compared with net unfavorable development of $45.1 million in 2021. Prior year reserve strengthening excludes the full economic benefit of the recoveries from the ADC of $58.3 million which is currently within reinsurance recoverables on unpaid losses.

Reinsurance. Net reserve releases of $58.8 million in 2022 were mainly due to releases on prior year development on post-LPT years of $24.6 million and the favorable impact of the LPT of $34.2 million.

Insurance. Net unfavorable reserve development of $86.9 million in 2022 included adverse prior year development on post-LPT years of $37.6 million and the unfavorable movement of $49.3 million due to the impact of the LPT, mainly reflecting the one-off costs in relation to the LPT recognized in 2022 and the change from ADC on a fixed allocation basis to the LPT.

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, 2022, 2021, 2020, 2019 2018, 2017, 2016, 2015, 2014 and 2013. Under the LPT agreement, the Company has reinsured net losses incurred on all accident years 2019 and prior. This has resulted in total incurred claims, IBNR and loss adjustment expenses in the loss development triangles for 2019 and prior to be Nil. 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. All amounts included in the following tables related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2022.

The Company has chosen to disaggregate the business in its Insurance segment, for the purposes of these loss development triangles as: Property; Casualty; Marine Aviation and Energy; and Financial and Professional insurance lines. The Company considers that this presentation of its Insurance lines loss development triangles more precisely reflects meaningful trending information. The Company presents its loss development triangles for the Reinsurance segment in line with the reportable reinsurance lines: Property Catastrophe and Other Property; Casualty; and Specialty.

						Property Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																												As at December 31, 2022
Accident Year						For the Years Ended December 31,																																																																											Cumulative Number of Reported Claims
																																																																		Total of IBNR Plus Expected Development on Reported Claims
						Unaudited Prior Years
						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						$ (in millions)
2013						126.7						114.4						114.2						109.9						110.9						109.0						109.3						109.5						102.1						106.1						—						—
2014												162.6						154.9						132.4						133.0						132.2						130.7						130.1						125.2						131.1						—						9,949
2015																		233.3						199.0						193.9						196.3						196.9						193.9						179.6						189.2						—						11,549
2016																								233.9						245.0						240.0						241.3						242.5						233.4						244.8						—						10,773
2017																														290.4						253.7						246.8						248.1						280.9						247.7						—						9,717
2018																																				196.3						198.1						182.2						196.2						177.3						—						8,308
2019																																										122.5						126.5						104.1						107.8						—						6,852
2020																																																199.9						195.9						205.1						24.4						7,542
2021																																																						204.6						199.5						38.2						6,583
2022																																																												163.9						62.9						4,171
Total																																																												$	1,772.5

						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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						37.5						73.7						86.8						98.6						103.0						105.8						107.6						107.9						106.8						106.1
2014												39.9						85.2						112.5						122.0						126.0						127.3						128.7						129.9						131.1
2015																		56.3						138.3						165.1						174.1						190.1						188.9						190.4						189.2
2016																								65.7						166.1						198.1						219.2						228.6						233.7						244.8
2017																														95.0						185.0						217.2						237.9						242.1						247.7
2018																																				60.3						153.6						176.1						173.0						177.3
2019																																										48.0						88.6						99.3						107.8
2020																																																60.1						122.9						150.1
2021																																																						58.2						118.6
2022																																																												40.8
Total																																																												$	1,513.5
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												$	259.0
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	259.0

						Casualty Insurance Lines																																																												As at December 31, 2022
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance
																																																																								Cumulative Number of Reported Claims
Accident Year						For the Years Ended December 31,																																																												Total of IBNR Plus Expected Development on Reported Claims
						Unaudited Prior Years
						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
									$ (in millions)
2013						128.6						112.8						111.6						116.8						99.8						101.1						101.4						100.0						107.8						86.7						—						3,392
2014												139.9						122.6						134.2						124.0						131.0						134.9						131.8						137.9						107.4						—						3,914
2015																		197.9						217.9						180.5						197.5						230.1						228.3						250.4						197.2						—						4,775
2016																								211.5						182.5						177.6						184.2						195.1						247.4						163.3						—						4,818
2017																														176.3						169.9						173.4						190.5						234.6						154.4						—						5,495
2018																																				119.4						122.5						132.2						169.7						94.4						—						5,500
2019																																										122.0						144.4						155.3						88.3						—						5,198
2020																																																131.1						139.3						138.7						72.1						3,755
2021																																																						170.5						185.6						119.7						3,356
2022																																																												201.1						132.1						2,709
Total																																																												$	1,417.1

						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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						2.1						25.1						38.2						51.2						65.9						77.9						82.0						83.9						84.0						86.7
2014												2.5						12.6						31.5						57.3						70.1						93.1						105.4						104.0						107.4
2015																		3.0						16.4						55.1						90.2						135.0						163.6						174.5						197.2
2016																								4.0						22.0						38.6						79.7						106.1						128.8						163.3
2017																														3.4						22.3						51.2						93.4						110.3						154.4
2018																																				3.0						27.2						41.4						65.5						94.4
2019																																										6.2						16.7						68.0						88.3
2020																																																—						9.2						36.1
2021																																																						3.00						8.8
2022																																																												23.2
Total																																																												$	959.8
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												$	457.3
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	457.3

						Marine, Aviation and Energy Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																												As at December 31, 2022
																																																																								Cumulative Number of Reported Claims
						For the Years Ended December 31,																																																												Total of IBNR Plus Expected Development on Reported Claims
						Unaudited Prior Years
Accident Year						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						$ (in millions)
2013						319.4						332.1						340.7						324.3						331.5						345.0						343.6						338.7						346.5						319.7						—						4,179
2014												308.6						312.2						297.2						308.9						304.5						311.4						300.7						317.6						279.1						—						4,058
2015																		295.3						297.0						279.3						283.7						307.2						309.9						327.3						302.7						—						4,076
2016																								258.8						229.0						227.5						227.9						217.7						224.3						199.2						—						4,431
2017																														209.3						199.9						206.2						213.7						231.5						205.3						—						6,059
2018																																				170.1						207.1						207.9						238.8						169.7						—						5,153
2019																																										145.5						152.8						151.1						124.0						—						3,662
2020																																																110.2						111.2						125.7						17.5						3,856
2021																																																						93.0						96.1						18.3						4,863
2022																																																												107.7						58.8						3,810
Total																																																												$	1,929.2

						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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						41.2						130.9						203.9						234.1						263.5						283.1						299.1						309.3						309.0						319.7
2014												53.2						116.0						188.1						208.6						231.3						249.5						261.7						274.2						279.1
2015																		44.6						122.5						172.7						192.1						220.0						255.5						277.5						302.7
2016																								30.8						81.9						141.3						163.1						189.5						197.3						199.2
2017																														40.0						97.0						139.6						167.6						155.7						205.3
2018																																				26.7						104.3						132.6						154.7						169.7
2019																																										33.4						72.4						117.5						124.0
2020																																																28.5						66.4						88.6
2021																																																						23.5						52.3
2022																																																												24.9
Total																																																												$	1,765.5
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												$	163.7
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	163.7

						Financial and Professional Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																												As at December 31, 2022
																																																																		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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						$ (in millions)
2013						104.3						98.7						103.1						99.6						98.6						89.9						88.8						95.1						101.0						82.9						—						606
2014												133.2						128.8						127.4						117.7						128.9						118.0						118.8						124.3						118.9						—						794
2015																		171.9						173.4						183.1						187.1						188.0						183.0						189.9						163.9						—						1,085
2016																								188.4						209.3						213.7						199.7						182.9						189.0						163.2						—						1,244
2017																														203.9						179.6						184.5						185.2						208.8						166.7						—						1,737
2018																																				153.7						169.4						151.2						163.2						125.4						—						4,643
2019																																										246.8						259.6						253.9						195.2						—						23,831
2020																																																346.3						346.2						336.2						118.0						105,947
2021																																																						284.5						302.8						170.4						34,942
2022																																																												314.8						265.2						3,487
																																																Total												$	1,970.0

						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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						7.9						20.6						30.6						64.6						62.8						71.1						73.2						76.4						79.9						82.9
2014												2.8						30.2						52.7						71.1						78.5						84.0						90.9						102.3						118.9
2015																		13.5						43.1						69.5						88.6						108.8						137.6						144.1						163.9
2016																								14.8						70.7						100.7						128.7						124.6						133.8						163.2
2017																														27.1						51.0						83.0						116.2						135.6						166.7
2018																																				17.4						71.6						97.8						113.3						125.4
2019																																										26.8						86.2						136.8						195.2
2020																																																47.2						120.8						174.2
2021																																																						42.8						90.2
2022																																																												17.5
Total																																																												$	1,298.1
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												$	671.9
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	671.9

						Property Catastrophe and Other Property Reinsurance
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																												As at December 31, 2022
																																																																		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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						$ (in millions)
2013						212.3						193.7						184.1						173.1						171.7						168.5						165.8						162.9						159.5						156.3						—						832
2014												185.8						172.6						157.1						145.7						145.9						141.1						141.2						140.1						138.1						—						900
2015																		210.0						183.7						173.8						153.5						168.9						168.9						177.2						160.6						—						1,048
2016																								264.2						264.6						263.2						242.1						237.7						230.1						229.8						—						1,307
2017																														550.7						529.4						511.7						500.4						595.5						447.7						—						1,953
2018																																				323.5						362.8						356.0						571.0						304.5						—						1,780
2019																																										237.3						249.6						358.7						203.6						—						1,399
2020																																																317.5						402.1						348.9						81.0						1,379
2021																																																						647.3						472.7						196.9						1,411
2022																																																												392.3						266.7						950
																																																Total												$	2,854.5

						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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						33.9						95.7						142.6						154.1						158.6						160.1						161.6						156.0						156.0						156.3
2014												36.9						98.5						124.4						133.7						137.4						136.0						137.6						137.8						138.1
2015																		35.6						93.6						124.2						136.7						153.6						155.9						159.5						160.6
2016																								55.8						160.5						200.9						211.6						224.4						230.7						229.8
2017																														123.0						355.4						413.5						437.1						433.7						447.7
2018																																				122.1						290.1						296.8						315.3						304.5
2019																																										28.1						143.9						191.4						203.6
2020																																																41.8						165.5						237.3
2021																																																						75.0						233.2
2022																																																												65.5
Total																																																												$	2,176.6
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												677.9
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	677.9

						Casualty Reinsurance
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																												As at December 31, 2022
																																																																		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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						$ (in millions)
2013						211.7						226.7						221.6						219.1						202.3						197.7						200.3						197.9						191.6						151.9						—						1,700
2014												201.8						204.0						212.3						205.5						199.0						202.1						198.0						191.1						144.7						—						1,843
2015																		191.1						197.6						207.3						209.8						207.5						203.7						198.8						135.1						—						2,038
2016																								229.3						241.4						241.0						251.0						258.5						258.5						174.6						—						2,153
2017																														241.0						239.1						249.7						248.9						265.5						147.7						—						2,166
2018																																				226.0						255.0						262.5						264.3						130.4						—						2,002
2019																																										232.5						253.1						252.0						82.1						—						1,567
2020																																																252.6						233.6						197.9						123.2						1,088
2021																																																						205.7						215.6						135.9						815
2022																																																												248.7						179.1						478
																																																Total												$	1,628.7

						Casualty Reinsurance
						Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
						For the Years Ended December 31,
						Unaudited Prior Years
Accident Year						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						3.4						15.7						42.3						64.4						91.8						113.5						126.0						137.9						144.2						151.9
2014												2.5						13.6						37.4						59.6						85.4						105.9						123.4						133.0						144.7
2015																		3.3						17.5						37.8						64.7						88.4						107.3						121.4						135.1
2016																								8.9						32.9						62.9						94.8						124.6						145.3						174.6
2017																														8.7						30.2						58.5						96.5						115.7						147.7
2018																																				7.1						33.2						73.0						103.8						130.4
2019																																										9.1						36.2						60.9						82.1
2020																																																9.1						27.6						44.1
2021																																																						7.8						37.1
2022																																																												9.4
Total																																																												$	1,057.1
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												571.6
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	571.6

						Specialty Reinsurance
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																												As at December 31, 2022
																																																																		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						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						$ (in millions)
2013						140.5						135.7						127.7						116.3						115.7						111.9						111.6						108.3						104.8						98.1						—						579
2014												149.5						137.5						129.5						120.8						123.6						122.2						118.0						116.6						105.4						—						622
2015																		163.2						166.4						161.1						155.9						154.5						150.0						150.0						132.5						—						774
2016																								235.8						236.6						234.6						227.6						222.6						218.8						197.6						—						938
2017																														375.4						388.4						372.1						361.1						364.2						325.9						—						1,336
2018																																				392.7						391.9						390.3						419.5						342.1						—						1,403
2019																																										470.3						493.4						397.4						423.6						—						1,537
2020																																																412.8						600.0						374.1						53.1						1,470
2021																																																						156.6						151.6						55.8						1,276
2022																																																												193.9						107.9						969
Total																																																												$	2,344.8

						Specialty Reinsurance
						Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
						For the Years Ended December 31,
						Unaudited Prior Years
Accident Year						2013						2014						2015						2016						2017						2018						2019						2020						2021						2022
						($ in millions)
2013						24.3						68.7						84.4						91.4						98.4						98.4						99.3						99.0						98.1						98.1
2014												16.2						55.2						79.8						87.8						98.0						100.9						102.5						104.4						105.4
2015																		17.3						55.2						102.5						119.9						128.7						131.7						131.7						132.5
2016																								58.2						149.5						163.9						181.7						191.8						201.8						197.6
2017																														94.1						237.4						268.9						303.8						314.4						325.9
2018																																				26.7						279.0						312.2						328.5						342.1
2019																																										272.5						379.6						398.8						423.6
2020																																																212.8						269.6						290.4
2021																																																						28.2						53.2
2022																																																												25.8
Total																																																												$	1,994.6
All outstanding liabilities for 2013 and subsequent years, net of reinsurance																																																												350.2
All outstanding liabilities before 2013, net of reinsurance																																																												—
Liabilities for claims and claim adjustment expenses, net of reinsurance																																																												$	350.2

Reconciliation of Incurred and Paid Claims Development to total Provision for Losses and LAE

			Twelve Months Ended December 31, 2022						Twelve Months Ended December 31, 2021
			($ in millions)
Net outstanding liabilities:
Insurance lines
- Property insurance lines			259.0						289.3
- Casualty insurance lines			457.3						725.6
- Marine, aviation and energy insurance lines			163.7						427.9
- Financial and professional insurance lines			671.9						808.7
Total insurance lines			1,551.9						2,251.5
Reinsurance lines
- Property catastrophe and other property reinsurance			677.9						784.9
- Casualty reinsurance			571.6						975.3
- Specialty reinsurance			350.2						472.3
Total reinsurance lines			1,599.7						2,232.5
Net loss and LAE			3,151.6						4,484.0
Reinsurance recoverable on unpaid losses:
Insurance lines			2,907.8						2,117.4
Reinsurance lines			1,989.9						1,180.7
Total reinsurance recoverable on unpaid losses			4,897.7						3,298.1
Deferred gain on retroactive contracts			42.7						58.3
Unallocated claims incurred			41.4						56.6
Other reinsurance balances recoverable (1)			(429.3)						(286.4)
Carbon syndicate reserves			5.2						1.0
Other			1.6						0.2
			(338.4)						(170.3)
Provision for losses and LAE at the end of the year			7,710.9						7,611.8

________________

(1)Other reinsurance balances recoverable primarily include short term recoverables to be collected.

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance

Years						1						2						3						4						5						6						7						8						9						10
Insurance						16.6		%				27.0		%				19.4		%				13.6		%				8.3		%				9.6		%				6.0		%				4.7		%				2.2		%				2.6		%
Reinsurance						20.5		%				33.7		%				15.7		%				10.1		%				7.8		%				5.9		%				4.3		%				2.7		%				2.3		%				1.9		%

Reserves for Losses and Loss Adjustment Expenses

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.

For the six months ended June 30, 2023, there was a reduction of $6.4 million in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years compared to a reduction of $7.3 million for the six months ended June 30, 2022.

Reinsurance. Net unfavorable reserve development of $2.1 million in the six months ended June 30, 2023 were mainly due to reserve strengthening in property catastrophe and reinsurance lines of business, offset by reserve releases from casualty reinsurance and specialty reinsurance.

Insurance. Net reserve releases of $8.5 million in the six months ended June 30, 2023 included favorable development of $13.2 million representing the movement on the deferred gain on the LPT, offset by unfavorable development on post-LPT years of $4.7 million.

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