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Reserve for Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 2023
Insurance [Abstract] |
Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses | The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE") for the nine months ended September 30, 2023 and 2022:
(Expressed in thousands of U.S. Dollars) | 2023 |  |  |  | 2022 |  |
Gross unpaid losses and loss expenses, beginning of period | $ | 2,856,275 |  |  |  |  | $ | 2,415,491 |  |  |
Reinsurance recoverable on unpaid losses | 1,177,863 |  |  |  |  | 1,112,543 |  |  |
Net unpaid losses and loss expenses, beginning of period | 1,678,412 |  |  |  |  | 1,302,948 |  |  |
Net losses and loss expenses incurred in respect of losses occurring in: |  |  |  |  |  |  |
Current year | 528,457 |  |  |  |  | 600,536 |  |  |
Prior years | (8,903) |  |  |  |  | (3,522) |  |  |
Total incurred | 519,554 |  |  |  |  | 597,014 |  |  |
Net losses and loss expenses paid in respect of losses occurring in: |  |  |  |  |  |  |
Current year | 28,521 |  |  |  |  | 18,901 |  |  |
Prior years | 397,407 |  |  |  |  | 236,661 |  |  |
Total paid | 425,928 |  |  |  |  | 255,562 |  |  |
Foreign currency revaluation and other | 19,661 |  |  |  |  | (39,331) |  |  |
Net unpaid losses and loss expenses, end of period | 1,791,699 |  |  |  |  | 1,605,069 |  |  |
Reinsurance recoverable on unpaid losses | 1,157,123 |  |  |  |  | 1,151,128 |  |  |
Gross unpaid losses and loss expenses, end of period | $ | 2,948,822 |  |  |  |  | $ | 2,756,197 |  |  |

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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