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Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

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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- 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
-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

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