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Loss and loss adjustment expense reserves | 12 Months Ended
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Dec. 31, 2019
Loss and Loss Adjustment Expense Reserves [Abstract] |
Loss and loss adjustment expense reserves | As of December 31, 2019 and 2018, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following:
| 2019 |  | 2018
Case loss and loss adjustment expense reserves | $ | 148,166 |  |  | $ | 125,456 |
Incurred but not reported loss and loss adjustment expense reserves | 963,359 |  |  | 811,280 |
Deferred gains on retroactive reinsurance contracts | 167 |  |  | 421 |
| $ | 1,111,692 |  |  | $ | 937,157 |
Reserving methodologies The Company’s methodology for reserving for its reinsurance contracts and determining its loss and loss adjustment expense reserves, including incurred but not reported reserves, is as follows: The Company’s actuaries perform an actuarial projection of the Company’s reserves quarterly and have a third-party actuarial review performed periodically. Reserves are estimated on an individual contract basis. The Company typically initially reserves individual contracts to the expected loss and loss expense ratio in its pricing analysis. The Company also considers the level of adequacy of the pricing loss ratio estimates, and may make upward or downward adjustments in the aggregate reserves if there is evidence that the pricing loss ratio estimates are biased in one direction or the other. As loss information is received from cedents, the Company incorporates other actuarial methods into its projection of ultimate losses and, hence, reserves. In the Company’s pricing analyses, there is a significant amount of information unique to the individual client and, when necessary, the analysis is supplemented with industry data. Industry data primarily takes the form of paid and incurred development patterns from statutory financial statements and statistical agencies. For the Company’s actuarial reserve projections, the relevant information received from clients includes premium estimates, paid loss and loss adjustment expenses and case reserves. The Company’s actuaries review the data for reasonableness and research any noted anomalies. On each contract, the Company’s actuaries compare the expected paid and incurred amounts at each quarter-end with actual amounts reported. The Company’s actuaries also compare premiums received with projected premium receipts at each quarter end. There is a time lag between when a covered loss event occurs and when it is reported to the Company’s cedents. There is also a time lag between when clients pay claims, establish case reserves and re-estimate their reserves, and when they notify the Company of the payments and/or new or revised case reserves. This reporting lag is typically 60 to 90 days after the end of a reporting period, but can be longer in some cases. The Company’s actuaries use techniques that adjust for this reporting lag. While it would be unusual to have lags that extend beyond 90 days, the Company’s actuarial techniques are designed to adjust for such a circumstance. The principal actuarial methods (and associated key assumptions) used to perform the Company’s quarterly loss reserve analysis may include one or more of the following methods: A priori loss ratio method To estimate ultimate losses using the a priori loss ratio method, the Company multiplies earned premiums by an expected loss ratio. The expected loss ratio is selected as part of the pricing and utilizes individual client data, supplemented by industry data where necessary. This method is often useful when there is limited historical data due to few losses being incurred. Paid loss development method This method estimates ultimate losses by calculating past paid loss development factors and applying them to exposure periods with further expected paid loss development. The paid loss development method assumes that losses are paid at a rate consistent with the historical rate of payment. It provides an objective test of reported loss projections because paid losses contain no case reserve estimates. For some lines of business, claim payments are made slowly and it may take many years for claims to be fully reported and settled. Incurred loss development method This method estimates ultimate losses by using past incurred loss development factors and applying them to exposure periods with further expected incurred loss development. Since incurred losses include payments and case reserves, changes in both of these amounts are incorporated in this method. This approach provides a larger volume of data to estimate ultimate losses than paid loss methods. Thus, incurred loss patterns may be less varied than paid loss patterns, especially for coverages that have historically been paid out over a long period of time but for which claims are incurred relatively early and case loss reserve estimates are established. Bornhuetter-Ferguson paid and incurred loss methods These methods are a weighted average of the a priori loss ratio method and the relevant development method. The weighting between the two methods depends on the maturity of the business. This means that for the more recent years a greater weight is placed on the a priori loss ratio method, while for the more mature years a greater weight is placed on the development methods. These methods avoid some of the distortions that could result from a large development factor being applied to a small base of paid or incurred losses to calculate ultimate losses. This method will react slowly if actual paid or incurred loss experience develops differently than historical paid or incurred loss experience because of major changes in rate levels, retentions or deductibles, the forms and conditions of coverage, the types of risks covered or a variety of other factors. IBNR to outstanding ratio method This method is used in selected cases typically for very mature years that still have open claims. This method assumes that the estimated future loss development is indicated by the current level of case reserves. Key to the projection of ultimate loss is the amount of credibility or weight assigned to each actuarial method. Each method has advantages and disadvantages, and those can change depending on numerous factors including the reliability of the underlying data. The selection and weighting of the projection methods is a highly subjective process. In order to achieve a desirable amount of consistency from study to study and between contracts, the Company’s actuaries have implemented a weighting scheme that incorporates numerous “rules” for the weighting of actuarial methods. These rules attempt to effectively standardize the process used for selecting weights for the various methods. There are numerous circumstances where the rules would be modified for specific reinsurance contracts; examples would include a large market event or new information on historical years that may cause us to increase our a priori loss ratio. As part of the Company’s quarterly reserving process, loss-sensitive contingent expenses (e.g., profit commissions, sliding-scale ceding commissions, etc.) are calculated on an individual contract basis. These expense calculations are based on the updated ultimate loss estimates derived from the Company's quarterly reserving process. The Company’s reserving methodologies use a loss reserving model that calculates a point estimate for the Company’s ultimate losses. Although the Company believes that its assumptions and methodologies are reasonable, the ultimate payments may vary, potentially materially, from the estimates that the Company has made. Catastrophe event estimates Some of the Company’s contracts are exposed to losses from catastrophes (either natural catastrophes or man-made catastrophes). Given the high-severity, low-frequency nature of these events, the losses typically generated therefrom do not lend themselves to traditional actuarial reserving methods, such as those described above. Therefore, our reserving approach for these types of coverages is to estimate the ultimate cost associated with a single loss event rather than analyzing the historical development patterns of past losses for estimating ultimate losses for an entire contract. We estimate our reserves for these catastrophe events on a contract-by-contract basis by means of a review of policies with known or potential exposure to a particular loss event. We consider the following information when making these contract-by-contract estimates of catastrophe event losses: information provided by cedents and brokers; industry loss estimates; catastrophe model output; and the terms and conditions of the contracts with exposure to those events. Initial estimates are established in the period that a catastrophe event occurs and are then monitored each subsequent quarter, considering the latest information available. There were no significant changes made to the Company’s methodology for calculating loss and loss adjustment reserves for the year ended December 31, 2019. Roll forward of loss and loss adjustment expense reserves The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
Gross reserves for loss and loss adjustment expenses, beginning of year | $ | 937,157 |  |  | $ | 720,570 |  |  | $ | 605,129 |
Less: loss and loss adjustment expenses recoverable, beginning of year | (2,031 | ) |  | (1,113 | ) |  | (1 | )
Less: deferred charges on retroactive reinsurance contracts | (3,847 | ) |  | — |  |  | — |
Net reserves for loss and loss adjustment expenses, beginning of year | 931,279 |  |  | 719,457 |  |  | 605,128 |
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: |  |  |  |  |
Current year | 489,994 |  |  | 434,276 |  |  | 422,801 |
Prior years | (86,495 | ) |  | 4,138 |  |  | (52,743 | )
Total incurred loss and loss adjustment expenses | 403,499 |  |  | 438,414 |  |  | 370,058 |
Net loss and loss adjustment expenses paid in respect of losses occurring in: |  |  |  |  |
Current year | (63,638 | ) |  | (85,173 | ) |  | (110,799 | )
Prior years | (188,392 | ) |  | (132,336 | ) |  | (162,447 | )
Total net paid losses | (252,030 | ) |  | (217,509 | ) |  | (273,246 | )
Foreign currency translation | 16,686 |  |  | (9,083 | ) |  | 17,517 |
Net reserves for loss and loss adjustment expenses, end of year | 1,099,434 |  |  | 931,279 |  |  | 719,457 |
Plus: loss and loss adjustment expenses recoverable, end of year | 5,520 |  |  | 2,031 |  |  | 1,113 |
Plus: deferred charges on retroactive reinsurance contracts | 6,738 |  |  | 3,847 |  |  | — |
Gross reserves for loss and loss adjustment expenses, end of year | $ | 1,111,692 |  |  | $ | 937,157 |  |  | $ | 720,570 |
Changes in the Company’s loss and loss adjustment expense reserves result from re-estimating loss reserves and from changes in premium earnings estimates. Furthermore, many of the Company’s contracts have sliding scale or profit commissions whereby loss reserve development can be offset by changes in acquisition costs that vary inversely with loss experience. In some instances, the Company can have loss reserve development on contracts where there is no sliding scale or profit commission or where the loss ratio falls outside of the loss ratio range to which the sliding scale or profit commission applies. The $86.5 million net decrease in prior years’ reserves for the year ended December 31, 2019 includes $98.5 million of net favorable reserve development related to decrease s in loss reserve estimates, partially offset by a $12.0 million increase in loss reserves resulting from increase s in premium earnings estimates on certain contracts. The net decrease in loss reserves as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows:
• | The $98.5 million of net favorable prior years’ reserve development for the year ended December 31, 2019 was accompanied by net increase s of $100.9 million in acquisition costs and net increases of $7.8 million in earned premium, resulting in a $5.4 million improvement in the net underwriting results, primarily due to:
• | $0.5 million of improvement in net underwriting results due to net favorable loss development on one retroactive reinsurance contract as a result of reported loss experience that was less than expected. This retroactive reinsurance contract had profit commission terms such that the net favorable reserve development associated with this contract of $69.4 million was offset by an increase in acquisition costs of $68.9 million;
• | $14.9 million of improvement in net underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience;
• | $3.5 million of improvement in net underwriting loss development relating to our non-standard auto contracts as a result of better than expected loss experience; partially offset by
• | $8.8 million of net adverse underwriting loss development relating to our general liability contracts, as a result of worse than expected loss experience; and
• | $8.1 million of net adverse underwriting loss development relating to our multi-line contracts as a result of worse than expected loss experience.
• | The $12.0 million net increase in loss and loss adjustment expenses incurred resulting from increase s in premium earnings estimates was accompanied by a $7.2 million decrease in acquisition costs, for a total of $4.8 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $3.1 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $1.7 million increase in net underwriting loss for the year ended December 31, 2019.
• | In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $3.7 million improvement in the net underwriting results for the year ended December 31, 2019.
As of December 31, 2019, the Company had unamortized deferred charges of $6.7 million (December 31, 2018 - $3.8 million) relating to retroactive reinsurance contracts. Deferred charges on retroactive contracts are recorded in other assets on the Company’s consolidated balance sheet. The $4.1 million net increase in prior years’ reserves for the year ended December 31, 2018 includes $12.9 million of net favorable reserve development related to decreases in loss reserve estimates and $17.0 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts. The net increase in loss reserves as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows:
• | The $12.9 million of net favorable prior years’ reserve development for the year ended December 31, 2018 was accompanied by net increases of $7.7 million in acquisition costs, resulting in a $5.2 million improvement in the net underwriting results, primarily due to:
• | $15.8 million of net favorable underwriting loss development relating to workers’ compensation, multi-line and credit and financial lines contracts. The favorable development was the result of better than expected loss experience and was partially offset by;
• | $10.5 million of net adverse underwriting loss development primarily relating to our general liability and homeowners’ contracts, as a result of worse than expected loss experience.
• | The $17.0 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates on certain contracts was accompanied by a $5.4 million increase in acquisition costs, for a total of $22.4 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $23.4 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $1.0 million improvement in the net underwriting results for the year ended December 31, 2018.
• | In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $6.2 million improvement in the net underwriting results for the year ended December 31, 2018.
The $52.7 million net decrease in prior years’ reserves for the year ended December 31, 2017 includes $22.3 million of net favorable reserve development related to decreases in loss reserve estimates and $30.4 million decrease in loss reserves resulting from decreases in premium earnings estimates on certain contracts. The net decrease in loss reserves as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows:
• | The $22.3 million of net favorable prior years’ reserve development for the year ended December 31, 2017 was accompanied by net increases of $19.8 million in acquisition costs, resulting in a $2.5 million improvement in the net underwriting results, primarily due to:
• | $5.8 million of net favorable underwriting loss development relating to several workers’ compensation contracts written from 2012 to 2014, driven by better than expected loss experience;
• | $1.3 million of net favorable underwriting loss development from several other contracts as a result of better than expected loss experience; partially offset by
• | $4.6 million of net adverse underwriting loss development relating to non-standard auto contracts, primarily due to the inability of cedents to promptly react to increasing frequency and severity trends, resulting in underpriced business and adverse selection.
• | The $30.4 million net decrease in loss and loss adjustment expenses incurred resulting from decreases in premium earnings estimates on certain contracts was accompanied by a $21.7 million decrease in acquisition costs, for a total of $52.1 million decrease in loss and loss adjustment expenses incurred and acquisition costs. The decrease in loss and loss adjustment expenses incurred and acquisition costs was due to a decrease in prior period earned premium of $50.0 million. The decrease in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $2.1 million improvement in the net underwriting results for the year ended December 31, 2017.
• | In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $4.6 million improvement in the net underwriting results for the year ended December 31, 2017.
Incurred and paid development tables by accident year The Company manages its business on the basis of one operating segment, property and casualty reinsurance. The Company has disaggregated its loss information presented in the tables below by prospective and retroactive reinsurance. For its prospective reinsurance business, the Company further disaggregated by the different lines of business included in this segment. The Company’s retroactive reinsurance contracts have been presented by year of inception. The Company’s retroactive reinsurance contracts within each inception year share similar characteristics and as a result, have not been disaggregated further. The Company has presented the below development tables for all accident years shown using exchange rates as at December 31, 2019. All accident years prior to the current year have been restated and presented using the current year exchange rate. The Company’s loss reserve analysis is based primarily on underwriting year data. The preparation of accident year development tables requires an allocation of underwriting year data to the corresponding accident years. For instance, a contract written in one particular underwriting year may have exposure to losses from two or more accident years. These allocations are done using accident year loss payment and reporting patterns, along with premium earnings patterns. These patterns are derived from either company-specific or industry historical loss data, depending on availability and applicability. The Company believes that its allocations are reasonable; however, to the extent that the Company’s allocation procedure for loss and loss adjustment expenses incurred differs from actual historical development, the actual loss development may differ materially from the loss development presented. As described in the roll forward of loss and loss adjustment expense reserves section above, changes in the Company’s loss and loss adjustment expense reserves result from both re-estimating loss reserves as well as changes in premium estimates. In addition, many of the Company’s contracts have sliding scale or profit commissions whereby loss reserve development can be offset by changes in acquisition costs. See additional disclosure above on the net impact on underwriting income after considering the impact of changes in premium estimates and the impact of acquisition costs for the years ended December 31, 2019, 2018 and 2017. Property and Casualty Reinsurance - Prospective Reinsurance Contracts The following tables provide a breakdown of the Company’s loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid by accident year by line of business for the Company’s prospective reinsurance contracts for the year ended December 31, 2019. The information related to loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid for the years ended December 31, 2012 through 2018 is presented as supplementary information and is unaudited: Property Catastrophe
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2013 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,251 |  |  | 38,529 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 39,251 |  |  | $ | 38,529 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
2013 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 470 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 470 |  |  |
Property Catastrophe - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 38,781 |  |  |
Other Property
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 10,917 |  |  | $ | 8,672 |  |  | $ | 9,375 |  |  | $ | 9,353 |  |  | $ | 9,416 |  |  | $ | 9,472 |  |  | $ | 9,501 |  |  | $ | 9,490 |  |  | $ | — |
2013 |  | — |  |  | 27,765 |  |  | 24,980 |  |  | 25,766 |  |  | 25,882 |  |  | 25,785 |  |  | 26,170 |  |  | 26,051 |  |  | 7 |
2014 |  | — |  |  | — |  |  | 40,256 |  |  | 40,920 |  |  | 41,336 |  |  | 44,627 |  |  | 46,500 |  |  | 46,303 |  |  | 725 |
2015 |  | — |  |  | — |  |  | — |  |  | 50,330 |  |  | 52,533 |  |  | 54,635 |  |  | 56,313 |  |  | 56,201 |  |  | 1,533 |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 45,415 |  |  | 43,038 |  |  | 43,799 |  |  | 43,733 |  |  | 2,906 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41,237 |  |  | 41,833 |  |  | 41,753 |  |  | 3,120 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54,084 |  |  | 52,343 |  |  | 14,267 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53,590 |  |  | 26,305 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 329,464 |  |  | $ | 48,863 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 4,656 |  |  | $ | 8,381 |  |  | $ | 9,075 |  |  | $ | 9,186 |  |  | $ | 9,352 |  |  | $ | 9,400 |  |  | $ | 9,482 |  |  | $ | 9,483 |  |  |
2013 |  | — |  |  | 14,635 |  |  | 22,229 |  |  | 24,023 |  |  | 25,167 |  |  | 25,406 |  |  | 25,815 |  |  | 25,993 |  |  |
2014 |  | — |  |  | — |  |  | 19,420 |  |  | 34,381 |  |  | 38,448 |  |  | 42,775 |  |  | 44,533 |  |  | 45,312 |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | 22,706 |  |  | 43,382 |  |  | 48,360 |  |  | 51,783 |  |  | 53,924 |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,593 |  |  | 31,871 |  |  | 37,044 |  |  | 39,651 |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,713 |  |  | 33,436 |  |  | 37,171 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,458 |  |  | 35,169 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22,624 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 269,327 |  |  |
Other Property - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 60,137 |  |  |
Workers’ Compensation
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 4,037 |  |  | $ | 4,534 |  |  | $ | 5,066 |  |  | $ | 5,596 |  |  | $ | 5,715 |  |  | $ | 5,720 |  |  | $ | 5,874 |  |  | $ | 5,938 |  |  | $ | 6 |
2013 |  | — |  |  | 27,449 |  |  | 28,616 |  |  | 33,365 |  |  | 33,449 |  |  | 33,252 |  |  | 33,067 |  |  | 32,741 |  |  | 286 |
2014 |  | — |  |  | — |  |  | 40,247 |  |  | 46,568 |  |  | 47,200 |  |  | 43,470 |  |  | 42,037 |  |  | 41,115 |  |  | 1,699 |
2015 |  | — |  |  | — |  |  | — |  |  | 35,749 |  |  | 37,138 |  |  | 34,800 |  |  | 32,529 |  |  | 31,116 |  |  | 2,723 |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,433 |  |  | 39,205 |  |  | 36,475 |  |  | 31,047 |  |  | 4,159 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41,075 |  |  | 40,459 |  |  | 34,453 |  |  | 9,205 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,753 |  |  | 25,050 |  |  | 10,630 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,889 |  |  | 18,758 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 228,349 |  |  | $ | 47,466 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 93 |  |  | $ | 624 |  |  | $ | 3,017 |  |  | $ | 4,280 |  |  | $ | 4,969 |  |  | $ | 4,796 |  |  | $ | 5,110 |  |  | $ | 5,347 |  |  |
2013 |  | — |  |  | 2,587 |  |  | 9,142 |  |  | 16,840 |  |  | 22,826 |  |  | 26,956 |  |  | 29,082 |  |  | 30,377 |  |  |
2014 |  | — |  |  | — |  |  | 4,073 |  |  | 15,947 |  |  | 24,280 |  |  | 29,573 |  |  | 34,112 |  |  | 36,262 |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | 2,669 |  |  | 10,755 |  |  | 17,001 |  |  | 22,432 |  |  | 24,942 |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,985 |  |  | 13,236 |  |  | 18,346 |  |  | 21,754 |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,586 |  |  | 11,868 |  |  | 16,908 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,552 |  |  | 7,089 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,639 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 145,318 |  |  |
Workers’ Compensation - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 83,031 |  |  |
Auto
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 13,247 |  |  | $ | 12,264 |  |  | $ | 11,777 |  |  | $ | 11,534 |  |  | $ | 11,433 |  |  | $ | 11,333 |  |  | $ | 11,356 |  |  | $ | 11,349 |  |  | $ | — |
2013 |  | — |  |  | 20,830 |  |  | 19,990 |  |  | 19,472 |  |  | 19,338 |  |  | 19,483 |  |  | 19,534 |  |  | 19,489 |  |  | 7 |
2014 |  | — |  |  | — |  |  | 104,896 |  |  | 103,473 |  |  | 103,568 |  |  | 103,661 |  |  | 103,822 |  |  | 103,623 |  |  | 53 |
2015 |  | — |  |  | — |  |  | — |  |  | 82,677 |  |  | 88,705 |  |  | 89,550 |  |  | 89,459 |  |  | 89,241 |  |  | 119 |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 77,785 |  |  | 85,903 |  |  | 86,434 |  |  | 86,511 |  |  | 343 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,682 |  |  | 50,793 |  |  | 50,698 |  |  | 809 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45,145 |  |  | 43,039 |  |  | 1,602 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,051 |  |  | 11,593 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 433,001 |  |  | $ | 14,526 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 5,619 |  |  | $ | 9,989 |  |  | $ | 11,387 |  |  | $ | 11,450 |  |  | $ | 11,382 |  |  | $ | 11,318 |  |  | $ | 11,348 |  |  | $ | 11,349 |  |  |
2013 |  | — |  |  | 8,673 |  |  | 17,244 |  |  | 18,686 |  |  | 19,066 |  |  | 19,363 |  |  | 19,463 |  |  | 19,479 |  |  |
2014 |  | — |  |  | — |  |  | 45,766 |  |  | 97,651 |  |  | 101,626 |  |  | 102,868 |  |  | 103,379 |  |  | 103,515 |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | 42,451 |  |  | 80,765 |  |  | 86,100 |  |  | 88,168 |  |  | 88,630 |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,059 |  |  | 77,511 |  |  | 82,556 |  |  | 85,027 |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,546 |  |  | 45,196 |  |  | 48,665 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,182 |  |  | 38,918 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,951 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 406,534 |  |  |
Auto - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 26,467 |  |  |
Other Casualty
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2013 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2014 |  | — |  |  | — |  |  | 5,480 |  |  | 7,519 |  |  | 7,316 |  |  | 4,903 |  |  | 5,584 |  |  | 5,849 |  |  | 1,302 |
2015 |  | — |  |  | — |  |  | — |  |  | 45,558 |  |  | 48,315 |  |  | 33,396 |  |  | 37,113 |  |  | 38,970 |  |  | 10,435 |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 63,082 |  |  | 52,118 |  |  | 54,990 |  |  | 56,774 |  |  | 23,647 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 70,158 |  |  | 71,091 |  |  | 75,334 |  |  | 48,072 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 120,553 |  |  | 124,859 |  |  | 99,737 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,975 |  |  | 87,236 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 397,761 |  |  | $ | 270,429 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
2013 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2014 |  | — |  |  | — |  |  | 16 |  |  | 340 |  |  | 1,390 |  |  | 2,226 |  |  | 3,104 |  |  | 3,685 |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | 310 |  |  | 3,612 |  |  | 9,053 |  |  | 15,781 |  |  | 20,550 |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 621 |  |  | 6,165 |  |  | 13,467 |  |  | 20,783 |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,418 |  |  | 6,231 |  |  | 12,798 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,674 |  |  | 9,968 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,626 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 71,410 |  |  |
Other Casualty - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 326,351 |  |  |
Credit & Financial Lines
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2013 |  | — |  |  | 364 |  |  | 408 |  |  | 113 |  |  | 107 |  |  | 99 |  |  | 77 |  |  | 80 |  |  | 2 |
2014 |  | — |  |  | — |  |  | 5,774 |  |  | 2,643 |  |  | 2,416 |  |  | 2,203 |  |  | 1,384 |  |  | 1,454 |  |  | 95 |
2015 |  | — |  |  | — |  |  | — |  |  | 5,234 |  |  | 5,032 |  |  | 4,752 |  |  | 4,007 |  |  | 3,127 |  |  | 517 |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,726 |  |  | 10,721 |  |  | 10,816 |  |  | 6,560 |  |  | 1,751 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,740 |  |  | 13,773 |  |  | 7,313 |  |  | 3,364 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,715 |  |  | 10,940 |  |  | 6,482 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,990 |  |  | 14,341 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 47,464 |  |  | $ | 26,552 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
2013 |  | — |  |  | — |  |  | 11 |  |  | 66 |  |  | 74 |  |  | 78 |  |  | 77 |  |  | 77 |  |  |
2014 |  | — |  |  | — |  |  | 42 |  |  | 784 |  |  | 1,038 |  |  | 1,318 |  |  | 1,322 |  |  | 1,344 |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | 402 |  |  | 1,128 |  |  | 2,045 |  |  | 2,328 |  |  | 2,503 |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,013 |  |  | 2,326 |  |  | 3,419 |  |  | 4,196 |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,100 |  |  | 2,332 |  |  | 3,031 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 897 |  |  | 2,717 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,900 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15,768 |  |  |
Credit & Financial Lines - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 31,696 |  |  |
Multi-line
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2013 |  | — |  |  | 9 |  |  | 4,272 |  |  | 4,564 |  |  | 4,564 |  |  | 4,564 |  |  | 4,564 |  |  | 4,564 |  |  | — |
2014 |  | — |  |  | — |  |  | 47,493 |  |  | 35,651 |  |  | 40,095 |  |  | 35,747 |  |  | 37,547 |  |  | 37,759 |  |  | 16,870 |
2015 |  | — |  |  | — |  |  | — |  |  | 86,003 |  |  | 108,581 |  |  | 106,957 |  |  | 107,292 |  |  | 116,499 |  |  | 37,445 |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 119,902 |  |  | 120,774 |  |  | 116,702 |  |  | 124,262 |  |  | 35,944 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100,304 |  |  | 107,485 |  |  | 110,994 |  |  | 30,137 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 90,463 |  |  | 101,510 |  |  | 43,334 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129,248 |  |  | 105,338 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 624,836 |  |  | $ | 269,068 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
2013 |  | — |  |  | — |  |  | 1,243 |  |  | 4,563 |  |  | 4,563 |  |  | 4,563 |  |  | 4,563 |  |  | 4,563 |  |  |
2014 |  | — |  |  | — |  |  | 1,179 |  |  | 14,242 |  |  | 20,782 |  |  | 18,803 |  |  | 20,536 |  |  | 20,822 |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | 30,620 |  |  | 65,309 |  |  | 73,844 |  |  | 76,564 |  |  | 78,443 |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,640 |  |  | 76,034 |  |  | 84,047 |  |  | 87,192 |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53,789 |  |  | 74,191 |  |  | 79,660 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,497 |  |  | 48,060 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,328 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 338,068 |  |  |
Multi-line - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 286,768 |  |  |
Other Specialty
Loss and loss adjustment expenses incurred, net |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 52,105 |  |  | $ | 49,942 |  |  | $ | 50,055 |  |  | $ | 50,055 |  |  | $ | 50,065 |  |  | $ | 50,104 |  |  | $ | 50,104 |  |  | $ | 50,104 |  |  | $ | — |
2013 |  | — |  |  | 25,582 |  |  | 24,274 |  |  | 23,450 |  |  | 23,138 |  |  | 23,135 |  |  | 23,138 |  |  | 23,125 |  |  | — |
2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 812 |  |  | 730 |  |  | 691 |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,033 |  |  | 3,544 |  |  | 4,025 |  |  | 447 |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,213 |  |  | 6,866 |  |  | 2,573 |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,048 |  |  | 7,358 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 93,898 |  |  | $ | 11,069 |
Cumulative net losses and loss adjustment expenses paid |  |
Accident year |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  | <----------------------------------------------- Unaudited -----------------------------------------------> |  |  |  |
2012 |  | $ | 2,666 |  |  | $ | 48,455 |  |  | $ | 50,024 |  |  | $ | 50,025 |  |  | $ | 50,067 |  |  | $ | 50,103 |  |  | $ | 50,103 |  |  | $ | 50,103 |  |  |
2013 |  | — |  |  | — |  |  | 22,232 |  |  | 23,138 |  |  | 23,134 |  |  | 23,135 |  |  | 23,137 |  |  | 23,127 |  |  |
2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 261 |  |  | 575 |  |  |
2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 957 |  |  | 2,109 |  |  |
2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,640 |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 77,554 |  |  |
Other Specialty - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 16,344 |  |  |
Property and Casualty Reinsurance - Retroactive Reinsurance Contracts The Company writes reinsurance contracts that provide limited protection against adverse development on loss originating from multiple accident years. The Company has other retroactive exposure within contracts that provide primarily prospective coverage. These contracts are included in the prospective reinsurance tables above. These contracts are typically part of prospective reinsurance contracts with a small portion of retroactive exposure resulting from the delay between the dates when the relevant contract was bound and the dates on which each incepted. The information below includes loss and loss adjustment expenses incurred, net and loss and loss adjustment expenses paid, net, by accident year for the Company's retroactive reinsurance contracts presented by year of inception of the retroactive reinsurance contracts. The Company's estimate for loss and loss adjustment expenses incurred, net, at inception of all retroactive reinsurance contracts entered into to date was the same when the contract incepted and at the relevant year end position. As a result, there was no development in the year of inception for any of the Company's retroactive reinsurance contracts written to date. In addition, there were no loss and loss adjustment expenses paid, net, at inception of the Company's retroactive reinsurance contracts. The information related to loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid for the years ended December 31, 2012 through 2018 is presented as supplementary information and is unaudited. Retroactive contracts incepting in the year ended December 31, 2012 The Company did not enter into any retroactive reinsurance contracts during the year ended December 31, 2012. Retroactive contracts incepting in the year ended December 31, 2013
| Loss and loss adjustment expenses incurred, net |  |
| Accident year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  |  | <---------------------------------------- Unaudited ----------------------------------------> |  |  |  |
| 2010 |  | $ | 914 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | — |
| 2011 |  | 5,419 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  | — |
| 2012 |  | 10,197 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  | — |
| 2013 |  | 4,908 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  | — |
| 2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,509 |  |  | $ | — |
| Cumulative net loss and loss adjustment expenses paid |  |
| Accident year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  |  | <---------------------------------------- Unaudited ----------------------------------------> |  |  |  |
| 2010 |  | $ | — |  |  | $ | 279 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  | $ | 704 |  |  |
| 2011 |  | — |  |  | 1,654 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  | 4,173 |  |  |
| 2012 |  | — |  |  | 3,113 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  | 7,853 |  |  |
| 2013 |  | — |  |  | 1,498 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  | 3,779 |  |  |
| 2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| Total |  |  |  |  |  |  |  | $ | 16,509 |  |  |
| Net reserves for loss and loss adjustment expenses from 2010 to 2019 |  |  | — |  |  |
| Net reserves for loss and loss adjustment expenses prior to 2010 |  |  | 9,524 |  |  |
| Retroactive contracts incepting in the year ended December 31, 2013 - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 9,524 |  |  |
Retroactive contracts incepting in the year ended December 31, 2014
| Loss and loss adjustment expenses incurred, net |  |
| Accident year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  |  | <------------------------------ Unaudited ------------------------------> |  |  |  |
| 2010 |  | $ | 444 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 2011 |  | 4,239 |  |  | 3,455 |  |  | 3,057 |  |  | 3,252 |  |  | 2,884 |  |  | 1,529 |  |  | 1,529 |
| 2012 |  | 12,173 |  |  | 10,794 |  |  | 9,553 |  |  | 10,162 |  |  | 9,011 |  |  | 4,778 |  |  | 4,778 |
| 2013 |  | 18,907 |  |  | 16,929 |  |  | 14,982 |  |  | 15,938 |  |  | 14,132 |  |  | 7,493 |  |  | 7,493 |
| 2014 |  | 10,700 |  |  | 9,590 |  |  | 8,487 |  |  | 9,028 |  |  | 8,005 |  |  | 4,245 |  |  | 4,245 |
| 2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  |  |  |  |  |  |  |  |  |  |  | $ | 18,045 |  |  | $ | 18,045 |
| Cumulative net loss and loss adjustment expenses paid |  |
| Accident year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  |  | <------------------------------ Unaudited ------------------------------> |  |  |  |
| 2010 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
| 2011 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2012 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2013 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| Total |  |  |  |  |  |  |  | $ | — |  |  |
| Net reserves for loss and loss adjustment expenses from 2010 to 2019 |  |  | 18,045 |  |  |
| Net reserves for loss and loss adjustment expenses prior to 2010 |  |  | — |  |  |
| Retroactive contracts incepting in the year ended December 31, 2014 - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 18,045 |  |  |
Retroactive contracts incepting in the year ended December 31, 2015
| Loss and loss adjustment expenses incurred, net |  |
| Accident year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  |  | <------------------- Unaudited -------------------> |  |  |  |
| 2010 |  | $ | 5,324 |  |  | $ | 5,324 |  |  | $ | 3,932 |  |  | $ | 3,561 |  |  | $ | 2,225 |  |  | $ | 2,225 |
| 2011 |  | 10,165 |  |  | 10,165 |  |  | 7,703 |  |  | 7,318 |  |  | 4,509 |  |  | 4,509 |
| 2012 |  | 14,952 |  |  | 14,952 |  |  | 11,470 |  |  | 11,132 |  |  | 6,817 |  |  | 6,817 |
| 2013 |  | 18,435 |  |  | 18,435 |  |  | 14,162 |  |  | 13,779 |  |  | 8,432 |  |  | 8,432 |
| 2014 |  | 40,654 |  |  | 40,654 |  |  | 31,500 |  |  | 31,098 |  |  | 18,953 |  |  | 18,953 |
| 2015 |  | 2,596 |  |  | 2,596 |  |  | 1,788 |  |  | 1,395 |  |  | 913 |  |  | 913 |
| 2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  |  |  |  |  |  |  |  |  | $ | 41,849 |  |  | $ | 41,849 |
| Cumulative net loss and loss adjustment expenses paid |  |
| Accident year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  |
|  |  | <------------------- Unaudited -------------------> |  |  |  |
| 2010 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
| 2011 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2012 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2013 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2014 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2015 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2016 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| Total |  |  |  |  |  |  |  | $ | — |  |  |
| Net reserves for loss and loss adjustment expenses from 2010 to 2019 |  |  | 41,849 |  |  |
| Net reserves for loss and loss adjustment expenses prior to 2010 |  |  | 1,757 |  |  |
| Retroactive contracts incepting in the year ended December 31, 2015 - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 43,606 |  |  |
Retroactive contracts incepting in the year ended December 31, 2016 The Company did not enter into any retroactive reinsurance contracts during the year ended December 31, 2016. Retroactive contracts incepting in the year ended December 31, 2017
| Loss and loss adjustment expenses incurred, net |  |
| Accident year |  | 2017 |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  |  | <--- Unaudited ---> |  |  |  |
| 2010 |  | $ | 442 |  |  | $ | 371 |  |  | $ | 237 |  |  | $ | 237 |
| 2011 |  | 1,648 |  |  | 1,567 |  |  | 966 |  |  | 966 |
| 2012 |  | 2,185 |  |  | 2,110 |  |  | 1,295 |  |  | 1,295 |
| 2013 |  | 3,358 |  |  | 3,264 |  |  | 2,000 |  |  | 2,000 |
| 2014 |  | 9,582 |  |  | 9,453 |  |  | 5,768 |  |  | 5,768 |
| 2015 |  | 12,597 |  |  | 12,398 |  |  | 7,570 |  |  | 7,570 |
| 2016 |  | 23,854 |  |  | 23,617 |  |  | 14,397 |  |  | 14,397 |
| 2017 |  | 48,877 |  |  | 48,888 |  |  | 29,719 |  |  | 29,719 |
| 2018 |  | — |  |  | — |  |  | — |  |  | — |
| 2019 |  | — |  |  | — |  |  | — |  |  | — |
| Total |  |  |  |  |  | $ | 61,952 |  |  | $ | 61,952 |
| Cumulative net loss and loss adjustment expenses paid |  |
| Accident year |  | 2017 |  | 2018 |  | 2019 |  |
|  |  | <--- Unaudited ---> |  |  |  |
| 2010 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
| 2011 |  | — |  |  | — |  |  | — |  |  |
| 2012 |  | — |  |  | — |  |  | — |  |  |
| 2013 |  | — |  |  | — |  |  | — |  |  |
| 2014 |  | — |  |  | — |  |  | — |  |  |
| 2015 |  | — |  |  | — |  |  | — |  |  |
| 2016 |  | — |  |  | — |  |  | — |  |  |
| 2017 |  | — |  |  | — |  |  | — |  |  |
| 2018 |  | — |  |  | — |  |  | — |  |  |
| 2019 |  | — |  |  | — |  |  | — |  |  |
| Total |  |  |  |  |  | $ | — |  |  |
| Net reserves for loss and loss adjustment expenses from 2010 to 2019 |  |  | 61,952 |  |  |
| Net reserves for loss and loss adjustment expenses prior to 2010 |  |  | 256 |  |  |
| Retroactive contracts incepting in the year ended December 31, 2017 - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 62,208 |  |  |
Retroactive contracts incepting in the year ended December 31, 2018
| Loss and loss adjustment expenses incurred, net |  |
| Accident year |  | 2018 |  | 2019 |  | IBNR loss and LAE reserves, net
|  |  | Unaudited |  |  |  |
| 2010 |  | $ | 221 |  |  | $ | 147 |  |  | $ | 140 |
| 2011 |  | 200 |  |  | 131 |  |  | 128 |
| 2012 |  | 442 |  |  | 367 |  |  | 103 |
| 2013 |  | 2,230 |  |  | 2,007 |  |  | 148 |
| 2014 |  | 5,809 |  |  | 5,288 |  |  | 241 |
| 2015 |  | 12,754 |  |  | 11,692 |  |  | 331 |
| 2016 |  | 19,431 |  |  | 17,871 |  |  | 364 |
| 2017 |  | 17,257 |  |  | 15,889 |  |  | 279 |
| 2018 |  | 14,880 |  |  | 13,759 |  |  | 101 |
| 2019 |  | — |  |  | — |  |  | — |
| Total |  |  |  | $ | 67,151 |  |  | $ | 1,835 |
| Cumulative net loss and loss adjustment expenses paid |  |
| Accident year |  | 2018 |  | 2019 |  |
|  |  | Unaudited |  |  |  |
| 2010 |  | $ | — |  |  | $ | 7 |  |  |
| 2011 |  | — |  |  | 3 |  |  |
| 2012 |  | — |  |  | 264 |  |  |
| 2013 |  | — |  |  | 1,859 |  |  |
| 2014 |  | — |  |  | 5,047 |  |  |
| 2015 |  | — |  |  | 11,361 |  |  |
| 2016 |  | — |  |  | 17,507 |  |  |
| 2017 |  | — |  |  | 15,610 |  |  |
| 2018 |  | — |  |  | 13,658 |  |  |
| 2019 |  | — |  |  | — |  |  |
| Total |  |  |  | $ | 65,316 |  |  |
| Net reserves for loss and loss adjustment expenses from 2010 to 2019 |  |  | 1,835 |  |  |
| Net reserves for loss and loss adjustment expenses prior to 2010 |  |  | 208 |  |  |
| Retroactive contracts incepting in the year ended December 31, 2018 - net reserves for loss and loss adjustment expenses, end of year |  |  | $ | 2,043 |  |  |
Retroactive contracts incepting in the year ended December 31, 2019
| Loss and loss adjustment expenses incurred, net |  |
| Accident year |  | 2019 |  | IBNR loss and LAE reserves, net
| 2010 |  | $ | 945 |  |  | $ | 945 |
| 2011 |  | 2,064 |  |  | 2,064 |
| 2012 |  | 1,211 |  |  | 1,211 |
| 2013 |  | 1,983 |  |  | 1,983 |
| 2014 |  | 4,328 |  |  | 4,328 |
| 2015 |  | 6,197 |  |  | 6,197 |
| 2016 |  | 10,858 |  |  | 10,858 |
| 2017 |  | 12,908 |  |  | 12,908 |
| 2018 |  | 16,769 |  |  | 16,769 |
| 2019 |  | 35,527 |  |  | 35,527 |
| Total |  | $ | 92,790 |  |  | $ | 92,790 |
| Cumulative net loss and loss adjustment expenses paid |  |
| Accident year |  | 2019 |  |
| 2010 |  | $ | — |  |  |
| 2011 |  | — |  |  |
| 2012 |  | — |  |  |
| 2013 |  | — |  |  |
| 2014 |  | — |  |  |
| 2015 |  | — |  |  |
| 2016 |  | — |  |  |
| 2017 |  | — |  |  |
| 2018 |  | — |  |  |
| 2019 |  | — |  |  |
| Total |  | $ | — |  |  |
| Net reserves for loss and loss adjustment expenses from 2010 to 2019 |  | 92,790 |  |  |
| Net reserves for loss and loss adjustment expenses prior to 2010 |  | 1,643 |  |  |
| Retroactive contracts incepting in the year ended December 31, 2019 - net reserves for loss and loss adjustment expenses, end of year |  | $ | 94,433 |  |  |
Reconciliation of loss development information to loss and loss adjustment expense reserves The following table provides a reconciliation of the Company's loss and loss expense reserves as of December 31, 2019:
| 2019
Prospective reinsurance contracts |
Property Catastrophe | $ | 38,781 |
Other Property | 60,137 |
Workers’ Compensation | 83,031 |
Auto | 26,467 |
Other Casualty | 326,351 |
Credit & Financial Lines | 31,696 |
Multi-line | 286,768 |
Other Specialty | 16,344 |
Retroactive reinsurance contracts |
Retroactive contracts incepting in the year ended December 31, 2012 | — |
Retroactive contracts incepting in the year ended December 31, 2013 | 9,524 |
Retroactive contracts incepting in the year ended December 31, 2014 | 18,045 |
Retroactive contracts incepting in the year ended December 31, 2015 | 43,606 |
Retroactive contracts incepting in the year ended December 31, 2016 | — |
Retroactive contracts incepting in the year ended December 31, 2017 | 62,208 |
Retroactive contracts incepting in the year ended December 31, 2018 | 2,043 |
Retroactive contracts incepting in the year ended December 31, 2019 | 94,433 |
Net reserves for loss and loss adjustment expenses, end of year | 1,099,434 |
Loss and loss adjustment expenses recoverable |
Property | 5,520 |
Deferred charges on retroactive reinsurance contracts | 6,738 |
Gross reserves for loss and loss adjustment expenses, end of year | $ | 1,111,692 |
Cumulative claims frequency The Company determined that the disclosure of claim frequency analysis was impracticable. As a result, no claims frequency information has been disclosed. The Company’s business is primarily comprised of reinsurance contracts written on a quota share or aggregate loss basis and the underlying claim count information is not provided for most contracts. Furthermore, even if claim counts were made available by the Company’s cedents, the quota share cession percentage varies for each contract, resulting in the cedent claim counts not being a meaningful measure of the Company’s loss exposure. Claims duration The following table is presented as supplementary information and presents the Company’s historical average annual percentage payout of loss and loss adjustment expenses incurred, net by age, as of December 31, 2019:
| Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5 |  | Year 6 |  | Year 7 |  | Year 8
| (Unaudited) |  |
Prospective reinsurance contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Catastrophe | 1.2 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | %
Other Property | 48.6 | % |  | 28.4 | % |  | 8.8 | % |  | 5.4 | % |  | 2.6 | % |  | 1.3 | % |  | 0.8 | % |  | — | %
Workers’ Compensation | 9.3 | % |  | 21.8 | % |  | 22.5 | % |  | 16.2 | % |  | 10.8 | % |  | 2.9 | % |  | 4.6 | % |  | 4.0 | %
Auto | 45.4 | % |  | 43.6 | % |  | 7.0 | % |  | 1.8 | % |  | 0.5 | % |  | — | % |  | 0.2 | % |  | — | %
Other Casualty | 1.5 | % |  | 7.4 | % |  | 13.4 | % |  | 14.8 | % |  | 13.6 | % |  | 9.9 | % |  | — | % |  | — | %
Credit & Financial Lines | 9.3 | % |  | 23.6 | % |  | 28.5 | % |  | 12.7 | % |  | 3.6 | % |  | 0.1 | % |  | (0.3 | )% |  | — | %
Multi-line | 21.1 | % |  | 27.3 | % |  | 21.8 | % |  | (0.1 | )% |  | 2.1 | % |  | 0.4 | % |  | — | % |  | — | %
Other Specialty | 6.2 | % |  | 42.1 | % |  | 3.7 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | %
Retroactive reinsurance contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retroactive contracts incepting in the year ended December 31, 2012 | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2013 | 4.4 | % |  | 23.9 | % |  | 31.7 | % |  | 4.7 | % |  | 3.5 | % |  | 2.6 | % |  | 3.3 | % |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2014 | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | n/a |  |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2015 | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | n/a |  |  | n/a |  |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2016 | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2017 | — | % |  | — | % |  | — | % |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2018 | — | % |  | 97.0 | % |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Retroactive contracts incepting in the year ended December 31, 2019 | — | % |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
The Company was incorporated on October 6, 2011, commenced underwriting operations in January 2012 and predominantly writes a mix of personal and commercial lines. As a result, the Company has limited historical data and is unable to present a full cycle of claim payments.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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