XML 40 R14.htm IDEA: XBRL DOCUMENT
v3.25.4

RESERVES FOR LOSSES AND LOSS SETTLEMENT EXPENSES | 12 Months Ended
--- | ---
Dec. 31, 2025
Insurance Loss Reserves [Abstract] |
RESERVES FOR LOSSES AND LOSS SETTLEMENT EXPENSES | RESERVES FOR LOSSES AND LOSS SETTLEMENT EXPENSES Property insurance indemnifies an insured with an interest in physical property for loss of, or damage to, such property or the loss of its income-producing abilities. Casualty insurance is primarily concerned with losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others. In most cases, casualty insurance also obligates the insurance company to provide a defense for the insured in litigation, arising out of events covered by the policy. Liabilities for losses and loss settlement expenses reflect management's best estimates at a given point in time of what we expect to pay for claims that have been reported and those that have been incurred but not reported ("IBNR"), based on known facts, circumstances, and historical trends. Because property and casualty insurance reserves are estimates of the unpaid portions of incurred losses that have been reported to us, as well as losses that have been IBNR, the establishment of appropriate reserves, including reserves for catastrophes, is an inherently uncertain and complex process. The ultimate cost of losses and related loss settlement expenses may vary materially from recorded amounts. We regularly update our reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in prior year reserve estimates, which may be material, are reported as a component of losses and loss settlement expenses incurred in the period such changes are determined. The determination of reserves (particularly those relating to liability lines of insurance that have relatively longer lag in claim reporting) requires significant estimates to reasonably project expected future claim reporting and payment patterns. If, during the course of our regular monitoring of reserves, we determine that coverages previously written are incurring higher than expected losses, we will evaluate an appropriate response that may include, among other things, increasing the related reserves. Any adjustments we make to reserves are reflected in operating results in the year in which we make those adjustments. In addition to our internal process, we engage a third-party firm to provide an independent and unbiased assessment of our reserves to assist in establishing appropriate reserves. On a quarterly basis, we perform a detailed review of IBNR reserves. There are two fundamental types or sources of IBNR reserves. We record IBNR reserves for "normal" types of claims and also specific IBNR reserves related to unique circumstances or events. A major hurricane is an example of an event that might necessitate establishing specific IBNR reserves because an analysis of existing historical data would not provide an appropriate estimate. We do not discount loss reserves based on the time value of money. The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves (net of reinsurance) for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31, | 2025 |  | 2024 |  | 2023
Gross liability for losses and loss settlement expenses at beginning of year | $ | 1,796,782 |  |  | $ | 1,638,755 |  |  | $ | 1,497,274 |
Ceded losses and loss settlement expenses | (198,083) |  |  | (191,640) |  |  | (146,875) |
Net liability for losses and loss settlement expenses at beginning of year | $ | 1,598,699 |  |  | $ | 1,447,115 |  |  | $ | 1,350,399 |
Losses and loss settlement expenses incurred for claims occurring during |  |  |  |  |
Current year | $ | 778,480 |  |  | $ | 745,813 |  |  | $ | 701,664 |
Prior years | (14,078) |  |  | (1,208) |  |  | 67,750 |
Total incurred | $ | 764,402 |  |  | $ | 744,605 |  |  | $ | 769,414 |
Losses and loss settlement expense payments for claims occurring during |  |  |  |  |
Current year | $ | 194,149 |  |  | $ | 186,322 |  |  | $ | 191,899 |
Prior years | 457,759 |  |  | 406,699 |  |  | 480,800 |
Total paid | $ | 651,908 |  |  | $ | 593,021 |  |  | $ | 672,699 |
Net liability for losses and loss settlement expenses at end of year | $ | 1,711,193 |  |  | $ | 1,598,699 |  |  | $ | 1,447,115 |
Ceded losses and loss settlement expenses | 213,633 |  |  | 198,083 |  |  | 191,640 |
Gross liability for losses and loss settlement expenses at end of year | $ | 1,924,826 |  |  | $ | 1,796,782 |  |  | $ | 1,638,755 |
Generally, we base case reserves for each claim on the estimated ultimate exposure for that claim. However, due to the uncertainty associated with the ultimate claim settlement values and additional claims not yet reported, we believe that it is appropriate and reasonable to establish a best estimate for reserves within a range of reasonable estimates, especially when we are reserving for claims for bodily injury, disabilities and similar claims, for which settlements and verdicts can vary widely. We believe our approach produces recorded reserves that are consistent as to their relative position within a range of reasonable reserves from year-to-year. However, conditions and trends that have affected the reserve development for a given year do change. Therefore, such development cannot be used to project future reserve redundancies or deficiencies. Our IBNR methodologies and assumptions are reviewed periodically for appropriateness and reasonability. Items reviewed and revised include development factors for paid and reported loss, paid development factors for allocated LAE, expected loss and LAE ratios, as well as selected frequency and severity trend factors. Because of the type of property coverage we write, we have potential exposure to environmental pollution, mold and asbestos claims. Our underwriters are aware of these exposures and use riders or endorsements to limit exposure. We are not aware of any significant contingent liabilities related to environmental issues. Reserve Development Prior year development for non-catastrophe was favorable $5.2 million for the year ended December 31, 2025. This compares to neutral development recorded in 2024. Favorable results in several lines were largely offset by increases in other liability reserves exposed to potential future uncertainty associated with social inflation influences prevalent across the industry. Prior year development for the year ended December 31, 2024 improved over 2023 with neutral development recorded in 2024 as favorable results in several lines were offset by increases in other liability reserves exposed to potential future uncertainty associated with social inflation influences prevalent across the industry. The significant drivers of the adverse reserve development for the year ended December 31, 2023 were the commercial other liability and commercial automobile lines of business. The adverse development in commercial other liability was primarily in our excess and surplus lines excess casualty book along with some adverse development in standard umbrella and construction defect due to increasing severity pressures. The increases on these longer tailed lines, especially in accident years 2016-2019, related to social and economic inflation. The commercial automobile line of business also experienced adverse development related to increasing severity largely in post-COVID-19 accident years. The remaining lines experienced small amounts of reserve development. The following tables provide information about incurred and paid losses and loss settlement expense development as of December 31, 2025, net of reinsurance, as well as cumulative development, cumulative claim frequency and IBNR liabilities. The cumulative number of reported claims, for calendar years 2025, 2024 and 2023, are counted for all lines of business on a per claimant per coverage basis and a single event may result in multiple claims due to the involvement of multiple individual claimants and/or multiple independent coverages. Claim counts for calendar years 2016 and prior are counted on a per claim and per coverage basis. Claim counts include open claims, claims that have been paid and closed, and reported claims that have been closed without the need for any payment.
Line of business: Commercial other liability |  |  |  |
| Incurred losses and allocated loss settlement expenses, net of reinsurance |  | As of December 31, 2025
| For the years ended December 31, |  | Total of incurred but not reported liabilities plus expected development on reported claims | Cumulative development | Cumulative number of reported claims
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| (Unaudited) |  |  |  |
2016 | $ | 139,144 |  | $ | 130,041 |  | $ | 136,275 |  | $ | 142,397 |  | $ | 140,784 |  | $ | 148,324 |  | $ | 153,490 |  | $ | 159,284 |  | $ | 164,989 |  | $ | 171,819 |  |  | $ | 9,488 |  | 32,675 |  | 8,613 |
2017 |  | 139,602 |  | 139,032 |  | 152,547 |  | 156,369 |  | 159,653 |  | 173,091 |  | 174,013 |  | 176,073 |  | 183,879 |  |  | 14,517 |  | 44,277 |  | 10,270 |
2018 |  |  | 163,059 |  | 172,894 |  | 176,496 |  | 187,841 |  | 197,696 |  | 207,501 |  | 213,536 |  | 221,615 |  |  | 18,694 |  | 58,556 |  | 9,588 |
2019 |  |  |  | 149,173 |  | 169,344 |  | 183,918 |  | 179,667 |  | 186,205 |  | 187,539 |  | 193,998 |  |  | 21,822 |  | 44,825 |  | 9,194 |
2020 |  |  |  |  | 171,013 |  | 158,022 |  | 162,471 |  | 179,080 |  | 181,687 |  | 183,575 |  |  | 32,978 |  | 12,562 |  | 8,608 |
2021 |  |  |  |  |  | 145,822 |  | 162,359 |  | 162,879 |  | 176,770 |  | 175,956 |  |  | 43,852 |  | 30,134 |  | 6,492 |
2022 |  |  |  |  |  |  | 161,826 |  | 175,579 |  | 181,924 |  | 189,588 |  |  | 42,104 |  | 27,762 |  | 3,590 |
2023 |  |  |  |  |  |  |  | 172,398 |  | 173,529 |  | 178,568 |  |  | 65,882 |  | 6,170 |  | 3,209 |
2024 |  |  |  |  |  |  |  |  | 215,235 |  | 202,111 |  |  | 126,954 |  | (13,124) |  | 2,588 |
2025 |  |  |  |  |  |  |  |  |  | 228,026 |  |  | 186,005 |  |  | 1,451 |
|  |  |  |  |  |  |  |  | Total | $ | 1,929,135 |  |  |  |  |
Line of business: Commercial other liability
| Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
| For the years ended December 31,
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
| (Unaudited) |
2016 | $ | 13,782 |  | $ | 38,184 |  | $ | 63,526 |  | $ | 88,885 |  | $ | 102,757 |  | $ | 115,107 |  | $ | 126,561 |  | $ | 136,400 |  | $ | 141,445 |  | $ | 157,582 |
2017 |  | 17,716 |  | 43,172 |  | 70,500 |  | 91,984 |  | 111,085 |  | 128,430 |  | 138,127 |  | 148,295 |  | 159,008 |
2018 |  |  | 16,200 |  | 44,772 |  | 79,168 |  | 105,515 |  | 130,942 |  | 158,851 |  | 179,469 |  | 191,737 |
2019 |  |  |  | 18,221 |  | 46,986 |  | 72,179 |  | 102,510 |  | 127,650 |  | 138,236 |  | 159,813 |
2020 |  |  |  |  | 17,011 |  | 43,596 |  | 60,114 |  | 98,592 |  | 110,931 |  | 130,020 |
2021 |  |  |  |  |  | 12,434 |  | 33,642 |  | 59,278 |  | 90,607 |  | 111,221 |
2022 |  |  |  |  |  |  | 10,468 |  | 42,168 |  | 69,896 |  | 112,472 |
2023 |  |  |  |  |  |  |  | 9,335 |  | 41,847 |  | 70,767 |
2024 |  |  |  |  |  |  |  |  | 10,732 |  | 30,442 |
2025 |  |  |  |  |  |  |  |  |  | 10,271 |
|  |  |  |  |  |  |  |  | Total | $ | 1,133,333 |
|  |  | All outstanding liabilities for unpaid losses and loss settlement expenses before 2016, net of reinsurance | 15,406 |
|  |  | Liabilities for unpaid losses and loss settlement expenses, net of reinsurance | $ | 811,208 |
Line of business: Commercial fire and allied |  |  |  |
| Incurred losses and allocated loss settlement expenses, net of reinsurance |  | As of December 31, 2025
| For the years ended December 31, |  | Total of incurred but not reported liabilities plus expected development on reported claims | Cumulative development | Cumulative number of reported claims
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| (Unaudited) |  |  |  |  |
2016 | $ | 147,473 |  | $ | 144,208 |  | $ | 143,721 |  | $ | 143,724 |  | $ | 143,108 |  | $ | 144,109 |  | $ | 145,351 |  | $ | 142,644 |  | $ | 142,814 |  | $ | 142,574 |  |  | $ | 336 |  | (4,899) |  | 7,604 |
2017 |  | 155,139 |  | 160,240 |  | 160,945 |  | 161,693 |  | 161,232 |  | 161,456 |  | 161,611 |  | 161,051 |  | 161,091 |  |  | 533 |  | 5,952 |  | 9,889 |
2018 |  |  | 143,280 |  | 146,950 |  | 146,378 |  | 146,010 |  | 147,356 |  | 147,058 |  | 147,085 |  | 146,947 |  |  | 679 |  | 3,667 |  | 13,548 |
2019 |  |  |  | 164,030 |  | 155,482 |  | 158,475 |  | 157,667 |  | 155,850 |  | 155,114 |  | 155,306 |  |  | 743 |  | (8,724) |  | 10,821 |
2020 |  |  |  |  | 207,207 |  | 201,391 |  | 202,929 |  | 207,256 |  | 209,588 |  | 209,344 |  |  | 1,079 |  | 2,137 |  | 11,266 |
2021 |  |  |  |  |  | 156,794 |  | 169,669 |  | 157,905 |  | 157,534 |  | 158,798 |  |  | (18,686) |  | 2,004 |  | 14,678 |
2022 |  |  |  |  |  |  | 161,776 |  | 170,594 |  | 171,958 |  | 173,023 |  |  | 8,832 |  | 11,247 |  | 5,397 |
2023 |  |  |  |  |  |  |  | 164,526 |  | 147,904 |  | 146,384 |  |  | 11,545 |  | (18,142) |  | 4,457 |
2024 |  |  |  |  |  |  |  |  | 124,467 |  | 109,389 |  |  | 22,029 |  | (15,078) |  | 4,115 |
2025 |  |  |  |  |  |  |  |  |  | 112,017 |  |  | 41,229 |  |  | 4,474 |
|  |  |  |  |  |  |  |  | Total | $ | 1,514,873 |  |  |  |  |
Line of business: Commercial fire and allied
| Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
| For the years ended December 31,
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
| (Unaudited) |
2016 | $ | 92,895 |  | $ | 125,962 |  | $ | 132,429 |  | $ | 137,907 |  | $ | 139,353 |  | $ | 141,104 |  | $ | 142,248 |  | $ | 141,008 |  | $ | 142,038 |  | $ | 142,044 |
2017 |  | 99,484 |  | 137,058 |  | 145,900 |  | 152,219 |  | 157,512 |  | 159,286 |  | 159,456 |  | 160,487 |  | 160,543 |
2018 |  |  | 92,770 |  | 123,559 |  | 133,703 |  | 137,794 |  | 141,841 |  | 145,021 |  | 145,954 |  | 146,015 |
2019 |  |  |  | 100,980 |  | 136,084 |  | 142,342 |  | 150,196 |  | 151,739 |  | 153,893 |  | 154,217 |
2020 |  |  |  |  | 128,704 |  | 173,055 |  | 192,902 |  | 197,602 |  | 205,357 |  | 207,336 |
2021 |  |  |  |  |  | 97,451 |  | 140,406 |  | 154,242 |  | 161,705 |  | 169,172 |
2022 |  |  |  |  |  |  | 96,160 |  | 138,479 |  | 150,710 |  | 158,616 |
2023 |  |  |  |  |  |  |  | 75,304 |  | 106,083 |  | 119,537 |
2024 |  |  |  |  |  |  |  |  | 58,228 |  | 74,052 |
2025 |  |  |  |  |  |  |  |  |  | 53,340 |
|  |  |  |  |  |  |  |  | Total | $ | 1,384,872 |
|  |  | All outstanding liabilities for unpaid losses and loss settlement expenses before 2016, net of reinsurance | 890 |
|  |  | Liabilities for unpaid losses and loss settlement expenses, net of reinsurance | $ | 130,890 |
Line of business: Commercial automobile |  |  |  |
| Incurred losses and allocated loss settlement expenses, net of reinsurance |  | As of December 31, 2025
| For the years ended December 31, |  | Total of incurred but not reported liabilities plus expected development on reported claims | Cumulative development | Cumulative number of reported claims
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| (Unaudited) |  |  |  |  |
2016 | $ | 174,018 |  | $ | 175,357 |  | $ | 174,337 |  | $ | 175,658 |  | $ | 173,823 |  | $ | 174,588 |  | $ | 175,016 |  | $ | 175,387 |  | $ | 173,858 |  | $ | 173,760 |  |  | $ | 72 |  | (258) |  | 20,092 |
2017 |  | 227,919 |  | 224,553 |  | 235,110 |  | 233,159 |  | 233,007 |  | 233,535 |  | 234,229 |  | 231,093 |  | 230,174 |  |  | 245 |  | 2,255 |  | 27,325 |
2018 |  |  | 236,629 |  | 245,173 |  | 253,045 |  | 255,017 |  | 255,409 |  | 255,198 |  | 252,642 |  | 251,687 |  |  | 542 |  | 15,058 |  | 32,919 |
2019 |  |  |  | 279,229 |  | 291,139 |  | 289,929 |  | 282,155 |  | 282,680 |  | 276,095 |  | 273,186 |  |  | 427 |  | (6,043) |  | 34,526 |
2020 |  |  |  |  | 243,360 |  | 216,951 |  | 196,412 |  | 194,162 |  | 188,556 |  | 187,245 |  |  | 702 |  | (56,115) |  | 34,792 |
2021 |  |  |  |  |  | 179,880 |  | 172,599 |  | 173,708 |  | 169,172 |  | 165,608 |  |  | 512 |  | (14,272) |  | 24,254 |
2022 |  |  |  |  |  |  | 157,165 |  | 161,672 |  | 160,303 |  | 155,585 |  |  | 5,790 |  | (1,580) |  | 12,435 |
2023 |  |  |  |  |  |  |  | 153,502 |  | 146,433 |  | 145,295 |  |  | 9,688 |  | (8,207) |  | 10,472 |
2024 |  |  |  |  |  |  |  |  | 156,028 |  | 147,877 |  |  | 22,743 |  | (8,151) |  | 11,270 |
2025 |  |  |  |  |  |  |  |  |  | 172,715 |  |  | 67,055 |  |  | 14,725 |
|  |  |  |  |  |  |  |  | Total | $ | 1,903,132 |  |  |  |  |
Line of business: Commercial automobile
| Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
| For the years ended December 31,
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
| (Unaudited) |
2016 | $ | 66,013 |  | $ | 103,528 |  | $ | 128,156 |  | $ | 148,224 |  | $ | 164,341 |  | $ | 168,950 |  | $ | 171,380 |  | $ | 172,928 |  | $ | 173,661 |  | $ | 173,673 |
2017 |  | 81,311 |  | 126,644 |  | 166,170 |  | 197,893 |  | 212,947 |  | 223,076 |  | 228,749 |  | 228,129 |  | 229,444 |
2018 |  |  | 81,572 |  | 138,092 |  | 187,405 |  | 211,123 |  | 235,519 |  | 244,284 |  | 249,009 |  | 250,815 |
2019 |  |  |  | 91,919 |  | 153,244 |  | 205,614 |  | 246,801 |  | 264,151 |  | 268,355 |  | 270,603 |
2020 |  |  |  |  | 67,660 |  | 109,686 |  | 138,158 |  | 161,798 |  | 174,175 |  | 181,079 |
2021 |  |  |  |  |  | 64,381 |  | 99,116 |  | 128,283 |  | 146,436 |  | 160,062 |
2022 |  |  |  |  |  |  | 62,477 |  | 95,785 |  | 124,853 |  | 139,429 |
2023 |  |  |  |  |  |  |  | 56,175 |  | 85,483 |  | 110,254 |
2024 |  |  |  |  |  |  |  |  | 51,283 |  | 81,488 |
2025 |  |  |  |  |  |  |  |  |  | 50,660 |
|  |  |  |  |  |  |  |  | Total | $ | 1,647,507 |
|  |  | All outstanding liabilities for unpaid losses and loss settlement expenses before 2016, net of reinsurance | 628 |
|  |  | Liabilities for unpaid losses and loss settlement expenses, net of reinsurance | $ | 256,254 |
Line of business: Workers' compensation |  |  |  |
| Incurred losses and allocated loss settlement expenses, net of reinsurance |  | As of December 31, 2025
| For the years ended December 31, |  | Total of incurred but not reported liabilities plus expected development on reported claims | Cumulative development | Cumulative number of reported claims
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| (Unaudited) |  |  |  |  |
2016 | $ | 70,419 |  | $ | 66,575 |  | $ | 61,648 |  | $ | 55,168 |  | $ | 53,964 |  | $ | 52,870 |  | $ | 53,090 |  | $ | 53,617 |  | $ | 53,574 |  | $ | 53,430 |  |  | $ | 955 |  | (16,989) |  | 5,696 |
2017 |  | 76,184 |  | 69,528 |  | 55,982 |  | 51,874 |  | 49,362 |  | 47,801 |  | 48,074 |  | 47,943 |  | 47,709 |  |  | 1,164 |  | (28,475) |  | 7,988 |
2018 |  |  | 71,972 |  | 67,883 |  | 59,192 |  | 56,109 |  | 53,813 |  | 54,783 |  | 54,238 |  | 53,818 |  |  | 987 |  | (18,154) |  | 8,250 |
2019 |  |  |  | 52,136 |  | 49,189 |  | 49,336 |  | 48,945 |  | 49,084 |  | 49,807 |  | 50,749 |  |  | 127 |  | (1,387) |  | 8,109 |
2020 |  |  |  |  | 45,365 |  | 46,612 |  | 43,724 |  | 46,624 |  | 45,524 |  | 45,598 |  |  | (506) |  | 233 |  | 7,453 |
2021 |  |  |  |  |  | 45,177 |  | 42,283 |  | 39,649 |  | 40,287 |  | 40,390 |  |  | 132 |  | (4,787) |  | 4,599 |
2022 |  |  |  |  |  |  | 29,597 |  | 26,721 |  | 27,398 |  | 27,743 |  |  | 1,379 |  | (1,854) |  | 1,916 |
2023 |  |  |  |  |  |  |  | 29,262 |  | 28,742 |  | 26,389 |  |  | 1,588 |  | (2,873) |  | 1,508 |
2024 |  |  |  |  |  |  |  |  | 32,202 |  | 31,328 |  |  | 1,075 |  | (874) |  | 1,764 |
2025 |  |  |  |  |  |  |  |  |  | 40,944 |  |  | 6,816 |  |  | 2,431 |
|  |  |  |  |  |  |  |  | Total | $ | 418,098 |  |  |  |  |
Line of business: Workers' compensation
| Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
| For the years ended December 31,
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
| (Unaudited) |
2016 | $ | 14,413 |  | $ | 32,345 |  | $ | 40,680 |  | $ | 45,743 |  | $ | 47,082 |  | $ | 48,277 |  | $ | 50,127 |  | $ | 51,023 |  | $ | 51,126 |  | $ | 51,344 |
2017 |  | 14,647 |  | 31,309 |  | 38,082 |  | 41,672 |  | 43,833 |  | 45,508 |  | 45,742 |  | 46,154 |  | 46,202 |
2018 |  |  | 16,949 |  | 35,369 |  | 43,189 |  | 47,173 |  | 48,807 |  | 49,964 |  | 50,031 |  | 50,381 |
2019 |  |  |  | 13,582 |  | 29,668 |  | 38,382 |  | 43,044 |  | 46,101 |  | 47,308 |  | 48,263 |
2020 |  |  |  |  | 17,603 |  | 29,605 |  | 35,542 |  | 39,479 |  | 42,052 |  | 42,992 |
2021 |  |  |  |  |  | 17,949 |  | 29,453 |  | 34,074 |  | 36,512 |  | 37,598 |
2022 |  |  |  |  |  |  | 9,434 |  | 17,851 |  | 21,033 |  | 23,585 |
2023 |  |  |  |  |  |  |  | 10,227 |  | 18,085 |  | 21,458 |
2024 |  |  |  |  |  |  |  |  | 10,277 |  | 21,504 |
2025 |  |  |  |  |  |  |  |  |  | 16,053 |
|  |  |  |  |  |  |  |  | Total | $ | 359,380 |
|  |  | All outstanding liabilities for unpaid losses and loss settlement expenses before 2016, net of reinsurance | 15,289 |
|  |  | Liabilities for unpaid losses and loss settlement expenses, net of reinsurance | $ | 74,006 |
Line of business: Personal |  |  |  |
| Incurred losses and allocated loss settlement expenses, net of reinsurance |  | As of December 31, 2025
| For the years ended December 31, |  | Total of incurred but not reported liabilities plus expected development on reported claims | Cumulative development | Cumulative number of reported claims
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| (Unaudited) |  |  |  |  |
2016 | $ | 48,072 |  | $ | 45,840 |  | $ | 45,379 |  | $ | 45,961 |  | $ | 45,113 |  | $ | 45,297 |  | $ | 45,199 |  | $ | 45,179 |  | $ | 45,185 |  | $ | 45,180 |  |  | $ | 21 |  | (2,892) |  | 9,553 |
2017 |  | 60,330 |  | 59,342 |  | 58,695 |  | 58,544 |  | 59,023 |  | 58,790 |  | 58,863 |  | 58,788 |  | 58,626 |  |  | 29 |  | (1,704) |  | 11,906 |
2018 |  |  | 51,639 |  | 51,721 |  | 52,715 |  | 52,062 |  | 51,457 |  | 51,115 |  | 51,216 |  | 51,150 |  |  | 45 |  | (489) |  | 14,721 |
2019 |  |  |  | 59,548 |  | 58,378 |  | 58,745 |  | 57,929 |  | 57,630 |  | 57,559 |  | 57,628 |  |  | (392) |  | (1,920) |  | 13,706 |
2020 |  |  |  |  | 81,206 |  | 73,761 |  | 73,204 |  | 72,531 |  | 72,174 |  | 71,770 |  |  | 326 |  | (9,436) |  | 13,614 |
2021 |  |  |  |  |  | 28,537 |  | 26,489 |  | 26,372 |  | 26,338 |  | 26,184 |  |  | 130 |  | (2,353) |  | 17,128 |
2022 |  |  |  |  |  |  | 1,493 |  | 2,287 |  | 3,127 |  | 3,056 |  |  | 125 |  | 1,563 |  | 2,588 |
2023 |  |  |  |  |  |  |  | 2,391 |  | 2,374 |  | 2,367 |  |  | (2,842) |  | (24) |  | 63 |
2024 |  |  |  |  |  |  |  |  | 8,648 |  | 5,423 |  |  | 1,282 |  | (3,225) |  | 12 |
2025 |  |  |  |  |  |  |  |  |  | 11,200 |  |  | 7,844 |  |  | 4 |
|  |  |  |  |  |  |  |  | Total | $ | 332,584 |  |  |  |  |
Line of business: Personal
| Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
| For the years ended December 31,
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
| (Unaudited) |
2016 | $ | 32,999 |  | $ | 40,910 |  | $ | 42,660 |  | $ | 44,046 |  | $ | 44,618 |  | $ | 44,737 |  | $ | 44,828 |  | $ | 44,827 |  | $ | 45,159 |  | $ | 45,160 |
2017 |  | 42,135 |  | 53,111 |  | 55,982 |  | 57,169 |  | 57,824 |  | 58,206 |  | 58,377 |  | 58,597 |  | 58,597 |
2018 |  |  | 37,410 |  | 47,433 |  | 49,464 |  | 50,185 |  | 50,661 |  | 50,852 |  | 51,101 |  | 51,103 |
2019 |  |  |  | 40,544 |  | 52,390 |  | 54,935 |  | 56,658 |  | 56,852 |  | 56,971 |  | 57,510 |
2020 |  |  |  |  | 54,181 |  | 68,124 |  | 70,543 |  | 71,416 |  | 71,394 |  | 71,385 |
2021 |  |  |  |  |  | 20,298 |  | 23,829 |  | 24,889 |  | 25,764 |  | 25,822 |
2022 |  |  |  |  |  |  | 551 |  | 2,128 |  | 2,792 |  | 2,828 |
2023 |  |  |  |  |  |  |  | 297 |  | 3,089 |  | 4,598 |
2024 |  |  |  |  |  |  |  |  | 617 |  | 2,672 |
2025 |  |  |  |  |  |  |  |  |  | 3,276 |
|  |  |  |  |  |  |  |  | Total | $ | 322,951 |
|  |  | All outstanding liabilities for unpaid losses and loss settlement expenses before 2016, net of reinsurance | 234 |
|  |  | Liabilities for unpaid losses and loss settlement expenses, net of reinsurance | $ | 9,866 |
The reconciliation of the net incurred and loss development tables to the liability for unpaid losses and loss settlement expenses in the consolidated statement of financial position is as follows:
|  | December 31, 2025
Net outstanding liabilities for unpaid losses and allocated loss settlement expenses: |  |
Commercial other liability |  | $ | 811,208 |
Commercial fire and allied |  | 130,890 |
Commercial automobile |  | 256,254 |
Commercial workers' compensation |  | 74,006 |
Personal |  | 9,866 |
All other lines |  | 330,342 |
Net outstanding liabilities for unpaid losses and allocated loss settlement expenses |  | 1,612,566 |
Net outstanding liabilities for unpaid unallocated loss settlement expenses |  | 98,627 |
Liabilities for unpaid losses and loss settlement expenses, net of reinsurance |  | 1,711,193 |
Reinsurance recoverable on unpaid losses and allocated loss settlement expenses: |  |
Commercial other liability |  | 109,118 |
Commercial fire and allied |  | 9,043 |
Commercial automobile |  | (816) |
Commercial workers' compensation |  | 26,624 |
All other lines |  | 69,664 |
Reinsurance recoverable on unpaid losses and allocated loss settlement expenses |  | 213,633 |
Total gross liability for unpaid losses and loss settlement expenses |  | $ | 1,924,826 |
The following is supplementary information about average historical claims duration as of December 31, 2025.
| Average annual percentage payout of incurred claims by age, net of reinsurance
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10
| (Unaudited)
Commercial other liability | 7.1 | % | 14.1 | % | 14.1 | % | 16.5 | % | 10.2 | % | 9.0 | % | 8.1 | % | 5.6 | % | 4.4 | % | 9.4 | %
Commercial fire and allied | 58.6 | % | 22.0 | % | 6.9 | % | 3.9 | % | 2.7 | % | 1.4 | % | 0.4 | % | — | % | 0.4 | % | — | %
Commercial automobile | 35.7 | % | 21.3 | % | 17.3 | % | 11.8 | % | 7.8 | % | 3.2 | % | 1.6 | % | 0.4 | % | 0.5 | % | — | %
Commercial workers' compensation | 34.4 | % | 31.7 | % | 13.8 | % | 8.2 | % | 4.1 | % | 2.5 | % | 1.5 | % | 1.1 | % | 0.1 | % | 0.4 | %
Personal | 51.3 | % | 35.2 | % | 13.8 | % | 2.2 | % | 0.6 | % | 0.3 | % | 0.5 | % | 0.1 | % | 0.4 | % | — | %

X
- References No definition available. + Details
Name: | us-gaap_InsuranceLossReservesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration