Retroactive reinsurance contracts (Tables)

3 Months Ended

Mar. 31, 2018

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Reconciliation of changes in retroactive reinsurance claim liabilities and deferred charge assets

Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charge reinsurance assumed assets for each of the three months ending March 31, 2018 and 2017 follows (in millions).

	2018				2017
	Unpaid losses and loss adjustment expenses		Deferred charges reinsurance assumed		Unpaid losses and loss adjustment expenses		Deferred charges reinsurance assumed
Balances – beginning of year:	$	42,937	$	(15,278)	$	24,972	$	(8,047)
Incurred losses and loss adjustment expenses
Current year contracts		—		—		16,448		(6,192)
Prior years’ contracts		(30)		271		(398)		409
Total		(30)		271		16,050		(5,783)
Paid losses and loss adjustment expenses		(563)		—		(435)		—
Balances – March 31:	$	42,344	$	(15,007)	$	40,587	$	(13,830)
Incurred losses and loss adjustment expenses, net of deferred charges	$	241			$	10,267