Reserves for Loss and Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2022

The table below provides a reconciliation of the beginning and ending reserve balances:


	March 31,
(In thousands)	2022		2021
Net reserves at beginning of period	$	12,848,362	$	11,620,393


Net provision for losses and loss expenses:
Claims occurring during the current year (1)	1,327,695		1,115,173
Increase (decrease) in estimates for claims occurring in prior years (2) (3)	3,761		(859)
Loss reserve discount accretion	7,796		7,278
Total	1,339,252		1,121,592
Net payments for claims:
Current year	84,598		97,586
Prior years	933,656		794,472
Total	1,018,254		892,058
Foreign currency translation	9,983		(14,779)
Net reserves at end of period	13,179,343		11,835,148
Ceded reserves at end of period	2,543,546		2,245,380
Gross reserves at end of period	$	15,722,889	$	14,080,528

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(1) Claims occurring during the current year are net of loss reserve discounts of $7 million and $5 million for the three months ended March 31, 2022 and 2021, respectively.

(2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $4 million and $5 million for the three months ended March 31, 2022 and 2021, respectively.

(3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $1 million and $3 million for the three months ended March 31, 2022 and 2021, respectively.