Reserves For Losses And Loss Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Loss and loss expenses incurred, net of reinsurance, and cumulative paid claims and claim adjustment expenses, net of reinsurance

Insurance

Other Liability

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited																				IBNR		Cumulative Number of Reported Claims
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	749,261	$	788,581	$	779,908	$	779,706	$	800,593	$	806,914	$	801,689	$	805,915	$	807,998	$	809,358	$	21,362	26
2014			844,832		845,564		843,501		848,138		861,313		867,400		862,749		861,382		862,630		35,808		28
2015					948,389		984,262		958,734		961,761		964,301		974,345		981,071		1,010,796		55,430		27
2016							1,016,106		1,009,051		1,018,253		1,029,821		1,043,948		1,059,897		1,091,569		96,310		28
2017									1,065,550		1,099,396		1,121,833		1,138,785		1,178,604		1,249,129		142,974		28
2018											1,103,900		1,131,549		1,121,317		1,156,157		1,232,803		181,880		27
2019													1,240,560		1,237,336		1,237,824		1,294,681		292,625		28
2020															1,339,565		1,212,790		1,158,880		489,718		22
2021																	1,534,580		1,390,790		841,854		23
2022																			1,823,680		1,507,284		20
Total																			$	11,924,316

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	63,243	$	188,023	$	330,127	$	470,566	$	585,608	$	646,257	$	691,495	$	717,908	$	738,858	$	761,461
2014			78,705		190,419		337,426		478,924		592,828		678,490		728,718		758,098		781,533
2015					82,638		210,151		381,328		536,855		674,665		755,641		814,191		872,657
2016							69,407		208,828		389,862		557,998		676,735		766,515		870,981
2017									79,887		255,603		453,097		638,934		774,738		930,630
2018											86,798		264,299		435,729		615,753		806,869
2019													88,195		275,343		471,239		704,928
2020															72,232		225,068		423,283
2021																	76,612		267,685
2022																			93,519
Total																			$	6,513,546
	Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																		125,357
	Reserves for loss and loss adjustment expenses, net of reinsurance																		$	5,536,127

Workers' Compensation

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited																				IBNR		Cumulative Number of Reported Claims
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	552,570	$	547,295	$	546,995	$	543,238	$	547,000	$	542,274	$	541,926	$	540,322	$	538,503	$	534,948	$	11,473	53
2014			639,436		637,307		627,767		617,242		615,435		604,030		600,194		602,000		598,977		21,528		57
2015					712,800		690,525		650,997		641,169		626,432		620,741		617,478		612,687		29,213		58
2016							702,716		696,339		684,700		660,520		651,278		657,972		654,385		36,834		58
2017									762,093		733,505		689,622		673,216		683,880		682,153		41,944		58
2018											778,964		724,697		715,055		724,056		721,170		43,766		56
2019													784,281		721,018		732,762		734,034		67,254		54
2020															725,245		716,430		704,008		96,322		42
2021																	742,687		701,703		149,447		45
2022																			772,620		348,348		41
Total																			$	6,716,685

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	117,900	$	277,538	$	363,028	$	414,160	$	447,894	$	466,580	$	479,104	$	489,075	$	496,809	$	502,181
2014			148,405		319,743		412,611		471,235		503,915		521,141		531,475		538,914		547,894
2015					139,320		323,744		421,734		477,541		512,933		531,512		544,849		557,215
2016							142,998		338,835		446,072		504,850		537,861		558,934		572,669
2017									153,456		362,299		468,817		525,753		559,198		583,258
2018											171,006		397,464		508,546		574,889		613,675
2019													184,715		397,376		515,914		581,003
2020															172,478		380,454		485,203
2021																	172,729		384,867
2022																			180,982
Total																			$	5,008,947
			Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																214,233
			Reserves for loss and loss adjustment expenses, net of reinsurance																$	1,921,971

Professional Liability

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited																				IBNR		Cumulative Number of Reported Claims
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	265,061	$	244,556	$	241,046	$	246,943	$	267,978	$	276,566	$	281,888	$	279,824	$	279,870	$	283,216	$	4,681	7
2014			250,740		244,574		257,309		241,376		236,961		255,850		254,868		254,243		253,244		12,284		7
2015					257,946		256,595		272,899		274,546		290,141		281,718		282,065		286,271		19,949		8
2016							309,417		323,222		360,110		400,799		438,065		467,545		463,102		33,241		9
2017									333,267		332,400		338,723		377,410		384,416		393,409		53,786		10
2018											334,848		322,176		333,408		359,566		382,409		73,828		10
2019													336,129		332,385		345,614		354,283		93,387		11
2020															394,107		375,577		337,961		159,767		11
2021																	524,879		471,266		315,877		11
2022																			648,941		543,483		10
Total																			$	3,874,102

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	23,295	$	63,503	$	118,767	$	176,079	$	204,955	$	246,616	$	255,863	$	261,106	$	267,776	$	273,094
2014			19,225		83,063		137,341		174,524		197,272		213,888		225,236		234,459		237,145
2015					20,331		85,047		139,205		186,688		215,408		232,143		239,150		246,031
2016							28,517		102,173		201,019		254,872		296,863		356,812		404,742
2017									36,503		96,312		162,829		243,088		261,225		306,713
2018											28,101		99,598		155,212		198,697		244,284
2019													31,674		97,466		147,985		200,521
2020															28,106		80,408		129,168
2021																	28,586		86,056
2022																			33,446
Total																			$	2,161,200
	Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																		36,484
	Reserves for loss and loss adjustment expenses, net of reinsurance																		$	1,749,386

Commercial Automobile

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited																				IBNR		Cumulative Number of Reported Claims
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	327,514	$	349,136	$	368,894	$	376,243	$	366,646	$	366,166	$	365,275	$	364,207	$	364,439	$	364,607	$	103	44
2014			363,891		385,241		416,802		414,732		412,120		411,920		407,470		406,589		407,970		403		47
2015					389,577		415,446		421,522		429,608		430,557		428,981		426,107		427,923		1,362		53
2016							429,329		429,074		440,334		441,408		438,192		437,884		439,682		2,244		52
2017									430,440		428,419		430,198		434,170		439,991		444,472		4,800		47
2018											442,610		462,544		478,966		494,315		521,667		10,720		46
2019													483,019		488,291		504,813		530,876		22,483		45
2020															523,736		428,759		442,163		31,172		30
2021																	614,422		596,810		111,412		38
2022																			792,553		342,905		40
Total																			$	4,968,723

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	142,929	$	218,596	$	267,253	$	321,855	$	342,961	$	352,792	$	361,499	$	362,252	$	362,624	$	364,147
2014			155,564		237,648		326,854		364,054		392,658		400,577		403,273		404,259		405,004
2015					159,987		263,663		323,429		368,448		396,018		409,426		415,170		418,993
2016							183,160		277,665		339,657		388,554		407,989		418,499		426,955
2017									180,545		267,326		326,861		371,761		401,844		419,545
2018											180,056		281,475		350,110		412,874		463,117
2019													185,236		290,124		374,479		440,378
2020															142,815		228,357		308,451
2021																	180,860		319,941
2022																			253,206
Total																			$	3,819,737
			Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																3,731
			Reserves for loss and loss adjustment expenses, net of reinsurance																$	1,152,717

Short-tail lines

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited																				IBNR		Cumulative Number of Reported Claims
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	565,391	$	573,905	$	565,810	$	549,518	$	548,169	$	544,681	$	542,863	$	542,148	$	541,857	$	541,728	$	1,125	25
2014			691,971		697,845		659,563		658,252		659,230		659,568		662,012		660,250		658,557		1,549		30
2015					736,523		726,287		723,206		721,789		713,899		712,361		710,663		710,978		3,842		32
2016							771,390		775,308		762,460		757,009		751,530		753,952		752,604		3,363		34
2017									752,727		753,326		747,630		747,003		746,603		747,869		8,195		42
2018											759,634		748,931		746,265		744,544		742,289		11,491		48
2019													721,073		701,241		691,015		684,708		18,311		43
2020															900,683		904,580		922,333		24,934		38
2021																	828,187		832,183		57,246		36
2022																			944,842		235,121		32
Total																			$	7,538,091

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	310,750	$	480,140	$	526,031	$	527,789	$	534,569	$	535,756	$	536,416	$	537,582	$	538,985	$	539,081
2014			368,865		587,607		609,948		628,440		643,619		650,816		653,272		653,784		654,089
2015					392,921		608,748		664,084		686,029		695,563		701,341		708,065		708,214
2016							416,611		669,891		711,385		726,549		731,651		738,390		739,244
2017									445,285		689,662		718,538		730,688		734,509		741,685
2018											414,910		661,741		708,214		725,138		725,228
2019													404,975		615,869		645,374		657,819
2020															460,434		784,670		845,714
2021																	405,512		698,092
2022																			472,024
Total																			$	6,781,190
	Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																		4,727
	Reserves for loss and loss adjustment expenses, net of reinsurance																		$	761,628

Reinsurance & Monoline Excess

Casualty

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR
2013	$	318,365	$	269,340	$	272,475	$	282,307	$	291,105	$	298,317	$	302,595	$	301,415	$	302,672	$	302,135	$	12,543
2014			319,454		318,904		318,443		330,382		324,693		324,150		335,883		336,990		341,649		16,184
2015					259,019		231,430		230,085		252,277		293,094		303,261		304,805		309,317		19,728
2016							240,655		252,638		245,268		267,850		301,663		301,355		310,451		24,928
2017									231,082		220,699		238,883		261,482		281,254		298,486		36,491
2018											221,193		210,397		230,790		246,898		261,148		44,474
2019													236,318		230,460		239,131		240,848		72,504
2020															299,602		293,345		289,878		136,865
2021																	359,952		346,736		243,222
2022																			446,676		402,204
Total																			$	3,147,324

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	28,945	$	63,745	$	108,852	$	144,331	$	178,060	$	205,553	$	225,882	$	241,573	$	254,273	$	263,467
2014			21,297		68,374		115,779		155,070		197,996		227,448		252,155		271,512		284,360
2015					17,888		48,442		91,140		141,254		178,521		205,289		233,643		250,880
2016							19,904		61,770		100,200		140,299		171,719		205,354		225,077
2017									16,469		40,085		69,350		123,614		147,311		175,059
2018											11,076		40,953		77,498		109,474		141,553
2019													14,560		39,091		64,020		94,856
2020															20,750		49,664		81,789
2021																	10,918		43,838
2022																			11,595
Total																			$	1,572,474
	Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																		417,861
			Reserves for loss and loss adjustment expenses, net of reinsurance																$	1,992,711

Monoline Excess

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR
2013	$	63,995	$	50,355	$	48,143	$	44,162	$	40,207	$	35,120	$	31,752	$	29,758	$	25,701	$	23,306	$	5,184
2014			63,561		57,650		49,570		45,823		41,671		42,541		42,618		40,652		35,707		7,484
2015					69,977		57,897		50,099		45,115		39,682		39,781		36,774		30,104		8,683
2016							72,657		70,281		71,404		64,957		65,485		65,222		61,432		13,634
2017									76,701		80,508		70,749		71,025		66,795		62,647		16,529
2018											77,820		72,505		71,448		66,180		57,847		20,826
2019													78,929		77,482		76,242		73,978		21,878
2020															84,354		83,468		80,452		35,638
2021																	98,110		87,980		48,670
2022																			98,923		66,865
Total																			$	612,376

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	647	$	1,897	$	3,588	$	3,008	$	3,396	$	4,418	$	5,349	$	6,476	$	8,805	$	9,490
2014			377		2,341		3,354		4,175		5,808		7,595		11,154		11,938		13,491
2015					2,069		2,481		3,272		4,099		4,416		5,083		5,421		6,457
2016							2,498		4,783		5,573		5,928		7,685		9,883		11,819
2017									6,282		12,810		15,356		17,327		18,375		19,275
2018											6,141		8,230		9,368		10,359		12,414
2019													6,241		10,884		12,728		15,436
2020															4,869		8,699		10,471
2021																	4,586		6,026
2022																			5,898
Total																			$	110,777
	Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																		644,712
	Reserves for loss and loss adjustment expenses, net of reinsurance																		$	1,146,311

Property

(In thousands)

Loss and Loss Expenses Incurred, Net of Reinsurance																					As of December 31, 2022
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR
2013	$	141,380	$	112,616	$	114,100	$	111,937	$	112,572	$	111,890	$	109,697	$	107,552	$	106,316	$	105,711	$	72
2014			112,907		96,492		97,195		99,941		99,176		98,838		99,244		97,315		96,656		177
2015					127,118		117,452		131,625		130,301		129,398		131,071		130,642		131,342		1,061
2016							167,901		174,423		181,634		180,885		186,159		184,150		185,249		1,482
2017									206,560		200,394		199,410		197,978		191,867		192,379		1,209
2018											108,220		112,068		103,104		105,101		102,953		1,754
2019													103,113		77,062		81,858		81,014		3,637
2020															114,590		117,867		116,774		3,946
2021																	133,938		146,761		28,634
2022																			167,039		78,818
Total																			$	1,325,878

Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance
For the Year Ended December 31,
	Unaudited
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	36,577	$	74,572	$	92,625	$	101,538	$	104,323	$	106,043	$	107,603	$	104,403	$	104,388	$	105,059
2014			38,780		66,829		82,119		88,257		91,390		93,099		94,565		95,198		95,633
2015					53,474		89,121		109,051		118,552		122,566		125,439		126,848		127,995
2016							78,920		133,516		157,404		168,506		175,949		178,060		182,411
2017									72,126		141,340		171,675		179,749		182,609		185,823
2018											33,991		65,079		82,259		87,736		94,870
2019													23,081		54,499		68,457		71,054
2020															26,574		65,575		86,888
2021																	15,235		71,797
2022																			25,584
Total																			$	1,047,114
	Reserves for loss and loss adjustment expenses before 2013, net of reinsurance																		1,036
	Reserves for loss and loss adjustment expenses, net of reinsurance																		$	279,800

Reconciliation of net incurred and paid claims development to reserves for loss and loss adjustment expenses

The reconciliation of the net incurred and paid claims development tables to the reserves for losses and loss expenses in the consolidated balance sheet is as follows:

(In thousands)		December 31, 2022
Undiscounted reserves for loss and loss expenses, net of reinsurance:
	Other liability	$	5,536,127
	Workers' compensation	1,921,971
	Professional liability	1,749,386
	Commercial automobile	1,152,717
	Short-tail lines	761,628
	Other	124,586
	Insurance	11,246,415
	Casualty	1,992,711
	Monoline excess	1,146,311
	Property	279,800
	Reinsurance & Monoline Excess	3,418,822
Total undiscounted reserves for loss and loss expenses, net of reinsurance		$	14,665,237

(In thousands)		December 31, 2022
Due from reinsurers on unpaid claims:
	Other liability	$	730,029
	Workers' compensation	221,769
	Professional liability	1,019,810
	Commercial automobile	67,895
	Short-tail lines	414,549
	Other	97,511
	Insurance	2,551,563
	Casualty	108,390
	Monoline excess	35,926
	Property	66,465
	Reinsurance & Monoline Excess	210,781
Total due from reinsurers on unpaid claims		$	2,762,344

(In thousands)		December 31, 2022
Loss reserve discount:
	Other liability	$	—
	Workers' compensation	(12,491)
	Professional liability	—
	Commercial automobile	—
	Short-tail lines	—
	Other	—
	Insurance	(12,491)
	Casualty	(84,668)
	Monoline excess	(319,199)
	Property	—
	Reinsurance & Monoline Excess	(403,867)
Total loss reserve discount		$	(416,358)
Total gross reserves for loss and loss expenses		$	17,011,223

Supplementary information regarding average historical claims duration

The following is supplementary information regarding average historical claims duration as of December 31, 2022:

Insurance
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
Other liability	6.9	%	13.7	%	16.3	%	16.0	%	13.1	%	9.2	%	6.7	%	4.2	%	2.7	%	2.8	%
Workers' compensation	23.5	%	29.9	%	15.7	%	9.1	%	5.5	%	3.2	%	2.1	%	1.7	%	1.5	%	1.0	%
Professional liability	7.4	%	17.6	%	17.7	%	15.7	%	9.1	%	10.3	%	5.1	%	2.6	%	3.0	%	1.9	%
Commercial automobile	36.1	%	20.9	%	15.5	%	11.5	%	6.7	%	2.8	%	1.6	%	0.4	%	0.1	%	0.4	%
Short-tail lines	54.7	%	32.8	%	5.8	%	2.0	%	1.0	%	0.8	%	0.4	%	0.1	%	0.2	%	—	%
Reinsurance & Monoline Excess
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
Casualty	5.7	%	10.9	%	12.5	%	13.7	%	11.0	%	9.3	%	7.4	%	5.5	%	4.0	%	3.0	%
Monoline excess	6.1	%	4.7	%	3.1	%	1.7	%	2.6	%	3.3	%	4.6	%	3.5	%	7.2	%	2.9	%
Property	30.5	%	33.2	%	16.1	%	5.8	%	3.6	%	1.7	%	1.6	%	0.3	%	0.1	%	—	%

Reconciliation of beginning and ending reserve balance

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

(In thousands)	2022		2021		2020
Net reserves at beginning of year	$	12,848,362	$	11,620,393	$	10,697,998
Cumulative effect adjustment resulting from changes in accounting principles (1)	—		—		5,927
Restated net reserves at beginning of period	12,848,362		11,620,393		10,703,925
Net provision for losses and loss expenses:
Claims occurring during the current year (2)	5,774,713		4,921,191		4,432,937
Increase in estimates for claims occurring in prior years (3)	54,511		863		627
Loss reserve discount accretion	32,526		31,906		35,142
Total	5,861,750		4,953,960		4,468,706
Net payments for claims:
Current year	1,068,577		887,896		921,054
Prior year	3,279,333		2,777,798		2,677,595
Total	4,347,910		3,665,694		3,598,649
Foreign currency translation	(113,323)		(60,297)		46,411
Net reserves at end of year	14,248,879		12,848,362		11,620,393
Ceded reserve at end of year	2,762,344		2,542,526		2,164,037
Gross reserves at end of year	$	17,011,223	$	15,390,888	$	13,784,430
Net change in premiums and losses occurring in prior years:
Increase in estimates for claims occurring in prior years (3)	$	(54,511)	$	(863)	$	(627)
Retrospective premium adjustments for claims occurring in prior years (4)	18,106		7,510		16,807
Net premium and reserve development on prior years	$	(36,405)	$	6,647	$	16,180

_______________________________________

(1)The cumulative effect adjustment resulting from changes in accounting principals relates to the allowance for expected credit losses on reinsurance recoverables that commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details.

(2)Claims occurring during the current year are net of loss reserve discounts of $35 million, $21 million and $10 million in 2022, 2021, and 2020, respectively.

(3)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 increased by $16 million in 2022, decreased by $19 million in 2021, and decreased by $21 million in 2020, respectively.

(4)For certain retrospectively rated insurance polices and reinsurance agreements, changes in loss and loss expenses for prior years are offset by additional or return premiums.