Reserves for Loss and Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2023

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


	June 30,
(In thousands)	2023		2022
Net reserves at beginning of period	$	14,248,879	$	12,848,362


Net provision for losses and loss expenses:
Claims occurring during the current year (1)	3,064,046		2,748,725
Increase in estimates for claims occurring in prior years (2) (3)	28,853		9,765
Loss reserve discount accretion	15,510		16,579
Total	3,108,409		2,775,069
Net payments for claims:
Current year	375,365		318,129
Prior years	2,019,371		1,688,843
Total	2,394,736		2,006,972
Foreign currency translation	5,929		(94,526)
Net reserves at end of period	14,968,481		13,521,933
Ceded reserves at end of period	2,951,515		2,623,888
Gross reserves at end of period	$	17,919,996	$	16,145,821

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(1) Claims occurring during the current year are net of loss reserve discounts of $22 million and $15 million for the six months ended June 30, 2023 and 2022, 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 $6 million and $22 million for the six months ended June 30, 2023 and 2022, respectively.

(3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Adverse development, net of additional and return premiums, was $21 million for the six months ended June 30, 2023, and favorable development was $3 million for the six months ended June 30, 2022, respectively.