Reserves for Loss and Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2023

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


	September 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)	4,694,554		4,260,179
Increase in estimates for claims occurring in prior years (2) (3)	27,186		54,632
Loss reserve discount accretion	22,862		24,835
Total	4,744,602		4,339,646
Net payments for claims:
Current year	743,416		643,908
Prior years	2,915,979		2,499,319
Total	3,659,395		3,143,227
Foreign currency translation	(48,162)		(193,755)
Net reserves at end of period	15,285,924		13,851,026
Ceded reserves at end of period	2,987,386		2,689,097
Gross reserves at end of period	$	18,273,310	$	16,540,123

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(1) Claims occurring during the current year are net of loss reserve discounts of $35 million and $26 million for the nine months ended September 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 $12 million and increased by $20 million for the nine months ended September 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 $20 million and $37 million for the nine months ended September 30, 2023 and 2022, respectively.