Reserves for Loss and Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2024

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


	March 31,
(In thousands)	2024		2023
Net reserves at beginning of period	$	15,661,820	$	14,248,879


Net provision for losses and loss expenses:
Claims occurring during the current year (1)	1,647,674		1,502,817
Increase in estimates for claims occurring in prior years (2) (3)	7,367		28,205
Loss reserve discount accretion	8,737		7,733
Total	1,663,778		1,538,755
Net payments for claims:
Current year	107,434		110,274
Prior years	1,158,864		1,106,481
Total	1,266,298		1,216,755
Foreign currency translation	(52,944)		1,154
Net reserves at end of period	16,006,356		14,572,033
Ceded reserves at end of period	3,093,272		2,859,602
Gross reserves at end of period	$	19,099,628	$	17,431,635

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(1) Claims occurring during the current year are net of loss reserve discounts of $14 million and $11 million for the three months ended March 31, 2024 and 2023, 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 $10 million and increased by $19 million for the three months ended March 31, 2024 and 2023, 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 adverse development was $24 million for the three months ended March 31, 2024 and 2023, respectively.