[1]

Primarily reflects favorable prior accident year loss reserve development related to wildfires in California in the 2018 accident year.

[2]

Primarily reflects favorable prior accident year loss reserve development related to Typhoon Hagibis in the 2019 accident year and, to a lesser extent, catastrophic events in the 2018 accident year.

[3]

Primarily reflects favorable prior accident year loss reserve development related to wildfires in California in the 2018 accident year, partially offset by unfavorable prior accident year loss reserve development related to Typhoon Jebi in the 2018 accident year.

[4]

Primarily reflects favorable prior accident year loss reserve development in recent accident years.

[5]

Primarily reflects favorable prior accident year loss reserve development in the 2018 accident year.

[6]

Represents certain malpractice treaties pursuant to which the increased underwriting profits created by the favorable prior accident year loss reserve development are largely retained by the cedants. As a result, the favorable prior accident year loss reserve development is largely offset by an increase in profit commission expense incurred when such favorable prior accident year loss reserve development occurs.

[7]

Primarily reflects favorable prior accident year loss reserve development in the shorter-tailed lines of business in the 2018 and 2019 accident years.

[8]

Primarily reflects favorable prior accident year loss reserve development in the longer-tailed lines of business in the 2015 and prior accident years, partially offset by unfavorable prior accident year loss reserve development in the 2016 through 2018 accident years, primarily from short-tailed lines of business.

[9]

Primarily reflects favorable prior accident year loss reserve development in the longer-tailed lines of business in the 2013 and earlier accident years and in the shorter-tailed lines of business in the 2017 accident year, partially offset by unfavorable prior accident year loss reserve development in the longer- and shorter-tailed lines of business in the 2015 accident year.

[10]

Primarily reflects favorable prior accident year loss reserve development in the directors’ and officers’ liability and umbrella/excess lines of business in the 2011 through 2015 accident years, partially offset by unfavorable prior accident year loss reserve development in the professional liability and binding authority lines of business in recent accident years.

[11]

Primarily reflects favorable prior accident year loss reserve development in the directors’ and officers’ liability and umbrella/excess lines of business in the 2011 through 2015 accident years, partially offset by unfavorable prior accident year loss reserve development in the professional liability lines of business in recent accident years.

[12]

Primarily reflects unfavorable prior accident year loss reserve development in the professional liability lines of business in the 2017 through 2019 accident years, partially offset by favorable prior accident year loss reserve development in the directors’ and officers’ liability and umbrella/excess lines of business in the 2011 through 2015 accident years.

[13]

Primarily reflects favorable prior accident year loss reserve development related to the assumed property reinsurance lines of business from Asian catastrophe losses in the 2019 and 2018 accident years and, to a lesser extent, favorable prior accident year loss reserve development also reflects U.S. catastrophe losses in the 2018 accident year.

[14]

Primarily reflects unfavorable prior accident year loss reserve development in certain specialty lines of business written through a program administrator in connection with a terminated program in the 2009 and 2010 accident years and, to a lesser extent, unfavorable prior accident year loss reserve development in the professional liability lines of business in recent accident years.