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RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)
3 Months Ended
Mar. 31, 2024
Insurance Loss Reserves [Abstract]  
Schedule of Claims and Claim Expenses
The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, additional case reserves and IBNR:
At March 31, 2024Case
Reserves
Additional
Case Reserves
IBNRTotal
Property$2,280,896 $1,337,581 $3,584,236 $7,202,713 
Casualty and Specialty2,846,731 176,242 10,143,924 13,166,897 
Total
$5,127,627 $1,513,823 $13,728,160 $20,369,610 
At December 31, 2023
Property$2,461,580 $1,459,010 $3,913,030 $7,833,620 
Casualty and Specialty2,801,016 203,560 9,648,673 12,653,249 
Total
$5,262,596 $1,662,570 $13,561,703 $20,486,869 
Activity in the liability for unpaid claims and claim expenses is summarized as follows:
Three months ended March 31,20242023
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period$15,142,583 $11,181,648 
Net incurred related to:
Current year1,263,204 905,952 
Prior years(97,081)(104,752)
Total net incurred1,166,123 801,200 
Net paid related to:
Current year40,657 26,969 
Prior years872,205 690,868 
Total net paid912,862 717,837 
Foreign exchange and other (1)
(19,914)25,144 
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period15,375,930 11,290,155 
Reinsurance recoverable as of end of period4,993,680 4,706,671 
Reserve for claims and claim expenses as of end of period$20,369,610 $15,996,826 
(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as deals accounted for under retroactive reinsurance accounting.
The following table details the Company’s prior year net development by segment of its net claims and claim expenses:
Three months ended March 31,20242023
(Favorable) adverse development(Favorable) adverse development
Property$(94,667)$(81,693)
Casualty and Specialty(2,414)(23,059)
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(97,081)$(104,752)
The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large catastrophe events and other small catastrophe events and attritional loss movements:
Three months ended March 31,2024
(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2023 Large Loss Events (1)
$1,569 
2022 Weather-Related Large Losses (2)
(8,574)
2021 Weather-Related Large Losses (3)
(36,228)
2020 Weather-Related Large Loss Events (4)
(6,128)
2019 Large Loss Events (5)
(4,053)
2018 Large Loss Events (6)
(9,461)
2017 Large Loss Events (7)
(7,288)
Total large catastrophe events(70,163)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements(24,504)
Total small catastrophe events and attritional loss movements(24,504)
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(94,667)
(1)“2023 Large Loss Events” includes Hurricane Otis and Storm Ciaran in October and November 2023, the wildfires in Hawaii in August 2023 and Hurricane Idalia, a series of large, severe weather events in Texas and other southern and central U.S. states in June 2023, the earthquakes in southern and central Turkey in February 2023, Cyclone Gabrielle, the flooding in northern New Zealand in January and February 2023, and various wind and thunderstorm events in both the Southern and Midwest U.S. during March 2023, and certain aggregate loss contracts triggered during 2023.
(2)“2022 Weather-Related Large Losses” includes Hurricane Ian, the floods in Eastern Australia in February and March of 2022, Storm Eunice, the severe weather in France in May and June of 2022, Hurricane Fiona and the typhoons in Asia during the third quarter of 2022, Hurricane Nicole and Winter Storm Elliott during the fourth quarter of 2022, and loss estimates associated with certain aggregate loss contracts triggered during 2022 as a result of weather-related catastrophe events.
(3)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.
(4)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.
(5)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.
(6)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.
(7)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.
Three months ended March 31,2023
(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2022 Weather-Related Large Losses
$(7,785)
2021 Weather-Related Large Losses(32,333)
2020 Weather-Related Large Loss Events6,535 
2019 Large Loss Events(15,369)
2018 Large Loss Events(16,259)
2017 Large Loss Events(11,486)
Other90 
Total large catastrophe events(76,607)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements
(5,086)
Total small catastrophe events and attritional loss movements(5,086)
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(81,693)
The following table details the development of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:
Three months ended March 31,20242023
(Favorable) adverse development(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims$(2,414)$(23,059)
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(2,414)$(23,059)