Reserves for Loss and Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2023

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


	March 31,
(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)	1,502,817		1,327,695
Increase in estimates for claims occurring in prior years (2) (3)	28,205		3,761
Loss reserve discount accretion	7,733		7,796
Total	1,538,755		1,339,252
Net payments for claims:
Current year	110,274		84,598
Prior years	1,106,481		933,656
Total	1,216,755		1,018,254
Foreign currency translation	1,154		9,983
Net reserves at end of period	14,572,033		13,179,343
Ceded reserves at end of period	2,859,602		2,543,546
Gross reserves at end of period	$	17,431,635	$	15,722,889

_______________________________________

(1) Claims occurring during the current year are net of loss reserve discounts of $11 million and $7 million for the three months ended March 31, 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 increased by $19 million and decreased by $4 million for the three months ended March 31, 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 $24 million for the three months ended March 31, 2023, and favorable development was $1 million for the three months ended March 31, 2022, respectively.