Reserves for Loss and Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2024

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


	September 30,
(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)	5,229,468		4,694,554
Increase in estimates for claims occurring in prior years (2) (3)	15,279		27,186
Loss reserve discount accretion	25,587		22,862
Total	5,270,334		4,744,602
Net payments for claims:
Current year	795,792		743,416
Prior years	3,164,720		2,915,979
Total	3,960,512		3,659,395
Foreign currency translation	19,659		(48,162)
Net reserves at end of period	16,991,301		15,285,924
Ceded reserves at end of period	3,164,009		2,987,386
Gross reserves at end of period	$	20,155,310	$	18,273,310

_______________________________________

(1) Claims occurring during the current year are net of loss reserve discounts of $37 million and $35 million for the nine months ended September 30, 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 increased by $12 million and decreased by $12 million for the nine months ended September 30, 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 $3 million and adverse development was $20 million for the nine months ended September 30, 2024 and 2023, respectively.