Reserves for Loss and Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2025

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


	March 31,
(In thousands)	2025		2024
Net reserves at beginning of period	$	17,166,641	$	15,661,820


Net provision for losses and loss expenses:
Claims occurring during the current year (1)	1,883,708		1,647,674
Increase in estimates for claims occurring in prior years (2) (3)	9,604		7,367
Loss reserve discount accretion	7,480		8,737
Total	1,900,792		1,663,778
Net payments for claims:
Current year	127,193		107,434
Prior years	1,304,763		1,158,864
Total	1,431,956		1,266,298
Foreign currency translation	43,780		(52,944)
Net reserves at end of period	17,679,257		16,006,356
Ceded reserves at end of period	3,242,730		3,093,272
Gross reserves at end of period	$	20,921,987	$	19,099,628

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(1) Claims occurring during the current year are net of loss reserve discounts of $14 million for both the three months ended March 31, 2025 and 2024.

(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 $10 million for the three months ended March 31, 2025 and 2024, 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 for both the three months ended March 31, 2025 and 2024.