Reserves for Loss and Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2025

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


	June 30,
(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)	3,822,512		3,411,888
Increase in estimates for claims occurring in prior years (2) (3)	17,823		14,700
Loss reserve discount accretion	15,881		17,786
Total	3,856,216		3,444,374
Net payments for claims:
Current year	431,981		383,639
Prior years	2,537,599		2,205,566
Total	2,969,580		2,589,205
Foreign currency translation	164,747		(56,143)
Net reserves at end of period	18,218,024		16,460,846
Ceded reserves at end of period	3,278,099		3,106,344
Gross reserves at end of period	$	21,496,123	$	19,567,190

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(1) Claims occurring during the current year are net of loss reserve discounts of $28 million and $26 million for the six months ended June 30, 2025 and 2024, 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 $17 million and $7 million for the six months ended June 30, 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 and $2 million for the six months ended June 30, 2025 and 2024, respectively.