RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

6 Months Ended

Jun. 30, 2021

Insurance [Abstract]

RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES

The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserves for unpaid losses and loss expenses:

	Six months ended June 30,
	2021		2020
Gross reserve for losses and loss expenses, beginning of period	$	13,926,766	$	12,752,081
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period	(4,496,641)		(3,877,756)
Net reserve for unpaid losses and loss expenses, beginning of period	9,430,125		8,874,325
Net incurred losses and loss expenses related to:
Current year	1,393,316		1,593,102
Prior years	(12,126)		(8,767)
	1,381,190		1,584,335
Net paid losses and loss expenses related to:
Current year	(109,482)		(89,724)
Prior years	(1,239,814)		(1,271,987)
	(1,349,296)		(1,361,711)
Foreign exchange and other	68,880		(78,304)
Net reserve for unpaid losses and loss expenses, end of period	9,530,899		9,018,645
Reinsurance recoverable on unpaid losses and loss expenses, end of period	4,626,454		4,160,521
Gross reserve for losses and loss expenses, end of period	$	14,157,353	$	13,179,166

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

The Company's net favorable prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Insurance	$	6,427	$	420	$	7,932	$	4,251
Reinsurance	381		2,235		4,194		4,516
Total	$	6,808	$	2,655	$	12,126	$	8,767

SCHEDULE OF THE LINE OF BUSINESS CATEGORIES AND THE EXPECTED CLAIM TAILS

The following table maps lines of business to reserve classes and the expected claim tails:

Insurance segment
	Reserve class and tail
	Property and other	Marine	Aviation	Credit and political risk	Professional lines	Liability
	Short	Short	Short/Medium	Medium	Medium	Long
Reported lines of business
Property	X
Marine		X
Terrorism	X
Aviation			X
Credit and political risk				X
Professional lines					X
Liability						X
Accident and health	X
Discontinued lines - Novae	X				X	X

The following table maps lines of business to reserve classes and the expected claim tails:

Reinsurance segment
	Reserve class and tail
	Property and other	Credit and surety	Professional lines	Motor	Liability
	Short	Medium	Medium	Long	Long
Reported lines of business
Catastrophe	X
Property	X
Credit and surety		X
Professional lines			X
Motor				X
Liability					X
Engineering	X
Agriculture	X
Marine and aviation	X
Accident and health	X
Discontinued lines - Novae	X			X	X

NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR

Prior year reserve development by reserve class was as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Property and other	$	35,290	$	25,117	$	50,681	$	37,607
Marine	7,348		(1,262)		19,221		(3,464)
Aviation	4,808		2,002		5,844		5,993
Credit and political risk	4,055		(178)		(1,316)		(1,094)
Professional lines	(33,054)		(8,519)		(47,646)		(13,606)
Liability	(12,020)		(16,740)		(18,852)		(21,185)
Total	$	6,427	$	420	$	7,932	$	4,251

Prior year reserve development by reserve class was as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Property and other	$	12,310	$	(4,162)	$	13,278	$	(8,065)
Credit and surety	(4,917)		10,483		(9,854)		15,335
Professional lines	(8,600)		(4,879)		(10,804)		283
Motor	12,946		4,448		30,086		17,533
Liability	(11,358)		(3,655)		(18,512)		(20,570)
Total	$	381	$	2,235	$	4,194	$	4,516