RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

6 Months Ended

Jun. 30, 2023

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 reserve for unpaid losses and loss expenses:

	Six months ended June 30,
	2023		2022
Gross reserve for losses and loss expenses, beginning of period	$	15,168,863	$	14,653,094
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period	(5,831,172)		(5,017,611)
Net reserve for unpaid losses and loss expenses, beginning of period	9,337,691		9,635,483
Net incurred losses and loss expenses related to:
Current year	1,467,256		1,515,182
Prior years	(10,357)		(12,897)
	1,456,899		1,502,285
Net paid losses and loss expenses related to:
Current year	(129,414)		(120,713)
Prior years	(1,210,101)		(1,354,605)
	(1,339,515)		(1,475,318)
Foreign exchange and other	98,814		(272,994)
Net reserve for unpaid losses and loss expenses, end of period	9,553,889		9,389,456
Reinsurance recoverable on unpaid losses and loss expenses, end of period	5,865,609		5,008,583
Gross reserve for losses and loss expenses, end of period	$	15,419,498	$	14,398,039

SCHEDULE OF PRIOR YEAR DEVELOPMENT BY SEGMENT AND LINE OF BUSINESS

The following table presents net prior year reserve development by segment:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Insurance	$	2,784	$	2,773	$	3,825	$	9,838
Reinsurance	3,535		1,167		6,532		3,059
Total	$	6,319	$	3,940	$	10,357	$	12,897

Prior year reserve development by line of business was as follows:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Property	$	(208)	$	2,721	$	5,692	$	10,783
Accident and health	(248)		(1,334)		(552)		2,298
Marine and aviation	2,682		2,927		15,903		17,575
Cyber	676		7,783		9,128		7,097
Professional lines	(3,498)		(2,350)		(16,092)		(8,286)
Credit and political risk	8,430		4,287		12,949		5,182
Liability	(5,050)		(11,261)		(23,203)		(24,811)
Total	$	2,784	$	2,773	$	3,825	$	9,838

Prior year reserve development by line of business was as follows:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Accident and health	$	7,284	$	2,186	$	14,273	$	1,687
Agriculture	2,122		7,141		14,013		8,372
Marine and aviation	5,197		(896)		4,947		(400)
Professional lines	(10,504)		(6,000)		(13,728)		(30,522)
Credit and surety	(582)		3,582		(1,128)		11,047
Motor	(4,825)		3,860		(21,946)		2,130
Liability	(7,017)		(6,823)		(39,870)		(10,928)
Total	(8,325)		3,050		(43,439)		(18,614)
Run-off lines
Catastrophe	7,487		(694)		38,546		(940)
Property	2,264		2,053		9,147		24,592
Engineering	2,109		(3,242)		2,278		(1,979)
Total run-off lines	11,860		(1,883)		49,971		21,673
Total	$	3,535	$	1,167	$	6,532	$	3,059

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

The following table maps the Company's lines of business to expected claim tails:

Insurance segment
	Expected claims tail
	Short	Medium	Long
Lines of business
Property	X
Accident and health	X
Marine and aviation	X
Cyber		X
Professional lines		X
Credit and political risk		X
Liability			X

The following table maps the Company's lines of business to expected claim tails:

Reinsurance segment
	Expected claims tail
	Short	Medium	Long
Lines of business
Accident and health	X
Agriculture	X
Marine and aviation	X
Professional lines		X
Credit and surety		X
Motor			X
Liability			X
Run-off lines
Catastrophe	X
Property	X
Engineering	X