RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

9 Months Ended

Sep. 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:

	Nine months ended September 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	2,253,958		2,461,828
Prior years	(13,118)		(17,632)
	2,240,840		2,444,196
Net paid losses and loss expenses related to:
Current year	(272,260)		(269,466)
Prior years	(1,730,640)		(1,900,366)
	(2,002,900)		(2,169,832)
Foreign exchange and other	(51,902)		(501,914)
Net reserve for unpaid losses and loss expenses, end of period	9,523,729		9,407,933
Reinsurance recoverable on unpaid losses and loss expenses, end of period	6,031,527		5,244,263
Gross reserve for losses and loss expenses, end of period	$	15,555,256	$	14,652,196

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 September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Insurance	$	1,609	$	2,558	$	5,433	$	12,396
Reinsurance	1,153		2,177		7,685		5,236
Total	$	2,762	$	4,735	$	13,118	$	17,632

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Property	$	(10,068)	$	12,888	$	(4,376)	$	23,668
Accident and health	(5,213)		(7,677)		(5,765)		(5,379)
Marine and aviation	19,472		20,550		35,374		38,128
Cyber	10,869		(712)		19,997		6,385
Professional lines	(4,383)		(2,036)		(20,475)		(10,322)
Credit and political risk	3,374		8,106		16,323		13,288
Liability	(12,442)		(28,561)		(35,645)		(53,372)
Total	$	1,609	$	2,558	$	5,433	$	12,396

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)
Accident and health	$	5,842	$	6,799	$	20,115	$	8,486
Agriculture	729		855		14,741		9,228
Marine and aviation	3,576		(785)		8,523		(1,185)
Professional lines	(9,044)		(11,431)		(22,772)		(41,954)
Credit and surety	9,625		5,905		8,498		16,953
Motor	(1,302)		6,849		(23,248)		8,979
Liability	(15,222)		(11,940)		(55,092)		(22,868)
Total	(5,796)		(3,748)		(49,235)		(22,361)
Run-off lines
Catastrophe	1,436		(1,452)		39,982		(2,391)
Property	3,421		9,145		12,568		33,738
Engineering	2,092		(1,768)		4,370		(3,750)
Total run-off lines	6,949		5,925		56,920		27,597
Total	$	1,153	$	2,177	$	7,685	$	5,236