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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance Loss Reserves [Abstract]  
Summary of Reserve for Losses and Loss Expenses
Reserve for losses and loss expenses comprise the following:
At December 31,20242023
Reserve for reported losses and loss expenses$5,433,903 $5,559,261 
Reserve for losses incurred but not reported11,785,026 10,874,757 
Reserve for losses and loss expenses$17,218,929 $16,434,018 
Summary of 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 reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses:
Year ended December 31,202420232022
Gross reserve for losses and loss expenses, beginning of year$16,434,018 $15,168,863 $14,653,094 
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of year(6,323,083)(5,831,172)(5,017,611)
Net reserve for unpaid losses and loss expenses, beginning of year10,110,935 9,337,691 9,635,483 
Net incurred losses and loss expenses related to:
Current year3,182,810 2,981,220 3,267,943 
Prior years(24,323)411,882 (25,533)
 3,158,487 3,393,102 3,242,410 
Net paid losses and loss expenses related to:
Current year(538,709)(488,016)(457,857)
Prior years(2,360,100)(2,185,588)(2,397,213)
 (2,898,809)(2,673,604)(2,855,070)
Foreign exchange and other7,419 53,746 (685,132)
Net reserve for unpaid losses and loss expenses, end of year10,378,032 10,110,935 9,337,691 
Reinsurance recoverable on unpaid losses and loss expenses, end of year6,840,897 6,323,083 5,831,172 
Gross reserve for losses and loss expenses, end of year$17,218,929 $16,434,018 $15,168,863 
Summary of Net Favorable (Adverse) Prior Year Reserve Development The following table presents net favorable (adverse) prior year reserve development by segment:
Favorable (Adverse)
Insurance ReinsuranceTotal
Year ended December 31, 2024$16,209 $8,114 $24,323 
Year ended December 31, 2023$(176,353)$(235,529)$(411,882)
Year ended December 31, 2022$16,350 $9,183 $25,533 
The following sections provide further details on net favorable (adverse) prior year reserve development by segment, line of business and accident year.
Insurance Segment:
Favorable (Adverse)
Years ended December 31,202420232022
Property $17,718 $16,195 $52,512 
Accident and health4,191 (10,236)(12,856)
Marine and aviation(10,656)26,977 27,927 
Cyber— 35,579 8,416 
Professional lines— (41,243)(29,093)
Credit and political risk4,956 31,691 24,361 
Liability— (235,316)(54,917)
Total$16,209 $(176,353)$16,350 
Reinsurance Segment:
Favorable (Adverse)
Years ended December 31,202420232022
Accident and health$— $29,947 $14,199 
Agriculture— 10,781 11,703 
Marine and aviation4,111 12,595 2,597 
Professional lines— (92,181)(54,820)
Credit and surety4,003 8,306 43,567 
Motor— (9,653)18,161 
Liability— (262,114)(58,148)
Run-off lines
Catastrophe— 46,297 (504)
Property— 15,225 42,523 
Engineering— 5,268 (10,095)
Total run-off lines— 66,790 31,924 
Total$8,114 $(235,529)$9,183 
Summary of Net Incurred and Paid Claims Development Tables by Accident Year
Insurance property
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$207,189 $199,448 $191,577 $189,373 $186,032 $187,860 $177,908 $180,172 $180,785 $184,012 $1,053 4,199
2016261,565 284,462 276,891 262,436 256,514 256,766 256,192 261,379 260,698 (854)6,685
2017789,318 694,953 682,582 673,336 668,663 668,986 663,510 662,072 11,091 10,117
2018600,141 629,218 608,937 601,674 600,469 591,064 585,484 5,167 9,701
2019368,594 357,615 349,495 360,367 343,816 343,852 1,904 9,630
2020644,750 627,229 575,827 584,608 590,238 15,480 12,528
2021375,981 370,445 366,781 366,639 10,732 7,943
2022411,156 413,181 396,296 27,546 7,707
2023395,636 392,842 95,149 7,143
2024539,252 274,741 6,578
Total$4,321,385 
Insurance property
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$67,399 $144,389 $165,268 $178,896 $178,566 $184,856 $176,079 $180,900 $180,576 $182,683 
201682,296 204,637 240,568 248,054 248,118 252,951 250,353 256,535 260,805 
2017190,148 509,202 616,838 644,936 639,939 629,525 641,640 642,182 
2018218,293 461,816 554,132 564,129 581,594 567,762 576,747 
2019145,556 251,877 298,564 335,077 323,935 328,429 
2020181,138 420,774 474,714 523,474 553,239 
2021133,671 284,332 319,737 338,393 
202296,815 259,261 323,805 
202390,343 206,885 
2024111,368 
Total3,524,536 
All outstanding liabilities before 2015, net of reinsurance13,825 
Liabilities for claims and claim adjustment expenses, net of reinsurance$810,674 
Insurance accident and health
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$70,003 $68,570 $65,066 $63,278 $63,844 $63,527 $62,860 $63,519 $60,850 $60,933 $1,075 44,138
201684,654 84,824 85,219 86,343 86,029 87,038 86,822 86,249 85,654 860 87,001
2017113,374 119,968 117,761 115,848 115,913 115,798 116,916 117,082 74 688,000
2018110,256 114,418 113,478 111,552 112,563 113,253 114,193 130 745,012
201973,130 74,067 64,562 68,028 67,110 69,578 556 675,633
202069,137 62,944 66,164 62,922 64,902 555 718,518
202168,873 70,639 76,918 75,036 1,664 440,175
202297,576 98,228 95,259 2,660 400,429
2023170,186 163,983 19,627 406,521
2024207,466 74,872 365,749
Total$1,054,086 
Insurance accident and health
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$31,140 $56,263 $59,293 $60,154 $61,163 $61,032 $61,684 $61,775 $59,672 $59,820 
201641,127 78,239 82,003 82,836 83,897 84,288 84,989 84,125 84,869 
201762,733 108,219 113,393 114,788 115,890 115,070 116,933 117,122 
201861,218 105,324 107,655 111,312 112,202 113,014 114,104 
201944,652 60,623 62,033 66,971 66,828 68,263 
202036,035 51,481 59,608 57,944 61,786 
202138,828 60,470 68,183 69,489 
202245,663 80,164 87,242 
202393,765 135,134 
2024122,628 
Total920,457 
All outstanding liabilities before 2015, net of reinsurance
656 
Liabilities for claims and claim adjustment expenses, net of reinsurance$134,285 
Insurance marine and aviation
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$186,023 $164,397 $159,304 $151,503 $138,907 $144,418 $143,385 $143,359 $141,862 $141,557 $1 4,316
2016115,442 111,630 109,092 101,322 100,703 99,830 100,732 101,680 100,809 2,930 4,898
2017260,225 227,207 224,246 222,060 213,940 213,545 212,002 211,499 5,926 8,589
2018234,768 251,517 237,372 230,422 223,605 225,057 225,769 11,695 8,787
2019213,917 208,026 210,690 223,032 221,512 246,540 4,556 7,755
2020207,122 178,537 161,953 163,264 167,229 9,134 6,533
2021238,454 219,002 201,232 222,356 20,126 6,922
2022263,742 254,138 255,744 68,596 7,650
2023297,529 261,711 99,643 7,266
2024341,298 185,817 6,103
Total$2,174,512 
Insurance marine and aviation
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$29,464 $68,918 $123,818 $128,652 $131,418 $134,176 $140,256 $140,443 $140,449 $140,441 
201622,868 50,881 82,738 89,721 91,648 93,576 96,663 97,321 96,224 
201734,748 104,908 137,887 169,479 178,013 181,766 193,220 198,539 
201846,694 121,096 156,641 169,862 181,261 193,550 199,341 
201953,526 101,596 143,642 168,768 176,353 189,630 
202044,330 83,545 105,145 117,734 131,309 
202126,424 68,306 106,333 144,284 
202229,699 99,980 138,256 
202336,159 91,653 
202462,738 
Total1,392,415 
All outstanding liabilities before 2015, net of reinsurance13,787 
Liabilities for claims and claim adjustment expenses, net of reinsurance$795,884 
Insurance cyber
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$65,231 $63,595 $63,066 $51,250 $50,357 $50,758 $52,526 $49,795 $48,042 $48,036 $2,226 1,428
201658,741 56,565 58,261 40,266 37,322 29,929 27,873 25,258 25,254 1,079 1,671
201753,187 50,794 56,783 51,931 50,910 48,696 48,343 46,036 (4)1,817
201833,429 31,966 33,962 30,558 26,168 23,902 29,447 1,845 2,156
201954,237 56,994 80,098 80,157 71,246 63,767 3,608 2,904
2020113,305 104,869 101,604 124,751 133,525 24,605 2,880
2021124,709 133,593 104,732 105,722 21,145 2,450
2022128,483 119,436 119,484 61,903 1,766
2023126,838 126,343 57,395 2,336
2024158,180 138,542 1,325
Total$855,794 
Insurance cyber
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$5,572 $15,333 $25,544 $28,501 $30,865 $39,470 $42,515 $43,635 $45,432 $45,318 
20161,348 4,637 14,141 18,502 21,333 23,136 23,207 24,054 24,054 
20179,354 19,165 28,331 35,897 38,029 40,554 39,997 47,274 
20182,171 7,327 9,874 14,790 19,226 18,329 26,263 
20192,764 20,249 31,445 58,696 54,986 55,026 
202017,700 49,529 62,548 81,129 102,650 
202124,077 65,332 74,856 82,803 
20227,796 37,446 52,479 
20239,094 45,086 
202411,906 
Total492,859 
All outstanding liabilities before 2015, net of reinsurance
7,614 
Liabilities for claims and claim adjustment expenses, net of reinsurance$370,549 
Insurance professional lines
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$308,206 $308,832 $315,378 $301,759 $288,635 $271,774 $270,615 $281,645 $280,054 $285,261 $12,111 9,662
2016287,119 291,739 295,992 314,273 326,544 336,376 337,725 354,094 359,445 21,448 10,949
2017336,606 339,010 371,856 372,365 388,467 386,243 390,818 395,866 37,337 12,966
2018323,638 339,960 388,834 419,568 445,299 464,430 467,834 32,176 15,537
2019345,193 360,720 375,361 408,326 455,966 466,546 74,818 14,793
2020320,300 318,886 299,016 290,925 292,430 92,856 9,634
2021375,982 366,527 323,579 320,376 157,986 8,656
2022457,637 443,592 437,668 297,452 8,740
2023438,129 440,324 335,563 10,252
2024488,514 459,342 7,556
Total$3,954,264 
Insurance professional lines
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$14,128 $51,028 $110,043 $138,151 $169,386 $199,105 $211,577 $223,040 $247,794 $253,620 
201614,341 65,656 130,951 171,190 209,142 233,400 274,502 288,796 315,673 
201711,401 51,055 107,721 165,829 196,246 266,159 287,549 313,285 
201818,147 74,121 141,470 203,168 263,460 333,899 380,200 
201924,714 75,980 132,159 204,491 287,110 333,147 
20208,542 43,600 96,537 124,128 168,911 
20219,677 38,157 82,947 126,636 
202210,815 45,645 100,835 
202312,057 55,586 
202415,815 
Total2,063,708 
All outstanding liabilities before 2015, net of reinsurance143,974 
Liabilities for claims and claim adjustment expenses, net of reinsurance$2,034,530 
Insurance credit and political risk
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$30,329 $30,368 $27,524 $26,012 $25,930 $24,851 $24,189 $23,309 $23,309 $23,309 $— 2
201643,327 45,899 43,409 43,980 27,766 26,785 25,705 25,705 25,703 (2)2
201747,743 32,467 25,783 18,118 15,867 10,904 8,404 7,744 3,167 4
201842,339 33,166 32,057 24,093 20,464 23,774 24,379 5,084 2
201952,570 80,386 75,270 73,703 70,922 69,499 10,431 33
202060,857 69,650 60,212 49,018 47,927 18,124 44
202142,063 36,817 26,140 26,769 12,908 24
202245,035 44,078 43,030 34,088 27
202358,702 59,525 40,167 31
202471,968 67,838 20
Total$399,853 
Insurance credit and political risk
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$— $23,309 $23,309 $23,309 $23,309 $23,309 $23,309 $23,309 $23,309 $23,309 
2016— 25,705 25,705 25,705 25,705 25,705 25,705 25,705 25,705 
2017397 3,985 9,138 11,573 10,786 10,237 8,514 5,940 
20185,327 13,300 15,299 11,376 19,486 23,362 22,928 
201915,859 46,227 53,489 56,682 54,747 53,948 
20209,416 88,017 55,084 50,349 50,018 
20212,769 (378)8,207 12,683 
20222,798 8,096 7,007 
20232,738 16,261 
20244,019 
Total221,818 
All outstanding liabilities before 2015, net of reinsurance5,977 
Liabilities for claims and claim adjustment expenses, net of reinsurance$184,012 
Insurance liability
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claimsCumulative number of reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$128,433 $127,087 $137,188 $164,685 $182,354 $187,650 $186,575 $187,816 $189,335 $194,101 $21,585 6,886
2016124,296 130,074 128,697 127,257 119,989 119,993 125,396 124,751 124,707 11,666 7,755
2017166,690 165,181 183,687 199,054 203,242 213,374 249,403 247,666 27,690 8,903
2018166,951 167,040 189,916 203,849 215,235 250,910 258,462 34,684 8,731
2019191,681 192,509 221,935 236,977 299,503 300,576 42,047 8,398
2020223,954 224,321 230,122 248,412 245,534 54,701 6,408
2021231,577 244,781 301,010 292,933 75,781 7,246
2022322,623 356,752 357,079 162,714 8,258
2023363,821 360,192 255,535 7,085
2024379,635 351,221 3,727
Total$2,760,885 
Insurance liability
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$5,436 $22,200 $39,394 $92,350 $119,836 $140,484 $150,293 $158,595 $162,235 $166,225 
20166,299 23,211 36,317 56,319 66,157 79,396 95,615 102,588 106,095 
20175,354 29,185 58,560 114,856 142,497 167,554 189,184 201,124 
20189,252 34,843 72,057 118,847 158,255 188,416 200,368 
20197,787 39,694 83,412 138,666 191,870 223,818 
20208,129 25,094 75,733 118,034 155,974 
202113,384 51,736 103,537 166,205 
202213,191 53,365 124,788 
20239,829 54,318 
202412,241 
Total1,411,156 
All outstanding liabilities before 2015, net of reinsurance59,273 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,409,002 
Reinsurance accident and health
Incurred claims and allocated claim adjustment expenses, net of reinsuranceDecember 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident Year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$93,754 $100,350 $93,862 $93,627 $92,906 $93,243 $92,251 $92,221 $92,966 $92,914 $84 
2016170,604 191,077 188,189 189,806 189,280 190,290 190,190 190,319 190,971 655 
2017183,761 189,292 183,173 182,013 183,023 182,973 181,916 182,326 384 
2018193,622 200,151 197,880 200,611 199,949 196,940 197,152 1,119 
2019217,364 211,873 207,308 204,907 198,928 199,155 1,108 
2020226,693 220,449 213,245 199,261 198,843 504 
2021231,917 226,777 222,084 218,106 3,442 
2022267,051 262,981 256,577 19,738 
2023242,835 251,034 43,093 
2024215,960 77,080 
Total$2,003,038 
Reinsurance accident and health
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident Year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$23,392 $77,212 $88,583 $91,789 $91,895 $92,362 $93,787 $93,599 $92,328 $92,314 
201650,017 149,814 180,891 187,052 189,036 188,632 189,558 189,146 189,131 
201779,215 156,941 171,794 178,569 179,075 179,725 179,491 179,715 
201872,826 164,972 191,414 190,959 194,064 194,539 194,680 
201967,755 169,294 195,595 196,317 194,411 199,235 
202081,783 171,822 210,093 191,899 192,168 
202168,549 179,195 209,615 212,355 
2022101,488 213,363 234,448 
2023130,720 199,466 
2024123,147 
Total1,816,659 
All outstanding liabilities before 2015, net of reinsurance
1,291 
Liabilities for claims and claim adjustment expenses, net of reinsurance$187,670 
Reinsurance agriculture
Incurred claims and allocated claim adjustment expenses, net of reinsuranceDecember 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident Year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$103,144 $95,576 $95,321 $95,308 $95,314 $95,492 $95,476 $95,608 $96,225 $96,287 $(3)
2016123,359 117,045 110,207 108,795 109,042 108,219 108,167 108,912 108,701 14 
2017151,526 144,159 138,274 139,344 138,810 137,342 136,483 133,371 36 
2018140,830 147,182 140,727 140,457 139,823 142,610 146,050 399 
2019182,793 185,089 187,599 183,213 182,923 184,383 323 
202062,506 62,636 63,702 61,801 59,833 153 
202169,694 61,057 57,608 56,784 3,740 
2022101,001 91,299 90,378 3,573 
2023103,003 104,308 45,157 
202490,163 82,981 
Total$1,070,258 
Reinsurance agriculture
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident Year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$1,716 $65,845 $92,954 $94,511 $94,848 $95,442 $95,431 $95,586 $96,198 $96,237 
20169,489 61,772 107,559 109,092 108,564 108,324 108,364 108,915 108,609 
20177,444 124,429 137,338 138,468 137,308 137,255 136,431 133,133 
20185,115 127,449 135,514 141,607 138,233 143,905 144,073 
201928,854 154,426 174,094 178,098 177,587 179,673 
202017,454 47,254 54,101 55,182 55,589 
20212,952 32,715 45,895 48,518 
202215,344 55,371 75,383 
202314,591 47,580 
20243,654 
Total892,449 
All outstanding liabilities before 2015, net of reinsurance
162 
Liabilities for claims and claim adjustment expenses, net of reinsurance$177,971 
Reinsurance marine and aviation
Incurred claims and allocated claim adjustment expenses, net of reinsuranceDecember 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident Year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$10,360 $9,193 $10,777 $14,938 $12,589 $12,220 $11,986 $11,937 $11,993 $11,964 $441 
201632,111 34,714 35,092 36,486 34,982 35,309 35,715 35,208 35,920 131 
201754,853 42,541 40,935 46,176 42,787 40,443 40,366 41,445 78 
201818,797 27,331 26,877 43,264 46,729 48,103 47,392 1,198 
201969,487 81,921 79,650 81,494 84,590 86,262 4,059 
202040,006 41,273 37,298 36,464 37,990 1,803 
202143,366 40,438 35,108 38,786 1,642 
202268,401 58,762 49,649 17,062 
202340,526 37,916 20,892 
202448,826 41,877 
Total$436,150 
Reinsurance marine and aviation
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident Year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$416 $2,646 $6,417 $8,620 $10,177 $10,972 $10,798 $10,879 $11,012 $11,274 
20162,626 18,704 25,747 29,664 32,375 33,422 34,013 34,223 34,605 
20172,674 23,370 28,664 33,578 36,600 36,708 37,610 39,064 
20181,776 10,815 24,223 30,639 34,252 37,601 39,599 
201910,672 27,031 34,246 52,675 67,673 72,288 
20203,983 16,455 23,525 29,316 32,332 
20215,407 12,160 20,118 27,671 
20227,732 18,402 24,732 
20231,472 6,902 
20242,045 
Total290,512 
All outstanding liabilities before 2015, net of reinsurance
3,706 
Liabilities for claims and claim adjustment expenses, net of reinsurance$149,344 
Reinsurance professional lines
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$211,361 $211,024 $213,232 $223,865 $230,444 $227,420 $233,925 $239,843 $250,896 $250,292 $15,211 
2016194,564 195,543 198,934 226,305 253,676 253,578 265,439 277,105 276,527 18,210 
2017154,215 154,560 160,679 176,245 185,849 208,425 237,237 237,500 27,326 
2018144,599 146,713 153,514 164,134 172,179 193,077 190,588 (677)
2019135,866 135,003 138,634 143,617 154,826 149,984 15,699 
2020138,881 138,846 133,815 131,679 135,632 55,500 
2021147,464 139,462 134,870 135,793 77,868 
2022168,535 152,352 152,014 99,800 
2023135,093 135,427 106,522 
2024106,558 96,010 
Total$1,770,315 
Reinsurance professional lines
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$3,134 $13,502 $41,440 $79,127 $111,504 $131,185 $151,960 $169,894 $183,371 $199,230 
20161,752 20,397 52,347 94,682 124,288 152,878 180,296 201,985 222,284 
20172,812 14,746 39,723 62,483 88,279 115,586 136,560 165,728 
2018273 2,495 30,964 56,426 81,129 112,549 137,940 
2019362 13,463 33,104 52,368 74,942 97,450 
20203,820 13,773 26,460 40,009 57,776 
20214,337 11,320 22,453 38,523 
20223,233 11,684 28,924 
20233,452 12,388 
20242,962 
Total963,205 
All outstanding liabilities before 2015, net of reinsurance136,065 
Liabilities for claims and claim adjustment expenses, net of reinsurance$943,175 
Reinsurance credit and surety
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$156,256 $159,662 $154,425 $150,883 $132,750 $133,679 $134,817 $129,441 $125,761 $125,755 $1,361 
2016138,199 136,760 144,405 119,427 112,113 109,778 107,428 109,579 111,169 592 
2017135,014 128,141 122,255 113,551 111,099 110,948 111,360 110,277 2,239 
2018108,874 115,673 109,266 106,339 101,044 87,774 87,535 3,276 
201972,245 64,952 64,711 62,649 54,467 54,501 3,369 
202076,156 82,568 68,240 94,044 89,395 13,239 
202151,523 43,356 40,832 41,061 13,639 
202263,310 50,474 50,203 30,771 
202385,730 85,451 45,993 
202479,933 54,383 
Total$835,280 
Reinsurance credit and surety
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$32,721 $78,814 $95,640 $111,972 $113,904 $117,515 $118,370 $117,224 $114,711 $115,099 
201641,639 70,896 88,974 98,411 99,415 97,926 97,638 99,762 99,527 
201737,018 71,362 87,088 98,480 96,569 99,473 100,308 100,954 
201838,619 65,916 69,263 80,736 82,379 83,859 84,092 
201919,163 29,432 42,248 44,277 46,442 46,199 
202025,277 33,572 38,972 43,304 48,666 
20214,460 8,909 16,768 18,726 
20226,845 10,916 13,259 
202310,314 20,167 
202411,398 
Total558,087 
All outstanding liabilities before 2015, net of reinsurance28,849 
Liabilities for claims and claim adjustment expenses, net of reinsurance$306,042 
Reinsurance motor
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$215,985 $208,783 $212,699 $214,510 $204,009 $203,169 $200,453 $200,843 $199,519 $199,471 $10,658 
2016239,098 252,847 254,013 244,592 236,810 234,357 238,113 238,717 238,942 1,903 
2017353,883 358,716 347,805 348,494 349,584 344,966 351,598 351,699 21,818 
2018348,090 343,752 354,625 351,594 339,260 351,737 350,894 17,085 
2019331,840 330,204 330,904 321,798 326,641 326,155 7,574 
2020209,930 212,344 208,823 192,333 192,990 7,877 
2021176,116 176,135 178,461 178,561 22,550 
2022154,073 166,810 158,097 24,177 
2023121,411 128,732 23,925 
202484,425 50,610 
Total$2,209,966 
Reinsurance motor
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$57,035 $90,219 $109,330 $126,014 $141,391 $141,761 $164,226 $169,228 $171,272 $175,513 
201660,117 101,425 124,192 141,526 153,840 177,453 184,773 193,160 202,406 
201771,292 130,330 159,573 193,899 215,552 238,380 256,263 266,624 
201883,155 138,377 201,610 210,849 234,853 254,645 273,683 
201989,950 182,006 198,344 219,950 238,617 257,423 
202043,468 94,350 113,316 125,200 134,082 
202141,657 74,997 92,381 104,602 
202235,075 51,509 63,668 
202325,966 44,970 
202415,114 
Total1,538,085 
All outstanding liabilities before 2015, net of reinsurance262,566 
Liabilities for claims and claim adjustment expenses, net of reinsurance$934,447 
Reinsurance liability
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$213,111 $213,356 $214,303 $214,193 $212,052 $212,453 $202,266 $205,170 $215,869 $215,609 $12,588 
2016238,237 243,345 248,154 251,425 260,727 264,490 271,912 311,876 313,766 30,063 
2017273,121 267,788 276,627 285,245 294,535 303,916 339,798 338,776 25,655 
2018262,170 266,567 271,505 284,659 304,407 349,520 349,317 47,871 
2019262,105 270,541 272,501 271,351 329,313 334,773 82,959 
2020282,298 282,700 277,534 303,976 307,787 104,900 
2021302,849 310,334 343,399 334,588 139,743 
2022346,756 341,727 334,639 165,420 
2023273,950 273,571 170,489 
2024247,866 217,212 
Total$3,050,692 
Reinsurance liability
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$7,266 $27,432 $54,372 $80,691 $108,548 $130,417 $141,135 $151,506 $166,279 $178,276 
201611,837 37,527 69,136 111,165 142,074 165,531 188,319 215,185 234,297 
201712,394 41,984 78,240 120,145 157,920 192,427 223,321 250,245 
201819,352 49,673 84,839 127,457 165,827 206,294 244,159 
201919,288 45,132 79,439 119,854 158,542 201,377 
202016,930 48,916 82,113 119,248 152,616 
202110,882 58,253 98,671 145,566 
202218,024 51,960 102,346 
202314,979 45,121 
202413,368 
Total1,567,371 
All outstanding liabilities before 2015, net of reinsurance127,910 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,611,231 
Reinsurance run-off
Incurred claims and allocated claim adjustment expenses, net of reinsuranceAt December 31, 2024
For the years ended December 31,Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$264,343 $252,265 $252,266 $243,094 $241,916 $246,713 $244,566 $242,674 $240,289 $240,152 $1,636 
2016278,963 277,871 275,202 269,952 273,294 273,472 273,184 266,307 265,991 3,048 
2017701,995 702,732 743,852 744,427 742,270 733,045 725,458 729,636 23,633 
2018518,635 603,305 617,932 603,972 589,801 589,927 587,086 14,977 
2019431,902 407,538 387,635 372,883 366,152 368,869 14,143 
2020509,942 538,067 533,206 537,210 533,431 31,778 
2021419,674 427,037 422,974 421,678 28,832 
2022260,346 218,849 221,806 43,059 
202363,904 60,979 21,860 
202428,826 7,873 
Total$3,458,454 
Reinsurance run-off
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
For the years ended December 31,
Accident year2015 unaudited2016 unaudited2017 unaudited2018 unaudited2019 unaudited2020 unaudited2021 unaudited2022 unaudited2023 unaudited2024
2015$46,281 $117,515 $175,420 $200,069 $210,135 $214,446 $228,479 $230,094 $231,029 $232,580 
201663,381 137,032 195,162 225,752 239,689 246,337 251,662 250,127 252,695 
2017163,739 419,762 533,804 591,946 615,721 650,897 661,617 672,949 
2018116,822 326,092 419,373 471,002 517,408 538,362 546,510 
201955,275 199,958 256,712 291,464 315,548 329,517 
2020104,927 234,874 316,569 383,462 429,759 
202187,733 230,145 292,521 341,460 
202249,727 101,413 133,777 
202322,862 29,381 
202411,372 
Total2,980,000 
All outstanding liabilities before 2015, net of reinsurance38,605 
Liabilities for claims and claim adjustment expenses, net of reinsurance$517,059 
Summary of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Insurance property
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
31.2%40.2%13.2%5.7%0.6%0.5%(0.6%)1.7%0.7%1.1%
Insurance accident and health
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
54.2%33.2%6.0%1.9%1.7%0.5%1.1%(0.2%)(1.3%)0.2%
Insurance marine and aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
18.5%25.8%20.5%9.4%4.0%3.3%3.9%1.1%(0.6%)—%
Insurance cyber
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
10.6%24.0%17.1%17.2%7.7%5.5%8.1%7.2%1.9%(0.2%)
Insurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
3.5%11.0%15.5%12.5%12.5%12.0%7.8%4.8%8.1%2.0%
Insurance credit and political risk
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
9.6%56.7%5.8%3.8%3.3%1.5%(6.0%)(11.1%)—%—%
Insurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
3.4%10.7%14.8%20.2%13.6%10.7%7.9%4.9%2.4%2.1%
Reinsurance accident and health
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
38.7%46.4%13.1%0.4%0.4%0.7%0.5%(0.1%)(0.7%)—%
Reinsurance agriculture
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
10.5%59.2%19.1%2.4%(0.5%)1.1%(0.1%)(0.6%)0.2%—%
Reinsurance marine and aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
8.2%26.4%19.1%15.8%10.1%4.4%1.6%1.6%1.1%2.2%
Reinsurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
1.7%5.6%11.3%12.6%12.6%12.2%10.1%9.1%6.4%6.3%
Reinsurance credit and surety
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
25.6%20.4%12.6%8.3%2.1%1.1%0.4%0.5%(1.1%)0.3%
Reinsurance motor
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
23.2%18.3%9.7%6.8%6.0%5.6%6.2%3.0%2.5%2.1%
Reinsurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
4.7%9.8%11.5%12.6%11.2%10.4%8.1%7.1%6.5%5.6%
Reinsurance run-off
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
24.0%28.8%17.2%10.3%6.0%3.3%2.7%0.6%0.7%0.6%
Summary of Reconciliation of Development Tables to Consolidated Balance Sheet
The following table reconciles the reserve for losses and loss expenses at December 31, 2024, included in the loss development tables to the reserve for losses and loss expenses reported in the consolidated balance sheet:
Reconciliation of the disclosure of incurred and paid claims development to the liability
for unpaid claims and claim adjustment expenses
At December 31, 2024
Net outstanding liabilitiesReinsurance recoverable on unpaid claimsGross outstanding liabilities
Insurance segment
Property$810,674 $476,362 $1,287,036 
Accident and health134,285 9,565 143,850 
Marine and aviation795,884 348,062 1,143,946 
Cyber370,549 455,301 825,850 
Professional lines2,034,530 1,365,043 3,399,573 
Credit and political risk184,012 35,302 219,314 
Liability1,409,002 2,106,520 3,515,522 
Total insurance segment5,738,936 4,796,155 10,535,091 
Reinsurance segment
Accident and health187,670 61,724 249,394 
Agriculture177,971 10,917 188,888 
Marine and aviation149,344 26,273 175,617 
Professional lines943,175 440,572 1,383,747 
Credit and surety306,042 132,474 438,516 
Motor934,447 352,438 1,286,885 
Liability1,611,231 813,796 2,425,027 
Run-off lines517,059 206,548 723,607 
Total reinsurance segment4,826,939 2,044,742 6,871,681 
Total$10,565,875 $6,840,897 17,406,772 
Unallocated claims adjustment expenses212,623 
Foreign exchange and other(1)
(10,992)
Ceded reserves related to retroactive transactions (389,474)
Total liability for unpaid claims and claims adjustment expense$17,218,929 
(1)    Non-U.S. dollar denominated loss data is converted to U.S dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in currency exchange rates may cause material shifts in loss development. Reserves for losses and loss expenses disclosed in the consolidated balance sheets are also remeasured using rates of exchange in effect at the balance sheet date.