[1]

Reflects favorable prior accident year loss reserve development from several catastrophes that occurred primarily in the 2016 accident year.

[2]

Reflects favorable prior accident year loss reserve development from several catastrophes that occurred in the 2010 through 2015 accident years.

[3]

Includes favorable prior accident year loss reserve development of ($27.7) million from Super Storm Sandy in 2012 and various smaller amounts on catastrophes that occurred in the 2010, 2011, 2013 and 2014 accident years, partially offset by unfavorable prior accident year development from the New Zealand earthquake in 2010.

[4]

Reflects favorable prior accident year loss reserve development primarily related to the 2011 through 2016 accident years.

[5]

Reflects favorable prior accident year loss reserve development primarily related to the 2011 through 2015 accident years.

[6]

Reflects favorable prior accident year loss reserve development primarily related to the 2013 and 2014 accident years.

[7]

Represents unfavorable prior accident year loss reserve development arising from the U.K. Ministry of Justice's decision to significantly reduce the discount rate, referred to as the Ogden rate, used to calculate lump-sum bodily injury payouts in personal injury insurance claims in the U.K. As of March 20, 2017, the Ogden rate changed from 2.50 percent to negative 0.75 percent.

[8]

Represents unfavorable prior accident year loss reserve development related to a commutation and release agreement entered into on November 30, 2015 by TransRe with AIG Property Casualty, Inc., National Indemnity Company and Resolute Management, Inc. with respect to certain reinsurance contracts, including contracts covering asbestos-related illness and environmental impairment liabilities for 1986 and prior years.

[9]

Represents certain medical malpractice treaties pursuant to which the increased underwriting profits created by the favorable prior accident year loss reserve development are largely retained by the cedants. As a result, the favorable prior accident year loss reserve development is largely offset by an increase in profit commission expense incurred when such favorable prior accident year loss reserve development occurs.

[10]

Primarily reflects favorable prior accident year loss reserve development in: (i) longer-tailed professional liability and general liability lines of business related to the 2003 through 2012 accident years; and (ii) shorter-tailed casualty lines of business related to the 2010 through 2014 accident years; partially offset by unfavorable prior accident year loss reserve development in shorter-tailed casualty lines of business in the 2015 and 2016 accident years.

[11]

Generally reflects favorable prior accident year loss reserve development reserves in a variety of casualty & other lines of business primarily from the 2003 through 2015 accident years.

[12]

Generally reflects favorable prior accident year loss reserve development in a variety of casualty & other lines of business primarily from the 2005 through 2014 accident years, including ($30.7) million of favorable prior accident year development related to French medical malpractice loss reserves commuted in the fourth quarter of 2015 with a European cedant, partially offset by unfavorable prior accident year development from the 2004 and prior accident years.

[13]

Primarily reflects favorable prior accident year loss reserve development in the umbrella/excess lines of business related to the 2005 through 2011 accident years.

[14]

Primarily reflects favorable prior accident year loss reserve development in the umbrella/excess, general liability and professional liability lines of business related to the 2006 through 2012 accident years.

[15]

Primarily reflects favorable prior accident year loss reserve development in the umbrella/excess, general liability and professional liability lines of business related to the 2006 through 2011 accident years, partially offset by unfavorable prior accident year loss reserve development in the directors' and officers' liability lines of business related to the 2011 through 2014 accident years.

[16]

Primarily reflects favorable catastrophe prior accident year loss reserve development related to the 2016 accident year, partially offset by unfavorable prior accident year property loss reserve development in the binding authority lines of business primarily related to the 2015 and 2016 accident years.

[17]

Includes favorable prior accident year loss reserve development of ($20.6) million from Super Storm Sandy in 2012 and various other smaller amounts primarily from non-catastrophe property lines of business in recent accident years.

[18]

Primarily reflects favorable prior accident year development of ($4.1) million from Super Storm Sandy in 2012, net of reinsurance, and favorable prior accident year loss reserve development related to unallocated LAE reserves.

[19]

Primarily reflects favorable prior accident year loss reserve development in the casualty lines of business related to the 2010, 2014, 2015 and 2016 accident years.

[20]

Primarily reflects unfavorable prior accident year loss reserve development related to the casualty lines of business from the 2011 through 2013 accident years.

[21]

Represents certain specialty lines of business written through a program administrator in connection with a terminated program related to the 2010 and 2009 accident years and reflects (favorable) loss emergence compared with loss emergence patterns assumed in earlier periods for such business.

[22]

Primarily reflects favorable prior accident year loss reserve development related to the 2013 and prior accident years.

[23]

Primarily reflects favorable prior accident year loss reserve development related to the 2012 and prior accident years.