XML 58 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Liability for Loss and LAE (Tables)
 12 Months Ended
Dec. 31, 2020
Activity in Liability for Loss and Loss Adjustment Expense

The following table presents the activity in the liability for loss and LAE in 2020, 2019 and 2018:

 

 

 

Year Ended December 31,

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

($ in millions)

Reserves as of January 1

 

$

11,928.4

 

 

$

12,250.3

 

 

$

11,871.3

 

 

Less: reinsurance recoverables(1)

 

 

1,583.9

 

 

 

1,857.4

 

 

 

1,650.1

 

 

Net reserves as of January 1

 

 

10,344.5

 

 

 

10,392.9

 

 

 

10,221.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other adjustments

 

 

(4.0

)

 

 

(2.3

)

 

 

0.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred loss and LAE, net of reinsurance, related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year

 

 

4,559.9

 

 

 

3,871.1

 

 

 

3,849.4

 

 

Prior years

 

 

(220.8

)

 

 

(184.7

)

 

 

(329.0

)

 

Total incurred loss and LAE, net of reinsurance

 

 

4,339.1

 

 

 

3,686.4

 

 

 

3,520.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid loss and LAE, net of reinsurance, related to:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year

 

 

931.7

 

 

 

884.6

 

 

 

838.9

 

 

Prior years

 

 

2,571.8

 

 

 

2,839.9

 

 

 

2,419.0

 

 

Total paid loss and LAE, net of reinsurance

 

 

3,503.5

 

 

 

3,724.5

 

 

 

3,257.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange rate effect

 

 

90.8

 

 

 

(8.0

)

 

 

(91.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net reserves as of December 31

 

 

11,266.9

 

 

 

10,344.5

 

 

 

10,392.9

 

 

Reinsurance recoverables as of December 31(1)

 

 

1,703.7

 

 

 

1,583.9

 

 

 

1,857.4

 

 

Reserves as of December 31

 

$

12,970.6

 

 

$

11,928.4

 

 

$

12,250.3

 

 

 

(1)

Reinsurance recoverables in this table include only ceded loss and LAE reserves.

(2)

Includes paid loss and LAE, net of reinsurance, related to commutations.

(Favorable) Unfavorable Prior Accident Year Loss Reserve Development

The following table presents the (favorable) unfavorable prior accident year loss reserve development for 2020, 2019 and 2018:

 

 

 

Year Ended December,

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

($ in millions)

Reinsurance Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

Property:

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe events

 

$

(43.3

)

(1)

$

(6.8

)

(2)

$

(20.2

)

(3)

Non-catastrophe

 

 

(33.6

)

(4)

 

(39.4

)

(5)

 

(64.7

)

(6)

Total

 

 

(76.9

)

 

 

(46.2

)

 

 

(84.9

)

 

Casualty & other:

 

 

 

 

 

 

 

 

 

 

 

 

 

Malpractice Treaties(7)

 

 

—

 

 

 

(1.4

)

 

 

(3.4

)

 

Catastrophe events

 

 

(5.9

)

 

 

(4.4

)

 

 

(6.7

)

 

Other

 

 

(124.1

)

(8)

 

(143.8

)

(9)

 

(171.1

)

(10)

Total

 

 

(130.0

)

 

 

(149.6

)

 

 

(181.2

)

 

Total Reinsurance Segment

 

 

(206.9

)

 

 

(195.8

)

 

 

(266.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUI:

 

 

 

 

 

 

 

 

 

 

 

 

 

Casualty

 

 

1.8

 

(11)

 

(16.3

)

(12)

 

(27.8

)

(13)

Property and other

 

 

(14.6

)

(14)

 

(1.2

)

(15)

 

(30.9

)

(16)

Total

 

 

(12.8

)

 

 

(17.5

)

 

 

(58.7

)

 

CapSpecialty:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ongoing lines of business

 

 

(2.0

)

(17)

 

26.1

 

(18)

 

(4.2

)

(19)

Terminated Program(20)

 

 

0.9

 

 

 

3.0

 

 

 

—

 

 

Asbestos-related illness and environmental impairment liability

 

 

—

 

 

 

(0.5

)

 

 

—

 

 

Total

 

 

(1.1

)

 

 

28.6

 

 

 

(4.2

)

 

Total incurred related to prior years

 

$

(220.8

)

 

$

(184.7

)

 

$

(329.0

)

 

 

(1)

Primarily reflects favorable prior accident year loss reserve development related to Typhoon Hagibis in the 2019 accident year and wildfires in California in the 2017 and 2018 accident years, partially offset by unfavorable prior accident year loss reserve development related to Hurricane Irma in the 2017 accident year and Typhoon Faxai in the 2019 accident year.

(2)

Primarily reflects favorable prior accident year loss reserve development related to wildfires in California in the 2018 accident year, partially offset by unfavorable prior accident year loss reserve development related to Typhoon Jebi in the 2018 accident year and Hurricane Irma in 2017 accident year.

(3)

Primarily reflects favorable prior accident year loss reserve development related to Hurricane Harvey in the 2017 accident year and catastrophes in the 2016 accident year, partially offset by unfavorable prior accident year loss reserve development related to Hurricanes Maria and Irma in the 2017 accident year.

(4)

Primarily reflects favorable prior accident year loss reserve development in the 2017 accident year.

(5)

Primarily reflects favorable prior accident year loss reserve development in the 2016 and 2017 accident years, partially offset by unfavorable prior accident year loss reserve development in the 2018 accident year.

(6)

Primarily reflects favorable prior accident year loss reserve development in the 2015 and 2016 accident years, partially offset by unfavorable prior accident year loss reserve development in the 2017 accident year.

(7)

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.

(8)

Primarily reflects favorable prior accident year loss reserve development in the longer-tailed lines of business in the 2014 and earlier accident years and in the shorter-tailed lines of business in the 2017 accident year, partially offset by unfavorable prior accident year loss reserve development in the longer-tailed lines of business in the 2016 to 2018 accident years.

(9)

Primarily reflects favorable prior accident year loss reserve development in the longer-tailed casualty lines of business in the 2014 and prior accident years and, to a lesser extent, shorter-tailed lines of business in the 2014 and prior accident years, partially offset by unfavorable prior accident year loss reserve development in the marine and aviation lines of business in the 2018 accident year.

(10)

Primarily reflects favorable prior accident year loss reserve development in the longer-tailed casualty lines of business in the 2002 through 2010 accident years and in the shorter-tailed casualty lines of business (specifically, ocean marine, automobile liability and accident & health) in the 2017 accident year, partially offset by unfavorable prior accident year loss reserve development in the professional liability lines of business in the 2015 accident year.

(11)

Primarily reflects unfavorable prior accident year loss reserve development in the professional liability lines of business in the 2017 through 2019 accident years, partially offset by favorable prior accident year loss reserve development in the directors’ and officers’ liability and umbrella/excess lines of business in the 2011 through 2015 accident years.

(12)

Primarily reflects favorable prior accident year loss reserve development in the directors’ and officers’ liability and umbrella/excess lines of business in the 2011 through 2015 accident years, partially offset by unfavorable prior accident year loss reserve development in the professional liability lines of business in the 2016 through 2018 accident years.

(13)

Primarily reflects favorable prior accident year loss reserve development in the umbrella/excess lines of business in the 2005 through 2012 accident years, partially offset by unfavorable prior accident year loss reserve development in the directors’ and officers’ liability lines of business in the 2009, 2012 and 2016 accident years.

(14)

Primarily reflects favorable prior accident year loss reserve development related to U.S. catastrophe losses in the 2018 accident year and, to a lesser extent, favorable prior accident year loss reserve development related to the assumed property reinsurance lines of business from catastrophe losses in the 2019 and 2018 accident years.

(15)

Primarily reflects favorable prior accident year loss reserve development related to Superstorm Sandy in the 2012 accident year, Hurricanes Florence and Michael in the 2018 accident year and Hurricanes Harvey and Maria in the 2017 accident year, partially offset by assumed property reinsurance lines of business from both catastrophe and non-catastrophe losses in the 2018 accident year.

(16)

Primarily reflects favorable prior accident year loss reserve development related to Hurricane Irma in the 2017 accident year and, to a lesser extent, Hurricane Matthew in the 2016 accident year, as well as various other losses not classified as catastrophes in recent accident years.

(17)

Primarily reflects favorable prior accident year development related to the surety lines of business from recent accident years.

(18)

Primarily reflects unfavorable prior accident loss reserve development related to the professional liability and other casualty lines of business in the 2015 through 2018 accident years.

(19)

Primarily reflects favorable prior accident year loss reserve development in the surety lines of business in the 2016 and 2017 accident years.

(20)

Represents certain specialty lines of business written through a program administrator in connection with a terminated program in the 2010 and 2009 accident years and reflects favorable loss emergence compared with loss emergence patterns assumed in earlier periods for such business.
Loss and LAE Reserve Summary and Reconciliation to Consolidated Balance Sheet

Loss and LAE Reserve Summary and Reconciliation to Consolidated Balance Sheet

 

 

 

Unpaid loss and LAE as of December 31, 2020(1)

 

 

 

Gross Loss and

LAE Reserves

 

 

Reinsurance

Recoverables

on Unpaid

Losses

 

 

Net Loss and

LAE Reserves

 

 

 

($ in millions)

 

Reinsurance Segment:

 

 

 

 

 

 

 

 

 

 

 

 

Property

 

$

2,086.0

 

 

$

480.0

 

 

$

1,606.0

 

Casualty & other - Longer-Tailed Lines of Business

 

 

4,863.7

 

 

 

103.5

 

 

 

4,760.2

 

Casualty & other - Shorter-Tailed Lines of Business

 

 

2,864.3

 

 

 

247.2

 

 

 

2,617.1

 

 

 

 

9,814.0

 

 

 

830.7

 

 

 

8,983.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Segment:

 

 

 

 

 

 

 

 

 

 

 

 

RSUI - Property

 

 

630.6

 

 

 

222.1

 

 

 

408.5

 

RSUI - Casualty

 

 

2,060.7

 

 

 

654.5

 

 

 

1,406.2

 

RSUI

 

 

2,691.3

 

 

 

876.6

 

 

 

1,814.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapSpecialty

 

 

535.6

 

 

 

66.7

 

 

 

468.9

 

 

 

 

3,226.9

 

 

 

943.3

 

 

 

2,283.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations

 

 

(70.3

)

 

 

(70.3

)

 

 

—

 

Total

 

$

12,970.6

 

 

$

1,703.7

 

 

$

11,266.9

 

 

(1)

Includes unallocated LAE, which aggregate to 1.0 percent of gross loss and LAE reserves as of December 31, 2020. Net loss and LAE reserves by component are shown in the preceding tables, and consolidated gross loss and LAE reserves is presented in the consolidated balance sheets.

Average Historical Loss and LAE Duration

The following table presents supplemental information about average historical loss and LAE duration, net of reinsurance, as of December 31, 2020.

 

 

 

 

 

Average Annual Percentage Payout of Loss and LAE Incurred, Net of Reinsurance

 

 

 

 

 

As of December 31, 2020

 

 

 

Years

 

1

 

 

2

 

 

3

 

 

4

 

 

5

 

 

6

 

 

7

 

 

8

 

 

9

 

 

10

 

Reinsurance Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property

 

 

 

 

28.5

%

 

 

40.3

%

 

 

17.1

%

 

 

6.9

%

 

 

2.8

%

 

 

1.1

%

 

 

0.5

%

 

 

0.9

%

 

 

-0.1

%

 

 

0.1

%

Casualty & other - Longer-Tailed Lines of Business

 

4.1

%

 

 

8.9

%

 

 

13.4

%

 

 

15.6

%

 

 

13.9

%

 

 

10.2

%

 

 

7.2

%

 

 

4.7

%

 

 

3.6

%

 

 

1.7

%

Casualty & other - Shorter-Tailed Lines of Business

 

33.5

%

 

 

27.8

%

 

 

13.8

%

 

 

7.0

%

 

 

4.4

%

 

 

2.6

%

 

 

1.4

%

 

 

1.1

%

 

 

0.7

%

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUI - Property

 

 

 

 

38.9

%

 

 

34.1

%

 

 

11.1

%

 

 

5.5

%

 

 

2.7

%

 

 

2.3

%

 

 

0.6

%

 

 

0.6

%

 

 

0.1

%

 

 

0.1

%

RSUI - Casualty

 

 

 

 

3.7

%

 

 

15.8

%

 

 

18.5

%

 

 

15.9

%

 

 

10.1

%

 

 

7.7

%

 

 

4.7

%

 

 

3.2

%

 

 

1.3

%

 

 

0.5

%

CapSpecialty

 

 

 

 

20.7

%

 

 

22.8

%

 

 

16.3

%

 

 

13.3

%

 

 

9.3

%

 

 

4.2

%

 

 

2.2

%

 

 

1.6

%

 

 

0.2

%

 

 

0.0

%
Reinsurance Segment | Property  
Supplemental Information About Incurred and Paid Loss and LAE Development and Reconciliation to Consolidated Balance Sheet

Reinsurance Segment

Property

 

 

 

Incurred Loss and LAE, Net of Reinsurance

 

 

As of

 

 

 

Year Ended December 31,

 

 

December 31, 2020

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

IBNR

 

 

 

($ in millions)

 

2011

 

$

1,351.2

 

 

$

1,342.3

 

 

$

1,269.4

 

 

$

1,240.7

 

 

$

1,235.2

 

 

$

1,217.1

 

 

$

1,210.9

 

 

$

1,209.6

 

 

$

1,207.7

 

 

$

1,206.4

 

 

$

—

 

2012

 

 

 

 

 

 

697.2

 

 

 

579.1

 

 

 

530.3

 

 

 

495.6

 

 

 

478.1

 

 

 

469.4

 

 

 

462.5

 

 

 

460.3

 

 

 

454.9

 

 

 

—

 

2013

 

 

 

 

 

 

 

 

 

 

501.2

 

 

 

470.6

 

 

 

444.6

 

 

 

422.1

 

 

 

406.8

 

 

 

403.6

 

 

 

398.1

 

 

 

394.7

 

 

 

0.7

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

496.4

 

 

 

464.8

 

 

 

451.3

 

 

 

435.2

 

 

 

429.8

 

 

 

425.1

 

 

 

419.7

 

 

 

2.9

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

368.8

 

 

 

332.0

 

 

 

320.6

 

 

 

306.3

 

 

 

301.9

 

 

 

297.9

 

 

 

4.2

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

684.1

 

 

 

647.2

 

 

 

596.7

 

 

 

587.9

 

 

 

577.8

 

 

 

11.1

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,174.6

 

 

 

1,179.5

 

 

 

1,148.3

 

 

 

1,127.7

 

 

 

31.9

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,152.7

 

 

 

1,169.4

 

 

 

1,147.8

 

 

 

85.2

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

988.7

 

 

 

981.5

 

 

 

132.9

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,207.5

 

 

 

648.7

 

Total Incurred Loss and LAE for the 2011 through 2020 accident years

 

 

$

7,815.9

 

 

 

 

 

 

 

 

Paid Loss and LAE, Net of Reinsurance

 

 

 

Year Ended December 31,

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

 

($ in millions)

 

2011

 

$

407.8

 

 

$

796.4

 

 

$

1,014.3

 

 

$

1,129.2

 

 

$

1,171.0

 

 

$

1,187.2

 

 

$

1,195.0

 

 

$

1,199.7

 

 

$

1,195.3

 

 

$

1,197.0

 

2012

 

 

 

 

 

 

90.3

 

 

 

268.9

 

 

 

377.8

 

 

 

416.7

 

 

 

438.0

 

 

 

448.0

 

 

 

451.2

 

 

 

460.1

 

 

 

461.1

 

2013

 

 

 

 

 

 

 

 

 

 

113.1

 

 

 

277.4

 

 

 

361.0

 

 

 

389.8

 

 

 

396.7

 

 

 

399.7

 

 

 

401.4

 

 

 

403.0

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109.4

 

 

 

297.6

 

 

 

360.0

 

 

 

382.9

 

 

 

394.0

 

 

 

397.3

 

 

 

398.4

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96.0

 

 

 

217.7

 

 

 

278.3

 

 

 

303.1

 

 

 

307.6

 

 

 

308.8

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

210.5

 

 

 

429.8

 

 

 

504.8

 

 

 

535.1

 

 

 

552.2

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

324.5

 

 

 

818.5

 

 

 

977.9

 

 

 

1,023.0

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

309.5

 

 

 

811.8

 

 

 

944.2

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

265.1

 

 

 

645.5

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

301.1

 

Cumulative Paid Loss and LAE for the 2011 through 2020 accident years

 

 

$

6,234.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total incurred loss and LAE for the 2011 through 2020 accident years

 

 

$

7,815.9

 

Cumulative paid loss and LAE for the 2011 through 2020 accident years

 

 

 

6,234.3

 

Unpaid loss and LAE, net of reinsurance recoverables, for accident years prior to 2011

 

 

 

24.4

 

Unpaid loss and LAE, net of reinsurance recoverables, as of December 31, 2020

 

 

$

1,606.0

 

 

 
Reinsurance Segment | Casualty & Other | Longer Tailed Lines of Business  
Supplemental Information About Incurred and Paid Loss and LAE Development and Reconciliation to Consolidated Balance Sheet

 Reinsurance Segment

Casualty & other – Longer-Tailed Lines of Business(1)

 

 

 

Incurred Loss and LAE, Net of Reinsurance

 

 

As of

 

 

 

Year Ended December 31,

 

 

December 31, 2020

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

IBNR

 

 

 

($ in millions)

 

2011

 

$

996.0

 

 

$

1,009.6

 

 

$

994.6

 

 

$

974.6

 

 

$

959.1

 

 

$

949.9

 

 

$

942.6

 

 

$

925.5

 

 

$

920.6

 

 

$

904.4

 

 

$

94.1

 

2012

 

 

 

 

 

 

877.5

 

 

 

877.5

 

 

 

875.9

 

 

 

860.8

 

 

 

833.1

 

 

 

829.8

 

 

 

832.4

 

 

 

826.4

 

 

 

819.7

 

 

 

94.4

 

2013

 

 

 

 

 

 

 

 

 

 

798.6

 

 

 

802.2

 

 

 

799.2

 

 

 

777.5

 

 

 

776.7

 

 

 

783.0

 

 

 

767.4

 

 

 

740.5

 

 

 

132.1

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801.8

 

 

 

791.1

 

 

 

794.3

 

 

 

793.9

 

 

 

790.3

 

 

 

784.8

 

 

 

771.7

 

 

 

160.3

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

794.8

 

 

 

799.0

 

 

 

797.0

 

 

 

793.7

 

 

 

799.1

 

 

 

799.6

 

 

 

170.5

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

776.7

 

 

 

776.8

 

 

 

787.4

 

 

 

807.8

 

 

 

842.2

 

 

 

181.1

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

764.4

 

 

 

765.7

 

 

 

783.4

 

 

 

800.1

 

 

 

263.3

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

727.3

 

 

 

741.6

 

 

 

752.5

 

 

 

393.1

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

759.7

 

 

 

761.6

 

 

 

564.3

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

978.1

 

 

 

867.0

 

Total Incurred Loss and LAE for the 2011 through 2020 accident years

 

 

$

8,170.4

 

 

 

 

 

 

 

 

Paid Loss and LAE, Net of Reinsurance

 

 

 

Year Ended December 31,

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

 

($ in millions)

 

2011

 

$

29.6

 

 

$

89.4

 

 

$

206.4

 

 

$

373.4

 

 

$

501.8

 

 

$

595.1

 

 

$

663.0

 

 

$

709.1

 

 

$

748.2

 

 

$

763.7

 

2012

 

 

 

 

 

 

46.9

 

 

 

106.8

 

 

 

201.1

 

 

 

316.6

 

 

 

435.7

 

 

 

521.3

 

 

 

587.0

 

 

 

624.4

 

 

 

648.7

 

2013

 

 

 

 

 

 

 

 

 

 

22.2

 

 

 

85.1

 

 

 

176.6

 

 

 

296.4

 

 

 

378.0

 

 

 

452.7

 

 

 

494.6

 

 

 

528.5

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29.8

 

 

 

107.5

 

 

 

229.6

 

 

 

342.9

 

 

 

444.7

 

 

 

522.7

 

 

 

580.6

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32.2

 

 

 

100.4

 

 

 

205.0

 

 

 

325.8

 

 

 

455.8

 

 

 

536.5

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34.8

 

 

 

121.8

 

 

 

242.9

 

 

 

370.0

 

 

 

491.1

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34.0

 

 

 

110.6

 

 

 

221.8

 

 

 

347.5

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33.0

 

 

 

104.6

 

 

 

206.7

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29.0

 

 

 

99.7

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47.2

 

Cumulative Paid Loss and LAE for the 2011 through 2020 accident years

 

 

$

4,250.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total incurred loss and LAE for the 2011 through 2020 accident years

 

 

$

8,170.4

 

Cumulative paid loss and LAE for the 2011 through 2020 accident years

 

 

 

4,250.2

 

Unpaid loss and LAE, net of reinsurance recoverables, for accident years prior to 2011

 

 

 

840.0

 

Unpaid loss and LAE, net of reinsurance recoverables, as of December 31, 2020

 

 

$

4,760.2

 

 

(1)

Represents the following reinsurance lines of business: directors’ and officers’ liability; errors and omissions liability; general liability; and medical malpractice.

Reinsurance Segment | Casualty & Other | Shorter Tailed Lines Of Business  
Supplemental Information About Incurred and Paid Loss and LAE Development and Reconciliation to Consolidated Balance Sheet

Reinsurance Segment

Casualty & other – Shorter-Tailed Lines of Business(1)

 

 

 

Incurred Loss and LAE, Net of Reinsurance

 

 

As of

 

 

 

Year Ended December 31,

 

 

December 31, 2020

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

IBNR

 

 

 

($ in millions)

 

2011

 

$

1,031.2

 

 

$

1,023.6

 

 

$

1,007.6

 

 

$

992.8

 

 

$

973.0

 

 

$

963.7

 

 

$

959.8

 

 

$

976.0

 

 

$

972.9

 

 

$

966.4

 

 

$

10.5

 

2012

 

 

 

 

 

 

1,022.3

 

 

 

1,059.9

 

 

 

1,056.8

 

 

 

1,005.5

 

 

 

983.9

 

 

 

958.9

 

 

 

948.4

 

 

 

941.4

 

 

 

933.9

 

 

 

12.4

 

2013

 

 

 

 

 

 

 

 

 

 

850.8

 

 

 

868.8

 

 

 

838.4

 

 

 

823.4

 

 

 

804.1

 

 

 

790.3

 

 

 

780.7

 

 

 

769.6

 

 

 

18.7

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

850.4

 

 

 

833.0

 

 

 

808.8

 

 

 

784.3

 

 

 

772.4

 

 

 

755.0

 

 

 

752.5

 

 

 

30.9

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

763.4

 

 

 

768.6

 

 

 

784.0

 

 

 

798.4

 

 

 

776.7

 

 

 

776.2

 

 

 

30.7

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,118.0

 

 

 

1,124.4

 

 

 

1,111.6

 

 

 

1,100.3

 

 

 

1,092.6

 

 

 

41.9

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,095.9

 

 

 

1,046.3

 

 

 

1,026.9

 

 

 

994.5

 

 

 

81.1

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255.4

 

 

 

1,266.1

 

 

 

1,270.7

 

 

 

148.9

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,408.6

 

 

 

1,411.8

 

 

 

280.8

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,408.2

 

 

 

799.3

 

Total Incurred Loss and LAE for the 2011 through 2020 accident years

 

 

$

10,376.4

 

 

 

 

 

 

 

 

Paid Loss and LAE, Net of Reinsurance

 

 

 

Year Ended December 31,

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

 

($ in millions)

 

2011

 

$

376.5

 

 

$

606.4

 

 

$

752.7

 

 

$

820.9

 

 

$

858.8

 

 

$

880.2

 

 

$

894.5

 

 

$

906.1

 

 

$

915.1

 

 

$

918.1

 

2012

 

 

 

 

 

 

354.8

 

 

 

614.5

 

 

 

740.0

 

 

 

792.7

 

 

 

828.3

 

 

 

846.5

 

 

 

860.2

 

 

 

871.4

 

 

 

876.1

 

2013

 

 

 

 

 

 

 

 

 

 

265.4

 

 

 

523.5

 

 

 

613.3

 

 

 

663.0

 

 

 

685.5

 

 

 

704.9

 

 

 

717.5

 

 

 

723.9

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

251.2

 

 

 

421.1

 

 

 

523.3

 

 

 

572.9

 

 

 

604.6

 

 

 

627.8

 

 

 

636.8

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

218.5

 

 

 

409.1

 

 

 

518.7

 

 

 

577.7

 

 

 

629.1

 

 

 

653.2

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

367.2

 

 

 

685.6

 

 

 

828.7

 

 

 

921.3

 

 

 

973.8

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

342.8

 

 

 

639.1

 

 

 

793.5

 

 

 

867.6

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

397.9

 

 

 

774.4

 

 

 

952.2

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

462.0

 

 

 

881.3

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

418.0

 

Cumulative Paid Loss and LAE for the 2011 through 2020 accident years

 

 

$

7,901.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total incurred loss and LAE for the 2011 through 2020 accident years

 

 

$

10,376.4

 

Cumulative paid loss and LAE for the 2011 through 2020 accident years

 

 

 

7,901.0

 

Unpaid loss and LAE, net of reinsurance recoverables, for accident years prior to 2011

 

 

 

141.7

 

Unpaid loss and LAE, net of reinsurance recoverables, as of December 31, 2020

 

 

$

2,617.1

 

 

(1)

Primarily represents the following reinsurance lines of business: ocean marine and aviation; auto liability; accident & health; mortgage reinsurance; surety; and credit.

Insurance Segment | RSUI | Property Insurance  
Supplemental Information About Incurred and Paid Loss and LAE Development and Reconciliation to Consolidated Balance Sheet

Insurance Segment

RSUI - Property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

December 31, 2020

 

 

 

Incurred Loss and LAE, Net of Reinsurance

 

 

 

 

 

 

Cumulative

 

 

 

Year Ended December 31,

 

 

 

 

 

 

Number of

 

Accident

Year

 

2011 (unaudited)

 

 

2012 (unaudited)

 

 

2013 (unaudited)

 

 

2014 (unaudited)

 

 

2015 (unaudited)

 

 

2016 (unaudited)

 

 

2017 (unaudited)

 

 

2018 (unaudited)

 

 

2019 (unaudited)

 

 

2020

 

 

IBNR

 

 

Reported

Claims(1)

 

 

 

($ in millions)

 

2011

 

$

168.8

 

 

$

162.0

 

 

$

160.5

 

 

$

159.9

 

 

$

159.0

 

 

$

159.3

 

 

$

159.3

 

 

$

159.9

 

 

$

160.2

 

 

$

160.2

 

 

$

0.9

 

 

 

2,207

 

2012

 

 

 

 

 

 

270.9

 

 

 

262.5

 

 

 

258.6

 

 

 

256.1

 

 

 

235.1

 

 

 

236.1

 

 

 

235.5

 

 

 

228.3

 

 

 

228.4

 

 

 

1.1

 

 

 

2,312

 

2013

 

 

 

 

 

 

 

 

 

 

157.3

 

 

 

157.2

 

 

 

150.4

 

 

 

152.1

 

 

 

152.4

 

 

 

152.5

 

 

 

154.3

 

 

 

154.4

 

 

 

1.5

 

 

 

2,395

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

170.7

 

 

 

166.2

 

 

 

155.9

 

 

 

153.7

 

 

 

153.8

 

 

 

153.6

 

 

 

153.4

 

 

 

1.4

 

 

 

3,091

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140.5

 

 

 

136.1

 

 

 

142.6

 

 

 

141.3

 

 

 

140.1

 

 

 

140.2

 

 

 

2.3

 

 

 

3,004

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

181.4

 

 

 

170.5

 

 

 

172.9

 

 

 

173.9

 

 

 

175.3

 

 

 

3.1

 

 

 

3,367

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

330.7

 

 

 

306.5

 

 

 

304.1

 

 

 

300.0

 

 

 

17.6

 

 

 

3,689

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259.9

 

 

 

265.7

 

 

 

256.7

 

 

 

28.3

 

 

 

3,033

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204.3

 

 

 

200.9

 

 

 

25.2

 

 

 

3,266

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

357.2

 

 

 

77.7

 

 

 

3,750

 

Total Incurred Loss and LAE for the 2011 through 2020 accident years

 

 

$

2,126.7

 

 

 

 

 

 

 

 

 

 

 

 

Paid Loss and LAE, Net of Reinsurance

 

 

 

Year Ended December 31,

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

 

($ in millions)

 

2011

 

$

61.0

 

 

$

118.4

 

 

$

144.0

 

 

$

154.3

 

 

$

156.1

 

 

$

157.2

 

 

$

157.6

 

 

$

158.6

 

 

$

158.8

 

 

$

159.0

 

2012

 

 

 

 

 

 

62.0

 

 

 

157.5

 

 

 

181.9

 

 

 

193.5

 

 

 

202.4

 

 

 

216.2

 

 

 

216.7

 

 

 

219.2

 

 

 

219.4

 

2013

 

 

 

 

 

 

 

 

 

 

72.7

 

 

 

118.7

 

 

 

134.0

 

 

 

141.1

 

 

 

144.0

 

 

 

148.7

 

 

 

151.5

 

 

 

151.8

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93.2

 

 

 

133.8

 

 

 

145.0

 

 

 

148.8

 

 

 

150.3

 

 

 

151.3

 

 

 

151.6

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70.8

 

 

 

106.9

 

 

 

120.0

 

 

 

129.8

 

 

 

136.5

 

 

 

138.0

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72.0

 

 

 

127.1

 

 

 

147.1

 

 

 

161.2

 

 

 

167.3

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88.6

 

 

 

213.3

 

 

 

253.3

 

 

 

267.3

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62.3

 

 

 

175.1

 

 

 

202.9

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79.8

 

 

 

145.8

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

118.8

 

Cumulative Paid Loss and LAE for the 2011 through 2020 accident years

 

 

$

1,721.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total incurred loss and LAE for the 2011 through 2020 accident years

 

 

$

2,126.7

 

Cumulative paid loss and LAE for the 2011 through 2020 accident years

 

 

 

1,721.9

 

Unpaid loss and LAE, net of reinsurance recoverables, for accident years prior to 2011

 

 

 

3.7

 

Unpaid loss and LAE, net of reinsurance recoverables, as of December 31, 2020

 

 

$

408.5

 

 

(1)

Represents claims reported by insured claimants.

Insurance Segment | RSUI | Casualty Insurance  
Supplemental Information About Incurred and Paid Loss and LAE Development and Reconciliation to Consolidated Balance Sheet

Insurance Segment

RSUI - Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

December 31, 2020

 

 

 

Incurred Loss and LAE, Net of Reinsurance

 

 

 

 

 

 

Cumulative

 

 

 

Year Ended December 31,

 

 

 

 

 

 

Number of

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

IBNR

 

 

Reported

Claims(1)

 

 

 

($ in millions)

 

2011

 

$

205.9

 

 

$

205.9

 

 

$

208.3

 

 

$

212.1

 

 

$

211.6

 

 

$

206.8

 

 

$

202.0

 

 

$

189.7

 

 

$

184.9

 

 

$

183.2

 

 

$

10.9

 

 

 

7,565

 

2012

 

 

 

 

 

 

226.3

 

 

 

226.3

 

 

 

230.3

 

 

 

242.8

 

 

 

238.9

 

 

 

233.8

 

 

 

231.9

 

 

 

221.8

 

 

 

210.2

 

 

 

17.0

 

 

 

7,708

 

2013

 

 

 

 

 

 

 

 

 

 

264.8

 

 

 

264.8

 

 

 

277.6

 

 

 

280.1

 

 

 

279.0

 

 

 

273.5

 

 

 

269.6

 

 

 

261.4

 

 

 

33.6

 

 

 

8,759

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

292.0

 

 

 

322.7

 

 

 

321.1

 

 

 

322.4

 

 

 

320.3

 

 

 

310.9

 

 

 

300.3

 

 

 

37.3

 

 

 

10,260

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300.2

 

 

 

300.2

 

 

 

304.2

 

 

 

302.2

 

 

 

291.4

 

 

 

289.8

 

 

 

67.3

 

 

 

9,455

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

290.7

 

 

 

293.7

 

 

 

301.3

 

 

 

312.0

 

 

 

317.5

 

 

 

68.7

 

 

 

9,034

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

282.5

 

 

 

286.4

 

 

 

299.1

 

 

 

311.1

 

 

 

101.7

 

 

 

8,924

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

290.0

 

 

 

301.5

 

 

 

310.0

 

 

 

130.9

 

 

 

9,181

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

316.9

 

 

 

332.2

 

 

 

225.8

 

 

 

8,367

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

393.9

 

 

 

343.3

 

 

 

6,671

 

Total Incurred Loss and LAE for the 2011 through 2020 accident years

 

 

$

2,909.6

 

 

 

 

 

 

 

 

 

 

 

 

Paid Loss and LAE, Net of Reinsurance

 

 

 

Year Ended December 31,

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

 

($ in millions)

 

2011

 

$

6.5

 

 

$

31.9

 

 

$

66.7

 

 

$

100.3

 

 

$

118.4

 

 

$

138.5

 

 

$

150.0

 

 

$

153.6

 

 

$

156.4

 

 

$

157.4

 

2012

 

 

 

 

 

 

6.8

 

 

 

38.4

 

 

 

96.0

 

 

 

125.5

 

 

 

144.0

 

 

 

159.3

 

 

 

166.7

 

 

 

176.1

 

 

 

178.5

 

2013

 

 

 

 

 

 

 

 

 

 

10.1

 

 

 

50.0

 

 

 

103.4

 

 

 

146.2

 

 

 

176.6

 

 

 

191.3

 

 

 

203.9

 

 

 

212.9

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.0

 

 

 

69.5

 

 

 

130.1

 

 

 

179.1

 

 

 

206.5

 

 

 

234.6

 

 

 

249.1

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.0

 

 

 

47.3

 

 

 

96.6

 

 

 

129.2

 

 

 

176.5

 

 

 

196.2

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.7

 

 

 

69.2

 

 

 

123.6

 

 

 

197.8

 

 

 

220.8

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.4

 

 

 

63.6

 

 

 

115.6

 

 

 

163.1

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.0

 

 

 

70.4

 

 

 

116.8

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12.9

 

 

 

57.9

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12.6

 

Cumulative Paid Loss and LAE for the 2011 through 2020 accident years

 

 

$

1,565.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total incurred loss and LAE for the 2011 through 2020 accident years

 

 

$

2,909.6

 

Cumulative paid loss and LAE for the 2011 through 2020 accident years

 

 

 

1,565.3

 

Unpaid loss and LAE, net of reinsurance recoverables, for accident years prior to 2011

 

 

 

61.9

 

Unpaid loss and LAE, net of  reinsurance recoverables, as of December 31, 2020

 

 

$

1,406.2

 

 

(1)

Represents claims reported by insured claimants.

Insurance Segment | CapSpecialty Incorporated  
Supplemental Information About Incurred and Paid Loss and LAE Development and Reconciliation to Consolidated Balance Sheet

Insurance Segment

CapSpecialty(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

December 31, 2020

 

 

 

Incurred Loss and LAE, Net of Reinsurance

 

 

 

 

 

 

Cumulative

 

 

 

Year Ended December 31,

 

 

 

 

 

 

Number of

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

IBNR

 

 

Reported

Claims(2)

 

 

 

($ in millions)

 

2011

 

$

74.0

 

 

$

71.2

 

 

$

74.4

 

 

$

76.9

 

 

$

79.4

 

 

$

78.4

 

 

$

78.2

 

 

$

77.7

 

 

$

77.6

 

 

$

77.2

 

 

$

0.3

 

 

 

5,697

 

2012

 

 

 

 

 

 

72.7

 

 

 

71.8

 

 

 

66.2

 

 

 

69.3

 

 

 

69.7

 

 

 

68.7

 

 

 

68.8

 

 

 

69.1

 

 

 

69.1

 

 

 

0.4

 

 

 

5,266

 

2013

 

 

 

 

 

 

 

 

 

 

78.7

 

 

 

81.4

 

 

 

85.2

 

 

 

84.4

 

 

 

87.2

 

 

 

88.6

 

 

 

87.4

 

 

 

87.4

 

 

 

0.5

 

 

 

5,177

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102.8

 

 

 

102.7

 

 

 

101.0

 

 

 

100.2

 

 

 

98.6

 

 

 

97.6

 

 

 

97.7

 

 

 

1.5

 

 

 

6,000

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111.0

 

 

 

111.8

 

 

 

109.2

 

 

 

109.7

 

 

 

112.4

 

 

 

115.2

 

 

 

3.3

 

 

 

5,628

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

129.4

 

 

 

132.4

 

 

 

132.7

 

 

 

135.0

 

 

 

133.4

 

 

 

6.5

 

 

 

6,233

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

147.3

 

 

 

143.7

 

 

 

157.6

 

 

 

156.2

 

 

 

16.5

 

 

 

6,484

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164.1

 

 

 

173.3

 

 

 

176.5

 

 

 

39.9

 

 

 

6,664

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193.0

 

 

 

188.9

 

 

 

93.8

 

 

 

5,850

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

214.9

 

 

 

161.1

 

 

 

4,279

 

Total Incurred Loss and LAE for the 2011 through 2020 accident years

 

 

$

1,316.5

 

 

 

 

 

 

 

 

 

 

 

 

Paid Loss and LAE, Net of Reinsurance

 

 

 

Year Ended December 31,

 

Accident

Year

 

2011

(unaudited)

 

 

2012

(unaudited)

 

 

2013

(unaudited)

 

 

2014

(unaudited)

 

 

2015

(unaudited)

 

 

2016

(unaudited)

 

 

2017

(unaudited)

 

 

2018

(unaudited)

 

 

2019

(unaudited)

 

 

2020

 

 

 

($ in millions)

 

2011

 

$

16.3

 

 

$

31.9

 

 

$

44.7

 

 

$

57.7

 

 

$

67.3

 

 

$

69.8

 

 

$

73.8

 

 

$

75.7

 

 

$

76.0

 

 

$

76.0

 

2012

 

 

 

 

 

 

18.6

 

 

 

38.6

 

 

 

46.9

 

 

 

57.2

 

 

 

63.3

 

 

 

65.0

 

 

 

66.5

 

 

 

67.7

 

 

 

67.7

 

2013

 

 

 

 

 

 

 

 

 

 

23.4

 

 

 

48.0

 

 

 

62.0

 

 

 

69.6

 

 

 

78.6

 

 

 

84.5

 

 

 

85.3

 

 

 

86.1

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34.0

 

 

 

56.3

 

 

 

71.9

 

 

 

83.1

 

 

 

89.8

 

 

 

93.1

 

 

 

94.2

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30.9

 

 

 

57.4

 

 

 

73.5

 

 

 

88.8

 

 

 

101.1

 

 

 

106.7

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30.3

 

 

 

64.0

 

 

 

86.6

 

 

 

106.1

 

 

 

116.3

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30.1

 

 

 

65.6

 

 

 

95.1

 

 

 

116.1

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31.7

 

 

 

72.4

 

 

 

102.1

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29.8

 

 

 

62.5

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27.8

 

Cumulative Paid Loss and LAE for the 2011 through 2020 accident years

 

 

$

855.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total incurred loss and LAE for the 2011 through 2020 accident years

 

 

$

1,316.5

 

Cumulative paid loss and LAE for the 2011 through 2020 accident years

 

 

 

855.5

 

Unpaid loss and LAE, net of reinsurance recoverables, for accident years prior to 2011

 

 

 

7.9

 

Unpaid loss and LAE, net of reinsurance recoverables, as of December 31, 2020

 

 

$

468.9

 

 

(1)

The vast majority of the CapSpecialty’s loss and LAE reserves relate to its casualty lines of business.

(2)

Represents claims reported by insured claimants.