Ark establishes loss and LAE reserves that are estimates of amounts needed to pay claims and related expenses in the future for insured events that have already occurred. The process of estimating reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain.

Loss and LAE reserves are typically comprised of case reserves for claims reported and reserves for losses that have occurred but for which claims have not yet been reported, referred to as IBNR reserves. IBNR reserves include a provision for expected future development on case reserves. Case reserves are estimated based on the experience and knowledge of claims staff regarding the nature and potential cost of each claim and are adjusted as additional information becomes known or payments are made. IBNR reserves are derived by subtracting paid loss and LAE and case reserves from estimates of ultimate loss and LAE. Actuaries estimate ultimate loss and LAE using various generally accepted actuarial methods applied to known losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional information becomes known or payments are made.

Losses and LAE are categorized by the year in which the policy is underwritten (the year of account, or underwriting year) for purposes of Ark’s claims management and estimation of the ultimate loss and LAE reserves. For purposes of Ark’s reporting under GAAP, losses and LAE are categorized by the year in which the claim is incurred (the accident year).

Ultimate loss and LAE are generally determined by extrapolation of claim emergence and settlement patterns observed in the past that can reasonably be expected to persist into the future. In forecasting ultimate loss and LAE with respect to any line of business, past experience with respect to that line of business is the primary resource, but cannot be relied upon in isolation. Ark’s own experience, particularly claims development experience, such as trends in case reserves, payments on and closings of claims, as well as changes in business mix and coverage limits, is the most important information for estimating its reserves. External data, available from organizations such as the Lloyd’s Market Association, consulting firms and other insurance and reinsurance companies, is used to supplement or corroborate Ark’s own experience. External data can be especially useful for estimating costs on newer lines of business. Ultimate loss and LAE for major losses and catastrophes are estimated based on the known and expected exposures to the loss event, rather than simply relying on the extrapolation of reported and settled claims.

For some lines of business, such as long-tail coverages discussed below, claims data reported in the most recent years of account are often too limited to provide a meaningful basis for analysis due to the typical delay in reporting and settling of claims. For this type of business, Ark uses an expected loss ratio method for the initial years of account. This is a standard and accepted actuarial reserve estimation method in these circumstances in which the loss ratio is selected based upon information used in pricing policies for that line of business, as well as any publicly available industry data, such as industry pricing, experience and trends, for that line of business.

Uncertainties in estimating ultimate loss and LAE are magnified by the time lag between when a claim actually occurs and when it is reported and eventually settled. This time lag is sometimes referred to as the “claim-tail”. The claim-tail for reinsurance and insurance obtained through brokers, MGAs and reinsurance intermediaries (collectively the “insurance and reinsurance intermediaries”) is further extended because claims are first reported to either the original primary insurance company or the insurance and reinsurance intermediaries. The claim-tail for most property coverages is typically short (usually a few days up to a few months). Settlements for casualty/liability coverages can extend for long periods of time as claims are often reported and ultimately paid or settled years after the related loss events occur. During the long claims reporting and settlement period, additional facts regarding coverages written in prior years of account, as well as about actual claims and trends, may become known and, as a result, Ark may adjust its reserves. The inherent uncertainties of estimating reserves are increased by the diversity of loss development patterns among different types of reinsurance treaties, facultative contracts or direct insurance contracts, the necessary reliance on the ceding companies and insurance and reinsurance intermediaries for information regarding reported claims and the differing reserving practices among ceding companies and insurance and reinsurance intermediaries.

If management determines that an adjustment is appropriate, the adjustment is booked in the accounting period in which such determination is made. Accordingly, should reserves need to be increased or decreased in the future from amounts currently established, future results of operations would be negatively or positively impacted.

In determining ultimate loss and LAE, the cost to indemnify claimants, provide needed legal defense and other services for insureds and administer the investigation and adjustment of claims are considered. These claim costs are influenced by many factors that change over time, such as expanded coverage definitions as a result of new court decisions, inflation in costs to repair or replace damaged property, inflation in the cost of medical services, and legislated changes in statutory benefits, as well as by the particular, unique facts that pertain to each claim. As a result, the rate at which claims arose in the past and the costs to settle them may not always be representative of what will occur in the future. The factors influencing changes in claim costs are often difficult to isolate or quantify and developments in paid and incurred losses from historical trends are frequently subject to multiple and conflicting interpretations. Changes in coverage terms or claims handling practices may also cause future experience and/or development patterns to vary from the past. A key objective of actuaries in developing estimates of ultimate loss and LAE and resulting IBNR reserves is to identify aberrations and systemic changes occurring within historical experience and accurately adjust for them so that the future can be projected more reliably. Because of the factors previously discussed, this process requires the use of informed judgment and is inherently uncertain.

Ark performs an actuarial review of its recorded loss and LAE reserves each quarter, using several generally accepted actuarial methods to evaluate its loss reserves, each of which has its own strengths and weaknesses. Management places more or less reliance on a particular method based on the facts and circumstances at the time the reserve estimates are made. These methods generally fall into one of the following categories or are hybrids of one or more of the following categories:

•Historical paid loss development methods: These methods use historical loss payments over discrete periods of time to estimate future losses. Historical paid loss development methods assume that the ratio of losses paid in one period to losses paid in an earlier period will remain constant. These methods necessarily assume that factors that have affected paid losses in the past, such as inflation or the effects of litigation, will remain constant in the future. Because historical paid loss development methods do not use case reserves to estimate ultimate losses, they can be more reliable than the other methods discussed below that look to case reserves (such as actuarial methods that use incurred losses) in situations where there are significant changes in how case reserves are established by a company’s claims adjusters. However, historical paid loss development methods are more leveraged, meaning that small changes in payments have a larger impact on estimates of ultimate losses, than actuarial methods that use incurred losses because cumulative loss payments take much longer to approach the expected ultimate losses than cumulative incurred amounts. In addition, and for similar reasons, historical paid loss development methods are often slow to react to situations when new or different factors arise than those that have affected paid losses in the past.

•Historical incurred loss development methods: These methods, like historical paid loss development methods, assume that the ratio of losses in one period to losses in an earlier period will remain constant in the future. However, instead of using paid losses, these methods use incurred losses (i.e., the sum of cumulative historical loss payments plus outstanding case reserves) over discrete periods of time to estimate future losses. Historical incurred loss development methods can be preferable to historical paid loss development methods because they explicitly take into account open cases and the claims adjusters’ evaluations of the cost to settle all known claims. However, historical incurred loss development methods necessarily assume that case reserving practices are consistently applied over time. Therefore, when there have been significant changes in how case reserves are established, using incurred loss data to project ultimate losses can be less reliable than other methods.

•Expected loss ratio methods: These methods are based on the assumption that ultimate losses vary proportionately with premiums. Expected loss ratios are typically developed based upon the information used in pricing, and are multiplied by the total amount of premiums earned to calculate ultimate losses. Expected loss ratio methods are useful for estimating ultimate losses in the early years of long-tailed lines of business, when little or no paid or incurred loss information is available.

•Bornhuetter-Ferguson methods: These methods are a blend of the expected loss ratio and loss development methods. The percent of incurred (or paid) loss to ultimate loss implied by the selected development pattern from the incurred (or paid) loss development method is used to determine the percentage of ultimate loss yet to be developed. Inception to date losses are added to losses yet to be developed, yielding an estimate of ultimate for each year of account.

•Adjusted historical paid and incurred loss development methods: These methods take traditional historical paid and incurred loss development methods and adjust them for the estimated impact of changes from the past in factors such as inflation, the speed of claim payments or the adequacy of case reserves. Adjusted historical paid and incurred loss development methods are often more reliable methods of predicting ultimate losses in periods of significant change, provided the actuaries can develop methods to reasonably quantify the impact of changes.

As part of Ark’s quarterly actuarial review, Ark compares the previous quarter’s projections of incurred, paid and case reserve activity, including amounts incurred but not reported, to actual amounts experienced in the quarter. Differences between previous estimates and actual experience are evaluated to determine whether a given actuarial method for estimating loss and LAE reserves should be relied upon to a greater or lesser extent than it had been in the past. While some variance is expected each quarter due to the inherent uncertainty in estimating loss and LAE reserves, persistent or large variances would indicate that prior assumptions and/or reliance on certain actuarial methods may need to be revised going forward.

Upon completion of each quarterly review, Ark selects indicated loss and LAE reserve levels based on the results of the actuarial methods described previously, which are the primary consideration in determining management's best estimate of required loss and LAE reserves. However, in making its best estimate, management also considers other qualitative factors that may lead to a difference between held reserves and the actuarial central estimate of reserves. Typically, these qualitative factors are considered when management and Ark’s actuaries conclude that there is insufficient historical incurred and paid loss information or that trends included in the historical incurred and paid loss information are likely to repeat in the future. Such qualitative factors include, among others, recent entry into new markets or new products, improvements in the claims department that are expected to lessen future ultimate loss costs, legal and regulatory developments, or other uncertainties that may arise.

The process of establishing loss and LAE reserves, including amounts incurred but not reported, is complex and imprecise as it must consider many variables that are subject to the outcome of future events. As a result, informed subjective estimates and judgments as to the ultimate exposure to losses are an integral component of the loss and LAE reserving process. Ark categorizes and tracks insurance and reinsurance reserves by “reserving class of business” for each underwriting office, London and Bermuda, and then aggregates the reserving classes by line of business, which are summarized herein as property and accident & health, marine & energy, specialty, casualty - active and casualty - runoff.

The major causes of material uncertainty (i.e., reserving factors) generally will vary for each line of business, as well as for each separately analyzed reserving class of business within the line of business. Also, reserving factors can have offsetting or compounding effects on estimated loss and LAE reserves. In almost all cases, it is impossible to discretely measure the effect of a single reserving factor and construct a meaningful sensitivity expectation. Actual results will likely vary from expectations for each of these assumptions, resulting in an ultimate claim liability that is different from that being estimated currently.

Additional causes of material uncertainty exist in most product lines and may impact the types of claims that could occur within a particular line of business or reserving class of business. Examples where reserving factors, within a line of business or reserving class of business, are subject to change include changing types of insured (e.g., type of insured vehicle, size of account, industry insured, jurisdiction), changing underwriting standards, or changing policy provisions (e.g., deductibles, policy limits, endorsements).

For property reserving classes, the reserve risk is driven primarily by occasional catastrophe events, though the financial effect of these is mitigated by reinsurance and retrocessional purchases. Ark writes property business on both an insurance and reinsurance basis. The insurance business primarily consists of direct and facultative contracts. However, some business is written through lineslips and MGA binding authorities, which could have a longer tail due to the increased exposure period caused by underlying policies attaching to the binder contract. The reinsurance business can also have a longer tail due to timing delays resulting from attachment points on excess of loss contracts.

For accident & health reserving classes, the losses emanate from a wide range of personal accident, sickness, travel and medical insurance risks. The underlying business is a mix of direct and facultative contracts, as well as some MGA and reinsurance contracts, which are typically shorter tail lines. Certain smaller components of the accident & health business can be longer-tailed. The accident & health business is also exposed to occasional catastrophic events though not to the same degree as the property business.

The marine reserving classes consist primarily of marine hull, cargo and specie risks. These all generally have some element of transportability, which mitigates the catastrophe risk exposure. For example, having the ability to move out of the path of a hurricane if provided with sufficient notice. The marine reserving classes are generally shorter-tailed.

The energy platform reserving classes cover risks that are less transportable and therefore are exposed to catastrophe events similar to property reserving classes. Other energy reserving classes cover construction contracts, which often have considerably protracted exposure periods with the bulk of the risk towards end of the coverage period. This can have the effect of increasing the tail on an otherwise short-tail reserving class.

Ark’s specialty portfolio is comprised of a diverse portfolio of insurance and reinsurance subclasses of business. Certain subclasses of business are exposed to both catastrophe events and man-made loss events, for example terrorism, political violence and space. Although these subclasses have different coverage and exposures, they are all short-tailed in nature and have similar reserving features.

The casualty–active line of business consists of U.S. reinsurance and insurance risks written on an excess of loss basis. The casualty–runoff line of business consists of international reinsurance risks and U.S. casualty insurance risks written through an MGA binding authority. The losses arising from these lines of business are primarily related to medical malpractice, professional liability and general liability coverages, which are long-tailed lines of business.

Casualty policies are generally written on either a claims made or occurrence basis. On a claims made basis, the trigger of loss is based on the date that the loss is reported. On an occurrence basis, the trigger of loss is the date that the loss occurred. Due to delays between loss occurrence and loss reporting, business written on an occurrence basis can be longer-tailed than business written on a claims made basis.

Ark counts a claim for each unique combination of individual claimant and loss event. The claim is counted only if, net of any applicable deductibles, a payment has been made or a case reserve has been recorded or is anticipated to be recorded. A claim is still counted if the claim is closed with no payment. Bulk-coded losses are counted as one claim as underlying claim counts are not available.

For the years of account prior to the Ark Transaction, a significant proportion of the Syndicates’ underwriting capital was provided by TPC Providers using whole account reinsurance contracts with Ark’s corporate member. The TPC Providers’ participation in the Syndicates for the 2020 and 2019 open years of account is 42.8% and 58.3% of the total net result of the Syndicates. For the years of account subsequent to the Ark Transaction, Ark is no longer using TPC Providers to provide underwriting capital for the Syndicates.

A Reinsurance to Close (“RITC”) agreement is generally put in place after the third year of operations for a year of account such that the outstanding loss and LAE reserves, including future development thereon, are reinsured into the next year of account. As a result and in combination with the changing participation provided by TPC Providers, Ark’s participation on outstanding loss and LAE reserves reinsured into the next year of account may change, perhaps significantly. For example, during 2021, an RITC was executed such that the outstanding loss and LAE reserves for claims arising out of the 2018 year of account, for which the TPC Providers’ participation in the total net results of the Syndicates was 57.6%, were reinsured into the 2019 year of account, for which the TPC Providers’ participation in the total net results of the Syndicates is 58.3%.


Millions	Year Ended December 31, 2021
Gross beginning balance	$	696.0
Less: beginning reinsurance recoverable on unpaid losses (1)	(433.4)
Net loss and LAE reserves	262.6

Losses and LAE incurred relating to:
Current year losses	336.3
Prior year losses	(21.5)
Net incurred losses and LAE	314.8

Loss and LAE paid relating to:
Current year losses	(43.9)
Prior year losses	(61.6)
Net paid losses and LAE	(105.5)

Change in TPC Providers’ participation (2)	(2.2)
Foreign currency translation and other adjustments to loss and LAE reserves	(3.9)

Net ending balance	465.8
Plus: ending reinsurance recoverable on unpaid losses (1)	428.9
Gross ending balance	$	894.7

During the year ended December 31, 2021, Ark experienced $21.5 million of net favorable loss reserve development. Ark’s net favorable loss reserve development was driven primarily by the accident & health ($8.9 million), casualty – ongoing ($3.7 million), specialty ($3.3 million) and casualty – runoff ($3.3 million) reserving lines of business. The favorable loss reserve development in the property and accident & health reserving line of business was driven primarily by positive claims experience within the 2018 and 2019 accident years.


Millions	As of December 31, 2021
Property and Accident & Health	$	175.0
Marine & Energy	99.3
Specialty	85.2
Casualty - Active	37.4
Casualty - Runoff	68.4
Other	0.5
Unpaid loss and LAE reserves, net of reinsurance recoverables on unpaid losses	465.8
Plus: Reinsurance recoverables on unpaid losses (1)
Property and Accident & Health	145.2
Marine & Energy	70.2
Specialty	68.9
Casualty - Active	41.4
Casualty - Runoff	103.2
Total Reinsurance recoverables on unpaid losses (1)	428.9
Total unpaid loss and LAE reserves	$	894.7

The following five tables include one table each for the property and accident & health, marine & energy, specialty, casualty-active and casualty-runoff reserving lines of business, and are presented net of reinsurance, which includes the impact of whole-account quota-share reinsurance arrangements related to TPC Providers. Through the annual RITC process, Ark’s participation on outstanding loss and LAE reserves on prior years of account can fluctuate. Depending on the change in the TPC Providers’ participation from one year of account to the next, the impact could be significant and is reflected in the tables on an accident year basis. The following table summarizes the participation of Ark’s TPC Providers by year of account:

The top section of the table presents, for each of the previous 10 accident years (1) cumulative total undiscounted incurred loss and LAE as of each of the previous 10 year-end evaluations, (2) total IBNR plus expected development on reported claims as of December 31, 2021, and (3) the cumulative number of reported claims as of December 31, 2021.

The middle section of the table presents cumulative paid loss and LAE for each of the previous 10 accident years as of each of the previous 10 year-end evaluations. Also included in this section is a calculation of the loss and LAE reserves as of December 31, 2021 which is then included in the reconciliation to the consolidated balance sheet presented above. The total unpaid loss and LAE reserves as of December 31, 2021 is calculated as the cumulative incurred loss and LAE from the top section less the cumulative paid loss and LAE from the middle section, plus any outstanding liabilities from accident years prior to 2012.

The bottom section of the table is supplementary information about the average historical claims duration as of December 31, 2021. It shows the weighted average annual percentage payout of incurred loss and LAE by accident year as of each age. For example, the first column is calculated as the incremental paid loss and LAE in the first calendar year for each given accident year (e.g. calendar year 2020 for accident year 2020, calendar year 2021 for accident year 2021) divided by the cumulative incurred loss and LAE as of December 31, 2021 for that accident year. The resulting ratios are weighted together using cumulative incurred loss and LAE as of December 31, 2021.


Property and Accident & Health
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2012	$	84.1	$	68.4	$	65.1	$	65.7	$	60.2	$	60.0	$	60.4	$	60.2	$	60.2	$	60.0	$	—	2,710
2013			74.6		66.9		66.6		62.1		61.6		61.7		61.6		61.6		61.6		.4		2,586
2014					34.8		31.3		29.4		28.6		28.6		28.5		28.5		28.5		—		2,963
2015							19.8		17.4		16.2		16.0		15.9		15.9		15.9		.4		2,884
2016									21.7		16.9		17.9		18.0		17.9		18.0		(.3)		3,478
2017											22.6		29.9		37.4		36.7		36.0		3.6		4,610
2018													37.5		44.2		46.3		44.5		1.5		4,270
2019															30.4		27.8		23.4		2.1		4,073
2020																	62.9		61.5		15.2		4,532
2021																			162.1		70.8		2,860
																	Total		$	511.5


Property and Accident & Health
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	Unaudited
2012	$	14.2	$	45.0	$	53.6	$	57.3	$	58.2	$	58.6	$	58.7	$	59.3	$	59.4	$	59.5
2013			15.8		40.3		60.0		61.1		61.1		61.3		61.3		61.3		61.2
2014					13.9		25.4		27.6		28.0		28.1		28.2		28.4		28.3
2015							7.0		12.4		13.7		14.9		14.8		15.1		15.3
2016									8.6		13.4		16.8		17.1		17.2		17.5
2017											17.0		26.3		32.1		33.3		30.2
2018													15.8		32.8		40.7		40.7
2019															6.9		17.1		19.1
2020																	11.4		34.5
2021																			30.8
																	Total		337.1
All outstanding liabilities before 2012, net of reinsurance																			.6
Loss and LAE reserves, net of reinsurance																			$	175.0


Marine & Energy
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2012	$	64.7	$	55.1	$	46.0	$	42.8	$	33.6	$	32.8	$	32.6	$	32.0	$	32.0	$	32.1	$	.1	2,428
2013			64.9		50.8		41.9		31.6		31.0		29.9		29.7		29.6		29.9		(.2)		2,641
2014					41.3		27.2		17.4		16.2		14.7		14.3		14.4		14.4		.5		2,581
2015							25.3		15.4		13.6		12.7		12.0		12.0		12.2		.2		3,390
2016									22.3		18.1		16.0		15.1		14.9		15.1		.7		4,117
2017											23.9		18.6		16.9		16.4		16.5		1.1		4,470
2018													24.5		18.9		16.7		17.0		.5		3,487
2019															19.3		17.3		17.2		.6		2,562
2020																	24.4		21.7		2.9		1,668
2021																			83.7		69.9		1,091
																	Total		$	259.8


Marine & Energy
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	Unaudited
2012	$	8.1	$	24.0	$	27.4	$	30.2	$	30.6	$	31.3	$	31.7	$	31.4	$	31.3	$	31.0
2013			7.9		22.6		28.1		29.1		29.7		29.9		29.9		29.7		29.9
2014					6.0		12.4		13.5		14.4		14.5		13.7		14.0		13.8
2015							4.0		8.0		9.8		11.3		10.7		10.8		11.2
2016									5.6		10.1		12.8		13.3		13.4		14.0
2017											5.2		11.3		13.1		14.4		14.4
2018													2.7		12.9		14.5		15.2
2019															3.4		10.9		12.9
2020																	3.2		12.9
2021																			6.4
																	Total		161.7
All outstanding liabilities before 2012, net of reinsurance																			1.2
Loss and LAE reserves, net of reinsurance																			$	99.3


Specialty
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2012	$	43.1	$	36.1	$	31.8	$	30.8	$	26.7	$	25.8	$	26.3	$	26.6	$	26.8	$	26.8	$	2.1	887
2013			48.6		34.9		25.6		17.5		16.9		17.1		16.9		17.3		17.3		1.3		1,122
2014					51.1		51.1		41.9		41.3		41.5		42.9		43.5		43.5		(.3)		1,409
2015							21.3		13.0		10.4		10.1		10.6		10.7		10.8		1.7		1,876
2016									15.9		11.7		8.7		9.2		9.0		9.3		(1.3)		1,941
2017											16.0		11.9		10.9		10.5		10.6		1.5		2,179
2018													12.1		13.9		14.8		13.7		2.4		2,090
2019															16.6		14.6		13.5		2.8		2,315
2020																	20.7		19.7		6.2		1,925
2021																			67.3		57.4		1,341
																	Total		$	232.5


Specialty
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	Unaudited
2012	$	16.3	$	25.2	$	22.2	$	22.6	$	23.2	$	23.3	$	24.2	$	24.4	$	24.4	$	24.5
2013			17.1		13.6		15.2		15.8		15.8		16.0		16.0		16.0		16.0
2014					26.8		39.7		40.4		40.8		41.5		42.8		43.6		43.5
2015							4.1		7.2		7.8		8.2		8.2		8.3		8.3
2016									3.2		8.0		9.2		10.0		10.4		10.5
2017											3.3		6.8		8.4		8.5		8.5
2018													2.9		8.1		9.8		10.3
2019															4.9		7.1		7.6
2020																	5.4		10.9
2021																			5.2
																	Total		145.3
All outstanding liabilities before 2012, net of reinsurance																			(2.0)
Loss and LAE reserves, net of reinsurance																			$	85.2


Casualty - Active
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2012	$	22.6	$	21.1	$	17.7	$	16.2	$	10.1	$	9.9	$	11.0	$	11.0	$	11.3	$	11.1	$	.8	1,016
2013			23.2		18.8		15.0		8.3		8.1		8.9		8.8		9.0		8.9		1.3		1,134
2014					17.1		13.8		7.5		7.0		8.0		7.8		7.8		7.7		1.2		1,359
2015							12.3		7.7		6.0		7.0		6.5		6.4		6.2		.6		1,247
2016									5.7		5.0		6.3		6.6		7.0		6.9		.1		1,483
2017											7.4		7.8		7.2		6.2		5.9		.7		1,489
2018													8.7		9.0		7.3		7.1		.9		961
2019															8.0		7.4		6.3		1.7		742
2020																	7.6		6.2		3.9		420
2021																			15.9		14.2		452
																	Total		$	82.2


Casualty - Active
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	Unaudited
2012	$	1.3	$	3.3	$	4.8	$	6.4	$	7.4	$	8.0	$	8.5	$	9.1	$	8.9	$	9.1
2013			1.5		3.6		5.3		5.7		6.3		6.7		7.0		7.0		7.2
2014					1.3		3.5		4.2		4.7		5.2		5.5		5.9		6.0
2015							1.8		2.4		3.2		4.4		4.7		4.9		5.1
2016									.2		1.0		2.3		4.0		4.6		5.3
2017											.8		1.7		2.8		3.4		4.2
2018													.3		1.4		3.5		4.3
2019															.3		1.4		2.3
2020																	.5		1.0
2021																			.5
																	Total		45.0
All outstanding liabilities before 2012, net of reinsurance																			.2
Loss and LAE reserves, net of reinsurance																			$	37.4


Casualty - Runoff
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2012	$	44.3	$	44.6	$	37.8	$	34.4	$	22.3	$	21.7	$	22.3	$	22.8	$	22.7	$	23.1	$	(.2)	1,430
2013			65.7		75.8		70.1		49.2		47.0		49.8		49.8		49.8		49.9		3.1		1,810
2014					46.9		67.5		46.8		46.0		55.9		55.6		56.0		55.0		1.9		1,932
2015							26.9		23.9		26.4		35.7		33.0		33.2		32.0		1.4		2,009
2016									19.1		25.3		38.8		35.4		35.3		34.1		3.8		2,141
2017											17.4		27.2		26.7		28.0		26.7		2.5		1,597
2018													13.5		18.2		20.2		20.0		2.9		1,265
2019															10.8		14.3		15.4		3.7		961
2020																	4.2		6.0		3.6		552
2021																			1.7		.4		260
																	Total		263.9


Casualty - Runoff
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	Unaudited
2012	$	3.5	$	10.4	$	13.6	$	16.5	$	17.8	$	19.3	$	20.5	$	20.8	$	21.2	$	21.8
2013			7.2		19.5		35.9		41.0		42.7		44.3		45.0		45.6		46.0
2014					6.5		23.2		29.1		36.5		43.1		47.0		48.7		49.5
2015							4.3		7.9		14.0		20.3		23.9		26.5		28.2
2016									3.8		9.7		16.8		21.8		24.5		26.8
2017											3.1		9.1		14.2		18.3		21.1
2018													3.3		7.2		12.2		14.3
2019															3.2		5.6		7.4
2020																	.8		1.3
2021																			.5
																	Total		216.9
All outstanding liabilities before 2012, net of reinsurance																			21.4
Loss and LAE reserves, net of reinsurance																			$	68.4