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, specialty, marine & energy, 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 most cases, it is not possible to 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., 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.

Ark’s specialty portfolio is comprised of a diverse portfolio of insurance and reinsurance subclasses of business including aviation, space, political and credit, cyber, terrorism and political violence, product defect and contamination, nuclear, fine art & specie, surety and mortgage. Certain subclasses of business are exposed to both catastrophe events and man-made loss events; for example, terrorism, war and war-like actions, 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 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.

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.

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 open year of account is 42.8% 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 2022, an RITC was executed such that the outstanding loss and LAE reserves for claims arising out of the 2019 year of account, for which the TPC Providers’ participation in the total net results of the Syndicates was 58.3%, were reinsured into the 2020 year of account, for which the TPC Providers’ participation in the total net results of the Syndicates is 42.8%.


	Year Ended December 31,
Millions	2022		2021
Gross beginning balance	$	894.7	$	696.0
Less: beginning reinsurance recoverable on unpaid losses (1)	(428.9)		(433.4)
Net loss and LAE reserves	465.8		262.6

Losses and LAE incurred relating to:
Current year losses	588.1		336.3
Prior year losses	(51.7)		(21.5)
Net incurred losses and LAE	536.4		314.8

Loss and LAE paid relating to:
Current year losses	(98.9)		(43.9)
Prior year losses	(158.6)		(61.6)
Net paid losses and LAE	(257.5)		(105.5)

Change in TPC Providers’ participation (2)	57.5		(2.2)
Foreign currency translation and other adjustments to loss and LAE reserves	(10.7)		(3.9)

Net ending balance	791.5		465.8
Plus: ending reinsurance recoverable on unpaid losses (3)	505.0		428.9
Gross ending balance	$	1,296.5	$	894.7

During the year ended December 31, 2022, Ark experienced $51.7 million of net favorable prior year loss reserve development. Ark’s net favorable prior year loss reserve development was driven primarily by the property and accident & health ($20.8 million), marine & energy ($18.8 million) and specialty ($12.7 million) reserving lines of business. The favorable prior year loss reserve development in the property and accident & health, marine & energy and specialty reserving lines of business was driven primarily by positive claims experience within the 2021 accident year.

During the year ended December 31, 2021, Ark experienced $21.5 million of net favorable prior year loss reserve development. Ark’s net favorable prior year loss reserve development was driven primarily by the property and 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 prior year 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.


	Year Ended December 31,
Millions	2022		2021
Property and Accident & Health	$	258.2	$	175.0
Specialty	204.3		85.2
Marine & Energy	196.4		99.3

Casualty - Active	71.5		37.4
Casualty - Runoff	60.8		68.4
Other	.3		.5
Unpaid loss and LAE reserves, net of reinsurance recoverables on unpaid losses	791.5		465.8
Plus: Reinsurance recoverables on unpaid losses (1)
Property and Accident & Health	224.6		145.2
Specialty	97.2		68.9
Marine & Energy	79.8		70.2
Casualty - Active	49.9		41.4
Casualty - Runoff	53.5		103.2
Total Reinsurance recoverables on unpaid losses (1)	505.0		428.9
Total unpaid loss and LAE reserves	$	1,296.5	$	894.7

The following five tables include one table each for the property and accident & health, specialty, marine & energy, 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, and in combination with the changing participation provided by TPC Providers, 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 a retrospective basis by accident year. That is, for the RITC executed in the current year that changes Ark’s participation for claims relating to prior accident years, the prior year columns are adjusted to include the impact of the RITC. 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, 2022, and (3) the cumulative number of reported claims as of December 31, 2022.

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, 2022 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, 2022 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 2013.

The bottom section of the table is supplementary information about the average historical claims duration as of December 31, 2022. 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, 2022 for that accident year. The resulting ratios are weighted together using cumulative incurred loss and LAE as of December 31, 2022.


Property and Accident & Health
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2013	$	67.8	$	60.4	$	60.3	$	60.1	$	59.6	$	59.5	$	59.4	$	59.3	$	59.3	$	59.3	$	.1	2,530
2014			32.2		29.1		29.0		28.3		28.1		28.2		28.2		28.2		28.2		.1		2,919
2015					18.8		17.9		16.9		15.9		15.7		15.7		15.5		15.4		.1		2,826
2016							21.9		17.2		17.9		18.1		18.1		18.3		18.2		.1		3,419
2017									24.6		31.4		38.9		37.9		36.5		36.0		5.7		4,599
2018											38.1		44.5		46.4		44.1		44.2		1.3		4,254
2019													31.6		28.9		24.7		21.5		.7		3,999
2020															65.2		63.3		62.9		7.3		4,551
2021																	163.0		146.8		10.6		3,318
2022																			234.5		90.1		2,899
																	Total		$	667.0


Property and Accident & Health
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	15.4	$	39.1	$	58.1	$	59.1	$	59.1	$	59.4	$	59.3	$	59.3	$	59.2	$	59.2
2014			13.6		24.9		27.1		27.5		27.6		27.8		27.9		27.8		27.9
2015					6.9		12.2		13.4		14.6		14.6		14.8		15.0		15.0
2016							8.5		13.1		16.4		16.8		16.9		17.2		17.8
2017									16.8		25.8		31.6		32.8		29.6		27.3
2018											15.6		32.2		40.1		40.0		40.8
2019													6.8		16.7		18.3		18.5
2020															11.2		34.1		47.0
2021																	30.8		86.7
2022																			70.0
																	Total		410.2
All outstanding liabilities before 2013, net of reinsurance																			1.4
Loss and LAE reserves, net of reinsurance																			$	258.2


Specialty
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2013	$	47.0	$	28.5	$	17.6	$	16.2	$	15.9	$	15.8	$	15.5	$	15.7	$	15.7	$	15.8	$	.1	1,042
2014			45.5		43.8		40.8		40.4		40.8		43.3		43.4		43.3		43.1		—		1,357
2015					16.2		13.6		11.2		9.6		9.9		10.1		10.1		7.8		.1		1,840
2016							18.1		14.1		10.8		11.1		11.7		11.6		8.8		.2		1,927
2017									17.3		12.2		11.3		10.8		11.0		10.0		—		2,187
2018											13.2		14.9		15.4		14.7		13.5		.7		2,110
2019													18.5		16.3		15.4		22.4		1.1		2,347
2020															21.4		20.5		16.3		2.5		1,985
2021																	67.6		59.4		33.9		1,644
2022																			172.8		125.3		985
																	Total		$	369.9


Specialty
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	17.0	$	13.2	$	14.9	$	15.4	$	15.5	$	15.7	$	15.7	$	15.7	$	15.6	$	15.6
2014			26.3		38.9		39.7		40.1		40.7		42.0		42.8		42.7		43.0
2015					4.0		7.0		7.6		8.0		8.1		8.1		8.1		6.4
2016							3.2		7.9		9.1		9.9		10.3		10.3		8.5
2017									3.1		6.6		8.4		8.5		8.5		9.2
2018											2.7		8.2		10.0		10.4		11.8
2019													4.8		6.9		7.4		18.2
2020															5.2		10.6		13.0
2021																	5.1		24.1
2022																			16.0
																	Total		165.8
All outstanding liabilities before 2013, net of reinsurance																			.2
Loss and LAE reserves, net of reinsurance																			$	204.3


Marine & Energy
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2013	$	55.4	$	41.7	$	32.3	$	31.0	$	30.8	$	29.6	$	29.5	$	29.3	$	29.4	$	29.3	$	(.2)	2,638
2014			34.1		19.9		17.0		16.1		14.0		13.6		13.9		13.6		13.7		(.2)		2,572
2015					21.0		16.7		15.4		12.6		12.0		12.1		12.0		12.2		—		3,238
2016							23.1		19.2		15.4		14.3		14.0		14.5		13.8		—		3,764
2017									25.3		18.6		16.8		16.2		15.9		15.0		.2		4,117
2018											24.6		19.1		16.6		17.0		16.6		.2		3,205
2019													20.7		18.6		18.6		18.3		.6		2,331
2020															24.4		21.7		23.2		1.8		1,529
2021																	83.0		66.1		24.8		1,356
2022																			148.2		99.5		1,188
																	Total		$	356.4


Marine & Energy
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	7.8	$	22.2	$	27.6	$	28.6	$	29.1	$	29.3	$	29.3	$	29.1	$	29.3	$	29.3
2014			5.8		12.1		13.2		14.0		14.1		13.4		13.6		13.5		13.7
2015					4.0		7.8		9.6		10.9		10.3		10.4		10.8		11.4
2016							5.5		10.0		12.6		13.0		13.1		13.7		13.4
2017									5.1		11.1		12.8		14.0		14.1		14.1
2018											2.7		12.5		14.0		14.7		15.4
2019													3.3		10.6		12.6		14.3
2020															3.1		12.7		16.0
2021																	6.3		24.2
2022																			12.2
																	Total		164.0
All outstanding liabilities before 2013, net of reinsurance																			4.0
Loss and LAE reserves, net of reinsurance																			$	196.4


Casualty - Active
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2013	$	18.2	$	13.0	$	8.5	$	8.0	$	8.0	$	8.1	$	7.7	$	7.8	$	7.8	$	7.8	$	.1	1,144
2014			12.6		8.7		7.7		7.5		7.4		7.0		7.1		6.9		7.1		.2		1,385
2015					8.8		9.0		7.4		7.3		6.6		6.4		6.3		6.5		.2		1,280
2016							7.6		7.1		7.8		7.8		7.9		8.0		8.1		.3		1,528
2017									9.5		9.6		8.7		7.3		7.0		8.4		.9		1,580
2018											11.0		11.5		9.2		9.0		6.8		1.1		1,036
2019													11.6		10.4		9.1		7.3		2.4		834
2020															9.7		8.3		7.1		4.2		524
2021																	17.4		18.4		16.3		674
2022																			32.0		28.8		832
																	Total		$	109.5


Casualty - Active
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	1.5	$	3.6	$	5.3	$	5.8	$	6.3	$	6.7	$	7.0	$	7.0	$	7.3	$	7.5
2014			1.3		3.5		4.2		4.7		5.2		5.5		5.9		6.0		6.2
2015					1.8		2.4		3.2		4.4		4.7		4.9		5.1		5.5
2016							.2		1.0		2.3		4.0		4.6		5.3		6.5
2017									.8		1.7		2.8		3.4		4.2		5.7
2018											.3		1.4		3.5		4.3		4.3
2019													.3		1.4		2.3		3.0
2020															.5		1.0		2.0
2021																	.5		.9
2022																			.4
																	Total		42.0
All outstanding liabilities before 2013, net of reinsurance																			4.0
Loss and LAE reserves, net of reinsurance																			$	71.5


Casualty - Runoff
$ in Millions
	Incurred Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		Total IBNR plus expected development on reported claims		Cumulative number of reported claims
	Unaudited
2013	$	47.7	$	51.4	$	47.7	$	49.0	$	47.6	$	47.3	$	47.7	$	47.5	$	47.5	$	47.5	$	1.4	1,798
2014			45.8		45.3		47.8		50.9		54.5		56.0		56.0		55.8		55.6		1.3		1,941
2015					33.8		29.4		30.6		34.0		33.8		34.8		34.1		36.6		1.6		1,995
2016							28.6		28.3		36.5		34.7		34.9		34.6		33.8		1.7		2,150
2017									27.4		30.8		28.2		28.9		28.4		26.7		2.2		1,599
2018											29.4		23.9		23.0		22.3		21.9		3.3		1,267
2019													21.1		17.8		18.0		19.4		5.0		961
2020															11.3		7.6		9.3		3.9		558
2021																	8.2		4.8		2.7		277
2022																			.6		.1		76
																	Total		$	256.2


Casualty - Runoff
Millions
	Cumulative Paid Loss and LAE, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	Unaudited
2013	$	7.1	$	19.4	$	35.7	$	40.6	$	42.4	$	43.3	$	43.9	$	44.6	$	44.9	$	45.2
2014			6.4		23.1		29.5		36.4		43.1		46.9		48.5		49.3		51.8
2015					4.3		8.2		14.5		21.4		24.7		27.3		28.9		33.1
2016							3.9		10.2		17.7		22.7		25.4		27.8		28.7
2017									3.2		9.4		14.6		18.5		21.4		22.5
2018											3.4		7.4		12.6		14.9		16.3
2019													3.3		5.8		7.8		12.1
2020															.8		1.3		3.1
2021																	.5		1.7
2022																			.3
																	Total		214.8
All outstanding liabilities before 2013, net of reinsurance																			19.4
Loss and LAE reserves, net of reinsurance																			$	60.8