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Historical Loss And LAE Development (Tables)
12 Months Ended
Dec. 31, 2022
Historical Loss And L A E Development Disclosure [Abstract]  
Schedule of Reconciliation of Unpaid Losses and Settlement Expenses (LAE)

The following table is a reconciliation of our unpaid losses and settlement expenses (LAE) for the years 2022, 2021 and 2020:

(in thousands)

 

2022

 

2021

 

2020

Unpaid losses and LAE at beginning of year:

Gross

$

2,043,555

$

1,750,049

$

1,574,352

Ceded

(608,086)

(443,729)

(384,517)

Net

$

1,435,469

$

1,306,320

$

1,189,835

Adoption impact of ASU 2016-13 on reinsurance balances recoverable

$

$

$

(1,345)

Increase (decrease) in incurred losses and LAE:

Current accident year

$

636,955

$

582,065

$

543,937

Prior accident years

(122,579)

(125,463)

(101,053)

Total incurred

$

514,376

$

456,602

$

442,884

Loss and LAE payments for claims incurred:

Current accident year

$

(97,525)

$

(101,590)

$

(93,077)

Prior accident year

(276,772)

(225,863)

(231,977)

Total paid

$

(374,297)

$

(327,453)

$

(325,054)

Net unpaid losses and LAE at end of year

$

1,575,548

$

1,435,469

$

1,306,320

Unpaid losses and LAE at end of year:

Gross

$

2,315,637

$

2,043,555

$

1,750,049

Ceded

(740,089)

(608,086)

(443,729)

Net

$

1,575,548

$

1,435,469

$

1,306,320

Schedule of Incurred and Paid Claims Development

Casualty - Primary Occurrence

(in thousands, except number of claims)

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

As of December 31, 2022

For the Years Ended December 31,

Cumulative

Number of

Reported

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

 

Total IBNR

 

Claims

2013

$

80,823

$

67,297

$

62,882

$

60,329

$

60,162

$

59,556

$

59,116

$

57,106

$

57,519

$

58,434

$

1,690

4,326

2014

88,092

79,497

71,592

67,237

66,389

66,702

65,636

63,727

64,449

2,623

4,298

2015

94,835

84,975

83,579

78,675

76,398

75,470

75,438

77,110

4,022

4,408

2016

101,950

96,753

90,611

85,449

83,374

79,440

77,729

6,700

4,332

2017

119,741

111,391

102,583

95,513

90,759

90,344

10,770

4,529

2018

141,513

130,281

125,731

115,076

114,414

21,681

4,873

2019

146,011

135,209

120,570

109,051

38,075

5,273

2020

145,171

137,439

122,785

60,440

4,603

2021

142,797

128,483

81,085

4,368

2022

155,203

119,846

3,856

Total

$

998,002

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

For the Years Ended December 31,

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

2013

$

6,334

$

13,021

$

22,366

$

34,786

$

40,609

$

45,753

$

47,783

$

49,411

$

50,597

$

53,375

2014

11,436

18,771

29,545

40,270

47,343

52,387

55,965

56,784

58,361

2015

10,157

19,902

33,020

45,056

54,270

58,866

62,997

68,650

2016

10,142

24,186

35,764

48,042

56,152

60,349

65,517

2017

13,154

25,933

38,783

52,823

62,236

71,419

2018

15,066

32,365

48,424

63,980

78,103

2019

15,698

30,673

41,911

57,750

2020

17,096

30,596

45,267

2021

14,428

29,633

2022

17,714

* Presented as unaudited required supplementary information.

Total

$

545,789

All outstanding liabilities before 2013, net of reinsurance

9,314

Liabilities for losses and loss adjustment expenses, net of reinsurance

$

461,527

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

13.3%

13.3%

14.4%

16.1%

11.0%

7.6%

5.3%

3.8%

2.2%

4.8%

Casualty - Excess Occurrence

(in thousands, except number of claims)

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

As of December 31, 2022

For the Years Ended December 31,

Cumulative

Number of

Reported

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

 

Total IBNR

 

Claims

2013

$

39,984

$

34,824

$

26,857

$

25,425

$

25,599

$

24,922

$

25,496

$

25,073

$

24,836

$

24,306

$

1,155

950

2014

50,889

39,095

35,119

32,274

33,372

33,458

35,128

35,683

35,918

2,367

928

2015

53,672

50,857

47,392

42,840

43,328

42,446

41,690

41,471

3,017

702

2016

56,341

49,385

37,676

33,125

30,251

29,671

29,940

6,349

651

2017

62,863

55,868

48,363

44,737

43,249

41,620

13,877

646

2018

69,362

62,646

54,626

51,023

49,861

22,833

612

2019

88,078

89,691

79,083

80,147

38,161

659

2020

107,579

98,409

90,274

61,116

558

2021

136,433

136,354

81,568

656

2022

153,895

107,953

447

Total

$

683,786

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

For the Years Ended December 31,

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

2013

$

1,060

$

5,701

$

10,967

$

14,545

$

16,967

$

17,956

$

18,524

$

21,229

$

22,154

$

22,505

2014

1,899

4,006

11,002

18,852

22,541

23,376

26,068

28,963

30,484

2015

2,048

10,127

19,571

23,184

28,756

31,352

32,752

35,958

2016

1,068

3,396

7,441

10,054

12,703

14,400

17,807

2017

17

5,679

9,275

15,441

18,470

22,835

2018

2,506

5,823

10,801

17,294

22,016

2019

4,213

19,044

25,389

33,375

2020

2,901

13,856

20,988

2021

5,317

23,841

2022

7,479

* Presented as unaudited required supplementary information.

Total

$

237,288

All outstanding liabilities before 2013, net of reinsurance

21,094

Liabilities for losses and loss adjustment expenses, net of reinsurance

$

467,592

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

4.0%

13.0%

14.0%

13.1%

9.9%

5.8%

6.1%

9.0%

4.0%

1.4%

Casualty - Claims Made

(in thousands, except number of claims)

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

As of December 31, 2022

For the Years Ended December 31,

Cumulative

Number of

Reported

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

 

Total IBNR

 

Claims

2013

$

40,095

$

41,488

$

44,054

$

40,288

$

38,473

$

37,959

$

38,352

$

37,974

$

37,950

$

37,817

$

463

1,042

2014

53,929

55,386

58,152

55,350

51,554

53,841

53,783

52,619

52,796

1,584

1,305

2015

55,006

47,831

42,206

39,906

39,653

39,619

38,609

37,578

1,248

1,338

2016

59,992

67,760

69,493

67,728

64,730

65,078

61,876

2,451

1,507

2017

60,572

62,450

62,714

57,450

59,907

61,546

4,455

1,647

2018

66,128

62,416

56,468

48,457

47,692

10,412

1,394

2019

62,918

61,712

52,224

46,500

16,958

1,512

2020

60,278

56,785

46,853

29,739

1,294

2021

51,219

45,854

32,103

1,216

2022

58,289

43,827

1,005

Total

$

496,801

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

For the Years Ended December 31,

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

2013

$

792

$

7,073

$

18,425

$

26,121

$

29,678

$

32,789

$

34,535

$

35,476

$

36,078

$

36,800

2014

1,705

9,775

27,923

35,755

40,080

44,127

46,122

50,714

51,063

2015

2,215

10,738

16,774

20,920

28,795

32,241

33,529

34,671

2016

2,060

14,558

27,465

39,370

47,999

52,846

53,737

2017

2,455

11,350

22,728

36,522

42,918

47,087

2018

1,964

11,965

18,840

24,918

27,351

2019

1,839

8,123

14,117

19,930

2020

1,488

5,687

10,412

2021

999

5,615

2022

2,088

* Presented as unaudited required supplementary information.

Total

$

288,754

All outstanding liabilities before 2013, net of reinsurance

3,249

Liabilities for losses and loss adjustment expenses, net of reinsurance

$

211,296

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

3.6%

15.9%

19.6%

16.2%

11.3%

7.9%

3.3%

4.7%

1.1%

1.9%

Casualty - Transportation

(in thousands, except number of claims)

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

As of December 31, 2022

For the Years Ended December 31,

Cumulative

Number of

Reported

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

 

Total IBNR

 

Claims

2013

$

32,742

$

32,853

$

32,989

$

37,673

$

38,811

$

39,974

$

39,309

$

39,183

$

39,586

$

39,598

$

103

2,853

2014

38,361

33,015

36,452

38,590

40,202

40,508

41,156

41,974

42,067

412

3,099

2015

38,561

46,258

47,021

46,395

45,162

45,525

45,807

46,685

684

3,187

2016

50,430

53,519

54,105

52,277

52,818

53,915

55,718

1,152

3,943

2017

55,640

53,641

45,017

43,764

45,351

46,742

1,480

3,640

2018

57,597

54,592

38,719

36,468

35,442

2,428

3,404

2019

58,297

56,129

43,976

41,925

4,182

3,317

2020

43,573

35,524

27,665

5,844

1,647

2021

51,322

51,581

14,902

2,307

2022

60,862

14,645

2,520

Total

$

448,285

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

For the Years Ended December 31,

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

2013

$

5,306

$

11,978

$

19,761

$

28,220

$

33,480

$

35,923

$

37,327

$

37,915

$

38,172

$

38,531

2014

7,125

13,933

19,676

27,457

33,190

38,282

40,006

40,427

41,528

2015

6,984

20,709

29,554

37,222

39,339

41,345

42,626

45,002

2016

8,923

18,354

30,354

38,001

43,564

47,488

52,555

2017

7,979

17,070

24,090

30,260

36,141

41,064

2018

6,980

12,827

19,216

24,503

28,844

2019

7,148

15,852

21,120

26,422

2020

3,986

7,876

12,035

2021

5,341

15,345

2022

6,442

* Presented as unaudited required supplementary information.

Total

$

307,768

All outstanding liabilities before 2013, net of reinsurance

1,220

Liabilities for losses and loss adjustment expenses, net of reinsurance

$

141,737

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

15.0%

18.8%

16.8%

15.8%

11.0%

8.0%

4.9%

2.5%

1.6%

0.9%

Property

(in thousands, except number of claims)

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

As of December 31, 2022

For the Years Ended December 31,

Cumulative

Number of

Reported

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

 

Total IBNR

 

Claims

2013

$

63,864

$

62,090

$

62,173

$

62,114

$

61,914

$

61,834

$

61,776

$

61,623

$

61,400

$

61,371

$

7

2,996

2014

56,587

49,441

48,801

48,761

49,217

49,444

49,479

49,520

49,468

15

4,564

2015

59,863

56,103

53,958

52,720

53,111

52,781

52,878

53,359

25

4,076

2016

62,900

55,594

55,384

55,930

55,424

55,383

55,536

150

3,377

2017

90,803

83,273

84,961

82,671

82,319

81,912

801

2,893

2018

89,091

83,457

79,961

80,470

79,093

1,443

2,337

2019

71,232

65,189

61,116

59,901

1,141

2,453

2020

118,247

110,466

108,546

12,532

2,855

2021

135,447

116,424

16,900

3,071

2022

138,756

53,549

2,505

Total

$

804,366

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

For the Years Ended December 31,

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

2013

$

32,208

$

50,840

$

57,407

$

59,259

$

60,520

$

61,195

$

61,325

$

61,335

$

61,188

$

61,188

2014

30,550

43,380

46,148

46,528

47,799

49,027

49,259

49,317

49,339

2015

32,184

49,348

50,197

51,290

52,078

52,342

52,400

53,208

2016

33,134

46,921

51,371

53,006

54,328

54,747

55,215

2017

41,314

66,818

74,415

78,360

80,581

80,958

2018

37,048

68,264

72,357

75,253

76,378

2019

30,703

51,740

55,092

57,038

2020

43,192

79,660

88,401

2021

57,272

89,174

2022

44,667

* Presented as unaudited required supplementary information.

Total

$

655,566

All outstanding liabilities before 2013, net of reinsurance

1,101

Liabilities for losses and loss adjustment expenses, net of reinsurance

$

149,901

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

50.4%

31.1%

6.7%

2.9%

2.1%

1.1%

0.4%

0.5%

(0.1)%

0.0%

Surety

(in thousands, except number of claims)

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

 

As of December 31, 2022

For the Years Ended December 31,

Cumulative

Number of

Reported

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

 

Total IBNR

 

Claims

2013

$

16,080

$

7,516

$

6,170

$

5,399

$

5,271

$

5,231

$

5,209

$

5,107

$

5,046

$

5,139

$

3

1,411

2014

16,450

8,106

5,225

4,427

4,267

4,319

4,266

4,227

4,230

5

1,357

2015

16,958

12,957

11,113

10,456

9,792

9,521

9,275

8,580

21

1,244

2016

18,928

11,062

9,351

8,895

8,391

7,948

8,134

81

1,389

2017

16,127

8,641

8,798

8,116

8,034

7,769

158

1,826

2018

16,765

7,227

4,564

3,947

3,996

244

1,362

2019

14,785

7,205

5,053

4,062

860

1,178

2020

19,241

14,840

12,378

4,214

895

2021

18,540

11,724

7,826

767

2022

20,185

18,683

527

Total

$

86,197

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

For the Years Ended December 31,

AY

 

2013*

 

2014*

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022

2013

$

1,116

$

2,856

$

4,701

$

4,911

$

5,098

$

5,150

$

5,128

$

5,061

$

5,029

$

5,131

2014

722

4,283

4,166

4,059

4,131

4,234

4,214

4,197

4,218

2015

3,192

6,719

7,695

9,436

9,183

9,186

9,168

8,462

2016

3,087

5,817

6,299

7,640

8,086

7,673

7,946

2017

979

2,862

7,062

7,221

7,362

7,372

2018

1,835

2,588

2,368

2,536

3,020

2019

336

2,433

2,765

3,039

2020

835

2,719

3,828

2021

1,197

3,229

2022

(241)

* Presented as unaudited required supplementary information.

Total

$

46,004

All outstanding liabilities before 2013, net of reinsurance

(77)

Liabilities for losses and loss adjustment expenses, net of reinsurance

$

40,116

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

19.6%

35.6%

14.5%

7.3%

3.6%

(0.3)%

0.6%

(3.3)%

(0.1)%

2.0%

Schedule of Reconciliation of the Net Incurred and Paid Loss Development Tables to the Liability for Unpaid Losses and Settlement Expenses in the Consolidated Balance Sheet

The following is a reconciliation of the net incurred and paid loss development tables to the liability for unpaid losses and settlement expenses in the consolidated balance sheet:

(in thousands)

 

December 31, 2022

 

December 31, 2021

Net outstanding liabilities:

Casualty - Primary Occurrence

$

461,527

$

453,142

Casualty - Excess Occurrence

467,592

384,579

Casualty - Claims Made

211,296

209,705

Casualty - Transportation

141,737

131,531

Property

149,901

124,652

Surety

40,116

34,244

Unallocated loss adjustment expenses

61,752

59,391

Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses

11,250

11,188

Other

30,377

27,037

Liabilities for unpaid loss and settlement expenses, net of reinsurance

$

1,575,548

$

1,435,469

Reinsurance recoverable on unpaid claims:

Casualty - Primary Occurrence

$

46,674

$

43,688

Casualty - Excess Occurrence

138,822

122,092

Casualty - Claims Made

298,930

271,259

Casualty - Transportation

78,456

66,283

Property

137,613

65,098

Surety

50,737

50,743

Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses

(11,250)

(11,188)

Other

107

111

Total reinsurance balances recoverable on unpaid losses and settlement expenses

$

740,089

$

608,086

Total gross liability for unpaid loss and settlement expenses

$

2,315,637

$

2,043,555

Schedule of Prior Accident Years' Loss Reserve Development by Segment

The following table summarizes our prior accident years’ loss reserve development by segment for 2022, 2021 and 2020:

(in thousands)

 

2022

 

2021

 

2020

Casualty

$

(87,225)

$

(108,632)

$

(75,075)

Property

 

(24,927)

 

(10,981)

 

(13,019)

Surety

 

(10,427)

 

(5,850)

 

(12,959)

Total

$

(122,579)

$

(125,463)

$

(101,053)

Schedule of Paid and Unpaid Environmental, Asbestos and Mass Tort Claims Data (Including Incurred but not Reported Losses)

The following table represents paid and unpaid environmental, asbestos and mass tort claims data (including incurred but not reported losses) as of December 31, 2022, 2021 and 2020:

(in thousands)

 

2022

 

2021

 

2020

Loss and LAE Payments (Cumulative):

Gross

$

142,377

$

141,768

$

139,804

Ceded

 

(69,696)

 

(69,576)

 

(69,219)

Net

$

72,681

$

72,192

$

70,585

Unpaid Losses and LAE at End of Year:

Gross

$

26,871

$

25,747

$

22,485

Ceded

 

(5,786)

 

(5,718)

 

(4,619)

Net

$

21,085

$

20,029

$

17,866