Historical Loss And LAE Development (Tables)

12 Months Ended

Dec. 31, 2024

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 2024, 2023 and 2022:

(in thousands)	2024		2023		2022
Unpaid losses and LAE at beginning of year:
Gross	$	2,446,025	$	2,315,637	$	2,043,555
Ceded		(757,349)		(740,089)		(608,086)
Net	$	1,688,676	$	1,575,548	$	1,435,469
Increase (decrease) in incurred losses and LAE:
Current accident year	$	834,562	$	712,960	$	636,955
Prior accident years		(95,309)		(108,547)		(122,579)
Total incurred	$	739,253	$	604,413	$	514,376
Loss and LAE payments for claims incurred:
Current accident year	$	(121,314)	$	(165,364)	$	(97,525)
Prior accident year		(368,570)		(325,921)		(276,772)
Total paid	$	(489,884)	$	(491,285)	$	(374,297)
Net unpaid losses and LAE at end of year	$	1,938,045	$	1,688,676	$	1,575,548
Unpaid losses and LAE at end of year:
Gross	$	2,693,470	$	2,446,025	$	2,315,637
Ceded		(755,425)		(757,349)		(740,089)
Net	$	1,938,045	$	1,688,676	$	1,575,548

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, 2024
	For the Years Ended December 31,																						Cumulative
																							Number of
																							Reported
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024		Total IBNR		Claims
2015	$	94,835	$	84,975	$	83,579	$	78,675	$	76,398	$	75,470	$	75,438	$	77,110	$	75,958	$	75,821	$	2,433	4,425
2016				101,950		96,753		90,611		85,449		83,374		79,440		77,729		78,358		77,669		4,246	4,356
2017						119,741		111,391		102,583		95,513		90,759		90,344		90,744		91,238		5,299	4,572
2018								141,513		130,281		125,731		115,076		114,414		115,793		118,084		10,810	4,923
2019										146,011		135,209		120,570		109,051		111,156		112,638		16,585	5,369
2020												145,171		137,439		122,785		117,962		114,336		27,988	4,749
2021														142,797		128,483		125,672		123,363		39,997	4,683
2022																155,203		144,861		143,518		65,353	4,751
2023																		152,443		147,366		89,241	4,483
2024																				160,008		123,161	3,561
																		Total	$	1,164,041

	Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024
2015	$	10,157	$	19,902	$	33,020	$	45,056	$	54,270	$	58,866	$	62,997	$	68,650	$	69,635	$	72,138
2016				10,142		24,186		35,764		48,042		56,152		60,349		65,517		69,968		71,519
2017						13,154		25,933		38,783		52,823		62,236		71,419		76,283		79,374
2018								15,066		32,365		48,424		63,980		78,103		93,504		101,748
2019										15,698		30,673		41,911		57,750		74,380		87,092
2020												17,096		30,596		45,267		60,764		76,345
2021														14,428		29,633		43,951		65,454
2022																17,714		38,712		56,998
2023																		17,707		35,634
2024																				16,950
		* Presented as unaudited required supplementary information.																Total	$	663,252
										All outstanding liabilities before 2015, net of reinsurance										10,970
								Liabilities for losses and loss adjustment expenses, net of reinsurance											$	511,759

	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*
Years	1		2		3		4		5		6		7		8		9		10
		12.9%		13.8%		13.4%		15.0%		12.2%		9.2%		6.1%		5.5%		1.6%		3.3%

Casualty - Excess Occurrence
(in thousands, except number of claims)
	Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
	For the Years Ended December 31,																						Cumulative
																							Number of
																							Reported
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024		Total IBNR		Claims
2015	$	53,672	$	50,857	$	47,392	$	42,840	$	43,328	$	42,446	$	41,690	$	41,471	$	40,580	$	41,268	$	1,684	709
2016				56,341		49,385		37,676		33,125		30,251		29,671		29,940		27,733		27,015		1,939	659
2017						62,863		55,868		48,363		44,737		43,249		41,620		39,600		37,828		4,173	661
2018								69,362		62,646		54,626		51,023		49,861		47,949		45,580		12,439	635
2019										88,078		89,691		79,083		80,147		77,185		70,850		21,981	711
2020												107,579		98,409		90,274		81,284		75,351		38,495	667
2021														136,433		136,354		125,028		120,830		51,922	904
2022																153,895		156,822		157,626		77,373	1,057
2023																		178,887		176,607		98,709	1,067
2024																				225,747		136,830	582
																		Total	$	978,702

	Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024
2015	$	2,048	$	10,127	$	19,571	$	23,184	$	28,756	$	31,352	$	32,752	$	35,958	$	36,559	$	39,194
2016				1,068		3,396		7,441		10,054		12,703		14,400		17,807		20,603		21,176
2017						17		5,679		9,275		15,441		18,470		22,835		25,328		27,840
2018								2,506		5,823		10,801		17,294		22,016		23,958		28,272
2019										4,213		19,044		25,389		33,375		38,291		41,794
2020												2,901		13,856		20,988		24,657		31,299
2021														5,317		23,841		38,977		59,901
2022																7,479		28,764		57,202
2023																		7,091		31,867
2024																				6,048
		* Presented as unaudited required supplementary information.																Total	$	344,593
										All outstanding liabilities before 2015, net of reinsurance										22,873
								Liabilities for losses and loss adjustment expenses, net of reinsurance											$	656,982

	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%		14.3%		13.4%		11.8%		9.6%		6.7%		8.0%		8.3%		1.8%		6.4%

Casualty - Claims Made
(in thousands, except number of claims)
	Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
	For the Years Ended December 31,																						Cumulative
																							Number of
																							Reported
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024		Total IBNR		Claims
2015	$	55,006	$	47,831	$	42,206	$	39,906	$	39,653	$	39,619	$	38,609	$	37,578	$	37,332	$	37,674	$	617	1,338
2016				59,992		67,760		69,493		67,728		64,730		65,078		61,876		61,881		60,639		1,407	1,507
2017						60,572		62,450		62,714		57,450		59,907		61,546		60,340		60,057		2,321	1,648
2018								66,128		62,416		56,468		48,457		47,692		43,912		45,331		3,971	1,400
2019										62,918		61,712		52,224		46,500		43,969		42,236		7,144	1,516
2020												60,278		56,785		46,853		40,878		41,658		11,640	1,297
2021														51,219		45,854		38,946		35,485		13,192	1,229
2022																58,289		55,316		46,276		21,839	1,156
2023																		54,679		47,848		29,547	1,195
2024																				58,153		38,622	1,149
																		Total	$	475,357

	Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*			2024
2015	$	2,215	$	10,738	$	16,774	$	20,920	$	28,795	$	32,241	$	33,529	$	34,671	$	35,408	$		35,779
2016				2,060		14,558		27,465		39,370		47,999		52,846		53,737		56,342			57,976
2017						2,455		11,350		22,728		36,522		42,918		47,087		50,623			55,321
2018								1,964		11,965		18,840		24,918		27,351		31,002			38,188
2019										1,839		8,123		14,117		19,930		27,133			32,622
2020												1,488		5,687		10,412		16,537			26,511
2021														999		5,615		8,661			11,856
2022																2,088		8,836			14,672
2023																		1,421			5,336
2024																					1,524
		* Presented as unaudited required supplementary information.																Total		$	279,785
										All outstanding liabilities before 2015, net of reinsurance											4,407
								Liabilities for losses and loss adjustment expenses, net of reinsurance												$	199,979

	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*
Years	1		2		3		4		5		6		7		8		9		10
		3.9%		15.6%		14.8%		14.9%		15.4%		9.0%		6.7%		5.0%		2.3%		1.0%

Casualty - Transportation
(in thousands, except number of claims)
	Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
	For the Years Ended December 31,																						Cumulative
																							Number of
																							Reported
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024		Total IBNR		Claims
2015	$	38,561	$	46,258	$	47,021	$	46,395	$	45,162	$	45,525	$	45,807	$	46,685	$	47,466	$	47,998	$	429	3,188
2016				50,430		53,519		54,105		52,277		52,818		53,915		55,718		56,515		56,736		724	3,945
2017						55,640		53,641		45,017		43,764		45,351		46,742		47,619		47,228		786	3,640
2018								57,597		54,592		38,719		36,468		35,442		35,776		36,212		887	3,405
2019										58,297		56,129		43,976		41,925		44,236		47,296		2,035	3,319
2020												43,573		35,524		27,665		28,856		29,532		3,209	1,648
2021														51,322		51,581		47,913		54,599		6,396	2,324
2022																60,862		53,680		55,851		11,881	2,725
2023																		66,863		60,930		14,259	2,634
2024																				86,321		23,003	2,678
																		Total	$	522,703

		Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024
2015	$	6,984	$	20,709	$	29,554	$	37,222	$	39,339	$	41,345	$	42,626	$	45,002	$	46,159	$	47,452
2016				8,923		18,354		30,354		38,001		43,564		47,488		52,555		54,245		55,250
2017						7,979		17,070		24,090		30,260		36,141		41,064		43,891		45,061
2018								6,980		12,827		19,216		24,503		28,844		30,916		33,296
2019										7,148		15,852		21,120		26,422		35,546		42,409
2020												3,986		7,876		12,035		20,749		23,077
2021														5,341		15,345		25,886		37,702
2022																6,442		18,296		27,146
2023																		7,407		18,350
2024																				9,431
		* Presented as unaudited required supplementary information.																Total	$	339,174
										All outstanding liabilities before 2015, net of reinsurance										1,494
								Liabilities for losses and loss adjustment expenses, net of reinsurance											$	185,023

	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*
Years	1		2		3		4		5		6		7		8		9		10
		13.9%		18.9%		16.6%		17.1%		11.0%		8.4%		6.0%		3.5%		2.1%		2.7%

Property
(in thousands, except number of claims)
	Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
	For the Years Ended December 31,																						Cumulative
																							Number of
																							Reported
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024		Total IBNR		Claims
2015	$	59,863	$	56,103	$	53,958	$	52,720	$	53,111	$	52,781	$	52,878	$	53,359	$	54,065	$	54,122	$	6	4,077
2016				62,900		55,594		55,384		55,930		55,424		55,383		55,536		55,385		55,316		14	3,379
2017						90,803		83,273		84,961		82,671		82,319		81,912		81,677		81,194		39	2,893
2018								89,091		83,457		79,961		80,470		79,093		79,234		78,482		184	2,339
2019										71,232		65,189		61,116		59,901		61,185		60,549		293	2,458
2020												118,247		110,466		108,546		108,363		110,562		7,466	2,865
2021														135,447		116,424		115,587		114,178		4,587	3,116
2022																138,756		119,877		115,228		11,876	2,972
2023																		184,252		159,846		20,501	3,250
2024																				221,358		90,728	2,750
																		Total	$	1,050,835

	Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024
2015	$	32,184	$	49,348	$	50,197	$	51,290	$	52,078	$	52,342	$	52,400	$	53,208	$	53,369	$	54,116
2016				33,134		46,921		51,371		53,006		54,328		54,747		55,215		55,247		55,263
2017						41,314		66,818		74,415		78,360		80,581		80,958		80,965		81,132
2018								37,048		68,264		72,357		75,253		76,378		77,696		78,198
2019										30,703		51,740		55,092		57,038		59,015		59,808
2020												43,192		79,660		88,401		96,350		99,809
2021														57,272		89,174		99,671		103,826
2022																44,667		84,235		95,542
2023																		111,137		130,919
2024																				64,846
		* Presented as unaudited required supplementary information.																Total	$	823,459
										All outstanding liabilities before 2015, net of reinsurance										854
								Liabilities for losses and loss adjustment expenses, net of reinsurance											$	228,230

	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*
Years	1		2		3		4		5		6		7		8		9		10
		49.5%		30.0%		7.1%		3.9%		2.4%		0.9%		0.4%		0.6%		0.2%		1.4%

Surety
(in thousands, except number of claims)
	Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
	For the Years Ended December 31,																						Cumulative
																							Number of
																							Reported
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024		Total IBNR		Claims
2015	$	16,958	$	12,957	$	11,113	$	10,456	$	9,792	$	9,521	$	9,275	$	8,580	$	8,586	$	8,275	$	9	1,260
2016				18,928		11,062		9,351		8,895		8,391		7,948		8,134		7,963		8,206		17	1,401
2017						16,127		8,641		8,798		8,116		8,034		7,769		7,644		7,696		40	1,931
2018								16,765		7,227		4,564		3,947		3,996		3,760		3,894		53	1,362
2019										14,785		7,205		5,053		4,062		3,453		2,866		156	1,213
2020												19,241		14,840		12,378		11,516		9,935		1,255	987
2021														18,540		11,724		12,127		16,521		9,208	962
2022																20,185		11,490		10,686		2,565	1,080
2023																		21,242		9,024		6,886	869
2024																				23,284		22,503	572
																		Total	$	100,387

	Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
AY	2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023*		2024
2015	$	3,192	$	6,719	$	7,695	$	9,436	$	9,183	$	9,186	$	9,168	$	8,462	$	8,575	$	8,299
2016				3,087		5,817		6,299		7,640		8,086		7,673		7,946		7,795		7,918
2017						979		2,862		7,062		7,221		7,362		7,372		7,342		7,500
2018								1,835		2,588		2,368		2,536		3,020		2,079		3,220
2019										336		2,433		2,765		3,039		3,093		3,236
2020												835		2,719		3,828		3,907		7,896
2021														1,197		3,229		3,075		4,264
2022																(241)		4,161		5,737
2023																		841		1,883
2024																				412
		* Presented as unaudited required supplementary information.																Total	$	50,365
										All outstanding liabilities before 2015, net of reinsurance										(83)
								Liabilities for losses and loss adjustment expenses, net of reinsurance											$	49,939

	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*
Years	1		2		3		4		5		6		7		8		9		10
		17.2%		30.8%		12.9%		8.8%		9.8%		(4.8)%		8.0%		(2.8)%		1.4%		(3.3)%

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, 2024		December 31, 2023
Net outstanding liabilities:
Casualty - Primary Occurrence	$	511,759	$	482,569
Casualty - Excess Occurrence		656,982		556,978
Casualty - Claims Made		199,979		207,564
Casualty - Transportation		185,023		148,226
Property		228,230		142,876
Surety		49,939		46,813
Unallocated loss adjustment expenses		73,613		66,111
Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses		9,580		10,608
Other		22,940		26,931
Liabilities for unpaid loss and settlement expenses, net of reinsurance	$	1,938,045	$	1,688,676
Reinsurance balances recoverable on unpaid claims:
Casualty - Primary Occurrence	$	47,773	$	53,177
Casualty - Excess Occurrence		164,721		149,502
Casualty - Claims Made		283,560		292,803
Casualty - Transportation		76,089		68,126
Property		102,120		152,714
Surety		90,610		51,526
Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses		(9,580)		(10,608)
Other		132		109
Total reinsurance balances recoverable on unpaid losses and settlement expenses	$	755,425	$	757,349
Total gross liability for unpaid loss and settlement expenses	$	2,693,470	$	2,446,025

Schedule of Prior Accident Years' Loss Reserve Development by Segment

The following table summarizes our prior accident years’ loss reserve development by segment for 2024, 2023 and 2022:

(in thousands)	2024		2023		2022
Casualty	$	(52,878)	$	(78,498)	$	(87,225)
Property		(33,143)		(21,196)		(24,927)
Surety		(9,288)		(8,853)		(10,427)
Total	$	(95,309)	$	(108,547)	$	(122,579)

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, 2024, 2023 and 2022:

(in thousands)	2024		2023		2022
Loss and LAE Payments (Cumulative):
Gross	$	149,130	$	144,882	$	142,377
Ceded		(70,773)		(70,130)		(69,696)
Net	$	78,357	$	74,752	$	72,681
Unpaid Losses and LAE at End of Year:
Gross	$	22,658	$	25,180	$	26,871
Ceded		(5,899)		(5,490)		(5,786)
Net	$	16,759	$	19,690	$	21,085