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Non-life and Life and Health Reserves
 12 Months Ended
Dec. 31, 2022
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Non-life and Life and Health Reserves Non-life and Life and Health Reserves
(a) Non-life reserves
Non-life reserves are categorized into three types of reserves: case reserves, ACRs and IBNR reserves. Case reserves represent unpaid losses reported by the Company’s cedants and recorded by the Company. ACRs are established for particular circumstances where, on the basis of individual loss reports, the Company estimates that the particular loss or collection of losses covered by a treaty may be greater than those advised by the cedant. IBNR reserves represent a provision for claims that have been incurred but not yet reported to the Company, as well as future loss development on losses already reported, in excess of the case reserves and ACRs. See also Note 2(b). The Company’s gross liability for non-life reserves at December 31, 2022 and 2021 was as follows (in thousands of U.S. dollars):
December 31, 2022December 31, 2021
Case reserves$5,110,575 $4,881,892 
ACRs159,821 140,464 
IBNR reserves7,455,235 7,025,436 
Non-life reserves$12,725,631 $12,047,792 
The reconciliation of the beginning and ending gross and net liability for non-life reserves for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands of U.S. dollars): 
202220212020
Gross liability at beginning of year$12,047,792 $11,395,321 $10,363,383 
Reinsurance recoverable at beginning of year1,532,666 782,330 754,795 
Net liability at beginning of year10,515,126 10,612,991 9,608,588 
Net incurred losses related to:
Current year3,533,087 3,637,671 3,945,248 
Prior years(219,853)(194,426)71,456 
3,313,234 3,443,245 4,016,704 
Net paid losses related to:
Current year(419,633)(437,938)(459,718)
Prior years(2,238,503)(2,535,057)(2,772,886)
(2,658,136)(2,972,995)(3,232,604)
Retroactive reinsurance recoverable adjustment(35,695)(357,864)— 
Effects of foreign exchange rate changes and other(260,709)(210,251)220,303 
Net liability at end of year10,873,820 10,515,126 10,612,991 
Reinsurance recoverable at end of year1,851,811 1,532,666 782,330 
Gross liability at end of year$12,725,631 $12,047,792 $11,395,321 
Prior Years' Reserve Development
For the year ended December 31, 2022, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in both the P&C and Specialty segments and a reduction in unallocated loss adjustment expenses. The favorable loss emergence within the P&C segment was across multiple accident years, mainly driven by the motor, catastrophe, and casualty business. The favorable loss emergence within the Specialty segment was across multiple accident years, predominantly from the financial risks, engineering, marine, and property business, which was partially offset by adverse loss emergence in the aviation business.
For the year ended December 31, 2021, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in both the P&C and Specialty segments. The favorable loss emergence within the Specialty segment was across multiple accident years, predominantly from financial risks lines. The favorable loss emergence within the P&C segment was primarily from a refinement of loss estimates for certain large catastrophic events from accident years 2017 - 2019.
For the year ended December 31, 2020, the Company reported net unfavorable loss development for prior accident years resulting from adverse loss emergence in the Specialty segment, which was partially offset by favorable loss emergence in the P&C segment. The adverse loss emergence within the Specialty segment was across multiple accident years, predominantly from property, engineering, multiline and aviation business. The favorable loss emergence within the P&C segment was primarily from accident years 2015 and prior, mainly driven by the European casualty, motor and property business, which was partially offset by adverse loss emergence in the U.S. and Asia property business.
Retroactive Reinsurance Recoverable
During the second quarter of 2021, the Company entered into a loss portfolio transfer and adverse development cover agreement related to prior underwriting years on the Company's U.S. casualty and auto business within the P&C segment. Premium paid for the loss portfolio transfer and adverse development cover agreement, resulted in a cash transfer for the premium at inception of the agreement, and a reinsurance recoverable of $394 million at December 31, 2022 and $358 million at December 31, 2021. At December 31, 2022 and 2021, as a result of adverse prior years reserve development ceded under this agreement, a deferred gain of $47 million and $20 million, respectively, was recorded in Accounts payable, accrued expense and other in the Consolidated Balance Sheets. This transaction is presented retrospectively in the net loss and loss expenses incurred development table for the Casualty business in Section (c) below. Reinsurance recoveries under this transaction are attributed to calendar year and accident year based on the underlying distribution of losses subject to the agreement.
In the fourth quarter of 2019, the Company entered into a loss portfolio transfer agreement transferring 100% of liabilities, including profit commissions, related to its wholesale managing general agent portfolio. As a result of the transaction, the Company recorded a reinsurance recoverable of $81 million and a related deferred gain of $14 million. In the fourth quarter of 2020, the Company completed a business transfer to extinguish the remaining $70 million of non-life reserves and derecognized the $70 million of related reinsurance recoverables. As a result, during 2020, the $14 million deferred gain was recognized within Losses and loss expenses in the Consolidated Statement of Operations. At settlement, $64 million of invested assets were transferred, and there was a corresponding decrease in Other reinsurance balances payable.
Asbestos and Environmental Claims
The Company’s net non-life reserves at December 31, 2022 and 2021 included $42 million and $44 million, respectively, related to asbestos and environmental claims. The gross liability for such claims at December 31, 2022 and 2021 was $49 million and $52 million, respectively.
Ultimate loss estimates for such claims cannot be estimated using traditional reserving techniques and there are significant uncertainties in estimating the Company’s potential losses for these claims. In view of the legal and tort environment that affect the development of such claims, the uncertainties inherent in estimating asbestos and environmental claims are not likely to be resolved in the near future. There can be no assurance that the reserves established by the Company will not be adversely affected by development of other latent exposures, and further, there can be no assurance that the reserves established by the Company will be adequate. The Company does, however, actively evaluate potential exposure to asbestos and environmental claims and establishes additional reserves as appropriate. The Company believes that it has made a reasonable provision for these exposures and is unaware of any specific issues that would materially affect its unpaid losses and loss expense reserves related to this exposure.
Non-life reserving methods
The reserving methods commonly employed by the Company are summarized as follows:
Chain Ladder (CL) Development Methods (Reported or Paid)
These methods use the underlying assumption that losses reported (paid) for each underwriting year at a particular development stage follow a stable pattern. The CL development method assumes that on average, every underwriting year will display the same percentage of ultimate liabilities reported by the Company’s cedants at 24 months after the inception of the underwriting year. The percentages reported (paid) are established for each development stage after examining historical averages from the loss development data. These are sometimes supplemented by external benchmark information. Ultimate liabilities are estimated by multiplying the actual reported (paid) losses by the reciprocal of the assumed reported (paid) percentage. Reserves are then calculated by subtracting paid claims from the estimated ultimate liabilities.
Expected Loss Ratio (ELR) Method
This method estimates ultimate losses for an underwriting year by applying an estimated loss ratio to the earned premium for that underwriting year. Although the method is insensitive to actual reported or paid losses, it can often be useful at the early stages of development when very few losses have been reported or paid, and the principal sources of information available to the Company consist of information obtained during pricing and qualitative information supplied by the cedant. However, the lack of sensitivity to reported or paid losses means that the method is usually inappropriate at later stages of development.
Bornhuetter-Ferguson (B-F) Methods (Reported or Paid)
These methods aim to address the variability at early stages of development and incorporates external information such as pricing. The B-F methods are more sensitive to reported and paid losses than the ELR method, and can be seen as a blend of the ELR and CL development methods. Unreported (unpaid) claims are calculated using an expected reporting (payment) pattern and an
externally determined estimate of ultimate liabilities (usually determined by multiplying an a priori loss ratio with estimates of premium volume). The accuracy of the a priori loss ratio is a critical assumption in this method. Usually a priori loss ratios are initially determined on the basis of pricing information, but may also be adjusted to reflect other information that subsequently emerges about underlying loss experience.
Loss Event Specific Method
The ultimate losses estimated under this method are derived from estimates of specific events based on reported claims, client and broker discussions, review of potential exposures, market loss estimates, modeled analysis and other event specific criteria.
Method Weights
In determining the loss reserves, the Company often relies on a blend of the results from two or more methods (e.g., weighted averages). The judgment as to which of the above method(s) is most appropriate for a particular underwriting year and reserving cell could change over time as new information emerges regarding underlying loss activity and other data issues. Furthermore, as each line is typically composed of several reserving cells, it is likely that the reserves for the line will be dependent on several reserving methods. This is because reserves for a line are the result of aggregating the reserves for each constituent reserving cell and that a different method could be selected for each reserving cell.
The principal reserving methods used for each of the Specialty segment and P&C segment were ELR, Reported/Paid B-F, and Reported/Paid CL, with the exception of catastrophe risks within the P&C segment where the principal reserving methods used were ELR based on exposure analysis and loss event specific methods.
(b) Life and Health Reserves
The reconciliation of the beginning and ending gross and net liability for life and health reserves for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands of U.S. dollars):
 202220212020
Gross liability at beginning of period$2,638,086 $2,704,229 $2,417,044 
Reinsurance recoverable at beginning of period21,000 35,662 16,183 
Net liability at beginning of period$2,617,086 $2,668,567 $2,400,861 
Net incurred losses (1)
1,434,169 1,440,739 1,318,196 
Net losses paid(1,390,848)(1,413,316)(1,230,383)
Effects of foreign exchange rate changes and other(181,789)(78,904)179,893 
Net liability at end of period$2,478,618 $2,617,086 $2,668,567 
Reinsurance recoverable at end of period31,675 21,000 35,662 
Gross liability at end of period$2,510,293 $2,638,086 $2,704,229 
(1)During 2021 and 2020, certain life and health treaties were recaptured, resulting in total gains upon recapture of $15 million and $28 million respectively, recorded as a reduction to net incurred losses.
Net incurred losses includes unfavorable prior years' reserve development of $46 million for the year ended December 31, 2022, favorable prior years' reserve development of $5 million for the year ended December 31, 2021, and unfavorable prior years' reserve development of $52 million for the year ended December 31, 2020, which was driven by the Company's disability business.
The Company used interest rate assumptions to estimate its liabilities for policy benefits for life and annuity contracts which ranged from 0% to 11% at December 31, 2022, 2021 and 2020.
Life and health reserving methods
The reserving methods commonly employed by the Company are summarized as follows:
Mortality
The reserves for the short-term mortality/morbidity business consist of case reserves calculated at the treaty level based upon cedant information. IBNR is calculated at the reserving segment level using either the ELR method or CL development method described above for Non-life business.
The reserves for the traditional and limited payment long-duration contracts are established based upon accepted actuarial valuation methods which require us to make certain assumptions regarding future claims and policy benefits and includes a provision for adverse deviation. The provision for adverse deviation contemplates reasonable deviations from the best estimate assumptions for the key risk elements relevant to the product being evaluated, including mortality, disability, critical illness, expenses, and discount rates. The assumptions are locked in at contract inception and are subject to annual loss recognition testing (LRT). LRT occurs at the product group level, based on the manner of acquiring, servicing and measuring profitability of the reinsurance contracts. The LRT framework incorporates deferred acquisition cost (DAC) recoverability testing and involves determining an LRT reserve by re-measuring the policy benefit liabilities using current best estimate actuarial assumptions and current discount rates without any provisions for adverse deviation. If the aggregate LRT reserve is higher than the carrying amount of future policy benefit liabilities, net of DAC and VOBA, for a particular product grouping then a loss recognition event occurs. The DAC and VOBA asset balances for the given product grouping are first reduced, and if the balances are fully written off, the reserves will be increased, such that the current best estimate assumptions become the new locked-in basis.
The reserves for the guaranteed minimum death benefit (GMDB) reinsurance business are established similar to provisions for universal life contracts. Key actuarial assumptions for this business are mortality, lapses, interest rates, expected returns on cash and bonds and stock market performance. For the latter parameter, a stochastic option pricing approach is used and the benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The assumptions of investment performance and volatility are consistent with expected future experience of the respective underlying funds available for policyholder investment options. Recorded reserves for GMDB reflect management’s best estimate based upon actuarial indications.
Longevity
Reserves for the annuity portfolio of reinsurance contracts within the longevity book are established using the reserving methodology discussed above for long-term traditional mortality.
(c) Losses and Loss Expenses
Losses and loss expenses in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 were comprised as follows (in thousands of U.S. dollars): 
202220212020
Non-life
$3,313,234 $3,443,245 $4,016,704 
Life and Health1,434,169 1,440,739 1,318,196 
Losses and loss expenses$4,747,403 $4,883,984 $5,334,900 
Non-life net incurred and paid losses and loss expense development
The net incurred and paid losses and loss expenses development by accident year for each of the years ended December 31, 2013 through 2022, and the total of IBNR plus expected development on reported claims included within the net incurred claims amounts, as at each of the years ended December 31, 2013 through 2022, are presented in the tables below (in thousands of U.S. dollars). The tables below reflect losses incurred and paid losses translated to U.S. dollars at the exchange rate as of the balance sheet date whereas the Losses and loss expenses in the Consolidated Statement of Operations reflect losses incurred at the average exchange rate for the period.
NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE
For the year ended December 31,December 31, 2022
Accident year2013201420152016201720182019202020212022Total of IBNR plus expected development on reported claims
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$2,664,745 $2,722,788 $2,400,977 $3,277,749 $2,787,608 $2,313,004 $2,301,835 $2,276,767 $2,262,098 $2,242,254 $23,890 
20142,481,720 2,514,200 2,368,967 2,349,869 2,353,759 2,315,021 2,277,135 2,262,546 2,232,454 35,019 
20152,502,854 2,611,184 2,527,784 2,550,830 2,520,182 2,475,960 2,451,141 2,432,324 89,338 
20162,451,204 2,559,851 2,516,126 2,486,199 2,467,920 2,484,069 2,476,383 130,477 
20172,549,737 2,801,179 2,698,916 2,651,730 2,663,904 2,658,571 179,473 
20182,596,552 2,974,243 2,969,810 2,972,766 3,009,359 387,763 
20192,931,280 3,519,556 3,510,991 3,523,443 681,501 
20204,186,395 3,586,462 3,499,097 976,332 
20212,880,141 2,829,876 1,580,019 
20223,410,844 2,119,500 
Total$28,314,605 $6,203,312 
NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE
For the year ended December 31,
Accident year2013201420152016201720182019202020212022
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$267,413 $1,237,315 $1,577,293 $1,771,134 $1,900,282 $1,997,543 $2,061,865 $2,097,390 $2,121,980 $2,146,574 
2014336,270 1,291,273 1,594,146 1,810,171 1,946,054 2,044,804 2,118,939 2,164,676 2,196,720 
2015306,562 1,159,655 1,564,173 1,798,537 1,959,722 2,067,935 2,142,234 2,198,481 
2016321,351 1,272,443 1,627,697 1,893,694 2,030,728 2,123,169 2,211,977 
2017394,394 1,421,140 1,804,959 2,072,838 2,195,236 2,314,529 
2018271,827 1,276,542 1,811,055 2,093,543 2,283,931 
2019462,939 1,438,793 1,961,928 2,341,116 
2020480,122 1,277,034 1,805,063 
2021373,191 1,088,143 
2022394,598 
Total$18,981,132 
Net reserves for accident years and exposures included in the triangles$9,333,473 
All outstanding liabilities before accident year 2013, net of reinsurance1,239,090 
Total outstanding liabilities for unpaid claims$10,572,563 
AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - NON-LIFE (unaudited)
Years12345678910
Non-life13%33%15%10%6%4%3%2%1%1%
NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY
For the year ended December 31,December 31, 2022
Accident year2013201420152016201720182019202020212022Total of IBNR plus expected development on reported claims
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$622,984 $560,072 $519,883 $505,636 $500,527 $492,673 $490,699 $489,268 $487,571 $485,091 $421 
2014469,568 488,446 463,409 458,609 452,907 450,487 447,816 447,894 444,808 588 
2015537,193 565,816 537,792 528,106 524,147 519,568 525,203 523,475 1,175 
2016663,490 681,050 644,349 625,873 622,562 624,375 623,593 2,622 
2017971,607 1,022,186 952,613 923,025 915,166 910,105 3,934 
2018805,960 820,675 799,735 778,867 766,591 10,844 
2019703,097 782,453 720,079 711,928 45,376 
20201,252,575 1,070,935 1,061,772 134,726 
2021919,517 918,629 202,188 
2022944,920 557,288 
Total$7,390,912 $959,162 
NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY
For the year ended December 31,
Accident year2013201420152016201720182019202020212022
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$90,086 $320,510 $419,541 $453,191 $469,346 $472,517 $477,180 $479,094 $479,023 $479,578 
201495,013 323,309 395,102 423,339 432,567 438,152 442,581 444,798 445,375 
201585,015 330,876 435,539 469,036 481,879 489,195 498,557 501,524 
2016132,914 446,804 538,988 579,381 595,159 604,980 609,257 
2017214,026 694,240 805,627 853,945 862,942 870,638 
201881,830 494,608 628,458 666,919 687,439 
201978,527 426,566 545,163 586,587 
2020115,165 515,030 681,851 
2021121,453 491,546 
2022103,876 
Total$5,457,671 
Net reserves for accident years and exposures included in the triangles$1,933,241 
All outstanding liabilities before accident year 2013, net of reinsurance122,792 
Total outstanding liabilities for unpaid claims$2,056,033 
AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - PROPERTY (unaudited)
Years12345678910
Property 15%47%16%6%2%1%1%—%—%—%
NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY
For the year ended December 31,December 31, 2022
Accident year2013201420152016201720182019202020212022Total of IBNR plus expected development on reported claims
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$747,448 $853,023 $757,402 $734,732 $732,716 $726,420 $714,114 $695,346 $691,195 $678,905 $19,235 
2014804,571 848,698 814,622 810,349 826,000 791,768 766,415 753,383 739,605 28,354 
2015699,327 783,275 761,091 803,497 770,242 751,652 726,451 714,608 76,827 
2016670,767 756,954 767,366 747,814 740,047 750,268 747,402 103,979 
2017621,095 743,114 720,966 709,881 716,862 720,732 136,389 
2018767,559 905,491 895,978 903,353 920,169 258,229 
2019999,955 1,226,210 1,272,980 1,273,687 519,757 
20201,344,430 1,115,751 1,094,890 624,521 
20211,013,896 967,726 920,590 
20221,495,131 1,043,559 
Total$9,352,855 $3,731,440 
NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY
For the year ended December 31,
Accident year2013201420152016201720182019202020212022
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$49,468 $152,575 $260,249 $339,320 $410,241 $470,029 $510,855 $533,983 $558,218 $578,496 
201469,119 189,458 292,152 387,182 470,964 536,883 594,035 631,367 654,893 
201573,252 184,520 303,213 398,790 505,067 577,907 627,964 667,748 
201628,304 140,081 244,560 369,651 455,982 520,069 586,050 
201755,617 157,792 246,615 334,296 411,806 488,164 
201859,105 201,190 323,510 425,887 532,717 
2019100,639 274,821 430,192 580,304 
2020112,281 176,740 304,592 
202180,434 225,846 
2022120,660 
Total$4,739,470 
Net reserves for accident years and exposures included in the triangles$4,613,385 
All outstanding liabilities before accident year 2013, net of reinsurance1,023,715 
Total outstanding liabilities for unpaid claims$5,637,100 
AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - CASUALTY (unaudited)
Years12345678910
Casualty8%14%13%13%12%9%7%5%3%3%
NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY
For the year ended December 31,December 31, 2022
Accident year2013201420152016201720182019202020212022Total of IBNR plus expected development on reported claims
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$1,294,313 $1,309,693 $1,123,692 $2,037,381 $1,554,365 $1,093,911 $1,097,022 $1,092,153 $1,083,332 $1,078,258 $4,234 
20141,207,581 1,177,056 1,090,936 1,080,911 1,074,852 1,072,766 1,062,904 1,061,269 1,048,0416,077 
20151,266,334 1,262,093 1,228,901 1,219,227 1,225,793 1,204,740 1,199,487 1,194,24111,336 
20161,116,947 1,121,847 1,104,411 1,112,512 1,105,311 1,109,426 1,105,38823,876 
2017957,035 1,035,879 1,025,337 1,018,824 1,031,876 1,027,73439,150 
20181,023,033 1,248,077 1,274,097 1,290,546 1,322,599118,690 
20191,228,228 1,510,893 1,517,932 1,537,828116,368 
20201,589,390 1,399,776 1,342,435217,085 
2021946,728 943,521457,241 
2022970,793518,653 
Total$11,570,838 $1,512,710 
NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY
For the year ended December 31,
Accident year2013201420152016201720182019202020212022
(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
2013$127,859 $764,230 $897,503 $978,623 $1,020,695 $1,054,997 $1,073,830 $1,084,313 $1,084,739 $1,088,500 
2014172,138 778,506 906,892 999,650 1,042,523 1,069,769 1,082,323 1,088,511 1,096,452 
2015148,295 644,259 825,421 930,711 972,776 1,000,833 1,015,713 1,029,209 
2016160,133 685,558 844,149 944,662 979,587 998,120 1,016,670 
2017124,751 569,108 752,717 884,597 920,488 955,727 
2018130,892 580,744 859,087 1,000,737 1,063,775 
2019283,773 737,406 986,573 1,174,225 
2020252,676 585,264 818,620 
2021171,304 370,751 
2022170,062 
Total$8,783,991 
Net reserves for accident years and exposures included in the triangles$2,786,847 
All outstanding liabilities before accident year 2013, net of reinsurance92,583 
Total outstanding liabilities for unpaid claims$2,879,430 
AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - SPECIALTY (unaudited)
Years12345678910
Specialty15%39%16%10%4%3%1%1%—%—%
The Company is predominantly a reinsurer of primary insurers and does not have access to claim frequency information held by our cedants due to the majority of the Company’s business being written on a proportional basis. As such, the Company considers it impracticable to disclose information on the frequency of claims.
The reconciliation of the net incurred and paid claims development information above to the Non-life reserves in the Consolidated Balance Sheet at December 31, 2022 was as follows (in thousands of U.S. dollars):
December 31, 2022
Total outstanding liability for unpaid claims
Property$2,056,033 
Casualty5,637,100 
Specialty2,879,430 
Total outstanding liabilities for unpaid claims$10,572,563 
Unallocated loss expenses$119,274 
U.S. health net reserves (1)
168,146 
Other13,837 
Total other liabilities$301,257 
Net liability at end of year$10,873,820 
Reinsurance recoverable on unpaid claims
Property$922,141 
Casualty585,737 
Specialty343,933 
Reinsurance recoverable at end of year$1,851,811 
Gross liability at end of year$12,725,631 
(1) U.S. health business is not meaningful to include in the development tables as the estimated average duration of the health reserves is less than one year and substantially all claims are expected to be paid within two years, based on historical payout patterns.