Reserve for Claims and Claim Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claim Expenses

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:

Three months ended March 31,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods - actual reported claims lower than expected claims	$	(5,999	)	$	4,406
Ogden Rate change	33,481			—
Actuarial assumption changes	2,780			—
Total adverse development of prior accident years net claims and claim expenses	$	30,262		$	4,406

The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:

At March 31, 2017	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	212,770	$	171,257	$	231,586	$	615,613
Casualty and Specialty	587,083		139,183		1,574,435		2,300,701
Other	2,255		—		16,119		18,374
Total	$	802,108	$	310,440	$	1,822,140	$	2,934,688
At December 31, 2016
Property	$	214,954	$	186,308	$	226,512	$	627,774
Casualty and Specialty	591,705		105,419		1,498,002		2,195,126
Other	6,935		—		18,459		25,394
Total	$	813,594	$	291,727	$	1,742,973	$	2,848,294

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Three months ended March 31,	2017		2016
Net reserves as of January 1	$	2,568,730	$	2,632,519
Net incurred related to:
Current year	164,075		128,209
Prior years	29,006		(1,604		)
Total net incurred	193,081		126,605
Net paid related to:
Current year	7,729		1,490
Prior years	147,500		124,411
Total net paid	155,229		125,901
Foreign exchange	2,287		11,072
Net reserves as of March 31	2,608,869		2,644,295
Reinsurance recoverable as of March 31	325,819		167,228
Gross reserves as of March 31	$	2,934,688	$	2,811,523

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Three months ended March 31,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
Other	$	2,586		$	3,778
Total large catastrophe events	2,586			3,778
Small catastrophe events
Fort McMurray Wildfire (2016)	(5,850		)	—
Other	2,336			(9,706		)
Total small catastrophe events	(3,514		)	(9,706		)
Total catastrophe net claims and claim expenses	(928		)	(5,928		)
Total net favorable development of prior accident years net claims and claim expenses	$	(928	)	$	(5,928	)

The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:

Three months ended March 31,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(928	)	$	(5,928	)
Casualty and Specialty	30,262			4,406
Other	(328		)	(82		)
Total adverse (favorable) development of prior accident years net claims and claim expenses	$	29,006		$	(1,604	)