Reserve for Claims and Claim Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claim Expenses

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,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(27,562	)	$	(928	)
Casualty and Specialty	(3,791		)	30,262
Other	18			(328		)
Total favorable development of prior accident years net claims and claim expenses	$	(31,335	)	$	29,006

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,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods	$	(3,791	)	$	(5,999	)
Ogden Rate change	—			33,481
Actuarial assumption changes	—			2,780
Total adverse (favorable) development of prior accident years net claims and claim expenses	$	(3,791	)	$	30,262

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

The following tables detail 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,	2018
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Catastrophe Events	$	(27,109	)
Other	(4,258		)
Total large catastrophe events	(31,367		)
Small catastrophe events
Other	3,805
Total small catastrophe events	3,805
Total catastrophe net claims and claim expenses	(27,562		)
Total net favorable development of prior accident years net claims and claim expenses	$	(27,562	)

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, 2018	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	701,202	$	850,498	$	687,209	$	2,238,909
Casualty and Specialty	740,809		118,380		1,801,361		2,660,550
Other	4,999		—		8,269		13,268
Total	$	1,447,010	$	968,878	$	2,496,839	$	4,912,727
At December 31, 2017
Property	$	696,285	$	896,522	$	893,583	$	2,486,390
Casualty and Specialty	689,962		124,923		1,760,607		2,575,492
Other	6,605		—		11,921		18,526
Total	$	1,392,852	$	1,021,445	$	2,666,111	$	5,080,408

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

Three months ended March 31,	2018			2017
Net reserves as of January 1	$	3,493,778		$	2,568,730
Net incurred related to:
Current year	203,038			164,075
Prior years	(31,335		)	29,006
Total net incurred	171,703			193,081
Net paid related to:
Current year	9,050			7,729
Prior years	328,129			147,500
Total net paid	337,179			155,229
Foreign exchange	12,104			2,287
Net reserves as of March 31	3,340,406			2,608,869
Reinsurance recoverable as of March 31	1,572,321			325,819
Gross reserves as of March 31	$	4,912,727		$	2,934,688