Reserve for Claims and Claim Expenses (Tables)

6 Months Ended

Jun. 30, 2018

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:

Six months ended June 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods	$	(9,001	)	$	(21,762	)
Ogden Rate change	—			33,481
Actuarial assumption changes	(7,786		)	(2,462		)
Total (favorable) adverse development of prior accident years net claims and claim expenses	$	(16,787	)	$	9,257

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

At June 30, 2018	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	631,642	$	766,450	$	568,642	$	1,966,734
Casualty and Specialty	750,149		105,066		1,871,468		2,726,683
Other	4,433		—		4,495		8,928
Total	$	1,386,224	$	871,516	$	2,444,605	$	4,702,345
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:

Six months ended June 30,	2018			2017
Net reserves as of January 1	$	3,493,778		$	2,568,730
Net incurred related to:
Current year	419,434			351,766
Prior years	(187,564		)	(16,098		)
Total net incurred	231,870			335,668
Net paid related to:
Current year	23,902			19,885
Prior years	445,790			285,046
Total net paid	469,692			304,931
Foreign exchange	(8,602		)	19,753
Net reserves as of June 30	3,247,354			2,619,220
Reinsurance recoverable as of June 30	1,454,991			370,586
Gross reserves as of June 30	$	4,702,345		$	2,989,806

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:

Six months ended June 30,	2018
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Catastrophe Events	$	(156,213	)
Total large catastrophe events	(156,213		)
Small catastrophe events
Other	23,453
Total small catastrophe events	23,453
Total catastrophe net claims and claim expenses	(132,760		)
Attritional net claims and claim expenses
Actuarial methods - actual reported claims less than expected claims	(32,265		)
Actuarial assumption changes	(5,682		)
Total attritional net claims and claim expenses	(37,947		)
Total net favorable development of prior accident years net claims and claim expenses	$	(170,707	)

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

Six months ended June 30,	2018			2017
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(170,707	)	$	(24,800	)
Casualty and Specialty	(16,787		)	9,257
Other	(70		)	(555		)
Total favorable development of prior accident years net claims and claim expenses	$	(187,564	)	$	(16,098	)

Six months ended June 30,	2017
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
New Zealand Earthquake (2011)	$	5,807
New Zealand Earthquake (2010)	4,061
April and May U.S. Tornadoes (2011)	(4,153		)
Other	(3,864		)
Total large catastrophe events	1,851
Small catastrophe events
Fort McMurray Wildfire (2016)	(5,848		)
Tianjin Explosion (2015)	(4,896		)
U.S. PCS 13/14 Wind and Thunderstorm (2013)	(3,906		)
Other	(12,844		)
Total small catastrophe events	(27,494		)
Total catastrophe net claims and claim expenses	(25,643		)
Actuarial assumption changes	843
Total net favorable development of prior accident years net claims and claim expenses	$	(24,800	)