Reserve for Claims and Claim Expenses (Tables)

3 Months Ended

Mar. 31, 2020

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claim Expenses

Three months ended March 31,	2019
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Large Loss Events	$	(10,918	)
Other	(1,374		)
Total large catastrophe events	(12,292		)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	14,169
Total small catastrophe events and attritional loss movements	14,169
Total catastrophe and attritional net claims and claim expenses	1,877
Total net adverse development of prior accident years net claims and claim expenses	$	1,877

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,	2020			2019
	(Favorable) adverse development			(Favorable) adverse development
Property	$	14,008		$	1,877
Casualty and Specialty	(1		)	(6,202		)
Other	(107		)	19
Total net adverse (favorable) development of prior accident years net claims and claim expenses	$	13,900		$	(4,306	)

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, 2020	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,095,840	$	1,707,754	$	958,827	$	3,762,421
Casualty and Specialty	1,644,402		105,505		3,894,049		5,643,956
Other	330		—		—		330
Total	$	2,740,572	$	1,813,259	$	4,852,876	$	9,406,707
At December 31, 2019
Property	$	1,253,406	$	1,631,223	$	1,189,221	$	4,073,850
Casualty and Specialty	1,596,426		129,720		3,583,913		5,310,059
Other	440		—		—		440
Total	$	2,850,272	$	1,760,943	$	4,773,134	$	9,384,349

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

Three months ended March 31,	2020			2019
Net reserves as of beginning of period	$	6,593,052		$	3,704,050
Net incurred related to:
Current year	557,054			231,341
Prior years	13,900			(4,306		)
Total net incurred	570,954			227,035
Net paid related to:
Current year	31,201			8,149
Prior years	436,286			300,120
Total net paid	467,487			308,269
Amounts acquired (1)	—			1,858,775
Foreign exchange (2)	(55,395		)	1,550
Net reserves as of end of period	6,641,124			5,483,141
Reinsurance recoverable as of end of period	2,765,583			2,908,343
Gross reserves as of end of period	$	9,406,707		$	8,391,484

(1) Represents the fair value of TMR's reserves for claims and claim expenses, net of reinsurance recoverables, acquired at March 22, 2019.

(2) Reflects the impact of the foreign exchange revaluation of net reserves denominated in non-U.S. dollars as at the balance sheet date.

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,	2020
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2019 Large Loss Events	$	(19,681	)
2018 Large Loss Events	(14,200		)
2017 Large Loss Events	(6,237		)
Other	8,027
Total large catastrophe events	(32,091		)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	46,099
Total small catastrophe events and attritional loss movements	46,099
Total net adverse development of prior accident years net claims and claim expenses	$	14,008

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,	2020			2019
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods	$	(1	)	$	(6,202	)
Total net favorable development of prior accident years net claims and claim expenses	$	(1	)	$	(6,202	)