Reserve for Claims and Claim Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Liability for Unpaid Claims and Claim Expenses

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



At December 31, 2022	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,956,688	$	2,008,891	$	3,570,253	$	7,535,832
Casualty and Specialty	1,864,365		167,993		6,324,383		8,356,741

Total	$	3,821,053	$	2,176,884	$	9,894,636	$	15,892,573

At December 31, 2021
Property	$	1,555,210	$	1,996,760	$	2,825,718	$	6,377,688
Casualty and Specialty	1,784,334		128,065		5,004,543		6,916,942

Total	$	3,339,544	$	2,124,825	$	7,830,261	$	13,294,630

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



Year ended December 31,	2022		2021		2020
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	9,025,961	$	7,455,128	$	6,593,052
Net incurred related to:
Current year	4,586,422		4,125,557		3,108,421
Prior years	(247,582)		(249,470)		(183,812)
Total net incurred	4,338,840		3,876,087		2,924,609
Net paid related to:
Current year	105,885		574,230		412,172
Prior years	1,924,271		1,649,872		1,592,456
Total net paid	2,030,156		2,224,102		2,004,628
Foreign exchange (1)	(152,997)		(81,152)		97,273
Amounts disposed (2)	—		—		(155,178)

Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	11,181,648		9,025,961		7,455,128
Reinsurance recoverable as of end of period	4,710,925		4,268,669		2,926,010
Reserve for claims and claim expenses as of end of period	$	15,892,573	$	13,294,630	$	10,381,138

(1)Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

(2)Represents the fair value of RenaissanceRe UK’s reserve for claims and claim expenses, net of reinsurance recoverable, disposed of on August 18, 2020.

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



Year ended December 31,	2022		2021		2020
	(Favorable) adverse development		(Favorable) adverse development		(Favorable) adverse development
Property	$	(205,741)	$	(233,373)	$	(157,049)
Casualty and Specialty	(41,841)		(16,097)		(26,763)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(247,582)	$	(249,470)	$	(183,812)

The following tables detail the development of the Company’s liability for net 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:



Year ended December 31,	2022
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2021 Weather-Related Large Loss Events (1)	$	(12,387)
2020 Weather-Related Large Loss Events (2)	(24,589)
2019 Large Loss Events (3)	(97,034)
2018 Large Loss Events (4)	(20,318)
2017 Large Loss Events (5)	(39,481)

Other	(4,755)
Total large catastrophe events	(198,564)
Small catastrophe events and attritional loss movements










Other small catastrophe events and attritional loss movements	(31,024)
Total small catastrophe events and attritional loss movements	(31,024)
Total catastrophe and attritional net claims and claim expenses	(229,588)


Actuarial assumption changes	23,847

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(205,741)

(1)“2021 Weather-Related Large Loss Events” includes Winter Storm Uri, the European Floods, Hurricane Ida, the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, the Midwest Derecho in December 2021, and losses associated with aggregate loss contracts.

(2) “2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.

(3) “2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.

(4)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts.

(5)“2017 Large Loss Events includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts.



Year ended December 31,	2021
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2020 Weather-Related Large Loss Events	$	17,140
2019 Large Loss Events	(61,634)
2018 Large Loss Events	(101,096)
2017 Large Loss Events	(49,090)




Other	(9,392)
Total large catastrophe events	(204,072)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(34,751)
Total small catastrophe events and attritional loss movements	(34,751)
Total catastrophe and attritional net claims and claim expenses	(238,823)
Actuarial assumption changes	5,450
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(233,373)



Year ended December 31,	2020
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2019 Large Loss Events	$	(44,389)
2018 Large Loss Events	(43,991)
2017 Large Loss Events	(32,649)
Other	124
Total large catastrophe events	(120,905)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(41,589)
Total small catastrophe events and attritional loss movements	(41,589)
Total catastrophe and attritional net claims and claim expenses	(162,494)

Actuarial assumption changes	5,445

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(157,049)

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



Year ended December 31,	2022		2021		2020
	(Favorable) adverse development		(Favorable) adverse development		(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims	$	(63,353)	$	(19,078)	$	(29,280)

Actuarial assumption changes	21,512		2,981		2,517
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(41,841)	$	(16,097)	$	(26,763)

The reconciliation of the net incurred and paid claims development tables to the reserve for claims and claim expenses in the consolidated balance sheet is as follows:



At December 31, 2022
Net Reserve for Claims and Claim Expenses
Property	$	4,814,431
Casualty and Specialty	6,367,217

Total net reserve for claims and claim expenses	11,181,648

Reinsurance Recoverable
Property	$	2,721,401
Casualty and Specialty	1,989,524

Total reinsurance recoverable	4,710,925
Total reserve for claims and claim expenses	$	15,892,573

Schedule of Short-duration Insurance Contracts, Claims Development

The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2022, net of reinsurance, as well as IBNR plus additional case reserve (“ACR”) included within the net incurred claims amounts.



	Incurred Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,																				At December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR and ACR
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2013	$	903,034	$	876,941	$	827,241	$	781,045	$	757,635	$	739,511	$	717,825	$	711,873	$	718,135	$	711,633	$	4,996
2014	—		994,500		965,877		957,841		932,798		913,892		924,440		889,626		881,189		884,065		42,639
2015	—		—		1,129,940		1,132,288		1,152,632		1,122,299		1,097,864		1,108,163		1,103,648		1,124,518		56,655
2016	—		—		—		1,393,017		1,442,182		1,425,411		1,400,055		1,346,808		1,346,215		1,359,555		42,890
2017	—		—		—		—		2,924,152		2,716,502		2,632,327		2,568,377		2,537,065		2,501,011		221,993
2018	—		—		—		—		—		2,157,010		2,283,444		2,240,099		2,127,150		2,178,040		268,457
2019	—		—		—		—		—		—		2,196,489		2,162,945		2,109,650		2,015,326		501,127
2020	—		—		—		—		—		—		—		3,059,761		3,039,476		2,907,003		1,145,327
2021	—		—		—		—		—		—		—		—		4,029,033		3,953,965		1,724,991
2022	—		—		—		—		—		—		—		—		—		4,530,377		4,123,292
Total																			$	22,165,493	$	8,132,367

	Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2013	$	131,091	$	337,936	$	429,055	$	491,161	$	550,250	$	583,994	$	611,595	$	627,754	$	642,756	$	651,985
2014	—		229,821		428,961		549,733		625,448		686,611		733,700		760,084		780,684		797,241
2015	—		—		261,448		493,973		656,916		772,676		868,042		930,193		978,680		1,015,837
2016	—		—		—		287,552		621,352		823,696		963,518		1,076,348		1,170,769		1,228,187
2017	—		—		—		—		744,317		1,064,009		1,356,305		1,717,490		1,889,722		2,044,269
2018	—		—		—		—		—		583,810		771,391		1,134,867		1,407,248		1,587,773
2019	—		—		—		—		—		—		282,350		673,323		961,303		1,213,002
2020	—		—		—		—		—		—		—		404,800		1,008,293		1,348,636
2021	—		—		—		—		—		—		—		—		569,000		1,328,040
2022	—		—		—		—		—		—		—		—		—		99,612
Total																			$	11,314,582
Outstanding liabilities from accident year 2012 and prior, net of reinsurance																			326,927

Adjustment for unallocated loss adjustment expenses																			74,613
Unamortized fair value adjustments recorded in connection with acquisitions																			(70,803)

Liability for claims and claim expenses, net of reinsurance																			$	11,181,648

The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2022, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts.



	Incurred Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,																				At December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR and ACR
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2013	$	312,792	$	288,846	$	267,276	$	245,077	$	233,993	$	230,368	$	230,603	$	233,668	$	236,185	$	234,533	$	539
2014	—		299,256		276,253		263,337		258,384		257,237		254,897		248,847		245,956		247,101		36
2015	—		—		368,476		352,454		331,342		320,695		309,509		303,110		292,867		300,028		801
2016	—		—		—		447,077		460,729		445,119		427,918		409,221		399,222		408,757		11,163
2017	—		—		—		—		1,639,389		1,453,773		1,342,224		1,319,428		1,273,721		1,207,671		145,713
2018	—		—		—		—		—		918,764		985,180		941,093		818,156		820,098		88,814
2019	—		—		—		—		—		—		955,220		928,613		875,408		779,852		111,737
2020	—		—		—		—		—		—		—		1,568,157		1,583,694		1,565,564		488,732
2021	—		—		—		—		—		—		—		—		2,338,470		2,311,045		481,114
2022	—		—		—		—		—		—		—		—		—		2,232,896		1,988,816
Total																			$	10,107,545	$	3,317,465

	Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2013	$	79,522	$	153,703	$	188,435	$	203,835	$	211,559	$	214,947	$	218,378	$	223,101	$	223,421	$	224,606
2014	—		105,908		181,531		219,496		231,129		238,112		242,011		241,253		244,060		243,707
2015	—		—		126,687		224,744		258,368		277,529		288,011		291,092		293,757		296,801
2016	—		—		—		120,269		257,672		324,364		348,414		370,911		380,274		382,740
2017	—		—		—		—		533,895		659,712		813,588		939,317		968,331		1,010,174
2018	—		—		—		—		—		430,417		417,023		582,372		604,687		637,022
2019	—		—		—		—		—		—		159,227		352,980		511,358		578,025
2020	—		—		—		—		—		—		—		254,552		669,836		846,833
2021	—		—		—		—		—		—		—		—		498,191		1,095,782
2022	—		—		—		—		—		—		—		—		—		28,061
Total																			$	5,343,751
Outstanding liabilities from accident year 2012 and prior, net of reinsurance																			46,592
Adjustment for unallocated loss adjustment expenses																			14,638
Unamortized fair value adjustments recorded in connection with acquisitions																			(10,593)

Liability for claims and claim expenses, net of reinsurance																			$	4,814,431

The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2022, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts.



	Incurred Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,																				At December 31, 2022
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR and ACR
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2013	$	590,242	$	588,095	$	559,965	$	535,968	$	523,642	$	509,143	$	487,222	$	478,205	$	481,950	$	477,100	$	4,457
2014	—		695,244		689,624		694,504		674,414		656,655		669,543		640,779		635,233		636,964		42,603
2015	—		—		761,464		779,834		821,290		801,604		788,355		805,053		810,781		824,490		55,854
2016	—		—		—		945,940		981,453		980,292		972,137		937,587		946,993		950,798		31,727
2017	—		—		—		—		1,284,763		1,262,729		1,290,103		1,248,949		1,263,344		1,293,340		76,280
2018	—		—		—		—		—		1,238,246		1,298,264		1,299,006		1,308,994		1,357,942		179,643
2019	—		—		—		—		—		—		1,241,269		1,234,332		1,234,242		1,235,474		389,390
2020	—		—		—		—		—		—		—		1,491,604		1,455,782		1,341,439		656,595
2021	—		—		—		—		—		—		—		—		1,690,563		1,642,920		1,243,877
2022	—		—		—		—		—		—		—		—		—		2,297,481		2,134,476
Total																			$	12,057,948	$	4,814,902

	Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2013	$	51,569	$	184,233	$	240,620	$	287,326	$	338,691	$	369,047	$	393,217	$	404,653	$	419,335	$	427,379
2014	—		123,913		247,430		330,237		394,319		448,499		491,689		518,831		536,624		553,534
2015	—		—		134,761		269,229		398,548		495,147		580,031		639,101		684,923		719,036
2016	—		—		—		167,283		363,680		499,332		615,104		705,437		790,495		845,447
2017	—		—		—		—		210,422		404,297		542,717		778,173		921,391		1,034,095
2018	—		—		—		—		—		153,393		354,368		552,495		802,561		950,751
2019	—		—		—		—		—		—		123,123		320,343		449,945		634,977
2020	—		—		—		—		—		—		—		150,248		338,457		501,803
2021	—		—		—		—		—		—		—		—		70,809		232,258
2022	—		—		—		—		—		—		—		—		—		71,551
Total																			$	5,970,831
Outstanding liabilities from accident year 2012 and prior, net of reinsurance																			280,335
Adjustment for unallocated loss adjustment expenses																			59,975
Unamortized fair value adjustments recorded in connection with acquisitions																			(60,210)

Liability for claims and claim expenses, net of reinsurance																			$	6,367,217

The following table details the Company’s cumulative number of reported claims for its excess of loss reinsurance contracts allocated by segment:



	At December 31, 2022
	Cumulative Number of Reported Claims
Accident Year	Property	Casualty and Specialty
2013	812	3,115
2014	763	4,043
2015	786	4,593
2016	1,210	5,591
2017	2,642	5,342
2018	2,570	4,765
2019	1,822	4,741
2020	2,641	3,146
2021	2,183	2,501
2022	1,217	1,384

Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration

The following is unaudited supplementary information about average historical claims duration by segment:



	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Number of Years)
At December 31, 2022	1		2		3		4		5		6		7		8		9		10
Property	23.1	%	21.6	%	14.9	%	7.1	%	3.4	%	2.6	%	0.7	%	1.4	%	—	%	0.5	%
Casualty and Specialty	10.4	%	15.7	%	12.7	%	14.7	%	10.3	%	7.9	%	5.3	%	3.3	%	2.8	%	1.7	%