Reserve for Claims and Claim Expenses (Tables)

9 Months Ended

Sep. 30, 2017

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:

Nine months ended September 30,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Property	$	(16,968	)	$	(37,512	)
Casualty and Specialty	14,015			(38,327		)
Other	(710		)	(805		)
Total favorable development of prior accident years net claims and claim expenses	$	(3,663	)	$	(76,644	)

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

Nine months ended September 30,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Actuarial methods - actual reported claims lower than expected claims	$	(17,004	)	$	(32,209	)
Ogden Rate change	33,481			—
Actuarial assumption changes	(2,462		)	(6,118		)
Total adverse (favorable) development of prior accident years net claims and claim expenses	$	14,015		$	(38,327	)

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:

Nine months ended September 30,	2017			2016
	(Favorable) adverse development			(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
April and May U.S. Tornadoes (2011)	$	(4,163	)	$	(3,396	)
Tohoku Earthquake and Tsunami (2011)	—			(5,894		)
New Zealand Earthquake (2010)	5,001			8,710
New Zealand Earthquake (2011)	5,807			—
Other	(3,881		)	(7,435		)
Total large catastrophe events	2,764			(8,015		)
Small catastrophe events
Fort McMurray Wildfire (2016)	(6,386		)	—
Tianjin Explosion (2015)	(4,896		)	(6,163		)
Other	(9,293		)	(23,334		)
Total small catastrophe events	(20,575		)	(29,497		)
Total catastrophe net claims and claim expenses	(17,811		)	(37,512		)
Actuarial assumption changes	843			—
Total net favorable development of prior accident years net claims and claim expenses	$	(16,968	)	$	(37,512	)

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

At September 30, 2017	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	310,871	$	416,758	$	1,917,573	$	2,645,202
Casualty and Specialty	655,328		132,755		1,734,475		2,522,558
Other	9,904		—		14,649		24,553
Total	$	976,103	$	549,513	$	3,666,697	$	5,192,313
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:

Nine months ended September 30,	2017			2016
Net reserves as of January 1	$	2,568,730		$	2,632,519
Net incurred related to:
Current year	1,561,027			483,574
Prior years	(3,663		)	(76,644		)
Total net incurred	1,557,364			406,930
Net paid related to:
Current year	158,685			39,971
Prior years	396,411			391,047
Total net paid	555,096			431,018
Foreign exchange	33,011			11,899
Net reserves as of September 30	3,604,009			2,620,330
Reinsurance recoverable as of September 30	1,588,304			240,769
Gross reserves as of September 30	$	5,192,313		$	2,861,099