Reserve for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2020

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances

The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:

	Three Months Ended
	March 31,
	2020			2019
Reserve for losses and loss adjustment expenses at beginning of period	$	13,891,842		$	11,853,297
Unpaid losses and loss adjustment expenses recoverable	4,082,650			2,814,291
Net reserve for losses and loss adjustment expenses at beginning of period	9,809,192			9,039,006
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year	1,134,442			757,964
Prior years	(19,023		)	(39,432		)
Total net incurred losses and loss adjustment expenses	1,115,419			718,532
Retroactive reinsurance transactions (1)	60,635			(225,500		)
Net foreign exchange (gains) losses and other	(142,573		)	(504		)
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year	(41,260		)	(64,340		)
Prior years	(561,947		)	(427,312		)
Total net paid losses and loss adjustment expenses	(603,207		)	(491,652		)
Net reserve for losses and loss adjustment expenses at end of period	10,239,466			9,039,882
Unpaid losses and loss adjustment expenses recoverable	4,070,114			2,970,159
Reserve for losses and loss adjustment expenses at end of period	$	14,309,580		$	12,010,041

(1) During 2020 first quarter, a subsidiary of the Company entered into a reinsurance to close agreement of the 2017 and prior years of account previously covered by a third party arrangement, while in the 2019 first quarter, a subsidiary of the Company entered into a retroactive reinsurance transaction with third party reinsurer to reinsure run-off liabilities associated with certain U.S. insurance exposures.