Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Reserve for losses and loss adjustment expenses at beginning of period	$	15,044,874	$	12,230,316	$	13,891,842	$	11,853,297
Unpaid losses and loss adjustment expenses recoverable	4,156,157		3,024,797		4,082,650		2,814,291
Net reserve for losses and loss adjustment expenses at beginning of period	10,888,717		9,205,519		9,809,192		9,039,006
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year	1,264,315		855,352		3,673,346		2,419,044
Prior years	(48,042)		(52,897)		(111,132)		(130,514)
Total net incurred losses and loss adjustment expenses	1,216,273		802,455		3,562,214		2,288,530
Retroactive reinsurance transactions (1)	—		—		60,635		(225,500)
Net foreign exchange (gains) losses	114,122		(73,200)		22,706		(74,981)
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year	(189,961)		(175,611)		(359,395)		(301,099)
Prior years	(512,263)		(399,948)		(1,578,464)		(1,366,741)
Total net paid losses and loss adjustment expenses	(702,224)		(575,559)		(1,937,859)		(1,667,840)
Net reserve for losses and loss adjustment expenses at end of period	11,516,888		9,359,215		11,516,888		9,359,215
Unpaid losses and loss adjustment expenses recoverable	4,383,638		3,030,169		4,383,638		3,030,169
Reserve for losses and loss adjustment expenses at end of period	$	15,900,526	$	12,389,384	$	15,900,526	$	12,389,384

(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.