XML 40 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Reserve for Losses and Loss Adjustment Expenses (Tables)
 3 Months Ended
Mar. 31, 2021
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,
20212020
Reserve for losses and loss adjustment expenses at beginning of period
$16,513,929 $13,891,842 
Unpaid losses and loss adjustment expenses recoverable
4,314,855 4,082,650 
Net reserve for losses and loss adjustment expenses at beginning of period
12,199,074 9,809,192 
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year
1,244,772 1,134,442 
Prior years
(41,672)(19,023)
Total net incurred losses and loss adjustment expenses
1,203,100 1,115,419 
Retroactive reinsurance transactions (1)
(183,893)60,635 
Net foreign exchange (gains) losses
(46,877)(142,573)
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year
(58,984)(41,260)
Prior years
(585,118)(561,947)
Total net paid losses and loss adjustment expenses
(644,102)(603,207)
Net reserve for losses and loss adjustment expenses at end of period
12,527,302 10,239,466 
Unpaid losses and loss adjustment expenses recoverable
3,916,650 4,070,114 
Reserve for losses and loss adjustment expenses at end of period
$16,443,952 $14,309,580 
(1)     During 2021 first quarter, the Company entered into a reinsurance to close and other related agreements with Premia Managing Agency Limited (“Premia”), in connection with the 2018 and prior years of account related to the acquisition of Barbican Group Holdings Limited (“Barbican”). During the 2020 first quarter, the Company entered into a reinsurance to close agreement of the 2017 and prior years of account previously covered by a third party arrangement.