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Reserve for Losses and Loss Adjustment Expenses - Reconciliation of beginning and ending balances of losses and loss adjustment reserves (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Sep. 30, 2021
Sep. 30, 2020
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]          
Reserve for losses and loss adjustment expenses at beginning of period $ 17,196,648 $ 15,044,874 $ 16,513,929 $ 16,513,929 $ 13,891,842
Unpaid losses and loss adjustment expenses recoverable 4,146,020 4,156,157 4,314,855 4,314,855 4,082,650
Net reserve for losses and loss adjustment expenses at beginning of period 13,050,628 10,888,717 12,199,074 12,199,074 9,809,192
Net incurred losses and loss adjustment expenses relating to losses occurring in:          
Current year 1,348,528 1,264,315   3,812,381 3,673,346
Prior years (122,509) (48,042)   (223,431) (111,132)
Total net incurred losses and loss adjustment expenses 1,226,019 1,216,273   3,588,950 3,562,214
Net losses and loss adjustment expense reserves of acquired business [1] 104,307 0   104,307 0
Retroactive reinsurance transaction [2] 0 0   (183,893) 60,635
Impact of deconsolidation of Watford (1,460,611) 0   (1,460,611) 0
Net foreign exchange (gains) losses (78,152) 114,122   10,818 22,706
Net paid losses and loss adjustment expenses relating to losses occurring in:          
Current year (208,923) (189,961)   (432,348) (359,395)
Prior years (417,368) (512,263)   (1,610,397) (1,578,464)
Total net paid losses and loss adjustment expenses (626,291) (702,224)   (2,042,745) (1,937,859)
Net reserve for losses and loss adjustment expenses at end of period 12,215,900 11,516,888 13,050,628 12,215,900 11,516,888
Unpaid losses and loss adjustment expenses recoverable 5,115,147 4,383,638 4,146,020 5,115,147 4,383,638
Reserve for losses and loss adjustment expenses at end of period $ 17,331,047 $ 15,900,526 $ 17,196,648 $ 17,331,047 $ 15,900,526
[1] Represents activity related to the Company’s acquisitions in the 2021 period.
[2] During the 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.