The following table summarizes the loss and loss adjustment expense (“LAE”) reserve activity of the Ark/WM Outrigger segment for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
Millions		2025		2024
Gross beginning balance		$	2,127.5	$	1,605.1
Less: beginning reinsurance recoverable on unpaid losses		(434.4)		(340.8)
Net loss and LAE reserves		1,693.1		1,264.3

Loss and LAE incurred relating to:
Current year losses		286.3		180.3
Prior year losses		(52.8)		(.3)
Net incurred loss and LAE		233.5		180.0



Loss and LAE paid relating to:
Current year losses		(83.2)		(4.0)
Prior year losses		(75.8)		(96.7)
Net paid loss and LAE		(159.0)		(100.7)


Foreign currency translation and other adjustments to loss and LAE reserves		5.7		(3.6)
Net ending balance		1,773.3		1,340.0
Plus: ending reinsurance recoverable on unpaid losses		480.6		404.5
Gross ending balance		$	2,253.9	$	1,744.5

For the three months ended March 31, 2025, the Ark/WM Outrigger segment recognized $52.8 million of net favorable prior year loss reserve development, driven primarily by the marine & energy and property lines of business. For the three months ended March 31, 2024, the Ark/WM Outrigger segment recognized $0.3 million of net favorable prior year loss reserve development.

As of March 31, 2025 and December 31, 2024, HG Re did not have any outstanding loss and LAE reserves. For the three months ended March 31, 2025 and 2024, HG Re did not recognize any incurred loss and LAE.

As of March 31, 2025 and December 31, 2024, the Bamboo Captive recorded loss and LAE reserves of $23.2 million and $17.8 million. For the three months ended March 31, 2025 and 2024, the Bamboo Captive recognized incurred loss and LAE of $10.9 million and $5.8 million.

As of March 31, 2025 and December 31, 2024, the Bamboo CRV recorded loss and LAE reserves of $13.4 million and $12.1 million. For the three months ended March 31, 2025, the Bamboo CRV recognized incurred loss and LAE of $17.4 million.