
	June 30, 2025		June 30, 2024
Gross reserves for loss and loss adjustment expenses, beginning of period	$	5,653.9	$	5,608.1
Less: loss and loss adjustment expenses recoverable, beginning of period	(2,315.3)		(2,295.1)
Less: deferred gains on retroactive reinsurance contracts	8.5		27.5
Net reserves for loss and loss adjustment expenses, beginning of period	3,347.1		3,340.5

Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	817.3		721.9
Prior years	(42.9)		(40.0)
Total incurred loss and loss adjustment expenses	774.4		681.9
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(297.9)		(94.4)
Prior years	(325.7)		(511.2)
Total net paid losses	(623.6)		(605.6)
Foreign currency translation	55.6		20.5

Net reserves for loss and loss adjustment expenses, end of period	3,553.5		3,437.3
Plus: loss and loss adjustment expenses recoverable, end of period	2,263.9		2,191.5
Plus: deferred gains on retroactive reinsurance (1)	—		(22.8)
Gross reserves for loss and loss adjustment expenses, end of period	$	5,817.4	$	5,606.0

(1)Deferred charges on retroactive reinsurance are recorded in Other assets on the Company’s consolidated balance sheets. Deferred gains on retroactive reinsurance are presented as a separate line item on the Company’s consolidated balance sheets.