v3.25.2
RESERVE FOR LOSSES AND LAE (Tables)
6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Schedule of Activity in the Reserve for Losses and Loss Adjustment Expenses (“LAE”)
The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:
Six Months Ended
June 30,
(Dollars in millions)20252024
Gross reserves beginning of period$19,271 $15,796 
Less reinsurance recoverables on unpaid losses(3,391)(3,182)
Net reserves beginning of period15,880 12,614 
Incurred related to:
Current year3,375 2,801 
Prior years25 (20)
Total incurred losses and LAE3,400 2,781 
Paid related to:
Current year640 492 
Prior years1,769 1,665 
Total paid losses and LAE2,409 2,157 
Foreign exchange/translation adjustment134 (49)
Net reserves end of period17,005 13,189 
Plus reinsurance recoverables on unpaid losses3,327 2,990 
Gross reserves end of period$20,333 $16,178 
(Some amounts may not reconcile due to rounding.)