v3.25.4
RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance Loss Reserves [Abstract]  
Schedule of Claims and Claim Expenses
The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, ACR and IBNR:
At December 31, 2025Case
Reserves		ACRIBNRTotal
Property$1,797,427 $1,679,848 $2,208,709 $5,685,984 
Casualty and Specialty3,393,451 327,941 12,894,969 16,616,361 
Total
$5,190,878 $2,007,789 $15,103,678 $22,302,345 
At December 31, 2024
Property$1,845,228 $1,905,553 $2,821,958 $6,572,739 
Casualty and Specialty3,081,081 295,074 11,354,597 14,730,752 
Total$4,926,309 $2,200,627 $14,176,555 $21,303,491 
Activity in the reserve for claims and claim expenses is summarized as follows:
Year ended December 31,202520242023
Reserve for claims and claim expenses, net of reinsurance recoverable, beginning of period
$16,822,101 $15,142,583 $11,181,648 
Net incurred related to:
Current year6,706,772 6,184,315 4,024,116 
Prior years(1,090,933)(851,334)(450,607)
Total net incurred5,615,839 5,332,981 3,573,509 
Net paid related to:
Current year969,151 488,450 364,793 
Prior years3,359,634 3,109,360 2,630,885 
Total net paid4,328,785 3,597,810 2,995,678 
Foreign exchange and other (1)
293,277 (55,653)62,902 
Amounts acquired (2)
— — 3,320,202 
Reserve for claims and claim expenses, net of reinsurance recoverable, end of period
18,402,432 16,822,101 15,142,583 
Reinsurance recoverable, end of period
3,899,913 4,481,390 5,344,286 
Reserve for claims and claim expenses, end of period
$22,302,345 $21,303,491 $20,486,869 
(1)Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.
(2)Represents the fair value of Validus’ reserve for claims and claim expenses, net of reinsurance recoverable, acquired on November 1, 2023.
The following table details the Company’s net (favorable) adverse development of prior accident years net claims and claim expenses by segment:
Year ended December 31,202520242023
Property$(1,089,196)$(818,852)$(408,905)
Casualty and Specialty(1,737)(32,482)(41,702)
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(1,090,933)$(851,334)$(450,607)
The following tables detail the net (favorable) adverse development of prior accident years net claims and claim expenses of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large catastrophe events and small catastrophe events and attritional loss movements:
Year ended December 31,202520242023
Catastrophe and attritional net claims and claim expenses
Large catastrophe events
2024 Large Loss Events (1)
$(131,056)$— $— 
2023 Large Loss Events (2)
(84,617)(31,899)— 
2022 Weather-Related Large Losses (3)
(258,848)(284,327)(85,653)
2021 Weather-Related Large Losses (4)
(32,502)(180,028)(36,949)
2020 Weather-Related Large Loss Events (5)
(15,294)(47,512)(42,577)
2019 Large Loss Events (6)
(5,130)(14,445)(43,850)
2018 Large Loss Events (7)
(19,424)(38,295)(40,050)
2017 Large Loss Events (8)
(34,084)(25,692)(46,404)
Other— — (14,337)
Total large catastrophe events
(580,955)(622,198)(309,820)
Total small catastrophe events and attritional loss movements (9)
(475,141)(206,616)(99,925)
Total catastrophe and attritional net claims and claim expenses
(1,056,096)(828,814)(409,745)
Actuarial assumption changes(33,100)9,962 840 
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(1,089,196)$(818,852)$(408,905)
(1)“2024 Large Loss Events” includes Hurricanes Milton, Helene, Debby and Beryl, the Baltimore Bridge Collapse, a series of severe convective storms impacting the Southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, a severe hailstorm which impacted Calgary in August 2024, and certain aggregate loss contracts triggered during 2024.
(2)“2023 Large Loss Events” includes earthquakes in Southern and Central Turkey, Cyclone Gabrielle, flooding in northern New Zealand, various wind and thunderstorm events in both the Southern and Midwest U.S., severe weather events in Texas and other Southern and Central U.S. states, wildfires in Hawaii, Hurricanes Idalia and Otis, Storm Ciaran, and certain aggregate loss contracts triggered during 2023.
(3)“2022 Weather-Related Large Losses” includes Hurricanes Ian, Fiona and Nicole, floods in Eastern Australia, Storm Eunice, severe weather in France, typhoons in Asia, Winter Storm Elliott, and loss estimates associated with certain aggregate loss contracts.
(4)“2021 Weather-Related Large Losses” includes Winter Storm Uri, European Floods, Hurricane Ida, hail storm in Europe, wildfires in California, tornadoes in the Central and Midwest U.S., the Midwest Derecho, and losses associated with aggregate loss contracts.
(5)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.
(6)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.
(7)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricanes Florence and Michael, wildfires in California, and certain losses associated with aggregate loss contracts.
(8)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, wildfires in California and certain losses associated with aggregate loss contracts.
(9)In 2025, total small catastrophe events and attritional loss movements included amortization of fair value adjustments of $10.3 million, principally related to the Validus Acquisition (2024 - $15.2 million, 2023 - $4.0 million).
The following table details the net (favorable) adverse development of prior accident years net claims and claim expenses of the Company’s prior accident years net claims and claim expenses for its Casualty and Specialty segment:
Year ended December 31,202520242023
Actuarial methods - actual reported claims less than expected claims (1)
$(21,576)$(67,595)$(44,612)
Actuarial assumption changes
19,839 35,113 2,910 
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(1,737)$(32,482)$(41,702)
(1)In 2025, actuarial methods included amortization of fair value adjustments of $30.8 million, principally related to the Validus Acquisition (2024 - $44.7 million, 2023 - $15.6 million).
The reconciliation of the net incurred and paid claims development tables to the reserve for claims and claim expenses in the consolidated balance sheet is as follows:
At December 31, 2025
Net Reserve for Claims and Claim Expenses
Property$4,883,402 
Casualty and Specialty
13,519,030 
Net reserve for claims and claim expenses
$18,402,432 
Reinsurance Recoverable
Property
$802,582 
Casualty and Specialty
3,097,331 
Reinsurance recoverable
3,899,913 
Reserve for claims and claim expenses
$22,302,345 
Schedule of Short-duration Insurance Contracts, Claims Development
The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2025, net of reinsurance, as well as IBNR and ACR included within the net incurred claims amounts:
Incurred Claims and Claim Expenses, Net of Reinsurance
For the year ended December 31,At December 31, 2025
Accident
Year		2016201720182019202020212022202320242025IBNR
 and ACR
 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2016$1,903,842 $1,914,267 $1,873,758 $1,844,016 $1,764,142 $1,777,006 $1,807,722 $1,778,053 $1,783,343 $1,795,946 $25,759 
2017— 3,645,292 3,461,504 3,380,250 3,298,692 3,264,495 3,227,249 3,215,414 3,227,054 3,203,227 83,911 
2018— — 2,952,498 3,175,276 3,109,829 2,987,792 2,969,477 3,003,028 3,013,430 3,035,043 174,666 
2019— — — 2,743,169 2,729,439 2,636,421 2,609,556 2,633,272 2,702,295 2,755,281 276,619 
2020— — — — 4,433,009 4,439,998 4,452,820 4,432,713 4,365,285 4,307,819 581,588 
2021— — — — — 5,662,115 5,558,396 5,360,551 5,087,042 5,022,275 824,659 
2022— — — — — — 5,980,097 5,730,571 5,209,072 5,010,461 1,660,216 
2023— — — — — — — 5,291,823 5,221,837 4,878,993 2,273,750 
2024— — — — — — — — 6,178,745 5,632,480 3,436,164 
2025— — — — — — — — — 6,717,864 5,011,013 
Total$42,359,389 $14,348,345 
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
For the year ended December 31,
Accident
Year		2016201720182019202020212022202320242025
 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2016$471,704 $907,718 $1,119,951 $1,298,756 $1,435,839 $1,541,169 $1,606,372 $1,635,307 $1,674,337 $1,699,007 
2017— 927,120 1,517,656 1,883,401 2,253,284 2,442,102 2,609,797 2,758,653 2,885,578 2,962,029 
2018— — 675,978 1,209,912 1,619,635 1,931,671 2,152,113 2,273,982 2,419,476 2,569,509 
2019— — — 387,298 1,011,891 1,380,010 1,713,117 2,032,892 2,264,744 2,444,222 
2020— — — — 762,441 1,831,017 2,353,282 2,838,219 3,299,195 3,498,907 
2021— — — — — 892,948 2,145,589 3,011,925 3,467,157 3,763,475 
2022— — — — — — 284,670 1,471,694 2,305,733 2,954,390 
2023— — — — — — — 521,779 1,309,994 2,016,143 
2024— — — — — — — — 484,541 1,454,388 
2025— — — — — — — — — 964,043 
Total$24,326,113 
Outstanding liabilities from accident year 2015 and prior, net of reinsurance371,166 
Adjustment for unallocated loss adjustment expenses140,072 
Unamortized fair value and other adjustments recorded in connection with acquisitions
(142,082)
Liability for claims and claim expenses, net of reinsurance$18,402,432 
The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2025, net of reinsurance, as well as IBNR and ACR included within the net incurred claims amounts:
Incurred Claims and Claim Expenses, Net of Reinsurance
For the year ended December 31,At December 31, 2025
Accident
Year		2016201720182019202020212022202320242025IBNR
 and ACR
 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2016$586,563 $605,891 $576,554 $552,931 $524,648 $519,806 $537,039 $521,120 $520,790 $523,815 $2,839 
2017— 1,964,244 1,826,456 1,699,976 1,682,099 1,619,508 1,576,459 1,544,122 1,520,082 1,483,791 28,920 
2018— — 1,283,450 1,360,270 1,299,592 1,179,090 1,160,168 1,109,124 1,081,446 1,064,747 37,286 
2019— — — 1,188,587 1,167,401 1,068,259 1,007,367 949,443 954,719 946,725 40,165 
2020— — — — 1,987,549 2,104,982 2,117,618 2,050,640 2,015,930 1,975,495 223,805 
2021— — — — — 2,854,523 2,887,782 2,787,188 2,563,026 2,498,844 210,249 
2022— — — — — — 2,588,892 2,487,486 2,096,906 1,878,473 341,749 
2023— — — — — — — 1,481,513 1,391,373 1,127,806 246,131 
2024— — — — — — — — 1,968,337 1,499,782 570,690 
2025— — — — — — — — — 2,530,317 1,336,674 
Total$15,529,795 $3,038,508 
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
For the year ended December 31,
Accident
Year		2016201720182019202020212022202320242025
 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2016$145,590 $330,698 $413,532 $447,535 $474,232 $484,239 $489,700 $486,340 $488,731 $487,249 
2017— 619,995 941,195 1,123,865 1,234,519 1,254,539 1,302,445 1,325,192 1,334,997 1,359,418 
2018— — 453,593 682,642 850,079 887,342 931,740 866,717 868,647 883,792 
2019— — — 165,743 465,755 646,132 734,169 793,751 835,786 837,929 
2020— — — — 284,064 888,008 1,156,020 1,357,517 1,557,729 1,587,612 
2021— — — — — 587,972 1,408,883 1,920,230 2,069,054 2,045,054 
2022— — — — — — 78,858 780,367 1,183,857 1,367,264 
2023— — — — — — — 234,388 548,220 711,004 
2024— — — — — — — — 226,316 654,803 
2025— — — — — — — — — 735,600 
Total$10,669,725 
Outstanding liabilities from accident year 2015 and prior, net of reinsurance44,162 
Adjustment for unallocated loss adjustment expenses13,482 
Unamortized fair value and other adjustments recorded in connection with acquisitions
(34,312)
Liability for claims and claim expenses, net of reinsurance$4,883,402 
The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2025, net of reinsurance, as well as IBNR and ACR included within the net incurred claims amounts:
Incurred Claims and Claim Expenses, Net of Reinsurance
For the year ended December 31,At December 31, 2025
Accident
Year		2016201720182019202020212022202320242025IBNR
 and ACR
 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2016$1,317,279 $1,308,376 $1,297,204 $1,291,085 $1,239,494 $1,257,200 $1,270,683 $1,256,933 $1,262,553 $1,272,131 $22,920 
2017— 1,681,048 1,635,048 1,680,274 1,616,593 1,644,987 1,650,790 1,671,292 1,706,972 1,719,436 54,991 
2018— — 1,669,048 1,815,006 1,810,237 1,808,702 1,809,309 1,893,904 1,931,984 1,970,296 137,380 
2019— — — 1,554,582 1,562,038 1,568,162 1,602,189 1,683,829 1,747,576 1,808,556 236,454 
2020— — — — 2,445,460 2,335,016 2,335,202 2,382,073 2,349,355 2,332,324 357,783 
2021— — — — — 2,807,592 2,670,614 2,573,363 2,524,016 2,523,431 614,410 
2022— — — — — — 3,391,205 3,243,085 3,112,166 3,131,988 1,318,467 
2023— — — — — — — 3,810,310 3,830,464 3,751,187 2,027,619 
2024— — — — — — — — 4,210,408 4,132,698 2,865,474 
2025— — — — — — — — — 4,187,547 3,674,339 
Total$26,829,594 $11,309,837 
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
For the year ended December 31,
Accident
Year		2016201720182019202020212022202320242025
 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2016$326,114 $577,020 $706,419 $851,221 $961,607 $1,056,930 $1,116,672 $1,148,967 $1,185,606 $1,211,758 
2017— 307,125 576,461 759,536 1,018,765 1,187,563 1,307,352 1,433,461 1,550,581 1,602,611 
2018— — 222,385 527,270 769,556 1,044,329 1,220,373 1,407,265 1,550,829 1,685,717 
2019— — — 221,555 546,136 733,878 978,948 1,239,141 1,428,958 1,606,293 
2020— — — — 478,377 943,009 1,197,262 1,480,702 1,741,466 1,911,295 
2021— — — — — 304,976 736,706 1,091,695 1,398,103 1,718,421 
2022— — — — — — 205,812 691,327 1,121,876 1,587,126 
2023— — — — — — — 287,391 761,774 1,305,139 
2024— — — — — — — — 258,225 799,585 
2025— — — — — — — — — 228,443 
Total$13,656,388 
Outstanding liabilities from accident year 2015 and prior, net of reinsurance327,004 
Adjustment for unallocated loss adjustment expenses126,590 
Unamortized fair value and other adjustments recorded in connection with acquisitions
(107,770)
Liability for claims and claim expenses, net of reinsurance$13,519,030 
Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration
The following is unaudited supplementary information about average historical claims duration by segment:
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Number of Years)
At December 31, 202512345678910
Property22.7 %30.0 %17.0 %7.7 %3.8 %1.1 %0.8 %0.7 %1.3 %(0.3)%
Casualty and Specialty
10.6 %15.7 %12.6 %13.4 %11.2 %8.4 %7.5 %5.7 %3.0 %2.1 %