v3.26.1
Reserves for Losses and Adjustment Expenses
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Reserves for Losses and Adjustment Expenses Reserve for Losses and Loss Adjustment Expenses
The following table represents a reconciliation of beginning and ending consolidated reserve for losses and loss adjustment expenses for the twelve months ended December 31, 2025, 2024 and 2023:
As at December 31,
202520242023
 ($ in millions)
Reserve for losses and loss adjustment expenses at the start of the year$8,122.6 $7,810.6 $7,710.9 
Less unpaid losses recoverable from reinsurers at the start of the year(4,172.0)(4,577.8)(4,897.7)
Net reserve for losses and loss adjustment expenses at the start of the year3,950.6 3,232.8 2,813.2 
Net incurred losses and loss adjustment expenses related to:
Current year1,654.3 1,682.2 1,492.2 
Prior years (107.6)35.6 60.8 
Total incurred1,546.7 1,717.8 1,553.0 
Net paid losses and loss adjustment expenses related to:
Current year(203.8)(200.2)(161.1)
Prior years(939.8)(741.3)(1,011.9)
Total paid(1,143.6)(941.5)(1,173.0)
Foreign exchange losses/(gains)89.4 (58.5)39.6 
Net reserve for losses and loss adjustment expenses at the end of the year4,443.1 3,950.6 3,232.8 
Plus unpaid losses recoverable from reinsurers at the end of the year4,281.9 4,172.0 4,577.8 
Reserve for losses and loss adjustment expenses at the end of the year$8,725.0 $8,122.6 $7,810.6 
For the twelve months ended December 31, 2025, there was a decrease of $107.6 million in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years compared to an increase of $35.6 million for the twelve months ended December 31, 2024.
Insurance: Net favorable reserve development of $105.4 million for the twelve months ended December 31, 2025, due to favorable prior year development on post-LPT accident years of $98.4 million and the favorable movement of $7.0 million due to the impact of the LPT.
Reinsurance: Net favorable reserve development of $2.2 million for the twelve months ended December 31, 2025, due to favorable prior year development on post-LPT accident years of $28.9 million, partially offset by the unfavorable impact of the LPT of $26.7 million.
The following tables show an analysis of incurred claims and allocated loss adjustment expenses, net of reinsurance and cumulative paid claims and allocated claim adjustment expenses, net of reinsurance for each of the years ended December 31, 2016 through 2025. Under the LPT agreement, the Company has reinsured net losses incurred on all accident years 2019 and prior. This has resulted in IBNR in the loss development triangles for 2019 and prior to be Nil. The loss development triangles are derived from all business written by the Company as although a limited number of contracts are written which have durations of greater than one year the contracts do not meet the definition of a long duration contract. All amounts included in the following tables related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2025.
The Company has chosen to disaggregate the business in its Insurance segment, for the purposes of these loss development triangles as: Property; Casualty; Marine, Aviation and Energy; and Financial and Professional insurance lines. The Company considers that this presentation of its Insurance lines loss development triangles more precisely reflects meaningful trending information. The Company presents its loss development triangles for the Reinsurance segment in line with the reportable reinsurance lines: Property Catastrophe and Other Property; Casualty; and Specialty.
Property Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
 
For the Years Ended December 31, 
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$239.6 $250.4 $245.2 $246.6 $248.0 $236.3 $235.9 $235.9 $235.9 $235.9 $— 10,758 
2017297.2 260.1 253.2 254.6 275.5 185.6 185.6 185.6 185.6 — 9,719 
2018205.4 208.1 191.7 199.8 190.2 190.2 190.2 190.2 — 8,201 
2019128.2 131.9 104.3 190.8 190.8 190.8 190.8 — 6,875 
2020206.4 200.7 210.8 216.5 216.9 205.7 8.5 7,689 
2021210.4 204.7 197.9 194.4 190.8 5.6 6,828 
2022170.2 177.3 174.0 176.0 8.0 5,884 
2023156.3 135.4 102.8 10.9 4,206 
2024138.3 95.9 37.6 2,494 
2025109.6 31.2 1,781 
   Total$1,683.3 
Property Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 ($ in millions)
2016$67.2 $169.5 $202.2 $224.5 $233.5 $236.3 $235.9 $235.9 $235.9 $235.9 
201797.0 189.7 223.0 243.9 237.8 185.6 185.6 185.6 185.6 
201862.6 162.8 184.9 178.6 190.2 190.2 190.2 190.2 
201949.5 92.4 100.3 190.8 190.8 190.8 190.8 
202061.8 125.3 153.4 171.5 180.6 188.7 
202159.2 120.8 152.7 165.3 179.5 
202241.5 115.2 145.8 159.9 
202330.4 67.3 72.6 
202419.6 43.3 
202525.7 
Total$1,472.2 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$211.1 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$211.1 
 Casualty Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$218.6 $189.7 $185.1 $191.7 $202.9 $248.0 $127.2 $127.2 $127.2 $127.2 $— 4,886 
2017182.6 176.0 180.1 199.0 221.1 72.7 72.7 72.7 72.7 — 5,585 
2018123.7 126.6 137.7 169.0 45.6 45.6 45.6 45.6 — 5,551 
2019126.2 148.6 156.8 52.6 52.6 52.6 52.6 — 5,269 
2020134.6 143.8 142.1 147.9 154.0 155.2 33.2 3,905 
2021176.5 191.6 200.3 198.2 191.9 56.9 3,687 
2022207.9 218.5 214.1 216.2 97.6 3,628 
2023228.5 239.2 251.1 106.6 3,197 
2024240.5 243.2 185.3 2,423 
2025239.7 212.4 1,767 
Total$1,595.4 
  Casualty Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
($ in millions)
2016$4.2 $23.1 $40.6 $83.4 $110.8 $126.2 $127.2 $127.2 $127.2 $127.2 
20173.6 23.1 53.3 98.2 92.4 72.7 72.7 72.7 72.7 
20183.2 28.1 44.0 59.9 45.6 45.6 45.6 45.6 
20196.4 18.5 65.3 52.6 52.6 52.6 52.6 
2020— 9.5 36.5 62.0 92.7 102.9 
20213.2 23.7 54.3 92.7 107.6 
20229.0 27.2 47.5 79.1 
20235.6 36.6 85.7 
20243.4 20.7 
20253.0 
Total$697.1 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$898.3 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$898.3 
Marine, Aviation and Energy Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$260.7 $230.0 $229.8 $230.4 $220.2 $221.9 $197.3 $197.3 $197.3 $197.3 $— 4,443 
2017210.0 200.5 207.3 214.8 226.1 127.0 127.0 127.0 127.0 — 6,080 
2018170.8 207.8 208.9 235.1 151.5 151.5 151.5 151.5 — 5,213 
2019145.6 153.0 124.0 107.6 107.6 107.6 107.6 — 3,709 
2020110.3 111.3 125.8 126.8 151.7 145.7 26.3 3,874 
202193.0 95.8 95.4 97.2 94.7 10.1 4,785 
2022108.2 106.4 113.5 105.9 18.2 5,405 
2023   117.3 110.8 105.4 12.2 4,073 
2024110.0 102.8 27.9 3,661 
2025128.2 66.8 2,351 
Total$1,266.1 
Marine, Aviation and Energy Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 ($ in millions)
2016$30.9 $83.0 $143.5 $165.1 $192.2 $194.9 $197.3 $197.3 $197.3 $197.3 
201740.3 97.9 140.7 168.8 150.5 127.0 127.0 127.0 127.0 
201826.8 105.1 133.4 151.5 151.5 151.5 151.5 151.5 
201933.6 72.6 89.8 107.6 107.6 107.6 107.6 
202028.6 66.6 88.8 101.3 109.7 114.2 
202123.5 52.2 64.6 70.6 82.3 
202224.9 57.7 73.9 81.5 
202327.8 73.4 86.0 
202432.4 59.5 
202539.1 
   Total$1,046.0 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$220.1 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$220.1 
 Financial and Professional Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$191.6 $212.4 $217.0 $202.6 $186.3 $187.5 $135.3 $135.3 $135.3 $135.3 $— 1,250 
2017206.9 183.3 188.1 188.9 210.9 137.4 137.4 137.4 137.4 — 1,766 
2018157.5 173.3 154.9 163.6 112.7 112.7 112.7 112.7 — 4,661 
2019249.3 261.9 239.5 132.0 132.0 132.0 132.0 — 23,804 
2020349.6 349.4 339.7 353.9 355.9 374.4 63.5 106,017 
2021287.8 306.5 296.8 297.9 284.8 46.9 34,955 
2022319.2 304.3 272.8 279.6 90.2 3,339 
2023343.4 351.7 350.7 119.3 3,292 
2024428.8 436.6 203.0 4,469 
2025419.2 332.8 4,730 
   Total$2,662.7 
Financial and Professional Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 ($ in millions)
2016$15.3 $71.5 $102.4 $130.4 $126.5 $131.1 $135.3 $135.3 $135.3 $135.3 
201727.2 51.2 83.4 117.4 135.9 137.4 137.4 137.4 137.4 
201820.5 75.0 100.1 112.3 112.7 112.7 112.7 112.7 
201927.3 87.0 121.7 132.0 132.0 132.0 132.0 
202047.9 121.7 175.1 227.0 241.6 293.5 
202143.6 89.9 131.3 162.8 198.9 
202218.0 76.0 114.9 154.8 
202321.6 101.1 166.2 
202490.4 168.2 
202554.6 
   Total$1,553.6 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$1,109.1 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,109.1 
Property Catastrophe and Other Property Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$266.0 $265.3 $263.9 $242.9 $238.2 $229.9 $228.3 $228.3 $228.3 $228.3 $— 1,287 
2017554.0 532.7 514.1 502.9 574.6 437.5 437.5 437.5 437.5 — 1,948 
2018309.8 336.0 326.9 518.1 288.6 288.6 288.6 288.6 — 1,809 
2019214.7 230.4 321.2 160.5 160.5 160.5 160.5 — 1,410 
2020318.5 406.1 354.3 365.3 377.9 376.7 5.6 1,464 
2021663.1 492.4 512.1 504.5 496.2 1.1 1,530 
2022395.9 394.2 387.8 386.0 42.1 1,505 
2023230.7 225.5 202.6 16.8 1,153 
2024262.6 237.0 51.4 1,053 
2025222.2 99.2 702 
   Total$3,035.6 
Property Catastrophe and Other Property Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 ($ in millions)
2016$55.9 $161.5 $202.0 $212.7 $225.8 $229.9 $228.3 $228.3 $228.3 $228.3 
2017123.3 356.4 415.1 439.3 412.5 437.5 437.5 437.5 437.5 
2018122.5 270.4 270.5 263.3 288.6 288.6 288.6 288.6 
201928.3 136.3 161.7 160.5 160.5 160.5 160.5 
202041.8 165.5 237.1 312.6 312.6 349.2 
202175.5 241.6 375.0 442.5 467.0 
202265.2 201.3 271.8 305.1 
202344.8 107.3 154.2 
202433.3 112.2 
202545.7 
   Total$2,548.3 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$487.3 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$487.3 
Casualty Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$232.6 $245.2 $244.7 $255.1 $262.4 $253.1 $138.2 $138.2 $138.2 $138.2 $— 2,317 
2017244.4 241.9 252.8 252.2 263.6 111.5 111.5 111.5 111.5 — 2,431 
2018228.4 258.0 265.7 255.8 93.1 93.1 93.1 93.1 — 2,372 
2019234.4 254.7 245.0 53.0 53.0 53.0 53.0 — 2,056 
2020254.6 235.9 199.7 181.6 190.8 206.6 37.5 1,723 
2021207.2 217.1 206.3 202.0 207.5 52.1 1,927 
2022250.5 251.6 250.0 249.4 92.1 2,234 
2023272.9 272.2 271.6 137.4 2,393 
2024291.9 298.7 220.4 1,996 
2025317.1 286.9 1,024 
Total$1,946.7 
Casualty Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
($ in millions)
2016$9.2 $33.6 $64.3 $96.4 $126.5 $138.3 $138.2 $138.2 $138.2 $138.2 
20178.9 30.6 59.2 97.5 111.4 111.5 111.5 111.5 111.5 
20187.1 33.6 73.6 93.1 93.1 93.1 93.1 93.1 
20199.3 36.4 52.6 53.0 53.0 53.0 53.0 
20209.2 27.9 44.4 71.9 102.4 126.8 
20217.9 37.5 64.1 97.5 123.0 
20229.5 31.3 60.5 104.2 
20238.5 35.6 82.0 
20249.7 38.8 
202512.1 
Total$882.7 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$1,064.0 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$1,064.0 
Specialty Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2025
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 
($ in millions)
2016$239.2 $240.5 $238.6 $231.1 $226.0 $213.7 $223.7 $223.7 $223.7 $223.7 $— 940 
2017380.3 393.4 377.1 365.6 359.1 364.0 364.0 364.0 364.0 — 1,344 
2018395.0 395.3 393.5 418.2 328.3 328.3 328.3 328.3 — 1,437 
2019474.8 498.3 401.2 400.9 400.9 400.9 400.9 — 1,563 
2020415.0 602.3 376.5 380.3 372.7 374.7 12.6 1,538 
2021157.7 153.0 142.3 138.5 124.4 8.7 1,404 
2022195.4 195.3 200.1 251.6 130.0 1,551 
2023143.2 146.0 124.3 36.9 1,324 
2024155.5 152.4 99.3 1,081 
2025137.0 106.2 833 
Total$2,481.3 
Specialty Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
 
For the Years Ended December 31, 
Accident Year
Unaudited Prior Years
2016201720182019202020212022202320242025
 ($ in millions)
2016$58.7 $151.6 $166.5 $184.5 $194.8 $196.2 $223.7 $223.7 $223.7 $223.7 
201794.9 239.6 271.8 307.4 308.7 364.0 364.0 364.0 364.0 
201827.6 280.6 314.4 326.2 328.3 328.3 328.3 328.3 
2019274.0 382.5 401.0 400.9 400.9 400.9 400.9 
2020213.3 270.5 291.4 312.1 335.1 344.3 
202128.5 53.5 76.2 89.1 98.9 
202226.3 54.4 76.1 98.6 
202322.7 48.8 68.8 
202414.4 34.2 
202517.1 
Total$1,978.8 
All outstanding liabilities for 2016 and subsequent years, net of reinsurance$502.5 
All outstanding liabilities before 2016, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$502.5 
Reconciliation of Incurred and Paid Claims Development to total Reserve for Losses and LAE
As at December 31, 2025As at December 31, 2024
 ($ in millions)($ in millions)
Net outstanding liabilities:
Insurance lines
 - Property insurance lines$211.1 $268.9 
 - Casualty insurance lines898.3 756.0 
 - Marine, aviation and energy insurance lines220.1 221.3 
 - Financial and professional insurance lines1,109.1 981.3 
Total insurance lines$2,438.6 $2,227.5 
Reinsurance lines
 - Property catastrophe and other property reinsurance$487.3 $560.6 
 - Casualty reinsurance1,064.0 885.9 
 - Specialty reinsurance502.5 442.6 
Total reinsurance lines$2,053.8 $1,889.1 
Net loss and LAE$4,492.4 $4,116.6 
Reinsurance recoverable on unpaid losses:
Insurance lines $2,852.3 $2,698.0 
Reinsurance lines 1,429.6 1,474.0 
Total reinsurance recoverable on unpaid losses$4,281.9 $4,172.0 
Deferred gain on retroactive contracts
$83.5 $61.2 
Unallocated claims incurred71.8 58.0 
Other reinsurance balances recoverable (1)
(259.9)(311.7)
Carbon syndicate reserves55.3 26.5 
$(49.3)$(166.0)
Reserve for losses and loss adjustment expenses at the end of the year$8,725.0 $8,122.6 
____________________
(1)    Other reinsurance balances recoverable primarily include short term recoverables to be collected.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)
Years12345678910
Property insurance lines29.8 %37.1 %12.6 %12.6 %3.1 %(4.6)%— %— %— %— %
Casualty insurance lines3.8 %18.2 %30.2 %22.5 %1.6 %(1.7)%0.2 %— %— %— %
Marine, aviation and energy insurance lines25.3 %35.2 %19.3 %12.0 %2.9 %(2.8)%0.3 %— %— %— %
Financial and professional insurance lines14.4 %27.8 %19.5 %14.8 %4.6 %3.7 %0.8 %— %— %— %
Property catastrophe and other property reinsurance21.3 %42.6 %16.8 %7.0 %2.2 %3.4 %(0.2)%— %— %— %
Casualty reinsurance6.2 %18.7 %21.4 %18.0 %10.2 %4.1 %— %— %— %— %
Specialty reinsurance26.0 %29.5 %9.9 %6.6 %3.3 %3.7 %3.1 %— %— %— %