| Schedule of Liability for Unpaid Claims and Claims Adjustment Expense |
The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following: | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Case reserves | $ | 247,071 | | | $ | 233,076 | | | IBNR | 719,268 | | | 734,884 | | | Total | $ | 966,339 | | | $ | 967,960 | |
Reserve Roll-forward
The following provides a reconciliation of the Company’s beginning and ending gross and net reserves for loss and LAE: | | | | | | | | | | | | | Consolidated | Three months ended March 31 | | 2026 | | 2025 | | Gross balance at January 1 | $ | 967,960 | | | $ | 860,969 | | | Less: Losses recoverable | (81,392) | | | (85,790) | | | Net balance at January 1 | 886,568 | | | 775,179 | | | Incurred losses related to: | | | | | Current year | 93,644 | | | 118,666 | | | Prior years | (2,489) | | | 4,218 | | | Total incurred | 91,155 | | | 122,884 | | | Paid losses related to: | | | | | Current year | (5,864) | | | (6,352) | | | Prior years | (87,281) | | | (75,203) | | | Total paid | (93,144) | | | (81,555) | | | Foreign exchange and translation adjustment | (4,476) | | | 12,129 | | | Net balance at March 31 | 880,102 | | | 828,637 | | | Add: Losses recoverable (see Note 8) | 86,237 | | | 87,963 | | | Gross balance at March 31 | $ | 966,339 | | | $ | 916,600 | |
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| Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Favorable (Adverse) | | | Open Market | | Innovations | | Total Segments | | Corporate | | Total Consolidated | | Three months ended March 31, 2026 | | $ | 2,847 | | | $ | (358) | | | $ | 2,489 | | | $ | — | | | $ | 2,489 | | | Three months ended March 31, 2025 | | $ | (4,896) | | | $ | 567 | | | $ | (4,329) | | | $ | 111 | | | $ | (4,218) | |
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