v3.26.1
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)
3 Months Ended
Mar. 31, 2026
Insurance Loss Reserves [Abstract]  
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, 2026December 31, 2025
Case reserves$247,071 $233,076 
IBNR719,268 734,884 
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:
ConsolidatedThree months ended March 31
20262025
Gross balance at January 1$967,960 $860,969 
Less: Losses recoverable(81,392)(85,790)
Net balance at January 1886,568 775,179 
Incurred losses related to:  
Current year93,644 118,666 
Prior years(2,489)4,218 
Total incurred91,155 122,884 
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 31880,102 828,637 
Add: Losses recoverable (see Note 8)86,237 87,963 
Gross balance at March 31$966,339 $916,600 
Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense
Favorable (Adverse)
Open MarketInnovationsTotal SegmentsCorporateTotal 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)