v3.26.1
Loss and Loss Adjustment Expense Reserves
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Loss and Loss Adjustment Expense Reserves Loss and Loss Adjustment Expense Reserves
Ark/WM Outrigger

The following table summarizes the loss and loss adjustment expense (“LAE”) reserve activity of the Ark/WM Outrigger segment for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
Millions20262025
Gross beginning balance$2,481.0 $2,127.5 
Less: beginning reinsurance recoverable on unpaid losses(508.3)(434.4)
Net loss and LAE reserves1,972.7 1,693.1 
Loss and LAE incurred relating to:
Current year losses225.0 286.3 
Prior year losses(18.3)(52.8)
Net incurred loss and LAE206.7 233.5 
Loss and LAE paid relating to:
Current year losses(10.4)(83.2)
Prior year losses(108.5)(75.8)
Net paid loss and LAE(118.9)(159.0)
Foreign currency translation and other adjustments to loss and LAE reserves
(3.5)5.7 
Net ending balance2,057.0 1,773.3 
Plus: ending reinsurance recoverable on unpaid losses528.6 480.6 
Gross ending balance$2,585.6 $2,253.9 

For the three months ended March 31, 2026, the Ark/WM Outrigger segment experienced $18.3 million of net favorable prior year loss reserve development, driven primarily by favorable development in the specialty and property lines of business. For the three months ended March 31, 2025, the Ark/WM Outrigger segment experienced $52.8 million of net favorable prior year loss reserve development, driven primarily by the marine & energy and property lines of business.

HG Global
As of March 31, 2026 and December 31, 2025, HG Re did not have any outstanding loss and LAE reserves. For the three months ended March 31, 2026 and 2025, HG Re did not recognize any incurred loss and LAE.