v3.26.1
RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Summary of Reconciliation of Beginning and Ending Gross Reserve for Losses and Loss Expenses and Net Reserve for Unpaid Losses and Loss Expenses
The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:
Six months ended June 30,
20262025
Gross reserve for losses and loss expenses, beginning of period$18,122,256 $17,218,929 
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period(8,951,763)(6,840,897)
Net reserve for unpaid losses and loss expenses, beginning of period9,170,493 10,378,032 
Net incurred losses and loss expenses related to:
Current year1,833,311 1,625,845 
Prior years(32,899)(38,166)
 1,800,412 1,587,679 
Net paid losses and loss expenses related to:
Current year(196,928)(166,553)
Prior years(1,233,370)(1,395,871)
 (1,430,298)(1,562,424)
Foreign exchange and other(61,837)291,481 
Ceded reserves related to retroactive transactions
185,620 (1,902,645)
123,783 (1,611,164)
Net reserve for unpaid losses and loss expenses, end of period9,664,390 8,792,123 
Reinsurance recoverable on unpaid losses and loss expenses, end of period8,949,022 9,086,900 
Gross reserve for losses and loss expenses, end of period$18,613,412 $17,879,023 
Summary of Prior Year Loss Development The following table presents net favorable (adverse) prior year reserve development by segment:
  Three months ended June 30,Six months ended June 30,
2026202520262025
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Insurance$11,852 $15,216 $26,911 $29,194 
Reinsurance2,984 5,013 5,988 8,972 
Total$14,836 $20,229 $32,899 $38,166 
Prior year reserve development by reserve class was as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Property
$7,902 $6,980 $17,842 $16,976 
Casualty
— — — — 
Specialty other
3,950 8,236 9,069 12,218 
Total$11,852 $15,216 $26,911 $29,194 
Prior year reserve development by reserve class was as follows:
  Three months ended June 30,Six months ended June 30,
  2026202520262025
Favorable
(Adverse)		Favorable
(Adverse)		Favorable
(Adverse)		Favorable
(Adverse)
Casualty
$— $— $— $— 
Specialty
2,984 5,013 5,988 8,847 
Run-off
— — — 125 
Total$2,984 $5,013 $5,988 $8,972