
	June 30, 2026		June 30, 2025
Gross reserves for loss and loss adjustment expenses, beginning of period	$	5,782.5	$	5,653.9
Less: loss and loss adjustment expenses recoverable, beginning of period	(2,102.3)		(2,315.3)
Less: deferred gains (charges) on retroactive reinsurance contracts (2)	—		8.5
Net reserves for loss and loss adjustment expenses, beginning of period	3,680.2		3,347.1

Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	754.0		817.3
Prior years	(32.9)		(42.9)
Total incurred loss and loss adjustment expenses	721.1		774.4
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(234.7)		(297.9)
Prior years	(396.7)		(325.7)
Total net paid losses	(631.4)		(623.6)
Foreign currency translation	(11.0)		55.6

Net reserves for loss and loss adjustment expenses, end of period	3,758.9		3,553.5
Plus: loss and loss adjustment expenses recoverable, end of period	1,991.4		2,263.9

Gross reserves for loss and loss adjustment expenses, end of period	$	5,750.3	$	5,817.4

(1)Deferred gains on retroactive reinsurance were previously presented as a separate line item on the Company’s consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the deferred gain is fully amortized.