| Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses |
The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE"):
| | | | | | | | | | | | | Six Months Ended | | June 30, | ($ in thousands) | 2026 | | 2025 | | Gross unpaid losses and loss adjustment expenses, beginning of period | $ | 4,415,176 | | | $ | 3,532,491 | | | Reinsurance recoverable on unpaid losses | 1,375,857 | | | 1,171,040 | | | Net unpaid losses and loss adjustment expenses, beginning of period | 3,039,319 | | | 2,361,451 | | | | | | | Net losses and loss adjustment expenses incurred in respect of losses occurring in: | | | | | Current year | 668,998 | | | 699,855 | | | Prior years | 17,276 | | | (34,692) | | | Total incurred | 686,274 | | | 665,163 | | | | | | | Net losses and loss adjustment expenses paid in respect of losses occurring in: | | | | | Current year | 12,772 | | | 104,341 | | | Prior years | 384,611 | | | 223,599 | | | Total paid | 397,383 | | | 327,940 | | | | | | | | | | | | | | | | | | | | | | | Foreign currency revaluation and other | (9,052) | | | 48,947 | | | Net unpaid losses and loss adjustment expenses, end of period | 3,319,158 | | | 2,747,621 | | | Reinsurance recoverable on unpaid losses | 1,463,936 | | | 1,236,660 | | | Gross unpaid losses and loss adjustment expenses, end of period | $ | 4,783,094 | | | $ | 3,984,281 | |
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