v3.26.3
RESERVE FOR CLAIMS AND CLAIM EXPENSES (Tables)
 9 Months Ended
Sep. 30, 2026
Insurance Loss Reserves [Abstract]  
Schedule of Claims and Claim Expenses
The following table summarizes the Company’s reserve for claims and claim expenses by segment, allocated between case reserves, ACR and IBNR:
At September 30, 2026Case
Reserves
ACR
IBNRTotal
Property$1,578,831 $1,216,667 $1,851,913 $4,647,411 
Casualty and Specialty3,800,390 341,878 13,504,516 17,646,784 
Total
$5,379,221 $1,558,545 $15,356,429 $22,294,195 
At December 31, 2025
Property
$1,797,427 $1,679,848 $2,208,709 $5,685,984 
Casualty and Specialty
3,393,451 327,941 12,894,969 16,616,361 
Total
$5,190,878 $2,007,789 $15,103,678 $22,302,345 
Activity in the reserve for claims and claim expenses is summarized as follows:
Nine months ended September 30,20262025
Reserve for claims and claim expenses, net of reinsurance recoverable, beginning of period
$18,402,432 $16,822,101 
Net incurred related to:
Current year3,581,426 5,510,336 
Prior years(628,585)(845,635)
Total net incurred2,952,841 4,664,701 
Net paid related to:
Current year202,872 763,095 
Prior years2,656,060 2,373,183 
Total net paid2,858,932 3,136,278 
Foreign exchange and other (1)
(30,408)277,243 
Reserve for claims and claim expenses, net of reinsurance recoverable, end of period18,465,933 18,627,767 
Reinsurance recoverable, end of period
3,828,262 4,085,093 
Reserve for claims and claim expenses, end of period
$22,294,195 $22,712,860 
(1)    Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date, as well as reinsurance transactions accounted for under retroactive reinsurance accounting.
The following table details the Company’s net (favorable) adverse development of prior accident years net claims and claim expenses by segment:
Nine months ended September 30,20262025
Property$(683,245)$(837,307)
Casualty and Specialty54,660 (8,328)
Total net (favorable) adverse development of prior accident years net claims and claim expenses (1)
$(628,585)$(845,635)
(1)In the nine months ended September 30, 2026, the total net (favorable) adverse development of prior accident years net claims and claim expenses included amortization of fair value adjustments of $22.1 million, principally related to the Validus Acquisition (2025 - $30.9 million).
The following tables detail the net (favorable) adverse development of prior accident years net claims and claim expenses of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large catastrophe events and small catastrophe events and attritional loss movements:
Nine months ended September 30,20262025
Catastrophe net claims and claim expenses
Large catastrophe events
2025 Large Loss Events (1)
$(31,212)$— 
2024 Large Loss Events (2)
(146,291)(43,057)
2023 Large Loss Events (3)
(41,235)(77,391)
2022 Weather-Related Large Losses (4)
(72,419)(207,672)
2021 Weather-Related Large Losses (5)
(46,275)(29,458)
2020 Weather-Related Large Loss Events (6)
(3,774)(10,629)
2019 Large Loss Events (7)
(3,598)(8,233)
2018 Large Loss Events (8)
(6,993)(20,089)
2017 Large Loss Events (9)
(6,614)(37,307)
Total large catastrophe events(358,411)(433,836)
Total small catastrophe events and attritional loss movements (10)
(299,134)(370,371)
Total catastrophe and attritional net claims and claim expenses
(657,545)(804,207)
Actuarial assumption changes(25,700)(33,100)
Total net (favorable) adverse development of prior accident years net claims and claim expenses$(683,245)$(837,307)
(1)“2025 Large Loss Events” includes the California Wildfires, Hurricane Melissa, the crash of American Airlines flight 5342, certain refinery fires in the first quarter of 2025, the crash of UPS Airlines flight 2976 and the Grasberg mine landslide.
(2)“2024 Large Loss Events” includes Hurricanes Milton, Helene, Debby and Beryl, the Baltimore Bridge Collapse, a series of severe convective storms impacting the Southern and Midwest United States, the Hualien earthquake which impacted Taiwan in April 2024, a severe hailstorm which impacted Calgary in August 2024, and certain aggregate loss contracts triggered during 2024.
(3)“2023 Large Loss Events” includes earthquakes in Southern and Central Turkey, Cyclone Gabrielle, flooding in northern New Zealand, various wind and thunderstorm events in both the Southern and Midwest U.S., severe weather events in Texas and other Southern and Central U.S. states, wildfires in Hawaii, Hurricanes Idalia and Otis, Storm Ciaran, and certain aggregate loss contracts triggered during 2023.
(4)“2022 Weather-Related Large Losses” includes Hurricanes Ian, Fiona and Nicole, floods in Eastern Australia, Storm Eunice, severe weather in France, typhoons in Asia, Winter Storm Elliott, and loss estimates associated with certain aggregate loss contracts.
(5)“2021 Weather-Related Large Losses” includes Winter Storm Uri, European Floods, Hurricane Ida, hail storm in Europe, wildfires in California, tornadoes in the Central and Midwest U.S., the Midwest Derecho, and losses associated with aggregate loss contracts.
(6)“2020 Weather-Related Large Loss Events” includes Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts.
(7)“2019 Large Loss Events” includes Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts.
(8)“2018 Large Loss Events” includes Typhoons Jebi, Mangkhut and Trami, Hurricanes Florence and Michael, wildfires in California, and certain losses associated with aggregate loss contracts.
(9)“2017 Large Loss Events” includes Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, wildfires in California, and certain losses associated with aggregate loss contracts.
(10)In the nine months ended September 30, 2026, total small catastrophe events and attritional loss movements included amortization of fair value adjustments of $5.5 million, principally related to the Validus Acquisition (2025 - $7.7 million).
The following table details the net (favorable) adverse development of prior accident years net claims and claim expenses of the Company’s liability for net unpaid claims and claim expenses for its Casualty and Specialty segment:
Nine months ended September 30,20262025
Actuarial methods - actual reported claims less than expected claims (1)
$(41,166)$(28,167)
Actuarial assumption changes
95,826 19,839 
Total net (favorable) adverse development of prior accident years net claims and claim expenses$54,660 $(8,328)
(1)In the nine months ended September 30, 2026, actuarial methods included amortization of fair value adjustments of $16.6 million, principally related to the Validus Acquisition (2025 - $23.1 million).