| Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses |
The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE"):
| | | | | | | | | | | | | Nine Months Ended | | September 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 | 1,015,881 | | | 989,729 | | | Prior years | 37,119 | | | (45,854) | | | Total incurred | 1,053,000 | | | 943,875 | | | | | | | Net losses and loss adjustment expenses paid in respect of losses occurring in: | | | | | Current year | 88,957 | | | 125,827 | | | Prior years | 475,205 | | | 321,706 | | | Total paid | 564,162 | | | 447,533 | | | | | | | | | | | | | | | | | | | | | | | Foreign currency revaluation and other | (7,820) | | | 44,451 | | | Net unpaid losses and loss adjustment expenses, end of period | 3,520,337 | | | 2,902,244 | | | Reinsurance recoverable on unpaid losses | 1,468,584 | | | 1,303,833 | | | Gross unpaid losses and loss adjustment expenses, end of period | $ | 4,988,921 | | | $ | 4,206,077 | |
|