| Schedule of Loss and Loss Adjustment Expense Reserves |
The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | September 30,
2026 | | September 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 (1) | — | | | 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 | 1,189.7 | | | 1,199.1 | | | Prior years | (52.7) | | | (51.8) | | | Total incurred loss and loss adjustment expenses | 1,137.0 | | | 1,147.3 | | | Net loss and loss adjustment expenses paid in respect of losses occurring in: | | | | | Current year | (332.6) | | | (445.2) | | | Prior years | (622.8) | | | (451.8) | | | Total net paid losses | (955.4) | | | (897.0) | | | Foreign currency translation | (11.5) | | | 51.4 | | | | | | | Net reserves for loss and loss adjustment expenses, end of period | 3,850.3 | | | 3,648.8 | | | Plus: loss and loss adjustment expenses recoverable, end of period | 1,966.4 | | | 2,162.9 | | | | | | | Gross reserves for loss and loss adjustment expenses, end of period | $ | 5,816.7 | | | $ | 5,811.7 | |
(1)Deferred gains on retroactive reinsurance were previously presented as a separate line item on the Company’s consolidated balance sheets. As of September 30, 2026 and December 31, 2025, the deferred gain is fully amortized.
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