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Unpaid Losses And Loss Adjustment Expenses
 3 Months Ended
Mar. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]  
Unpaid Losses And Loss Adjustment Expenses Unpaid Losses and Loss Adjustment Expenses
The following table presents a reconciliation of consolidated beginning and ending reserves for losses and loss adjustment expenses.

Three Months Ended March 31,
(dollars in thousands)20242023
Gross reserves for losses and loss adjustment expenses, beginning of year$23,483,321 $20,947,898 
Reinsurance recoverables on unpaid losses, beginning of year8,820,567 7,994,884 
Net reserves for losses and loss adjustment expenses, beginning of year14,662,754 12,953,014 
Effect of foreign currency rate changes on beginning of year balance(33,620)36,637 
Adjusted net reserves for losses and loss adjustment expenses, beginning of year14,629,134 12,989,651 
Incurred losses and loss adjustment expenses:
Current accident year1,364,770 1,244,331 
Prior accident years(77,023)(71,317)
Total incurred losses and loss adjustment expenses1,287,747 1,173,014 
Payments:
Current accident year75,509 72,167 
Prior accident years819,185 708,115 
Total payments894,694 780,282 
Effect of foreign currency rate changes on current year activity(1,018)(3,649)
Change in net reserves for losses and loss adjustment expenses of Markel CATCo Re (see note 10)
(16,338)(115,141)
Reinsurance recoverable for retroactive reinsurance transaction— (125,067)
Net reserves for losses and loss adjustment expenses, end of period15,004,831 13,138,526 
Reinsurance recoverables on unpaid losses9,140,124 8,168,267 
Gross reserves for losses and loss adjustment expenses, end of period$24,144,955 $21,306,793 

For the three months ended March 31, 2024, prior accident years losses and loss adjustment expenses included $77.0 million of favorable development on prior years loss reserves, which included $64.8 million of favorable development on the Company's international professional liability and marine and energy product lines within its Insurance segment.

For the three months ended March 31, 2023, prior accident years losses and loss adjustment expenses included $71.3 million of favorable development on prior years loss reserves, which included $63.8 million of favorable development on the Company's marine and energy, property, workers' compensation and programs product lines within its Insurance segment.

In March 2023, the Company completed a retroactive reinsurance transaction to cede its portfolio of policies comprised of liabilities for its run-off book of United Kingdom motor casualty business in exchange for payments totaling $125.1 million, which approximated the carrying value of the Company's reserves for losses and loss adjustment expenses on the ceded policies.