| Reconciliation Of Consolidated Reserves For 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) | 2024 | | 2023 | | Gross reserves for losses and loss adjustment expenses, beginning of year | $ | 23,483,321 | | | $ | 20,947,898 | | | Reinsurance recoverables on unpaid losses, beginning of year | 8,820,567 | | | 7,994,884 | | | Net reserves for losses and loss adjustment expenses, beginning of year | 14,662,754 | | | 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 year | 14,629,134 | | | 12,989,651 | | | Incurred losses and loss adjustment expenses: | | | | | Current accident year | 1,364,770 | | | 1,244,331 | | | Prior accident years | (77,023) | | | (71,317) | | | Total incurred losses and loss adjustment expenses | 1,287,747 | | | 1,173,014 | | | Payments: | | | | | Current accident year | 75,509 | | | 72,167 | | | Prior accident years | 819,185 | | | 708,115 | | | Total payments | 894,694 | | | 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 period | 15,004,831 | | | 13,138,526 | | | Reinsurance recoverables on unpaid losses | 9,140,124 | | | 8,168,267 | | | Gross reserves for losses and loss adjustment expenses, end of period | $ | 24,144,955 | | | $ | 21,306,793 | |
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