v3.26.1
Reserves for Loss and Loss Expenses (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Reserve Balances The table below provides a reconciliation of the beginning and ending reserve balances:
June 30,
(In thousands)20262025
Net reserves at beginning of period$18,953,674 $17,166,641 
Net provision for losses and loss expenses:
Claims occurring during the current year (1)3,866,535 3,822,512 
Increase in estimates for claims occurring in prior years (2) (3)13,624 17,823 
Loss reserve discount accretion 16,397 15,881 
Total3,896,556 3,856,216 
Net payments for claims:
Current year427,861 431,981 
Prior years2,666,383 2,537,599 
Total3,094,244 2,969,580 
Foreign currency translation(10,153)164,747 
Net reserves at end of period19,745,833 18,218,024 
Ceded reserves at end of period3,436,407 3,278,099 
Gross reserves at end of period$23,182,240 $21,496,123 
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(1) Claims occurring during the current year are net of loss reserve discounts of $33 million and $28 million for the six months ended June 30, 2026 and 2025, respectively.
(2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $11 million and $17 million for the six months ended June 30, 2026 and 2025, respectively.
(3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $3 million and $1 million for the six months ended June 30, 2026 and 2025.