| Schedule of Liability for Unpaid Claims and Claims Adjustment Expense |
The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Case reserves | $ | 268,327 | | | $ | 233,076 | | | IBNR | 715,447 | | | 734,884 | | | Total | $ | 983,774 | | | $ | 967,960 | |
Reserve Roll-forward
The following provides a reconciliation of the Company’s beginning and ending gross and net reserves for loss and LAE: | | | | | | | | | | | | | Consolidated | Six months ended June 30 | | 2026 | | 2025 | | Gross balance at January 1 | $ | 967,960 | | | $ | 860,969 | | | Less: Losses recoverable | (81,392) | | | (85,790) | | | Net balance at January 1 | 886,568 | | | 775,179 | | | Incurred losses related to: | | | | | Current year | 205,011 | | | 215,698 | | | Prior years | (1,773) | | | 7,265 | | | Total incurred | 203,238 | | | 222,963 | | | Paid losses related to: | | | | | Current year | (7,573) | | | (15,445) | | | Prior years | (189,216) | | | (161,261) | | | Total paid | (196,789) | | | (176,706) | | | Foreign exchange and translation adjustment | (4,032) | | | 29,578 | | | Net balance at June 30 | 888,984 | | | 851,014 | | | Add: Losses recoverable (see Note 8) | 94,790 | | | 93,971 | | | Gross balance at June 30 | $ | 983,774 | | | $ | 944,985 | |
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| Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Favorable (Adverse) | | Open Market | | Innovations | | Total Segments | | Corporate | | Total Consolidated | | Six months ended June 30, 2026 | $ | 5,692 | | | $ | (2,156) | | | $ | 3,536 | | | $ | (1,763) | | | $ | 1,773 | | | Six months ended June 30, 2025 | $ | (3,955) | | | $ | (1,964) | | | $ | (5,919) | | | $ | (1,346) | | | $ | (7,265) | |
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