| Non-life and Life and Health Reserves | Non-life and Life and Health Reserves (a) Non-life reserves Non-life reserves are categorized into three types of reserves: case reserves, ACRs and IBNR reserves. Case reserves represent unpaid losses reported by the Company’s cedants and recorded by the Company. ACRs are established for particular circumstances where, on the basis of individual loss reports, the Company estimates that the particular loss or collection of losses covered by a treaty may be greater than those advised by the cedant. IBNR reserves represent a provision for claims that have been incurred but not yet reported to the Company, as well as future loss development on losses already reported, in excess of the case reserves and ACRs. See also Note 2(b). The Company’s gross liability for non-life reserves at December 31, 2021 and 2020 was as follows (in thousands of U.S. dollars): December 31, 2021 December 31, 2020 Case reserves $ 4,881,892 $ 4,646,633 ACRs 140,464 171,381 IBNR reserves 7,025,436 6,577,307 Non-life reserves $ 12,047,792 $ 11,395,321 The reconciliation of the beginning and ending gross and net liability for non-life reserves for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands of U.S. dollars): 2021 2020 2019 Gross liability at beginning of year $ 11,395,321 $ 10,363,383 $ 9,895,376 Reinsurance recoverable at beginning of year 782,330 754,795 850,946 Net liability at beginning of year 10,612,991 9,608,588 9,044,430 Net incurred losses related to: (1) Current year 3,637,671 3,945,248 3,716,988 Prior years (194,426) 71,456 (56,848) 3,443,245 4,016,704 3,660,140 Net paid losses related to: Current year (437,938) (459,718) (439,285) Prior years (2,535,057) (2,772,886) (2,651,385) (2,972,995) (3,232,604) (3,090,670) Retroactive reinsurance recoverable (357,864) — (81,013) Effects of foreign exchange rate changes and other (210,251) 220,303 75,701 Net liability at end of year $ 10,515,126 $ 10,612,991 $ 9,608,588 Reinsurance recoverable at end of year 1,532,666 782,330 754,795 Gross liability at end of year $ 12,047,792 $ 11,395,321 $ 10,363,383 (1) Net incurred losses include favorable loss development of $3 million during the year ended December 31, 2019, which are allocated to Corporate and Other as disclosed in Note 18. Non-life reserves allocated to Corporate and Other totaled $6 million at December 31, 2019. There were no incurred losses or non-life reserves allocated to Corporate and Other during 2021 or 2020. Prior Years' Reserve Development For the year ended December 31, 2021, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in both the P&C and Specialty segments. The favorable loss emergence within the Specialty segment was across multiple accident years, predominantly from financial risks lines. The favorable loss emergence within the P&C segment was primarily from a refinement of loss estimates for certain large catastrophic events from accident years 2017 - 2019. For the year ended December 31, 2020, the Company reported net unfavorable loss development for prior accident years resulting from adverse loss emergence in the Specialty segment, which was partially offset by favorable loss emergence in the P&C segment. The adverse loss emergence within the Specialty segment was across multiple accident years, predominantly from property, engineering, multiline and aviation business. The favorable loss emergence within the P&C segment was primarily from accident years 2015 and prior, mainly driven by the European casualty, motor and property business, which was partially offset by adverse loss emergence in the U.S. and Asia property business. For the year ended December 31, 2019, the Company reported net favorable loss development for prior accident years resulting from favorable loss emergence in the P&C segment, which was partially offset by adverse loss emergence for the Specialty segment. The favorable loss emergence within the P&C segment was primarily from accident years 2014 and prior, mainly driven by the European casualty and motor business, which was partially offset by adverse loss emergence in the U.S. casualty business. The adverse loss emergence within the Specialty segment was across multiple accident years, predominantly from the engineering, aviation and multiline business. Retroactive Reinsurance Recoverable During the second quarter of 2021, the Company entered into a loss portfolio transfer and adverse development cover agreement related to prior underwriting years on the Company's U.S. casualty and auto business within the P&C segment. Premium paid for the loss portfolio transfer and adverse development cover agreement, resulted in a cash transfer for the premium at inception of the agreement, and a reinsurance recoverable of $358 million at December 31, 2021. At December 31, 2021 and as a result of adverse prior years reserve development ceded under this agreement, a deferred gain of $20 million was recorded in Accounts payable, accrued expense and other in the Consolidated Balance Sheet. This transaction is presented retrospectively in the net loss and loss expenses incurred development table for the Casualty business in Section (c) below. Reinsurance recoveries under this transaction are attributed to calendar year and accident year based on the underlying distribution of losses subject to the agreement. In the fourth quarter of 2019, the Company entered into a loss portfolio transfer agreement transferring 100% of liabilities, including profit commissions, related to its wholesale managing general agent portfolio. As a result of the transaction, the Company recorded a reinsurance recoverable of $81 million and a related deferred gain of $14 million. In the fourth quarter of 2020, the Company completed a business transfer to extinguish the remaining $70 million of non-life reserves and derecognized the $70 million of related reinsurance recoverables. As a result, during 2020, the $14 million deferred gain was recognized within Losses and loss expenses in the Consolidated Statement of Operations. At settlement, $64 million of invested assets were transferred, and there was a corresponding decrease in Other reinsurance balances payable. Asbestos and Environmental Claims The Company’s net non-life reserves at December 31, 2021 and 2020 included $44 million and $43 million, respectively, related to asbestos and environmental claims. The gross liability for such claims at December 31, 2021 and 2020 was $52 million and $50 million, respectively. Ultimate loss estimates for such claims cannot be estimated using traditional reserving techniques and there are significant uncertainties in estimating the Company’s potential losses for these claims. In view of the legal and tort environment that affect the development of such claims, the uncertainties inherent in estimating asbestos and environmental claims are not likely to be resolved in the near future. There can be no assurance that the reserves established by the Company will not be adversely affected by development of other latent exposures, and further, there can be no assurance that the reserves established by the Company will be adequate. The Company does, however, actively evaluate potential exposure to asbestos and environmental claims and establishes additional reserves as appropriate. The Company believes that it has made a reasonable provision for these exposures and is unaware of any specific issues that would materially affect its unpaid losses and loss expense reserves related to this exposure. Non-life reserving methods The reserving methods commonly employed by the Company are summarized as follows: Chain Ladder (CL) Development Methods (Reported or Paid) These methods use the underlying assumption that losses reported (paid) for each underwriting year at a particular development stage follow a stable pattern. The CL development method assumes that on average, every underwriting year will display the same percentage of ultimate liabilities reported by the Company’s cedants at 24 months after the inception of the underwriting year. The percentages reported (paid) are established for each development stage after examining historical averages from the loss development data. These are sometimes supplemented by external benchmark information. Ultimate liabilities are estimated by multiplying the actual reported (paid) losses by the reciprocal of the assumed reported (paid) percentage. Reserves are then calculated by subtracting paid claims from the estimated ultimate liabilities. Expected Loss Ratio (ELR) Method This method estimates ultimate losses for an underwriting year by applying an estimated loss ratio to the earned premium for that underwriting year. Although the method is insensitive to actual reported or paid losses, it can often be useful at the early stages of development when very few losses have been reported or paid, and the principal sources of information available to the Company consist of information obtained during pricing and qualitative information supplied by the cedant. However, the lack of sensitivity to reported or paid losses means that the method is usually inappropriate at later stages of development. Bornhuetter-Ferguson (B-F) Methods (Reported or Paid) These methods aim to address the variability at early stages of development and incorporates external information such as pricing. The B-F methods are more sensitive to reported and paid losses than the ELR method, and can be seen as a blend of the ELR and CL development methods. Unreported (unpaid) claims are calculated using an expected reporting (payment) pattern and an externally determined estimate of ultimate liabilities (usually determined by multiplying an a priori loss ratio with estimates of premium volume). The accuracy of the a priori loss ratio is a critical assumption in this method. Usually a priori loss ratios are initially determined on the basis of pricing information, but may also be adjusted to reflect other information that subsequently emerges about underlying loss experience. Loss Event Specific Method The ultimate losses estimated under this method are derived from estimates of specific events based on reported claims, client and broker discussions, review of potential exposures, market loss estimates, modeled analysis and other event specific criteria. Method Weights In determining the loss reserves, the Company often relies on a blend of the results from two or more methods (e.g., weighted averages). The judgment as to which of the above method(s) is most appropriate for a particular underwriting year and reserving cell could change over time as new information emerges regarding underlying loss activity and other data issues. Furthermore, as each line is typically composed of several reserving cells, it is likely that the reserves for the line will be dependent on several reserving methods. This is because reserves for a line are the result of aggregating the reserves for each constituent reserving cell and that a different method could be selected for each reserving cell. The principal reserving methods used for each of the Specialty segment and P&C segment were ELR, Reported/Paid B-F, and Reported/Paid CL, with the exception of catastrophe risks within the P&C segment where the principal reserving methods used were ELR based on exposure analysis and loss event specific methods. (b) Life and Health Reserves The reconciliation of the beginning and ending gross and net liability for life and health reserves for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands of U.S. dollars): 2021 2020 2019 Gross liability at beginning of period $ 2,704,229 $ 2,417,044 $ 2,198,080 Reinsurance recoverable at beginning of period 35,662 16,183 11,829 Net liability at beginning of period $ 2,668,567 $ 2,400,861 $ 2,186,251 Net incurred losses (1) 1,440,739 1,318,196 1,263,016 Net losses paid (1,413,316) (1,230,383) (1,071,487) Effects of foreign exchange rate changes and other (78,904) 179,893 23,081 Net liability at end of period $ 2,617,086 $ 2,668,567 $ 2,400,861 Reinsurance recoverable at end of period 21,000 35,662 16,183 Gross liability at end of period $ 2,638,086 $ 2,704,229 $ 2,417,044 (1) During 2021 and 2020, certain life and health treaties were recaptured, resulting in total gains upon recapture of $15 million and $28 million respectively, recorded as a reduction to net incurred losses. Net incurred losses includes favorable prior years' reserve development of $5 million for the year ended December 31, 2021 and unfavorable prior years' reserve development of $52 million during the year ended December 31, 2020, which was driven by the Company's disability business. The Company used interest rate assumptions to estimate its liabilities for policy benefits for life and annuity contracts which ranged from 0% to 11% at December 31, 2021, 2020 and 2019. Life and health reserving methods The reserving methods commonly employed by the Company are summarized as follows: Mortality The reserves for the short-term mortality/morbidity business consist of case reserves calculated at the treaty level based upon cedant information. IBNR is calculated at the reserving segment level using either the ELR method or CL development method described above for Non-life business. The reserves for the traditional and limited payment long-duration contracts are established based upon accepted actuarial valuation methods which require us to make certain assumptions regarding future claims and policy benefits and includes a provision for adverse deviation. The provision for adverse deviation contemplates reasonable deviations from the best estimate assumptions for the key risk elements relevant to the product being evaluated, including mortality, disability, critical illness, expenses, and discount rates. The assumptions are locked in at contract inception and are subject to annual loss recognition testing (LRT). LRT occurs at the product group level, based on the manner of acquiring, servicing and measuring profitability of the reinsurance contracts. The LRT framework incorporates deferred acquisition cost (DAC) recoverability testing and involves determining an LRT reserve by re-measuring the policy benefit liabilities using current best estimate actuarial assumptions and current discount rates without any provisions for adverse deviation. If the aggregate LRT reserve is higher than the carrying amount of future policy benefit liabilities, net of DAC and VOBA, for a particular product grouping then a loss recognition event occurs. The DAC and VOBA asset balances for the given product grouping are first reduced, and if the balances are fully written off, the reserves will be increased, such that the current best estimate assumptions become the new locked-in basis. The reserves for the guaranteed minimum death benefit (GMDB) reinsurance business are established similar to provisions for universal life contracts. Key actuarial assumptions for this business are mortality, lapses, interest rates, expected returns on cash and bonds and stock market performance. For the latter parameter, a stochastic option pricing approach is used and the benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. The assumptions of investment performance and volatility are consistent with expected future experience of the respective underlying funds available for policyholder investment options. Recorded reserves for GMDB reflect management’s best estimate based upon actuarial indications. Longevity Reserves for the annuity portfolio of reinsurance contracts within the longevity book are established using the reserving methodology discussed above for long-term traditional mortality. (c) Losses and Loss Expenses Losses and loss expenses in the Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 were comprised as follows (in thousands of U.S. dollars): 2021 2020 2019 Non-life (1) $ 3,443,245 $ 4,016,704 $ 3,660,140 Life and Health 1,440,739 1,318,196 1,263,016 Losses and loss expenses $ 4,883,984 $ 5,334,900 $ 4,923,156 (1) Net incurred losses include favorable loss development of $3 million during the year ended December 31, 2019, which are allocated to Corporate and Other as disclosed in Note 18. Non-life net incurred and paid losses and loss expense development The net incurred and paid losses and loss expenses development by accident year for each of the years ended December 31, 2012 through 2021, and the total of IBNR plus expected development on reported claims included within the net incurred claims amounts, as at each of the years ended December 31, 2012 through 2021, are presented in the tables below (in thousands of U.S. dollars). The information presented below for incurred and paid claims development for each of the years ended December 31, 2012 through 2020 and the average annual percentage payout of incurred claims by age, net of reinsurance, is presented as supplementary information and is unaudited. The tables below reflect losses incurred and paid losses translated to U.S. dollars at the exchange rate as of the balance sheet date whereas the Losses and loss expenses in the Consolidated Statement of Operations reflect losses incurred at the average exchange rate for the period. NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE For the year ended December 31, December 31, 2021 Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total of IBNR plus expected development on reported claims 2012 $ 2,342,553 $ 2,627,452 $ 2,371,984 $ 2,248,510 $ 2,495,148 $ 2,394,396 $ 2,243,436 $ 2,209,950 $ 2,197,815 $ 2,181,218 $ 10,086 2013 2,506,489 2,700,371 2,487,494 2,183,344 2,302,089 2,393,344 2,387,407 2,361,827 2,345,255 46,041 2014 2,416,677 2,596,191 2,478,039 2,467,234 2,477,572 2,434,886 2,400,662 2,385,988 65,254 2015 2,355,703 2,557,213 2,494,735 2,522,169 2,495,354 2,449,975 2,429,432 83,536 2016 2,398,444 2,597,779 2,570,484 2,544,389 2,522,270 2,537,312 167,323 2017 2,499,161 2,871,000 2,811,676 2,772,119 2,788,118 235,938 2018 2,548,563 3,093,669 3,120,388 3,130,397 333,906 2019 2,848,949 3,637,558 3,707,336 773,002 2020 4,051,824 3,867,443 1,728,949 2021 2,838,039 2,520,673 Total $ 28,210,538 $ 5,964,708 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - NON-LIFE For the year ended December 31, Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 294,313 $ 973,857 $ 1,338,878 $ 1,497,677 $ 1,593,864 $ 1,705,320 $ 1,754,704 $ 1,805,081 $ 1,825,434 $ 1,840,284 2013 287,566 1,275,211 1,623,541 1,825,345 1,961,269 2,055,408 2,123,294 2,161,355 2,188,318 2014 338,712 1,286,854 1,596,445 1,817,505 1,957,235 2,060,333 2,140,845 2,189,661 2015 335,368 1,191,883 1,603,381 1,842,842 2,004,838 2,114,625 2,191,493 2016 338,124 1,312,013 1,687,477 1,972,139 2,112,088 2,206,804 2017 406,218 1,447,213 1,853,527 2,148,343 2,276,982 2018 278,953 1,350,321 1,933,461 2,253,397 2019 445,090 1,574,942 2,154,188 2020 455,948 1,446,282 2021 412,023 Total $ 19,159,432 Net reserves for accident years and exposures included in the triangles $ 9,051,106 All outstanding liabilities before accident year 2012, net of reinsurance 1,102,911 Total outstanding liabilities for unpaid claims $ 10,154,017 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - NON-LIFE Years 1 2 3 4 5 6 7 8 9 10 Non-life 13% 34% 16% 10% 5% 4% 3% 2% 1% 1% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY For the year ended December 31, December 31, 2021 Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total of IBNR plus expected development on reported claims 2012 $ 691,488 $ 658,283 $ 551,817 $ 533,256 $ 517,687 $ 518,564 $ 513,621 $ 502,869 $ 502,369 $ 494,145 $ 1,959 2013 639,026 586,694 546,588 531,833 525,745 517,468 515,376 514,873 512,546 842 2014 465,513 489,871 465,774 461,842 456,086 454,046 451,662 451,833 552 2015 550,216 581,923 557,092 548,666 545,180 541,160 546,732 3,810 2016 684,976 706,630 671,835 651,823 648,266 650,208 13,249 2017 973,654 1,039,936 973,452 945,066 937,829 20,219 2018 826,216 861,674 844,596 820,472 28,467 2019 741,448 849,547 831,461 47,475 2020 1,212,387 1,163,924 272,042 2021 809,517 572,794 Total $ 7,218,667 $ 961,409 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - PROPERTY For the year ended December 31, Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 99,084 $ 345,731 $ 438,322 $ 472,761 $ 484,780 $ 494,267 $ 498,829 $ 505,649 $ 505,895 $ 508,477 2013 90,889 331,515 436,234 471,381 489,287 492,774 497,604 499,794 499,576 2014 97,352 319,121 393,013 421,164 431,055 436,472 441,065 443,167 2015 101,501 346,869 450,016 483,907 496,634 503,895 513,203 2016 148,109 469,162 567,654 609,863 626,616 637,028 2017 224,987 714,541 829,490 880,073 889,729 2018 80,881 530,024 669,153 710,866 2019 80,621 458,182 589,100 2020 111,470 537,865 2021 110,592 Total $ 5,439,603 Net reserves for accident years and exposures included in the triangles $ 1,779,064 All outstanding liabilities before accident year 2012, net of reinsurance 146,308 Total outstanding liabilities for unpaid claims $ 1,925,372 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - PROPERTY Years 1 2 3 4 5 6 7 8 9 10 Property 16% 47% 16% 6% 2% 1% 1% 1% —% 1% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY For the year ended December 31, December 31, 2021 Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total of IBNR plus expected development on reported claims 2012 $ 706,442 $ 856,769 $ 769,092 $ 710,862 $ 698,668 $ 702,358 $ 696,110 $ 682,054 $ 677,161 $ 670,767 $ — 2013 748,691 880,676 784,615 763,208 761,477 757,032 747,422 728,645 724,170 39,469 2014 794,186 879,144 850,550 851,144 869,438 832,104 807,750 793,629 46,003 2015 684,702 808,679 788,933 830,644 794,732 775,384 752,036 64,297 2016 646,045 769,492 785,448 766,754 755,605 769,283 118,811 2017 594,988 748,588 738,743 729,083 736,701 154,030 2018 750,120 951,393 955,784 965,966 203,571 2019 949,925 1,245,536 1,301,249 458,841 2020 1,301,042 1,230,847 896,066 2021 926,608 1,304,107 Total $ 8,871,256 $ 3,285,195 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - CASUALTY For the year ended December 31, Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 58,130 $ 136,891 $ 205,359 $ 280,428 $ 333,456 $ 385,934 $ 416,086 $ 440,686 $ 455,860 $ 469,540 2013 56,952 159,112 263,808 345,291 419,488 481,381 524,709 550,444 576,650 2014 74,189 196,301 300,377 398,606 486,503 556,159 619,160 657,810 2015 78,386 185,508 299,396 393,997 497,220 570,219 620,841 2016 29,216 144,840 252,780 383,788 471,880 539,688 2017 60,390 165,196 259,310 354,594 435,692 2018 60,039 206,791 335,624 446,609 2019 97,723 270,727 423,814 2020 99,909 269,206 2021 74,019 Total $ 4,513,869 Net reserves for accident years and exposures included in the triangles $ 4,357,387 All outstanding liabilities before accident year 2012, net of reinsurance 908,806 Total outstanding liabilities for unpaid claims $ 5,266,193 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - CASUALTY Years 1 2 3 4 5 6 7 8 9 10 Casualty 8% 14% 13% 13% 11% 9% 6% 4% 3% 2% NET INCURRED LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY For the year ended December 31, December 31, 2021 Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total of IBNR plus expected development on reported claims 2012 $ 944,623 $ 1,112,400 $ 1,051,075 $ 1,004,392 $ 1,278,793 $ 1,173,474 $ 1,033,705 $ 1,025,027 $ 1,018,285 $ 1,016,306 $ 8,127 2013 1,118,772 1,233,001 1,156,291 888,303 1,014,867 1,118,844 1,124,609 1,118,309 1,108,539 5,730 2014 1,156,978 1,227,176 1,161,715 1,154,248 1,152,048 1,148,736 1,141,250 1,140,526 18,699 2015 1,120,785 1,166,611 1,148,710 1,142,859 1,155,442 1,133,431 1,130,664 15,429 2016 1,067,423 1,121,657 1,113,201 1,125,812 1,118,399 1,117,821 35,263 2017 930,519 1,082,476 1,099,481 1,097,970 1,113,588 61,689 2018 972,227 1,280,602 1,320,008 1,343,959 101,868 2019 1,157,576 1,542,475 1,574,626 266,686 2020 1,538,395 1,472,672 560,841 2021 1,101,914 643,772 Total $ 12,120,615 $ 1,718,104 NET PAID LOSSES AND LOSS EXPENSES DEVELOPMENT TABLE - SPECIALTY For the year ended December 31, Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 137,099 $ 491,235 $ 695,197 $ 744,488 $ 775,628 $ 825,119 $ 839,789 $ 858,746 $ 863,679 $ 862,267 2013 139,725 784,584 923,499 1,008,673 1,052,494 1,081,253 1,100,981 1,111,117 1,112,092 2014 167,171 771,432 903,055 997,735 1,039,677 1,067,702 1,080,620 1,088,684 2015 155,481 659,506 853,969 964,938 1,010,984 1,040,511 1,057,449 2016 160,799 698,011 867,043 978,488 1,013,592 1,030,088 2017 120,841 567,476 764,727 913,676 951,561 2018 138,033 613,506 928,684 1,095,922 2019 266,746 846,033 1,141,274 2020 244,569 639,211 2021 227,412 Total $ 9,205,960 Net reserves for accident years and exposures included in the triangles $ 2,914,655 All outstanding liabilities before accident year 2012, net of reinsurance 47,797 Total outstanding liabilities for unpaid claims $ 2,962,452 AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE - SPECIALTY Years 1 2 3 4 5 6 7 8 9 10 Specialty 15% 41% 17% 10% 4% 3% 1% 1% —% —% The Company is predominantly a reinsurer of primary insurers and does not have access to claim frequency information held by our cedants due to the majority of the Company’s business being written on a proportional basis. As such, the Company considers it impracticable to disclose information on the frequency of claims. The reconciliation of the net incurred and paid claims development information above to the Non-life reserves in the Consolidated Balance Sheet at December 31, 2021 was as follows (in thousands of U.S. dollars): December 31, 2021 Total outstanding liability for unpaid claims Property $ 1,925,372 Casualty 5,266,193 Specialty 2,962,452 Total outstanding liabilities for unpaid claims $ 10,154,017 Unallocated loss expenses $ 187,139 U.S. health net reserves (1) 170,617 Other 3,353 Total other liabilities $ 361,109 Net liability at end of year $ 10,515,126 Reinsurance recoverable on unpaid claims Property $ 708,008 Casualty 519,597 Specialty 305,061 Reinsurance recoverable at end of year $ 1,532,666 Gross liability at end of year $ 12,047,792 (1) U.S. health business is not meaningful to include in the development tables as the estimated average duration of the health reserves is less than one year and substantially all claims are expected to be paid within two years, based on historical payout patterns. |
