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Reserve for Claims and Claim Expenses (Tables)

12 Months Ended

Dec. 31, 2014

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claim Expenses

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

	Year ended December 31,	2014				2013				2012
	Net reserves as of January 1	$	1,462,705			$	1,686,865			$	1,588,325
	Net incurred related to:
	Current year	341,745				315,241				483,180
	Prior years	(143,798		)		(143,954		)		(157,969		)
	Total net incurred	197,947				171,287				325,211
	Net paid related to:
	Current year	39,830				32,212				84,056
	Prior years	275,006				363,235				142,615
	Total net paid	314,836				395,447				226,671
	Net reserves as of December 31	1,345,816				1,462,705				1,686,865
	Reinsurance recoverable as of December 31	66,694				101,025				192,512
	Gross reserves as of December 31	$	1,412,510			$	1,563,730			$	1,879,377

Schedule of Prior Year Development of Liability for Unpaid Claims and Claim Expenses by Segment

The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses:

	Year ended December 31,	2014				2013				2012
	Catastrophe Reinsurance	$	(65,511	)		$	(102,037	)		$	(110,568	)
	Specialty Reinsurance	(55,909		)		(34,111		)		(34,146		)
	Lloyd’s	(16,241		)		(8,256		)		(16,202		)
	Other	(6,137		)		450				2,947
	Total favorable development of prior accident years net claims and claim expenses	$	(143,798	)		$	(143,954	)		$	(157,969	)

Schedule of Details of Development of Liability for Unpaid Claims and Claim Expenses by Segment

The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2013 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses:

	Year ended December 31, 2013	Catastrophe Reinsurance Segment				Specialty Reinsurance Segment				Lloyd's Segment				Other				Total
	Catastrophe net claims and claim expenses
	Large catastrophe events
	Storm Sandy (2012)	$	(44,460	)		$	—			$	(3,825	)		$	—			$	(48,285	)
	Tohoku Earthquake and Tsunami (2011)	(18,033		)		(1,000		)		—				—				(19,033		)
	Hurricanes Gustav and Ike (2008)	(16,261		)		—				—				(404		)		(16,665		)
	New Zealand Earthquake (2011)	(10,944		)		—				—				—				(10,944		)
	Windstorm Kyrill (2007)	(8,244		)		—				—				—				(8,244		)
	Hurricane Isaac (2012)	2,610				—				—				—				2,610
	New Zealand Earthquake (2010)	11,040				300				—				—				11,340
	Other	(776		)		(1,763		)		(1,442		)		(1,325		)		(5,306		)
	Total large catastrophe events	(85,068		)		(2,463		)		(5,267		)		(1,729		)		(94,527		)
	Small catastrophe events
	U.S. PCS 83 Wind and Thunderstorm (2012)	(3,500		)		—				—				—				(3,500		)
	U.S. PCS 76 Wind and Thunderstorm (2012)	(300		)		—				—				—				(300		)
	U.S. PCS 70 Wind and Thunderstorm (2012)	8,225				—				—				—				8,225
	Other	(21,394		)		—				—				—				(21,394		)
	Total small catastrophe events	(16,969		)		—				—				—				(16,969		)
	Total catastrophe net claims and claim expenses	$	(102,037	)		$	(2,463	)		$	(5,267	)		$	(1,729	)		$	(111,496	)
	Attritional net claims and claim expenses
	Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims	$	—			$	(21,216	)		$	(3,263	)		$	2,179			$	(22,300	)
	Actuarial assumption changes	—				(10,432		)		274				—				(10,158		)
	Total attritional net claims and claim expenses	$	—			$	(31,648	)		$	(2,989	)		$	2,179			$	(32,458	)
	Total favorable development of prior accident years net claims and claim expenses	$	(102,037	)		$	(34,111	)		$	(8,256	)		$	450			$	(143,954	)

Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2014 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses:

	Year ended December 31, 2014	Catastrophe Reinsurance Segment				Specialty Reinsurance Segment				Lloyd's Segment				Other				Total
	Catastrophe net claims and claim expenses
	Large catastrophe events
	Storm Sandy (2012)	$	(20,104	)		$	—			$	(4,128	)		$	—			$	(24,232	)
	April and May U.S. Tornadoes (2011)	(13,939		)		—				—				—				(13,939		)
	Thailand Floods (2011)	(9,254		)		(2,500		)		—				—				(11,754		)
	LIBOR (2011 and 2012)	—				(10,500		)		(1,250		)		—				(11,750		)
	Hurricanes Gustav and Ike (2008)	(6,647		)		—				—				—				(6,647		)
	Tohoku Earthquake and Tsunami (2011)	(3,489		)		(1,642		)		—				—				(5,131		)
	Hurricane Irene (2011)	(4,506		)		—				—				—				(4,506		)
	Windstorm Kyrill (2007)	(3,615		)		—				—				—				(3,615		)
	Subprime (2007)	—				5,049				—				—				5,049
	New Zealand Earthquake (2010)	24,692				—				—				—				24,692
	Other	(10,644		)		(1,826		)		(1,234		)		—				(13,704		)
	Total large catastrophe events	(47,506		)		(11,419		)		(6,612		)		—				(65,537		)
	Small catastrophe events
	European Floods (2013)	(7,552		)		—				—				—				(7,552		)
	U.S. PCS 24 Wind and Thunderstorm (2013)	(6,712		)		—				—				—				(6,712		)
	U.S. PCS 70 and 73 Wind and Thunderstorm (2012)	13,362				—				—				—				13,362
	Other	(17,103		)		—				(2,687		)		(6,137		)		(25,927		)
	Total small catastrophe events	(18,005		)		—				(2,687		)		(6,137		)		(26,829		)
	Total catastrophe net claims and claim expenses	$	(65,511	)		$	(11,419	)		$	(9,299	)		$	(6,137	)		$	(92,366	)
	Attritional net claims and claim expenses
	Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims	$	—			$	(44,490	)		$	(6,942	)		$	—			$	(51,432	)
	Total attritional net claims and claim expenses	$	—			$	(44,490	)		$	(6,942	)		$	—			$	(51,432	)
	Total favorable development of prior accident years net claims and claim expenses	$	(65,511	)		$	(55,909	)		$	(16,241	)		$	(6,137	)		$	(143,798	)

The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2012 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses:

	Year ended December 31, 2012	Catastrophe Reinsurance Segment				Specialty Reinsurance Segment				Lloyd’s Segment				Other				Total
	Catastrophe net claims and claim expenses
	Large catastrophe events
	Chile Earthquake (2010)	$	(24,575	)		$	—			$	—			$	—			$	(24,575	)
	Hurricanes Gustav and Ike (2008)	(17,541		)		—				—				(2,926		)		(20,467		)
	U.K. Floods (2007)	(17,271		)		—				—				—				(17,271		)
	Hurricanes Katrina, Rita and Wilma (2005)	(6,420		)		(3,000		)		—				1,690				(7,730		)
	Hurricane Irene (2011)	(4,630		)		—				(2,500		)		—				(7,130		)
	Thailand Floods (2011)	(3,933		)		—				(5,500		)		—				(9,433		)
	Tohoku Earthquake and Tsunami (2011)	(3,896		)		—				—				—				(3,896		)
	Windstorm Kyrill (2007)	(3,417		)		—				—				—				(3,417		)
	New Zealand Earthquake (2010)	3,570				—				—				—				3,570
	New Zealand Earthquake (2011)	17,912				—				—				—				17,912
	Other	(2,542		)		—				(1,476		)		65				(3,953		)
	Total large catastrophe events	(62,743		)		(3,000		)		(9,476		)		(1,171		)		(76,390		)
	Small catastrophe events
	Danish Floods (2011)	(5,000		)		—				—				—				(5,000		)
	U.S. PCS 63 Winter Storm (2011)	(5,000		)		—				—				—				(5,000		)
	U.S. PCS 42 Winter Storm (2011)	(2,560		)		—				—				—				(2,560		)
	U.S. PCS 53 Winter Storm (2011)	(2,558		)		—				—				—				(2,558		)
	Other	(32,707		)		—				—				—				(32,707		)
	Total small catastrophe events	(47,825		)		—				—				—				(47,825		)
	Total catastrophe net claims and claim expenses	$	(110,568	)		$	(3,000	)		$	(9,476	)		$	(1,171	)		$	(124,215	)
	Attritional net claims and claim expenses
	Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims	$	—			$	(16,747	)		$	(8,011	)		$	4,118			$	(20,640	)
	Actuarial assumption changes	—				(14,399		)		1,285				—				(13,114		)
	Total attritional net claims and claim expenses	$	—			$	(31,146	)		$	(6,726	)		$	4,118			$	(33,754	)
	Total favorable development of prior accident years net claims and claim expenses	$	(110,568	)		$	(34,146	)		$	(16,202	)		$	2,947			$	(157,969	)

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- Definition

Schedule showing, by segment, the change in the provision for the period related to claims incurred in prior reporting periods and related claims settlement costs. [Table Text Block]

+ References

No definition available.

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- Definition

Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 40

-Section 50

-Paragraph 3

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section W

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X

- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 40

-Section 50

-Paragraph 3

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437

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