v2.4.0.6

RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)

12 Months Ended

Dec. 31, 2011

RESERVE FOR LOSSES AND LOSS EXPENSES [Abstract]

COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES [Table Text Block]

Our reserve for losses and loss expenses comprise the following:
	As of December 31,		2011			2010
	Reserve for reported losses and loss expenses	$	3,019,372		$	2,097,484
	Reserve for losses incurred but not reported		5,405,673			4,934,891
	Reserve for losses and loss expenses	$	8,425,045		$	7,032,375

RECONCILIATION OF BEGINNING AND ENDING GROSS UNPAID LOSSES AND LOSS EXPENSES [Table Text Block]

The following table shows a reconciliation of our beginning and ending gross unpaid losses and loss expenses for the periods indicated:
	Year ended December 31,			2011			2010			2009
	Gross reserve for losses and loss expenses, beginning of period		$	7,032,375		$	6,564,133		$	6,244,783
	Less reinsurance recoverable on unpaid losses, beginning of period			(1,540,633)			(1,381,058)			(1,314,551)
	Net reserve for losses and loss expenses, beginning of period			5,491,742			5,183,075			4,930,232
	Net incurred losses and loss expenses related to:
	Current year			2,932,513			1,990,187			1,847,044
	Prior years			(257,461)			(313,055)			(423,172)
				2,675,052			1,677,132			1,423,872
	Net paid losses and loss expenses related to:
	Current year			(509,075)			(300,293)			(271,011)
	Prior years			(953,035)			(1,042,890)			(982,036)
				(1,462,110)			(1,343,183)			(1,253,047)
	Foreign exchange and other			(16,462)			(25,282)			82,018
	Net reserve for losses and loss expenses, end of period			6,688,222			5,491,742			5,183,075
	Reinsurance recoverable on unpaid losses, end of period			1,736,823			1,540,633			1,381,058
	Gross reserve for losses and loss expenses, end of period		$	8,425,045		$	7,032,375		$	6,564,133

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT [Table Text Block]

The following table summarizes net favorable reserve development by segment:
		Insurance			Reinsurance			Total
	2011	$	103,014		$	154,447		$	257,461
	2010		118,336			194,719			313,055
	2009		210,861			212,311			423,172

X

- Definition

Schedule showing, by segment, the provision in the period for claims incurred in prior reporting periods and related claims settlement costs.

+ References

No definition available.

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X

- Definition

Schedule showing the split of the liability for unpaid claims and claims adjustment expense between that related to reported claims and to incurred but not report (IBNR) claims.

+ References

No definition available.

+ Details

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- 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 AICPA

-Name Statement of Position (SOP)

-Number 94-5

-Paragraph 11

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: 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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