v2.4.0.8

RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)

6 Months Ended

Jun. 30, 2013

Insurance Loss Reserves [Abstract]

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

	Six months ended June 30,	2013				2012
	Gross reserve for losses and loss expenses, beginning of period	$	9,058,731			$	8,425,045
	Less reinsurance recoverable on unpaid losses, beginning of period	(1,825,617		)		(1,736,823		)
	Net reserve for unpaid losses and loss expenses, beginning of period	7,233,114				6,688,222
	Net incurred losses and loss expenses related to:
	Current year	1,177,926				1,098,168
	Prior years	(96,613		)		(119,840		)
		1,081,313				978,328
	Net paid losses and loss expenses related to:
	Current year	(54,732		)		(90,041		)
	Prior years	(732,135		)		(731,363		)
		(786,867		)		(821,404		)
	Foreign exchange and other	(130,536		)		(10,129		)
	Net reserve for unpaid losses and loss expenses, end of period	7,397,024				6,835,017
	Reinsurance recoverable on unpaid losses, end of period	1,945,793				1,765,634
	Gross reserve for losses and loss expenses, end of period	$	9,342,817			$	8,600,651

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

		Three months ended June 30,								Six months ended June 30,
		2013				2012				2013				2012
	Insurance	$	6,693			$	35,394			$	12,290			$	50,289
	Reinsurance	35,422				39,218				84,323				69,551
	Total	$	42,115			$	74,612			$	96,613			$	119,840

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- 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.

+ Details

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X

- 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 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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