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RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)

3 Months Ended

Mar. 31, 2014

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]

	Three months ended March 31,	2014				2013
	Gross reserve for losses and loss expenses, beginning of period	$	9,582,140			$	9,058,731
	Less reinsurance recoverable on unpaid losses, beginning of period	(1,900,112		)		(1,825,617		)
	Net reserve for unpaid losses and loss expenses, beginning of period	7,682,028				7,233,114
	Net incurred losses and loss expenses related to:
	Current year	587,700				492,913
	Prior years	(43,493		)		(54,499		)
		544,207				438,414
	Net paid losses and loss expenses related to:
	Current year	(13,249		)		(10,846		)
	Prior years	(444,466		)		(358,964		)
		(457,715		)		(369,810		)
	Foreign exchange and other	14,501				(85,276		)
	Net reserve for unpaid losses and loss expenses, end of period	7,783,021				7,216,442
	Reinsurance recoverable on unpaid losses, end of period	1,884,820				1,881,261
	Gross reserve for losses and loss expenses, end of period	$	9,667,841			$	9,097,703

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

		Three months ended March 31,
		2014				2013
	Insurance	$	11,608			$	5,598
	Reinsurance	31,885				48,901
	Total	$	43,493			$	54,499

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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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- 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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