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RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS) (USD $) In Thousands, unless otherwise specified | 3 Months Ended | 6 Months Ended
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Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses |  |  |  |
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 |  |  | 1,238,883 | 1,177,926
Prior years | (85,354) | (42,115) | (128,847) | (96,613)
Net incurred losses and loss expenses |  |  | 1,110,036 | 1,081,313
Net paid losses and loss expenses related to: |  |  |  |
Current year |  |  | (93,218) | (54,732)
Prior years |  |  | (857,004) | (732,135)
Net paid losses and loss expenses |  |  | (950,222) | (786,867)
Foreign exchange and other |  |  | 35,122 | (130,536)
Net reserve for unpaid losses and loss expenses, end of period | 7,876,964 | 7,397,024 | 7,876,964 | 7,397,024
Reinsurance recoverable on unpaid losses, end of period | 1,929,024 | 1,945,793 | 1,929,024 | 1,945,793
Gross reserve for losses and loss expenses, end of period | $ 9,805,988 | $ 9,342,817 | $ 9,805,988 | $ 9,342,817

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- Definition The effect of exchange rate changes on foreign-denominated balances needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. The balance may include other non-material items. + References No definition available. + Details
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- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. + 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 (a),(b),(c) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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- Definition Total amount of payments made during the reporting period to settle insured claims and pay costs incurred in the claims settlement process. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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- Definition Amount of payments made in the reporting period to settle claims incurred in the current period and related claims settlement costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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- Definition Amount of payments made in the reporting period to settle claims incurred in prior periods and related claims settlement costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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- Definition Total provision in the period for claims incurred and costs incurred in the claim settlement process. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b 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 + Details
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- Definition Amount of provision in the period for claims incurred in the reporting period and related claims settlement costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b 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 + Details
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- Definition Amount of provision in the period for claims incurred in prior reporting periods and related claims settlement costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b 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 + Details
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- Definition Liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid 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 (a) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 403 -Paragraph 04 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Subparagraph a -Article 7 + Details
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- Definition Amount after valuation allowance of reinsurance recoverables for losses reported to the ceding insurer but not yet paid, amounts expected of incurred losses and settlement expenses, which have not yet been reported to the ceding insurer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 310 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6485522&loc=d3e21412-158489 + Details
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