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RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)

3 Months Ended

Mar. 31, 2015

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

The following table presents a reconciliation of our beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the periods indicated:

	Three months ended March 31,	2015				2014
	Gross reserve for losses and loss expenses, beginning of period	$	9,596,797			$	9,582,140
	Less reinsurance recoverable on unpaid losses, beginning of period	(1,890,280		)		(1,900,112		)
	Net reserve for unpaid losses and loss expenses, beginning of period	7,706,517				7,682,028
	Net incurred losses and loss expenses related to:
	Current year	568,988				587,700
	Prior years	(50,051		)		(43,493		)
		518,937				544,207
	Net paid losses and loss expenses related to:
	Current year	(23,527		)		(13,249		)
	Prior years	(485,315		)		(444,466		)
		(508,842		)		(457,715		)
	Foreign exchange and other	(162,969		)		14,501
	Net reserve for unpaid losses and loss expenses, end of period	7,553,643				7,783,021
	Reinsurance recoverable on unpaid losses, end of period	1,889,579				1,884,820
	Gross reserve for losses and loss expenses, end of period	$	9,443,222			$	9,667,841

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

Prior year reserve development arises from changes to loss and loss expense estimates recognized in the current year but relating to losses incurred in previous calendar years. Such development is summarized by segment in the following table:

		Three months ended March 31,
		2015				2014
	Insurance	$	3,361			$	11,608
	Reinsurance	46,690				31,885
	Total	$	50,051			$	43,493

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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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