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RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES) | 6 Months Ended
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Jun. 30, 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:
| Six months ended June 30, | 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 | 1,213,160 |  |  | 1,238,883 |  |
| Prior years | (120,679 | ) |  | (128,847 | ) |
|  | 1,092,481 |  |  | 1,110,036 |  |
| Net paid losses and loss expenses related to: |  |  |  |
| Current year | (86,827 | ) |  | (93,218 | ) |
| Prior years | (915,124 | ) |  | (857,004 | ) |
|  | (1,001,951 | ) |  | (950,222 | ) |
| Foreign exchange and other | (125,666 | ) |  | 35,122 |  |
| Net reserve for unpaid losses and loss expenses, end of period | 7,671,381 |  |  | 7,876,964 |  |
| Reinsurance recoverable on unpaid losses, end of period | 2,022,059 |  |  | 1,929,024 |  |
| Gross reserve for losses and loss expenses, end of period | $ | 9,693,440 |  |  | $ | 9,805,988 |  |
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 June 30, |  | Six months ended June 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
| Insurance | $ | 15,421 |  |  | $ | 32,963 |  |  | $ | 18,783 |  |  | $ | 44,571 |  |
| Reinsurance | 49,192 |  |  | 52,391 |  |  | 101,896 |  |  | 84,276 |  |
| Total | $ | 64,613 |  |  | $ | 85,354 |  |  | $ | 120,679 |  |  | $ | 128,847 |  |

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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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- 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 + Details
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