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RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)
 12 Months Ended
Dec. 31, 2015
Insurance Loss Reserves [Abstract]  
COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES
Our reserve for losses and loss expenses comprise the following:
 
 
 
 
 
 
 
As of December 31,
2015
 
2014
 
 
 
 
 
 
 
 
Reserve for reported losses and loss expenses
$
3,253,080

 
$
3,285,675

 
 
Reserve for losses incurred but not reported
6,393,205

 
6,311,122

 
 
Reserve for losses and loss expenses
$
9,646,285

 
$
9,596,797

 
 
 
 
 
 
 
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 years indicated:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Gross reserve for losses and loss expenses, beginning of year
$
9,596,797

 
$
9,582,140

 
$
9,058,731

 
 
Less reinsurance recoverable on unpaid losses, beginning of year
(1,890,280
)
 
(1,900,112
)
 
(1,825,617
)
 
 
Net reserve for unpaid losses and loss expenses, beginning of year
7,706,517

 
7,682,028

 
7,233,114

 
 
 
 
 
 
 
 
 
 
Net incurred losses and loss expenses related to:
 
 
 
 
 
 
 
Current year
2,419,247

 
2,445,666

 
2,353,631

 
 
Prior years
(243,048
)
 
(258,944
)
 
(219,436
)
 
 
 
2,176,199

 
2,186,722

 
2,134,195

 
 
Net paid losses and loss expenses related to:
 
 
 
 
 
 
 
Current year
(343,063
)
 
(387,197
)
 
(318,006
)
 
 
Prior years
(1,709,659
)
 
(1,544,664
)
 
(1,373,459
)
 
 
 
(2,052,722
)
 
(1,931,861
)
 
(1,691,465
)
 
 
 
 
 
 
 
 
 
 
Foreign exchange and other
(215,018
)
 
(230,372
)
 
6,184

 
 
 
 
 
 
 
 
 
 
Net reserve for unpaid losses and loss expenses, end of year
7,614,976

 
7,706,517

 
7,682,028

 
 
Reinsurance recoverable on unpaid losses, end of year
2,031,309

 
1,890,280

 
1,900,112

 
 
Gross reserve for losses and loss expenses, end of year
$
9,646,285

 
$
9,596,797

 
$
9,582,140

 
 
 
 
 
 
 
 
 
NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT
Such development is summarized by segment in the following table:
 
 
 
 
 
 
 
 
 
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2015
$
23,447

 
$
219,601

 
$
243,048

 
 
Year ended December 31, 2014
63,735

 
195,209

 
258,944

 
 
Year ended December 31, 2013
50,355

 
169,081

 
219,436