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RESERVE FOR LOSSES AND LOSS EXPENSES (Details) - USD ($) $ in Thousands |  | 3 Months Ended | 6 Months Ended |
--- | --- | --- | --- | ---
Apr. 01, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses |  |  |  |  |  |
Gross reserve for losses and loss expenses, beginning of period |  |  |  | $ 9,697,827 | $ 9,646,285 |
Less reinsurance recoverable on unpaid losses, beginning of period |  |  |  | (2,276,109) | (2,031,309) |
Net reserve for unpaid losses and loss expenses, beginning of period |  |  |  | 7,421,718 | 7,614,976 |
Net incurred losses and loss expenses related to: |  |  |  |  |  |
Current year |  |  |  | 1,308,000 | 1,279,369 |
Prior years |  | $ (70,933) | $ (77,719) | (95,727) | (148,113) |
Net incurred losses and loss expenses |  |  |  | 1,212,273 | 1,131,256 |
Net paid losses and loss expenses related to: |  |  |  |  |  |
Current year |  |  |  | (140,018) | (112,730) |
Prior years |  |  |  | (969,153) | (966,589) |
Net paid losses and loss expenses |  |  |  | (1,109,171) | (1,079,319) |
Foreign exchange and other |  |  |  | 242,973 | (106,629) |
Net reserve for unpaid losses and loss expenses, end of period |  | 7,767,793 | 7,560,284 | 7,767,793 | 7,560,284 |
Reinsurance recoverable on unpaid losses, end of period |  | 2,110,869 | 2,222,020 | 2,110,869 | 2,222,020 |
Gross reserve for losses and loss expenses, end of period |  | 9,878,662 | $ 9,782,304 | 9,878,662 | $ 9,782,304 |
Reinsurance recoverable on unpaid and paid losses |  | $ 2,184,934 |  | $ 2,184,934 |  | $ 2,334,922
Compagnie Belge d'Assurances Aviation NV/SA [Member] |  |  |  |  |  |
Net paid losses and loss expenses related to: |  |  |  |  |  |
Increase (decrease) of reserves for losses and loss expenses | $ 79,000 |  |  |  |  |
Interests acquired | 100.00% |  |  |  |  |
Reinsurance recoverable on unpaid and paid losses | $ 5,000 |  |  |  |  |

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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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