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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

9 Months Ended

Sep. 30, 2018

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 the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the periods indicated:

		Nine months ended September 30,
		2018				2017
	Gross reserve for losses and loss expenses, beginning of period	$	12,997,553			$	9,697,827
	Less reinsurance recoverable on unpaid losses, beginning of period	(3,159,514		)		(2,276,109		)
	Net reserve for unpaid losses and loss expenses, beginning of period	9,838,039				7,421,718
	Net incurred losses and loss expenses related to:
	Current year	2,323,028				2,591,135
	Prior years	(160,083		)		(143,495		)
		2,162,945				2,447,640
	Net paid losses and loss expenses related to:
	Current year	(381,158		)		(328,751		)
	Prior years	(1,770,667		)		(1,384,510		)
		(2,151,825		)		(1,713,261		)
	Foreign exchange and other	(1,040,999		)		333,456
	Net reserve for unpaid losses and loss expenses, end of period	8,808,160				8,489,553
	Reinsurance recoverable on unpaid losses, end of period	3,217,787				2,298,022
	Gross reserve for losses and loss expenses, end of period	$	12,025,947			$	10,787,575

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

Prior year reserve development arises from changes to loss and loss expense estimates related to loss events that occurred in previous calendar years. The following table presents prior year reserve development by segment:

		Three months ended September 30,								Nine months ended September 30,
		2018				2017				2018				2017
	Insurance	$	13,478			$	7,926			$	60,547			$	35,579
	Reinsurance	32,182				39,842				99,536				107,916
	Total	$	45,660			$	47,768			$	160,083			$	143,495

SCHEDULE OF THE LINE OF BUSINESS CATEGORIES AND THE EXPECTED CLAIM TAILS

The following tables reconcile reserve classes to the lines of business categories and the expected claim tails:

Insurance Segment
		Reported Lines of Business
Reserve Classes	Tail	Property	Marine	Terrorism	Aviation	Credit and Political Risk	Professional Lines	Liability	Accident and Health	Discontinued lines - Novae
Property and Other	Short	X		X					X	X
Marine	Short		X
Aviation	Short				X
Credit and Political Risk	Medium					X
Professional Lines	Medium						X			X
Liability	Long							X		X

Reinsurance Segment

Reported Lines of Business

Reserve Classes

Tail

Catastrophe

Property

Credit and Surety

Professional Lines

Motor

Liability

Engineering

Agriculture

Marine and Other

Accident and Health

Discontinued lines - Novae

Property and Other

Short

X

X

X

X

X

X

Credit and Surety

Medium

X

Professional Lines

Medium

X

Motor

Long

X

X

Liability

Long

X

X

X

- Definition

Schedule showing, by segment, the provision in the period for claims incurred in prior reporting periods and related claims settlement costs.

+ References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99382578&loc=d3e14764-158437

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