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RESERVE FOR LOSSES AND LOSS EXPENSES - Reserve Roll-Forward (Details) - USD ($) $ in Thousands | 12 Months Ended
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Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses |  |  |
Gross reserve for losses and loss expenses, beginning of year | $ 12,280,769 | $ 12,997,553 | $ 9,697,827
Less reinsurance recoverable on unpaid losses, beginning of year | (3,501,669) | (3,159,514) | (2,276,109)
Net reserve for unpaid losses and loss expenses, beginning of year | 8,779,100 | 9,838,039 | 7,421,718
Net incurred losses and loss expenses related to: |  |  |
Current year | 3,123,698 | 3,389,949 | 3,487,826
Prior years | (78,900) | (199,662) | (200,054)
Net incurred losses and loss expenses | 3,044,798 | 3,190,287 | 3,287,772
Net paid losses and loss expenses related to: |  |  |
Current year | (598,988) | (724,199) | (703,796)
Prior years | (2,371,637) | (2,368,615) | (1,880,882)
Net paid losses and loss expenses | (2,970,625) | (3,092,814) | (2,584,678)
Foreign exchange and other | 21,052 | (1,156,412) | 1,713,227
Net reserve for unpaid losses and loss expenses, end of year | 8,874,325 | 8,779,100 | 9,838,039
Reinsurance recoverable on unpaid losses, end of year | 3,877,756 | 3,501,669 | 3,159,514
Gross reserve for losses and loss expenses, end of year | $ 12,752,081 | $ 12,280,769 | $ 12,997,553

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- Definition The amount 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. + 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 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (cc) -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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- Definition Amount, after effects of reinsurance, of payments to settle claims incurred in the current period and related claims settlement costs. + 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 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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