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Loss and Loss Adjustment Expense Reserves (Tables) | 6 Months Ended
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Jun. 30, 2011
Loss and Loss Adjustment Expense Reserves |
Loss and loss adjustment expense ("LAE") reserve activities |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Millions |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Gross beginning balance |  | $ | 5,759.8 |  | $ | 6,660.7 |  | $ | 5,736.8 |  | $ | 6,379.2 |
Less beginning reinsurance recoverable on unpaid losses |  | (2,304.2 | ) | (2,899.4 | ) | (2,344.0 | ) | (2,771.5 | )
Net loss and LAE reserves |  | 3,455.6 |  | 3,761.3 |  | 3,392.8 |  | 3,607.7 |
Loss and LAE reserves acquired — Central National |  | — |  | — |  | — |  | 17.6 |
Loss and LAE reserves sold — OneBeacon Personal Lines(1) |  | — |  | (231.0 | ) | — |  | (231.0 | )
Loss and LAE incurred relating to: |  |  |  |  |  |  |  |  |
Current year losses |  | 302.7 |  | 428.3 |  | 692.5 |  | 991.7 |
Prior year losses |  | (10.3 | ) | (26.2 | ) | (27.5 | ) | (37.7 | )
Total incurred losses and LAE |  | 292.4 |  | 402.1 |  | 665.0 |  | 954.0 |
Accretion of fair value adjustment to loss and LAE reserves |  | 2.1 |  | 2.1 |  | 4.2 |  | 4.2 |
Foreign currency translation adjustment to loss and LAE reserves |  | 10.1 |  | (22.4 | ) | 31.2 |  | (33.2 | )
Loss and LAE paid relating to: |  |  |  |  |  |  |  |  |
Current year losses |  | (87.7 | ) | (169.6 | ) | (135.2 | ) | (258.4 | )
Prior year losses |  | (223.2 | ) | (292.7 | ) | (508.7 | ) | (611.1 | )
Total loss and LAE payments |  | (310.9 | ) | (462.3 | ) | (643.9 | ) | (869.5 | )
Net ending balance |  | 3,449.3 |  | 3,449.8 |  | 3,449.3 |  | 3,449.8 |
Plus ending reinsurance recoverable on unpaid losses |  | 2,193.1 |  | 2,748.1 |  | 2,193.1 |  | 2,748.1 |
Gross ending balance |  | $ | 5,642.4 |  | $ | 6,197.9 |  | $ | 5,642.4 |  | $ | 6,197.9 |
(1) In the second quarter of 2010, $231.0 of net loss and LAE reserves related to the Personal Lines Transaction were reclassified to net liabilities held for sale. The Personal Lines Transaction closed in July 2010.

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- Definition Reconciliation of beginning and ending reserve for future policy benefits and unpaid claims and claims adjustment expense. + Details
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