v3.8.0.1

Reserve for Loss and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2017

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:

		September 30, 2017				December 31, 2016
Reserve for reported loss and LAE		$	1,898,474			$	1,617,956
Reserve for losses incurred but not reported ("IBNR")		1,466,537				1,278,540
Reserve for loss and LAE		$	3,365,011			$	2,896,496

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Nine Months Ended September 30,		2017				2016
Gross loss and LAE reserves, January 1		$	2,896,496			$	2,510,101
Less: reinsurance recoverable on unpaid losses, January 1		99,936				71,248
Net loss and LAE reserves, January 1		2,796,560				2,438,853
Net incurred losses related to:
Current year		1,394,623				1,255,493
Prior years		150,534				41,868
		1,545,157				1,297,361
Net paid losses related to:
Current year		(400,908		)		(356,135		)
Prior years		(765,049		)		(722,395		)
		(1,165,957		)		(1,078,530		)
Effect of foreign exchange movements		48,622				4,764
Net loss and LAE reserves, September 30		3,224,382				2,662,448
Reinsurance recoverable on unpaid losses, September 30		140,629				97,070
Gross loss and LAE reserves, September 30		$	3,365,011			$	2,759,518

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- References

No definition available.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437

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