Reserves For Losses And Loss Expenses (Tables)

12 Months Ended

Dec. 31, 2013

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below provides a reconciliation of the beginning and ending reserve balances:

(In thousands)	2014			2013			2012
Net reserves at beginning of year	$	8,683,797		$	8,411,851		$	8,172,112
Net provision for losses and loss expenses:
Claims occuring during the current year(1)	3,495,825			3,221,393			2,997,995
Decrease in estimates for claims occurring in prior years(2)(3)	(75,764		)	(78,810		)	(102,571		)
Loss reserve discount accretion(4)	70,506			54,441			53,055
Total	3,490,567			3,197,024			2,948,479
Net payments for claims:
Current year	898,944			822,787			698,834
Prior year	2,216,283			2,055,284			2,010,101
Total	3,115,227			2,878,071			2,708,935
Foreign currency translation	(88,496		)	(47,007		)	195
Net reserves at end of year	8,970,641			8,683,797			8,411,851
Ceded reserve at end of year	1,399,060			1,397,144			1,339,235
Gross reserves at end of year	$	10,369,701		$	10,080,941		$	9,751,086

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(1) Claims occurring during the current year are net of loss reserve discounts of $21,306,000, $22,680,000, and $26,078,000 in 2014, 2013 and 2012, respectively.

(2) The decrease in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $116,866,000, $77,430,000 and $100,667,000 in 2014, 2013 and 2012, respectively.

(3) For certain retrospectively rated insurance polices and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable reserve development, net of additional and return premiums, was $85 million, $98 million and $103 million in 2014, 2013 and 2012, respectively.