Reserve for Losses and Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2011

Reserve for Losses and Loss Expenses

Schedule of Reserve for Losses and Loss Expenses

	June 30,		December 31,
	2011		2010
Outstanding loss reserves	$	1,462,144	$	1,166,516
Reserves for losses incurred but not reported		3,789,160		3,712,672
Reserve for losses and loss expenses	$	5,251,304	$	4,879,188

Schedule of Reconciliation of Unpaid Losses and Loss Expenses

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Gross liability at beginning of period	$	5,100,643		$	4,853,359		$	4,879,188		$	4,761,772
Reinsurance recoverable at beginning of period		(975,523	)		(920,480	)		(927,588	)		(919,991	)
Net liability at beginning of period		4,125,120			3,932,879			3,951,600			3,841,781
Net losses incurred related to:
Commutation of variable-rated reinsurance contracts		11,529			—			11,529			8,864
Current year		279,513			252,816			628,315			550,062
Prior years		(55,229	)		(64,094	)		(99,579	)		(138,050	)
Total incurred		235,813			188,722			540,265			420,876
Net paid losses related to:
Current year		19,579			26,704			21,279			33,410
Prior years		109,238			102,690			243,596			231,990
Total paid		128,817			129,394			264,875			265,400
Foreign exchange revaluation		5,237			(4,207	)		10,363			(9,257	)
Net liability at end of period		4,237,353			3,988,000			4,237,353			3,988,000
Reinsurance recoverable at end of period		1,013,951			932,435			1,013,951			932,435
Gross liability at end of period	$	5,251,304		$	4,920,435		$	5,251,304		$	4,920,435