Reserve For Losses And Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2014

Components of liabilty for unpaid losses and loss expenses

The reserve for losses and loss expenses consists of the following:



	September 30, 2014		December 31, 2013
Outstanding loss reserves	$	1,585,900	$	1,520,867
Reserves for losses incurred but not reported	4,466,363		4,245,662
Reserve for losses and loss expenses	$	6,052,263	$	5,766,529

Reconciliation of beginning and ending liability for unpaid losses and loss expenses

The table below is a reconciliation of the beginning and ending liability for unpaid losses and loss expenses. Losses incurred and paid are reflected net of reinsurance recoverables.



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Gross liability at beginning of period	$	5,935,678		$	5,696,865		$	5,766,529		$	5,645,549
Reinsurance recoverable at beginning of period	(1,301,742		)	(1,179,525		)	(1,234,504		)	(1,141,110		)
Net liability at beginning of period	4,633,936			4,517,340			4,532,025			4,504,439
Net losses incurred related to:
Current year	382,970			338,420			1,067,111			961,224
Prior years	(46,880		)	(61,450		)	(140,880		)	(153,948		)
Total incurred	336,090			276,970			926,231			807,276
Net paid losses related to:
Current year	53,596			30,399			80,401			54,983
Prior years	202,626			213,252			666,555			696,137
Total paid	256,222			243,651			746,956			751,120
Foreign exchange revaluation	(10,550		)	4,088			(8,046		)	(5,848		)
Net liability at end of period	4,703,254			4,554,747			4,703,254			4,554,747
Reinsurance recoverable at end of period	1,349,009			1,226,034			1,349,009			1,226,034
Gross liability at end of period	$	6,052,263		$	5,780,781		$	6,052,263		$	5,780,781