Reserve For Losses And Loss Expenses (Tables)

12 Months Ended

Dec. 31, 2014

Components of liabilty for unpaid losses and loss expenses

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



	December 31,
	2014		2013
Outstanding loss reserves	$	1,514,051	$	1,520,867
Reserves for losses incurred but not reported	4,367,114		4,245,662
Reserve for losses and loss expenses	$	5,881,165	$	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.



	Year Ended December 31,
	2014			2013			2012
Gross liability at beginning of year	$	5,766,529		$	5,645,549		$	5,225,143
Reinsurance recoverable at beginning of year	(1,234,504		)	(1,141,110		)	(1,002,919		)
Net liability at beginning of year	4,532,025			4,504,439			4,222,224
Net losses incurred related to:
Current year	1,411,797			1,303,573			1,309,613
Prior years	(212,607		)	(180,331		)	(170,349		)
Total incurred	1,199,190			1,123,242			1,139,264
Net paid losses related to:
Current year	171,824			115,669			117,123
Prior years	1,001,537			973,987			743,844
Total paid	1,173,361			1,089,656			860,967
Foreign exchange revaluation	(16,945		)	(6,000		)	3,918
Net liability at end of year	4,540,909			4,532,025			4,504,439
Reinsurance recoverable at end of year	1,340,256			1,234,504			1,141,110
Gross liability at end of year	$	5,881,165		$	5,766,529		$	5,645,549