Reserve For Losses And Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2015

Components of liabilty for unpaid losses and loss expenses

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



	June 30, 2015		December 31, 2014
Outstanding loss reserves	$	1,732,855	$	1,514,051
Reserves for losses incurred but not reported	4,631,093		4,367,114
Reserve for losses and loss expenses	$	6,363,948	$	5,881,165

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Gross liability at beginning of period	$	5,905,110		$	5,856,798		$	5,881,165		$	5,766,529
Reinsurance recoverable at beginning of period	(1,350,311		)	(1,280,525		)	(1,340,256		)	(1,234,504		)
Net liability at beginning of period	4,554,799			4,576,273			4,540,909			4,532,025
Acquisition of net reserve for losses and loss expenses	256,991			—			256,991			—
Net losses incurred related to:
Current year	453,360			359,994			842,177			684,141
Prior years	(21,839		)	(45,139		)	(85,480		)	(94,000		)
Total incurred	431,521			314,855			756,697			590,141
Net paid losses related to:
Current year	28,006			23,065			34,563			26,808
Prior years	285,832			235,335			578,930			463,929
Total paid	313,838			258,400			613,493			490,737
Foreign exchange revaluation	1,366			1,208			(10,265		)	2,507
Net liability at end of period	4,930,839			4,633,936			4,930,839			4,633,936
Reinsurance recoverable at end of period	1,433,109			1,301,742			1,433,109			1,301,742
Gross liability at end of period	$	6,363,948		$	5,935,678		$	6,363,948		$	5,935,678