Reserve For Losses And Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2015

Components of liabilty for unpaid losses and loss expenses

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



	September 30, 2015		December 31, 2014
Outstanding loss reserves	$	1,707,409	$	1,514,051
Reserves for losses incurred but not reported	4,729,170		4,367,114
Reserve for losses and loss expenses	$	6,436,579	$	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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Gross liability at beginning of period	$	6,363,948		$	5,935,678		$	5,881,165		$	5,766,529
Reinsurance recoverable at beginning of period	(1,433,109		)	(1,301,742		)	(1,340,256		)	(1,234,504		)
Net liability at beginning of period	4,930,839			4,633,936			4,540,909			4,532,025
Acquisition of net reserves for losses and loss expenses	—			—			256,991			—
Net losses incurred related to:
Current year	425,473			382,970			1,267,649			1,067,111
Prior years	(8,591		)	(46,880		)	(94,071		)	(140,880		)
Total incurred	416,882			336,090			1,173,578			926,231
Net paid losses related to:
Current year	60,828			53,596			95,388			80,401
Prior years	287,840			202,626			866,770			666,555
Total paid	348,668			256,222			962,158			746,956
Foreign exchange revaluation	(12,306		)	(10,550		)	(22,573		)	(8,046		)
Net liability at end of period	4,986,747			4,703,254			4,986,747			4,703,254
Reinsurance recoverable at end of period	1,449,832			1,349,009			1,449,832			1,349,009
Gross liability at end of period	$	6,436,579		$	6,052,263		$	6,436,579		$	6,052,263