Reserve For Losses And Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2016

Components of liabilty for unpaid losses and loss expenses

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



	June 30, 2016		December 31, 2015
Outstanding loss reserves	$	1,727.3	$	1,678.5
Reserves for losses incurred but not reported	4,895.9		4,777.7
Reserve for losses and loss expenses	$	6,623.2	$	6,456.2

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,
	2016			2015			2016			2015
Gross liability at beginning of period	$	6,575.1		$	5,905.1		$	6,456.2		$	5,881.2
Reinsurance recoverable at beginning of period	(1,512.0		)	(1,350.3		)	(1,480.0		)	(1,340.3		)
Net liability at beginning of period	5,063.1			4,554.8			4,976.2			4,540.9
Acquisition of net reserve for losses and loss expenses	—			257.0			—			257.0
Net losses incurred related to:
Current year	403.3			453.3			801.1			842.2
Prior years	(37.9		)	(21.8		)	(63.3		)	(85.5		)
Total incurred	365.4			431.5			737.8			756.7
Net paid losses related to:
Current year	34.5			28.0			41.2			34.6
Prior years	280.9			285.8			563.4			578.9
Total paid	315.4			313.8			604.6			613.5
Foreign exchange revaluation	(6.6		)	1.3			(2.9		)	(10.3		)
Net liability at end of period	5,106.5			4,930.8			5,106.5			4,930.8
Reinsurance recoverable at end of period	1,516.7			1,433.1			1,516.7			1,433.1
Gross liability at end of period	$	6,623.2		$	6,363.9		$	6,623.2		$	6,363.9