Reserve For Losses And Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2014

Components of liabilty for unpaid losses and loss expenses

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



	March 31, 2014		December 31, 2013
Outstanding loss reserves	$	1,474,376	$	1,520,867
Reserves for losses incurred but not reported	4,382,422		4,245,662
Reserve for losses and loss expenses	$	5,856,798	$	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 March 31,
	2014			2013
Gross liability at beginning of period	$	5,766,529		$	5,645,549
Reinsurance recoverable at beginning of period	(1,234,504		)	(1,141,110		)
Net liability at beginning of period	4,532,025			4,504,439
Net losses incurred related to:
Current year	324,147			299,248
Prior years	(48,861		)	(44,070		)
Total incurred	275,286			255,178
Net paid losses related to:
Current year	3,743			3,581
Prior years	228,594			241,121
Total paid	232,337			244,702
Foreign exchange revaluation	1,299			(5,198		)
Net liability at end of period	4,576,273			4,509,717
Reinsurance recoverable at end of period	1,280,525			1,163,503
Gross liability at end of period	$	5,856,798		$	5,673,220