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RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)
9 Months Ended
Sep. 30, 2011
RESERVE FOR LOSSES AND LOSS EXPENSES [ABSTRACT] 
RECONCILIATION OF BEGINNING AND ENDING GROSS UNPAID LOSSES AND LOSS EXPENSES
The following table shows a reconciliation of our beginning and ending gross unpaid losses and loss expenses for the periods indicated:
         
         
 Nine months ended September 30,  2011  2010 
         
 Gross reserve for losses and loss expenses, beginning of period $ 7,032,375 $ 6,564,133 
 Less reinsurance recoverable on unpaid losses, beginning of period   (1,540,633)   (1,381,058) 
 Net reserve for losses and loss expenses, beginning of period   5,491,742   5,183,075 
         
 Net incurred losses related to:       
  Current year   2,271,284   1,525,564 
  Prior years   (179,686)   (231,777) 
     2,091,598   1,293,787 
 Net paid losses related to:       
  Current year   (285,137)   (207,922) 
  Prior years   (700,522)   (835,972) 
     (985,659)   (1,043,894) 
         
 Foreign exchange and other   (3,949)   (23,208) 
         
 Net reserve for losses and loss expenses, end of period   6,593,732   5,409,760 
 Reinsurance recoverable on unpaid losses, end of period   1,741,109   1,524,768 
  Gross reserve for losses and loss expenses, end of period $ 8,334,841 $ 6,934,528 
         
NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT
The following table summarizes net favorable reserve development by segment:
               
   Three months ended September 30, Nine months ended September 30, 
   2011 2010 2011 2010 
               
 Insurance $ 32,594 $ 27,823 $ 74,076 $ 83,732 
 Reinsurance   45,837   43,884   105,610   148,045 
  Total $ 78,431 $ 71,707 $ 179,686 $ 231,777