RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)

6 Months Ended

Jun. 30, 2016

Insurance Loss Reserves [Abstract]

RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES

The following table presents a reconciliation of our beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the periods indicated:

Six months ended June 30,	2016			2015
Gross reserve for losses and loss expenses, beginning of period	$	9,646,285		$	9,596,797
Less reinsurance recoverable on unpaid losses, beginning of period	(2,031,309		)	(1,890,280		)
Net reserve for unpaid losses and loss expenses, beginning of period	7,614,976			7,706,517
Net incurred losses and loss expenses related to:
Current year	1,279,369			1,213,160
Prior years	(148,113		)	(120,679		)
	1,131,256			1,092,481
Net paid losses and loss expenses related to:
Current year	(112,730		)	(86,827		)
Prior years	(966,589		)	(915,124		)
	(1,079,319		)	(1,001,951		)
Foreign exchange and other	(106,629		)	(125,666		)
Net reserve for unpaid losses and loss expenses, end of period	7,560,284			7,671,381
Reinsurance recoverable on unpaid losses, end of period	2,222,020			2,022,059
Gross reserve for losses and loss expenses, end of period	$	9,782,304		$	9,693,440

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

Prior year reserve development arises from changes to loss and loss expense estimates recognized in the current year but relating to losses incurred in previous calendar years. Such development is summarized by segment in the following table:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Insurance	$	20,066	$	15,421	$	22,493	$	18,783
Reinsurance	57,653		49,192		125,620		101,896
Total	$	77,719	$	64,613	$	148,113	$	120,679