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RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)

12 Months Ended

Dec. 31, 2016

SCHEDULE OF THE LINES OF BUSINESS CATEGORIES AND THE EXPECTED CLAIM TAILS

The following tables reconcile reserving classes to the lines of business categories and the expected claim tails:



Insurance Segment
		Reported Lines of Business

Reserving Classes	Tail	Property	Marine	Terrorism	Aviation	Credit and Political Risk	Professional Lines	Liability	Accident and Health

Property and Other	Short	X		X					X
Marine	Short		X
Aviation	Short				X
Credit and Political Risk	Medium					X
Professional Lines	Medium						X
Liability	Long							X



Reinsurance Segment
		Reported Lines of Business

Reserving Classes	Tail	Catastrophe	Property	Credit and Surety	Professional Lines	Motor	Liability	Engineering	Agriculture	Marine and Other

Property and Other	Short	X	X					X	X	X
Credit and Surety	Medium			X
Professional Lines	Medium				X
Motor	Long					X
Liability	Long						X

COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES

Our gross reserve for losses and loss expenses comprise the following:




As of December 31,	2016		2015

Reserve for reported losses and loss expenses	$	3,358,514	$	3,253,080
Reserve for losses incurred but not reported	6,339,313		6,393,205
Reserve for losses and loss expenses	$	9,697,827	$	9,646,285

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 years indicated:




Year ended December 31,	2016			2015			2014

Gross reserve for losses and loss expenses, beginning of year	$	9,646,285		$	9,596,797		$	9,582,140
Less reinsurance recoverable on unpaid losses, beginning of year	(2,031,309		)	(1,890,280		)	(1,900,112		)
Net reserve for unpaid losses and loss expenses, beginning of year	7,614,976			7,706,517			7,682,028

Net incurred losses and loss expenses related to:
Current year	2,496,574			2,419,247			2,445,666
Prior years	(292,377		)	(243,048		)	(258,944		)
	2,204,197			2,176,199			2,186,722
Net paid losses and loss expenses related to:
Current year	(428,153		)	(343,063		)	(387,197		)
Prior years	(1,763,696		)	(1,709,659		)	(1,544,664		)
	(2,191,849		)	(2,052,722		)	(1,931,861		)

Foreign exchange and other	(205,606		)	(215,018		)	(230,372		)

Net reserve for unpaid losses and loss expenses, end of year	7,421,718			7,614,976			7,706,517
Reinsurance recoverable on unpaid losses, end of year	2,276,109			2,031,309			1,890,280
Gross reserve for losses and loss expenses, end of year	$	9,697,827		$	9,646,285		$	9,596,797

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

Such development is summarized by segment in the following table:




	Insurance		Reinsurance		Total

Year ended December 31, 2016	$	55,905	$	236,472	$	292,377
Year ended December 31, 2015	23,447		219,601		243,048
Year ended December 31, 2014	63,735		195,209		258,944

NET INCURED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR



Insurance Aviation
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	29,801	$	25,466	$	22,682	$	17,043	$	16,756	$	16,352	$	14,427	$	12,958	$	12,853	$	12,422	$	53	270
2008			14,480		12,009		8,504		8,341		8,243		7,095		5,925		5,840		5,985		91		187
2009					17,408		14,490		18,680		18,007		16,835		16,535		15,351		14,519		176		317
2010							12,629		11,383		11,095		9,419		8,444		8,370		8,418		253		516
2011									17,721		15,377		12,763		9,536		8,404		7,257		434		730
2012											12,772		10,642		10,764		8,678		7,728		499		866
2013													15,647		16,313		15,179		15,223		1,010		1,005
2014															20,429		23,016		24,322		2,969		1,255
2015																	29,748		28,453		4,999		1,751
2016																			29,135		9,919		1,143
																	Total		$	153,462



Insurance Aviation
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	2,400	$	6,692	$	9,219	$	10,498	$	11,100	$	11,781	$	12,129	$	12,126	$	12,148	$	12,182
2008			488		2,057		3,074		3,655		4,205		4,475		4,651		5,258		5,514
2009					2,022		3,516		6,957		12,697		13,819		14,183		14,120		13,617
2010							745		3,819		5,995		6,567		7,230		7,345		7,788
2011									638		2,813		4,499		5,015		5,547		5,796
2012											951		2,848		4,133		5,927		6,793
2013													4,398		7,317		9,731		11,427
2014															3,985		8,011		11,672
2015																	8,077		16,137
2016																			10,396
Total																			101,322

All outstanding liabilities before 2007, net of reinsurance																			2,410

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	54,550



Reinsurance Liability
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	160,455	$	157,947	$	158,773	$	157,966	$	157,886	$	157,822	$	144,241	$	114,939	$	97,515	$	92,712	$	11,940
2008			137,646		137,932		138,926		139,592		137,793		132,317		110,545		105,286		94,589		20,513
2009					169,886		171,868		179,239		176,853		184,378		203,553		191,701		177,852		34,578
2010							169,442		168,929		180,949		181,663		199,656		189,531		180,860		53,863
2011									170,182		170,606		172,708		190,043		196,805		193,749		45,166
2012											165,409		162,127		166,492		171,033		172,176		55,572
2013													171,121		174,885		180,802		182,813		83,598
2014															198,634		201,551		203,252		124,579
2015																	213,387		213,776		157,257
2016																			238,524		199,828
																	Total		$	1,750,303



Reinsurance Liability
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	2,556	$	10,663	$	22,833	$	32,641	$	42,081	$	54,374	$	59,966	$	65,026	$	66,791	$	70,221
2008			2,156		9,940		21,917		29,991		36,497		43,397		51,786		53,578		57,686
2009					1,703		17,100		44,429		56,586		73,197		103,871		123,051		127,354
2010							2,405		17,576		46,123		62,207		83,542		97,167		108,476
2011									5,190		21,274		39,983		69,886		92,221		112,066
2012											3,540		12,791		28,354		58,639		78,037
2013													5,965		22,214		52,299		69,021
2014															7,086		28,645		48,363
2015																	7,267		27,440
2016																			11,859
Total																			710,523

All outstanding liabilities before 2007, net of reinsurance																			28,494

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,068,274



Reinsurance Motor
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	65,601	$	66,567	$	62,829	$	62,768	$	63,813	$	60,568	$	59,548	$	58,086	$	55,279	$	54,504	$	14,117
2008			64,513		69,234		68,617		70,961		68,486		67,783		63,627		58,250		54,678		18,178
2009					77,092		75,034		82,170		83,944		85,870		87,017		78,929		73,670		17,780
2010							92,168		97,598		97,823		96,811		91,248		86,409		77,560		27,778
2011									149,535		151,432		155,096		160,516		156,912		148,843		44,483
2012											170,379		159,822		149,420		142,454		137,841		37,418
2013													155,880		150,277		139,138		130,299		30,902
2014															175,848		173,568		168,846		33,650
2015																	215,342		207,409		49,375
2016																			238,258		100,635
																	Total		$	1,291,908



Reinsurance Motor
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	1,663	$	3,881	$	4,150	$	6,127	$	9,939	$	11,616	$	13,710	$	18,527	$	20,433	$	21,596
2008			2,741		5,612		5,827		6,984		8,438		10,788		13,366		13,975		15,452
2009					2,533		6,343		7,346		8,761		12,037		17,973		20,167		24,535
2010							5,138		9,299		13,939		17,068		19,972		23,957		27,017
2011									23,397		45,270		58,841		68,802		74,955		80,593
2012											28,703		50,904		64,918		74,063		80,182
2013													33,173		50,230		62,830		72,085
2014															42,546		70,547		88,652
2015																	56,940		89,516
2016																			59,989
Total																			559,617

All outstanding liabilities before 2007, net of reinsurance																			78,865

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	811,156



Insurance Professional Lines
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	221,212	$	247,155	$	249,780	$	248,741	$	221,708	$	217,901	$	201,294	$	202,636	$	197,765	$	196,562	$	4,683	3,596
2008			240,809		279,486		280,329		299,422		295,953		309,268		328,628		326,623		324,197		23,024		4,582
2009					251,995		257,354		258,134		256,731		263,157		245,939		247,495		223,700		14,856		6,148
2010							251,985		257,527		255,337		218,436		195,831		173,104		195,869		44,799		5,975
2011									341,302		342,063		359,448		348,860		355,008		368,830		69,175		7,633
2012											353,693		399,610		401,976		408,870		397,517		108,180		8,805
2013													410,537		425,400		430,517		398,776		161,370		9,835
2014															435,447		443,665		451,917		244,910		10,017
2015																	401,941		401,660		277,836		10,178
2016																			348,076		312,698		8,935
																	Total		$	3,307,104



Insurance Professional Lines
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	3,817	$	18,301	$	49,258	$	102,031	$	114,021	$	139,144	$	150,649	$	161,153	$	168,368	$	169,572
2008			5,154		22,565		68,355		125,594		167,923		189,952		214,542		249,050		267,314
2009					4,251		24,559		49,396		76,121		105,510		117,174		136,271		174,032
2010							8,179		30,353		57,282		78,663		96,431		109,403		119,939
2011									8,470		36,396		78,605		117,097		177,629		250,219
2012											8,895		44,804		106,822		194,031		240,671
2013													18,305		75,901		136,542		182,468
2014															25,351		73,828		132,966
2015																	20,745		68,050
2016																			15,707
Total																			1,620,938

All outstanding liabilities before 2007, net of reinsurance																			31,393

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,717,559



Reinsurance Professional Lines
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	195,045	$	204,971	$	204,594	$	196,696	$	176,792	$	151,628	$	137,392	$	118,321	$	114,714	$	111,256	$	8,173
2008			174,881		181,729		181,097		177,038		175,203		171,409		172,414		170,509		170,596		14,293
2009					210,606		210,413		215,065		217,656		208,234		207,939		192,974		189,290		21,035
2010							208,718		209,034		210,413		213,560		213,316		196,067		188,729		42,307
2011									200,400		200,776		201,989		210,770		208,126		207,237		75,492
2012											209,109		215,586		221,036		223,023		221,722		94,535
2013													208,804		213,810		214,659		212,763		114,919
2014															218,734		218,662		218,610		120,754
2015																	211,420		211,181		163,900
2016																			194,558		183,486
																	Total		$	1,925,942



Reinsurance Professional Lines
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	56	$	4,133	$	21,286	$	34,567	$	54,438	$	60,188	$	70,636	$	73,941	$	82,406	$	86,573
2008			373		6,411		21,620		49,053		70,329		91,554		108,226		123,672		132,194
2009					914		8,588		32,286		62,988		83,537		108,140		127,697		137,842
2010							1,740		12,000		31,198		52,066		76,635		107,096		123,711
2011									1,510		11,812		30,216		57,119		84,672		102,813
2012											776		10,346		29,527		53,440		85,753
2013													1,059		12,020		30,403		64,809
2014															2,019		13,049		48,714
2015																	3,134		13,503
2016																			1,755
Total																			797,667

All outstanding liabilities before 2007, net of reinsurance																			26,189

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,154,464



Insurance Marine
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims			Cumulative Number of Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	96,533	$	95,994	$	106,228	$	100,962	$	97,949	$	96,304	$	94,612	$	92,405	$	92,077	$	92,063	$	257		684
2008			107,697		108,208		103,287		102,201		95,006		88,612		84,848		84,483		84,221		324			516
2009					82,075		75,532		71,049		65,787		58,383		56,208		54,774		53,652		531			475
2010							67,916		69,312		65,198		52,161		50,248		47,397		45,934		(1,368		)	472
2011									90,608		78,293		72,137		65,383		65,363		65,572		2,449			602
2012											89,663		82,344		68,315		70,404		71,370		9,821			697
2013													79,011		99,885		94,917		95,954		9,907			727
2014															59,880		44,221		47,870		8,864			794
2015																	158,240		138,915		23,853			850
2016																			86,115		41,293			804
																	Total		$	781,666



Insurance Marine
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	14,828	$	35,176	$	57,907	$	76,551	$	82,021	$	85,219	$	85,211	$	86,792	$	90,115	$	90,267
2008			22,745		54,266		70,590		78,641		79,737		83,465		83,546		83,692		83,772
2009					18,938		31,745		40,968		44,535		46,490		47,082		49,588		49,845
2010							17,387		27,822		32,327		41,158		43,962		44,730		45,634
2011									26,431		44,004		54,618		57,677		59,481		60,181
2012											10,669		38,301		44,463		49,100		49,891
2013													18,309		43,193		53,633		61,737
2014															6,359		14,877		26,111
2015																	21,584		54,575
2016																			12,459
Total																			534,472

All outstanding liabilities before 2007, net of reinsurance																			6,114

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	253,308



Insurance Credit and Political Risk
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	50,812	$	44,972	$	16,695	$	5,253	$	898	$	898	$	3,609	$	3,642	$	3,667	$	2,741	$	200	2
2008			52,993		63,552		48,715		45,554		45,551		45,551		45,600		45,200		44,410		—		9
2009					248,082		305,277		326,017		335,525		335,398		335,258		335,278		339,557		1,740		24
2010							62,415		63,179		63,259		65,595		64,975		65,009		72,099		6,900		6
2011									58,154		48,665		47,706		48,361		48,333		45,036		17,400		4
2012											32,602		15,672		12,435		12,447		10,319		10,282		4
2013													26,439		25,684		9,759		9,880		1,600		1
2014															38,825		70,712		67,109		9,247		5
2015																	30,329		30,368		7,059		3
2016																			43,756		19,043		1
																	Total		$	665,275



Insurance Credit and Political Risk
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	—	$	2,798	$	4,263	$	4,236	$	4,236	$	4,236	$	4,236	$	4,236	$	4,236	$	4,236
2008			—		69,217		45,625		45,638		45,379		45,379		44,410		44,410		44,410
2009					92,841		344,648		346,248		346,209		341,564		345,508		345,507		345,555
2010							50,000		85,418		90,729		106,766		101,784		101,946		102,152
2011									32,788		37,205		27,636		27,636		27,636		27,636
2012											—		—		—		—		36
2013													745		2,235		3,726		5,216
2014															1,924		39,951		61,108
2015																	—		23,309
2016																			—
Total																			613,658

All outstanding liabilities before 2007, net of reinsurance																			20

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	51,637



Reinsurance Property and Other
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	394,054	$	321,110	$	279,571	$	265,204	$	249,436	$	238,779	$	231,597	$	224,023	$	220,937	$	220,469	$	379
2008			671,079		569,031		584,076		562,028		547,586		536,555		520,174		513,948		512,261		(296		)
2009					337,333		279,833		241,346		227,777		220,889		199,777		193,703		195,545		705
2010							599,084		584,912		553,798		567,341		569,697		563,532		555,647		7,034
2011									1,083,060		1,092,015		1,090,593		1,049,625		1,032,549		1,006,528		10,715
2012											484,438		450,563		440,303		409,836		393,775		10,707
2013													466,295		441,492		411,440		392,459		10,724
2014															437,470		455,607		442,330		53,805
2015																	380,660		359,185		69,223
2016																			440,384		224,911
																	Total		$	4,518,583



Reinsurance Property and Other
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	58,955	$	159,438	$	189,166	$	203,754	$	211,499	$	215,294	$	219,809	$	217,756	$	215,894	$	217,366
2008			157,415		312,580		437,973		489,821		502,377		506,139		505,939		510,628		509,433
2009					55,694		126,587		156,617		174,250		184,513		183,729		186,448		188,103
2010							104,263		296,764		388,310		419,571		465,358		494,362		519,128
2011									246,222		557,409		759,930		859,089		888,222		961,477
2012											92,620		228,876		300,983		322,801		337,115
2013													54,451		218,110		328,765		355,706
2014															65,721		271,621		346,856
2015																	48,121		187,229
2016																			77,205
Total																			3,699,618

All outstanding liabilities before 2007, net of reinsurance																			4,498

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	823,463



Insurance Property and Other
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	209,411	$	162,796	$	160,343	$	151,107	$	149,236	$	149,580	$	148,350	$	147,875	$	147,552	$	147,178	$	449	834
2008			318,702		273,666		265,330		255,880		240,324		238,882		234,488		232,738		231,713		2,017		1,573
2009					120,169		101,823		92,505		85,202		83,139		80,983		81,204		80,880		815		1,483
2010							182,337		155,368		147,867		122,700		117,130		116,193		115,888		469		2,309
2011									386,326		364,736		340,974		317,110		316,756		315,517		2,583		3,736
2012											463,117		470,059		446,790		426,457		422,394		9,381		27,679
2013													421,113		414,793		387,086		381,573		10,120		51,231
2014															471,402		467,335		442,392		19,696		60,120
2015																	378,216		375,867		38,959		43,312
2016																			519,834		189,742		51,460
																	Total		$	3,033,236



Insurance Property and Other
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	54,533	$	105,253	$	126,050	$	134,379	$	137,481	$	139,931	$	146,404	$	146,717	$	146,807	$	146,563
2008			83,640		164,425		186,147		197,852		224,874		227,438		229,498		228,989		228,945
2009					34,370		63,009		71,529		75,366		76,212		77,228		79,435		79,717
2010							48,970		87,621		96,449		107,257		111,450		111,543		111,349
2011									88,982		221,701		282,382		304,349		305,184		305,007
2012											107,441		278,331		341,818		364,966		372,567
2013													128,519		302,372		345,866		359,867
2014															173,615		345,785		398,150
2015																	124,166		280,577
2016																			173,233
Total																			2,455,975

All outstanding liabilities before 2007, net of reinsurance																			5,376

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	582,637



Reinsurance Credit and Surety
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	48,646	$	53,197	$	44,789	$	40,395	$	39,015	$	39,584	$	45,853	$	53,938	$	52,838	$	53,775	$	915
2008			79,689		102,595		92,784		92,151		93,339		92,118		88,619		87,638		87,130		1,456
2009					137,963		117,004		100,943		100,177		99,872		94,541		91,346		90,893		2,968
2010							112,888		92,842		86,340		83,888		79,568		72,316		71,016		6,397
2011									117,902		101,752		99,640		106,196		104,414		96,269		9,658
2012											155,730		142,870		145,147		142,639		134,620		19,094
2013													161,647		148,760		139,761		136,024		23,760
2014															132,483		131,887		139,026		34,983
2015																	156,959		161,178		46,635
2016																			138,876		72,455
																	Total		$	1,108,807



Reinsurance Credit and Surety
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	13,612	$	24,105	$	28,797	$	33,178	$	34,476	$	35,328	$	36,580	$	46,356	$	46,734	$	47,496
2008			20,345		63,686		61,530		75,801		77,425		79,414		81,152		81,790		82,026
2009					31,892		73,878		74,948		76,863		80,635		83,281		83,338		83,185
2010							25,558		44,156		54,023		54,849		56,304		57,263		58,579
2011									22,198		50,959		66,120		73,282		77,734		79,807
2012											48,576		82,707		95,544		101,328		104,802
2013													32,113		74,740		88,904		95,282
2014															35,261		59,406		83,536
2015																	32,757		79,523
2016																			41,768
Total																			756,004

All outstanding liabilities before 2007, net of reinsurance																			3,865

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	356,668



Insurance Liability
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2016
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	100,380	$	88,102	$	95,435	$	98,625	$	98,851	$	99,483	$	102,010	$	101,299	$	97,526	$	97,078	$	12,107	3,766
2008			82,969		79,836		80,947		81,785		82,225		81,949		101,589		102,444		108,189		20,340		3,697
2009					61,469		64,017		67,410		67,869		76,431		83,281		101,179		98,384		11,813		2,735
2010							79,406		94,222		98,637		98,115		99,574		98,064		105,123		15,988		2,196
2011									72,586		75,329		83,118		87,059		85,243		83,730		20,189		1,776
2012											70,836		70,608		73,280		70,769		68,179		23,448		1,215
2013													92,146		94,171		94,247		87,491		36,011		1,494
2014															106,121		122,583		128,465		55,811		2,240
2015																	127,318		125,844		83,145		2,970
2016																			123,233		107,850		3,099
																	Total		$	1,025,716



Insurance Liability
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2007 Unaudited		2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016
2007	$	436	$	5,968	$	22,206	$	40,853	$	52,660	$	60,080	$	69,335	$	76,411	$	80,150	$	82,449
2008			1,906		8,796		18,507		27,861		37,408		47,447		51,776		55,314		61,618
2009					726		4,646		13,305		26,754		31,865		41,322		44,105		83,991
2010							1,030		15,968		30,791		53,584		61,033		66,118		71,792
2011									2,761		10,540		20,190		38,376		46,074		54,996
2012											1,630		5,513		15,410		30,144		37,138
2013													2,355		23,275		33,314		42,044
2014															1,410		18,620		49,816
2015																	5,437		22,323
2016																			6,307
Total																			512,474

All outstanding liabilities before 2007, net of reinsurance																			39,713

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	552,955

AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE



Reinsurance Credit and Surety
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
27.8%	30.5%	9.3%	6.3%	2.9%	2.1%	1.6%	6.2%	0.5%	1.4%



Insurance Marine
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
23.4%	26.6%	16.3%	10.8%	3.5%	2.4%	1.7%	0.8%	1.9%	0.2%



Insurance Credit and Political Risk
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
18.0%	60.0%	4.2%	5.2%	(1.4)%	0.3%	(0.5)%	—%	—%	—%



Reinsurance Liability
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
2.7%	8.5%	12.7%	11.0%	10.2%	11.1%	8.0%	3.3%	3.1%	3.7%



Insurance Property and Other
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
35.1%	38.5%	12.4%	5.9%	3.4%	0.8%	2.0%	0.1%	0.1%	(0.2)%



Reinsurance Professional Lines
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
0.7%	4.6%	11.2%	13.6%	13.7%	11.1%	9.6%	5.8%	6.3%	3.7%



Insurance Liability
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
2.3%	10.7%	13.8%	16.6%	8.8%	8.4%	5.4%	17.0%	4.9%	2.4%



Insurance Aviation
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
18.1%	25.1%	19.7%	15.4%	8.0%	3.5%	2.7%	2.2%	2.3%	0.3%



Insurance Professional Lines
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
3.4%	9.6%	13.7%	15.9%	11.6%	10.2%	6.9%	10.9%	4.7%	0.6%



Reinsurance Motor
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
15.8%	10.7%	6.0%	4.6%	4.4%	4.9%	3.9%	5.3%	3.1%	2.1%



Reinsurance Property and Other
Average annual percentage payout of incurred claims by age, net of reinsurance
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
21.2%	37.7%	19.2%	7.7%	4.3%	2.9%	2.0%	0.3%	(0.5)%	0.7%

RECONCILIATION OF DEVELOPMENT TABLES TO CONSOLIDATED BALANCE SHEET

The following table reconciles the reserves for loss and loss expenses as of December 31, 2016 as reported in our Consolidated Balance Sheet to the reserves for loss and loss expenses included in the development tables:



Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

	At December 31, 2016
	Net outstanding liabilities		Reinsurance recoverable on unpaid claims		Gross outstanding liabilities

Insurance Segment
Property and Other	$	582,637	$	169,707	$	752,344
Marine	253,308		180,996		434,304
Aviation	54,550		6,384		60,934
Credit and Political Risk	51,637		154		51,791
Professional Lines	1,717,559		998,873		2,716,432
Liability	552,955		837,215		1,390,170
Total Insurance Segment	3,212,646		2,193,329		5,405,975

Reinsurance Segment
Property and Other	823,463		55,637		879,100
Credit and Surety	356,668		1,916		358,584
Professional Lines	1,154,464		8,353		1,162,817
Motor	811,156		—		811,156
Liability	1,068,274		16,874		1,085,148
Total Reinsurance Segment	4,214,025		82,780		4,296,805

Total	$	7,426,671	$	2,276,109	9,702,780
Unallocated claims adjustment expenses					144,375
Foreign exchange and other⁽¹⁾					(59,988		)
(Ceded)/assumed reserves related to retroactive transactions					(89,340		)

Total liability for unpaid claims and claims adjustment expense					$	9,697,827


(1)	Non-U.S. dollar denominated loss data is converted to U.S dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in currency exchange rates cause material shifts in loss development. Reserves for losses and loss expenses, disclosed on our consolidated balance sheets, are also revalued using the exchange rate at the balance sheet date.