RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

3 Months Ended

Mar. 31, 2017

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:

Three months ended March 31,	2017			2016
Gross reserve for losses and loss expenses, beginning of period	$	9,697,827		$	9,646,285
Less reinsurance recoverable on unpaid losses, beginning of period	(2,276,109		)	(2,031,309		)
Net reserve for unpaid losses and loss expenses, beginning of period	7,421,718			7,614,976
Net incurred losses and loss expenses related to:
Current year	631,735			569,356
Prior years	(24,793		)	(70,394		)
	606,942			498,962
Net paid losses and loss expenses related to:
Current year	(31,047		)	(21,740		)
Prior years	(521,478		)	(534,532		)
	(552,525		)	(556,272		)
Foreign exchange and other	36,797			87,420
Net reserve for unpaid losses and loss expenses, end of period	7,512,932			7,645,086
Reinsurance recoverable on unpaid losses, end of period	2,029,031			2,071,401
Gross reserve for losses and loss expenses, end of period	$	9,541,963		$	9,716,487

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

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

	Three months ended March 31,
	2017		2016
Insurance	$	8,619	$	2,427
Reinsurance	16,174		67,967
Total	$	24,793	$	70,394