RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

6 Months Ended

Jun. 30, 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:

Six months ended June 30,	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	1,308,000			1,279,369
Prior years	(95,727		)	(148,113		)
	1,212,273			1,131,256
Net paid losses and loss expenses related to:
Current year	(140,018		)	(112,730		)
Prior years	(969,153		)	(966,589		)
	(1,109,171		)	(1,079,319		)
Foreign exchange and other	242,973			(106,629		)
Net reserve for unpaid losses and loss expenses, end of period	7,767,793			7,560,284
Reinsurance recoverable on unpaid losses, end of period	2,110,869			2,222,020
Gross reserve for losses and loss expenses, end of period	$	9,878,662		$	9,782,304

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 June 30,				Six months ended June 30,
	2017		2016		2017		2016
Insurance	$	19,517	$	20,066	$	28,137	$	22,493
Reinsurance	51,416		57,653		67,590		125,620
Total	$	70,933	$	77,719	$	95,727	$	148,113