RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

9 Months Ended

Sep. 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:

Nine months ended September 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	2,591,135			1,887,715
Prior years	(143,495		)	(224,131		)
	2,447,640			1,663,584
Net paid losses and loss expenses related to:
Current year	(328,751		)	(233,124		)
Prior years	(1,384,510		)	(1,334,772		)
	(1,713,261		)	(1,567,896		)
Foreign exchange and other	333,456			(112,649		)
Net reserve for unpaid losses and loss expenses, end of period	8,489,553			7,598,015
Reinsurance recoverable on unpaid losses, end of period	2,298,022			2,276,792
Gross reserve for losses and loss expenses, end of period	$	10,787,575		$	9,874,807

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 September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Insurance	$	2,603	$	20,688	$	30,740	$	43,181
Reinsurance	45,165		55,331		112,755		180,950
Total	$	47,768	$	76,019	$	143,495	$	224,131