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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

12 Months Ended

Dec. 31, 2017

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

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



Insurance Segment
		Reported Lines of Business

Reserve Classes	Tail	Property	Marine	Terrorism	Aviation	Credit and Political Risk	Professional Lines	Liability	Accident and Health	Discontinued lines - Novae

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



Reinsurance Segment
		Reported Lines of Business

Reserve Classes	Tail	Catastrophe	Property	Credit and Surety	Professional Lines	Motor	Liability	Engineering	Agriculture	Marine and Other	Discontinued lines - Novae

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

COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES

Gross reserve for losses and loss expenses comprise the following:




As of December 31,	2017		2016

Reserve for reported losses and loss expenses	$	5,137,659	$	3,358,514
Reserve for losses incurred but not reported	7,859,894		6,339,313
Reserve for losses and loss expenses	$	12,997,553	$	9,697,827

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 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,	2017			2016			2015

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

Net incurred losses and loss expenses related to:
Current year	3,487,826			2,496,574			2,419,247
Prior years	(200,054		)	(292,377		)	(243,048		)
	3,287,772			2,204,197			2,176,199
Net paid losses and loss expenses related to:
Current year	(703,796		)	(428,153		)	(343,063		)
Prior years	(1,880,882		)	(1,763,696		)	(1,709,659		)
	(2,584,678		)	(2,191,849		)	(2,052,722		)

Foreign exchange and other	1,713,227			(205,606		)	(215,018		)

Net reserve for unpaid losses and loss expenses, end of year	9,838,039			7,421,718			7,614,976
Reinsurance recoverable on unpaid losses, end of year	3,159,514			2,276,109			2,031,309
Gross reserve for losses and loss expenses, end of year	$	12,997,553		$	9,697,827		$	9,646,285

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

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




	Insurance		Reinsurance		Total

Year ended December 31, 2017	$	48,969	$	151,085	$	200,054
Year ended December 31, 2016	55,905		236,472		292,377
Year ended December 31, 2015	23,447		219,601		243,048

NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR



Reinsurance Property and Other
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	677,556	$	577,309	$	593,015	$	571,142	$	557,060	$	546,034	$	529,918	$	524,422	$	523,154	$	523,591	$	(224	)
2009			344,543		288,510		250,630		237,339		230,351		209,335		203,261		205,145		202,300		1,018
2010					619,241		610,563		580,601		594,238		597,427		591,331		583,563		581,616		4,587
2011							1,092,977		1,105,962		1,105,415		1,064,864		1,047,944		1,022,452		1,020,771		8,207
2012									488,776		456,173		445,932		415,327		399,193		394,332		6,544
2013											475,162		452,433		422,160		403,217		397,673		4,083
2014													441,147		461,961		448,887		438,815		45,519
2015															386,614		368,320		369,734		27,033
2016																	452,342		452,169		96,090
2017																			870,456		488,104
																	Total		$	5,251,457



Reinsurance Property and Other
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	158,206	$	316,280	$	444,047	$	497,078	$	510,305	$	514,696	$	514,765	$	519,711	$	519,391	$	517,657
2009			57,796		132,309		164,047		182,556		193,309		192,746		195,614		197,310		193,973
2010					119,385		318,198		412,731		444,822		491,817		521,377		546,253		551,588
2011							242,494		561,377		769,142		872,086		902,188		976,120		991,307
2012									93,847		231,961		305,020		327,361		341,925		351,558
2013											55,047		223,666		336,940		365,089		374,944
2014													65,848		274,886		351,496		369,000
2015															48,116		190,057		282,967
2016																	78,916		231,682
2017																			172,937
Total																			4,037,613

All outstanding liabilities before 2008, net of reinsurance																			6,225

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,220,069



Reinsurance Credit and Surety
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	87,400	$	116,362	$	107,787	$	105,765	$	106,950	$	105,698	$	101,903	$	100,674	$	100,277	$	98,714	$	1,231
2009			147,192		125,656		109,211		108,442		108,149		102,079		98,845		98,469		96,783		1,874
2010					121,893		103,332		96,821		93,648		89,657		82,003		80,680		78,645		5,222
2011							124,030		112,031		110,294		117,586		115,523		106,804		104,997		7,464
2012									163,535		152,873		155,634		152,678		144,084		135,845		11,848
2013											168,361		157,311		148,080		144,095		139,679		17,857
2014													138,056		139,449		146,647		142,909		27,627
2015															163,467		170,980		165,822		36,473
2016																	144,583		144,741		50,815
2017																			135,562		74,667
																	Total		$	1,243,697



Reinsurance Credit and Surety
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	20,891	$	70,349	$	71,501	$	86,796	$	88,604	$	91,014	$	93,282	$	94,040	$	94,446	$	94,601
2009			32,888		78,254		80,744		83,138		87,079		89,736		89,921		89,894		89,986
2010					28,387		50,148		61,983		62,586		64,455		65,722		67,252		68,294
2011							22,640		56,106		74,037		82,015		86,653		88,944		91,307
2012									50,516		88,092		102,976		108,858		112,423		114,251
2013											32,708		78,976		94,347		101,104		108,839
2014													35,839		62,900		88,668		97,957
2015															33,064		84,077		103,123
2016																	42,348		75,170
2017																			34,758
Total																			878,286

All outstanding liabilities before 2008, net of reinsurance																			10,351

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	375,762



Novae
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance						At December 31, 2017
Accident Year	Net claim and allocated claim adjustment expense reserves at the Acquisition Date		Net incurred claims and allocated claim adjustment expenses from the Acquisition Date to December 31, 2017		Total acquired net claim and allocated claim adjustment expense reserves and net incurred claims and allocated claim adjustment expenses from the Acquisition Date to December 31, 2017		Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
2008	$	20,515	$	—	$	20,515	$	3,552
2009	25,486		—		25,486		714
2010	23,308		—		23,308		2,781
2011	59,648		—		59,648		11,204
2012	87,292		—		87,292		8,695
2013	76,786		—		76,786		12,504
2014	123,955		—		123,955		17,024
2015	184,606		—		184,606		36,619
2016	307,014		—		307,014		54,356
2017	293,520		135,493		429,013		222,330
	$	1,202,130	$	135,493	$	1,337,624



Novae
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	From the Acquisition Date to December 31, 2017
Accident Year
2008		$	1,458
2009		1,147
2010		3,197
2011		4,332
2012		7,352
2013		5,878
2014		12,370
2015		19,349
2016		51,065
2017		33,278
Total		139,427

	All outstanding liabilities before 2008, net of reinsurance	102,164

	Liabilities for claims and claim adjustment expenses, net of reinsurance	$	1,300,361



Reinsurance Professional Lines
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	176,166	$	183,064	$	182,587	$	178,530	$	176,767	$	173,316	$	174,286	$	173,217	$	172,937	$	169,515	$	6,938
2009			212,285		212,046		216,737		219,447		210,084		209,625		194,753		190,811		181,665		11,657
2010					211,273		211,397		212,359		215,298		215,043		197,548		189,880		180,219		24,929
2011							202,504		202,676		203,706		212,439		209,837		208,973		201,077		51,009
2012									210,612		217,184		222,600		224,737		223,492		213,601		75,647
2013											210,196		215,425		216,528		214,855		214,477		101,607
2014													219,927		219,966		219,960		219,968		85,643
2015															212,536		212,852		215,178		124,029
2016																	195,527		196,852		140,194
2017																			155,882		144,098
																	Total		$	1,948,434



Reinsurance Professional Lines
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	373	$	6,465	$	21,736	$	49,393	$	70,815	$	92,320	$	109,093	$	124,658	$	133,596	$	139,917
2009			914		8,589		32,327		63,180		83,946		108,787		128,608		138,823		143,634
2010					1,759		12,037		31,269		52,187		76,931		107,534		124,158		130,837
2011							1,506		11,829		30,326		57,402		85,052		103,309		120,076
2012									780		10,441		29,730		53,801		86,211		107,581
2013											1,068		12,121		30,666		65,195		81,940
2014													2,020		13,085		48,930		74,748
2015															3,134		13,507		41,610
2016																	1,782		20,624
2017																			2,815
Total																			863,782

All outstanding liabilities before 2008, net of reinsurance																			34,882

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,119,534



Reinsurance Liability
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	140,069	$	140,460	$	141,152	$	141,553	$	139,564	$	133,917	$	111,873	$	106,942	$	95,649	$	86,008	$	10,016
2009			175,100		176,187		182,970		180,596		188,090		208,301		195,679		181,488		171,979		23,215
2010					173,358		172,261		183,773		184,180		202,649		192,051		182,794		166,533		29,101
2011							174,125		173,815		175,279		193,228		200,190		196,948		196,277		34,097
2012									168,641		164,742		168,956		173,596		174,765		172,124		43,129
2013											173,966		177,606		183,683		185,689		185,321		71,652
2014													201,355		204,323		206,100		202,130		91,483
2015															216,076		216,518		217,480		125,377
2016																	241,952		247,768		171,869
2017																			266,945		226,036
																	Total		$	1,912,565



Reinsurance Liability
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	2,160	$	9,952	$	21,953	$	30,028	$	36,567	$	43,509	$	51,922	$	53,882	$	58,022	$	63,903
2009			1,705		17,104		44,552		56,730		73,521		105,410		125,329		129,644		135,031
2010					2,484		17,659		46,207		62,300		83,976		97,617		108,938		119,872
2011							5,191		21,297		40,021		70,283		92,696		112,581		123,719
2012									3,542		12,809		28,418		58,855		78,368		101,343
2013											5,978		22,259		52,360		69,098		88,327
2014													7,117		28,699		48,498		70,389
2015															7,273		27,473		54,646
2016																	11,891		37,819
2017																			12,073
Total																			807,122

All outstanding liabilities before 2008, net of reinsurance																			42,182

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,147,625



Insurance Professional Lines
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	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	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	238,550	$	278,691	$	280,842	$	298,905	$	296,499	$	309,642	$	329,458	$	327,240	$	326,192	$	325,573	$	9,175	4,558
2009			240,818		244,150		244,751		245,319		256,295		238,902		239,428		215,732		223,737		13,584		5,882
2010					231,232		236,578		234,334		205,801		182,713		158,946		181,232		168,632		26,396		5,669
2011							313,858		315,654		333,321		326,255		330,562		343,782		352,406		50,239		7,211
2012									329,769		375,557		377,277		376,604		364,423		366,725		70,219		8,279
2013											384,755		397,852		398,578		365,818		355,777		95,220		9,371
2014													411,690		412,288		423,087		394,470		157,747		9,650
2015															377,652		377,725		383,959		186,383		9,862
2016																	349,268		352,414		220,770		10,728
2017																			346,582		302,135		9,984
																	Total		$	3,270,275



Insurance Professional Lines
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	4,068	$	22,325	$	68,197	$	124,681	$	167,828	$	189,339	$	214,481	$	249,321	$	267,611	$	268,487
2009			1,689		20,670		44,312		69,050		97,061		107,421		127,033		167,129		179,770
2010					7,857		27,880		53,738		72,840		89,051		99,554		110,156		115,204
2011							6,782		32,351		74,224		108,470		165,755		238,523		283,718
2012									7,824		41,545		100,526		185,059		231,963		255,140
2013											17,739		73,334		130,342		176,899		214,534
2014													23,665		71,510		131,610		194,294
2015															20,403		68,400		138,967
2016																	16,010		71,619
2017																			19,524
Total																			1,741,257

All outstanding liabilities before 2008, net of reinsurance																			30,546

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,559,564



Insurance Property and Other
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	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	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	312,164	$	260,206	$	251,722	$	242,139	$	226,472	$	225,007	$	220,616	$	218,851	$	217,846	$	216,806	$	982	1,573
2009			117,662		99,367		89,993		82,683		80,718		78,501		78,720		78,368		78,623		971		1,483
2010					175,554		155,343		147,881		122,472		116,888		116,020		115,740		115,289		687		2,310
2011							380,921		356,524		333,911		313,281		310,404		309,197		309,638		2,836		3,737
2012									461,790		472,088		448,763		428,524		424,475		418,869		9,739		27,701
2013											419,392		414,394		387,093		381,550		380,800		6,117		51,238
2014													463,732		459,996		436,130		417,691		6,539		60,151
2015															373,256		373,071		355,883		12,284		43,790
2016																	523,086		574,267		40,961		66,488
2017																			939,565		333,630		237,332
																	Total		$	3,807,431



Insurance Property and Other
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	76,558	$	150,470	$	172,320	$	184,038	$	211,002	$	213,569	$	215,628	$	215,121	$	215,071	$	214,663
2009			31,379		60,166		68,768		72,622		73,538		74,636		76,865		77,187		77,466
2010					48,624		87,059		95,747		106,593		110,785		110,934		110,709		110,763
2011							87,525		217,578		277,260		299,567		298,766		298,559		299,248
2012									107,358		278,870		343,503		366,854		374,485		379,696
2013											129,157		304,207		347,531		361,209		372,338
2014													169,961		341,023		393,868		401,482
2015															123,126		281,377		317,850
2016																	174,455		442,007
2017																			314,839
Total																			2,930,352

All outstanding liabilities before 2008, net of reinsurance																			3,875

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	880,954



Insurance Aviation
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	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	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	14,485	$	12,021	$	8,516	$	8,354	$	8,256	$	7,108	$	5,937	$	5,851	$	5,996	$	5,905	$	42	187
2009			17,505		14,608		18,800		18,146		16,974		16,674		15,494		14,661		14,388		68		317
2010					12,939		11,729		11,460		9,791		8,807		8,739		8,784		8,574		131		521
2011							17,725		15,400		12,791		9,568		8,437		7,290		7,257		218		734
2012									12,788		10,681		10,807		8,724		7,775		7,730		320		874
2013											15,656		16,344		15,221		15,264		15,579		542		1,027
2014													20,437		23,046		24,368		21,859		982		1,324
2015															29,772		28,512		29,965		2,646		1,917
2016																	29,178		33,641		5,145		1,692
2017																			24,752		12,737		1,177
																	Total		$	169,650



Insurance Aviation
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	488	$	2,063	$	3,084	$	3,666	$	4,216	$	4,487	$	4,663	$	5,269	$	5,526	$	5,519
2009			2,118		3,628		7,071		12,834		13,957		14,322		14,258		13,755		13,547
2010					1,053		4,156		6,341		6,920		7,586		7,708		8,152		8,247
2011							639		2,830		4,521		5,040		5,576		5,826		6,056
2012									957		2,868		4,159		5,958		6,836		7,070
2013											4,402		7,336		9,757		11,462		13,551
2014													3,989		8,033		11,706		13,914
2015															8,090		16,177		21,095
2016																	10,421		19,403
2017																			6,459
Total																			114,861

All outstanding liabilities before 2008, net of reinsurance																			1,611

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	56,400



Insurance Credit and Political Risk
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	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	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	52,993	$	63,552	$	48,715	$	45,554	$	45,551	$	45,551	$	45,600	$	45,200	$	44,410	$	44,408	$	—	9
2009			248,084		305,292		326,037		335,558		335,435		335,295		335,315		339,595		339,558		2,040		24
2010					62,415		63,179		63,259		65,598		64,981		65,015		72,105		90,885		13,200		6
2011							58,154		48,665		47,706		48,361		48,333		45,036		33,604		5,973		4
2012									32,602		15,672		12,435		12,447		10,322		47		5		4
2013											26,439		25,684		9,759		9,880		14,941		6,662		1
2014													38,825		70,713		67,109		68,321		10,466		6
2015															30,329		30,368		27,513		4,215		2
2016																	47,250		43,983		20,194		1
2017																			21,237		17,958		2
																	Total		$	684,497



Insurance Credit and Political Risk
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	—	$	69,217	$	45,625	$	45,638	$	45,379	$	45,379	$	44,410	$	44,410	$	44,410	$	44,161
2009			92,844		344,658		346,267		346,243		341,600		345,545		345,545		345,592		340,809
2010					50,000		85,418		90,729		106,769		101,790		101,952		102,158		102,200
2011							32,788		37,205		27,636		27,636		27,636		27,636		27,631
2012									—		—		—		—		40		42
2013											745		2,235		3,726		5,216		11,768
2014													1,924		39,952		61,108		57,855
2015															—		23,309		23,298
2016																	—		23,789
2017																			—
Total																			631,553

All outstanding liabilities before 2008, net of reinsurance																			(1,475		)

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	51,469



Aviabel
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance							At December 31, 2017
Accident Year	Net claim and allocated claim adjustment expense reserves at the Acquisition Date		Net incurred claims and allocated claim adjustment expenses from the Acquisition Date to December 31, 2017			Total acquired net claim and allocated claim adjustment expense reserves and net incurred claims and allocated claim adjustment expenses from the Acquisition Date to December 31, 2017		Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
2008	$	998	$	(293	)	$	705	$	30	1,066
2009	842		82			924		25		1,347
2010	1,516		(39		)	1,477		46		1,452
2011	1,418		(423		)	995		43		1,420
2012	5,248		(1,066		)	4,183		177		1,380
2013	5,702		956			6,658		200		1,286
2014	10,589		(1,636		)	8,953		804		1,373
2015	15,004		(1,575		)	13,429		1,650		1,475
2016	19,388		2,134			21,522		4,278		1,535
2017	7,666		27,096			34,762		7,180		1,114
	$	68,371	$	25,237		$	93,608



Aviabel
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	From the Acquisition Date to December 31, 2017
Accident Year
2008		$	(33	)
2009		1
2010		97
2011		20
2012		661
2013		425
2014		1,944
2015		3,291
2016		5,453
2017		14,970
Total		26,830

	All outstanding liabilities before 2008, net of reinsurance	10,626

	Liabilities for claims and claim adjustment expenses, net of reinsurance	$	77,405



Reinsurance Motor
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	For the Years Ended December 31,																				Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	74,058	$	78,924	$	78,193	$	80,897	$	77,937	$	77,027	$	72,330	$	65,983	$	61,702	$	62,557	$	20,916
2009			85,779		83,784		91,915		93,917		96,069		97,089		87,995		82,093		84,458		21,053
2010					103,990		112,528		113,304		112,285		106,058		100,707		90,839		87,253		24,419
2011							160,444		164,579		168,734		175,021		171,007		161,958		150,818		33,732
2012									186,033		176,870		164,734		156,957		151,820		141,923		25,982
2013											169,876		168,554		156,692		146,799		143,186		26,041
2014													190,363		193,691		188,725		185,570		24,003
2015															231,614		229,110		233,172		37,198
2016																	255,354		276,126		55,173
2017																			348,068		170,065
																	Total		$	1,713,131



Reinsurance Motor
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	3,093	$	6,371	$	6,625	$	7,910	$	9,491	$	12,088	$	14,897	$	15,570	$	17,231	$	17,657
2009			2,819		7,134		8,428		10,020		13,627		20,029		22,446		27,248		30,378
2010					7,406		13,316		19,189		22,873		26,489		30,942		34,342		35,444
2011							21,274		46,277		61,691		72,663		79,729		85,995		90,871
2012									29,727		55,282		70,634		80,891		87,658		91,896
2013											34,607		56,009		70,849		81,419		87,407
2014													44,225		77,736		98,483		107,090
2015															58,884		97,495		118,902
2016																	61,938		109,559
2017																			71,052
Total																			760,256

All outstanding liabilities before 2008, net of reinsurance																			129,548

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,082,423



Insurance Marine
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	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	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	99,618	$	106,731	$	101,872	$	100,793	$	93,587	$	87,201	$	83,432	$	83,051	$	82,789	$	82,848	$	381	516
2009			80,665		74,298		69,932		64,601		57,213		55,027		53,622		52,523		52,428		528		477
2010					68,603		70,685		66,639		53,574		51,663		48,823		47,397		45,785		735		472
2011							90,659		78,611		72,463		65,697		65,707		65,919		68,008		1,549		603
2012									89,703		82,729		68,842		70,942		71,917		74,541		12,824		700
2013											80,034		101,276		96,722		97,777		83,064		4,121		733
2014													59,665		44,562		48,471		44,439		7,167		799
2015															158,697		139,931		136,608		16,023		915
2016																	86,324		78,864		19,460		1,372
2017																			74,639		48,739		1,772
																	Total		$	741,224



Insurance Marine
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	14,357	$	52,697	$	69,114	$	77,203	$	78,313	$	82,043	$	82,128	$	82,259	$	82,339	$	82,344
2009			17,431		30,364		39,699		43,243		45,286		45,896		48,430		48,712		49,060
2010					18,062		28,771		33,392		42,554		45,373		46,150		47,088		43,587
2011							26,417		44,168		54,874		57,972		59,816		60,523		64,750
2012									10,730		38,560		44,858		49,631		50,448		52,833
2013											19,313		44,437		55,414		63,637		66,326
2014													6,363		15,277		26,831		26,977
2015															21,467		54,845		108,071
2016																	12,497		32,038
2017																			10,061
Total																			536,047

All outstanding liabilities before 2008, net of reinsurance																			8,213

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	213,390



Insurance Liability
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				At December 31, 2017
	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	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	82,969	$	79,836	$	80,947	$	81,785	$	82,225	$	81,949	$	101,589	$	102,444	$	108,189	$	94,165	$	11,783	3,790
2009			61,469		64,017		67,410		67,869		76,431		83,282		101,180		98,384		98,999		10,895		2,777
2010					79,401		94,231		98,648		98,134		99,596		98,086		105,145		104,296		12,681		2,206
2011							72,584		75,329		83,118		87,060		85,243		83,731		82,128		19,227		1,788
2012									70,877		70,645		73,282		70,770		68,181		75,342		27,824		1,240
2013											92,153		94,182		94,258		87,502		93,221		24,296		1,562
2014													106,166		122,686		128,568		130,035		41,151		2,440
2015															127,321		126,047		136,615		61,944		3,317
2016																	123,259		129,225		90,482		3,811
2017																			141,644		129,373		2,519
																	Total		$	1,085,670



Insurance Liability
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2008 Unaudited		2009 Unaudited		2010 Unaudited		2011 Unaudited		2012 Unaudited		2013 Unaudited		2014 Unaudited		2015 Unaudited		2016		2017
2008	$	1,906	$	8,796	$	18,507	$	27,861	$	37,408	$	47,447	$	51,776	$	55,314	$	61,618	$	87,159
2009			726		4,646		13,305		26,754		31,865		41,323		44,105		83,991		84,427
2010					1,029		15,986		30,809		53,604		61,055		66,140		71,814		86,471
2011							2,761		10,540		20,190		38,377		46,074		54,996		60,263
2012									1,631		5,515		15,412		30,146		37,140		42,745
2013											2,363		23,285		33,324		42,055		60,021
2014													1,419		18,662		49,858		71,630
2015															5,439		22,474		39,767
2016																	6,332		23,335
2017																			4,243
Total																			560,061

All outstanding liabilities before 2008, net of reinsurance																			44,150

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	569,759

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



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
16.8%	13.2%	7.6%	5.0%	4.1%	4.8%	3.6%	2.7%	3.2%	0.7%



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
27.3%	32.2%	10.9%	6.0%	3.5%	2.0%	1.7%	0.7%	0.3%	0.2%



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
3.7%	10.9%	14.7%	14.5%	12.5%	8.9%	8.9%	10.5%	5.6%	0.3%



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
20.6%	36.6%	20.8%	7.4%	4.2%	3.0%	1.8%	0.9%	(0.9)%	(0.3)%



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
2.9%	8.9%	13.0%	11.3%	10.6%	11.6%	8.5%	3.8%	4.0%	6.8%



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
18.7%	24.4%	19.4%	15.5%	9.5%	3.0%	2.8%	2.6%	1.5%	(0.1)%



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
22.6%	28.6%	18.8%	8.3%	3.1%	2.3%	3.3%	(2.3)%	0.4%	—%



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
0.8%	5.3%	11.1%	13.9%	12.4%	12.5%	9.6%	6.2%	4.0%	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
2.5%	11.3%	13.2%	16.2%	10.1%	8.7%	4.8%	19.4%	3.6%	27.1%



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
34.4%	40.6%	12.2%	5.4%	3.6%	0.8%	0.9%	0.1%	0.2%	(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
18.8%	54.1%	(4.3)%	3.3%	20.3%	1.1%	(0.5)%	—%	(0.7)%	(0.6)%

RECONCILIATION OF DEVELOPMENT TABLES TO CONSOLIDATED BALANCE SHEET

The following table reconciles the reserves for loss and loss expenses as of December 31, 2017 as reported in the 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, 2017
	Net outstanding liabilities		Reinsurance recoverable on unpaid claims		Gross outstanding liabilities

Insurance Segment
Property and Other	$	880,954	$	181,101	$	1,062,055
Marine	213,390		106,466		319,856
Aviation	56,400		8,945		65,345
Credit and Political Risk	51,469		1,384		52,853
Professional Lines	1,559,564		853,130		2,412,694
Liability	569,759		896,266		1,466,025
Total Insurance Segment	3,331,536		2,047,292		5,378,828

Reinsurance Segment
Property and Other	1,220,069		214,394		1,434,463
Credit and Surety	375,762		13,061		388,823
Professional Lines	1,119,534		37,822		1,157,356
Motor	1,082,423		3,666		1,086,089
Liability	1,147,625		66,692		1,214,317
Total Reinsurance Segment	4,945,413		335,635		5,281,048
Aviabel	77,405		5,329		82,734
Novae	1,300,361		771,258		2,071,619
Total	$	9,654,715	$	3,159,514	12,814,229
Unallocated claims adjustment expenses					170,168
Foreign exchange and other⁽¹⁾					(45,262		)
Assumed reserves related to retroactive transactions					58,418

Total liability for unpaid claims and claims adjustment expense					$	12,997,553


(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 in the Consolidated Balance Sheets, are also revalued using the exchange rate at the balance sheet date.